It's about time!

The cleansing of the Temple

Matthew 21:12–17

Mark 11:15–19


"Then they came to Jerusalem. And he entered the temple and began to drive out those who were selling and those who were buying in the temple, and he overturned the tables of the money changers and the seats of those who sold doves; and he would not allow anyone to carry anything through the temple. He was teaching and saying, “Is it not written,

‘My house shall be called a house of prayer for all the nations’?
But you have made it a den of robbers.”
And when the chief priests and the scribes heard it, they kept looking for a way to kill him; for they were afraid of him, because the whole crowd was spellbound by his teaching. And when evening came, Jesus and his disciples went out of the city."

Which sudden policy will crash it?

- 24 hrs electricity 365 days a year?
- Smooth logistics in road, rail and water ways to make ease of goods movement?
- FG taking over all minerals like gold etc and sharing the proceeds like oil?
- Boom of manufacturing and export of goods?
- Security if farmers nationwide? And the people processing of their products?

See, if they don’t roll their sleeves to work, all the english of policy will mean nothing. Isn’t that how dollar fell 900 to 840 when they said $3B was coming and then boom it’s 1,200.

Vision101:
A few hours ago I wrote here that the fx rate is purely caused by speculation and roundtripping. There is so much arbitrage going on. Some people in their usual way with political undertone abused us.

I mentioned that a sudden policy will crash all this. I hadn't read this news then. It's basic economics that hence we are import dependent economy and if the consistent upward movement of the rates is a true reflection of the economy then the smallest packet of biscuit would not be less than #500. But this isn't the case. Then something artificial is going on.

Watch out for major policy that will shake naira in the first quarter of 2024.

I will keep repeating this: I'm an Igbo and apolitical. President BAT is the best among the three. He inherited so many problems but will not talk because buhari is from APC. The mess started from two years towards the end of Jonathan's regime but buhari rubbed shit everywhere.

FreeStuffsNG:
Speculators currently behind the unpatriotic and criminal arbitrage are already trapped with the executive orders and will get burnt las las ni

They want to keep on speculating , hype the overvalued street value of USD and call it parallel market price or projection. Smh. Eyin obaiye je lo ma re.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las. It's laughable ignorance when poorly educated people who have almost 100% of their day to day expenses in naira still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will. Not even EFCC that Mr Emefiele kept sending after them will make them stop.

I am 100% in support of the steps FG through CBN is taking to allow free float to determine our real aggregate demand till those unpatriotic elements are burnt by real market forces.

God bless President Bola Ahmed Tinubu. God bless Mr Cardoso. God bless Nigeria for ever! Check my signature for free stuffs!

Economy is not grow by an appeal to emotions.

Your govt pple are the speculators. They have special leverage. Where do u think your abokis get their dollars from? Do you think if they get it through normal rate, their would be an arbitrage?

TheBillyonaire:


I have stated that numerally but the CBN Governor have no knowledge of this. I see no reason we should not have a trading platform so we can bid and sell currencies digitally and get taxed instead of hoarding the physical tenders. Launching a local trading platform will transform the economy and prosper Nigerians.

They keep threatening those profiteering on the arbitrage as if they are even smart enough to know how to stop it. Until the Government have square pegs in square holes they can not do a fucck, cos no one can stop anyone from benefitting from the rot they create.

It is Naira/Dollar ETF is not going to work, not only that the CBN will never create, but they will never allow entity to do so!

The reason is simple, CBN want to hoard the dollar, they want to be the only dollar liquidity source in Nigeria period!

Creating such EFT will see them lose their control total control and autonomy over the dollar.

With such an ETF all the foreign Airlines and MTN whose funds have trapped in Nigeria would not be crying to CBN to allow them repatriate their money, they will simply use their Naira to load up enough Naira/Dollar ETFs and then sell same internally and collect the proceeds into their foreign accounts in their home Country.

Also remember as with Futures and ETFs if the owner of you the security wants to take possession of it, you must provide the physical cash. e.g. if MTN sells their Naira/Dollar ETFs, the buyer can sell it and CBN will be on the hook to transfer dollars to the exchange who will then credit the seller.

Additionally don’t forget that speculators are mainly in the game to make money, as the guarantor, they will bleed CBN dry because CBN have to keep up with liquidity in the system as speculators take profits and cashes from time to time.

Thank you sir, I think the tribalism in this country and on this forum is not born out of ethnic group or region , it is born out of lack education and exposure. Thank God you spoke as a Nigerian and not as Igbo. I just hope things change asap.


 

Vision101:
A few hours ago I wrote here that the fx rate is purely caused by speculation and roundtripping. There is so much arbitrage going on. Some people in their usual way with political undertone abused us.

