K

Buhari thanks for the change

K

mekaboy:
Back to sender.

K
U might think he is wrong but its a real disaster

They keep saying naira is falling, naira is falling, I waited outside all night last night and night before, no naira fell...abeg which area this naira dey fall?

Tins are getin costlier,last week some companies annunced change in price of their product.i was scared of buyin, cause retailers might not respond well, bt to b on the safe side i bought little and retailers response are nt so bad.

Una saviour,buhari, never still make the dollar at par with the naira.He is busy touring the continent with our oil money.

mployer:


The crash is cosmetic, there is nothing real in it.


Who will buy dollar when bank will not allow you deposit dollar in your account? How do you operate a domiciliary account without making deposits?...and how do you intent to run an economy without domiciliary account?

The moment they lift ban on dollar deposit(which must happen) dollar will start rising sharply again.

Pls tell me two developed countries where you can walk to your bank and deposit foreign currency (cash) in large sums.

Everything goes in Nigeria.

Where are those people getting cash foreign currency to deposit from. There are only a few genuine cases though (in small deposits) but those aren't even d problem.

The real problem are d bribe takers/givers and speculators.

otunsman:
Una saviour,buhari, never still make the dollar at par with the naira.He is busy touring the continent with our oil money.

It doesn't make sense to expect d nara to be at par with d dollar in 4 yrs.

Stop repeating this. It's so annoying.

Majority of the goods we use in production here,be it sakarin, toothpicks, preservatives,cucumba,oranges,etc are imported.We have to convert the naira into dollars,purchase online or through couriers for them to be imported into Nigeria.We just produce first class science graduates every year,none of them have practical knowledge on how to carryout research on production like their western counterparts. That is why we find ourselves in this mess.

Algebra12:
We are on a long thing with our sole administrator still on honeymoon.

The looming disaster will be monumental.

Yes o. He says he is taking his time to pick his cabinet because all Nigerians are corrupt. He can't seem to find anyone trust worthy except for himself....lol.

How prepared was he to rule Nigeria? Obviously not well prepared. He should have vetted and handpicked some trusted people to fill some key positions as soon as he won the election.

Position of Minister of Finance, Minister of Trade and Investment and the Petroleum Minister are so pivotal to the success of this administration. Those positions cannot wait for three months because there are external events which affect the economy of Nigeria and there needs to be competent people already in place to coordinate with the Central Bank and come up with a coherent economic policy. It also assures foreign investors who are feeling jittery about doing business in Nigeria that their investments are safe.

loifez123:
Dollar is crashing already. As at yesterday it was at 218 from 245 (I went to buy dollar from mallam so I am 101% sure.

We are too given to shortcuts which is why people shout when measures are put in place to safeguard the Naira. Should we have continued encouraging importation of goods we can manufacture locally which will in turn encourage exportation and bring value to the Naira

The panic buying was just for a short while and the ban is beginning to pay off..... Dollar is crashing big time.... if in doubt, call your bureau de change operator to confirm before quoting me and saying shenanigans.........

Are you serious? Where did you buy your own dollars?l just called my money changer,he told me N230.l think time has come for us to be speaking the truth.Most people are here to pick one or two things that will help their businesses.

IAMTHEHERO:

Are you serious? Where did you buy your own dollars?l just called my money changer,he told me N230.l think time has come for us to be speaking the truth.Most people are here to pick one or two things that will help their businesses.

It was about N225 as at last Friday

Did we change to the PAST



www.nairaland.com/attachments/2095210_worst_jpeg588f192a23aa02a7b350a8bbe5d18306




www.nairaland.com/attachments/2191699_bc5fu8aevkci_jpeg7fd60ed9cdeded70e187b8a2c1fd9480

SW keep bragging dat they dnt nid oil because they house all manufacturing industry in nigeri and i laff at them. Now oil price dropped and in less than one year manufacturing frm dia area is set to drop by equal percentage. Now if oil stops flowing tell me wats will save d place frm becoming ghost town.

Activa:


Pls tell me two developed countries where you can walk to your bank and deposit foreign currency (cash) in large sums.

Everything goes in Nigeria.

Where are those people getting cash foreign currency to deposit from. There are only a few genuine cases though (in small deposits) but those aren't even d problem.

The real problem are d bribe takers/givers and speculators.

You are not making sense sir. If your country only imports, then either banks sell the dollar to importers which they have refused to do now, or they allow importers deposit dollar they source from BDC which they are now blocking too.

Prices of basic items that are imported will soon skyrocket. All these are cosmetic measures. A country that is best at hurting its citizens but protecting the elite so that the elite will loot that country and stash their looot in foreign banks and as well cite their companies (refineries, schools etc) in foreign land is not a serious country. Its a zoo. The same elites will give you banner of One nigeria and Nigeria first but their savings are in foreign land and their investments in foreign land, their kids school abroad.

1984 economy loading.....

TechRev:


You are not making sense sir. If your country only imports, then either banks sell the dollar to importers which they have refused to do now, or they allow importers deposit dollar they source from BDC which they are now blocking too.

