CREDIT SQUEEZE: THE CAPITAL MARKET AS AN ALTERNATIVE SOURCE OF BUSINESS FINANCING
Generally defined, credit is the means by which people are enabled to acquire commodities against to pay later. Credit used in terms of bank credit, is the various credit facilities offered by the banking system to borrowers (both in private and public sectors. The act of harmonizing the large dedmond for credit with the supply to ensure sufficient flow of credit towards all area of the economy, is done by the Monetary Authorities through Monetary policy, when the policy reduces the money supply in the economy, we that talk of a CREDIT SQUEEZE. The various instruments available to the monetary authorities with which credit could be attested include, re- discount rate, open market operation, variable reserve requirements, special deposits and credit guidelines
Nigeria has been experiencing alternating boom and recession in her economic tortures during the past decade and with its series of “ stop-go” policies. A cursory glance at the 1970 decade reveals that there was a tight money situation in 1970-72 which eased in the period 1973-1976. This quickly followed by another squeeze in 1978. There has been mild one in 1981 and a tighter situation n April, 1982. The most current one began in 1989, second quarter of the year. In the economy arising form accelerated bank credit expansion experienced in the first quarter of 1989. Among issues revived under the Amendment were; cash reserve Ration liquidity ratio, capital adequacy and abolition of foreign guarantee/currency deposits as collateral far Naira loans. The tight money policy check the working and investment capital of business firms it makes borrowing in the money market especially the banks more difficult. In term of the cost and availability. This paper examiner the opportunities in the capital market as a resort to business financing and its activities following the period of stringent monetary restraint policy which adversely affected the money market. The period covers form 1982 to he present day however, particular attention was given to its activities during the 1989 period
The project research work reviewed the monetary and credit policies in use and the operations of the Nigerian money market within the period of monetary ease policies. It also highlighted the factors that necessitated the use of the strangulation system, and its effects on Banks. A survey of the tuning option provided by the capital market to businesses was also carried out.
The federal government’s decisions in 1989 at mopping up excess liquidity in the banking system has virtually dried up all liquidity out of the monetary system. Consequently the banks have become more interested in keeping themselves afloat than financing businesses. Although the governments decisions as asserted by economic watchers contributed positively to the sharp drop in the inflationary rate from 40.9 percent at the end of December 1989 to 35 percent in February, 1990 this negative impacts still out- weighted their advantages.
The serious liquidity squeeze confronting the banking industry unavoidably resulted in high interest rates in the money market. The like in interest rate become pronounced in the third and last quarter of 1989. Some bank customers were forced by the exigencies of the situation to turn to the capital market for the required funds where relatively cheaper funds exist. Conclusively, the central bank of Nigeria should try and relax the credit squeeze as soon as the country’s productive capacity and foreign exchange earning improve; so as to make available relevant investment capital for long-term growth. This would in addition restore confidence to the money market by enabling them revert to their original and fundamental role of financial intermediation instead of holding on to the funds they mobilize as primary users.
