creategist:
Consume local products, forex support may stop, Emefiele tells Nigerians

https://punchng.com/consume-local-products-forex-support-may-stop-emefiele-tells-nigerians/

we are consuming local rice...

why did the price rise after border was closed just after sallah?

is that the intention of CBN?
TO MAKE LOCAL PRODUCTS AS EXPENSIVE FOREIGN ONES?

since CBN is trying to control the market.. They should stop local producers from raising price FOR NO REASON AT ALL!

EMEFIELE.. You have become Baalam...
You shall reap likewise!

kryptem:
The support will certainly stop. Then, every importer is left to source for dollars in free market where forces of demand and supply hold sway. With much Naira pursuing dollars, exchange rate most likely will not favour the Naira; hence loss in buying power of the Naira.
From all indications, I sense devaluation of the Naira in no sooner than later (I stand to be corrected).
The Federal government has tried to hold the Naira afloat for so long and may not be ready/able to maintain status quo going forward. But, can the Naira withstand the effect of free market? This is rhetorical Inquisition, just ponder!

CBN is not "defending" the Naira.
CBN is "cheating" Nigerians by selling dollar very high to us.

average price of crude in 2017 versus average price this year says it clearly below:

https://www.macrotrends.net/2480/brent-crude-oil-prices-10-year-daily-chart

Naira should be trading at N200/$ if not for silly cheats called CBN.
Thats why Buhari keeps him dia!

This trend of selling Naira short of its value is making dollar earners richer (and that includes President Buhari and his fellow generals and political friends)

in fact, CBN is making stupid money for Buhari doing this... And that is why Buhari retained him.

if it were not so..why can "the same" CBN sell "the same" dollar papers N306 and N355 ?

thats because the value of Naira is set to halt Nigerians from buying dollar.

But at the same time, make bunkerers super rich after they convert their foreign currencies.

i pity ordinary Nigerians who have no clue why they are suffering.

Some even go to AMAZON website and use their atm card at N360+ ...whoa!

the same laptop you buy direct at N360+ will be ordered by BIG importers at N306..with free shipping!
How have you been smart then?
you just lost N50 to CBN!

SMH ...
EMEFIELE!! Someday your secrets will be revealed fully

kryptem:

The support will certainly stop. Then, every importer is left to source for dollars in free market where forces of demand and supply hold sway. With much Naira pursuing dollars, exchange rate most likely will not favour the Naira; hence loss in buying power of the Naira.
From all indications, I sense devaluation of the Naira in no sooner than later (I stand to be corrected).
The Federal government has tried to hold the Naira afloat for so long and may not be ready/able to maintain status quo going forward. But, can the Naira withstand the effect of free market? This is rhetorical Inquisition, just ponder!

Devaluation ke..

RealityShot:

CBN is not "defending" the Naira.
CBN is "cheating" Nigerians by selling dollar very high to us.

average price of crude in 2017 versus average price this year says it clearly below:

https://www.macrotrends.net/2480/brent-crude-oil-prices-10-year-daily-chart

Naira should be trading at N200/$ if not for silly cheats called CBN.
Thats why Buhari keeps him dia!

You are very wrong, the naira was going for almost 500/dollar in 2017 before the support from cbn

damilola1978:
I think it is highly imperative for us to have a trained economist instead as CBN governor

I also suggest cbn Governors should no longer be appointed from bank CEO’s because they would just come to serve and protect the banks instead of the masses. Sanusi Lamido is a big exception but this Emefiele Nawaa

chigo4u:

You are very wrong, the naira was going for almost 500/dollar in 2017 before the support from cbn

hmm...
no need for definite words..

naira was falling in 2016 till february 2017 ...WHY? CRUDE price fell.

is crude oil price falling now?

RealityShot:
we are consuming local rice...

why did the price rise after border was closed just after sallah?

is that the intention of CBN?
TO MAKE LOCAL PRODUCTS AS EXPENSIVE FOREIGN ONES?

since CBN is trying to control the market.. They should stop local producers from raising price FOR NO REASON AT ALL!

EMEFIELE.. You have become Baalam...
You shall reap likewise!

