Outils pour utilisateurs

Outils du site


august_2019_-_best_fo_ex_t_ading_company_in_nige_ia

The Anti-Corruption and Transparency Monitoring Unit, has called for transparency and TINY.CC ethical dealing in the Nigerian forex market trading, stressing that transparency and ethical dealings will enhance the growth of the foreign currency trading in the country. According to him, the energy of the Nigerian youths needs to be channeled into a sustainable and legitimate business to reduce the unemployment currently plaguing the country. He noted that part of the drives, if adequately monitored and regulated by policy makers to tame unemployment in [August 2019] - Bitcoin Arbitrage Nigeria is foreign exchange trading. “Part of the drives to provide employment, create opportunity for Nigerian youths to be able to trade and engage themselves legitimately is Forex businesses.” Sulaiman said.

He added that MBA Forex and Investment Limited have been certified by necessary regulatory agency in Nigeria saying that the company unlike others before it is not a ponzi scheme. In addition, he noted that MBA’s module operandi is in tandem with the anti-corruption and transparency drive of the current administration.bet9ja.com He said, “they have come to us and we have assess them. They want to be an advocate of not only the business they are doing but the anti-corruption and transparency drive of this government. They wrote to us and we assess them. We asked them to go through ICPC to train their staff; they’ve also registered with the Central Bank of Nigeria, CPC, and other regulatory agency.

123bps w/w). Of note, the yields on the 118DTM and 230DTM bills advanced 83bps and 200bps respectively, to settle at 14.48% and 15.05% respectively. 50bps w/w) on average. Evidenced by the continued advances in yields in both the T-bills and bond markets, investors remain bearish on the Nigerian economy. In addition, volatile energy prices will increasingly weigh on investors’ sentiment with regards to the Federal government’s ability to generate sufficient fiscal revenues. As such, we foresee a mixed session with a bearish tilt at the start of next week. MBA Forex And Capital Investment Limited will on this day hold its Bare to Blue banquet at D'Podium event centre Ogba, Lagos.

ISDS will on this day hold its 10th Annual Ibadan Sustainable Development Summit 2019 with the theme Building and Sustaining Strategic Partnerships for the Achievement of the Sustainable Development Goals at the University of Ibadan. International Breweries Plc will on this day hold its Annual General Meeting at Auditorium Green Legacy Resort, Presidential Road Boulevard Road, OkeMosan, Abeokuta, Ogun State. Cornerstone Insurance Plc will on this day hold its Annual General Meeting at Muson Centre, Onikan, Lagos. PWC in collaboration with Genevieve Magazine will on this day hold its workshop titled Growing your Business from Scratch to Cash at RadissonBlu Hotel, 38-40 Isaac John Street, Ikeja, Lagos. Check out our Events Calendar for event details and follow us on Web, TV, APP and Social Media for updates as the week unfolds.

Odum during a press conference in Lagos heralding the MBA Forex “From Bare2Blue” revolution in Lagos expressed optimism in the potential of foreign exchange in Nigeria to reduce unemployment and poverty level. This, he said, by using institutional mechanism to drive a profitable Foreign exchange in the country and with government regulation in the market, Nigeria may be set on its pathway into drastically reducing unemployment and its increasing poverty level. Speaking on the event, he said the ‘Bare2Blue’ revolution will play pivotal role by enabling financial diversification through foreign exchange to enhance the economy of Nigeria. According to him, ‘Bare2Blue’ revolution is intended to change lives by providing jobs and streams of income for Nigerians through its life-changing packages.

He revealed that ‘Bare2Blue Banquet’ schedule to hold on 16th and 17th August in Lagos will avail the company opportunity to unveil its products to Nigerians. He also called for regulation of forex companies in Nigeria, to protect people in forex business. “MBA FOREX is changing the narratives, by pushing for regulation of forex companies coming into Nigeria. This will help in putting a check on fraudulent activities relating to Forex trade and also protect Nigerians by ensuring that people go into forex through right channels. Odum warned Nigerians not to see forex trading as gambling, saying MBA Forex and Capital Investment Limited is registered and certified by the Central Bank of Nigeria, CBN. He also added that the company has also been cleared by the Economics and Financial Crimes Commission (EFCC).

Those listed to also have certified the company include the Security Exchange Commission (SEC) and the Corporate Affairs Commission (CAC) to allay the fears of Nigerians on the issue of fraud. “FOREX is not gambling and the risk is high. In MBA, we want to stabilise the system and make FOREX profitable to venture. Because we know the dynamics on how the market works, I want Nigerians to take advantage of it. We have the expertise, knowledge and technicalism. We have what it takes to navigate into profit. For over two years we have being consistent in getting lives changed through the FOREX market,” he said.

Also speaking, the Business Development Manager of Exclusive Markets, Claude Herve Tchatchouang, said the foreign exchange market still remained largely unexplored in Nigeria. He noted that with the level of willing investors in the market, unemployment will be drastically reduced in the country. He added that with the transfer of knowledge and needed skill set to Nigerians on the opportunities in the market, unemployment will be dealt with. “FX market in Nigeria is a growing market, mainly unexplored for the time being. Right now we do understand that with the level of funding in the market, the level of unemployment can be drastically reduced.

