₦airaland Forum

Substitutes:
Nigel De Jong, Balotelli, Joey Barton, Felipe Melo

Coach:
Diego Simone
😂 😂 😂

kayttah:
Ahhh... These are football bulldogs. No nonsense men.

Barrywilly:
We are not surprised. They have always been like that tarnishing the name of the country all over the world.

Like these 23 drvg dealers from yoruba that were executed by Saudi Arabia
https://www.thecable.ng/full-list-23-nigerians-on-death-row-in-saudi-arabia-for-drug-trafficking/

Warrior99:
Peter Obi is a PATHOLOGICAL LIAR.

Onirooshi clown 🤡🤡🤡

Where's the lie?
Prove to us that he was the NPA chairman as alleged by Reno and Daddy freeze.
Prove Peter Obi wrong that his account of how he got involved with the Tin can taskforce is a lie with facts.

geewean:
This Werey don't know that there is a difference between Economic growth and economic development.

It's not even correct.
This is the current one as at today.

spiSeyi:
Trump is pained to the marrow China is a self sufficient state unlike others and can easily do away with the US but the US can't survive without the Chinese. Investors prefer to manufacture their stuff in China because of cheap labor and almost tax free regime which is not obtainable in the US. (e.g. The likes of Innoson won't go to the US for their spares even big company like Boeing can't build aircraft engines without the Chinese components, Apple will make almost no profit if it tries to shift its production line to the US )
The US should wake to reality that the global economy has taken a new face
Take it or leave it China is 20 yrs ahead of everyone including the US . Just imagine that they have launched their homemade aircraft since 2019 Comac C919 which is even rumored to be better, cheaper than Boeing that's crashes almost every year(all parts were built from scratch which is not obtainable anywhere), China has also taken over the EV industry with the arrival of BYD ( a cheaper and more durable alternatives to Tesla). All it takes China is to instruct FoxCon (major chip and manufacturer for iPhone and Boeing) and other IC companies to stop every business dealing with the US companies then the US will be done for in a few months

And you think you are smarter than Trump and his economic team

Goodnewsforlife:
once they see court order restraining them they will stop d sales or b sued too

Guy there's no ignorance in law, if u have been to d court of law before u will understand it's different from social media and court of opinion so Dele farotimi has a long war to fight

Guy I believe you've been to court.
Kindly educate us on how exactly is the Nigerian court order going to be enforced against Amazon as Nigeria has no law enacted with extraterritorial application and enforcement.
When did Nigeria assume such extraterritorial jurisdiction to enforce their court order against a US company operating online?
Is Afe dreaming of suing Amazon?

I have to read that part multiple times to make sure I didn't miss anything there.
How does that make sense to anybody?
Please somebody should explain that statement to me like I'm 5.

RealLordZeus:
Which kind grammar be this!
How does fuel subsidy removal ( when you dont need to be spending public money on subsidy) depletes external reserve
Does anyone understand this jargons

😂😂😂😂😂😂😂😂😂😂😂😂😂

Shawarmagirl:
115 view in just 2min of posting this. Ronu came to see Aba on fire🔥, but were disappointed.

That means he knows everything Like did financially hence he's the right person to talk.
Wike shielded him for his own good then because if he was caught and he spilled the bean, Wuked Wiked would've been a gunner by now.

LibertyRep:
The same past government he was actively involved so much so that he was playing hide and seek with EFCC.

Please don't delve into area you know nothing about.
BDCs were banned from sourcing dollars from CBN in July 2021 and since then, they've been a steady depreciation of the naira.
Meanwhile do well to read the article again and again maybe you'll see where the problem lies.
CBN and the government are the problem. Didn't you read that BDCs don't even want to bid again

Dynamicboss:
They should ban these BDCs. It’s not easy to track them

Anyway, why would they? Same politicians destroying the country are same as the BDC whom CBN sells forex to

A very wrong and naive submission by the OP.
Read my submission above.
I'm here clear you if you have any doubt.
Thanks

jedisco:
Good take @OP

Our defunct means for international transactions shouldn't be black market trades. Why can't banks supply forex at prevailing rates and in a transparent and traceable way to every day customers? This is the norm in most economies.
We could have travel agents or a few online money agents but rampant BDC use is an anomaly.

First, you know nothing about BDC operations.
The claim that CBN sell dollars to BDCs which the sell some,hoard some and return to CBN to buy again is false.
Take it from me, there's no license BDC operator that hoard dollars anywhere in Nigeria.

Recall that on July 27, 2021 the PMB administration stopped the sale of USD to BDCs.Aa at that time, dollar was exchanging at ₦400/$1( fact check me). Immediately after that, there has been a progressive depreciation of the naira until February.
The naira started to gain ONLY when CBN announced the reintegration of the BDCs into the forex market. Worthy of note is, during the period which BDCs were stopped from bidding, their USD allocations were added to the banks, yet the naira kept depreciating.

The mere announcement of bringing back BDCs into the forex market instantly kickstart the naira appreciation. That shows you that the BDCs are major stakeholders in stabilizing the forest market if the CBN implement the right policies.

Prior to their integration, there were over 5,000 licensed BDCs but the CBN revoked the licenses of over 3,000 BDCs.
Now ask yourself, if it was difficult for 5,000 BDCs to service the general public, what do you think will happen when there are under 2,000 BDCs with the same or lesser allocations of USD?
The allocation to BDCs where twice per week as at 2021 but now it's once in three or four weeks and you expect the naira not to depreciate? You dey dream.

May I remind you that there's a difference between license BDC operators and currency traders (those you may refer to as aboki and others who trade along the street), knowing this distinctions will help you to make a better submission than what you penned here.

May I also bring to your notice that allocations to BDCs is for PTA and BTA ONLY and not for any other forex obligations. We know that Nigeria is an import dependent economy, hence what drives the value of USD is importers jostling for USD to meet their business needs as BDCs are not allowed to sell to importers except it's for PTA/BTA purpose only.

Furthermore, BDCs are bound by CBN regulation to render daily returns of their sale of USD sourced from CBN and in the absence of a bidding from CBN, they render a nil returns. You can't bid for USD from CBN if you haven't sold the previous ones you bidded.
Again CBN inspection teams visit registered BDCs quarterly to reconcile the returns from their ends.
Hence license BDCs are not the problem rather wrong policies by the CBN .

Nbkay23:
It’s no longer news how Dollar is skyrocketing in our Economy Nigeria Today, and the Devaluation of our Naira, well I’ll like to share my own 2percent on the situation.

Considering the fact that Nigeria only spends naira, But the availability of dollars to some, in the economy is Devastating. These are the Big business corps, BDC’s operators and Particularly the Government. The reason for our currency devaluation, here I’ll tell you now..I’m an economist and a part time forex trader, so believe it what I’m telling is true.

The Cbn exchange dollar thru the Bureau d change to the public, the way they do it, is By releasing Dollars to particular registered BDC traders as they claim, Dollars is released to this Individuals to sell to the General public daily, What these people do is, they sell at a particular rate and increase the rate so as to Have some dollars left in stock, By hoarding them, They come back to the bank next day and deposit naira, Saying Demand of Dollars is High, Next day collecting of dollars take place in the Bank again, the bank doesn’t have a choice than to increase the rate cos the rate of return is Low in Value, Definitely business has been done and profit has been made. The issue is Why can’t the CBN put a stop to Street Trading, Aboki’s calling people dollar, dollar on the streets and Devise a Means of Transaction using the Bank for Transparency while Dealing thru the Accounts of the BDC’s, this way you can avoid Laundering of money, illegal transactions and Consumption of Government funds, Most Politicians in Abuja prefer to use the Bureau d change cos it’s a seamless way of Transaction, No one can hold you, No amount is too much, Infact the bigger the amount the Better they friends with you. Street transaction of Dollars is still the same as Spending dollars in the economy. You won’t see other Countries allowing other currencies to be Transferable in the Streets, We have to put a stop to this Menace if we want to save this Country from Collapsing , Using Debts to hold the naira is not the way, Defunding the Banks of Dollar deposits is not the way, Defunding the crypto holders is not even the way, We have to let Transparency and Records take control of the Exchange system, Not in the streets, But banks. Slots can be made Available for Preferable BDC’s Vendors, And Stop Doing Business with the Economy

Below in this picture is a woman walking Pass the exchange Board in Tokyo Japan, You can Visibly see the chart

Ask them too

Tetrahedron:
Is Dangote not producing PMS?

It's the CBN that's being clever by half.
The same channel they've been writing the ABCON president was the channel that the memo emanated from.
Has the CBN been hacked?

Timmi:
Can't you read or you just lack comprehension. CBN SAID THAT MEMO IS FAKE AND DID NOT ORIGINATE FROM CBN. Go and ask the ABCON president who send him the MEMO and the man really needs to be arrested and name the source.

CBN sent out this memo to the ABCON president . Blame the CBN for contradicting itself.

Timmi:
CBN denied the news and you are still asking who to believe? Go and ask your brother, the producer of fake products and news, counterfeits, and drugs.

The CBN actually sent this memo to the ABCON president. Why denying?

Georgry:
Wetin government come do for inside this fake news now? They just issued a disclaimer that it is a fake content, if you can't accept that then you can do anything you like.

How much?

Exousiang01:
US owes China and Germany huge debts also

Most contributors here are actually naive about forex and economy.
They think it's PDP vs APC or Igbo vs Hausa vs Yoruba.
You've got a good grasp of what's playing out.
Meanwhile CBN wouldn't tell how many times they've secretly devalued the naira.

Donsheddy:
When i read some comments from some individuals here.... Im convinced deep down that Nigeria can never get better....
I wish things was different but its the truth....
Binance or bdc isn't the cause of our problem but our leaders and a lot of people are still hell bent on defending them ....
I begin to wonder like how....

