Jammichic

Witty, charming and graceful.

[NeyroNetwork @Neyro_network]

Proven to be legit by @hackenclub Audit.

That's why we commit long-term.

Thanks to all the early birds who made it this far.

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[Jammichic @Jamayajay]

@elonmuskADO Yes

[Jammichic @Jamayajay]

@TheGeneral_0 @elonmusk This is so true. It’s really frustrating honestly. I got the air pods pro and when making a phone call or listening to music, it keeps tripping off and people keep telling me that they can’t hear what I’m saying @AppleSupport

[Yinka Ogunnubi @yinkanubi]

On FX Liquidity

- CBN does not produce FX, it rather relies on what comes in.
- You need a mix of FX sources to have a adequate liquidity. FPI is one of them.
- A lot of FPIs are very interested in coming back to the Nigerian Market.
- They (FPIs) have taken a methodological interest in the direction the country is going.
- Recent move to have NNPC and other MDA to move their funding into the CBN is very positive and a confidence booster. Those outsiders see it as a giant step forward.
- The time for panic and cynicism is not now. We are in a time where the right decisions are being taken.
- Even the rating agencies are reacting positively to what is happening.

[Yinka Ogunnubi @yinkanubi]

If you missed the CBN Governor's interview on Arise TV, here is a summary.

On FX Backlogs

- We met $7 Billion in unpaid obligations
- We had reason to believe we needed to take a harder look at those obligations.
- Deloitte was contracted to do a forensic audit of what is valid or not. The results were startling
-- $2.4 Billion had issues
-- Not having valid import documents
-- Entities did not exist got allocations
-- Entities who asked for FX got more than they asked.
-- Entities that did not ask got allocations
- We wrote to the authorized dealer to explain. Sadly much has not been disputed.
- $2.3 Billion of the validly executed ones including Airlines have been cleared.
- What remains is $2.2 billion. We are confident we will address those. We have come to the end of the road.
- The Naira remains undervalued
- The Naira will stabilise.

[Central Bank of Nigeria @cenbank]

No plans to convert $30bn domiciliary deposits to naira. This news is fake!

[Yinka Ogunnubi @yinkanubi]

Okay! Time for a recap. First let me ask. Have you been able to catch your breath in the 48 hours😉? Brace yourself because it appears the CBN is on a roll.

In the last 48 hours, 4 significant policy moves have occured that could make or mar our march toward a more stable FX market.

1. Jan 29, 2024 - The CBN issued a circular titled FINANCIAL MARKETS PRICE TRANSPARENCY.

It had a lot of grammar about dealers reporting inaccurate data on executed transactions. But the real intent of the circular was in the first paragraph where it re-affirmed its policy of "willing buyer and willing seller" particularly the part that said "....expects prices to be quoted and displayed in a transparent manner". Without that last bit, the circular would have sounded like the usual CBN mumbo jumbo. This basically meant that the CBN was asking banks to report transactions in the price that they were helping customers to settle. Did i hear someone shout 2 Cheques 😂😂😂? Many interpreted this as a devaluation but in technical terms, it was not a devaluation (even though it felt like one). It was rather a "price correction" to achieve market transparency.

2. Jan 29, 2024 - FMDQ issues a Market Notice of revision to the FMDQ FX Market rate pricing methodology.

This notice was issued late on Friday the 26 January and effective on Monday the 29 January. It was obviously deliberately timed to coincide with the CBN circular on Market transparency. The implication of these two actions meant that banks could now sell FX at market rates and FMDQ could accurately report it.

3. Jan 31, 2024 - CBN issued a Circular on the HARMONIZATION OF REPORTING REQUIREMENTS ON FOREIGN CURRENCY EXPOSURE OF BANKS.

The summary of the circular was an instruction to banks that they immediately bring down their long positions to 0% and their short positions to 20% of SHF.

Taking long currency positions means that an investor or trader is buying FX (in this case USD) with the expectation that its value will rise over time. Essentially betting on the currency appreciation. By this circular, the CBN was insinuating that many banks had long positions on the USD/NGN.

The Implication:

- Banks would have to ensure that their NOP are in line with the CBN directive within 24 hours.
- Banks with long open positions higher than 0% will have to sell the FX to customers.
- This action will bring immediate liquidity to the market. It is estimated that between $6 - $7 Billion is kept by banks in Long Positions (some of it locked up in FX swaps deals.....oh well, that's gist for another day 😊). The long and short of it is that banks will have to immediately provide that liquidity to customers to bring their NOP within the prescribed limits.

4. Jan 31, 2024 - CBN issued circular focused on IMTOs - REMOVAL OF ALLOWABLE LIMIT OF EXCHANGE RATE QUOTED BY IMTOs.

Before now, there was a +/- 2.5% on the NAFEX rate in which they are allowed to deal. That limit has now been removed. They can now deal on the prevailing market rate based on the willing buyer and willing seller principle.

The implication.

Diaspora remittances in Nigeria is estimated at around $25 Billion yearly. This went down to virtually $0 in 2023. The FX flows were just not coming into Nigeria. USD/NGN was been converted by IMTOs but the USD remained offshore and never inflowed into Nigeria. Part of the reason remittance flows weren’t coming into the country was because the margins were capped (at +/-2.5%), which made the IMTOs resort to settling offshore instead of bringing the liquidity in. With this new circular, IMTOs will be expected to inflow their USD as there is no excuse (in terms of rate) why they should not. It remains to be seen if the IMTOs will follow the lead of the CBN. But I would assume that before this policy was released, the CBN would have engaged with the major IMTOs to get their buy in.

[Nairametrics @Nairametrics]

According to a circular from the Nigeria Interbank Settlement System Plc (NIBSS), banks in Nigeria have been directed to take down every non-deposit-taking financial institution from their NIP fund transfer channels.

