Rawani:
These ripples should not come as a surprise considering the shaky and heavily dollarized economy inherited by this administration. It's quite significant that Emefiele's recent policies such as restrictions on forex transactions that facilitate money laundering, have been focused on protecting the Naira which lies at the heart of this issue.

The expulsion will be in October so it is anticipated that the new Minister of finance to be appointed within a couple of weeks, hits the ground running and institutes an appropriate fiscal policy to stem this tide.

MUMU!!! OCTOBER IS 3 WKS FROM NOW! EWU!!!

This shows we're doing something right.

If you're too blinded by hate and political difference to see what I'm seeing, then you're irredeemable.

Buhari is very incompetent and wasn't prepared to be president.
I still can't believe he hasn't formed his govt. more than 100 days later.
He has no clue about economy, otherwise he would have known that his shameful inactivity affects the economy.

ajbabs:
Only God can save us in this country.

^^^Dey there dey wait for God! As if God doesn't have enough on his plate already helping more deserving children of his!......You want him to be wasting his time over a stubborn set of people always determined to shoot themselves in the foot and continue on the road to perfidy and self-destruction!?

His given us chance upon chance since 1960 to get ourselves back on the right track, yet at every given opportunity we always fall his hand!

ibedun:


What exactly is your position on this issue? Please enlighten me, thanks. I hope you are not just being anti-Buhari for no reason.

Did you bother to read why JP Morgan is threatening to remove Nigeria from their trading list?

The politicization of the Naira against real economic re-evaluation is what is causing this.

Buhari is interested in maintaining an artificial rate of the naira by putting in artificial currency controls.

I have stated in the past here that emelife should resign honorably than to allow Buhari's voodoo economics dictate his governorship of the central bank.


The stringent forex controls make it difficult for foriegn bond investors to recover their bond investment. That is what JP Morgan is angry over.

The truth is that this administration is busy planning on how to blame the past administration for this. The masses are patiently waiting for them to cast the blame so that they will be supported. that is the level we are now in Nigeria. Anything that can't work blame GEJ and the masses will support. don't just blame PMB.

The dullard presido.

http://www.proshareng.com/news/All/JP-Morgan-delivers-its-judgement-Proshare/28530


Ahead of the addition of Nigeria to its indices in October 2012, JP Morgan suggested that the inclusion would translate into inflows of about US$1.5bn on the assumption that its tracker investors would adjust their holdings to make the new entrant market-weight.

These investors will have exited Nigeria by the end-October, the second and final phase of the process. This would probably leave a maximum of $1bn invested by the offshore community in all naira-denominated Nigerian government paper. FGN domestic debt amounted to N8.40trn (US$42bn) at end-June.

The same flaws in the fx market naturally apply to the offshore equities investor. However, Nigeria has a place (and the second largest weighting) in the benchmark equities index for frontier markets (MSCI), where the terms for eligibility are less taxing than those for JP Morgan’s indices for emerging markets.

This is a demotion for Nigeria and amounts to reputational damage. Since the FGN as well as the CBN are fire-fighting in the face of the global headwinds, we do not expect a dramatic response on their part.

Nigeria is not eligible for re-inclusion in the GBI-EM indices for at least 12 months. We can assume that JP Morgan would not lightly restore Nigeria.

WombRaiders:


And in 100 days of visiting his cows the power sector and fuel supply improved?

Ediot it was Jonathan's administration that put all those infrastructure in place.

Which power grid or station has Buhari commissioned?

Just mention even one federal project that this administration has rolled out . If you can't that is because this administration has not awarded one single contract and is not even following the budget of the last administration which ought to be implemented.

So if you like keep decieving yourself.

We know that the APC sabotaged gas lines nd power grid to frustrate Jonathan's administration.

We know who is behind boko Haram and we know that the likes of tinubu are part and parcel of the fuel subsidy thieves who frustrated supply and also every move by the past administration to remove subsidy by sponsoring the occupy movement.

Take your cheap lies to osun defender comment section.

Fool.

Bro you surprise me a lot .. You have left constructive criticism to insult ..

Continue wailing Bro . How I wish your wailing can effect a change.

You said sabotage in Jonathan government. For getting POP ruled Nigeria for 16th and no Improvement in the Power Sector so now you claim sabotage by the opposition in POP controlled states. Sorry Bro this lie won't work.

Where I am in Laos I can buy fuel when I want and I am so sure that getting home they will be electricity (This is couldn't boast of during the POP tenure )

So Book Hiram bombing is sponsored by the opposition now (PDP).

Bro you fit never eat today and you dey complain

Sit down relax and I will seun to send you chilled stout.