Chapter one introduction
development in Nigeria 22
CHAPTER THREE:
SURVEYING THE ACTIVITIES IN THE MONETARY SYSTEM BEFORE AND WITH THE ERA OF STRINGENT MONETARY POLICIES
Up measures 40
business financing 42
CHAPTER FOUR THE NIGERIAN CAPITAL MARKET IN OPERATION
the country’s economic life has been Dependent on the external sector both for imports and exports that any movement that has an adverse impact on the industrialized countries also has serious implications for our economic management oil has accounted for over 90 percent of export earnings since 1974, while the bulk of the remaining export receipts come from primary agricultural products which are characteristic by low income elestilicties in the world market. In the case of crude oil, there has occurred a chronic over supply in the world market and prices have been hovering around the relatively low levels. However, crude oil prices had quadrupled during 1974 and Nigeria Production had also reached a record of 2.3m barrels per day on the eve of the third national Development plan, leading to a sharp increase in Government’s revenue and in the country’s external reserves. This brought an ease in the monetary policies. With the inception of the oil glut, there has been worsening trend in our balance of payments and with it a reduction in government revenue and expediter in an attempt to resuscitate our deteriorating Blanca of payment situation, the FEDERAL Government in 1982 introduced a package of measures continual act. It features the tightening of controls on imports, significant reduction in banking system
liquidity and the general upward revision in interest rates. These measures were continued and intensified in the period up to October,1986 when the present Government declared a state of National Economic Emergency for a 15- month period. The economic recovery programme that followed was subsequently developed into the structural Adjustment programme (SAP) –1986-1988. Its aim is to effectively alter and restructure the consumption and production patterns of the economy as well as eliminating price distortions and heavy dependence on the export of crude oil and imports. The subsequent years have been witnessing the consolidation of the gains of the structural Adjustment programme the programme (SAP) also focused on the mopping-up of excess liquidity in the economy through controlled and disciplined public and private expenditure behaviours. This was made effective by the policy of tight money by declare availability of credit in the banking system, through the reduction in the permissible rate of credit expansion and the execution of other credit restraint policies. However, the ceiling on commercial and Mr. Chant bank’s aggregate credit to the private sector has been raised from the level of 12.5 percent fixed for 1990 to 13.2 per cent in fiscal 1991. The danger posed by this is that it covers all areas of credit by banks to private sector, unlike in the past when the calling applied only to loan and advances. Which this policy, the bank scope of lending deposits out to private section had been reduced.
Also in the spirit of SAP, interest rate deregulation was brought on stream in 1987 by the central bank of Nigeria, to allow a free market situation in the demand for credit and encourage savings generation in the economy. The banks capitalized on this due to the shortage of lovable funds to escalate their prime lending rates. The interest rate lit an average reacting of 36.5% in the beginning of the first avatar of 1990. This adversely affected new investments and investments for expansion. The recent (BN directive which pegged the prime lending rate charged by banks at 21 per cent has not effectively ameliorated the predicament of their customers especially the business firms in acquiring outlets in form of sectroal allocation credit and the acute shortage of lonnable funds being currently experienced by the banking system. The ablition if import license and the introduction of the second-tier foreign Exchange market (SFEM) which later metamorphosed into the foreign exchange market (FEM) and inter Bank foreign exchange (IFEM) witnessed the devaluation of Naira. With the official abolition of the “Autonomous” Market in 1989 difficulties in supply and demand situation combined to keep the value of the Naira fluctuating at low levels composed to other international currencies. This has also raised and complicated financing need of business especially those with huge import content in their operations in addition, other measures introduced by the federal government to mop-up excess liquidity in the banking system , to help stabilize the foreign exchange value of the Naira and bring down the rate of inflation induced the withdrawal of deposits of parastatals and other government agencies from commercial and merchant Banks.
This resulted in the withdrawal of over N5 billion from the system. Others are the withdrawal of over N10 billion from deposits held by banks against letters of credit, the upward review of the minimum Rediscount rate (MRR), and the abolition of foreign assets Guarantee or /domicilory Accounts deposits as collateral for Naira loans emanating form the bank and non-bank financial institutions. There were also the imposition of the requirement on the banks to pay CBN up-front in respect of bidding of FEM and the introduction of the mandatory interest on demand deposits. Noteworthy, is the fact that the minimum rediscount rate (MRR) has been reduced form 18.5 to 15.5 per cent as contained in the central bank of Nigeria circular to Banks at the beginning of 1991 fiscal year. The move was necessitated by the desire of Government of bring lending rages to about 21 per cent
The resulting credit squeeze form the implementation of the above measures has made it difficult for banks to lend to their prospective investors. They now operate as primary user of the deposits they attract and this detracts significantly form the efficient functioning of the market
The consequences of the above measures on firm were
Consequently, the shortage and high costs of bank loans have increased the activities at the capital market as more and more companies are beginning to avail themselves of the opportunities therein. There is now a shift by the corporate sector form borrowing in the money market to borrowing form the capital market. In the process, some attempts are made to restructure their capital base and they have done so by way of equity rather than further leverage. This has given a boost to the capital market over and above the boost imparted by the on-doing privatization and commercialization of some public enterprises.