Prices of basic items that are imported will soon skyrocket. All these are cosmetic measures. A country that is best at hurting its citizens but protecting the elite so that the elite will loot that country and stash their looot in foreign banks and as well cite their companies (refineries, schools etc) in foreign land is not a serious country. Its a zoo. The same elites will give you banner of One nigeria and Nigeria first but their savings are in foreign land and their investments in foreign land, their kids school abroad.

1984 economy loading.....

What's the source of BDC cash?

Activa:


What's the source of BDC cash?

Educate me please. Also tell me source of Forex used by commercial banks.

IAMTHEHERO:

Are you serious? Where did you buy your own dollars?l just called my money changer,he told me N230.l think time has come for us to be speaking the truth.Most people are here to pick one or two things that will help their businesses.

The previous guy said the truth.. cos as @ yesterday afternoon at Yaba, a mallam offered to sell Dollars for N208 to $1.

Ask JefferyJames if i'm lying!

Algebra12:
We are on a long thing with our sole administrator still on honeymoon.

The looming disaster will be monumental.

If Jonathan's ineptitude did not lead to a monumental disaster, Buhari's honeymoon will be less.

kannymoore:


The previous guy said the truth.. cos as @ yesterday afternoon at Yaba, a mallam offered to sell Dollars for N208 to $1.

Ask JefferyJames if i'm lying!

i bought 225 on friday.
i had an offer of 218 from another seller but the 225 guy was able to help me deposit the dollars in my dom account (which CBN has banned since friday morning)

Activa:


Pls tell me two developed countries where you can walk to your bank and deposit foreign currency (cash) in large sums.

Everything goes in Nigeria.

Where are those people getting cash foreign currency to deposit from. There are only a few genuine cases though (in small deposits) but those aren't even d problem.

The real problem are d bribe takers/givers and speculators.

In [developed] foreign countries, you don't NEED to even see foreign currencies if you want to do business abroad. Transfers of money are effected in local currencies and converted at official exchange rates. Nigeria is an anomaly in this regard.

In other words, if I want to send $10, 000 to the U.S. from the U.K, I simply walk into my bank and use my local sterling denominated account (which is the only one I need to have) and sign a transfer form authorising my bank to send the sterling equivalent of $10,000 to the U.S. and debit my account accordingly. No such thing as a domiciliary account in the U.K for forex, at least not that I know of.

So there's no black market for forex, no real need for BDCs except at airports and other points of entry into the country so travellers can change their currencies into sterling.

Full convertibility of the naira will at least help to discourage the whole parallel thing and keep the exchange rate where the government wants it to be. Pegging your exchange rate is not necessarily a good thing, but at least if you want to do it, do it well.

collinsVP:
The ripple effect of CBN foreign exchange policy cuts across many sectors.

If production is cut by 50%, it we invariably results in further reactions- cut in labour force, decline in revenue of suppliers of raw materials-brought about by decline in sales, increased cost of production - brought about by diseconomics of scale, low living standard etc.

The group with the hardest hit, is the inexperienced job seekers who will be displaced or disadvantaged in any available job openings on the ground of inexperience while the group with experience keeps changing jobs.

Cbn shud have produced fx derivatives to all big time manufacturers to hedge against these dips.Example is forward rate agreement like futures product.

TechRev:


Educate me please. Also tell me source of Forex used by commercial banks.

You said what I wrote makes no sense.

So I asked you a question and you're pushing it back. If you don't know it then admit it and we can start talking.

The answer to that will begin to tell u why the gap between the interbank and parallel rate is that wide.

The policy of d cbn and d 41 items isn't perfect just as any other policy. But nobody has been able to provide a better alternative.

I also admitted earlier that although some genuine small cash depositors might suffer but the aim is to frustrate d unpatriotic people who make huge and obscene profits at d expense of the country.

But I can see many ignorant people here making comments and abusing Buhari as if d problem started with him.

For example, what's the relationship of '1984 economy loading' which u wrote and d subject being discussed?

There is not wong with imports stupid. What is worrisome is when you don't export. Imports creates jobs, millions of jobs. Just look at rice and wheat imports alone. Millions are dependent directly or indirectly on them. You don't have to be told.

Rich countries are not self sufficient. That is a big myth. The EU for instance is a common market- there is no duty among member countries.

The import bans have failed to help the country industrialise. The foundation of South Asia's manufacturing are exports. Its time government wakes up

danjumakolo:


Cbn shud have produced fx derivatives to all big time manufacturers to hedge against these dips.Example is forward rate agreement like futures product.

Of course. That would have some what balanced th economy.

Activa:


You said what I wrote makes no sense.

So I asked you a question and you're pushing it back. If you don't know it then admit it and we can start talking.

The answer to that will begin to tell u why the gap between the interbank and parallel rate is that wide.

The policy of d cbn and d 41 items isn't perfect just as any other policy. But nobody has been able to provide a better alternative.

