[quote author=Mcy56 post=67273500]Fidelity bank should please make up its mind because its holding FCMB back. :should there be any rally, i strongly belive it would start with FCMB

RabbiDoracle:
Thought someone stated here that the company declared 0.4kobo. Hence my conclusion that 1k is bigger than 0.4kobo.

When you are big, you are large! This oga no sabi Nigerian currency again. Chai money good o!
We dey buy kobo-kobo stocks, so we still sabi the kobo, we just dey pray make God upgrade our status too.
Okay, 0.40k = forty kobo while 0.04k = four kobo
.........0.1k = ten kobo while 0.01k = one kobo, invariably, 4kobo is greater than 1k.

Unfortunately, my dream coming to reality. DF coming to 11Naira. Mr Time will tell.

onegentleguy:


It just might be TYPHOID FEVER u've got my dear !!
...I could advise on a DOCTOR u need to see.

...just kidding though.

[quote author=pa3k001 post=67273671][/quote]
Me too. It might be ahead of Fidelity in no time. Mr. Time will tell.

wanaj0:


USD will crash because of what Nigeria is doing? ok ooo

USD will crash because China being Nigeria's biggest trade partner, the currency swap will play a role in reserves management as pressure from Nigerian importers seeking to source dollars will now dissipate.

Importers of Chinese goods will no longer need to buy USD in Nigeria to pay for their goods.

The settlement banks will receive Naira and process their payments using equivalent Chinese currency in their branches in China and vice versa with Chinese based importers of Nigerian products.

Mcy56:

When you are big, you are large! This oga no sabi Nigerian currency again. Chai money good o!
We dey buy kobo-kobo stocks, so we still sabi the kobo, we dey pray make God upgrade our status too.
Okay, 0.40k = forty kobo while 0.04k = four kobo
.........0.1k = ten kobo while 0.01k = one kobo, invariably, 4kobo is greater than 1k.

professional stones thrower chai!

you mean my oga no sabi math again

onegentleguy:


Sorry I actually meant to write 10.16-10.20 am.
The observation happened for real.
But note that this has absolutely nothing to do with Morgancapital.
...it was purely a mishap from the NSE.

However, I have seen that my genuine intentions are probably been misinterpreted.
...I actually decided to go about this so folks can be properly informed about what is going on. ...nothing more !!

Btw, I will do well to seive from the advise by 1 or 2 of the persons I hold in high regards here.
...thank u for the advise Sir manonamission and Sir dipoolowoo.

Like I said, my intentions following from the TRUE observations were genuine.
...but I guess I shouldn't have brought it up here.

My sincere apologies !!

Regards.

Thought as much. Keep up the good work please.

Mcy56:

When you are big, you are large! This oga no sabi Nigerian currency again. Chai money good o!
We dey buy kobo-kobo stocks, so we still sabi the kobo, we just dey pray make God upgrade our status too.
Okay, 0.40k = forty kobo while 0.04k = four kobo
.........0.1k = ten kobo while 0.01k = one kobo, invariably, 4kobo is greater than 1k.

Or you meant N0.01 is equal to 1k.

currentprice:
professional stones thrower chai!
you mean my oga no sabi math again

Me! Throw stone at my oga! Ka ma ri
I just dey praise am o. We hope to be like him and you mattress ogas when we grow up.

currentprice:


professional stones thrower chai!

you mean my oga no sabi math again

It seems she is using N0.04 (which is 4 kobo) and N0.01 (which is 1k).

RabbiDoracle:
Or you meant N0.01 is equal same as 1k.

Yes Sir.

Mcy56:

When you are big, you are large! This oga no sabi Nigerian currency again. Chai money good o!
We dey buy kobo-kobo stocks, so we still sabi the kobo, we just dey pray make God upgrade our status too.
Okay, 0.40k = forty kobo while 0.04k = four kobo
.........0.1k = ten kobo while 0.01k = one kobo, invariably, 4kobo is greater than 1k.

I'm using 0.4kobo and not 4kobo.