Deacon

Whynotthetruth:
The central bank had to devalue the naira and pegged it at a fixed rate against the dollar, turning trading into a one-way quote currency market whose lack of transparency upset investors and businesses.

Mizmycoli bring your student;Passingshot back to classroom to show him the above...since he's asking you which SME's are downsizing or retrenching or whatever...

You keep exposing your ignorance and stupidity.

Shove this extract from the report down your throat: http://thenewsnigeria.com.ng/2015/09/jp-morgan-dumps-nigeria-out-of-government-bond-index/

JP Morgan’s decision to phase Nigeria out of its index which many investors track, marked the conclusion of a process initiated in January, Reuters reported

I keep telling you we don't belong in same category. Far from it boy.

ibedun:


Nonsense!! You are Jonathanian - daft as a bat speaking international economics and politics, i guess you read The Economics and you think they are giving unbiased commentary and reports right?





You know nothing about economics so stick to your olosho job dear. Which hotel you dey sef?

All your intelligent brain can do is insult explain why this is good and back it up with examples not insults. APChites and your bullying tactics will not create more export, or stop banks like Zenith or industries like Dangote from sacking employees which is happening as we type.

When will lying liars learn to debate in a civil manner instead of acting like brainless dullards?

PassingShot:

You keep exposing your ignorance and stupidity.

Shove this extract from the report down your throat: http://thenewsnigeria.com.ng/2015/09/jp-morgan-dumps-nigeria-out-of-government-bond-index/

I keep telling you we don't belong in same category. Far from it boy.

smh...You're a braggart with nothing upstairs...I am not out to do any contest with you because its not only childish but height of self-delusion...

Does the 9months warning change the fact that SME's are downsizing or retrenching or whatever which you vehemently fought as lie in your myopic and confused state

So who's ignorant, myopic and stupid here if not you; who arrogantly gloat in stupidity, self delusion and adulation

[s]

Whynotthetruth:


smh...You're a braggart with nothing upstairs...I am not out to do any contest with you because its not only childish but height of self-delusion...

Does the 9months warning change the fact that SME's are downsizing or retrenching or whatever which you vehemently fought as lie in your myopic and confused state

So who's ignorant, myopic and stupid here if not you; who arrogantly gloat in stupidity, self delusion and adulation

[/s]
Your knowledge about EVRYTHING is just too shallow.

You keep mentioning "arrogance", "arrogantly", "proud" and the likes about me whenever we 'talk'. It's a sign of your low self esteem because I don't still see why. Even if you know I am way above your level, you still don't have to use those words. You only give yourself further away as a nincompoop.

Henceforth, the usual treatment that is reserved for nitwits awaits you.

PassingShot:
[s][/s]
[s]Your knowledge about EVRYTHING is just too shallow.

You keep mentioning "arrogance", "arrogantly", "proud" and the likes about me whenever we 'talk'. It's a sign of your low self esteem because I don't still see why. Even if you know I am way above your level, you still don't have to use those words. You only give yourself further away as a nincompoop.

Henceforth, the usual treatment that is reserved for nitwits awaits you.

[/s]

Arrogant dullard.

When are going to get your next empty epistles about Buhari Body odour and integrity doing magic. ?

PassingShot:

You keep exposing your ignorance and stupidity.

Shove this extract from the report down your throat: http://thenewsnigeria.com.ng/2015/09/jp-morgan-dumps-nigeria-out-of-government-bond-index/

I keep telling you we don't belong in same category. Far from it boy.

The latest capital importation report released by National Bureau of Statistics (NBS) has shown that Nigeria’s foreign direct investment (FDI) rose by 41 percent in Q4 of 2014 in relation to the preceding quarter (Q3). The NBS report said FDI increased from a value of $544.50 million in quarter three of 2014, by $224.35 million to reach $768.86 million in quarter four.

Despite the increase in FDI, Nigeria’s total capital imported to the country for the period declined. A sharp decline of $2,042.84 million or 31.22 percent was recorded from the value of $6,542.58 million that was recorded in the preceding quarter. Also, the closing quarter of the year 2014 was still greater than the $3,904.55 million of capital imported in the opening quarter, by $595.18 million or 15.24 percent. The bureau attributed the decline in the capital imported in quarter four to low levels of investors’ confidence owing to the build-up to the 2015 elections.

The decline was mostly due to Bokon Harem you know the one your master is now ignoring. The Chibok scam you people initiated to put GEJ continue to make Investors jittery.

“Capital Importation is divided into three main investment types: Foreign Direct Investment (FDI), Portfolio Investment and Other Investments, each comprising various subsectors,” the report said. According to the Wall street journal (WSJ) frontiers and frontier strategy group (FSG) frontier market sentiment index, Nigeria maintained its top spot as the frontier-market economy that is attracting the most attention from American and European multinationals for potential future investments.