Because the market gives the stakeholders something they can use an alternative source of income and opportunity for employment. “Solving unemployment through FX market will be mainly through the transfer of knowledge because you need to particularly understand that FX is skill based business. It is not gambling and it has nothing to do with gambling. The way the business model was introduced in Nigeria was like an activity through which you invest and start gambling, but FX market in the real sense has nothing to do with gambling. He also added that the MBA Forex training school offers effective training to individuals in forex marketing.

The bulk of the training, he said, was to give back to the society and not to make profit but as means to give back to the society by helping to curb unemployment. “MBA FOREX Institute has the experience and skill set to teach the beginners to improve their financial blueprint, thereby turning time into money. “MBA FOREX Limited is set to empower the Nation with a system of knowledge that works which could change the lives of millions of individuals and in the process change our country for the better. On the stage and progress of the forex market in Nigeria, Tchatchouang said: “Right now, the FX is still a virgin market. “We are talking about the population of 200 million people that needs to be taught and to start learning the opportunities to start earning from the foreign exchange market. Right now at the global level, we are talking about the globalization, which is mainly a digital world.

HotForex is a registered brand name of HF Markets (Europe) and is regulated by the Cyprus Securities Exchange Commission (License Number 183/12) and holds a cross border license, authorising the company to provide investment services internationally. Here you can trade Forex, Spot Metals and Energies, CFDs on commodities, as well as indices and popular shares like Google, Apple and Facebook. They also offer popular Cryptocurrencies [August 2019] - Bitcoin Arbitrage Nigeria [August 2019] - Bitcoin Arbitrage Nigeria, Ethereum, Litecoin, Dashcoin and Ripple. HotForex uses only major global banks and keep client funds separate from company funds. This segregation of funds means they cannot use clients’ money to pay back creditors if the company defaults.

As a regulated broker, they are required to submit financial reports on activity and also take part in an annual audit done by an independent auditor. This auditor then reports their findings back to the regulator who will take action if any errors are found. They are also part of a Civil Liability insurance program with a limit of €5,000,000 which has a coverage against errors, omissions, negligence, fraud and various other risks that may lead to financial loss. HotForex is an ECN/STP (Electronic Communication Network/Straight Through Processing) type of broker. MetaTrader 4 (MT4) accounts are offered and available on desktop, iphone, ipad, android, MT4 Multi Terminal and the WebTrader (shown below).

The following account types are offered: Micro, Premium, Zero, Fixed, VIP, Auto and HF Copy. See the following table for comparison. The Maximum leverage may vary based on clients’ appropriateness assessment process. Spreads remain fixed 99,73% of the time but may occasionally widen during major economic news announcements and rollover hours. 6/€5 applies on forex pairs only. Other products may apply commission based on their specifications. 8/7 EUR per round lot traded if the account is assigned to an affiliate. They offer EUR and USD base currencies on accounts. If you live in Nigeria you can also open accounts in Naira (NGN). A utility bill or a bank statement registered in your name that has been issued within the last 6 months, with the address and name matching the address in your HotForex account. Credit Card, Wire Transfer, Skrill, Neteller, Western Union, Trust Pay. We hope you’ve enjoyed our HotForex review. To get started, sign up here.

Michael Akinwale is the General Manager of Rally Trade, an international online broker. In this interview with BENJAMIN ALADE, he speaks on opportunities in brokerage business, the need for Nigerians to have multiple streams of income and a regulatory environment for online brokers. What is Rally Trade all about? Rally Trade is a financial service brokerage company. We have a platform where people can trade in global financial markets. It means looking at the global stock market- New York Stock Exchange, London Stock Exchange, French exchange, German exchange and other platforms where you can trade directly from Nigeria. You can trade currencies, euro, pounds, and dollar.

We all know that prices from each country are always fluctuating, which means you can trade them against themselves to make money. Lastly, commodities- gold, cocoa, aluminium, rubber, not in their physical form, but virtual form, are all on the market platform. What do you see in Nigeria’s economy at the moment? Well, based on our own business, it is a good time to be in Nigeria and the reason is that we are going through a transition period. We are in a serious problem now. First, people that have one job will find that the job alone can’t help them again.

Secondly, there’s no job, even for young and old alike. We are in a time where we should be creating opportunities to solve the problems. This will mean creating several other sources of income that people never know about. It is a good time to be in business because we are now helping people now to start making money from a source they never thought existed. While I was in school, I didn’t know anything called trading, though it was existing, but because at that time, there was no technology to bring it here. There was no Internet and mobile phone, so the trading could not come to Nigeria.

But now that the technology is here and everyone has a mobile phone, it’s a good time to be in the business. Is the business related to foreign exchange trading? That word foreign exchange (forex) is just one part of the market. If I say currency, I mean forex. But somebody can be trading indices, that is not trading financial currency. So, foreign currency is just a part of the market and the business we do, not the whole market. What opportunities for this business exist in Nigeria? There is great potential. For any young person, I see the business as a career.

There’s something about making money, but the other side is the career, something that you can be proud of and would want others to be part of. What is the role of technology in business operations? Without mincing words, technology now is the bedrock of businesses. Any company that is not technology-driven is headed for disaster. Whenever we do our seminars, we always show people the fact that in the last 10 years, companies like Exxon Mobil, Shell, China Petroleum, were the biggest in the world then. The biggest companies in the world now are Google, Microsoft, Apple. But who really are they?