1.2 PROBLEM IDENTIFICATION
In the course of this study, specific problem areas have been identified. They include:
1.3 HYPOTHESIS:
1.4 RESEARCH METHODOLOGY:
In carrying out this research work, the secondary sources of data included numerous library research work, available literatures in form of professional publications annual reports of central bank, Nigerian stock Exchanges and other financial institutions. Business weekly Newspapers were extensively consulted. Unstructured questionnaire was used under the personal interview for primary sources.
The stock Exchange annual reports were meticulously studied to bring to an authentic concision, the extent of the significant increase in the trend of activities brought about by the liquidity crunch in the banking system.
The values of new issues of securities traded in the primary market within the credit squeeze period, were compared with those traded during the ease monetary period. This was done to ascertain the extent to which there was a significant increase in the number of firms that availed themselves of the opportunities in the capital market as a result of the squeeze.
The “t- distribution” was used as a statistical method to test wither there was an outstanding increase in the secondary market activities consequent to the credit squeeze. The Null Hypothesis was stated thus. “ there is no significant increase in capital market activities as a result of the stringent monetary measures in the money market” while the Alternative Hypothesis was “ There is a significant increase in capital market activities as a result of the stringent monetary measures in the money market”
The Null Hypothesis was rejected because the sample mean did not lie within the derived intervals. This signified that the difference between the sample means and the asserted value was significant. Subsequently, the Alternative Hypothesis was accepted.
1.5 LIMITATIONS:
In a research of this nature, there is usually a high possibility of encountering certain difficulties which may eventually act as constraint to the validity of the conclusion arrived at. However, these did not discourage the author and the challenge was taken boldly to arrive at an authentic conclusion.
The major constraints encountered are listed blow:
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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE
Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
Account Number: 0117780667.
Swift Code: GTBINGLA
Dollar conversion rate for Naira is 175 per dollar.
ATM CARD: YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY.
OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.
form>DELIVERY PERIOD FOR BANK PAYMENT IS LESS THAN 24 HOURS
CALL OUR CUSTOMERS CARE OKEKE CHIDI C ON : 08074466939,08063386834.
AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO
08074466939 or 08063386834, YOUR PROJECT TITLE YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.
WE HAVE SECURITY IN OUR BUSINESS.
ABSTRACT
Generally defined, credit is the means by which people are enabled to acquire commodities against to pay later. Credit used in terms of bank credit, is the various credit facilities offered by the banking system to borrowers (both in private and public sectors. The act of harmonizing the large dedmond for credit with the supply to ensure sufficient flow of credit towards all area of the economy, is done by the Monetary Authorities through Monetary policy, when the policy reduces the money supply in the economy, we that talk of a CREDIT SQUEEZE. The various instruments available to the monetary authorities with which credit could be attested include, re- discount rate, open market operation, variable reserve requirements, special deposits and credit guidelines
Nigeria has been experiencing alternating boom and recession in her economic tortures during the past decade and with its series of “ stop-go” policies. A cursory glance at the 1970 decade reveals that there was a tight money situation in 1970-72 which eased in the period 1973-1976. This quickly followed by another squeeze in 1978. There has been mild one in 1981 and a tighter situation n April, 1982. The most current one began in 1989, second quarter of the year. In the economy arising form accelerated bank credit expansion experienced in the first quarter of 1989. Among issues revived under the Amendment were; cash reserve Ration liquidity ratio, capital adequacy and abolition of foreign guarantee/currency deposits as collateral far Naira loans. The tight money policy check the working and investment capital of business firms it makes borrowing in the money market especially the banks more difficult. In term of the cost and availability. This paper examiner the opportunities in the capital market as a resort to business financing and its activities following the period of stringent monetary restraint policy which adversely affected the money market. The period covers form 1982 to he present day however, particular attention was given to its activities during the 1989 period
The project research work reviewed the monetary and credit policies in use and the operations of the Nigerian money market within the period of monetary ease policies. It also highlighted the factors that necessitated the use of the strangulation system, and its effects on Banks. A survey of the tuning option provided by the capital market to businesses was also carried out.
