obailala:
I really don't understand what's wrong with the CBN and this meaningless price regulation... you do not force down the exchange rate by forcing people to sell their forex at a very low price (even when they can clearly see the amount they lose). Stupid policies like this will only discourage people from engaging in exports to boost forex supply. This useless policy is the very reason Nigeria isn't reaping the potential benefits of the last devaluation (in terms of increased exports and increased income for exporters).

Similarly, the CBN forces diasporans sending money home to exchange their forex at the low official rate, but when family in Nigeria wants to send money abroad (e.g. to children schooling abroad), they are forced to buy forex at the true rate (blackmarket rate). I still wonder who advises the CBN board that this policy can encourage people to send more forex home.

What would you like the FG to do?

Slikbae:
And my dad has over 40 plots of land wasting away. I have told him to start cocoa farming but he won't listen.

What

CHAI!!!!!!!!!!!!!!!!!!!!!!!!!

Bros, My goodness. My Papa don pass away when I was 6 months old. With fortune from the most high, my hand has moved to Cocoa farming in Cote d'Ivoire and Ghana. Money dey for this business oooo. This year alone, i collected big dollars from my operation. Xmas, NY and 2017 is already catered for fully.

Shine your papa's eye very well. He is wasting time.... Dollar dey for ground and not air.

PUSH1:


What would you like the FG to do?

The CBN says it has floated the Naira when it adopted the flexible exchange rate system in June; all they need to do is allow the goddamn Naira to actually float. Nigeria is presently not enjoying the proposed benefits of the June devaluation/float because the CBN is still running around trying to peg the value of the currency at around N305 while the whole world knows the real value is currently N470... Forcing exporters to sell the dollars they earn at the rate of N305, meanwhile these same exporters know the true value is N470, policies like this instead of encouraging an export culture, would only discourage people from going into the export business.

The principles of demand and supply should be allowed to dictate the value of the Naira; policies like pegging the Naira currently serves to stagnate the economy.

obailala:
The CBN says it has floated the Naira when it adopted the flexible exchange rate system in June; all they need to do is allow the goddamn Naira to actually float. Nigeria is presently not enjoying the proposed benefits of the June devaluation/float because the CBN is still running around trying to peg the value of the currency at around N305 while the whole world knows the real value is currently N470... Forcing exporters to sell the dollars they earn at the rate of N305, meanwhile these same exporters know the true value is N470, policies like this instead of encouraging an export culture, would only discourage people from going into the export business.

The principles of demand and supply should be allowed to dictate the value of the Naira; policies like pegging the Naira currently serves to stagnate the economy.

The CBN policy is encouraging exporters to receive their payments through "other routes" as the black market rate is the true value of the Naira. l personally make sure the Forex l get from export proceeds ends up at the black market because l can't sweat it out to earn Forex only to give it to banks and their goons to round-trip with it!

nairaman66:
Nigeria is cursed and nothing good can come out of it. A country built on lies can never stand!

Nigeria is not cursed, just that people like you are cursed. God bless Nigeria.

Pavore9:


The CBN policy is encouraging exporters to receive their payments through "other routes" as the black market rate is the true value of the Naira. l personally make sure the Forex l get from export proceeds ends up at the black market because l can't sweat it out to earn Forex only to give it to banks and their goons to round-trip with it!

The policy actually creates the inconvenience situation of you having to go through backdoor routes to get your money. This needless inconvenience discourages some from expanding their export business. I just can't imagine who advises the CBN on these backward policies.

They floated the currency in June but today there's over N150 difference between the official and black market rates and this leaves one wondering what that 'floating' actually meant. Round-trippers are back in brisk business while manufacturers are still starved of forex.

obailala:
I really don't understand what's wrong with the CBN and this meaningless price regulation... you do not force down the exchange rate by forcing people to sell their forex at a very low price (even when they can clearly see the amount they lose). Stupid policies like this will only discourage people from engaging in exports to boost forex supply. This useless policy is the very reason Nigeria isn't reaping the potential benefits of the last devaluation (in terms of increased exports and increased income for exporters).

