emmanuelewumi:


The value of transactions on NSE in Q2 was $130 million during the lockdown. They should have also shared the value of transaction in Q1, Q3 and Q4. People sell their shares for different reasons.

They should have compared the figures with the value of transactions on FMDQ that runs into billions of dollars, after all they trade in currencies and fixed income on FMDQ

Sailor1:


That's not the point. This is a sector that has been on ground for just about 4 years and has been largely traded person to person (in Nigeria) until about 12 months ago. That we can even compare it volume to the NSE shows what sorry state the NSE was in. If the NSE had lived up anything close to expectations, its volume should be a tiny fraction irrespective of the pandemic.

The crypt0 market also took its hit with the pandemic. Bitc0in crashed from 8.2k to 4k usd.
Currently bitc0in market cap (worldwide) is about 740 billion usd. Thats much less than some big companies traded on the US stock market.
The worldwide crypt0 market would be very tiny fraction if compared to the US stock market.


My point is the average Nigerian investor has little or no faith in the NSE. What gives people faith in a market is the belief that they can put money in it, go about their lives and get profits after a longer period. i.e the belief that the market will trend up with time. For now, the average Nigerian does not believe that's the case with the NSE and sadly, the NSE has been unable to prove them wrong

emmanuelewumi:



Maybe the average Nigerian gamble has lost hope on the Nigeria Stock Exchange. I can tell you that 80% of my income comes from the stock market for the past 4 years.

Companies on NSE pay over N1 Trillion per annum as corporate taxes, PAYE, withholding taxes, dues, levies, duties etc.

Part of the retirement savings of over 10 million workers are invested on NSE, more 80% of the top 1000 richest Nigerians have at least 25% of their networth on NSE, more than 1 million retirees are having a great retirement due to NSE, companies on NSE paid a total dividend of over N500 billion in 2020 during the lockdown.

If you are looking for fast money NSE is not for you

Sailor1:


The averege investor is not a gambler perse. It's the traders that are. We have manipulation and greedy folks in every market but a good market should trend up significantly well with time. That's what gives investors confidence.

A good percentage of the networth of of richest Nigerians are on NSE and that'd continue to be the case. Who else are the sharks that benefited from the crash of 07/08 and the continued corruption in the sector? Those same richest Nigerians. Even with all the pension funds in there (due to legal limitations), the performance of the NSE overtime has left alot to be desired. It's simply put been abysmal when compared to others around the world. Those who invested in 07/08 were not looking for quick cash. Alot put in money so they could reap profits in about 10years. We all know how that went.

I own stocks (foreign) and metals. My crypt0 investments have by far easily had the best ROI. Even with the little I know of finance, investing in the NSE today will betray that. If things change tomorrow, then of course I might consider it. As a young man, my whole knowledge of finance would be useless if I dont benefit from the best performing asset of my time.


Finally, I don't want to make this an unnecessary back and forth. We all invest to profit. And my motto has always been of it works for you, stick to it.

emmanuelewumi:


The value of transactions on NSE in Q2 was $130 million during the lockdown. They should have also shared the value of transaction in Q1, Q3 and Q4. People sell their shares for different reasons.

They should have compared the figures with the value of transactions on FMDQ that runs into billions of dollars, after all they trade in currencies and fixed income on FMDQ

paxnka:
Good evening all. Please how do I claim my father's shares and money he has in his account before he answered God's call.
I heard FG has written to banks pertaining to dormant accounts.
My father died almost 2 years ago.

Please, what's the fastest process to follow without travelling to his base?

Thanks

emmanuelewumi:



If you commit funds without understanding the fundamentals, earnings growth, price earning ratios, profit margin, revenue and other efficiency ratios you are a gambler. Better to buy a mutual fund or a money market fund

pluto09:




The value of crypt0 traded against the ngn has increased significantly in recent months.
More than 20billion yesterday on binance.
CBN should definitely be worried.

jedisco:


Fact is over 80% of evrryday Joe do not know all those details. They just want to buy a 'good' stock or that of a company they believe in and let in grow and perhaps pull from it later on. Like it or not, that everyday Joe and his confidence in a market that help determine the markets performance?