The federal government’s decisions in 1989 at mopping up excess liquidity in the banking system has virtually dried up all liquidity out of the monetary system. Consequently the banks have become more interested in keeping themselves afloat than financing businesses. Although the governments decisions as asserted by economic watchers contributed positively to the sharp drop in the inflationary rate from 40.9 percent at the end of December 1989 to 35 percent in February, 1990 this negative impacts still out- weighted their advantages.
The serious liquidity squeeze confronting the banking industry unavoidably resulted in high interest rates in the money market. The like in interest rate become pronounced in the third and last quarter of 1989. Some bank customers were forced by the exigencies of the situation to turn to the capital market for the required funds where relatively cheaper funds exist. Conclusively, the central bank of Nigeria should try and relax the credit squeeze as soon as the country’s productive capacity and foreign exchange earning improve; so as to make available relevant investment capital for long-term growth. This would in addition restore confidence to the money market by enabling them revert to their original and fundamental role of financial intermediation instead of holding on to the funds they mobilize as primary users.
Chapter one introduction
- introduction 1
- problem identification 6
- hypothesis 7
- research methodology 8
- limitations 10
Chapter Two: Literature Review
- The Nigeria money market and its basic functions 12
- Central bank o Nigeria as the statutory controller and regulator of the banking system 15
- The capital market: its meaning and
development in Nigeria 22
- Security and exchange commission and its functions as a Regulatory body 25
CHAPTER THREE:
SURVEYING THE ACTIVITIES IN THE MONETARY SYSTEM BEFORE AND WITH THE ERA OF STRINGENT MONETARY POLICIES
- review of the monetary and credit policies implementation within the period of easy monetary condition (1972- 1976)29
- operations of the Nigerian money market (1972-1976) 33
- conditions Necessitating the liquidity mopping-
Up measures 40
- credit squeeze measures: implications on –
business financing 42
- consequences of squeeze in banks 46
CHAPTER FOUR THE NIGERIAN CAPITAL MARKET IN OPERATION
- operational characteristics of the Nigeria capital market 52
- capital market instruments 61
- listing requirements of the market 65
- the second- tier security market (SSM) 67
- the pricing policy of the Nigeria security and Exchange Commission (NSEC) 70
CHAPTER FIVE: FINDINGS AND CONCLUSIONS
- research findings and deductions 78
- conclusions 82
- recommendations 83
- bibliography 90
- appendix 94
CHAPTER ONE
- Introduction:
the country’s economic life has been Dependent on the external sector both for imports and exports that any movement that has an adverse impact on the industrialized countries also has serious implications for our economic management oil has accounted for over 90 percent of export earnings since 1974, while the bulk of the remaining export receipts come from primary agricultural products which are characteristic by low income elestilicties in the world market. In the case of crude oil, there has occurred a chronic over supply in the world market and prices have been hovering around the relatively low levels. However, crude oil prices had quadrupled during 1974 and Nigeria Production had also reached a record of 2.3m barrels per day on the eve of the third national Development plan, leading to a sharp increase in Government’s revenue and in the country’s external reserves. This brought an ease in the monetary policies. With the inception of the oil glut, there has been worsening trend in our balance of payments and with it a reduction in government revenue and expediter in an attempt to resuscitate our deteriorating Blanca of payment situation, the FEDERAL Government in 1982 introduced a package of measures continual act. It features the tightening of controls on imports, significant reduction in banking system
liquidity and the general upward revision in interest rates. These measures were continued and intensified in the period up to October,1986 when the present Government declared a state of National Economic Emergency for a 15- month period. The economic recovery programme that followed was subsequently developed into the structural Adjustment programme (SAP) –1986-1988. Its aim is to effectively alter and restructure the consumption and production patterns of the economy as well as eliminating price distortions and heavy dependence on the export of crude oil and imports. The subsequent years have been witnessing the consolidation of the gains of the structural Adjustment programme the programme (SAP) also focused on the mopping-up of excess liquidity in the economy through controlled and disciplined public and private expenditure behaviours. This was made effective by the policy of tight money by declare availability of credit in the banking system, through the reduction in the permissible rate of credit expansion and the execution of other credit restraint policies. However, the ceiling on commercial and Mr. Chant bank’s aggregate credit to the private sector has been raised from the level of 12.5 percent fixed for 1990 to 13.2 per cent in fiscal 1991. The danger posed by this is that it covers all areas of credit by banks to private sector, unlike in the past when the calling applied only to loan and advances. Which this policy, the bank scope of lending deposits out to private section had been reduced.