The price rose because of excess demand and limited supply

chigo4u:

You are very wrong, the naira was going for almost 500/dollar in 2017 before the support from cbn

This Dollar rate is artificially pegged by CBN

richforever123:


The price rose because of excess demand and limited supply

Then, they should have closed the border when we have enough to meet the demand.

richforever123:


The price rose because of excess demand and limited supply

excess demand where?

the shops in the market had hundreds of bags in their stores...@N13k...

the next week same shops started selling same stock for N25k+

and worse..now they are rebagging local in foreign labelled bags!!

i was not told..I SAW.

THIS COUNTRY NEEDS MASSIVE REGULATION...

Nigsrdumb:


Don't waste your time, fbn eurobond is stressful.

They don't have internet access where you can monitor your funds, everything is via email and their customer service is rubbish.

Stanbic has a lower entry fee of 1000 dollars , internet access, better customer service


Sorry folks for derailing, learnt a lot from everyone here, so must give back

You are correct about them not having an online portal to monitor one investment, i asked the guy and he said, but we can send your statement every week if requested. Stanbic is doing 6.5 dividends for now, while first bank offer 9.7, quite juicy..but being not a zero risk investment kinda putting me off,as your capitals maybe affected (he said rarely) . In another news... Wonder why stanbic won't open a mutual funds acc for me, it's been a week already, all i hear whenever i visit the bank is, the people in charge haven't get back to me, the banker says. Anybody experiencing delay in MM acc set up?

Akin3891:


You are correct about them not having an online portal to monitor one investment, i asked the guy and he said, but we can send your statement every week if requested. Stanbic is doing 6.5 dividends for now, while first bank offer 9.7, quite juicy..but being not a zero risk investment kinda putting me off,as your capitals maybe affected (he said rarely) . In another news... Wonder why stanbic won't open a mutual funds acc for me, it's been a week already, all i hear whenever i visit the bank is, the people in charge haven't get back to me, the banker says. Anybody experiencing delay in MM acc set up?

are you opening it at their asset management arm?
if not.. Then that is why the delay.

you can go to their asset management arm or website and open within hours. They allow emailed forms even.


https://www.stanbicibtcassetmanagement.com/nigeriaassetmanagers/Contact--Us

RealityShot:
excess demand where?

the shops in the market had hundreds of bags in their stores...@N13k...

the next week same shops started selling same stock for N25k+

and worse..now they are rebagging local in foreign labelled bags!!

i was not told..I SAW.

THIS COUNTRY NEEDS MASSIVE REGULATION...

You are incorrect, the Agricutlural sector cannot produce enough to feed the nation, this is pure economics 101, when demand increases the price increase

RealityShot:
hmm...
no need for definite words..

naira was falling in 2016 till february 2017 ...WHY? CRUDE price fell.

is crude oil price falling now?

So has crude price risen to the rate it was when dollar was 200? There goes your answer

The conditions for stable Naira are still
Pretty ok for Now . . Between 6 to 8 months from now we will know the situation of things The reserve is lil bit short of 40B
Oil prices above $60 also good for the budget ..Emiefele also said there won’t be much concern unless reserve gets to btw 25B to 30B

Also if cbn can get more inflows from the FDI’s

Fingers crossed

DaBogu:
Dr. Tayo Oyedeji
@tayooye

There is a bubble of "investment" instruments offering incredible returns everywhere.

To invest safely, focus on asking the right questions.

"How will I get my principal back?" forces you to think strategically.

"How much will I make?" pushes you towards emotional decisions.

"How will I get my principal back?" + "How does it work?" = due diligence + Logic

"How much will I make?" = emotional reaction. It focuses you on returns rather than investment process.

If you don't understand the process, don't invest.

That's why my answer to "Should I invest in crypto currencies or Forex trading?" is always NO.

Don't do it unless you understand how it works.

True.

The current TB rates are not a reflection of our economy. Its just an abracadabra econometrics of the CBN.

conyema12:
The current TB rates are not a reflection of our economy. Its just an abracadabra econometrics of the CBN.

Something many have forgotten ....