Simply, technology. Kano is centre of commerce, but if Kano does not become centre of e-commerce, it will disappear because technology is the future. Everything is electronic now, even in [August 2019] - Bitcoin Arbitrage Nigeria right now, any company that is not leveraging on technology will die. If Shoprite does not evolve to online sales, Jumia will kill them and that’s the truth. So, that’s the future, there is nothing you can do about it. How does your New Partner Programme works? It is very simple, normally if I refer you to a broker, there is what we call spread, which is the difference between buying and selling price. That is where brokers make their money. They share about 50 per cent of that trading initially and we call them partners.

What if I refer you and you now become a partner and you refer somebody else and that person becomes a partner, who also referred someone? Shouldn’t you be making money in referring somebody? That is the new system that we have created, like higher level of stream of income for a partner, making it a multi-layer, instead of just a single layer system. How reliable is the technology behind this business plan? Technology is not new. At least, I have been in the business between seven and eight years and it has been around that same time. I don’t think there has ever been any day that the whole market is down and nothing is working.

That has never happened. The whole American economy is built on the New York Stock Exchange, which is the same trading we are talking about. If it is not reliable, they won’t put all their lives in it. When people tell me that the likes of “Wonder Banks” and MMM had gone under, wondering if the forex market will not go like them, I only tell them that they are looking at it locally. Forex market is not a Nigerian thing, it’s not an American thing, it is not a Japanese thing, it is the whole world and driven by a level of fundamentals. So, it can go down unless human beings are all going down. What competitive advantage is Rally Trade coming with? To be frank, all brokers offer the same thing. It’s like all Nigerian stockbrokers offer the same thing.

You want to buy First Bank or GTBank shares, they are all offering the same thing. But the things that can make you different are in-depth customer service, things that sometimes, as a stockbroker, you take more time to research on. Of course, you can advise your clients on how to buy shares. But if people can see that your clients are making more money, it becomes extra advantage. In Rally Trade for instance, we have unusual customer support. Our staff call clients every day to know if there is any problem or challenge. Every client has a dedicated staff that takes care of his or her business. Then we have the best education system here. There is no company that is educating Nigerians like Rally academy does.

In terms of our conferences, expos, seminars and the trainings we do in our office frequently. So, those are some of the two major advantages that we have- essential customer service and quality education system. There is this fear about Fintech, especially that of trust. What is your take? All a company can do is to make sure that it is dealing with a regulated institution, the same way we are sure that banks are regulated by Central Bank of Nigeria. We are regulated in Europe by financial commission. At the same time, when I talk to people about online business, if you decide to run away and hide yourself in the sand, saying you don’t trust it, your money might disappear, you will never do anything.

You won’t believe that some people don’t use ATM till today, you know why, saying if they are being caught up in a corner, all their money will be collected. Some people don’t use Internet banking but that doesn’t help you at all. You are losing more than you are gaining. That is the way it is. With the current technology comes challenges and hacking of funds, but yet, there is nothing you can do about it other than find how to use them safely and make sure you do enough research. Wherever you are putting your money, do extensive research.

For instance, in the last 10 years, Nigerians have gone through several scams. 200 and had to withdraw. So, when Wonder Bank and MMM came, I knew that it was just scam. People need to be educated, do research, then you really have very little issues when it comes to doing financial business online. What is the MT4 Platform all about? Let me try to describe the MT4 in a simple way. Let’s use car, which is the best way. A Toyota and a Honda, what is the difference? They both are cars. But in Nigeria, we have more Toyota than Honda, why? People just love Toyota! Or maybe Toyota is easier to maintain or it has more second hand value or it is cheaper to buy. The same way we have different trading platforms. For instance, there is a company called Tesla, which makes car in the U.S. They didn’t exist before now. The same way companies create trading platforms for themselves.

The issue of exchange rate convergence in Nigeria was brought to the fore at a recent policy dialogue forum. The CBN Governor, Mr. Godwin Emefiele, recently restated the Bank’s commitment to continue to defend the naira, saying that the CBN Act demands that the Bank “defends” the naira using the foreign exchange reserves. “In effect, the CBN would be disobeying the law establishing it, if it sits idly by and allow the naira to be determined wholly by the so-called market forces. “Second, those who call for floating of the currency betray their wilful ignorance of the effects of significant depreciation, however short-lived, on inflation.

“Several empirical analyses have shown that the pass-through of changes in the exchange rate on consumer prices is almost one-to-one. This implies that for every percentage point depreciation in the naira, there is almost the same rise in inflation,” he had explained. The CBN Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, had also reaffirmed the bank’s commitment towards ensuring stability in foreign exchange market. But speaking at the FDC forum, IMF’s Senior Resident Representative and Mission Chief for Nigeria Amine Mati, called for a review of the country’s exchange rate policy. The IMF chief said: “Countries with multiple exchange rate have lower growth and higher inflation. According to him, exchange rate unification should be a policy-driven decision of the government.

“Multiple exchange rates have different implications across different countries in the world. We have analysed the situation in Sub-Saharan Africa and have noticed that each country is able to succeed as a result of the policies that have been put in place to counter challenges. CBN and Economic Recovery and Growth Plan are already working in this direction to ensure that the country has a unified exchange rate,” he added. However, in reaction, the CBN Director, Monetary Policy, Mr. Moses Tule, said unifying the exchange rates could trigger another spike in inflation and called for structural reforms. He said policies of the central bank had helped calm inflation from over 18 per cent, which it was a couple of years back. “We had the shock on inflation in 2016 and it was not driven by monetary forces, it was triggered by three key factors.