Also in the spirit of SAP, interest rate deregulation was brought on stream in 1987 by the central bank of Nigeria, to allow a free market situation in the demand for credit and encourage savings generation in the economy. The banks capitalized on this due to the shortage of lovable funds to escalate their prime lending rates. The interest rate lit an average reacting of 36.5% in the beginning of the first avatar of 1990. This adversely affected new investments and investments for expansion. The recent (BN directive which pegged the prime lending rate charged by banks at 21 per cent has not effectively ameliorated the predicament of their customers especially the business firms in acquiring outlets in form of sectroal allocation credit and the acute shortage of lonnable funds being currently experienced by the banking system. The ablition if import license and the introduction of the second-tier foreign Exchange market (SFEM) which later metamorphosed into the foreign exchange market (FEM) and inter Bank foreign exchange (IFEM) witnessed the devaluation of Naira. With the official abolition of the “Autonomous” Market in 1989 difficulties in supply and demand situation combined to keep the value of the Naira fluctuating at low levels composed to other international currencies. This has also raised and complicated financing need of business especially those with huge import content in their operations in addition, other measures introduced by the federal government to mop-up excess liquidity in the banking system , to help stabilize the foreign exchange value of the Naira and bring down the rate of inflation induced the withdrawal of deposits of parastatals and other government agencies from commercial and merchant Banks.
This resulted in the withdrawal of over N5 billion from the system. Others are the withdrawal of over N10 billion from deposits held by banks against letters of credit, the upward review of the minimum Rediscount rate (MRR), and the abolition of foreign assets Guarantee or /domicilory Accounts deposits as collateral for Naira loans emanating form the bank and non-bank financial institutions. There were also the imposition of the requirement on the banks to pay CBN up-front in respect of bidding of FEM and the introduction of the mandatory interest on demand deposits. Noteworthy, is the fact that the minimum rediscount rate (MRR) has been reduced form 18.5 to 15.5 per cent as contained in the central bank of Nigeria circular to Banks at the beginning of 1991 fiscal year. The move was necessitated by the desire of Government of bring lending rages to about 21 per cent
The resulting credit squeeze form the implementation of the above measures has made it difficult for banks to lend to their prospective investors. They now operate as primary user of the deposits they attract and this detracts significantly form the efficient functioning of the market
The consequences of the above measures on firm were
- Compounded burden of debt servicing
- A rise in the cost of credit
- The difficulties in financing new projects.
- Reduction in the rate of development
- An increasing need of cash for the day-to-day running of business among others
Consequently, the shortage and high costs of bank loans have increased the activities at the capital market as more and more companies are beginning to avail themselves of the opportunities therein. There is now a shift by the corporate sector form borrowing in the money market to borrowing form the capital market. In the process, some attempts are made to restructure their capital base and they have done so by way of equity rather than further leverage. This has given a boost to the capital market over and above the boost imparted by the on-doing privatization and commercialization of some public enterprises.
