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  • Re: Economicwatch Post #281618
    Posted at: 1:44 am, 2nd Jul 2016
    by sola12. SMN . Joined: 15th December 2008. Thanked 11 times.


  • Re: oando Post #281617
    Posted at: 12:25 am, 2nd Jul 2016
    by wanaj0. SMN . Joined: 9th April 2007. Thanked 366 times.

    PETERICHY;228115 wrote:
    I STILL MAINTAIN ALL MY STANCES FROM ONSET


    1.OANDO will make all long termers stinkingly RiCH

    2.If you have a short term fund or borrowed fund of any sort don't go near OANDO.

    3.If you cant take the heat then better stays off the kitchen.

    4.As long as NSE is concerns my PORTFOLIO is 100% OANDO.

    5.If you have an idle fund invest OANDO and sleep with both eyes closed.

    6.After the RAIN comes the SUNSHINE.

    7.Bear in mind my instincts never lied for once.

    I REST MY CASE

    *ThE OcToPuS*

    Where are the prayer warriors????


  • Re: oando Post #281616
    Posted at: 12:20 am, 2nd Jul 2016
    by wanaj0. SMN . Joined: 9th April 2007. Thanked 366 times.

    MissedOpportunities;281600 wrote:
    I don enter my quiet room so that i can try to make sense out of all this.
    Hmmm no be small thing oooo. Dem don come again oooo, shine ur eyes!

    The beginning of the end. The chicken has come home to roost!

    They are exiting the downstream which is where they have core competency/competitive advantage. They are exiting (or reducing their stake) at a time when the sector is opening up and providing more opportunities due to deregulation. Where is the plan for the refinery again????


  • Re: State of the Nation Post #281615
    Posted at: 10:20 pm, 1st Jul 2016
    by nosa2. SMN . Joined: 23rd October 2008. Thanked 292 times.

    Waves;281612 wrote:
    One of the things that scare me about this country is when I see that young men no longer feel revulsion towards corruption and injustice but will rather hide behind an equally rigged justice system to talk about presumption of innocence. Take Olisa Metu's case. The incontrovertible or confirmed facts are that our former President ordered the former NSA to pay Olisa Metu N400 mill to do purely personal / party activities. Metu is now offering to return the money. Yet some people will rather we wait for a conviction before calling what happened corruption or the individuals involved as criminals. So sad. Civilized societies don't become civilized through civilized means. Reflect on this

    If only you knew


  • Re: State of the Nation Post #281614
    Posted at: 9:14 pm, 1st Jul 2016
    by duduspace. SMN . Joined: 13th February 2007. Thanked 317 times.

    nosa2;281611 wrote:
    In civilised societies the wait till a court pronounces someone a thief before calling him one. You say they stole with so much certainty; it's almost as if you have inside knowledge.

    Nothing more to say, Oga Waves has said it all. Goodluck to you if you're still doubting that money was corruptly appropriated (if stealing is still too strong a word for you :D) when same amounts are being returned by the likes of Metuh whom we know and some whom we don't.


  • Re: State of the Nation Post #281613
    Posted at: 8:47 pm, 1st Jul 2016
    by bamidele97. SMN . Joined: 5th November 2010. Thanked 108 times.

    Waves;281612 wrote:
    One of the things that scare me about this country is when I see that young men no longer feel revulsion towards corruption and injustice but will rather hide behind an equally rigged justice system to talk about presumption of innocence. Take Olisa Metu's case. The incontrovertible or confirmed facts are that our former President ordered the former NSA to pay Olisa Metu N400 mill to do purely personal / party activities. Metu is now offering to return the money. Yet some people will rather we wait for a conviction before calling what happened corruption or the individuals involved as criminals. So sad. Civilized societies don't become civilized through civilized means. Reflect on this

    Thank you very much sir.
    You have spoken well.


  • Re: State of the Nation Post #281612
    Posted at: 8:36 pm, 1st Jul 2016
    by Waves. SMN . Joined: 12th March 2009. Thanked 252 times.

    nosa2;281611 wrote:
    In civilised societies the wait till a court pronounces someone a thief before calling him one. You say they stole with so much certainty; it's almost as if you have inside knowledge.