0.4k is less than 1k.

Who r these KOBO KOBO GANG ?

Mcy56:

Yes Sir.

So who doesn't know Nigerian currency now?

N0.004

tritritri:
Who r these KOBO KOBO GANG ?

OakPearl:


USD will crash because China being Nigeria's biggest trade partner, the currency swap will play a role in reserves management as pressure from Nigerian importers seeking to source dollars will now dissipate.

Importers of Chinese goods will no longer need to buy USD in Nigeria to pay for their goods.

The settlement banks will receive Naira and process their payments using equivalent Chinese currency in their branches in China and vice versa with Chinese based importers of Nigerian products.

Oh dear! I hope you know what happens when there are arbitrage opportunities.

Firstly the impact of Nigeria on USD is near ZERO. No way what Nigeria does will affect the value of the USD.

USD is a convertible currency!

tritritri:
Who r these KOBO KOBO GANG ?

Wetin bear bear no go cause for this market.

tritritri:
Who r these KOBO KOBO GANG ?

RabbiDoracle:


I'm using 0.4kobo and not 4kobo.

0.4k is less than 1k.

so 0.04kobo is less than 0.4kobo ... We need to make you CBN Governor after Emefiele

FBN, Zenith, 2 Others Appointed Settlement Banks for Naira/RMB Currency swap
*Deal valid for three years, renewable

Obinna Chima

First Bank of Nigeria Limited, Stanbic IBTC, Standard Chartered Bank (SCB) and Zenith Bank Plc have been appointed the settlement banks for the $2.5 billion bilateral currency swap agreed between the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBoC) which was announced Thursday.

A reliable CBN source privy to the deal, said with the appointment of the four banks as the settlement banks for currency swap between China and Nigeria, they will be responsible for settling the trade transactions between importers and exporters from both countries, likely to take off just before next month.

The CBN Thursday announced that it had sealed the deal on the $2.5 billion (RMB 16 billion) currency swap with the Chinese central bank last Friday in Beijing, China.

CBN spokesman, Mr. Isaac Okorafor, said the CBN Governor, Mr. Godwin Emefiele, led CBN officials while PBoC Governor, Dr. Yi Gang, led the Chinese team at the official signing ceremony.

He said the deal was sealed on Friday after over two years of painstaking negotiations by both central banks.
According to the CBN, the transaction, which was valued at Renminbi (RMB) 16 billion, was aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses, thereby reducing the difficulties encountered in the search for third currencies.

Providing more clarity on the deal, a CBN source said just as negotiations on the currency swap were being wrapped up, the central bank appointed FirstBank, Stanbic IBTC, StanChart and Zenith Bank to serve as the settlement banks for businesses and importers from both countries.

She said the reason the four financial institutions were chosen was because StanChart and Stanbic already have operational offices in China, while Zenith and FirstBank have representative offices in Beijing.

However, whereas StanChart and Stanbic can start operations immediately as settlement banks, Zenith and FirstBank will be required to upgrade their representative offices to full operations in China.

“While SCB already has a presence in China through its Standard Chartered Bank (China) Limited, Stanbic has been trading in the country through its affiliate, the Investment and Commercial Bank China (ICBC).

“However, FBN and Zenith Bank were also appointed because they already have representative offices in China.
“So, while SCB and Stanbic can start immediately, it would take FBN and Zenith Bank some time to join the settlement arrangement because they would have to convert their representative offices to operational offices.
“This whole swap agreement would kick off likely before June because we have to operationalise the settlement arrangement with the relevant institutions,” she added.

The settlement banks are expected to handle the trade obligations that would enable an importer in Nigeria, after filling the required documentation, to easily exchange the naira for the Renminbi (RMB) instead of resorting to third currencies such as the U.S. dollar, while the reverse will be the case for importers in China that trade with Nigerian businesses.

She explained further that the currency swap by the two central bank governors was partly facilitated by the improving economic environment in Nigeria.