I mentioned that a sudden policy will crash all this. I hadn't read this news then. It's basic economics that hence we are import dependent economy and if the consistent upward movement of the rates is a true reflection of the economy then the smallest packet of biscuit would not be less than #500. But this isn't the case. Then something artificial is going on.

Watch out for major policy that will shake naira in the first quarter of 2024.

I will keep repeating this: I'm an Igbo and apolitical. President BAT is the best among the three. He inherited so many problems but will not talk because buhari is from APC. The mess started from two years towards the end of Jonathan's regime but buhari rubbed shit everywhere.

g

Acekidc4:
People should give Tinubu time, he will surely perform and do wonders. You all will thank him later. Things are really bad, we all know but it won't be for long.

the funny thing is the exact same words were said by Buhari supporters

What metric do you use to judge your optimistic expectation ?

You have a very strong point here, but there was a way this was being controlled back in the days. All we need is a strong auditing system.
The major use of dollar is basically for payment of international bills including school fees and importation of goods. Dollars purchased on the ETF can only be used for services by major international merchants and dollars used for importation must evidently show proof of the imported goods.

Even 100 dollar monthly limit for every naira card will go a long way to reduce the need of dollar. I usually don't need more than this to renew my services as a tech entrepreneur and this is the major reason I visit aboki.

Back in the days it is very hard for you to round trip this 100 dollars monthly limit even if you have 100 naira-cards with 100 dollars monthly limit because at the end, the international charges are high and what you will get back after your round trip won't be up to 100 dollars.

It is not a rocket science, just create a forensic unit that follows the dollar and back it up with a strong audit system. Every importation must be done by registered companies and once found guilty while trying to fault the system , you are ban for life. Create a system that Give every company and every transaction a frequent code name where the forensic unit monitor transactions by their code names so they can't go back door to Strick deals with importers. Every imported goods are linked to some kind of port of lading and if after three month you didn't import anything, then return the dollar and face jail.



 

linearity:


It is Naira/Dollar ETF is not going to work, not only that the CBN will never create, but they will never allow entity to do so!

The reason is simple, CBN want to hoard the dollar, they want to be the only dollar liquidity source in Nigeria period!

Creating such EFT will see them lose their control total control and autonomy over the dollar.

With such an ETF all the foreign Airlines and MTN whose funds have trapped in Nigeria would not be crying to CBN to allow them repatriate their money, they will simply use their Naira to load up enough Naira/Dollar ETFs and then sell same internally and collect the proceeds into their foreign accounts in their home Country.

Also remember as with Futures and ETFs if the owner of you the security wants to take possession of it, you must provide the physical cash. e.g. if MTN sells their Naira/Dollar ETFs, the buyer can sell it and CBN will be on the hook to transfer dollars to the exchange who will then credit the seller.

Additionally don’t forget that speculators are mainly in the game to make money, as the guarantor, they will bleed CBN dry because CBN have to keep up with liquidity in the system as speculators take profits and cashes from time to time.

FreeStuffsNG:
Speculators currently behind the unpatriotic and criminal arbitrage are already trapped with the executive orders and will get burnt las las ni

They want to keep on speculating , hype the overvalued street value of USD and call it parallel market price or projection. Smh. Eyin obaiye je lo ma re.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las. It's laughable ignorance when poorly educated people who have almost 100% of their day to day expenses in naira still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will. Not even EFCC that Mr Emefiele kept sending after them will make them stop.

I am 100% in support of the steps FG through CBN is taking to allow free float to determine our real aggregate demand till those unpatriotic elements are burnt by real market forces.

God bless President Bola Ahmed Tinubu. God bless Mr Cardoso. God bless Nigeria for ever! Check my signature for free stuffs!

You are probably a Yoruba who think he is smart.. but you are dum.b as Fvk.... Write r.ubbish doesn't tell smart....

It's disgusting when people still come here to support this underperforming government. People are really Shameless and devilish. Walahi

I like the way everyone is suffering in this economy. I want it to get worst on those that used tribalism, religion and hàtred to vote and campaign in the last election and sold their conscience and reasonability.
Maybe next they will learn to follow competency and youthfulness in choosing their leaders.

Spandau:


Yet when the movement starts, you'll find something silly to yarn.

When will the movement start

It's five months gone

koladata:
You have a very strong point here, but there was a way this was being controlled back in the days. All we need is a strong auditing system.
The major use of dollar is basically for payment of international bills including school fees and importation of goods. Dollars purchased on the ETF can only be used for services by major international merchants and dollars used for importation must evidently show proof of the imported goods.

Even 100 dollar monthly limit for every naira card will go a long way to reduce the need of dollar. I usually don't need more than this to renew my services as a tech entrepreneur and this is the major reason I visit aboki.

Back in the days it is very hard for you to round trip this 100 dollars monthly limit even if you have 100 naira-cards with 100 dollars monthly limit because at the end, the international charges are high and what you will get back after your round trip won't be up to 100 dollars.