RealityShot:
This trend of selling Naira short of its value is making dollar earners richer (and that includes President Buhari and his fellow generals and political friends)

in fact, CBN is making stupid money for Buhari doing this... And that is why Buhari retained him.

if it were not so..why can "the same" CBN sell "the same" dollar papers N306 and N355 ?

thats because the value of Naira is set to halt Nigerians from buying dollar.

But at the same time, make bunkerers super rich after they convert their foreign currencies.

i pity ordinary Nigerians who have no clue why they are suffering.

Some even go to AMAZON website and use their atm card at N360+ ...whoa!

the same laptop you buy direct at N360+ will be ordered by BIG importers at N306..with free shipping!
How have you been smart then?
you just lost N50 to CBN!

SMH ...
EMEFIELE!! Someday your secrets will be revealed fully

That man na scam. I have been shouting to Nigerians that that fella is a good guru making money for the high class and the corrupt. He doesn't snt care about average Nigerian. Do you guys know that omo tbills is trading around 13% and local investors like us cant benefit? Only commercial banks and his den of foreigner can buy omo bills while local ntb is now at 6%? Who is the thief here ? Spit

Just2endowed2:


That man na scam. I have been shouting to Nigerians that that fella is a good guru making money for the high class and the corrupt. He doesn't snt care about average Nigerian. Do you guys know that omo tbills is traded around 13% and local like us cant benefit? Only commercial banks and his den of foreigner can buy omo bills while local ntb is now at 6%? Who is the thief here ? Spit

If the leader of CBN is chosen from amongst bank top echelon, whose interest will he stand for/posture towards when decision is to be taken?...Plus, the regular economical meetings at top financial level, reflects more of the top guns who look first for business interest than national interest... This absolves Emefiele for being singled-out as anything. Its what our society wants..

We don't have an independent CBN chief. Many factors will pull anyone who sits on that chair

1. Presidency

2. Cabals within the govt

3. Bank Top Execs

4. Erratic economy. Almost zero productivity.

We speculate a lot in Nigeria. My people calm down, no cause for alarm at all. Naira won't be devalued again. CBN is facing their own challenges like every other monetary bodies in other countries. In 2020, FG must put an end to oil subsidy, and CBN must stop forex, Nigerians must help to boost our economy and naira by patronizing local products. Dollar has more challenges than naira on the global stage. Russia and China have completed plans to do without dollars in all transactions and EU have already concluded plans to challenge the unfair advantage dollar is having across the globe by initiating other form of payments without the dollar. In reality, dollar is bleeding more than naira, mainly Nigerians are still overrating the dollar.

Issue is more about productiveness than currency trading/swapping. Na wetin Nigeria no dey import?

DigitalMallam:


Copied online,
Indept analysis of how Onyema made his money...

THE SECRET HISTORY OF MR ALLEN ONYEMA’S WEALTH

Ata Ikiddeh

I have taken out time to research into Mr Allen Onyema’s past and what you will read here should be of interest to every Nigerian. You will decide on the guilt or innocence of Mr Allen Onyema.

Article:
In 2007 when Yar’Adua mounted the rock, the Niger Delta was no man’s land, it was a region devouring itself. The Niger Delta was a warring nation and Nigeria the occupying force sponsored by neo colonial imperialist oil companies, according to the agitators. Militants who branded themselves freedom fighters had shut down the region, no barge, oil tanker or oil pipeline was off limit.

Kidnapping was no longer a menace it became a nuisance, neighbours were kidnapping one another making quick easy money. It was a miracle Nigeria was still pumping crude oil. Before the elections in 2007, production had dipped to 680,000 barrels per day, from 2.2 million barrels, just over 25% of its original output. President Obsanjo a civilian President a relic of Nigeria’s military dictatorships wanted peace but hated the word diplomacy. I had this ‘ they will see me’ attitude.

But Yar’Adua was different, he was desperate for peace but had no road map. But he had heard of a certain Robinson Crusoe / Rambo type man, a man who was virtually living in the creeks, in no man’s land. This man was living in the war torn mangrove swamps, a weird nutter who was friends with the soldiers, the militants and the oil companies.