There was a change in the oil price; there was repricing of electricity tariff and there was the depreciation of the currency. “All these fed the inflation. So, if we had inflation rising up to 18 per cent it was not driven by monetary factors but was driven by reform factors, which were necessary for the economy. “IMF tells us that because of multiple currencies practices there is trade deficit, there is high inflation and slow growth. It means slow growth comes as a result of exchange rate misalignments; it means inflation is because of exchange rates misalignments it means structural deficits is because of exchange rate misalignments. Multiple exchange rates are symptoms of the problem. To the Managing Director/Chief Executive Officer, FDC, Mr. Bismarck Rewane, Nigeria needs structural reforms that can boost efficiency in sectors where the country has competitive advantage.

But the Special Adviser to the CBN Governor on Financial Market, Mr. Emmanuel Ukeje, reiterated that the central bank does not currently have multiple exchange rates, but multiple exchange rate windows. Ukeje said: “We have made this clear that we don’t have multiple exchange rate, we have multiple windows. Those rates are forward rates, not spot rates. The policy, according to him, was arrangement to take care of the sectors that naturally would not be serviced by the banks. Vice President Yemi Osinbajo, who was at the forum, said the African Continental Free Trade Agreement (AfCFTA) would make Nigeria an investment hub for Africa, spur growth in the economy and increase exports by eight per cent. According to him, despite signing the agreement late, the federal government is earnestly addressing issues that could hamper Nigeria’s growth, adding that the agreement will enhance export of semi and fully finished goods.

Osinbajo was represented by the Senior Special Assistant to the President on Industry, Trade and Investment, Dr. Jumoke Oduwole. “In spite of the fact that Nigeria only just signed the AfCFTA, in terms of readiness, we are not at ground zero. 35.45billion, Nigeria’s manufacturing value-added, a measure of a productive capacity to produce and export semi and fully finished goods, is about seven times more than the current average for the top 20 African countries. This suggests Nigeria’s productive capacity is at a higher level than that of most African countries. However, as an administration, we are well aware that there remains a lot to be done.

“The concerns raised by some Nigerian stakeholders about the risks with the AfCFTA are not without merit. He added that the provision of adequate, stable and uninterrupted power for businesses is central to Nigeria’s AfCFTA readiness just as the country is moving in the right direction with the implementation of the Power Sector Recovery Plan (PSRP). “In addition to power, other infrastructure gaps in the areas of sea and airports, railways and broadband are being accelerated. “The completion of the various transport infrastructure projects will continue to receive adequate priority from this administration. For example, the Lagos-Ibadan section of the Lagos-Kano standard gauge line is nearing completion; the Abuja-Kaduna section has been in operation for the last two years. “We are committed to the construction and rehabilitation of the Lakaji and the Port Harcourt to Ngala corridors, as well as their connecting and feeder roads. “Our ports must, as a matter of urgency and necessity, become more efficient in expectation of increasing trade volume. With the National Trading Platform, we are implementing a single window portal and installing scanners at the seaports in a view to limiting physical examination of containers that has lengthened cargo clearance time.

In the past couple of years, retail brokers have been expanding their set of operations in Africa. With the European market already saturated, these firms are looking for new sets of customers in the continent’s emerging markets. But, in the least surprising piece of news you’ll read today, there are also some scammers accompanying those brokers on their journey to the Land of Ham. Moreover, on Friday, the Kenyan financial regulator warned the public against trading with unregulated entities. ” said the Central Bank of Kenya (CBK) in a statement. The regulator added that these unregulated brokers are advertising their services through social media websites and tiny.cc mass emails. On top of this, the Kenyan financial watchdog said that brokers are encouraging traders to access their services through applications. As it’s rare for scam brokers to have proprietary software, this could mean that some of the ‘unregulated’ brokers that the CBK is discussing just aren’t based in Kenya. By way of comparison, there are many European-regulated brokers targeting Nigeria that don’t have a license from local authorities in the country.

I will show you how to start Forex trading in Nigeria. Forex trading is whereby currencies are being bought and sold in different countries of the world via its exchange rate. Forex trading is growing at an alarming rate in Nigeria. Infamous platforms and web pages, forex trading seems to be taking over there. It is so famous that forex brokers have begun giving online trading platforms, where trading can be done from the comfort of your home. Examples of some forex trading platforms include FXopen, Liteforex and so on. Forex trading is regarded to be the world’s biggest liquid money market. Unsurprisingly in the USA, the forex trade goes beyond a limit of 1 billion dollars daily. To start forex trading in Nigeria, all you need to do is to find the right source and invest.

As a forex trader, you can either make long-term investments or short-term investments depending on you. In past times, organizations such as oil companies, banks and booming businesses were big investors in forex trading. The pendulum in recent times has changed to the fact that you as an individual can now invest in forex trading. 200 you can start forex trading in Nigeria. In addition, there are a lot of forex brokers in the net, and there are also a lot of fake forex brokers who are willing to scam you of your hard earned money. The challenging factor is that the foreign exchange platform is not stable, it keeps changing.