Similarly, the CBN forces diasporans sending money home to exchange their forex at the low official rate, but when family in Nigeria wants to send money abroad (e.g. to children schooling abroad), they are forced to buy forex at the true rate (blackmarket rate). I still wonder who advises the CBN board that this policy can encourage people to send more forex home.

I have said this on Nairaland times without number before.
As the Dollar approaches it true value of around N1000 it will favour exporters of services and produces.
The evil practice of your FG was to take petrodollar and sell it cheap on the forex auction. This is what force the dollar rate to remain down at N165/$ for long. Oil is being used to directly kill other export earners when govt subsidizes dollar rate. It may interest you to know that between 2002 and 2014 the govt spent over $210B subsidizing the dollar. Iweala termed this practise defending the Naira, Sanusi termed it floating the Naira value.
If you remember. The govt tried to create a interbank rate that's different from open market rate. This move was done to help farmers and exporters generally earn more via the open market dollar rate that's higher and void of costky govt influence.

obailala:
The CBN says it has floated the Naira when it adopted the flexible exchange rate system in June; all they need to do is allow the goddamn Naira to actually float. Nigeria is presently not enjoying the proposed benefits of the June devaluation/float because the CBN is still running around trying to peg the value of the currency at around N305 while the whole world knows the real value is currently N470... Forcing exporters to sell the dollars they earn at the rate of N305, meanwhile these same exporters know the true value is N470, policies like this instead of encouraging an export culture, would only discourage people from going into the export business.

The principles of demand and supply should be allowed to dictate the value of the Naira; policies like pegging the Naira currently serves to stagnate the economy.

I put the true value of dollar at around N800-1200. It is govt interference in the market that's keeping it down in the first place. For exporters, i advice them to import hot selling goods with their dollar proceeds. This way the usual govt babies who like to import everything will see others taking their place economically and will be forced to go into farming on one hand, while the exporters get the real value of their dollar + profit.

ogunsj:
Nigeria is not cursed, just that people like you are cursed. God bless Nigeria.

Nigeria is cursed! And bird brain like you peeps deny it. As per standard of living I don't think you would want to compare both of us.

You are still a kid feeding fat from your mother's pot of soup. Enjoy while it last..

ritababe:

ask yourself, you are part of us.

lol

ritababe:


ask yourself, you are part of us.

lol

ritababe:


ask yourself, you are part of us.

lol

Pavore9:


The CBN policy is encouraging exporters to receive their payments through "other routes" as the black market rate is the true value of the Naira. l personally make sure the Forex l get from export proceeds ends up at the black market because l can't sweat it out to earn Forex only to give it to banks and their goons to round-trip with it!

Bingo!

I don't understand what is wrong with Nigeria's Central Bank. They initiate policies as if they have no economists on staff to characterize the impact of their bone-headed policies (something that is easily predictable by a lay man).

Nobody, I repeat, nobody in Nigeria today will sell his precious dollars at N305. The only entity in Nigeria that sells dollar at that price is the CBN. Even the CBN governor will not sell his personal dollars at N305. This tells any rational economic player or investor that Nigeria's monetary and forex policies are not driven by rational economics but are imposed by political exigencies.

I don't understand Nigeria's decades long political fixation of fixing the prices of imported commodities like forex or fuel. The CBN doesn't print dollar and we don't produce fuel so why try to control the price of something you don't produce? The market forces of demand and supply is no respecter of persons and will always defeat the CBN's attempt to undermine its stranglehold on determining true prices.

obailala:
The policy actually creates the inconvenience situation of you having to go through backdoor routes to get your money. This needless inconvenience discourages some from expanding their export business. I just can't imagine who advises the CBN on these backward policies.

They floated the currency in June but today there's over N150 difference between the official and black market rates and this leaves one wondering what that 'floating' actually meant. Round-trippers are back in brisk business while manufacturers are still starved of forex.

