₦airaland Forum

menxer:
tell me how someone will go through these processes and go import fake or substandard goods?

Most importers already use this process. The people this will not work for, are the little people trying to make a living.

Obiagelli:
They can use debit cards and paypal

how are these accounts funded?

emorse:
What then would be the fate of small scale importers who import from aliexpress and their likes?

You hit the nail on the head, this pretty much puts them out of business.

emorse:
Can someone please answer this question?

Simple answer is no. If you go through the Form M process and your transaction is approved, then it's possible.

Form M is an application to import visible goods and also serve as a statistical tool for the government in policy formulation. It is mandatory for all importers to complete and register Form ‘M’ with Authorized Dealers at the time of placing orders whether the transaction is valid for foreign exchange or not. This is currently initiated electronically on Trade Portal provided by the Central Bank of Nigeria in conjunction with the Nigeria Customs Service. Supporting documents for submission of Form M includes PFI (proforma invoice), Insurance Certificate covering 110% of the item of import. Depending on the item of import, other regulatory documents such as NAFDAC permit, SONCAP product certificate, DPR Import Permit, PCN licence, etc.; will also be required

Thousands of Nigerians living outside the country send products to their business partners and family members to sell on their behalf, thereafter return their monies back to them. This policy is going do damaged to these group of people. Many small import businesses have already been excluded from the forex market, even though their products are not prohibited, how will they make payments for products around the world?

This is another knee jerk reaction from the CBN, which will do the Naira and the economy no good.

Whynotthetruth:
APC is peopled with more corrupt people and the President must treat the issue of corruption without looking at political parties

States with failed leaders who have bankrupted their states are ALL APC (Osun, Imo etc)...Bagudu of Kebbi will soon render that state hopeless and so the change continues...

Buhari is as corrupt as any other Nigerian politician. He knows his limitations and Fayose understands the game very well.

tonychristopher:
I am giving you links ..oh I forget that you dont understand educational pursuit and importance of reference ...too much kai kai

it's not your fault

now run into the creeks

You are giving links to validate your stupidityy , as our resident Niger delta google anthropologist ,

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tonychristopher:
You can decieve yourself but the fact is that NIGER DELTAN are daft and clueless their gift to us was JONATHAN, Super Daft


This explains a little bit of whats happening there. Coz theres more than these pictures display.
But as much as I would like to sympathize with your people, I think your still the biggest cause of your own backwardness.

1. Didnt the same people through corruption vote in Uduagha and revote him when given a chance to decide?
2. Didnt those bunch of illiterates you are trying to generate sympathy for protested the arrest and trial of ex-gov Ibori?
3. Lets move around a little bit: is your so-called MEND really a freedom fighting group or just some bunch of bandits more concerned about getting kidnapping ransoms?

And hasnt the FG been a little more compassion by creating.

1. AMNESTY (headed by one of your own)
2. A ministry that sees to the development of the ND (Headed by one of your own)
3. Paid x3 more allocation to your states than any-other states within the federation
4. And isnt the so-called FG now been run by one of yours?

You people are fighting a lost battle. Even one of your own: President Ebele Goodluck Jonathan shares not further sympathy for MEND and your likes and has declared an all out war with you.

The problem still remains you,

There is no state within the country that has been developed by the Federal Govt except the FCT. The rest was developed by the people, and the type of visionary leaders they elect to run the affairs of their state.

1. You still have Sylva, a cocaine-fiend who cant point to one single achievement so far. And im sure MEND can get rid of him if they want, but they wont because the fight has never been about developing the ND. Your people are totally useless!
2. You re-elected Uduagha, the same criminal you wanted kicked out, yet who knew how hopeless your people are and was able to buy their votes.
3. The only good governor in your midst, Rotimi A. is facing barrage of attacks all around his because your people are foreign to change and development and hate him.
4. The biggest problem to GEJ isnt even the North, but how your so-called MEND has painted him as been useless, ineffective, disorganized, and a leader who cant even keep his own people in check. Im sure those criminals called MEND are used to the dollars they rake in from kidnap ransoms, thats why Amnesty wont work because they are so greedy, they cant even stop, and it will take x3 of the current forces of JFT to check their insanity.

Abeg please, post more pictures, but Nigerians have come to see how selfish the ND people, and we have all just realize that even if for the next 20 years, we have presidents in this country and they are all from the ND, nothing would still change, because of the nature of your own people.
Abeg, put your house in order first before posting rubbish here.