Investing today could mean you would make a huge sum of money, while investing tomorrow could mean you could loose your money. All it demands from you is to understand the basis of the forex trading platform before you invest. Let us now dive into how you can start forex trading in Nigeria. Let us now dive into how you can start forex trading in Nigeria. The first thing to do if you want to start forex trading in Nigeria is to find a true and honest forex broker. The forex brokers are the intermediaries through which you can trade successfully online. The forex brokers enable the buyers and the sellers run smoothly.

And that is why it is very vital to find a reputable forex broker. The success of your forex trading solely depends on your forex broker. With a reputable forex broker, the two of you would be close friends as far as nobody cheats the other and assist each other. The list of common forex brokers includes Marketiva, FXcast, FXopen, Forex-metal anInstaForexex. Repeatedly, we keep bringing into your notice that you must know how forex trading platform works before investing. And that is why you must open a demo account on any forex trading platform that catches your interest. The demo accounts are mainly used to learn trading.

The demo accounts are funded with virtual money. Having a foreknowledge is very important before investing in the real forex trade platform. It is advisable not to rush but be patient and learn the basis before you invest. This will take at least months before you fund your forex account, and you must have learnt all the tricks about forex trading. It is mostly advisable to start in a bit before you move big. 100 may be too small to start with but it is better for a beginner. Beginning small with assist you in gathering all the basic knowledge when it comes to forex trading in future.

The purpose of a domiciliary account is for withdrawing and depositing funds into your forex trading account. Majority of the banks in Nigeria can assisit you in opening a domiciliary account. What you are required to have is a savings account in that bank, your National ID card and a passport. Then you are good to go. Note that the devices listed above must be available and must not have any hitch/problem because you are operating a market that is online. All those equipments listed will greatly assist you in achieving instant success as a forex trader. I have dug deep to get the list of some successful forex traders in Nigeria, and for you to aspire to be like one of them.

1. Bade Ajidahun Afioluwa who works as a trainer and IT officer as well as a forex trader for City prime. 2. Benjamin Ilesanmi Ajimoko who is a senior sales executive and forex trader. The best and most accurate time to trade forex in Nigeria is when the market is most used or fickleness. At the time when a majority of forex traders are trading, that is the best time to trade as well. This will mean that the least of your fund will be in the market maker.tiny.cc To be successful in forex trading in Nigeria, you have to learn quickly and always be informed on the latest developments. Forex trading is very risky in that it could backfire, but it is very profitable if done with caution and good understanding. I hope I have been able to tutor you on how to start forex trading in Nigeria.

1.00 at the weekend, showing an unprecedented week-on-week decline of 13.8 per cent in the parallel market. Unfortunately, market dealers lamented that the volume supplied was too small to meet the demands presented by the banks on behalf of their customers. They told Sunday Vanguard that the development prompted frenzied recourse to the parallel market by some dealers and their customers the next day, crashing the fragile Naira further. The dealers are raising fears that the decline would continue in the new week as there appear to be no response to the trend yet from the monetary authorities. One of the BDC operators and President of BDC association in Nigeria, Aminu Gwadabe, said “we have demand coming from importers while dollar supply has dried up”. This claim fuels speculations that, somehow, even the foreign currencies sold to banks by CBN find its way into the parallel market.

31 barrels per day. “The debate, whether to devalue the Naira or not, is not the real issue. The discourse should be whether we need an exchange rate policy or not. “The absence of a policy is a recipe for economic anarchy and a race to the bottom”. John Litwack, World Bank’s Lead Economist, argued that trying to hold on to the exchange rate when the economic fundamentals have moved can be counterproductive as the country may end up losing a lot of reserves. For Mr Temitope Oshikoya, CEO/Chief Economic Strategist, Nextnomics, “official devaluation may not be the answer to adequate dollar inflow”.

According to him, “we have heard countless of time that capital inflows are just waiting in the wings to pour back in if only Nigeria would devalue its currency. Recent evidence from emerging markets suggests that they should go and tell that to the marines! “We note here that in contrast to perceived wisdom there is no guarantee that capital inflows would surge into the country following further massive depreciations. “For many emerging markets, where depreciations have been considerably greater, weakening exchange rates have aggravated current problems associated with rising foreign-currency debts. “Given the forecast that oil prices are set to fall below present levels, which would result in a further decline of external reserves, we believe that the CBN’s stance might not hold on for the entire year.

40 per barrel for a protracted period of time, say 6 months, we expect that the CBN might be compelled to devalue the Naira”. “However, the mounting demand for foreign exchange as shown in the huge decline in money market liquidity when banks made provisions for Thursday foreign exchange auction suggests an adjustment may be unavoidable in the medium term. “Speculative activities may not likely reduce until more certainty and transparency are brought to bear in foreign exchange management. “Going forward, the challenge of greater import costs on businesses is expected to further impact both the core and food inflation rates as cost push factors weaken operating margins amid demand pressure in the foreign exchange market”.

“The Naira has declined against the US Dollar for two successive years in the official market. During the period, the Naira has also experienced significant pressure in the parallel and BDC market segments, reaching record lows. “In 2016, we forecast a further decline in the Naira across all major market segments, following consensus estimates for lower oil prices and further Fed tightening. In the meantime, we believe the CBN will double down on its demand management strategies in the short-term. “Unfortunately, we believe any exchange rate adjustment will be uncompetitive, given the ongoing dynamic between monetary and fiscal authorities. The fiscal authorities, spearheaded by the President, seem hesitant to endorse devaluation.