It is not a rocket science, just create a forensic unit that follows the dollar and back it up with a strong audit system. Every importation must be done by registered companies and once found guilty while trying to fault the system , you are ban for life. Create a system that Give every company and every transaction a frequent code name where the forensic unit monitor transactions by their code names so they can't go back door to Strick deals with importers. Every imported goods are linked to some kind of port of lading and if after three month you didn't import anything, then return the dollar and face jail.



 

Bros, you dey talk as if no bi Nigeria bi dis.

If the audit system you talk about is created and implemented, we would not even need this Naira/Dollar ETF.

The bank managers know the exact people who do these dollar round-trips, the Government know and aid them.

If they carry mopo go Transcorp Hilton in Abuja and round up those Mallam just from Monday to Friday, Dollar will fall, but I will bet you, that will never be done!

Do the same at International Airport Lagos, sanity will be restored to the system…..before these round trippers recover from the audacity and shock of such a raid, they would have taken huge risks and wiped out of business.

It is only in Nigeria that economic sabotagers are aided and given cover by the central government while they work in broad day light and the government is ‘crying rivers’ for solution to the problem that is of their own creation and can only be fixed by them.

Acekidc4:
People should give Tinubu time, he will surely perform and do wonders. You all will thank him later. Things are really bad, we all know but it won't be for long.

that is the same words will keep hearing every time but things get worse. if we continue this attitude of anticipating we all are just aheading straight to hell on earth.
I not against Tinubu but against any president that will be making things hard for the masses. I pray this situation will get better because na highway to hell.
Let us stop this nonsense idea of using base on enthic or tribe to keep defending bad government or verse varsa because the president is not from your enthic you will wish him bad

Big LOL

FreeStuffsNG:


https://businessday.ng/news/article/775395-naira/

FreeStuffsNG:


Remarks from the Minister of Finance and the CBN Governor at the National Economic Summit Group.
1. The FX market is illiquid because there is not enough supply of foreign exchange in the system due to various reasons.

2. The bleeding with respect to Nigerian resources has stopped.

3. The time to be concerned has gone as the country is now on the path of rebuilding.

4. There is enormous interest from foreign portfolio investors and foreign direct investors.

5. The President has signed an executive order that will effectively legally allow all the cash in the domestic economy to come into the system.

6. There is another executive order that will allow domestic issuance of foreign currency instruments.

7. Revamping of the FX market to ensure simplification and digitization of the FX market through a robust regulatory framework.

8. There is an expectation of a $10 billion inflow to clear the backlog of FX obligations in the coming weeks.

9. There will be supply of FX from NNPC, Sovereign wealth fund, foreign portfolio investors.
Check my signature for free stuffs!

The economy is a mess . You go explain tire. Just brace up for more impact.

Acekidc4:
People should give Tinubu time, he will surely perform and do wonders. You all will thank him later. Things are really bad, we all know but it won't be for long.

You gave Buhari 8 years when it was obvious that he was out of his depth in 6 months, I don't see anyone thanking Buhari. The more time you give Tinubu, the more problems he causes for Nigeria. In the UK the moment they noticed that Liz Truss was incompetent they got rid of her in less than two months.

FreeStuffsNG:


https://businessday.ng/news/article/775395-naira/

Talk is outrightly cheap. However, strategic action is very expensive. I will take this government seriously when naira debit cards are allowed for FX transactions...
They need to come up with a watertight FX policy and implementation. Hence, we are toast in the coming months.

FreeStuffsNG:
Speculators currently behind the unpatriotic and criminal arbitrage are already trapped with the executive orders and will get burnt las las ni

They want to keep on speculating , hype the overvalued street value of USD and call it parallel market price or projection. Smh. Eyin obaiye je lo ma re.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las. It's laughable ignorance when poorly educated people who have almost 100% of their day to day expenses in naira still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will. Not even EFCC that Mr Emefiele kept sending after them will make them stop.

I am 100% in support of the steps FG through CBN is taking to allow free float to determine our real aggregate demand till those unpatriotic elements are burnt by real market forces.

God bless President Bola Ahmed Tinubu. God bless Mr Cardoso. God bless Nigeria for ever! Check my signature for free stuffs!

keep shut propagandist.
If the forex is lacking why regulate prices?

cooooooks:
Did Tinubu's Wale Edun just say he wants to BOOST the money supply?

When our inflation is above 20%

Do these people know anythinf about the economy

Fx not naira

The dollar abokis would not like this!

But can this work out?

LikeAking:
Nothing go happen.