1.2 PROBLEM IDENTIFICATION
In the course of this study, specific problem areas have been identified. They include:
- Difficulties associated with the use of orthodox instruments of monetary policy in an under-developed financial system
- The stop-go spending and trade policies for matching expenditure to variations in the oil income his resulted in significant set-backs for achieving long term development objectives.
- The Central Bank of Nigeria and Government borrowing requirements set the pace and dicate the tune in the Nigerian Money Market
- Due to acute shortage of deposits in the banking system, most banks have lost sight of their primary function as financial intermediaries. A number of then now act primary users of the funds they mobilize.
- Credit squeeze provides a difficult atmosphere for credit expansion
- There is now an increased resort to forwent in the capital market rather than from Banking system.
1.3 HYPOTHESIS:
- They heavy reliance of banks major funds on Government agencies heightened the impact of the liquidity crunch on the former.
- The tight control which the Government exerts over the banking system has affected the credit allocation to the public sector.
- The high money market interest rates caused by the liquidity shortage is not healthy for economic growth. It stimulates investments in financial asset and discourages investments in real assets through high costs of few that undermine new investment and the utilization of existing capacity
- The high interest rate has resulted in the reverse yield curve
- Credit squeeze which has been reflected in the high cost of funds has induced firms to seek alternative source of financing via the capital market, where they borrow new issues to reduce their bank borrowing. This has created boom in the capital market
1.4 RESEARCH METHODOLOGY:
In carrying out this research work, the secondary sources of data included numerous library research work, available literatures in form of professional publications annual reports of central bank, Nigerian stock Exchanges and other financial institutions. Business weekly Newspapers were extensively consulted. Unstructured questionnaire was used under the personal interview for primary sources.
The stock Exchange annual reports were meticulously studied to bring to an authentic concision, the extent of the significant increase in the trend of activities brought about by the liquidity crunch in the banking system.
The values of new issues of securities traded in the primary market within the credit squeeze period, were compared with those traded during the ease monetary period. This was done to ascertain the extent to which there was a significant increase in the number of firms that availed themselves of the opportunities in the capital market as a result of the squeeze.
The “t- distribution” was used as a statistical method to test wither there was an outstanding increase in the secondary market activities consequent to the credit squeeze. The Null Hypothesis was stated thus. “ there is no significant increase in capital market activities as a result of the stringent monetary measures in the money market” while the Alternative Hypothesis was “ There is a significant increase in capital market activities as a result of the stringent monetary measures in the money market”
The Null Hypothesis was rejected because the sample mean did not lie within the derived intervals. This signified that the difference between the sample means and the asserted value was significant. Subsequently, the Alternative Hypothesis was accepted.
1.5 LIMITATIONS:
In a research of this nature, there is usually a high possibility of encountering certain difficulties which may eventually act as constraint to the validity of the conclusion arrived at. However, these did not discourage the author and the challenge was taken boldly to arrive at an authentic conclusion.
The major constraints encountered are listed blow:
- Paucity of informed materials and reliable data which are very essential for any meaningful analysis on the subject of discourse. The 1997 and 1998 Annual reports of the Nigerian stock Exchange and the central Bank of Nigeria which have not yet been published, made it impossible for he research to up data the relevant areas
- Discussion of the development and operation of the capital market is a very broad are of study. A detailed analysis will run into several text books. This was the reason for he undetailed nature of some aspects of this paper.
- The time allowed for he research and the stipulated time for the submission of this paper also were major bottlenecks. The time given was too minimal for a research of this nature, after considering other vital commitments that shared the same time
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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE
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Dollar conversion rate for Naira is 175 per dollar.
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OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.
form>DELIVERY PERIOD FOR BANK PAYMENT IS LESS THAN 24 HOURS
CALL OUR CUSTOMERS CARE OKEKE CHIDI C ON : 08074466939,08063386834.
AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO
08074466939 or 08063386834, YOUR PROJECT TITLE YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.
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