Since the NSE crash of 07/08 when the general public lost confidence, stockbrokers and 'knowlegeable' have still been trading and making profit. How has the market fared under them?
Where I stay, most folks hire an accountant to help advise them on where to invest for old age.

I have an indepth knowledge of items I invest in but I am belong to a very very small minority and wouldn't call those who are not as knowledgeable as me gamblers.

emmanuelewumi:



What will you call anyone who commits money into businesses, ventures and Investments they don't have knowledge of

jedisco:


What's the source of the 20 billion?

pluto09:


That is really one of the major concerns.
The kind of money going into crypto exchanges daily from Nigeria is just too much.

jedisco:


I call them the average human. That's how 95% of the human population (including we here) behave

Knowledge is not an on or off state... No one knows all and no one knows nothing. Knowledge is just one part, experience is another.

I am very knowledgeable in some areas and blank in others. For what I don't know, I seek knowledge or seek help

jedisco:


I edited my post...
I meant your source.

Fact is huge money has gone into the sector..
I'd say it's been fuelled by 3 things.
1. The devaluation of the naira of which CBN played the major role

2. The fact that bitc0in broke it's previous 20k all time high in 3 years. Most folks wjo thought it was dead started paying attention and considering it as a long-term option

3. Those who want quick cash who would further fuel the run and likely be burnt because of greed. Perhaps the 'gamblers'

emmanuelewumi:



It is abnormal to commit funds into any Investment, asset, venture or business you know nothing about.

It is pure speculation and gambling.

Better to keep such funds in the bank

pluto09:



I follow binance daily and one of the things I watch for is volume.
Unfortunately I did not have a snapshot.

emmanuelewumi:
CBN did not and can't stop crypto currency trading in Nigeria, it is beyond the scope of their operations.

The bank only told the banks they regulate that they should not allow their channels to be used for such transactions

pluto09:




Yes, CBN did not ban crypto trading.
They have however successfully blocked the major gateway for large scale trading.
P2p will most likely thrive but can't compare to direct access to major exchanges.
It is a big blow for crypto community in Nigeria.

emmanuelewumi:



Occupational hazards.

People should always consider the grey areas and risks before they commit funds. Nothing should come as a surprise to informed investors

pluto09:


There is nothing much to worry about as an investor.
Crypto will still continue to thrive albeit in a different way.

emmanuelewumi:


Which is very good.

We just love lamenting and worrying. Even Nigerians who are not based in the country are lamenting about the recent CBN policy, of what purpose is the lamentation

pluto09:



Remittances from abroad are mostly now done with crypto which is cheaper and faster.
With the CBN new directive, that will be almost not possible.
Everyone will have to go through the bank now, so some of them have reasons to lament

TotoNaRubber:
FG need to keep Cryptos banned, it is a DISASTER for the Nigerian economy, it sabotages forex distribution, China has banned it, Russia has banned it.
The ONLY country left to ban it to make it crumble is the USA, they may do so but when is unknown.

ojesymsym:
Explain the bolded, I think this is majorly CBN's reason but how does this happen in a large scale?

TotoNaRubber:
Nigerians pump Naira to the Crypt0 exchange sites and the exchange sites convert the same Naira to forex at the Nigerian exchange market pushing pressure on the value of Naira. The exchange sites could be pulling as much as $2 million per week or more as I know Nigerians can overdo, this is one of the things the CBN has been fighting.

Crypt0s favour the developed countries and a few Nigerians, when the dump comes, Nigerians are among the last to act and on the long run Nigerian economy will suffer it, it is best to put a stop to it now. Anyone in diaspora has at least one legal way to send money to Nigeria.

jedisco:


Let me ask

1. As it's a market in constant flow, what happens when they withdraw?

2. What happens to foreign remittance via crypt0? How does that happen?

pluto09:



I have the snapshots for today.
More than 10billion naira traded.

TotoNaRubber:
FG need to keep Cryptos banned, it is a DISASTER for the Nigerian economy, it sabotages forex distribution, China has banned it, Russia has banned it.
The ONLY country left to ban it to make it crumble is the USA, they may do so but when is unknown.

pluto09:



I have the snapshots for today.
More than 10billion naira traded.