The Niger Delta is one of the 10 most important wetland and coastal marine ecosystems in the world and is home to some 31 million people.1 The Niger Delta is also the location of massive oil deposits, which have been extracted for decades by the government of Nigeria and by multinational oil companies. Oil has generated an estimated $600 billion since the 1960s.2

Despite this, the majority of the Niger Delta's population lives in poverty. The United Nations Development Programme (UNDP) describes the region as suffering from "administrative neglect, crumbling social infrastructure and services, high unemployment, social deprivation, abject poverty, filth and squalor, and endemic conflict."3 The majority of the people of the Niger Delta do not have adequate access to clean water or health-care.4 Their poverty, in contrast with the wealth generated by oil, has become one of the world's starkest and most disturbing examples of the "resource curse".

http://www.eyesonnigeria.org/EON_Extractives.html


https://www.nairaland.com/587622/niger-delta-pictures/2

President Goodluck Jonathan hails from the region, and when he was elected, many people hoped their lives would improve. However, little has changed.

Al Jazeera's Haru Mutasa went back to a village she visited in 2007, to see if anything has changed.


http://www.aljazeera.com/news/africa/2015/03/nigeria-poverty-niger-delta-150305014819233.html

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Dumbass, we know you are a google anthropologist. Can you try something original, once in your pathetic life?

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tonychristopher:
ONE STOP QUOTING ME, TWO GO AND BURST PIPELINE THAT IS WHAT YOU ARE CREATED FOR, YOU MIGHT ROAST THERE

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After you hang yourself.

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tonychristopher:
niger delta sucks especially the swampy creeky region ...the calabar efik ibibio are organized but if you want to see poverty hooliganism and swampy stupidity visit the creeks of bayelsa to yenogoa then pesu waterside to forcados

take it or leave it

niger delta are bunch of disappointment

[/s]
Niger delta anthropologist, you and your household are the disappointment.

tonychristopher:
it really hurt

A congenital liar like you, hurts no one. Hopefully someday, your pathetic lying dumbass will grow up.

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tonychristopher:
I am perfectly with OK..just went to delta and saw the level of poverty in that axis via patani ...you will not be able to drink common water there ..that place is terrible yet they are okay drinking kaikai

mehn somebody need to tell them the truth

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Traveller to every corner in the Niger delta keep up your lies. Google has made you an anthropologist

Finally Princewell speaks up, Who owns Sahara Energy again?

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tonychristopher:
Bunch of ingrates, what ids wrong with these Niger Deltans especially these creek dudes in Bayelsa, Patani Delta South...for heaven sake one stupid Ijaw man that was our former president did not even do anything meanigful to his people, he wanted to build ship yard or port at Delta but Urhobo, Ijaw and Iteshekiri were dragging who owns the land#



why are these Niger Deltans too petty with ogogoro mentality....is it proximity to water is making them reason like fishes


aplogogy to anioma, efik,Anan and oron the rest Niger delta from itshekiri to ijaw then nembe are just clueless and stupid


with all the trillions dumped there what do they have to show for it


I think they should do the lagoon thing for us ...directed by Oba Akiolu

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dumbass

Almajiris never disappoint.

manny4life:
Doesn't make any sense, why should receipt from BDC's be actually intended for these reasons? Why can't money be wired electronically to it's destination? Transport how exactly?

How about people who have no access to travel out but have a legitimate reason for foreign exchange, then what? Example, I sent goods to Nigeria, the goods are sold and since I am not present physically, wouldn't it make sense for money to be wired back to me at official exchange rate. In this case, what happens? How do we circumvent the process? If I borrowed funds to transact the business, how do I mitigate a potential loss? Please leave the transfer agents, you know exactly how I mean. Besides, these WT agents don't wire from Nigeria, I could be wrong because I haven't tried it but I know Money Gram DOES NOT accept wires from Nigeria.

That's the question nobody has been able to answer.

Jonathan's mistake was to care about Nigerians, the ones that enjoyed petrol at the regulated price, were among those that insulted him the most. What we have today is the same situation during most of OBJ's regime, is called rationing. The sai chanters and the slaves of the almajiris have all lost their vocal cords

look at the almajiris and their sai chanting party. Was this not the same loan NOI refused, because baba Osho wanted to use the money to offset loans from local banks.

Trailblazer1:
And you think the dullard understands all these grammar

His sai chanters are all on deck

The forward curve price on crude oil is a ($50 average) through 2016, hopefully our daura miracle worker can increase the upside potentials.

SenseiX:
It's actually a judgement on the local government elections for councillor ship seats in Warri North, The Nation was very mischievous making it seem as House Of Assembly

No matter what election, APC is dead in delta state.

erico2k2:
hmm 1984 did we have JS1 then?

That's how you catch the liars on NL.

This was the headline today on Bloomberg

No Dollar Access Imperils Nigerian Retailers, Spurs Prices

http://www.bloomberg.com/news/articles/2015-08-02/no-access-to-dollars-imperils-nigeria-retailers-stokes-prices

I don't understand why all these western media outlets are crying From bloomberg to FT, the news is the same. Did any of these media outlets perform any background check on Buhari? or they relied on the propaganda? Buhari is doing nothing different, he was a dullard in 1984 and he is just acting the same script today. Sorry for those hoping to make a killing during his government. Your balance sheets will be covered with redink.

Let's have the new election, PDP's victory might be delayed, but will never be denied.

http://www.ft.com/cms/s/

Perception of a fiscal policy vacuum hits business confidence


When Muhammadu Buhari took office two months ago, hopes were high that the former general would act quickly to drag Nigeria out of the economic crisis he had inherited.

But the prolonged search by Nigeria’s new president for his cabinet and the relative silence on plans to tackle the tough economic outlook is unsettling investors and damaging business confidence in Africa’s biggest economy.

The perception of a fiscal policy vacuum is growing among Nigerians and foreign investors, both eager to see results from the man elected on his promises to rebuild a state rotted by corruption. The relative silence on plans to tackle the tough economic outlook has begun to hit optimism surrounding the first peaceful and constitutional transfer of power in Nigeria’s history.

“Investors are becoming more tentative and less committed and this is now affecting the level of economic activity,” says Bismarck Rewane, chief executive of Lagos-based investment consultants Financial Derivatives.
Mr Buhari’s announcement that he did not intend to appoint his cabinet until September further rattled observers.
Last week he explained the process is taking so much time because many qualified and experienced people with past government experience “have been compromised” in their past roles.

The sound logic of a careful selection process seems lost on the public and on international markets eager for a person — specifically a finance minister — to project the government’s priorities and to outline policies to reduce the pressures weighing on the fragile economy.
A lack of clarity from the new administration on key questions such as the future exchange rate policy is discouraging direct investment and financial inflows to Nigeria at a time when more hard currency is badly needed to maintain adequate import cover and prevent the naira from weakening more on the parallel market, say analysts.

Much of the hope for Africa’s progress in recent years has centred on Nigeria, with its emerging middle class and renaissance in business and the arts. Will the country’s new president keep those hopes alive?
“We’ve got a bit of a vacuum. The monetary policy is being set by the central bank but that can’t really control what’s happening in the rest of the economy. The missing element is the fiscal policy. We don’t know what spending is taking place and what the plans are for the new administration,” says Angus Downie, head of economic research at Ecobank.

Oil-dependent Nigeria has been suffering from rising inflation and shrinking foreign reserves since the oil price plummeted last year. Mr Buhari has launched corruption investigations to begin cleaning up the oil sector in Africa’s leading producer and he has made clear his government will be run in a more transparent manner. But in the absence of a cabinet, he has not yet signalled plans for economic reforms.
“For the market to be a little more secure and aware of what’s going on you would expect the finance minister to co-ordinate business day to day and to be the mouthpiece to the market,” says Mr Downie.

Economists say the only highly visible fiscal or monetary policy move in recent months has made matters much worse. In June, the central bank decided to defend the naira by effectively blocking the importation of 40 goods including rice and soap by not granting hard currency to import them.

Rising food prices, a growing foreign exchange shortage and the scarcity of some imported items for Nigerians already hurt by the country’s fiscal problems “are the direct consequence of the central bank’s new measures”, says Razia Khan, chief Africa economist at Standard Chartered bank.

Fears are growing the exchange rate could weaken further. “Investors are confused about whether this represents the policy stance of the incoming administration. The policy vacuum needs to end to allow for more debate on the measures that have been imposed,” says Ms Khan.
FT Magazine

Hopes that Mr Buhari would quickly remove fuel subsidies that cost $6bn last year have also been dashed.
Last month, the president said much of the literature he had received on the urgent need to remove subsidies had “no depth”, and said investigating corruption was a bigger priority than getting rid of the costly price caps.
But Mr Rewane says “every further delay will make it more complicated and more expensive” to implement such reforms.
All this adds to the growing sense of delay.
Given that Mr Buhari may prefer to have buy in from his ministers before introducing sensitive reforms, major policy decisions are unlikely before the last quarter of this year at the earliest, says Ridle Markus, Africa strategist at Absa Capital, the investment bank owned by Barclays.

madridguy:
BABA PMB CARRY ON JOR.