    One of the things that scare me about this country is when I see that young men no longer feel revulsion towards corruption and injustice but will rather hide behind an equally rigged justice system to talk about presumption of innocence. Take Olisa Metu's case. The incontrovertible or confirmed facts are that our former President ordered the former NSA to pay Olisa Metu N400 mill to do purely personal / party activities. Metu is now offering to return the money. Yet some people will rather we wait for a conviction before calling what happened corruption or the individuals involved as criminals. So sad. Civilized societies don't become civilized through civilized means. Reflect on this


  • Re: State of the Nation Post #281611
    Posted at: 7:58 pm, 1st Jul 2016
    by nosa2. SMN . Joined: 23rd October 2008. Thanked 292 times.

    duduspace;281609 wrote:
    Thank you sir, I can live with this opinion as long as corruption and in particular violence is disavowed. No matter how badly we feel about a particular government or election results, there has to be no go areas for the majority of us if this country will have any meaningful progress. We can argue robustly as brothers over what PMB has done wrong or right, we will always have multiplicity of opinion on such issues but this support for corrupt people facing justice and for preachers of violence should end.
    I'd rather people chastise PMB for not doing enough about corruption than to take him to task for 'witchunting' people who did actually steal from us all.

    In civilised societies the wait till a court pronounces someone a thief before calling him one. You say they stole with so much certainty; it's almost as if you have inside knowledge.


  • Re: Economicwatch Post #281610
    Posted at: 6:51 pm, 1st Jul 2016
    by ayemco. SMN . Joined: 28th September 2007. Thanked 12 times.

    dupeodus;281604 wrote:
    Forward fx contracts rates are determine with a premium or discount over the spot rate based on the differential in the interest rates applicable in the economy of the respective currency. The economy with the lower interest rate will have a premium for its currency while the economy with the higher interest rate will have a discount for its currency. As illustrated by Oga Wave, I could borrow dollar today at say 5% and convert it to dollar at 280 with a forward purchase of dollar at a future date. I could invest the naira proceed at 25%. My dollar interest cost will be much lower than the naira interest income. For both parties to be in exactly the same position that they started, the forward rate to buy the dollar back has to be higher than 280. Meaning the Naira is at a discount. One will appreciate this if one considers that CBN borrowed the naira it uses to buy the dollar at the beginning of the contract and at the end, cbn has to pay back the naira. With what CBN has done giving the naira a premium at the end of the contract instead of a discount, it means that CBN will get less naira back to pay to the lender at the end of the contract. This is in addition to the fact that CBN has paid higher naira interest amount during the contract period.

    I know this can be confusing and people may ask why do forward contract in the first case. Forward fx contract is primarily a hedging instrument to minimize exposure to currency risk. Not for speculations. If I have dollar now but needs naira instead of the dollar but I do know that I have a dollar obligation in the future, instead of borrowing the naira or merely converting my dollar to naira both of which carry exchange rate risks, I could sell my dollar now and buy a forward contract to buy the dollar back. Given that scenario, you wonder why CBN should be engaged in forward fx contract in the first case.

    Absolutely spot on. CBN should leave this to the Banks.. Or CBN is now a trader?


  • Re: State of the Nation Post #281609
    Posted at: 6:24 pm, 1st Jul 2016
    by duduspace. SMN . Joined: 13th February 2007. Thanked 317 times.

    nosa2;281607 wrote:
    I do not in any way support the violence being witnessed however I can see a direct link between the way the APC handled their victory with the problems the country is facing today.

    Thank you sir, I can live with this opinion as long as corruption and in particular violence is disavowed. No matter how badly we feel about a particular government or election results, there has to be no go areas for the majority of us if this country will have any meaningful progress. We can argue robustly as brothers over what PMB has done wrong or right, we will always have multiplicity of opinion on such issues but this support for corrupt people facing justice and for preachers of violence should end.
    I'd rather people chastise PMB for not doing enough about corruption than to take him to task for 'witchunting' people who did actually steal from us all.


  • Re: oando Post #281608
    Posted at: 6:10 pm, 1st Jul 2016
    by duduspace. SMN . Joined: 13th February 2007. Thanked 317 times.

    oluseyi;281602 wrote:
    This caught my attention

    Note 47. Going concern

    The Group and Company recorded comprehensive losses, net of tax of N37.8billion and N56.6billion respectively during the year ended 31 December 2015 (2014 comprehensive losses:
    Group ” N116.5billion; Company ” N66.5billion). As of year-end, the Group and Company were in net current liabilities position of N247.9billion and N32.8billion respectively (2014 net
    current liabilities: Group ” N329.0billion; Company ” N34.7billion). Management has developed key strategic initiatives which aim to return the Company (and Group) to profitability, improve
    working capital and cash flows. The key initiatives include:

    - Conversion of the ‚convertible loan notes‛ of N36.4billion currently classified under current liability to equity, which conversion has been approved by the shareholders of Oando Plc and
    which will commensurately increase shareholders’ funds by N36.4billion;
    - A refinancing of approximately N94.6billion [/b]of short term borrowings into a new five-year medium term loan note facility which took place on June 6, 2016;
    - Divestment of the energy services business leads to deconsolidation of approximately N43billion debt from the Group’s statement of financial position;
    - Partial divestment and recapitalisation of the downstream division of which net proceeds of approximately N44billion will be used entirely to pay down debt, while deconsolidation of the
    downstream division will remove the downstream debt from the Group’s statement of financial position;
    - Partial divestment of the midstream business to raise up to N40billion, for which proceeds will be used to pay down debt; and
    - Sale of the Company’s shares in Oando Energy Resources to raise up to N30billion in order to fund working capital and further pay down debt
    These conditions indicate the existence of material uncertainty which may cast significant doubt on the Company’s ability to continue as a going concern and, therefore, the Company may
    be unable to realise its assets and discharge its liabilities in the normal course of business.
    The financial statements have been prepared on the basis of accounting principles applicable to a going concern. This basis presumes that the realisation of assets and settlement of liabilities will occur in the ordinary course of business.

    I think it was Oga Oracle who accused them of swallowing a python. The way things are going, they will have to sell off almost everything in order to exit this debt trap they are in.


  • Re: State of the Nation Post #281607
    Posted at: 4:38 pm, 1st Jul 2016
    by nosa2. SMN . Joined: 23rd October 2008. Thanked 292 times.

    duduspace;281582 wrote:
    A lot of fair points you make. I will however disagree on Kanu and Zakzaky based on the evidence of my own following those two for quite a while. Kanu deserves no sympathy after calling for arms against his country. El-Zakzaky was the early beginnings of the creation of a state within a state, the kind that led to the BH problem that has led to so much loss of lives and which we are still battling with, while I can't say the millitary didn't overdo aspects of the operation, I'm glad at the robust response to the issue. If left unchecked, we could very easily soon have the NW in flames too just like the NE.

    For the rest of your points, it is mostly political and should be addressed politically. I cannot personally back every statement PMB has ever made or say he is right with every utterance but I believe If one feels that PMB and APC are being tribalistic then simply don't vote for them at any level in the next election. It is that simple if we all subscribe to a democratic creed. Tinubu for example played the long game during the GEJ and OBJ years and got his reward when he was able to form a coalition at the centre but I don't recall him accusing GEJ of witchunting despite being docked himself.
    The resort to supporting violence and other malfeasance simply confirms that some people have resorted to a 'By all means possible' approach just because they lost the political argument.

    I do not in any way support the violence being witnessed however I can see a direct link between the way the APC handled their victory with the problems the country is facing today.


  • Re: State of the Nation Post #281606
    Posted at: 4:26 pm, 1st Jul 2016
    by waaan5. SMN Forum Moderator. Joined: 14th June 2007. Thanked 407 times.

    waaan5;281561 wrote:
    Getthere;281570 wrote:
    Oga please support the drive to restore StockMarketNigeria.com

    This kind of post i do not think we need here.Let us leave the politicians and their battles

    Its bread crumbs that attract cockroaches and ants

    Oga Getthere, pls what exactly is the problem with the post in reference?

    It is news on the 'state of the nation', if you don't want this thread again, you can move for a referendum and people will vote whether to delete the sotn thread or not.

    If your issue is that you want to vet the news before it is posted, pls let us know too.


  • Re: State of the Nation Post #281605
    Posted at: 4:25 pm, 1st Jul 2016
    by pegheneji. SMN . Joined: 25th February 2008. Thanked 74 times.

    Mberede;281583 wrote:
    Even the great Northern irredentist Dr. Junaid Mohammed is accusing President Buhari of nepotism and corruption. What is the world turning into? :eek:

    "Mohammed said Buhari must apply the law equitably and justly in his fight against corruption and insurgents such as Boko Haram and Niger Delta Avengers (NDA).
    “He has to do that, and listen more to Nigerians, and not this arrogant posture, and the crooks he appointed into cabinet.
    “But unfortunately, for the country and for Buhari’s legacy himself, he has packed the government, and especially the Presidency, which is really the centre of power, and made it top heavy with his own relations.
    “There are many people who are his own cousins in the Presidency. In my own understanding of history and politics, this is what you call nepotism. And if you are against corruption, you cannot be nepotistic.
    “So it is really a contradiction for Buhari to have, for example a nephew of his, the son of his elder sister as the Minister of Water Resources [Hadi Sirika].
    “He has another niece of his, the elder sister of [Sirika], who is now a national commissioner in the INEC (Independent National Electoral Commission), Amina Zakari.
    “They are trying to bury their tracks. But Buhari nominated her even before he became president when Jonathan asked him to nominate somebody to represent the North West (in INEC) and he chose that woman.
    “And then this nonentity, Mamman Daura, virtually runs the government. He has a veto power. There have been instances when Buhari gave written approval for things to be done, and that man went and stymied, threw the paper away.
    “He has become such a tyrant in the Presidency. He is a nephew to Buhari. His father is the elder brother of Buhari, even though the (age) difference between them is about three years, his father is an elder brother to Buhari and they grew up together.
    “[Abba Kyari] was brought up by Mamman Daura. His father left him with Mamman Daura to go to Borno, his original state where he was a village head.
    “And for all intents and purposes, he is a son of Mamman Daura. He is now the chief of staff to Buhari. His name is Abba Kyari.
    “Then [Kabir Daura] the personal assistant to Buhari himself, is the son of Mamman Daura.
    “And the girl [Aisha Abubakar] who was picked out of nowhere from Sokoto. She is not a member of the APC. She has nothing to do with anybody.
    “She was picked and made a minister by Mamman Daura and Buhari because her mother is the younger sister of Mamman Daura’s wife.
    “And then the ADC (Aide de Camp) to Buhari is married to the granddaughter of Buhari’s elder sister. His name is Colonel Lawan Abubakar.
    “Now with this bloody mess and this disarray and terrible scandal, how can Buhari hope to keep the country in check, and fight corruption and the terrorists?
    “It can’t be done; because to fight corruption, you must be above board. You must be absolutely in the clear. You don’t go underground to appoint your nephews and say you are being smart. He is just being smart by half.
    “These are the core problems of Buhari and not the National Assembly. The National Assembly can be dealt with if he is absolutely above board, and if they know they have nothing on him or his nephews, cousins, and many of his relations who are now institutionalised in the government and in the most important part of government, the Presidency.
    “And that explains some of the statements [former President Olusegun] Obasanjo has been making, metaphorical statements.
    “He said corruption always begins in the Presidency. He was referring to Buhari’s presidency.
    “Because when Obasanjo was in power himself and Atiku (Abubakar), they were accused of being corrupt and the world media said corruption always began in the presidency. So nobody should fool us."


    Buhari practises nepotism, says Junaid Mohammed | TheNiche

    Abeg, just as metu say he will return the amount he was paid for the job he did for the previous govt, make baba just beg fashola make him they at least flash light. Even if na for 2hours every 72hours, I go shout sai baba the torment don too much.
    Sey level of water don rise abi kainji no dey provide power for d whole country again as we were made to believe?


  • Re: Economicwatch Post #281604
    Posted at: 4:22 pm, 1st Jul 2016
    by dupeodus. SMN . Joined: 15th November 2012. Thanked 86 times.

    duduspace;281598 wrote:
    How are the futures contract sold and how are the prices calculated? won't gain for this person translate into a loss for someone in a free and fair system? Government perhaps ? Can it be considered fair gain for keeping FOREX within the system which is what the government is trying to achieve ?
    Just my thots o, I'm not arguing for or against. 48% gain in 10 months does look excessive but some made such gains during bubbles while others carried the can.
    Forward fx contracts rates are determine with a premium or discount over the spot rate based on the differential in the interest rates applicable in the economy of the respective currency. The economy with the lower interest rate will have a premium for its currency while the economy with the higher interest rate will have a discount for its currency. As illustrated by Oga Wave, I could borrow dollar today at say 5% and convert it to dollar at 280 with a forward purchase of dollar at a future date. I could invest the naira proceed at 25%. My dollar interest cost will be much lower than the naira interest income. For both parties to be in exactly the same position that they started, the forward rate to buy the dollar back has to be higher than 280. Meaning the Naira is at a discount. One will appreciate this if one considers that CBN borrowed the naira it uses to buy the dollar at the beginning of the contract and at the end, cbn has to pay back the naira. With what CBN has done giving the naira a premium at the end of the contract instead of a discount, it means that CBN will get less naira back to pay to the lender at the end of the contract. This is in addition to the fact that CBN has paid higher naira interest amount during the contract period.

