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Nairaland Forum / Nairaland / General / Business / Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) (22996 Views)
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Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by ykalhaji(m): 8:59pm On May 20, 2020 |
fairfora: Yes, but the chicken has come home to roost. Even the big guys can't even call their directors to get dollars now. Emiefele is just paying lip service to the Official rate; those guys in that meeting are not stupid, none of them believes Emeifele for a second. I am certain even as they were in the meeting their agents were buying forex in the parallel market. Dangote is in a very advantageous situation because he has companies in different countries, he can loan his Nigerian subsidiaries dollars from the offshore accounts of the subsidiaries in other countries to make foreign payment. One reason why any serious Nigerian businessman must try to create working subsidiaries in other more organized countries. |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by ykalhaji(m): 9:07pm On May 20, 2020 |
henryobinna: You are right, the guy just dey act movie magic. See if Emeifele can say all these nonsense in front of the economies creme de le creme, imagine the unending jargons he and this administration has been feeding us the average citizens. That is how they said they are feeding school children during a period where schools are closed. |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by Nobody: 9:15pm On May 20, 2020 |
GeorgeTheCoder:Both are legal but for local & foreign investors to access dollar from parallel mrkt is wrong and should be contain by CBN. The effect is dat dey don't want govt to know their transactions by acquiring forex from bank so as to hide their tax report and their earnings, secondly some of them are into dubious activities dat dey prefer such corridor |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by nicenaira(m): 9:32pm On May 20, 2020 |
You're watching them... Olympus has fallen |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by AdaoraNK(f): 9:39pm On May 20, 2020 |
StubbornGENIUS: I'm not saying it not obtainable @460 but Emefiele shouldn't call them 'saboteurs' because like you said, the commercial banks will hoard it and resell to accredited BDC to make gains. Commercial banks all over the world feasts on foreign exchange, its thier 'cash cow' |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by GeorgeTheCoder: 9:42pm On May 20, 2020 |
dirtydiva: You cant provide a legal window and ask people not to access it. The real problem is that there is an officially sanctioned black market in Nigeria which we call the parallel market. |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by AdaoraNK(f): 9:48pm On May 20, 2020 |
isthatso: They know what they are doing and the games they are up to. Believe me, the men who dictates the financial sectors or 'fuckingly' rich as every businesses mogul or an average business man can not do without them. For example in Nigeria, market forces don't determine the price as the CBN intervene most times, hence the market regulators determine the price and before then they would have provided mechanisms to profit from it. Just check, in the entire financial world, how many governors of a country's central /reserve banks have been convicted for fraud despite all fraudulent billions of dollars going through their systems? |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by Nobody: 9:49pm On May 20, 2020 |
GeorgeTheCoder:Such window wasn't meant for such kind of investors the CBN gov is lamenting on, such corridor in my own opinion is meant for commercials who deal on importation dat doesn't run on millions of dollar dat why you see most of this BDCs in mrkt place |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by AdaoraNK(f): 9:51pm On May 20, 2020 |
henryobinna: Hahaha... His boss is still finding the formula to N1 equal to $1. The first 365 day trial of thier government was fire, as it exchanged to N520 to $1 We are still waiting |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by AdaoraNK(f): 9:55pm On May 20, 2020 |
DRSEGUNBABA: You ascertion is very correct. Religion is one of the banes of our economic growth. Especially the religion of..... (Fill in the gap) I no talk anything oooo 1 Like 1 Share |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by Nobody: 9:59pm On May 20, 2020 |
ykalhaji:LMAO... their chickens have truly come home to roost. It's pretty hard for them this time...Only those who have investments overseas are better off as we speak. First Bank and GTB are among the banks who could be flexible with forex as they have branches overseas. But I learnt they have narrowed their forex transactions to Agriculture and Raw Materials as the CBN could sanction them, should they flout the policy. People should just brace up for the upcoming challenges at the forex market because this is just the beginning. 2 Likes |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by gnykelly(m): 10:08pm On May 20, 2020 |
RuddyFusion: Nigerians coming from abroad that will bring or send money in dollars to their families...importers who are not given preference for importing will buy it in the parallel...those who want to import junks from China... those want to edge against the sharp devaluation of the naira... these people are in the parallel market 2 Likes |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by Mrpojj(m): 10:23pm On May 20, 2020 |
vedaxcool: Who are criminals? |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by s4short: 10:25pm On May 20, 2020 |