Despite the election postponement causing jitters among investors, corporations are still watching the country. The country has held the top spot since the index was launched in June 2014 despite having endured a rough ride for the past few months. According to Nnamdi Chiekwu, a partner at New York- based corporate finance advisory firm Namdex Group, foreign companies are taking a long view on Nigeria.

“The political uncertainty is putting everything on hold,” he says, “but companies that can afford to wait it out will find great opportunities there.”

I would appreciate an intelligent response not an insult. If GEJbwas so clueless why the @ bolded?

Henry120:
Can any Nairaland contributor tell me what Buhari's economic policies are?


I can forgive illiterate Nigerians who voted for Buhari, but for educated Nigerians who jumped on a deceitful "change" bandwagon, and voted for a man who literally has no idea what governance is all about............ is very sad!


There is no policy direction whatsoever coming from the Daura Dul1ard, he's looking more and more confused with each passing day.


All the economic gains achieved under the administration of GEJ all virtually eroded over-night, by this vindictive fool for a President.

GEJ minister of finance should be procecuted they cause it to nigeria. After all to hell with JP whatever so far nigeria is coming up gradually. PMB will drive us to safer surface.

biafranqueen:


The decline was mostly due to Bokon Harem you know the one your master is now ignoring. The Chibok scam you people initiated to put GEJ continue to make Investors jittery.
I would appreciate an intelligent response not an insult. If GEJbwas so clueless why the @ bolded?

You don't want insults but you started with insults? TANoids and common sense = words and opposite!

Anyway, let me ignore your insult for now!

I am not on a mission to rubbish whatever achievement achieved by GEJ where they are clearly visible. Besides, the point you brought up has nothing to do with the fact that delisting a country from Bond Index is not a decision that is normally taken in a month or two.

In the case of Nigeria, JP Morgan had started a review of Nigeria's performance as related to decline in liquidity and other areas since January of this year. In that case, it amounts to crass ignorance for a sane mind to put the blame of such decision on the new government especially given the fact that the same govt has been able to improve the FR from $29bn to above $31bn in just over two months.

Common sense teaches that much!

[s]

rad1cal2:


Arrogant dullard.

When are going to get your next empty epistles about Buhari Body odour and integrity doing magic. ?

[/s]
See "painment"!

tete7000:


Because they don't value their own certificates. For many of them while they were in school it is 'la cram, la pour'. They never did any serious study. No one who have gone through school and seriously committed himself/herself to academic excellence will say such a nonsense. You cannot be educated enough and not be aware of the effect such comments can have in motivating or discouraging students in school. When we were in primary school they used to tell us that we need to study hard to become governors, engineers, etc. Those words charged and motivated us. Nowadays a governor said illiterates should be giving opportunities to attain highest political offices in the land and yet he gives scholarships and bursary to state's students. Is that not working at cross-purpose? Destroying with left hand what you are trying to build with your right hand. There is one day here when one mumu wanted to engage me in a senseless argument and asked for my definition of education because I objected to Fayose appointing an illiterate as council caretaker committee chairman and pointing out that it portents danger for the future of education development of the state. Of course I told him to take his senseless question away from me. Mumu educated i_diot.

we are in trouble in this country.

It seems JP Morgan didn't observe Buhari's body language very closely.

3:15PM

OFFICIAL: Its a BEARISH Day! @NSEcontact DOWN by 2.98% to close at 29,454.09bpts, 9Gainers Vs 46Losers, YTD stands at -15.01%

JP Morgan to remove Nigeria from GBI-EM indices of local govt. bonds for failing its liquidity& transparency tests. #FBNCapitalResearch

PassingShot:


You don't want insults but you started with insults? TANoids and common sense = words and opposite!

Anyway, let me ignore your insult for now!

I am not on a mission to rubbish whatever achievement achieved by GEJ where they are clearly visible. Besides, the point you brought up has nothing to do with the fact that delisting a country from Bond Index is not a decision that is normally taken in a month or two.

In the case of Nigeria, JP Morgan had started a review of Nigeria's performance as related to decline in liquidity and other areas since January of this year. In that case, it amounts to crass ignorance for a sane mind to put the blame of such decision on the new government especially given the fact that the same govt has been able to improve the FR from $29bn to above $31bn in just over two months.

Common sense teaches that much!

I apologize if I insulted you personally.