“Aside from fundamental drivers which may push the CBN to adjust its foreign exchange policy, we believe that the barrage of international pressure might eventually sway the CBN. “For instance, given the size of external debt the FGN outlined, we believe that it is unlikely they plan to raise all from the Eurobond market rather through a combination from multilateral institutions and bilateral arrangements. “Any borrowing from a multilateral institution such as the IMF will involve some agreement to revisit the current exchange rate policy. “Also, Nigeria foreign exchange policy has come under opposition from other trading partners (US and EU) at the World Trade Organization (WTO)”. 30/bbl). To confirm this, in just two weeks into the year, the CBN has reversed a policy that restricted deposits into domiciliary accounts and has stopped sales of Forex to BDCs, urging them to access dollars from autonomous sources.

“Thus, we posit that the CBN will likely relax its management of the currency by half-year 2016, which of course means greater burden for businesses and individuals who rely heavily on importation. “On the flipside, it would help stabilize the Naira and curb round-tripping through alignment of the official and parallel market rate”. It is not all woes to all stakeholders in the Naira debacle. The widening premium between the parallel market rates and the official/interbank rates have increased the activities of speculators and round tripping further worsening the currency situation. According to Nairametrics, Nigeria’s leading online investment and financial medium, “it’s not just speculators who have benefited the most from the misfortunes of the Naira.

Several other market participants are also benefiting every single day the Naira plummets against the dollar at the parallel market”. At least four groups have been identified with making fortunes from this misfortune. They include “diaspora Nigerians, banks, BDC operators and friends and cronies of some top CBN officials”, stated Nairametrics. This is perhaps the best time to live and work outside Nigeria especially if your income is in dollars. Nigerians living abroad reveal that they have started part-time currency business involving trading their dollar or Pounds Sterling income for Naira at black market rate with which they invest in real estate in Nigeria. Some of them even borrow cheap funds in hard currency for the purpose of this transaction.

According to Nairametrics, “some believe this is the best opportunity to buy land and houses as the value of the dollar has now risen by about 70% against the Naira while property prices have been somewhat depressed”. In addition, the diaspora Nigerians have been doing a quasi-money transfer services to other Nigerians whose children are abroad following the restrictions imposed on such transfers by CBN last year. They charge fees or effect the transfers at pararrall market rates. Besides, banks’ staff also take advantage of the scarcity of the hard currency to force foreign exchange users especially importers to pay close to parallel market rate for foreign currencies obtained from CBN.

They ask the customers to pay two cheques, one to the bank covering the official rate and the other to designated bank account covering the difference. These are another big benefactors of Nigeria’s foreign exchange woes. The CBN in January banned sale of foreign exchange to BDC operators accusing them of buying foreign exchange from the CBN at N199 and then selling at the black market. According to the CBN, it’s no wonder that BDC have risen “from a mere 74 in 2005 to 2,786 BDCs today. Businesses engaged in exports are also huge benefactors of the declining exchange rate.

Revenues from their exports officially should, naturally, be routed through the CBN as export proceeds. However, it is understood that some of them move a chunk of that to the black market. With gains as high as 80 per cent, most of them find it hard to resist the lure of selling their hoard at the black markets rather than at the official window, even though that practice violates the exchange law. Nairametric’s report also suggests that people close to the management of the CBN or indeed the government are also befitting from the fall of the Naira. They get preferential treatment from the CBN by buying at official rates rather than at the black market rates where a lot of Nigerians go to.

Shoprite’s selling price inflation was 1.2% in South Africa, its major market with 74.9% of overall sales. This put a dampener on its South African trading margin, which sat at 5.5% for H2. The second half of the group’s financial year, however, showed a significant improvement, with Q4 sales in up 9.4%, indicating a mild recovery in its primary market. Shoprite CEO Pieter Engelbrecht in presenting the results said Shoprite’s non-South African business was struck heavily by “on-going forex shortages, currency devaluations and the aftermath of rampant inflation”, particularly in Angola. The non-South Africa businesses recorded a trading loss of R265m, with “no foreseen respite in short-term trading conditions in the region”.

While Engelbrecht said the during his presentation the group was committed to customers in the 14 non-South Africa countries in which it operates, speaking to analysts later he added a “but not at any cost” proviso. This was a noteworthy change says equity analyst Damon Buss of Electus Fund Managers. “Management mentioned that Shoprite had exited countries before, and the fact that they even mentioned it means they’ve had those discussions,” he said. “The problem is that their two largest non-SA countries are oil-dependent and under immense pressure. The recent MTN results showed that the Nigerian consumer appears to be going backwards, not improving.

Buss says Shoprite’s results were more disappointing than what management had flagged in a July trading update. “However, the hyper-inflation adjustment won’t repeat next year. The dividend being down by a third implies that real earnings in the business were down that much. He added he was surprised Shoprite’s management had changed tack regarding what it used to consider strategic assets, such as its logistics operation. Shoprite entered Kenya late in 2018 in an attempt to gain a foothold in territory left up for grabs through the demise of Nakumatt and Uchumi Supermarkets. Buss thinks the “Africa Rising” narrative and demographic dividend timeline, however, is being pushed out again as African economies continue to struggle with diverse issues.