He was making a living being the only mediator in the creeks. The militants would only listen to him and no other. He was the one who convinced the militants and told them Amnesty did not mean Surrender but Development That man’s name was Allen Onyema, a lawyer. He this crazy idea that PEACE was possible.

It is not clear when Mr Allen Onyema started the Foundation of Ethnic Harmony in Nigeria (FEHN). But FEHN’s tremendous growth was as result of his unusual patriotism. Barr. Allen Ifechukwu Onyema was a lawyer who had graduated from the law school in 1989. He had a stint at law practice for a few years but was strangely drawn to conflict resolution, he was passionate about Peace. He is one of the few Africans and perhaps the only Nigerian who has been given the prestigious much coveted Martin Luther King Award.

He facilitated Peace and Reconciliation during the Idiaraba Ethnic violence in Lagos 2003. During the same period he brought Peace between the warring Yorubas and Hausas over the Lagos abattoir. In 2004 he sponsored a project called Nigeria Forever Project in the 36 States between 2004 and 2005 to promote a broad based Nationalism as against Ethnic Nationalism, it was a huge success.

These early forays on various peace projects prepared him for the Niger Delta bloody imbroglio. He waded in when there was a red line between battle hardened Nigerian soldiers and amulet wearing militants who believed their skins had been transformed to steel by black magic.

Onyema used his own funds to sponsor youths to the Nonviolence training and transformational programmes long before the Oil Companies, Federal Government and International Community began to partner with him and invest in his training programmes. The impact of success which FEHN had with the transformation of restive youths drew the attention of Shell. Prior to their encounter with FEHN, they had constantly experienced shutdowns of their operations due to the violent activities of restive youths.

These endless disruptions came to an end when FEHN trained and transformed several youths, soon other Oil Companies like Chevron, Afren Oil etc, joined in the sponsorship of youths to the FEHN training. Onyema’s method had stopped a complete shut down of the oil industry and the oil companies were happy pay him for his services.

Onyema’s methods caught the attention of not just the International Communities, but President Yar’Adua; Onyema was the nexus of Peace and Diplomacy the Federal Government had been looking for. Chief Timi Alaibe with the NDDC , got Barrister Allen Onyema and his organization - The Foundation for Ethnic Harmony in Nigeria (FEHN), to train and transform over 600 youths of the Niger Delta.

It was the success of this program that finally convinced the Yar’Adua to declare the Presidential Amnesty which was granted to Niger Delta Militants. Mr Allen Onyema’s hard work had finally paid off - he landed the biggest contract in Nigeria - FEHN was given the sole responsibility to rehabilitate, train and transform over 30,000 ex-militants.

He oversaw the disarmament and demobilization of over 30,000 ex-agitators and he superintended in the skilling and reintegration of these youths into the civil society in an ongoing reintegration programme. Thousands of militants were flown abroad for various kinds of training in non-violent Conflict Resolution, Aviation and Deep Sea Welding.

Here was a remark by an article at the time, “A seemingly insurmountable task which posed impossible for several years finally generated positive results at the intervention of FEHN.

This incredibly remarkable achievement is one of the most laudable landmarks of FEHN for not only the Niger Delta but also the Nation in its entirety. The acheivement of this feat helped to rebrand the face of the Nigerian Nation before the entire world. FEHN successfully trained the Ex-militant leaders on the Kingian Nonviolence Philosophy. This laudable occurrence could not have come at a better time, as the Leaders are not just embracing the Peace culture, but are already training others.

Barrister Allen Onyema, National Chairman of FEHN achieved this feat against all odds, at a time when it seemed impossible. It was so rewarding to see the commitment and enthusiasm which the leaders displayed as they began to chart the noble cause. Among the Ex militant leaders present at the training are Farah Dagogo, Boy loaf, Sele etc”.

When Jonathan took over in 2011 he appointed Kingsley Kuku as SA, Niger Delta and Chairman of the Amnesty Programme in January 2011. He spent billions to stop the violence and fund FEHN. The NSA budget in 2011 for the Amnesty programme was - feeding allowance (N48 billion), operations cost (N20.796 billion), reintegration of transformed Niger Delta ex-militants, 2010 arrears (N4.174 billion) and reintegration of Niger Delta ex-militants (N925 million.