I totally agree. Any time you artificially fix the price of an economic good below its equilibrium or market clearing price, there are bound to be shortages. its a law and little wonder the interbank or official dollar market is plagued with chronic dollar shortages . Even if the CBN is an irrational actor that prefers to sell its own scarce dollars at N305, it will never be able to get other (rational) actors to follow suit.

People with precious dollars will never ever sell at politically dictated prices that only serves the interest of round tripping banks or the politically connected. This is why there is no dollar shortage at the parallel market where a willing buyer and a willing seller transact business at mutually acceptable price of N470.

great to see pple carving out an honest living by working the fertility bless land.

DICKtator:
This is what the West should be investing in and exporting while the North build their legendary groundnut pyramids and the East produce more palm kernel and export it!!

Regionalism should set the way to liberalism

we have 36 regions

rabex123:
Look at how Nigeria has forgotten about cocoa..
What have we been doing since independence self.

how many you don plant

DICKtator:
This is what the West should be investing in and exporting while the North build their legendary groundnut pyramids and the East produce more palm kernel and export it!!

Regionalism should set the way to liberalism

No let Northerners hear you o! They LOATHE that bolded word! It scares the heck outta them cos they are too lazy!

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kalokalo:


Bingo!

I don't understand what is wrong with Nigeria's Central Bank. They initiate policies as if they have no economists on staff to characterize the impact of their bone-headed policies (something that is easily predictable by a lay man).

Nobody, I repeat, nobody in Nigeria today will sell his precious dollars at N305. The only entity in Nigeria that sells dollar at that price is the CBN. Even the CBN governor will not sell his personal dollars at N305. This tells any rational economic player or investor that Nigeria's monetary and forex policies are not driven by rational economics but are imposed by political exigencies.

I don't understand Nigeria's decades long political fixation of fixing the prices of imported commodities like forex or fuel. The CBN doesn't print dollar and we don't produce fuel so why try to control the price of something you don't produce? The market forces of demand and supply is no respecter of persons and will always defeat the CBN's attempt to undermine its stranglehold on determining true prices.

Blame the successive govt who try to manage the economy by fixing dollar price down in order to give the impression that things are well. Under this arrangement as demand rises the govt chokes.

The cocoa trend can help solve unemployement crisis greatly too. How?
If most jobless youths know $1 exchanges for N1,000 they will want to strive harder to have a sellable skill or product that can earn them dollar. All that's needed to make N60,000/month will be $60/month. Now that isn't so hard a target to hit.

Thing keeps changing in this changing era nw

Cn you imagine me selling my dollars at 305 naira? I must be high. Even 400 naira I wont sell. Anything less than 440 naira go and buy from CBN abeg. Negodu

farming will rule them all

Pavore9:
There is no incentive to channel the proceeds through the banking system. There is cool money to be from cocoa in the international market.

You sir, are someone I enjoy his postings on agricultural issues.

Would you be willing to do a post(or point me to it in case you already have one) on how a lay person can become involved in Agri-business both locally and as an exporter? I am not looking for shortcuts, happy to study and read to get the required knowledge.

I look forward to a positive response from you.

Thanks.

money inflation has destroyed.

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codemaniacs:


After crude oil, cocoa is Nigeria's second highest income earner.

No one forgot about cocoa. You just lack info on Nigeria's exports and are living the city life.

where did you place Palm oil after crude oil. i know there is money in cocoa but not to compare it with Palm oil, Palm oil was the highest country earnings before the crude oil exploration in Nigeria.The facts are there for all to see or you ask questions.

It's nice to be back on nairaland after a silly ban from either Seun or Lala or whosoever the dumb head was.

Anyway, Cocoa and other Agro products should be our priority in exports. Apart from cocoa, cash crops like ginger, cashew nuts, groundnut, garlic and others are selling well out there than what we expected. Government only needs to encourage more interested individuals and make plans in workshop for them.

.....meanwhile, see what I was banned below.

Lol.