The non-deposit-taking financial institutions include switching companies, payment solution service providers, and super agents. The NIP fund transfer channels include USSD, mobile banking apps, POS, ATMs, plus web and internet platforms.

According to the circular released by NIBSS, “listing non-deposit taking financial institutions such as switching companies (switches). Payment Solution Service Providers (PSSP), and Super Agents (SA) as beneficiary institutions on your NIP funds transfer channels contravenes the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria dated February 2014.”

“The circular also clarified that while these financial institutions would be stopped from receiving inflows, they are allowed to process outflows as inflows to banks.

“For clarity, Switches, PSSPs, and SAs may process outward transfers as inflows to Banks but are not to receive inflows as their licenses do not permit to hold customers’ funds.”

Read more https://t.co/COQRd13o1o

Follow @Nairametrics for more news update

#nairametrics #news #cbn #finance

[Spotlight Abby @Spotlight_Abby]

Bola Tinubu needs to reintroduce himself to Nigerians. Who he is, his parents, his primary, secondary and University schools.

It is a matter of morality, honour and integrity. The matter of personal identity is too sensitive to be outsourced to political surrogates or reduced to making court statements.

— Peter Obi at his World Press Conference.

[Spotlight Abby @Spotlight_Abby]

REPORTER: But don't you think these issues should have been thrashed out before the elections?

PETER OBI: It doesn't matter when this comes up. The issue is too fundamental to be trivialised at any time. When Ben Johnson, the Canadian sprinter was found guilty of doping (use of drugs or banned substances to enhance performance), he was stripped of his gold meda and lost his world record. Even though they took the test sample before the event, they didn't say, "oh! The race is over and he won, therefore, let us forget about it." They cancelled the win.

Similarly, when that young girl was found to have forged her JAMB scores, we didn't say she did it before, or after, so, it doesn't matter. (Emphasis are mine).

— Peter Obi's World Press Conference.

[NEFERTITI @firstladyship]

The Washington Post & AP splashed the Bola Adekunle Tinubu Forgery story all over their publications. His deeds is now global. That’s a win for me. Who cares what the fantastically corrupt Nigerian Judiciary says? Posterity has won, David Hundeyin won, outstanding Nigerians won. 👏👏

Adding “Adekunle” to Bola Tinubu’s name on Wikipedia is too late now. “Birnam wood has come to Dunsinane;” things are now in motion that cannot be undone!!

He went to the CSU, he graduated, but he only has a forged certificate to show for it? How do you want your brain reset? It is the job of Patriots to defend the country, not the president. Nigeria is bigger than all of us.

The Agbado are a shameless people. But their shamelessness will not rub off on outstanding Nigerians like us! Shame on Wole Soyinka, Professor Gbajue would have bowed out a hero. It’s a “Never Ending Story,” our pen will make sure that this Generation & the one after - remember.

We are documenting for posterity. Good or bad, pen is the only weapon I know. It can reveal a Saint’s hidden past, almost reveling in it. So we shall see how this story will end, we shall see who will have the last laugh!

As outstanding Nigerians, law abiding that is, we compartmentalize your shame & shamelessness (on your behalf), as part of our coping mechanism. We purge ourselves of your stenches, for the sake of Nigeria.

It’s we against them, light against darkness. It’s Good against Evil, Evil many Nigerians don’t know exist! It’s the Knights against the forces of darkness, YOU CHOOSE!🛡🗡🐎

[CNN Africa @CNNAfrica]

A UAE official has told CNN that the visa ban on Nigerian travelers has not been lifted

https://t.co/hpf6oOJSNR

[Jammichic @Jamayajay]

Do you remember when you joined Twitter? I do! Yaaaaay 💃🏾💃🏾💃🏾😂💥#MyTwitterAnniversary

[David Hundeyin @DavidHundeyin]

It has now been proven beyond any reasonable doubt in court that Obafemi Hamzat violated Nigeria's electoral law by running for Deputy Governor of Lagos after swearing an oath allegiance to the USA while naturalising, and renouncing all allegiance to Nigeria.

Over to the court.

[Ugodre @ugodre]

Why fuel subsidy has to go

1. It’s too expensive and Nigeria can’t afford it
2. It is full of corruption, only a few people benefit from it.
3. There is no accountability and it is not budgeted for
4. Price fixing is an economic anomaly in a capitalist society.
5. It’s a farce and not working. Most states already pay above the official price

[Jammichic @Jamayajay]

Watch your every word, even while playing. Even this little one knows it. I affirm with her today that, “I CANNOT NEVER BE POOR, I’M WEALTHY ALWAYS. Credit to ⁦@RealJerryEze⁩ https://t.co/QtV9W2mRLW

[Rabbi @OshioQuake]

A mouse was placed at the top of a jar filled with grains. It was so happy to find so much food around him that no longer he felt the need to run around searching for food. He could happily live his life. After a few days of enjoying the grains, he reached the bottom of the jar.

[Steve Hanke @steve_hanke]

Nigeria’s presidential election draws to a close, with Bola Tinubu declared the victor amidst cries of vote rigging. When it comes to Nigeria’s electoral commission and its chairman Mahmood Yakubu, INCOMPETENCE & CORRUPTION are the name of the game. https://t.co/k1yowS2hDW

[Jammichic @Jamayajay]

@yinkanubi @wendypendy2000 @TomisinOgunnubi @AdeoluOgunnubi @GboyegaOgunnubi @DejiOgunnubi @topejudinyo @ibkogunnubi @DinyoAkinlolu @dejiirawo @BukkyShonibare Happy birthday to you 💃🏾💃🏾💃🏾💃🏾👏🏽👏🏽👏🏽👏🏽🙌🏽🙌🏽🙌🏽🙌🏽🙌🏽