TruthDefender: It is you that does not understand that covid has crippled almost everything and as such the demand for dollar should be very low which necessitated the market restrictions. Those business men did not just source for forex that they need but were planning to make profit from the forex trading which is why he is cautioning them. |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by TruthDefender(m): 10:30pm On May 20, 2020 |
Ignorant youth. Let me give you one group of Nigerian businessmen that need forex but cant source it,unless through the parallel market : Car dealers importing vehicles from the USA. I have many friends in this business and know how much i have helped them source for dollars. Don't comment on issues you know nothing about s4short: |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by fid4fid: 10:40pm On May 20, 2020 |
fairfora: Bro, I been ask Sterling bank today. Them say with Form M, you fit deposit and transfer upto $10k daily to oversea company. But problem with Form M now be say to use "dagbo" or fake insurance certificate to open Form M on singlewindow portal no work again. You go need get original certificate of insurance from Insurance company then apply for Form M on single window portal. |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by fid4fid: 10:52pm On May 20, 2020 |
TruthDefender: Importing cars no need Form M. And without Form M them no go fit go bank to do FCY transfer to other countries, even if they buy dollar from aboki. How these your guys come manage dey fit send transfer? A bi e get any bank wey for do transfer without Form M? I don ask UBA & Sterling... Them say them need Form M for FCY transfer. |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by TruthDefender(m): 11:17pm On May 20, 2020 |
Good question. They pay naira into our accounts in Nigeria,while we pay for the vehicles and shipping in dollars over here for them. Usually they would normally pay for the vehicles directly from Nigeria, but because of lack of dollars from CBN/Banks, they have no option than to use the parallel market. fid4fid: |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by COMPAQ(m): 11:35pm On May 20, 2020 |
So why doesn't CBN sell them the amount of forex they need, when they need it!! Who in his right mind buys something for 450 of ours available for 380?? 1 Like |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by Nobody: 11:52pm On May 20, 2020 |
fid4fid:True. The certificate of insurance bears a unique number which must now be activated first on the ASKNIID.COM which happens to be owned by the NIA. The certificate upon activation by the NIA, would now sync into the CBN's single window portal for activation. It's the insurance company that would send the details to the body for activation while processing your marine insurance oo. Once you click attach after inserting the insurance certificate number on the trade portal , it would automatically accept it if it's genuine, same with the SON or Nafdac product certificate processed by either cotecna, intertek or SGS in your suppliers country or origin. It would be hard to defraud those guys now and I love it . Forget what sterling bank is saying. Forex is scarce like water in the desert. After completing your form M, you'd now queue endlessly for forex bid, which might not come until after 2-3 months. CBN policy could favour you midway shaa as it changes everyday so, let me not discourage you. We bidded for 120k usd and only got 17k USD under the retail SMEs window, wetin we wan take that one do na, after waiting for 2 good weeks and we learnt we cant touch the 17k usd until after 45 days . It was just an option suggested by our account officer after waiting almost forever for forex bid upon completion of form m. If you are not transferring beyond 20kusd, you don't need any form m wahala. It would be approved and done within one week max because funds are always readily available for that from CBN weekly. The CBN allocates forex to banks weekly for SMEs under this window but you cannot do more than 20kusd in a quarter. You may even exhaust the 20k in one transaction if you so wish. All you need do is fill a Form Q and attach your signed commercial invoice and your request on a company letterhead, your CI must have freight included. Good luck bro. 1 Like |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by sultaan(m): 12:15am On May 21, 2020 |
The video implies that most of the big shots are converting their assets to dollar. It you take a bank account with N1bn and your account shows you just bought $2.2m . A month from now you still have $2.2m but if it was in naira it would have lost value When all the billionaires are doing it at the same time the CBN panics it will be a trigger for a downward spiral of the naira. Look at the situation where most of his audience are not Nigerians, it means wealth will be moved overseas while the economy is haemorrhaging . When you neglect the local investors and depend of foreigners, a time will come when they have to take their profit home. It is extremely wrong for the Governor to have access to their banking information and use it against them when making policies. 2 Likes |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by sultaan(m): 12:33am On May 21, 2020 |