Exactly the bottom will still fall out

Babanah:
Can someone advise the powers that be to create a Naira/Dollar ETF backed by USD held by the CBN or any strong Financial Institution. This will segment the market. Those who need the dollar for speculative reasons or as a store of value can buy this Instrument. While the real dollars will be left for these who have genuine need for forex. The ETF will fluctuate/mirror the naira/dollar rates but will be held within Nigeria.
For further details can you ask the CBN Governor to contact me.

this is brilliant but I don't know if it can be implemented by the govt, but it is brilliant.

APC IS ONLY GOOD FOR PROPAGANDA, CREATING DIVISION AMONG THE PEOPLE AND USING THEIR SOCIAL MEDIA AGENTS TO MAKE COMMENTS AND TO LIKE THEIR POSTS WHILE THEY PUT THE PEOPLE IN SUFFERINGS. WHEN I SAY APC IS EVIL PARTY FROM THE PIT OF HELL Y’ALL IT IS NOTHING SERIOUS. THEY ARE SO POOR IN GOVERNANCE BECAUSE THEY HAVE NO IDEAS HOW GOVERNMENT WORKS. THEY ARE ONLY GOOD AT PROPAGANDAS, CREATING DISUNITY AND CREATING MASS POVERTY AND CORRUPTION

FreeStuffsNG:
Speculators currently behind the unpatriotic and criminal arbitrage are already trapped with the executive orders and will get burnt las las ni

They want to keep on speculating , hype the overvalued street value of USD and call it parallel market price or projection. Smh. Eyin obaiye je lo ma re.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las. It's laughable ignorance when poorly educated people who have almost 100% of their day to day expenses in naira still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will. Not even EFCC that Mr Emefiele kept sending after them will make them stop.

I am 100% in support of the steps FG through CBN is taking to allow free float to determine our real aggregate demand till those unpatriotic elements are burnt by real market forces.

God bless President Bola Ahmed Tinubu. God bless Mr Cardoso. God bless Nigeria for ever! Check my signature for free stuffs!

I hope they with also digitise the multinational companies and investors leaving Nigeria with their foreign portfolios and also digitally pay Emirates and the likes forex owed them?

LAXconfidential:
Before I was done reading, I already know that the OP will pad up this BMC propaganda with enough gaslighting, and he didn't disappoint

Same way they gaslighted you guys during Buharis tenure that we will suffer small and enjoy later, well, we've been in constant suffering since Buhari was sworn in in 2015 till now and its getting worst!

Nigerians, better open your eyes o. They will gaslight you for 16 years and sprinkle tribalism here and there so that you people can't come together and demand for a better future. The OP will soon activate their BMC alternate accounts and use them to "like" his posts to deceive you people into thinking that his post is getting approval from Nigerians. The same Nigerians that are enduring nail-biting poverty.

A word is enough for the wise.

I’m a Nigerian and the post is getting approval from me.
Yes, the economy is biting hard but pessimism and stark expectations of failure is not the way to go.

Some of you just want the country to stay bad so you can ignorantly say ‘I told you’.


If you’re not willing to pray, hope, and work for the progress of this country, you can leave the country and go elsewhere.

Acekidc4:
People should give Tinubu time, he will surely perform and do wonders. You all will thank him later. Things are really bad, we all know but it won't be for long.

Tinubu may have a good motives but the people working under him might be the problem for his plans not working. Nigerians are terrible set of people especially our leaders.

Offpointng:
This is a wrong move by the FG. we Igbos want the Naira to continue on a free fall so we can ask our Yoruba people how far?? hope the increasing dollar will continue to favour them and their family?

Dem never see anything yet

Rubbish 🗑️

NIGERIA leaders and

Talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk talk.

FreeStuffsNG:




👇🏽👇🏽👇🏽👇🏽👇🏽

“Go to the rural areas, farms, markets, etc, to see those who are really suffering. The poor Nigerians are not on social media.

“You come online every day, post your pictures and videos, and still claim that you are suffering. My brother, you are not sincere to yourself.

“Today, our youths have misplaced priorities because they don’t think straight. They would rather stay online from morning till night instead of using their precious time and money for something tangible.”

Please I don't understand these rhetoric of Nigerian youths have misplaced priorities
... You always insult Nigerian youths yet defend Nigerian politicians.... Believe me you're not being fair with Nigerian youths... I know you're from Yoruba where an elder never do anything wrong ... But please give Nigerian youths a break... We're trying. We're bearing the brunt's of these wicked old men yet blame the youth when they rebel.

Babanah:
Can someone advise the powers that be to create a Naira/Dollar ETF backed by USD held by the CBN or any strong Financial Institution. This will segment the market. Those who need the dollar for speculative reasons or as a store of value can buy this Instrument. While the real dollars will be left for these who have genuine need for forex. The ETF will fluctuate/mirror the naira/dollar rates but will be held within Nigeria.
For further details can you ask the CBN Governor to contact me.

Good solution.