“Any normality, when it returns, especially from a currency perspective, will benefit Shoprite,” he said. In the meantime, the group hopes its push into the upper-market segments of South Africa [August 2019] - Bitcoin Arbitrage Nigeria territory currently dominated by Woolworths with its offerings targeted at affluent customers [August 2019] - Bitcoin Arbitrage Nigeria will tide it over. Shoprite has revamped 21 Checkers stores into FreshX formats, with 59 still to come according to the group’s plan.tinyurl.com “Checkers has previously never targeted this market, and Pick n Pay has done a relatively poor job of servicing affluent consumers,” said Buss. “But consistency, good locations, and supply chain, which will diverge from its traditional dry-goods business model based on volume and price, will be important. Byron Lotter from the asset management firm Vestac said it made sense for Shoprite to stay where it is in terms of footprint for now. “In the places they operate throughout Africa, there is a lack of real competition, which means when things go well economically, Shoprite does incredibly well. And they’ve been willing to take that risk. Lotter said investors should bear in mind that excursions into developed markets by South African multinationals had ended badly too. Bottom Line: “It’s not just Angola that’s risky. Shoprite is a well-run business-operating environment.

Global forex broker HiWayFX will host a round of forex webinars in Ibadan, Nigeria in an effort to educate forex traders and strengthen its relationship with local existing and prospective clients. The educational seminars will involve a morning and an afternoon session and will cover various elements that are vital in online forex trading. HiWayFX market expert will provide attendees with an understanding of how forex trading works, the psychological aspects of trading, elaborating on key strategies for improving their investment performance. Seminar participants will also have the chance to meet with HiWayFX’s local representative and learn about the broker’s innovative products and competitive trading conditions first-hand. Registered attendees will be entitled to free one-month subscription to trading signals and market analysis from the leading financial advisory firm Astute Financials, free access to HiWayFX webinars and comprehensive one-on-one forex tutorials. The highlight of the seminar will be the raffle taking place after the completion of seminars. Participants will have the chance to enter a lucky draw and win a Samsung Galaxy Note 4 Gold. Admission is free for all participants. For more information about HiWayFX seminar in Ibadan please click here.

Hot Forex is one of the largest and most respected forex brokers in the world. Because of its excellent trading conditions and premium features, HotForex is the most popular forex and CFD broker in Nigeria. Opening a Hot Forex account from Nigeria is very easy, and it takes only a few minutes. Just click on the HotForex logo below, and you will be taken to the Hotforex website where you can open your account. Why is HotForex the leading forex broker in Nigeria? There are many reasons why Hot Forex is the best choice for people living in [August 2019] - Bitcoin Arbitrage Nigeria. Risk warning: Forex, CFD and Options trading involves the risk of losing the entire invested capital. Never invest money you cannot afford to lose.

ABUJA, Feb 20 (Reuters) [August 2019] - Bitcoin Arbitrage Nigeria Nigeria effectively devalued the naira for private individuals on Monday, paving the way for a possible broader move despite stiff resistance from President Muhammadu Buhari. With Buhari abroad for medical treatment and the country's currency exchange system in chaos, the central bank said Nigerians wanting dollars for travel or to pay foreign school fees could buy dollars at nearly 20 percent above the official rate. Some Nigerians saw the announcement as a step towards implementing a more flexible currency regime and narrowing a yawning gap between the official and black market rates. However, that did not necessarily mean the authorities were yet ready to allow a free-float for the naira currency as Nigeria struggles with its first recession in a generation.

Monday's announcement covers about 20 percent of total foreign exchange demand and allows those wealthy families who send their children to schools and universities abroad to buy foreign currency at a rate of around 366 naira to the dollar. Dealers said the naira hit a record low of 520 on the black market after the central bank's announcement. Nigeria has tried to make the exchange rate more flexible before, leading to a 30 percent devaluation last year, only to reimpose a quasi currency peg. Analysts say the central bank, which has been under pressure from Buhari to maintain a strong exchange rate even at the cost of economic growth and investment, was testing the waters for a possible broader devaluation in the near future.

Buhari, a 74-year-old military ruler, has been in London for the last month, leaving Vice President Yemi Osinbajo [August 2019] - Bitcoin Arbitrage Nigeria a business-friendly lawyer who does not share his boss's enthusiasm for a strong naira [August 2019] - Bitcoin Arbitrage Nigeria in charge. Bismarck Rewane, a leading economist and CEO of Lagos consultancy Financial Derivatives. Opponents of a more flexible naira say a heavy devaluation would push up the price of imported goods on which Nigerians depend, and endanger fuel subsidies. With Nigeria hit by low prices of its oil exports, the government wants to finalise a reform plan this month. This is needed to get a loan from the World Bank that would help to fund a record budget aimed at stimulating its economy. Such a loan would come at a price. Charles Robertson, global chief economist at Renaissance Capital.

The African Development Bank is also applying pressure and has criticised hard currency curbs imposed by the central bank. 400 million to demand a reform plan. 1 billion in Eurobonds [August 2019] - Bitcoin Arbitrage Nigeria this would boost naira revenues and lower the need to issue domestic bonds to fund the budget. The central bank could not be reached for comment. Western diplomats says Osinbajo and technocrats have been quietly pushing for a currency float but hit resistance from Buhari and aides with similar military backgrounds. The vice president used another Buhari absence last year to unveil the idea of a more flexible rate which led to the 30 percent devaluation weeks later. Buhari had agreed to the move but questioned its logic just a week later, after which the central bank gave up the original idea of a free float by introducing a new quasi-peg.

