That's why is good to enjoy your life while living, extend love to others and have Jesus Christ in order to enjoy your life after death "Eternity" (John 3:16).

JAMO84:
This is the boldest and the bravest President in my life time.

Since 1999 every President knew the forex regime needs to be reformed, but none of them had the balls to do it, because they were afraid of the backlash.


Tinubu will use every means possible to make Nigeria better, executive orders, institutional reforms, though decisions, even amend the Constitution if he has to. Nigeria must work for all of us.

Amen
God bless you abundantly in Jesus name.

The Lord will guide you in Jesus name.

Grow in Grace and become Great in Jesus name.

Marriage is for those who are mentally mature.
You're already destroying this Marriage before even the wedding.
Brother, go and learn from the Elders.

This is where the uniqueness of the African culture comes to play. We shouldn't allow the inferiority complex to see ourselves as inferior to them in all our ways. Because, we are all gifted and unique in our different ways. There's no perfect culture anywhere in the World. So, Africans must start presenting their cultures to the World for the World to see the reason why they must adopt some parts of African's culture.
One Love.

post=125675762:

Amen in Jesus mighty name.
God bless you Apostle

Amen.
Thanks.

God bless you abundantly in Jesus name.

Jesus Christ, The way The Truth and The Life(John 14:6)
Please, come to HIM today.
God bless Nigeria!!!

It's always good to study history!!

Hmmmm!!!
God please,save them.
It's well with them in Jesus name.

Wow!! This is A good move.
God bless Nigeria in Jesus name.

lazkizz:
this is the break down

The Central Bank of Nigeria is set to launch its Price Verification Portal on August 31 2023.

Please read this explainer written in 2021, some elements may have been changed or updated, but the broad idea remains.

Understanding CBN’s new guidelines on import and export financing

The Central Bank of Nigeria's (CBN) new import and export financing guidelines via an eValuator system are set to effect on February 1, 2022. So, let's talk about it.

Introduction of the Policy

The Central Bank of Nigeria's new guideline on imports is based on the electronic submission of invoices called e-vouchers. This new guideline is mandatory for all imports above $10,000. These new e-Vouchers will be issued and authenticated by Authorized Dealer Banks (ADBs).

Importers of any good or service into Nigeria must register that good or service supplier into an electronic database. This database is updated annually. The importer of any good or service will then submit import papers to complete a Form M. Still electronically, the price the importer will quote will be based on a "Global Price Verification Mechanism (GPM) guided by a benchmark price. The GPM will advise a benchmark price for all goods and services, which is the actual spot price advised to the importer by the supplier.

The Benchmark Price

The new guideline revolves around this benchmark price. If the supplier wishes to import, his quoted price on the invoice presented to his bank (ADB) should be at most 2.5% of the verified global benchmark price. If the quoted price exceeds 2.5%, Form M will be queried and not processed in Form M or NXP. It is the responsibility of the importer to ensure that their supplier complies.

Let me summarize this way. If you intend to import a BMW 5 Series car from BMW of Atlanta, these are the steps under the guideline.

1. Go to BMW of Atlanta, and obtain an Invoice.
2. BMW of Atlanta will register on a dedicated electronic portal provided by CBN but operated by the CBN agent service provider. This registration will cost $350 and be valid for 12 months.
3. The CBN's service provider will issue BMW of Atlanta a digital certificate. BMW of Atlanta will sign your eInvoice with this digital certificate.
4. BMW of Atlanta will provide the authenticated eInvoice to you
5. The CBN's service provider will transmit the BMW eInvoice to CBN, specifically the Nigeria Single Window Portal Trade Monitoring System (TRMS)

If the BMW of Atlanta quoted price for your BMW 5 series is more than 2.5% of the benchmark price, then your Form M will not be processed.

This guideline also applies to exports; the critical difference for exporters is that the exporters from Nigeria are quoting a price as the supplier. They must quote within a 2.5% band as well.

Thus, if I am a Cassava chip exporter and get an order from China, I cannot quote a selling price below 2.5% of the benchmark cassava chip price as CBN advised. This is an important distinction. Now, let us talk about the exchange rate mechanism in Nigeria.

Why is Exchange Rate Important?

When you import, you are buying Forex; in effect, you are taking Forex away from Nigeria; you "weaken" the Naira. When you export, you bring Forex into Nigeria and "strengthen" the Naira.

The CBN and all Central banks always promote exports; however, not all Central Banks want a strong currency. Strong export economies such as China, Germany, Switzerland, and Japan prefer a weaker currency to ensure their exports are competitive. The CBN's goal is to have a "strong" Naira to the US Dollar by words and deeds. The CBN has defended the Naira exchange value in relation to the US Dollar to ensure it does not weaken further. The CBN is rightly wary of imported inflation.

Nigeria, however, is also an exporting nation, she exports Crude oil, Cocoa, Cashews, and many other commodities, but Nigeria's CBN also has a Capital Control policy. This means the inflow and outflow of foreign capital in and out of Nigeria is controlled and regulated. The CBN sets the Exchange rate of the Naira to the dollar, not the interplay of Demand and Supply. Thus, Nigeria has two rates, the official NAFEX rate, which exchanges $1 to about N414 and the unofficial rate at about $1/550.

The Export v Import Gambit

Many exporters from Nigeria are willing to sell their local commodities at a discount to the international commodities market because this attracts international buyers. They, however, do not remit their Forex to the official channels but rather to the unofficial market to take advantage of the higher exchange rate. So, exporters can earn more from the arbitrage in selling USD to the unofficial market.

The CBN has a standing policy that exporters must repatriate all exports within 90 days for oil and gas transactions and 180 days for non-oil exports. The CBN had in January 2021 instructed banks to prohibit Nigerian exporters that fail to repatriate Forex earnings from banking services with effect from January 31, 2021.

CBN has tried sticks of sanctions and carrots of paying N5 per deposit to encourage the repatriation of proceeds back to Nigeria, but this has not succeeded. This policy is an export-import gambit. The exporter will have to invoice at the benchmark prices, enabling them to earn more from the export side by selling at higher prices. Still, they will then remit Forex at the lower exchange rate.

The CBN objective of a "strong" Naira is thus affected by the low foreign reserves it must defend the Naira. The low reserves are a function of the non-remittance of export proceeds promptly as well as a fall in remittances generally.

Exports win, Imports lose?

This new e-Voucher guideline raises commodity prices in Nigeria. It removes the advantage of lower prices from Nigerian exports, but more remittances should flow to the CBN. Importers have a more challenging time.

However, is the 2.5% not too narrow a band? When you buy a BMW in Atlanta, three main factors drive your selling price.

1, Cost price, how much is the car worth?
2. Your profit margin, how much do you want to make?
3. Inflation expectation, what will it cost you to replace your stock?

The BMW from Atlanta is sold in United States Dollars; however, you are importing to sell in Nigeria for Naira. According to the CBN, the OTC FX Future dollar rates to Naira for delivery in May 2022 show a further weakening of the Naira to N432.32. The futures price is thus my replacement cost in 5 months. Therefore, all traders add a margin that captures this inflation expectation. The language in the CBN circular explicitly suggests that the margin is a firm 2.5%; it implies ignoring the inflation reality. Many importers will no longer open Form M, finance their imports, or change destination ports.

However, this policy has some good points; it allows the CBN to have a database of importers and import requests. Every time a new supplier registers, it's a trade forecast for the CBN. It is an early notice to the Central Bank of Nigeria that it must have forex reserves to meet that Forex demand. This will allow more long-term planning and management of the reserve position. It will also remove the fraudulent request for FOREX on non-existent trades and overall reduce slippage.

We shall revisit this policy.

Thanks for this wonderful explanation.
God bless you abundantly in Jesus name.

Racoon:
Learnt about the high prevalence of twinning here when a friend was @ Baptist facility in the Igbora town some years ago. What a fortunate fest for them. Great bless Mary Scellesor for her persistence towards the eradication of killing twins in Nigeria.

Point of correction. Mary Slessor didn't eradicate killing of Twins in Nigeria but Calabar. Historically, The Yorubas have been Celebrating The Twins (Loving them as a special Gift from God) even before the birth of Mary Slessor herself.

Biodun556:


Nigeria has a lot to gain from attacking Niger coup miscreants. Coup in five countries within three years shows that they influence militaries from other countries to remove their leaders. If care is not taken, it will happen in Nigeria two. The coup is like a movement to overthrow all west African leaders and beyond.

Thanks for this. This is the reality many Nigerians failed to understand.
Based on zone theory in international politics. If BAT didn't take the drastic steps to stop the junta in Niger. In few months/years time. Military rule may capture the whole west African Countries.
May God direct his path in Jesus name.
Amen.

