₦airaland Forum

Okay thank you. I will go ahead and buy some

TheSparrow:
Beans appears to be in short supply this year.

Thanks for the advise

shariff84:
due to kidnapping and banditry farmers didn't farmed like past years.

Please can you explain why you have concluded as above?

TheSparrow:
The way things are going, beans will likely reach 45k to 50k in the coming months.

When will you advise that one should buy?

shariff84:
brown as of today 29k and white 27k.

Please any ideas on Beans? I want to buy and keep

Please how much is a bag of beans now

Thank God for this. We were both at the embassy same day for our visas. We sat together. You could feel the stress the mother went through catering to these babies. We had to waive our turns for them to be speedily attended to.

I am so glad it’s all over. This is very good news for me this good morning. Good things still happen. Indian medical intervention isn’t so bad after all

oliverjiad:
budget #3m

Jaid

Thanks Jaid.

Hello sirs. Pls I am trying to know how much to clear a 2015 tundra. I haven't bought as I need to know what it will cost to ship in aside buying here.

Toyota Tundra 2015.

Lanretoye:
i doubt the capacity of this man in that position as a yourba man that I am,he doesn't have that dogmatism...what happened to the oil pipeline funds he collected from GEJ.

That was Fredrick Faseun, not Adams

moyinoluwa1:
Hello House,

Please I am currently in the Post ITA phase and I have a couple of questions.

1. I am the principal applicant and I just realized that I have to upload employment records for my husband i.e reference letters etc. Should I move his work history to personal history since we did not get any points from his work history because getting reference letter for him will be tedious

2. I have multiple for my Police clearance certificate. I was in the US for 4 months for child birth and other vacations for 1 week -3 weeks. Should I submit PCC for just Nigeria?

3. Please should I scan all visa and stamp pages for old passports or current passport only

Abeg gurus in the house pls help. CC dupyshoo, vcole, 40manlappy, fusion23 and all

Thank you.

1. You may move it to personal history. Absolutely no point stressing yourself for nothing.

2. Your PCC should be for a duration longer than 6months. All you have listed here do not qualify. NGA PCC should suffice

3. It's adivisable to scan all the bio data pages both old and new and all visa+stamps. better to oversupply info than undersupply.

Ehrnie:
Yes under degree certificates (I think that's the name of that section). So you scan in your degree certs + WES report + IELTS result all as a single file upload.

All the best!

Thank you

POST ITA:

Please where does one upload the ECA and IELTS results? Under education?

Wow, that's confirmed occult scene. It is called a suggestive cut. Just to inform viewers that this is OUR show. Mehn, these guys have taken over almost every TV programme on air. I only pity those ignorant ones who think nothing of these scenes. The greatest mugu is the one who thinks he is an "observer" in a game where he is very much a player!

Cooldude68:
You don't just conclude like that! I've witnessed scenes from Tom & Jerry cartoons where the devil was worshipped and spells were cast.
Watch this small YouTube clip and you'll see.

https://www.youtube.com/watch?v=J-v5f0s6bvc
I used to be a fan but no longer.

bolabiyi:
oga, we don hear na..how much was sky selling wen u were yelling buy buy before nosediving to 0.56k....Now, its livestock..I bought livestock last week @ 0.88k..watch the price in today's session..all tins b equal, and u will know dat ur analysis is for a confused investor..Anyone dats takes you serious is on a long thing..

On a very loooooonng thing! Relevance is earned, not forced down people's throat!

No contacts, addresses, numbers for donation?

Then what's the point of the thread? gather pity?

No contacts, address, numbers for donation?

Then what's the point of the thread? gather pity?

ibe9ja:
SOME IMPORTANT INFORMATION ABOUT @godlyguy

- @godlyguy's moniker was registered on January 03, 2013 and has spent just 2 days & 11 hours online.

- Had never posted in the investment section until June 24th 2016 (6 days ago).

- His last post before this date was on Aug 09, 2013 after which more than 15 subsequent and consecutive posts were hidden by the Mods (doesn't tell good about a moniker).

- He opened a thread on the 31st of May 2013 where he asked NL'ders about the Minimum Opening Balance of Zenith Bank and whether they operate a Zero Account Balance (doesn't sound like someone who has been making huge profit in the stock market, as he claimed to be, since 2013- the same year he registered in NL ).

- His most active section in NL is the Religion section. Seems to be very obsessed with a certain Prophet Orah Jerome who appears to be a very young boy in his late 20's. 95% of his posts are about this particular Prophet. Odds are that he may be the said prophet Jerome.

Please be guided accordingly...

I cannot bet on the SSS to do a better job than this! Thanks a lot for a delightsome job. I have been reading this topic for 3 years without necessarily making a single comment in a year. When I see charlatans like that guy ranting about, I know something is just not right. To cap it all, he calls himself the "Big Smart Guy". Only fools are so sure!

This is the type of thinking I like. Presenting numbers and using it in the thoughts. Thanks for helping me articulate what I have been thinking all this while.

Our problem is not being export oriented. Once we improve our exports and believe in our productive capacities and abilities, we will be fulfilling our destined potentials. This will eventually lead to production of locally demanded products, further pushing down the import: GDP ratio.

Enough of the ignorance.

SOLD

olakunle10:
It's important for d govt to look into this and resolve soonest. Banks shouldn't reap where they did now sow.

Honestly my brother.. It is really painful. This Whole thing shows why a lot of things in Nigeria will continue to be 'potentials', but never realized.

All the export drive is sheer lip service

OPINION Dwindling Non-oil Export Revenue And Naira Decline: The Result of A Gang-up...
Dwindling Non-oil Export Revenue And Naira Decline: The Result of A Gang-up By Powerful Cabals….By Emmanuel Ariyo
By Editor - Jan 26, 2016


In an attempt to manage the downward slide of the Naira, the Central Bank of Nigeria (CBN) began to introduce many new foreign exchange policies from early 2015. Some of the policies introduced by the CBN since then, include significant reduction of the amount of forex transaction on ATM cards, be it through cash withdrawals or electronic payments. The CBN also placed an embargo on export proceeds, insisting that such proceeds must not only return to the country but also be sold back to commercial banks at official rate. By the middle of the year, the apex bank again decided to Prohibit 41 items from access to forex from official CBN window.

In as much as one would expect the CBN to always come up with policies that would have positive effects on the Nigerian economy, the reality on ground indicates something entirely different. Mainly due to the fact that most CBN’s policies especially under the current leadership have been more of knee jerk reactions rather than well thought through decisions. So more often than not we are usually left with a mix bag of some very good and very bad policies, taking the country two steps forward and four backwards.



When the announcement of prohibition of 41 items from official forex window became public, majority of the analyst reviews agreed that it was in the interest of local manufacturing, and that if sustained, would engender the growth of Nigeria’s local manufacturing sector in no distant future, as major erstwhile importers of any of the 41 restricted goods will be forced to invest in local production to stay in business. Even though implementation strategy could have been better, it is generally regarded as a reasonable policy that could assist local production.

However, most financial sector analysts and stakeholders are at a loss over the CBN’s decision to retain the very bizarre policy, denying non-oil exporters access to their hard earned export forex proceeds. The CBN further directed that export proceeds be compulsory (compulsorily) sold to commercial banks at official prices. If the CBN has restricted certain goods from qualifying to bid for forex from official window, one then is left wondering what logic there is for the CBN to further deprive exporters of their export proceeds. In whose interest is the retention of this obnoxious policy? The nation or some rent -seeking institutions?

The latest figures from NEXIM and other trade agencies, indicates a very sharp decline in the volume of non-oil export for year 2015 compared to 2014. In this period the Naira has equally experienced great decline in the open market. This isn’t really so much of a surprise to most analyst and stakeholders. It was obvious back then, that if the CBN would sustain a policy of reducing goods qualified for official forex bids, it must go the extra mile to encourage forex inflows to the parallel market from other unofficial sources like non-oil export proceeds, diaspora remittances, foreign investments etc. This would have aided supply of forex to the open foreign exchange market, a market that had now come under very serious strain due to renewed demand. Instead, the Central Bank went on a restriction spree. Restricting transactions, on almost anything and everything that had to do with forex, whether through normal domiciliary or export proceeds account.

In order to have a clear understanding how this policy negatively affects non-oil export and the value of Naira, let’s look at it from this angle; non-oil exporters go through the challenges of doing business in Nigeria, to source for a commodity with the right quality at market rate, warehouse at market rate, sometimes proceed to add value to raw commodities at market rate, there after load and transport to port at market rate, also incur all inspection and port charges at market rates. In addition most exporters are also responsible for finding international buyer for their products (by the way none of these processes is easy in a country where the government and the commercial banks do virtually nothing to genuinely assist non-oil exporters). However, when exporters receive the reward of their hard work through forex payments, the CBN insist that these forex proceeds must be sold at official rates to commercial banks, who, in turn end up selling same inflow at prevailing market rates, making mega profits for doing absolutely nothing. If this is not a classic case of government backed rent seeking by commercial banks, then what is it?!



In the last one year, many small scale exporters, who together form a large group, have had to withdraw most of their investments on non-oil investments mainly due this export proceeds policy that was introduced back in February 2015. When the CBN leadership suddenly realised it was almost emptying the nation’s forex vault for political and other rent seeking interventions, this group of exporters were left with little or no option since one of the major attractions of the trade was no longer available. This is even more so when they realise the trade by itself without such incentive isn’t really profitable, considering all the uncertainties and challenges exporters face to complete transactions to the point of payment.

When this policy was introduced, industry stakeholders like Cashew-nut Exporters Association of Nigeria, Cocoa Exporters Association of Nigeria, and Chambers of Commerce etc. warned that it would negatively affect growth of non-oil export. Fast forward to about a year after, according to Godwin Emefiele, Governor of the CBN – represented by Mudashiru Olaitan, CBN’s Director of Development Finance – in a one-day conference on stimulating non-oil exports which held on Tuesday the 19th of January 2016 admitted that non-oil export revenues dropped from $10.53 billion in 2014 to $4.39 billion in 2015.

In case the real and present danger inherent in the above admission by the CBN governor is not clear enough, permit me to present the arithmetic in this manner: in the past one year, the nation lost about $6 billion worth of non-oil revenue that could have been used to provide some stability to the open forex market by exporters in a win-win situation due to the enactment of an unfavourable CBN policy. It is also interesting to note that in the same period that the nation lost as much as $6 billion of non-oil revenue, the commercial banks aided by one of their own, Godwin Emefiele, the CBN governor, were able to make a profit of at least about N80 billion based on a projection of an average of N20 profit on $4.39 billion export proceeds revenue for year 2015 (i.e N20 x $4.39 billion).

I am not insinuating that the embargo on export proceeds is the only issue responsible for the slump in Naira and non-oil exports. Of course there are many more, however it can be effectively argued that all other inhibiting factors like infrastructure, low credit approvals for non-oil exports by banks, commodity quality issues have always been there, but the nation never had this level of decline in the non-oil exports revenue on a year on year comparisons since almost a decade. The only issue that is new in the mix is the decision by the CBN to place embargo on export proceeds from around February 2015.

Even though the apex bank has recently lifted the restrictions on the operations of normal domiciliary accounts after President Muhammadu Buhari promised to discuss the issue with the CBN governor when same was brought to his attention during his presidential media chat, the embargo on export forex proceeds still remains in force despite the damage it is doing to the non-oil export sector and value of Naira. The only logical explanation for its retention, if any, can only be to favour very big and powerful cronies in the financial sector and not Nigeria as indicated earlier in my arithmetic analysis.

The resultant effect of the retention of this ill-advised policy is what we see today in the sharp decline of both non-oil export volume and Naira value. Just last week the CBN announced a ban on sale of forex to BDCs, advising them to source from autonomous windows and oil exporting companies. But pray, why didn’t the CBN by same pronouncement grant non-oil exporters the opportunity to sell their own hard earned forex proceeds to BDC’s or any other buyer they so wish to?

This gang up against struggling non-oil exporters under the guise of forex management is not justifiable and without any equity. If there will be any restriction on export proceeds, it should affect only non-oil exporters who either get financial support from their banks or those who gets forex for imports at official rates from the CBN. But to retain restriction even on proceeds of non-oil exporters, who do not enjoy any support from their banks through loans or access to forex at official rates, will do more harm than good to the growth of non-oil exports and stability of the Naira. It is simply retrogressive in nature. The earlier this embargo is lifted the better for the country’s non-oil export development.


http://abusidiqu.com/dwindling-non-oil-export-revenue-naira-decline-result-gang-powerful-cabals-emmanuel-ariyo/

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