Nigeria NGE ETF

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The London High Court ruling by Justice Robin Knowles reverses an arbitration award over the failed 2010 gas deal between Nigeria and a British Virgin Islands-based firm Process & Industrial Developments Ltd., founded by two Irish businessmen.

The judge overturned the arbitration award that would have required Nigeria to pay $11 billion over a failed gas project, finding the contract was obtained through fraud. The payment would have dealt a massive blow to Nigeria’s economy.

https://www.msn.com/en-us/news/world...ct/ar-AA1iHYRb

https://www.msn.com/en-us/news/world/a-british-court-ruling-frees-nigeria-from-paying-11-billion-in-damages-over-a-failed-gas-project/ar-AA1iHYRb

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Speaking at the 29th Nigerian Economic Summit (NES) in Abuja on Monday, Tinubu said the squeeze that has resulted in the naira weakening to record lows against the dollar will ease.

'We’ll improve forex liquidity, restore market confidence'-- Tinubu assures (thecable.ng)

28% discount to $10.23 NAV of 20/10/23 vs market low of $7.41 today, should VANISH now as we near liquidation distribution in March. With P&ID ruling, Tinubu's decisive reforms which US rating agencies and Investment banks like, and USD liquidity issues being ironed out as we speak, buying NGE has now become the best arbitrage opportunity I've come across in my life. Anyone see a catch?

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28% discount to $10.23 NAV of 20/10/23 vs market low of $7.41 today, should VANISH now as we near liquidation distribution in March. With P&ID ruling, Tinubu's decisive reforms which US rating agencies and Investment banks like, and USD liquidity issues being ironed out as we speak, buying NGE has now become the best arbitrage opportunity I've come across in my life. Anyone see a catch?

On Monday, central bank governor Yemi Cardoso said the naira will adjust once rules for market participants are made clear.

Finance Minister Wale Edun also said on Monday that Nigeria was expecting $10 billion in foreign currency inflows in the next few weeks to improve foreign exchange market liquidity. He said, without elaborating, that the inflows would come from the issuance of instruments in dollars, oil sales and foreign investments.

On the official market, the naira recovered to 775 to the dollar from a record low of 999 it touched last week. https://www.reuters.com/markets/curr...fx-2023-10-26/

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Nigeria’s Supreme Court affirms Tinubu’s presidential victory - ending months of legal battles over the presidential race.
https://www.aljazeera.com/news/2023/...ential-victory

In July, Tinubu was also selected to chair the Economic Community of West African States (ECOWAS), putting him at the helm of the African regional bloc.

Trained as an accountant in the US, Tinubu has already decisively introduced key economic reforms that he says will lure investors and make Nigeria a regional economic powerhouse.

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Trained as an accountant in the US, Tinubu has already decisively introduced key economic reforms that he says will lure investors and make Nigeria a regional economic powerhouse.

Nigeria Plans New FX Rules — including a crackdown on illegal currency trading — to help Naira close its more-than-45% gap with the black market rate and reach ‘N650-N750 Fair Price’ by End of 2023

The government plans to clear a backlog of dollar demand estimated at about $6.7 billion, bolster the naira forward market, and set transparent rules for the operations of the official market, Taiwo Oyedele, chair of the presidential committee on fiscal policy and tax reforms, said in an interview.


President Tinubu signs executive orders to boost FX liquidity. Government plans local issuance of dollar denominated debt


https://www.bloomberg.com/news/artic...fficial%20said.

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The Climb Back begins for Naira

The perception among traders, particularly speculators, is that the exchange rate will rise against the dollar in the coming days, forcing them to sell lower in order to avoid losing their shirts.

The foreign exchange market will be streamlined and restructured so that all rightful and proper transactions will be covered by the government and take place in the official foreign exchange market. Anything beyond that will be punished, considered a criminal offense, and illegal, according to Edun.

https://saharareporters.com/2023/10/27/nigerian-currency-naira-appreciates-against-dollar-parallel-market-after-long-recession

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The perception among traders, particularly speculators, is that the exchange rate will rise against the dollar in the coming days, forcing them to sell lower in order to avoid losing their shirts.

Price rising with volume on NGE. Bottom in?

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Price rising with volume on NGE. Bottom in?

Naira Continues Rebound, Strengthens To N950/$ at Parallel Market.

Simultaneously, the official Investors and Exporters (I&E) window reflected renewed vigour...

An official from the CBN, who wished to remain anonymous, confirmed the settlement of FX forward contracts through 14 banks on Wednesday. He further assured investors that the remaining FX forward contracts would be addressed in the forthcoming week.

“We expect USD/NGN to eventually move lower towards 850 by year-end as the combination of tighter policy, as well as more attractive rates and FX levels deter incremental dollarization and perhaps attract some foreign capital,” JP Morgan asserted.

https://www.arise.tv/naira-continues...rallel-market/

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The perception among traders, particularly speculators, is that the exchange rate will rise against the dollar in the coming days, forcing them to sell lower in order to avoid losing their shirts.

Speculators lose big as Naira rallies across markets, trades below N900/$1 at P2P
https://nairametrics.com/2023/11/03/...p2p-exchanges/

Some are losing their shirts as we speak, and more are going to - if they keep shorting Naira now...

This surge represents a significant setback for currency speculators who bet against the Nigerian currency...
The urgency displayed by speculators, eager to divest their short positions, underscores their anticipation of the Naira’s potential further gains...
In conversations with Nairametrics, dollar holders expressed alarm over the recent developments, fearing considerable financial losses...

Wale Edun, the Minister of Finance stated that FX liquidity will improve in the coming weeks. He further highlighted that discussions with sovereign wealth funds willing to invest and provide advances along with investments are in advance phases...

Onwards and upwards for Naira and NGE now. Last boats leaving for those who want to still catch the 25% discount to NAV in NGE, I reckon

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Wale Edun, the Minister of Finance stated that FX liquidity will improve in the coming weeks. He further highlighted that discussions with sovereign wealth funds willing to invest and provide advances along with investments are in advance phases...

On November 10, the Saudi government had said it would provide a “substantial” deposit of FX to boost Nigeria’s forex liquidity, as a show of support for the ongoing forex reforms by the CBN. FMDQ said transactions opened at N813 to the dollar and closed at N780, up 22%, total value of trades recorded at the official window stood at $84.02 million.

https://www.thecable.ng/naira-apprec...fficial-market