Hope we can all see that the problem of Nigeria isn't from just one Tribe,Religion or Political Party??
All hands must be on desk to make Nigeria better. Because Corruption is in the whole system not limited to a Particular Region.
God, please have mercy on Us.

Brodagovernor:

To be frank, not much will change in the nation if we don't do anything to effect a change in NASS. I hope everyone noticed how no opposition party is raising any eyebrow on this development. All parties, regions and religions are all in alignment. God guide our leaders right.

God bless you abundantly. People will not see this. When it comes to looting these people doesn't have parties, tribes or religious differences.

Here in Akure,Ondo State. The total will be around 450 to 500.
Rice 150/200
Beans 100
Fish 200.

God bless you abundantly in Jesus name.
@President Asiwaju Bola Ahmed Tinubu @Nigeria @Ecowas.

princejohnard:
A CASE SCENARIO

Mr. T just move to chanchanga from Lugbe to start life after rounding up his YOUTH SERVICE at Niger Water board. Mr. T got employed by a local rice mill in the neighborhood.

Due to the high house rent in Chanchanga, Mr T opted to squat with a family friend, Mr. K.

One day Mr.K brought some large amount of money home and asked Mr T to HELP him KEEP IT at it was a well known fact that Mr T is good with money. As a form of favour returned, Mr T collected the money with probing Mr k about the SOURCE of the money.

Few months later, Mr K was ARRESTED for robbery, and charged to court during the investigation by the Minna City Police, it was discovered that some of the PROCEED of Mr K crime is with Mr. T .

Note; Mr. K NEVER mentioned Mr. T as part of his robbery gang and the money the police met in Mr T account is MORE than the suspected CRIME PROCEED.

Throughout the investigation, Mr T was never linked as member of Mr K robbery gang.

Though Mr K NEVER admitted the amount he gave Mr T.

Mr T account was frozen.

During phone investigation with Mr. T admitted SOME PART of the money in his account belong to Mr K .

After a long court case, Mr. T account was unfrozen and the SUSPECTED CRIME PROCEED amount was withheld by the Niger State government.


Please ;

Is Mr T a thief ?

Does the WITHHELD money by the Niger State government from Mr. T account make Mr T a criminal?

If Mr T is indicted how come his company didn't SUSPEND or TERMINATED his employment ?



If you can answer these questions TRUTHFULLY, then you have your ANSWER to whether Tinubu is a criminal or not.

ENOUGH OF ALL THESE POLITICAL WAHALA....

MAY NIGERIA be great!!

Thanks for this wonderful explanation.

southsouthking:
England press and their over hypertension.
How mighty are the fallen.
Worse time to be a united fan.

You're speaking my mind Bro.

Congratulations to them.

I'm sure of one thing!!
Better days ahead of Nigeria in Jesus name.

OluwaLina1:
Happy sunday nairalanders.
I moved to a new area(Student area) and decided to attend a nearby church.

These are what I noticed.

-- I was the only one that used scarf.Even the choristers and the female ministers didn't use scarf.

--Almost all the female members are putting on trousers,ladies that put on gowns/skirt are not up to 20%.
I was even surprised that the two female ministers and the female choristers also put on trouser to climb the church alter.

--During prayer intersection,I noticed everybody were praying in tongues and it seems am the only person not filled with the holy spirit to speak in tongues.
Even when we were asked to pray on our offering,people still prayed in tongues.

And it just seems I'm odd among them or is it that am not modernized?

You better run for your safety!!!
Many of these modern Churches are owned and sponsored by Satan full of Worldliness.

Everything dey good for My mouth oo

Nothing wey we no go see for this life

The Answer is 12:03am

Nice profile.
Congratulations Sir.
May God strengthen you to perform well in Jesus name.

May God help the coming ones.
Nigeria must get better very soon.

Godoverevery:


Is two things.....maybe you weren't born when obJ was the president or you were still a toddler.

OBJ overall is still the worst civilian president we ever had......A man who never forgives anyone he feels offend him.

Do you know how many govs he impeached??
Do you know how Nigeria elections were under him??
Do you know how no one dare criticise him ??

He see himself as alfa and omega of Nigeria........he has to be whatever he wants or nothing else.

Every other person is bad ......he is the only one good.

Nigeria was just coming out of long military rule when he came in as a civilian president in 1999 and he still continued the military rule wearing alagbada.

The useless 1999 constitution ruining us till today who brought it in??

Thanks for this Sir.

Nice one.
The Lord is your strength.

Congratulations!!!