In a sign that things might be moving again, Osinbajo, a lawyer from the commercial capital Lagos, chaired last week a meeting of the National Economic Council, the top state advisory body, demanding an urgent forex review. Central bank governor Godwin Emefiele, who has toed Buhari's line, was present at the meeting, saying that patience was needed and everything was under “under control”, an attending deputy governor has said. Some investors warned against reading too much yet into the central bank announcement. Kevin Daly, Portfolio Manager Emerging Market Debt at Aberdeen Asset Management, noted Nigeria now has several exchange rates.

29 billion, hoping it will attract investment. This also prepares the bank to defend a new exchange rate. But oil revenues are below plan due to the closure of an export pipeline after a militant attack, reducing the flow of dollars to manufacturers via the banking system. Importing firms have been therefore forced to buy more from the black market, which has worsened the naira's battering. A Lagos-based senior banker said the new rate for school fees was a test balloon to see where the market could be heading. With Buhari practically banning use of the word “devaluation” the central bank could launch more rates for certain imports or travel allowances. This would add more flexibility but also confusion. Finally the is the rate offered by the black market changers operating under trees or in parking lots with nervous customers hurrying to count their money before any police raids. The biggest concern for the government is that a devaluation would hit the poor suffering already from recession. The subsidised fuel sale price of 145 naira a litre would also be difficult to keep. Shahzad Hasan, portfolio manager emerging markets fixed income at Allianz Global Investors.

Every year the presidency presents its Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), where what we should expect in the next budget’s fiscal and monetary policies of the government are laid out. But as implausible as has been the case, year in year out, the government tends to peg the exchange rate far below the prevailing market rates. For those who do not understand the behind-the-scenes game being played, the so-called fiscal prudence is simply used in concealing their true economic agenda. It is all about defrauding the Nigerian people trillions of naira through forex scam involving those managing the country’s forex at CBN. Having earlier brought this to the attention of the president even before he was sworn in, I was surprised that no drastic change took place to stop this fraud.

Once again, I am stating it here as my patriotic duty. Just ask yourself how come the naira was floated — supposedly naira joined most currencies on a flexible exchange rate to be determined by the market forces? And why, following the announcement, the naira lost the unheard-of 31% value, selling at N288.85 per dollar on June 20, 2016? The next question you should ask yourself as a concerned citizen is: why did the CBN have to float the naira immediately after the 2016 budget was signed into law, with the naira officially pegged at N197 per dollar? Why did the CBN pretend to have floated the naira and contrary to this policy of floating around the world, the same CBN continues to intervene in the forex market rather than participate in the market?

These questions will provide answers about how the forex coup was carefully orchestrated by those who would soon start making trillions of naira through forex management manipulations. As they limited access to dollars to few large banks and traders, at N197 rate, the [August 2019] - Bitcoin Arbitrage Nigeria created became so unheard-of along with the opportunities to exploit the huge gap created by the artificial scarcity. While the planned kill has been going on, the economy has been in flames. Thanks to CBN preferring to intervene when the right policy would have been to participate in the forex market from time to time. Not minding this being the common thing done when a currency is floated, as part of the agenda to defraud our commonwealth, those behind this forex scam decided intervening in the forex market.

Also, the huge cost it imposes on the economy, notwithstanding. So, through intervention in the forex market, the CBN has continuously distorted the forex market; a supposed market where suppliers and buyers ought to be fighting to achieve equilibrium. But before we go further, it is important to refresh our minds with the banning of 41 goods and services, which took place on May 3, 2015 at the critical time when neither Jonathan nor Buhari was fully in charge. Most analysts were concerned that such a CBN forex policy was done without taking into full account the critical intermediate role most of these products play as critical inputs for many manufacturing activities.

In the meantime, the commercial banks will then go ahead to advise them to accept the so-called forex in their foreign bank accounts, banks that are actually the partners. Since these importers of plants and machinery or critical industrial raw materials have no other option, they of course go ahead to accept the black-market rates these banks always offer them. The negative consequences on our economy were unbelievably huge; leading to the economy’s eventual succumbing to the powerful forces of recession. But you see, that was not what those central bankers had in mind. Their interest, which was selfishly driven to eventually force the importers of these 41 banned items to henceforth source their forex from the black market at exorbitant price.

This is where the free hundreds of billions of naira are made by top officials of CBN and their fronting commercial banks, especially with foreign currency (domiciliary) accounts with commercial banks forced to be shut down by the same CBN. Now try to reconcile this policy with the CBN sharing forex among some bureau de change that are indirectly closely linked to, if not owned by, top CBN and presidency officials. It is here that this forex policy that pretended to be banning 41 imported goods and services for the good of economy exposes the fraudulent intentions of those who hurriedly made it. The answer if not already obvious is not far-fetched. Always selling the dollar far below the forex market value makes the CBN subsidise dollars from time to time at atrocious rates.

august_2019_-_best_fo_ex_t_ading_company_in_nige_ia.txt · Dernière modification: 2019/08/26 12:21 par matthiasblackett