Don’t Miss These Buy Or Sell Recommendation For Ten Commercial Banks
The Nigerian Banking Index is currently up 16.5% year to date as investors pile into Banking stocks in the hope that could make some profits by selling on to Foreign Investors by the time they return.
Outlook for Nigerian Banks have been somewhat mixed of late with the introduction of the new Flexible Foreign Exchange Rate Policy. According to Rencap, some of the commercial banks are likely to record significant profits from the new policy while non-performing loans provisions may increase for some banks.
Here Is What It Now Takes For A Bank Staff To Get Into The CBN’s Dreaded Black Book
The Central Bank of Nigeria has finally updated its operational guidelines for the blacklisting of Bank Staffs involved in fraudulent activities, forgeries or even conviction. The Black book is a record of staffs of Nigerian banks who have been fired for being fraudulent, convicted or dishonest in carrying out their duties. It is a dreaded book as any name found there cannot be employed by any other Financial Institution in Nigeria.
Here Is What We Know About The N3 million CBN Loan Will Give To Each NYSC Member
The Central Bank announced on Thursday that it was setting aside a sum of N2.5 billion for members of the National Youth Service Corps. According to reports the funds will be disbursed to the corps members under the Youth Entrepreneurship Development Programme (YEDP).
The CBN claims it is targeting to create one million jobs through the YEDP, which by the way is an initiative of the Ban and a signature policy of CBN Governor, Mr. Godwin Emefiele.
Foreign Investor, Mark Mobius’s Gives These Conditions Before Investing In Nigeria Again
The bulls regained momentum on Wednesday after about three straight days of losses. The daily performance of Nigerian stocks is mostly swayed by investor sentiments rather than fundamentals making a bullish or bearish trend rather difficult to sustain or predict. Sentiments like we all know is very subjective.
It is these same sentiments that have helped galvanized interest in Nigerian stocks in recent week as local investors take position ahead of a potential inflow of money from foreign investors. One foreign investor whose comments are followed closely by both local and foreign investors, is that of Mark Mobius.
NIGERIA: Parallel Market Exchange Rate (29/6/2016)
Dollars
Buy – N353
Sell – N348
This Might Explain Why This Flexible Exchange Rate Policy Is Not ‘Working’ For You
Nine days after the Central Bank of Nigeria (CBN) abandoned its 16-month-old currency peg of the naira (NGN) to the dollar (USD), there is something not quite right with the new FX market.
Foreign investors are not buying the story just yet (by bringing in their funds) and it seems like a case of the more you look the less you see. The major problem is that the USD/NGN is not trading like it should after a long period of a tight overvalued peg, like the CBN had. USD/NGN volatility has not spiked and trading liquidity is very low, so what gives?
Fashola Latest Comments About Housing Shows He Just Doesn’t Get It
Flashback 2006! If you fell into the bracket known as “middle to low income earners” and lived in the United States of America there is every likelihood that you will own not just a home but two or three. All you needed to do was to own one and then hope that the value of the property would rise. So for example, you bought the house at $50,000 and the value rose to $100,000.
You can approach your bank and ask to take out a part of the capital gains of $50,000 and then plough it into another property. It might seem like magic but it actually was a market worth trillions of dollars. This was all made possible because they had a mortgage industry that was mostly market driven. Interest rates, tenor of the loans, insurance etc. were all market driven. The abuse of this process did lead to the sub-prime mortgage crisis in 2008 and 2009 and then the great recession.
How Foreign Investors Might Interpret Buhari’s Latest Devaluation Gaffe
President Buhari is probably better left alone especially when it comes to questions relating to the economy. He was speaking at a breaking of the Ramadan Fast with some members of the Business Community in Abuja when he seized on the opportunity to comment on the new flexible exchange rate policy.
The president who last two weeks ‘wrote’ an article on the Wallstreet Journal supporting a “greater float” of the currency appeared to be going back to his old ways claiming that he still does not support a devaluation of the Naira
