sharetrader
Page 3 of 5 FirstFirst 12345 LastLast
Results 21 to 30 of 50

Thread: Nigeria NGE ETF

  1. #21
    Senior Member
    Join Date
    Apr 2002
    Location
    , , New Zealand.
    Posts
    728

    Default More green shoots for Naira and NGE

    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.

  2. #22
    Senior Member
    Join Date
    Apr 2002
    Location
    , , New Zealand.
    Posts
    728

    Default Attaboy Tinubu!

    Quote Originally Posted by beacon View Post
    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.

  3. #23
    Senior Member
    Join Date
    Apr 2002
    Location
    , , New Zealand.
    Posts
    728

    Default

    Quote Originally Posted by beacon View Post
    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
    Last edited by beacon; 31-10-2023 at 04:42 PM. Reason: URL added

  4. #24
    Advanced Member Valuegrowth's Avatar
    Join Date
    Jun 2013
    Posts
    2,116

    Default

    https://www.dailymaverick.co.za/arti...w-record-high/

    The All Share Index rose 1.9% at 2.30 p.m in Lagos, the most since July 10, to 70,581.76, the highest on record, according to data compiled by Bloomberg. The Nigerian index outperformed the MSCI Emerging Markets Europe, Middle East and Africa Index, which advanced 0.6%.

  5. #25
    Senior Member
    Join Date
    Apr 2002
    Location
    , , New Zealand.
    Posts
    728

    Default

    Quote Originally Posted by Valuegrowth View Post
    The All Share Index rose 1.9% at 2.30 p.m in Lagos, the most since July 10, to 70,581.76, the highest on record, according to data compiled by Bloomberg. The Nigerian index outperformed the MSCI Emerging Markets Europe, Middle East and Africa Index, which advanced 0.6%.
    Yep, Tinubu following through on his promises:
    Nigeria Seeks Approval to Borrow $7.9 Billion (externally) , Daily Trust Says
    https://www.bloomberg.com/news/artic...says#xj4y7vzkg

  6. #26
    Senior Member
    Join Date
    Apr 2002
    Location
    , , New Zealand.
    Posts
    728

    Default

    Naira (NGN USD) Jumps on Nigeria Streets, Crypto Trade After Forex Cleared
    https://www.bloomberg.com/news/artic...er-crypto-gain


    Nigeria’s naira jumped against the dollar on the parallel market and on crypto exchanges on Friday, a day after authorities said they took steps to clear a backlog of matured foreign-currency forward contracts that have hampered dollar inflows.


    The local currency soared 10% to 1,035 a dollar on the parallel market (from below 1300 just days ago), according to Abubakar Mohammed, chief executive officer of Forward Marketing Bureau de Change Ltd., which compiles exchange-rate data.


    It was quoted at 819.10 on Binance Holdings Ltd.’s platform, a 28% gain from the previous day, as of 2:15 p.m. local time.

  7. #27
    Senior Member
    Join Date
    Apr 2002
    Location
    , , New Zealand.
    Posts
    728

    Default

    Quote Originally Posted by beacon View Post
    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?

  8. #28
    Senior Member
    Join Date
    Apr 2002
    Location
    , , New Zealand.
    Posts
    728

    Default Naira up another staggering 18.42% - within a single day

    Quote Originally Posted by beacon View Post
    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/

  9. #29
    Advanced Member Valuegrowth's Avatar
    Join Date
    Jun 2013
    Posts
    2,116

    Default

    When a country get IMF or other funds stock markets react strongly.
    Quote Originally Posted by beacon View Post
    Yep, Tinubu following through on his promises:
    Nigeria Seeks Approval to Borrow $7.9 Billion (externally) , Daily Trust Says
    https://www.bloomberg.com/news/artic...says#xj4y7vzkg

  10. #30
    Advanced Member Valuegrowth's Avatar
    Join Date
    Jun 2013
    Posts
    2,116

    Default

    https://www.arise.tv/double-honours-...ns-two-awards/

    I came to know about this Nigerian bank, the Africa’s largest bank when I was in a UK based forum. Its one-year return is over 40%. If I had bought this and kept at least for 3 years; capital gain could have generated nearly 300% (three bagger). Thing is still it’s trading much below the book value while having low PE ratio.
    Last edited by Valuegrowth; 05-11-2023 at 08:59 PM.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •