Many of your recommendations have so far been applied by CBN, so what do you think is the next way forward?

emkz:
Why do we even trade dollars in the streets like we trade beans?

Foreign exchange is a security document and the flow must be controlled to avoid it being used to launder money.

In Nigeria, the poor spends naira and rich men spend dollars. Politicians mostly spend dollars. By the dollars going high, it affects all of us because we are an import-based nation.

How do we stem the tide?

Every importer who wants to import should approach the banks who'd give them letters of credit, collect naira and pay the seller in forex through their correspondent bank. The practice of putting dollars in the hands of people who claim to want to import must stop.

If anyone is travelling, he must approach a bank to get BTA and he must be receipted. At the airport, he must present the receipt to customs and evidence of the cash. If he doesn't have the cash, he must be arrested, tried and jailed. Wicked people use travellers to buy BTA at government rates and resell to the black market. If this practice is not functional, give them pre-loaded debit cards by going into partnership with companies like Travelex and Transferwise or Revolut or Remitly and pay them directly so that beneficiaries can collect their cash when they get to the countries of destination.

Also the practice of CBN chiefs selling dollars directly to Nigerians to resell at exorbitant rates must stop. If you are within Nigeria, you have no business handling dollars.

Then all banks must stop the practice of opening domiciliary accounts for Nigerians in Nigeria. They can sell debit cards in naira and charge the prevailing exchange rate for international transactions like e-commerce. This used to be the practice. I wonder who stopped it.

Then the government must look into the mining sector from exploration to extraction, refining and export of minerals like lithium, gold, tin, steel, coal, phosphate and gas. The Chinese must be prevented from mining practices of our minerals and Rosewood trees. Minerals are security assets and must be protected the way we protect our private parts. Foreigners must not be allowed in for now, especially with the way oil exploration has failed our people when handled by foreign companies. You can employ foreigners to train your own people but do not allow them bring their expertise and funds to extract a security asset. They'd never use it to your advantage.

I support the hike in dollar rate. I also applaud the scarcity of dollars. It should be scarce. Only government should have it and those who absolutely need it for business outside the country. If you are within the country, USE NAIRA.

The guy argument get kleg... He does not seem to know that Mr Emeka needs to do an electronic transfer to whoever he wants to pay and not be asking for cash.

He even also said when they pay him for a show in Las Vegas, he will now bring the cash to Nigeria. Who will pay him for a show in the US with raw cash?

The analysis get k-leg

lwisee:


Mr Emeka needs physical Dollar in Nigeria to do what?

He was able to reinvent himself on that event that happens on the first of October... I cannot remember the name now. That is where he was dropping the kind lf lamba Nigerians love to hear. Things like I have only one watch for 20 years, I slept on only one bed in government house etc.

It was just him telling us that he saved money and not that he was able to say what development he brought to the state.

When it is time to share allocation, states get 52% and FG gets 48%, but when it is time to blame, certain stages get 0% blame while FG gets all the blame.

If the states are to be absorbed of all their failures, then maybe they should also be forfeiting their allocations to the FG since an increase in allocation is instead been used to purchase dollars and put pressure on the existing pressure on the USD since they do not seem to care about their citizens.

The type of revolution many of you want is the lazy type where you try to loot resources around you. Read the first statement again, no country has succeeded with that type.... I still stand to be corrected.

Now, to your attempt at examples... Using just the American one.

The American Revolution—also called the U.S. War of Independence—was the insurrection fought between 1775 and 1783 through which 13 of Great Britain’s North American colonies threw off British rule to establish the sovereign United States of America, founded with the Declaration of Independence in 1776. British attempts to assert greater control over colonial affairs after a long period of salutary neglect, including the imposition of unpopular taxes, had contributed to growing estrangement between the crown and a large and influential segment of colonists who ultimately saw armed rebellion as their only recourse.

It was more or less a fight for independence, it was not what aided or derailed their development. Cuba for example, just exchange one leader for another, not that it really brought any real development.

The type of revolution many of you want is simple. Create an unrest, then look for the nearest place that can be looted. We see it every time here so I know exactly what you guys want.

Anyway, I am done with you.

Contriman:
what examples do want?
American revolution
Cuba revolution
France revolution etc are what?
Are they ewedu and gbegiri abi na agbado and corn

I don't have the strength for people who call other people their own names. Give me examples since he de try give me new name. I am not dragging name with you.
Anyway, I repeat.

Each time I hear revolution, the picture in my head is always of a set of lazy people who have targeted successful people in their area and need an excuse to go and destroy the asset of those people under the guise of "na revolution we de do"

There is no example of any country in the world that was successful doing the kind of revolution these lazy people are advocating for. The only known revolution in the world that was successful is and was the Industrial Revolution. That is a revolution where people decided to be productive not this lazy people destructive kind of revolution.

Contriman:
olodo you don't even know that those places you mentioned had their revolution..... once again what's your IQ

You want to mention Arab spring That took Egypt backward and gave power to the Islamic brotherhood, or is it the algerian one that has seen them up till not not able to achieve stability, or is it Syria or Libya that had the western sponsored uprisings?

China, US, Europe raised themselves up and decided to develop not with some lazy people wishing to steal from those better than them in the name of revolution.
See person talking about IQ level.
Typical of obidient without substance to always result to insults, not that I am shocked.

Contriman:
what's your IQ level?
the most popular Revolution in Africa was the Egyptian revolution till date the country has a sense of belonging and national identity because they stood and fought an oppressive government and selfish leaders.

Nigeria needs 18 states in total, not more states. The states are already too much.

hahaha.... Before I say what comes to my mind when people talk about revolutions, particularly in Nigeria is a bunch of Lazy People, you think I have not done my own research and also observed world occurrences. Most of you have targeted some people in your area that are successful and want to rob them in the guise of one revolution or riot. We see it all the time.

The good thing is that you made an attempt to do a search when I asked for examples and found nothing. Niche. Zero sources to support your assertion.



For those who want to waste their time on the link he shared, this is the only content there.

History 101: Revolutions
Revolutions have brought about some of the most radical transformations in world history and politics. Learn what led to the American, French, Latin American, and Russian revolutions, as well as the characteristics commonly shared by nearly all political uprisings.

Contriman:
you are not a student of history...,
You even called me obedient lol if obedient is synonym to someone who stand with the truth am proudly obedient.

Educate yourself freely
https://education.nationalgeographic.org/resource/history-101-revolutions/

Give me examples, no need to show yourself as an obidient who only trade with insults.

Contriman:
then you are a coward....
Revolution has brought many successful nations....
Though Nigeria is not a nation so Revolution won't work here so I kinda agree with u but not withstanding you are a coward

To be fair to the opposition, they did raise an alarm when PMB was borrowing upandan.

Each time I hear revolution, the picture in my head is always of a set of lazy people who have targeted successful people in their area and need an excuse to go and destroy the asset of those people under the guise of "na revolution we de do"

There is no example of any country in the world that was successful doing the kind of revolution these lazy people are advocating for. The only known revolution in the world that was successful is and was the Industrial Revolution. That is a revolution where people decided to be productive not this lazy people destructive kind of revolution.

That was how one school crying for poor amenities went ahead to destroy the few existing ones in the school, to the acclaimed tune of 2b in the name of riot.

EreluRoz:
Yes, I may still support asiwaju come 2027 if we are not ready to come together and start revolution because it is the only way to finding a permanent solution to Nigeria's problem.


All these people that keeps coming up every election period are all the same, if it were to be another person in power it would have been the same story. Nigeria is in a deep mess that no overnight messiah can solve, don't be deceived, all you would have been hearing is one grammar or the other and so much noise on the media while the masses keeps wallowing in abject poverty.

Like I said, if I see any of these people again come 2027 I'll grab my regalia and mount my support harder for asiwaju because it seems we are all not ready for a true change.

I'm not your regular kind of person, I'm very bold with my truth, Nigeria is drowning day by day and you all keep recycling the same people that brought us here because of religion and tribal biggotry. When we are all ready to leave our differences behind and come together as one voice then the true change that Nigeria deserves will materialize.

Revolution or nothing.

A lot of people who criticize Iwobi do so because he is a soft target. The fact is, he actually played very well in this tournament.
This is what I wrote about him in this thread: https://www.nairaland.com/7997465/only-one-appreciates-role-alex

There have been some people who seem to always complain about Alex Iwobi in this year's Nation's Cup and I am tempted to believe that they do not really understand football or do not appreciate enough what Iwobi brings to the team.

As a matter of fact, Iwobi's performance at this nation's cup is the best I have seen him perform. For those who are wondering what he does, the following are a few of the things I have observed that he does well.

When the 2 main defenders are playing with the ball looking for how to take it out of the defense into the midfield, Iwobi usually moves backward and makes himself available to the defenders to have an option of someone to pass to. If he did not do that they would have been forced to always shoot long balls hoping that someone would pick it up, but with Iwobi taking the ball from them, he is able to transition from defense into the midfield and hopefully to the attack.

Another thing Iwobi does is to switch play from one section of the field to the other. He is practically the only one who if he notices that the left is blocked, switches play to the other wing of the field where it looks like there is no congestion.

Also, you really have to be football blind not to notice how he is able to make through passes that sometimes split defenses. Sometimes defencers cut off those passes, which is what makes many think that he makes wrong passes. No, that is the work of defenders to try and cut those kinds of passes. Usually, it only takes one of those passes that a defender needs to convert.

Another thing that the coach will appreciate Iwobi for is that he does not hold on to the ball unnecessarily... he holds the ball, looks up, and finds the best option to pass to, or sometimes tries to drive the ball forward before laying the pass. He has excelled in this duty so far.

He also contributes towards defense. He does not do it aggressively though, which is what will lead me to some of his weak points.

Now before you think I am a paid hack, here are a few weaknesses of his.

Iwobi's form of defense is to be in the face of the attacking player... basically limiting the options that the player has to pass.
From the way he plays, I believe he has told himself that he does not plan to get injured in this tournament. So, if there is a 50-50 chance to get the ball, forget it Iwobi's leg will not attempt that kind of defense. That was what happened in the first match when we conceded a goal, it was a 50-50 situation but rather than throw his leg into the defense, he would rather let the attacker go with the ball.

Another thing not working in his favor is his lack of confidence in front of goal. While he is confident in the mid-field, he panics when he gets a chance inside the 18-yard box. This same situation happened against Cameroon that warranted the goalkeeper to lash out at him. It happened once against SA.

As I said, I believe he promised himself that he would carry his two legs back to his club, otherwise his performance in the competition has been very decent.

romeorailss:
I need economic students to explain why Nigeria cannot print naira to pay off its debt . What is the implication of a country printing money to carry out functions

I can understand you as a lay man asking this kind of question but when emiefele as CBN governor who is supposed to laugh so hard at this kind of suggestion went ahead to be printing money indiscriminately, you know there is real wahala.

When Obaseki first mentioned that Nigeria was just printing money upanda, I thought he was just playing opposition politics. A CBN governor should not be doing something that foolish.

Op, now to your question, they say you do not tell a blind man that the rain is falling. This high cost you are seeing now, most of it is from when a whole CBN governor who should know better decided to go on a printing gallow. With too much cash in circulation without a corresponding increase in production, there will be more cash chasing the same quantity of goods which will lead to higher cost and increased inflation. That is where we are now.

Also, most of our loans are in USD which Nigeria cannot just use a HP laser printer to print, the way we are able to print naira, Instead, we will need to work our ass out to earn the USD which we can then use to offset those debts you are talking about.

Questions like these are good, it helps all of us to learn. I also did ask this question at some stage also

I can understand you as a lay man asking this kind of question but emiefele as CBN governor who is supposed to laugh so hard at this kind of suggestion went ahead to be printing money indiscriminately.

Very unfair to criticised him, he actually played well in the tournament. This is what I wrote about him.

https://www.nairaland.com/7997465/only-one-appreciates-role-alex

There have been some people who seem to always complain about Alex Iwobi in this year's Nation's Cup and I am tempted to believe that they do not really understand football or do not appreciate enough what Iwobi brings to the team.

As a matter of fact, Iwobi's performance at this nation's cup is the best I have seen him perform. For those who are wondering what he does, the following are a few of the things I have observed that he does well.

When the 2 main defenders are playing with the ball looking for how to take it out of the defense into the midfield, Iwobi usually moves backward and makes himself available to the defenders to have an option of someone to pass to. If he did not do that they would have been forced to always shoot long balls hoping that someone would pick it up, but with Iwobi taking the ball from them, he is able to transition from defense into the midfield and hopefully to the attack.

Another thing Iwobi does is to switch play from one section of the field to the other. He is practically the only one who if he notices that the left is blocked, switches play to the other wing of the field where it looks like there is no congestion.

Also, you really have to be football blind not to notice how he is able to make through passes that sometimes split defenses. Sometimes defencers cut off those passes, which is what makes many think that he makes wrong passes. No, that is the work of defenders to try and cut those kinds of passes. Usually, it only takes one of those passes that a defender needs to convert.

Another thing that the coach will appreciate Iwobi for is that he does not hold on to the ball unnecessarily... he holds the ball, looks up, and finds the best option to pass to, or sometimes tries to drive the ball forward before laying the pass. He has excelled in this duty so far.

He also contributes towards defense. He does not do it aggressively though, which is what will lead me to some of his weak points.

Now before you think I am a paid hack, here are a few weaknesses of his.

Iwobi's form of defense is to be in the face of the attacking player... basically limiting the options that the player has to pass.
From the way he plays, I believe he has told himself that he does not plan to get injured in this tournament. So, if there is a 50-50 chance to get the ball, forget it Iwobi's leg will not attempt that kind of defense. That was what happened in the first match when we conceded a goal, it was a 50-50 situation but rather than throw his leg into the defense, he would rather let the attacker go with the ball.

Another thing not working in his favor is his lack of confidence in front of goal. While he is confident in the mid-field, he panics when he gets a chance inside the 18-yard box. This same situation happened against Cameroon that warranted the goalkeeper to lash out at him. It happened once against SA.

As I said, I believe he promised himself that he would carry his two legs back to his club, otherwise his performance in the competition has been very decent.

There have been some people who seem to always complain about Alex Iwobi in this year's Nation's Cup and I am tempted to believe that they do not really understand football or do not appreciate enough what Iwobi brings to the team.

As a matter of fact, Iwobi's performance at this nation's cup is the best I have seen him perform. For those who are wondering what he does, the following are a few of the things I have observed that he does well.

When the 2 main defenders are playing with the ball looking for how to take it out of the defense into the midfield, Iwobi usually moves backward and makes himself available to the defenders to have an option of someone to pass to. If he did not do that they would have been forced to always shoot long balls hoping that someone would pick it up, but with Iwobi taking the ball from them, he is able to transition from defense into the midfield and hopefully to the attack.

Another thing Iwobi does is to switch play from one section of the field to the other. He is practically the only one who if he notices that the left is blocked, switches play to the other wing of the field where it looks like there is no congestion.

Also, you really have to be football blind not to notice how he is able to make through passes that sometimes split defenses. Sometimes defencers cut off those passes, which is what makes many think that he makes wrong passes. No, that is the work of defenders to try and cut those kinds of passes. Usually, it only takes one of those passes that a defender needs to convert.

Another thing that the coach will appreciate Iwobi for is that he does not hold on to the ball unnecessarily... he holds the ball, looks up, and finds the best option to pass to, or sometimes tries to drive the ball forward before laying the pass. He has excelled in this duty so far.

He also contributes towards defense. He does not do it aggressively though, which is what will lead me to some of his weak points.

Now before you think I am a paid hack, here are a few weaknesses of his.

Iwobi's form of defense is to be in the face of the attacking player... basically limiting the options that the player has to pass.
From the way he plays, I believe he has told himself that he does not plan to get injured in this tournament. So, if there is a 50-50 chance to get the ball, forget it Iwobi's leg will not attempt that kind of defense. That was what happened in the first match when we conceded a goal, it was a 50-50 situation but rather than throw his leg into the defense, he would rather let the attacker go with the ball.

Another thing not working in his favor is his lack of confidence in front of goal. While he is confident in the mid-field, he panics when he gets a chance inside the 18-yard box. This same situation happened against Cameroon that warranted the goalkeeper to lash out at him. It happened once against SA.

As I said, I believe he promised himself that he would carry his two legs back to his club, otherwise his performance in the competition has been very decent.

On sunday in the various churches, despite CAN knowing all these, there will still be various levies and co

Let them come and buy in USD and pay duties, why not structure this export business.

But logically, they do have a point. If the governor can be allowed to stay since he is a product of the same congress, they are asking why their own is different?

In a recent announcement, CBN has found this to be false. While the remittances may themselves be large, CBN has found that they do not end up in Nigeria but in some small island somewhere where as they use the naira equivalent to mop up the remaining available dollar.

cjrane:


Right now the biggest source of dollars into the economy is through overseas remittances from Nigerians abroad. So why introduce a discarded idea that even Lamido Sanusi noted that it reduced forex flow through remittances? If he blocks the steady flow of dollars into the economy through the failed policy, he will only open the gate for other operators who would transfer into your naira account at 1,410 if you transfer into their Bank of America account. Everybody took that option because then the money transfer agencies would pay something like 800 or 900 naira to the dollar and still charge you a transfer fee. But the other transfer people will cost you nothing as you merely transfer through Xelle to their Bank of America account and they credit your naira account immediately! Nobody likes wasting money, so once you need to make the transfer, you call them and make the agreed sum and they will credit your naira account instantly. The only thing is that you will know that the dollars would probably go to India or Pakistan instead of Nigeria.

I just wonder why Tinubu would also want to stifle forex inflow by Nigerians in the diaspora by introducing hurdles to make their loved ones get less money. It simply creates all these alternative ways of transfer that in the end, the dollars never make it to Nigeria again. Anyway, they should continue bulldozing Nigeria and experimenting on discarded ideas that turned out to hurt the economy, until the people will wake up.

So far one of your policy has been implemented.

https://www.nairaland.com/7995213/cant-send-dollars-nigeria-more

emkz:
Why do we even trade dollars in the streets like we trade beans?

Foreign exchange is a security document and the flow must be controlled to avoid it being used to launder money.

In Nigeria, the poor spends naira and rich men spend dollars. Politicians mostly spend dollars. By the dollars going high, it affects all of us because we are an import-based nation.

How do we stem the tide?

Every importer who wants to import should approach the banks who'd give them letters of credit, collect naira and pay the seller in forex through their correspondent bank. The practice of putting dollars in the hands of people who claim to want to import must stop.

If anyone is travelling, he must approach a bank to get BTA and he must be receipted. At the airport, he must present the receipt to customs and evidence of the cash. If he doesn't have the cash, he must be arrested, tried and jailed. Wicked people use travellers to buy BTA at government rates and resell to the black market. If this practice is not functional, give them pre-loaded debit cards by going into partnership with companies like Travelex and Transferwise or Revolut or Remitly and pay them directly so that beneficiaries can collect their cash when they get to the countries of destination.

Also the practice of CBN chiefs selling dollars directly to Nigerians to resell at exorbitant rates must stop. If you are within Nigeria, you have no business handling dollars.

Then all banks must stop the practice of opening domiciliary accounts for Nigerians in Nigeria. They can sell debit cards in naira and charge the prevailing exchange rate for international transactions like e-commerce. This used to be the practice. I wonder who stopped it.

Then the government must look into the mining sector from exploration to extraction, refining and export of minerals like lithium, gold, tin, steel, coal, phosphate and gas. The Chinese must be prevented from mining practices of our minerals and Rosewood trees. Minerals are security assets and must be protected the way we protect our private parts. Foreigners must not be allowed in for now, especially with the way oil exploration has failed our people when handled by foreign companies. You can employ foreigners to train your own people but do not allow them bring their expertise and funds to extract a security asset. They'd never use it to your advantage.

I support the hike in dollar rate. I also applaud the scarcity of dollars. It should be scarce. Only government should have it and those who absolutely need it for business outside the country. If you are within the country, USE NAIRA.

Exactly

Resurrection212:
So if to say they were out of luck yesterday this is how they would have burn down his house. learn how to hide your identity in this country he get why mikel father would tell you more .

How can we help this get to CBN desk? It is brilliant.

emkz:
Why do we even trade dollars in the streets like we trade beans?

Foreign exchange is a security document and the flow must be controlled to avoid it being used to launder money.

In Nigeria, the poor spends naira and rich men spend dollars. Politicians mostly spend dollars. By the dollars going high, it affects all of us because we are an import-based nation.

How do we stem the tide?

Every importer who wants to import should approach the banks who'd give them letters of credit, collect naira and pay the seller in forex through their correspondent bank. The practice of putting dollars in the hands of people who claim to want to import must stop.

If anyone is travelling, he must approach a bank to get BTA and he must be receipted. At the airport, he must present the receipt to customs and evidence of the cash. If he doesn't have the cash, he must be arrested, tried and jailed. Wicked people use travellers to buy BTA at government rates and resell to the black market. If this practice is not functional, give them pre-loaded debit cards by going into partnership with companies like Travelex and Transferwise or Revolut or Remitly and pay them directly so that beneficiaries can collect their cash when they get to the countries of destination.

Also the practice of CBN chiefs selling dollars directly to Nigerians to resell at exorbitant rates must stop. If you are within Nigeria, you have no business handling dollars.

Then all banks must stop the practice of opening domiciliary accounts for Nigerians in Nigeria. They can sell debit cards in naira and charge the prevailing exchange rate for international transactions like e-commerce. This used to be the practice. I wonder who stopped it.

Then the government must look into the mining sector from exploration to extraction, refining and export of minerals like lithium, gold, tin, steel, coal, phosphate and gas. The Chinese must be prevented from mining practices of our minerals and Rosewood trees. Minerals are security assets and must be protected the way we protect our private parts. Foreigners must not be allowed in for now, especially with the way oil exploration has failed our people when handled by foreign companies. You can employ foreigners to train your own people but do not allow them bring their expertise and funds to extract a security asset. They'd never use it to your advantage.

I support the hike in dollar rate. I also applaud the scarcity of dollars. It should be scarce. Only government should have it and those who absolutely need it for business outside the country. If you are within the country, USE NAIRA.

A red cloth with cowries dangling would have been a far cheaper and more effective way to achieve what this person is trying to achieve.

People non de too fear the merciful God like that the way they fear the gods.

I can almost swear that the top one is one Nigerian (African) big man. Too busy.

The second one will likely be a foreign design.

1000%. All the other states just have a basket full of excuses. Someone up in the thread suggested that maybe governors used juju on citizen that they never put their governors on the spot.

Hopium:


Can you imagine?! Just to collect money and pay workers is an Herculean task for them. Zero policies, zero initiatives, zero wealth creation, nothing! Nigeria!

One fact we Nigerians always forget is that Lagos, Kaduna, Kano, Rivers states could have decided to become redundant like others, if they so chose to.

Fair enough.

But I remember when the FG also laid claim to a mistake in excel and all the noise we were hearing as if they were lying, now is a good time to know if those folks will be consistent or simply defend this one because he is their own.

I like the fact that you did calculations.
Now the logic is this. Everything the FG gets, it shares with all the states with the ratio you have already written here. At the end using your calculation, FG will now have a share that is 1.4% per state assuming they were to use the amount to each state equally.

NOte that your calculation is wrong because you divided by 36 instead of 37.

Then do not forget that the states themselves are supposed to generate IGR. This IGR is for each state alone. So a state are supposed to have (0.7+0.028)% + IGR. So the OP's question is valid, what do they do with their own share?

Do not forget, federal workers earn more than state workers. So from the FG's 1.4% per state, a lot of it goes into managing their federal infrastructures. A lot of it goes into Trunk A roads, rail and many more including stealing (which the states do even more).

So once again the OP's question is valid, what do the states do with their own share?

Agboriotejoye:

Let's even it out

States get 26%. 26/36 is 0.7

LGs get 22% 22/744 is 0.029

Cumulatively, that is 0.729 per state+LG

That's what each state gets on average.

Assuming FG spends same amount on each state, FG with 52% gets to spend 52/36 which gives 1.4 per state.

I hope you can see how fallacious your claim is now

Did the CBN governor say it is only those who go to study abroad that caused the dollar scarcity or that he only started how much we spent on foreign education in addition to other factors?

With regards to remittances, CBN has also said those diaspora remittances do not even get to Nigeria again. The fintech companies now make it possible for such exchanges to now happen in offshore accounts, so those values about remittances are only on paper. They do not arrive here.

Yugoslavia247:
The cbn governor blamed the scarcity of dollars to Nigeria student in abroad. He claims that 98 billion dollars was spent on study abroad.
...

E be like say dem give them target of how many laments per day to do. They newly recruit this one so this one na probably assignment wen dem give am

Lanretoye:
na everything u go wail and lament about for your own life?.which kind of useless people are these self?,them send you message you can simply ignore if you dont care,you just pick phone come here dey lament.mtchew