    I know this can be confusing and people may ask why do forward contract in the first case. Forward fx contract is primarily a hedging instrument to minimize exposure to currency risk. Not for speculations. If I have dollar now but needs naira instead of the dollar but I do know that I have a dollar obligation in the future, instead of borrowing the naira or merely converting my dollar to naira both of which carry exchange rate risks, I could sell my dollar now and buy a forward contract to buy the dollar back. Given that scenario, you wonder why CBN should be engaged in forward fx contract in the first case.


  • Re: Economicwatch Post #281603
    Posted at: 3:56 pm, 1st Jul 2016
    by dupeodus. SMN . Joined: 15th November 2012. Thanked 86 times.

    Waves;281599 wrote:
    CBN, Citibank Execute First Naira-Settled OTC FX Futures of $20m | THISDAYLIVE

    After I saw this yesterday, I made calls and asked questions..........scary.
    Real scary. I do not see them reneging on citibank
    Citibank will take them to the cleaners. After so many years of God knows how many treasurers were sent for treasury training abroad, Nigerian bankers still do not know how forward fx contracts work. Can you imagine how the back offices will book these deals if they do not understand the product in the first case?


  • Re: oando Post #281602
    Posted at: 3:31 pm, 1st Jul 2016
    by oluseyi. SMN . Joined: 6th November 2009. Thanked 3 times.

    duduspace;281601 wrote:
    LOL, Oando always have something up their sleeves. I wonder what they are selling next. If there is any consolation, they are still keeping afloat some way, some how and if they survived <$30 oil prices, they should do better with >$40 prices.

    This caught my attention

    Note 47. Going concern

    The Group and Company recorded comprehensive losses, net of tax of N37.8billion and N56.6billion respectively during the year ended 31 December 2015 (2014 comprehensive losses:
    Group ” N116.5billion; Company ” N66.5billion). As of year-end, the Group and Company were in net current liabilities position of N247.9billion and N32.8billion respectively (2014 net
    current liabilities: Group ” N329.0billion; Company ” N34.7billion). Management has developed key strategic initiatives which aim to return the Company (and Group) to profitability, improve
    working capital and cash flows. The key initiatives include:

    - Conversion of the ‚convertible loan notes&#8219; of N36.4billion currently classified under current liability to equity, which conversion has been approved by the shareholders of Oando Plc and
    which will commensurately increase shareholders’ funds by N36.4billion;
    - A refinancing of approximately N94.6billion [/b]of short term borrowings into a new five-year medium term loan note facility which took place on June 6, 2016;
    - Divestment of the energy services business leads to deconsolidation of approximately N43billion debt from the Group’s statement of financial position;
    - Partial divestment and recapitalisation of the downstream division of which net proceeds of approximately N44billion will be used entirely to pay down debt, while deconsolidation of the
    downstream division will remove the downstream debt from the Group’s statement of financial position;
    - Partial divestment of the midstream business to raise up to N40billion, for which proceeds will be used to pay down debt; and
    - Sale of the Company’s shares in Oando Energy Resources to raise up to N30billion in order to fund working capital and further pay down debt
    These conditions indicate the existence of material uncertainty which may cast significant doubt on the Company’s ability to continue as a going concern and, therefore, the Company may
    be unable to realise its assets and discharge its liabilities in the normal course of business.
    The financial statements have been prepared on the basis of accounting principles applicable to a going concern. This basis presumes that the realisation of assets and settlement of liabilities will occur in the ordinary course of business.


  • Re: oando Post #281601
    Posted at: 2:34 pm, 1st Jul 2016
    by duduspace. SMN . Joined: 13th February 2007. Thanked 317 times.

    MissedOpportunities;281600 wrote:
    I don enter my quiet room so that i can try to make sense out of all this.
    Hmmm no be small thing oooo. Dem don come again oooo, shine ur eyes!

    LOL, Oando always have something up their sleeves. I wonder what they are selling next. If there is any consolation, they are still keeping afloat some way, some how and if they survived <$30 oil prices, they should do better with >$40 prices.


  • Re: oando Post #281600
    Posted at: 2:29 pm, 1st Jul 2016
    by MissedOpportunities. SMN . Joined: 5th February 2014. Thanked 41 times.


    I don enter my quiet room so that i can try to make sense out of all this.
    Hmmm no be small thing oooo. Dem don come again oooo, shine ur eyes!