In 2012 Kuku’s Amnesty Programme controlled a N60 billion budget about $350 million USD). President Jonathan was determined to rescue the dwindling oil revenue - he spared no cash and this time FEHN was given the sole responsibility to rescue the nation and save Jonathan’s government from siege in the creeks. Onyema was successful. He did a job and got well paid for it.

People who may wonder why his outfit was the only Social enterprise contracted to oversee the entire multi billion naira programme can take that question up with the former President, it has nothing to do with Mr Allen Onyema. He was a man doing a job and got paid for it.

By January 2012 Allen Onyema had made a tidy pile for himself he paid tens of thousands of dollars to the Obama campaign support.

In January 2013 he was invited for an Obama victory party and was honoured with an exclusive photo-shoot with President Obama, Vice President Joe Biden and their wives.

That same year he laid out plans to invest his fortune and Air Peace was established. A symbol of his years of non violent Peace projects in Nigeria.

Nice read

interesting...from a somewhat NGO/facilitator to a multibillionaire business man....my people my people (in Rocha's voice)

Anybody with prorating experience from the last primary auction?
Please share

I want to invest in mmf using FSDH. Guys how reliable are they? Rate I am seeing is 12.8%.

PFAs invest N6.8tn pension assets in govt securities.

The economy cannot grow this way. PFA with staggering N9.8tn in their portfolio should sponsor a bill to enable them build infrastructures on their own like; modern speed of light rail, road networks, sea/airports and run it professionally. Helping this lazy govt source for fund which a sizeable chunk will be mismanage is like a spoilt child with zero intellect inheriting a fortune. In no distance time what will become of the inheritance.

Just2endowed2:
I want to invest in mmf using FSDH. Guys how reliable are they? Rate I am seeing is 12.8%.

FSDH is highly reliable, it used to be one of the four discount houses in Nigeria because it metamorphosed to a Merchant Bank. They have a stockbroking subsidiary, asset management subsidiary and also have Pension fund management subsidiary.

It was 12.4% about 2 weeks ago. I have money market fund account with them and FBN Quest

DigitalMallam:
PFAs invest N6.8tn pension assets in govt securities.

The economy cannot grow this way. PFA with staggering N9.8tn in their portfolio should sponsor a bill to enable them build infrastructures on their own like; modern speed of light rail, road networks, sea/airports and run it professionally. Helping this lazy govt source for fund which a sizeable chunk will be mismanage is like a spoilt child with zero intellect inheriting a fortune. In no distance time what will become of the inheritance.

Government and the capital market stakeholders should come up with a real estate investment bond.

Anybody who is paying a minimum of 200k per annum should be able to own a house, the ratio of landlords to tenants in Nigeria is one of the highest.

For every Nigerian who owns his or her house more than 20 are tenants with no hope of having their own houses.

We have 20 million housing deficits in Nigeria. Assuming out of this 20 million, it is only 1 million that is viable. That is those who can afford a minimum rent of 200k per annum.

Assuming if 1 million housing units are mass produced at 250,000 units per year for the next 4 years at an average cost of N2.5 million per housing units.

This will have multiplier effects on makers of cement, paints, plumbing materials, electrical, materials. It will create jobs for civil engineer, builders, architects, real estate agents, lawyers, mortgage bankers, artisans like bricklayers, painters, plumbers, electricians, labourers.

The reason why real estate is expensive in Nigeria is because of the high demand and limited supply.

When we have a massive investment in the sector prices will fall and more people will invest. The current PE ratio for real estate investment is between 15 to 20, which is not encouraging except for the expected capital appreciation due to the limited supply and increasing demand.

Another sector to look at is the transport sector. If we have good transport system in Nigeria, people can live in Ibadan and work in Lagos.

We all know that accommodation is cheaper in Ibadan compared to Lagos.

Government can't do it alone, they need invest from the private sector.
But our government doesn't have respect for the sanctity of contracts. An investor will not want to invest in an unstable environment. Where agreements and contracts can be breached by the government. Where the judiciary is not independent.