“As you know, negotiations have been on-going for two years, so yes to some extent, the improvement in foreign reserves and government revenues, drop in the inflation rate, and the uptick in economic activities, played a role in getting the swap with the PCoB.

“But this was not the only reason factored into the negotiations, as there were other bilateral reasons which I am not at liberty to disclose,” she said.

When asked about the impact on the country’s external reserves, the source pointed out that China is Nigeria’s largest trading partner, accounting for about 35 per cent of trade.

However, the National Bureau of Statistics’ (NBS) Fourth Quarter (Q4) 2017 Foreign Trade Statistics put China’s trade with Nigeria at 22 per cent, making it a major trading partner. The total value of trade in Q4 2017 was put at N465.13 billion.

According to the CBN source, the currency swap will play a role in reserves management as pressure from Nigerian importers seeking to source dollars will now dissipate.

“Of course, this will help in terms of management of our reserves. What this means is that pressure on Nigerian importers seeking to source dollars to import goods from China will completely dissipate,” she explained.

Reinforcing the position, the statement from Okorafor Thursday said among other benefits, the agreement is expected to provide naira liquidity to Chinese businesses and provide RMB liquidity to Nigerian businesses respectively, thereby improving the speed, convenience and volume of transactions between the two countries.

“It will also assist both countries in their foreign exchange reserves management, enhance financial stability and promote broader economic cooperation between the two countries.


https://www.thisdaylive.com/index.php/2018/05/04/fbn-stanbic-stanchart-zenith-appointed-settlement-banks-for-naira-rmb-currency-swap/amp/

Dwizeone:
so 0.04kobo is less than 0.4kobo ... We need to make you CBN Governor after Emefiele

No blame the Ogas o, how person go know kobo when transacting in millions.

mendes911:


Wetin bear bear no go cause for this market.

Real Bear . My wife and child go feel the bear as well...i just pity them this week wit my aggression

The impact will be felt more on our foreign reserve but we don't have full details on the exchange deal just the bogus $2.5B sum

wanaj0:


Oh dear! I hope you know what happens when there are arbitrage opportunities.

Firstly the impact of Nigeria on USD is near ZERO. No way what Nigeria does will affect the value of the USD.

USD is a convertible currency!

OakPearl:


USD will crash because China being Nigeria's biggest trade partner, the currency swap will play a role in reserves management as pressure from Nigerian importers seeking to source dollars will now dissipate.

Importers of Chinese goods will no longer need to buy USD in Nigeria to pay for their goods.

The settlement banks will receive Naira and process their payments using equivalent Chinese currency in their branches in China and vice versa with Chinese based importers of Nigerian products.

I have doubt over the implementation and success of that currency swap. Just like past regimes, this government is not a serious one, how come the issue is coming up now when actually the process started years back. It is just the normal noise/propaganda that will soon die down.

Oga take am easy o ! After the ragae... shey na bear bull, bull bear market be this

tritritri:


Real Bear . My wife and child go feel the bear as well...i just pity them this week wit my aggression

You meant to say million dollars !

Mcy56:

No blame the Ogas o, how person go know kobo when transacting in millions.

Dwizeone:


so 0.04kobo is less than 0.4kobo ... We need to make you CBN Governor after Emefiele

Are you using braille?

Mcy56:

No blame the Ogas o, how person go know kobo when transacting in millions.

The statement was clear. Which is larger 0.4k or 1k?

You brought in 4k and someone is now comparing 0.4k and 4k.

Dwizeone:
You meant to say million dollars !

Oh yeah!

Dwizeone:


so 0.04kobo is less than 0.4kobo ... We need to make you CBN Governor after Emefiele

the more i look the more i am confuse with this post

i think 0.04k is actually less than 0.4k

kolaish:
I have doubt over the implementation and success of that currency swap. Just like past regimes, this government is not a serious one, how come the issue is coming up now when actually the process started years back. It is just the normal noise/propaganda that will soon die down.

Then the Renminbi had not been adopted as a world trading currency. SLS made the move then when he stored Nigerian reserves in the currency.