  • Re: Economicwatch Post #281599
    Posted at: 1:45 pm, 1st Jul 2016
    by Waves. SMN . Joined: 12th March 2009. Thanked 252 times.

    dupeodus;281597 wrote:
    There is nothing to understand here. The Nigerian malaise of mediocrity is in full display here, unfortunately by the CBN and I can assure you that they did not even perceive the stupidity of what they published. What it means for me though is that nothing has changed since I left. I can assure you that you will not be able to get that forward contract or if you do, they will renege on the liquidation date. Because of other considerations, it is people that lack depth that progress to high positions in Nigeria and the result is what is in full display here. This is what we are told was worked on for weeks by the banks ceo.

    CBN, Citibank Execute First Naira-Settled OTC FX Futures of $20m | THISDAYLIVE

    After I saw this yesterday, I made calls and asked questions..........scary.


  • Re: Economicwatch Post #281598
    Posted at: 1:35 pm, 1st Jul 2016
    by duduspace. SMN . Joined: 13th February 2007. Thanked 317 times.

    dupeodus;281597 wrote:
    There is nothing to understand here. The Nigerian malaise of mediocrity is in full display here, unfortunately by the CBN and I can assure you that they did not even perceive the stupidity of what they published. What it means for me though is that nothing has changed since I left. I can assure you that you will not be able to get that forward contract or if you do, they will renege on the liquidation date. Because of other considerations, it is people that lack depth that progress to high positions in Nigeria and the result is what is in full display here. This is what we are told was worked on for weeks by the banks ceo.

    How are the futures contract sold and how are the prices calculated? won't gain for this person translate into a loss for someone in a free and fair system? Government perhaps ? Can it be considered fair gain for keeping FOREX within the system which is what the government is trying to achieve ?
    Just my thots o, I'm not arguing for or against. 48% gain in 10 months does look excessive but some made such gains during bubbles while others carried the can.


  • Re: Economicwatch Post #281597
    Posted at: 1:02 pm, 1st Jul 2016
    by dupeodus. SMN . Joined: 15th November 2012. Thanked 86 times.

    Waves;281573 wrote:
    I am trying to make sense of this FX futures market and something does not make sense.

    The spot rate is N281/$ while the 10 month forward contract is trading at N210/$. Without capital controls, does this means someone can bring in $1 million dollars, sell at N281, invest in 9 months TBills and at tthesame time buy a 10 months forward contract for N210 and end of with a dollar return of 48%?

    FMDQ OTC Securities Exchange
    There is nothing to understand here. The Nigerian malaise of mediocrity is in full display here, unfortunately by the CBN and I can assure you that they did not even perceive the stupidity of what they published. What it means for me though is that nothing has changed since I left. I can assure you that you will not be able to get that forward contract or if you do, they will renege on the liquidation date. Because of other considerations, it is people that lack depth that progress to high positions in Nigeria and the result is what is in full display here. This is what we are told was worked on for weeks by the banks ceo.


  • Re: Feeding a great nation Post #281596
    Posted at: 12:50 pm, 1st Jul 2016
    by wanaj0. SMN . Joined: 9th April 2007. Thanked 366 times.

    MissedOpportunities;281566 wrote:
    I learnt FG thru d FCDA Agric dept is allocating thousands of hectares of land for agric purposes which also includes agro processing plants.

    Info is that its a collaboration between FG, a developer and Aso Savings. The developer will provide infracstructure to international standard for d complex.

    Individuals can key in thru Aso Savings. Agric loan from FG is applicable.

    RUN away from anything involving ASO Savings


  • Re: Economicwatch Post #281595
    Posted at: 12:34 pm, 1st Jul 2016
    by sola12. SMN . Joined: 15th December 2008. Thanked 11 times.

    Waves;281573 wrote:
    I am trying to make sense of this FX futures market and something does not make sense.

    The spot rate is N281/$ while the 10 month forward contract is trading at N210/$. Without capital controls, does this means someone can bring in $1 million dollars, sell at N281, invest in 9 months TBills and at tthesame time buy a 10 months forward contract for N210 and end of with a dollar return of 48%?

    FMDQ OTC Securities Exchange

    Since it is Naira settled, the spot rate at tenure still has to be considered. So maybe bringing 1m usd will really make spot to become 200 at tenure. Without data as to the relationship between inflow and outflow and its variance to spot, it is not that easy an arbitrage. But yes, it is an interesting preposition. Any hedge fund can easily take on CBN's. But the risk of capital control is probably a deterrent.


  • Re: future of real estate? Post #281594
    Posted at: 11:57 am, 1st Jul 2016
    by Picolena66. SMN . Joined: 26th June 2007. Thanked 128 times.


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