He did not accuse them of selling at a higher than official price available at the bank but by them flooding the parallel market and buying up the dollars at a frenzy, it signals the fact that Nigeria is running out of forex which could trigger a massive economic downturn. Imaging Lehmann Brothers Bank collapse and how it affected the US earlier this decade. Anyone with asset to protect should buy dollars now with all the cash in their account, the government has shown it might not have any means to back the naira but still has a lot of liabilities in dollars 1 Like |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by Nobody: 12:35am On May 21, 2020 |
GeorgeTheCoder: Is the CBN governor okay? I think the man is sick. So they shouldn't patronize the parallel market? Does the exporter-investor window has the volume needed? So they should wait and jeopardize their business? Honestly, CBN governor need to check in fast to Yaba left 1 Like |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by covid2019: 1:17am On May 21, 2020 |
fairfora sir Do you think dollar will still increase or reduce like in the next 1 month ? |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by covid2019: 1:32am On May 21, 2020 |
sultaan:Sir,do you think dollar will increase or decrease in like a month's time ? Fid4fid Truthdefender dasuks adaorank |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by TruthDefender(m): 3:27am On May 21, 2020 |
The naira will keep falling . The current CBN rate of 380 to the $ is not sustainable ,especially when you factor in dwindling government revenues from oil sales. Basically,the CBN is subsidizing the dollar to be able to sell at 380 to their friends,thereby impoverishing Nigerians. CBN should allow the naira find it's natural level,like other currencies. If they do, i project the naira to $ rate will be at least 500. covid2019: 1 Like |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by grandstar(m): 4:50am On May 21, 2020 |
slivertongue: Which economic saboteurs? Are you a stranger in Jerusalem? Can you not see the handwriting on the wall? The price of oil has collapsed so foreign exchange inflows have collapsed as well. THE CBN does not have as much dollars to supply the market again so buyers are forced to go to the black market and buy. The natural thing to do is for the Naira to depreciate. This is happening at the parallel market but not at the official market. Emefiele does not want the Naira to depreciate any further and that is the cause of the problem. He is fighting a losing battle. Calling them economic saboteurs is simply giving a dog a bad name in order to hang it. Rather, provide the market enough dollars or allow the currency to depreciate. You can not defy the market and win. This is the hard truth. 2 Likes |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by fid4fid: 7:02am On May 21, 2020 |
fairfora: My Form M for my supplier dey valid. But where I dey get issue na my oversea freight forwarder. Because the company wey dey go pick up my shipment after loading dey different from my manufacturer/supplier. I no open Form M for my freight forwarder. Now to pay them dey hard me because Bank need form M to transfer money. I'm thinking of buying RMB to my account in China and converting it to USD to transfer to the company in NZ. That's only possible if sending from personal account to personal account. Boys for Dubai say them go collect naira here to give me dollar for there. But those boys for Deira na G guys... and I go need deposit naira here for them for them go give me Dirham and help me wire am to NZ. This option no safe at all... On the long run I go need go open Form M for my freight forwarder. That means I go get Certificate of Insurance. Which insurance company make sense? Wey sabi activating the certificate number through NIA? Another funny thing be say, if you open Form M for one bank ( UBA)... If you wan send money through Sterling Bank, them No go gree collect that Form M. |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by henryobinna(m): 7:56am On May 21, 2020 |
ykalhaji:my brother that feeding program is the greatest scam of recent memory, I don't know what they're trying to say. Feeding school children when they're not allowed to come to school. Who are they feeing then? |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by id911(m): 8:27am On May 21, 2020 |
fairfora: May God bless you and your family richly for this. Nigerians are so gullible and most of them are economic illiterates who know next to nothing about their environment. They praise their oppressors daily to high heavens and abuse and insult those who try to open their eyes about the evil some so-called rich men are doing to perpetually keep them poor. Each time I try to tell them people like Dangote, Otedola, etc are economic saboteurs and terrorists making them poor, they start insulting. That's one of the reasons I try not to comment again. Even Nairaland and Nigerian press praise those who are killing their economy and productivity. It will be hard for this country to move forward because the people have decided to be slaves to their oppressors |
Re: Emefiele Accuses Nigerian Business Moguls Of Using Illegal Markets (Video) by Nobody: 9:52am On May 21, 2020 |
fid4fid:Dont even try the Deira tins. You can pick Nigerians on the streets in Deira. They'd be the ones even asking if you need help. I almost bought fake dollars years back from one of them Please steer clear. Dem full Gold Square too for dubai. The form M is bank-specific so, you cannot port to another bank . You know when filling the form M, you select bank code and branch up to state level so, that makes it difficult to use the form M in a bank other than the one selected on the trade portal. I don't want to advertise any insurance company here. But you just meet your account officer. They'd advise you better in which to choose. |
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