I DID CHRISTIAN RELIGION KNOWLEDGE BACK THEN SO NOTHING IS WRONG IN THIS WONDERFUL DEVELOPMENT SINCE ITS WONT BE COMPULSORY.

APC

In what school?

When propaganda becomes your favourite tool in politics, the people masses are raped by the likes of Aregbe. But again, they deserve what they get. Who is clueless now.

http://www.bloomberg.com/news/articles/2015-08-02/no-access-to-dollars-imperils-nigeria-retailers-stokes-prices

Mojeed Jamiu is cutting jobs and raising prices to prevent his furniture and clothing store in Lagos from closing after Central Bank of Nigeria Governor Godwin Emefiele restricted foreign currency supply for some imports.

Emefiele in June banned importers from using official foreign-currency channels leaving many to use illegal markets for about 40 categories of goods, including furniture, textiles and rice, the latest in a series of controls since December that have dried up dollar supplies in Africa’s biggest economy and oil producer.

Due to a dearth of local manufacturing, companies like Jamiu’s FM Best Bargain Ltd. have no choice but to import goods.
“One must survive,” the 47-year-old father of three said in low tone in one of his show rooms in a four-story building on a busy road in the Lagos district of Ogba. “Businesses will close shop if you don’t know where to get the next dollars and at what cost. Jobs that were done by two people, we now engage one person.”

Emefiele’s push to cut imports is clashing with his mandate to keep prices in check as the economy struggles to cope with a 50 percent fall in Brent crude prices over the past year. While the curbs have kept the naira almost unmoved on the official interbank market at 199 per dollar since March, parallel rates on the black market have dropped to record lows of 240 per dollar as businesses buy foreign currency where they can.

Rising Inflation
The parallel rate may still weaken a further 20 percent within two weeks if the restrictions continue, said Aminu Gwadabe, president of the Association of Bureaus de Change of Nigeria.
Inflation accelerated 9.2 percent in June, quickening for the seventh straight month to take the rate beyond the central bank’s target band of 6 percent to 9 percent.

With 21 percent of all Nigeria’s imports affected by the restrictions, the pace of price increases will probably remain above the policy maker’s goal for the rest of the year, according to Standard Bank Group Ltd., Africa’s biggest lender.
Companies being hurt by the policy can start producing the goods they are selling, Ibrahim Mu’azu, a central bank spokesman, said by phone from the capital, Abuja. “I don’t think the restriction will cause inflation or unemployment.”

Domestic businesses don’t yet have the capacity to produce those goods and the central bank’s decision will cause unemployment, said Muda Yusuf, chief executive officer of the Lagos Chamber of Commerce and Industry.

Black-Market Pressure

Nigeria’s unemployment rate rose to 8.2 percent in the second quarter from 7.5 percent in first quarter, the nation’s statistics bureau said in statement on its Twitter account. The chamber is planning to carry out a study of the impact on its members, Yusuf said.
“The restricted items account for as much as $6 billion of goods imported in the country every quarter and it’s putting pressure on naira on the streets,” Gwadabe said.

Nigeria’s manufacturing industry contracted by 0.7 percent in the first quarter of 2015, after expanding 15.4 percent in the same quarter a year earlier. While the Lagos chamber has met with central bank officials, who promised to review the policy, there hasn’t been any change.
The regulator said it is waiting for President Muhammadu Buhari to detail his economic plans. That’s on hold until September, when Buhari said he will appoint his cabinet. Monetary policy remains “handicapped” without fiscal guidance, Emefiele told reporters on June 24. The central bank may increase the list of items that can’t be imported, Emefiele was cited as saying in an interview with Lagos-based ThisDay newspaper on Monday.

An official devaluation of the naira is inevitable and it’s best for Nigeria to take the hit now, Yusuf said.
“It’s better to allow the naira to find its level so that all of us can have peace,” he said.

Afam4eva:
This ish has been going on for decades.

You only cemented it five months ago, so please don't make any noise now. Most of you will live to regret March 28.