I also admitted earlier that although some genuine small cash depositors might suffer but the aim is to frustrate d unpatriotic people who make huge and obscene profits at d expense of the country.

But I can see many ignorant people here making comments and abusing Buhari as if d problem started with him.

For example, what's the relationship of '1984 economy loading' which u wrote and d subject being discussed?

Too much ignorance bro. How do you frustrate those Jonathan paid in dollars who have hidden it in Tanks and Farms and Underground basements? Soon their monies will become useless.

People are simply impatient but it's a solid policy that would help us.

And for those thinking of laundering money through borders, they should think twice. Buhari has not been travelling to our neighbouring countries, Benin, Chad, Niger, Cameron to sightsee.

Algebra12:
We are on a long thing with our sole administrator still on honeymoon.

The looming disaster will be monumental.

My brother you hit the nail on its head. Lack of economic direction from government is a major factor in this. Many are cautious of investing money in a country with the leader sleeping and no clear cut political and economic direction. Nigeria and Nigerians are in for a long one, we don enter one chance. Anyway september is gradually loading,let's see what our sole administrator is up to.

loifez123:
Dollar is crashing already. As at yesterday it was at 218 from 245 (I went to buy dollar from mallam so I am 101% sure.

We are too given to shortcuts which is why people shout when measures are put in place to safeguard the Naira. Should we have continued encouraging importation of goods we can manufacture locally which will in turn encourage exportation and bring value to the Naira

The panic buying was just for a short while and the ban is beginning to pay off..... Dollar is crashing big time.... if in doubt, call your bureau de change operator to confirm before quoting me and saying shenanigans.........

[size=13pt]
You are giving a false hope. It is not panic buying, it's called demand and supply.

It is because businesses are folding up as you can glimpse from this report by Punch.

If they are collapsing, there would not be any need to import raw materials and equipment hence reduction in the foreign exchange demand. With 50% cut in production, it means their forex needs has been cut down significantly and value of the naira might appreciate.

But it is already affecting the GDP growth rate and will exacerbate the unemployment situation. Big companies (with financial muscles) will lay-off some staff (if temporarily) while SMEs will fold up till probably when things improve. It could be short-term or medium-term or permanent for some depending on how the dullard in Abuja respond. [/size]

porka:

[size=13pt]
You are giving a false hope. It is not panic buying, it's called demand and supply.

It is because businesses are folding up as you can glimpse from this report by Punch.

If they are collapsing, there would not be any need to import raw materials and equipment hence reduction in the foreign exchange demand. With 50% cut in production, it means their forex needs has been cut down significantly and value of the naira might appreciate.

But it is already affecting the GDP growth rate and will exacerbate the unemployment situation. Big companies (with financial muscles) will lay-off some staff (if temporarily) while SMEs will fold up till probably when things improve. It could be short-term or medium-term or permanent for some depending on how the dullard in Abuja respond. [/size]

so in your mind, he 50% was cut in a week, hence the fall from 242 to 218 within 2 days?
production has been down for months and years, yet the exchange rate kept rising.

mployer:


The crash is cosmetic, there is nothing real in it.


Who will buy dollar when bank will not allow you deposit dollar in your account? How do you operate a domiciliary account without making deposits?...and how do you intent to run an economy without domiciliary account?

The moment they lift ban on dollar deposit(which must happen) dollar will start rising sharply again.

If you are running a genuine domiciliary account, dollar transfer is very well allowed. That was transactions are tracked. Google and listen to the Diamond Bank CEO explanation, you will damage ignorance afterwards.

loifez123:


If you are running a genuine domiciliary account, dollar transfer is very well allowed. That was transactions are tracked. Google and listen to the Diamond Bank CEO explanation, you will damage ignorance afterwards.

You don't know what you are saying.

Dollar transfer is only allowed electronically. How do you intend to fund your domiciliary account electronically when you are in naija and has no means of earning dollar from overseas?

btw, what do you mean by illegal domiciliary account?

Activa:


You said what I wrote makes no sense.

So I asked you a question and you're pushing it back. If you don't know it then admit it and we can start talking.

The answer to that will begin to tell u why the gap between the interbank and parallel rate is that wide.

The policy of d cbn and d 41 items isn't perfect just as any other policy. But nobody has been able to provide a better alternative.

I also admitted earlier that although some genuine small cash depositors might suffer but the aim is to frustrate d unpatriotic people who make huge and obscene profits at d expense of the country.

But I can see many ignorant people here making comments and abusing Buhari as if d problem started with him.

For example, what's the relationship of '1984 economy loading' which u wrote and d subject being discussed?

@ bolded what other way do your people state admittance?? I have told you to explain it to me and you are still asking me to admit i have no knowledge of it??
How do you mean small cash depositors?? what is small cash depositor to you?? If i want to import 30 containers of PMMA sheets (acrylic sheets) is the money small cash deposit??
Manufacturers are closing down and laying off workers cause they cannot get forex and raw materials and you are here defending.