Back to the debate:

I like to use links so we all know we are basing what we say on facts. http://www.bloomberg.com/news/articles/2015-07-08/nigeria-s-emfiele-stands-firm-on-foreign-exchange-trade-controls

The central bank started restricting currency trading in December in a bid to stem the fall of the naira as the price of oil, Nigeria’s main export and source of two-thirds of government revenue, plunged. Last month, the central bank banned importers of about 40 items including toothpicks, private jets and wheelbarrows from using official foreign-exchange markets.

As you can see those measures were taken in December. But in June to please his masters some numbers were inflated but they were busted and could not and did not explain the discrepancy.

Emefiele said Nigeria’s foreign-exchange reserves have risen to $31.9 billion on Tuesday, more than the figure of $29.6 billion from the central bank’s data for the same day. Ibrahim Mu’azu, a spokesman for the regulator in Abuja, didn’t immediately respond to an e-mail asking for an explanation of the discrepancy. Reserves fell 23 percent to $29 billion in the year to the end of June.

At the end of June it fell back down
Also Emefiele's prop of the NGN is counterproductive. No matter what you people claim the reality is in the graph below....
I have more when I get out of the morning meeting

I know that okonjo iweala will set up economic policy that nobody will be able to manage
Buhari is just a dictator and modern world is ruled by economist nt dictators
Woe to nigeria bc of wrong choice during voting
Welcome to independent state of biafra

Demmocrats:


Bro I take a standing ovation for you



You just nailed JP Morgan brain child.of house of Rothschild.

Yeah, u can sau that again. Brainchild of Rothschild-another of the satanists family

This is a white lie. Read Liar s Poker. And it is a subterfuge to disgrace the Nigerian economy to the advantage of Biafra. Liar s Poker is The Book that reveals the Truth about London and Wall Street by Michael .

biafranqueen:


Also Emefiele's prop of the NGN is counterproductive. No matter what you people claim the reality is in the graph below....
I have more when I get out of the morning meeting

What is not recognised by many is that there is a simple trade off at play - if the CBN stops supplying dollars to the forex market, reserves will go up but Naira will plummet. If the CBN supplies dollars to the forex market, reserves will fall and Naira will stabilise. When the reserves moved up to $31.6bn, the cost was the collapse of the Naira in the parrallel market. Since then, the CBN has been providing dollars and reserves have gone down to $30.9bn, a fall of $700m in less than a month. See here: [url]http://www.cenbank.org/IntOps/Reserve.asp?MoveDate=9/10/2015%2011:37:57%20AM [/url]

I alluded to this trade off in an earlier post:

4Play:
If the CBN outrightly refuses to supply foreign exchange to many importers, reserves will go up but the downside is that the Naira's value will plummet. That is essentially what we have seen as US dollars become scarce.http://www.punchng.com/business/money/cbn-adjusts-rate-as-naira-falls-to-244/

The accumulation of foreign reserves at the expense of the Naira's value is not new. Here is a quote from Wikipedia in respect of the Sani Abacha era. "Despite the international shun his government endured, he oversaw an increase in the country's foreign exchange reserves from $494 million dollars in 1993 to $9.6 billion by the middle of 1997." https://en.wikipedia.org/wiki/Sani_Abacha. Was this because the Abacha regime was not corrupt? No. What happened to the Naira whilst all these reserves were accumulated? Naira went from 22 Naira to a $1 in 1993 to 84 Naira to $1 in 1998. https://www.nairaland.com/498412/nigeria-exchange-rates-dollar-history.

The true test of whether Buhari's anti-corruption measures are working will be a repatriation of stolen wealth to nation's coffers. We won't have to read between the lines as any refunded loot should be made public.

https://www.nairaland.com/2476038/buharis-corruption-watch-begins-yield/1#36253175

Acecube:
Economic gains my foot... this was made known to the last administration 9 months ago... I.e 6 months before buhari entered. Jonathan Economy could only be felt on paper, largest economy my foot

Small boy how ur life?

HerTotoDeySmell:

Small boy how ur life?

Do I know you from somewhere ? please don't quote me again !!!!!

Demmocrats:
Nothing I mean nothing can bring us down




I can remember the time of abacha with all the sanctions but still we survived




Who doesn't know about jp Morgan and chase from the 1900 there sole aim is to useless a nations economy and you end up in borrowing. Because of the new policies adopted they don't have access in ruining this country so now they want to give use a bad name.


Who cares, jp Morgan and chase are not the only financial organization in the world.


Sai buhari

See this delusional SaiBaba-chanting dunce. I hope the economic hardship the country is experiencing today has opened your eyes on how spectacularly IGNORANT and uneducated you were when you made this dumb post.

cc: SeverusSnape, TheShadyExpress, Anonimi, Rozayx5, Snailspeed, Citizenisb