Its simple there's too much unproductive naira in circulation which has lead to this increased exchange rate.....

Previous govt took series of loans (unproductive loans that wasn't properly utilized or should i say looted and that's what we are suffering today)

And the current administration is doing the same thing if anybody tells you the naira wont keep falling then he's a liar.......

Its simple the govt takes a loan at 20% interest to be paid in 8 year....
What this means js that we have practically devalued the naira by 20%

Now imagine the govt is already clearing up the naira at almost 30% interest...
It means more naira will be chasing the dollar soon....

If those loans are looted and isnt used properly....

But we all know it will be looted as usual

The assertion that licensed BDCs are unregulated is unfounded. They fall directly under the supervision of the OF ISD and Trade and Exchange department of the CBN. It's crucial to distinguish licensed BDCs from the myriad currency traders, primarily concentrated in the northern region.

In February 2016, then-President Muhammedu Buhari, implementing his command and control economic policies, halted CBN funding to BDCs, citing unspecified reasons. Prior to this action, the dollar traded at ₦200 in the parallel market. Post-ban, the Naira plummeted to ₦500 against the dollar, prompting the then CBN governor, Emefiele, to reintegrate BDCs into the FX window.
https://www.thecable.ng/buhari-we-stopped-selling-forex-to-bdcs-because-cbn-directors-were-shortchaging-the-govt/amp

Observing the turbulence in the forex market, the bankers committee accused BDCs of various financial crimes. Furthermore, in July 2021, the CBN announced the cessation of FX sales to BDCs, coinciding with the Naira's exchange rate at ₦480 against the dollar. Subsequently, the Naira's value began a downward spiral.
https://www.premiumtimesng.com/news/headlines/475998-breaking-cbn-bans-sales-of-forex-to-bdcs.html?tztc=1

Despite being banned from sourcing dollars through the CBN, BDCs have diligently paid their annual renewal license fee of ₦250k.
Cardoso faces a tumultuous journey, and the mere prospect of BDCs re-entering the CBN forex window could erode the Naira's recent gains.
But with this news, watch as naira will lose all the gains it made this two weeks.

emkz:
So who manipulated the exchange rate?

What economic activity led to the spike?

And can you tell me anywhere in the world where BDCs are not regulated?

With this news, watch as Naira will lose all the gains it made this week.

FreeStuffsNG:
Lobatan.
All the enemies of Nigeria will lose las las. They always lose.
May God bless Omo Cardoso, President Bola Ahmed Tinubu and the Federal Republic of Nigeria. Check my signature for free stuffs!

Most of you are actually naive on the operations of the forex market.
Quote me anywhere BDCs contributed nothing to the free fall of naira.
Engage me and I'll educate you.
Thanks

emkz:
I joined many other Nigerians to call on regulations and deregistering many of these BDCs.



Unfortunately, the BDCs are a fraction of the problems. We need to also go after the owners of those BDCs who work in the CBN, ministries, customs and even among the political class.

The cleansing must be holistic.

What's you lots obsession with Bureau De change? JSYK, bureau de change are licensed operators by CBN to bid for FX at the CBN and autonomous sources. Despite paying their annual license renewal year in year out, the CBN has continued to deny them such bidding since July, 2021 yet you are asking CBN to clamp down on them. If I may I ask, for what offence?

BOSSkesh:
Step in the right direction
Not only that he should also clamp down on bureau de change and illegal operators and hoarders of forex

Bureau De Change smart brains have absolutely nothing to do with this. This smart brains have been the one engineering the rate when it's still manageable untill CBN under Buhari and Emefiele yanked them off from the OFISD with spurious allegations. The consequences of f that action by CBN has been the free fall of naira.
Meanwhile the Association Bureau the change operators of Nigeria, ABCON has been engaging the CBN since then but no positive action from them because the CBN and the powers that be are benefiting from the naira free fall.
If the genuinely want to bring the rate down, they know what to do

othermen:
When employees of the Central Bank of Nigeria (CBN) themselves engage in speculation, how can they effectively engineer interventions that truly serve the public interest? In the absence of a well-considered game theory approach, is it reasonable to expect that adversaries of the Naira wouldn't take actions to counteract the objectives of such interventions?

Consider individuals in the diaspora who start as students but, upon gaining employment abroad, benefit from the depreciation of the Naira, making them wealthier. Similarly, individuals within Nigeria who hold well-funded foreign accounts may not find it advantageous for the Naira to appreciate. Even employees in commercial banks, especially those in foreign exchange roles and upper management, have profited substantially from the Naira's decline. With their personal funds stored in dollars, it's unlikely they would support policies aimed at strengthening the Naira, as such measures might diminish their personal wealth. Instead, they tend to hoard available dollars or purchase them, deliberately creating scarcity and driving up demand, which in turn elevates the dollar's value, allowing them to capitalize on this difference in the black market.

The inability of the government to stabilize the exchange rate implies a lack of economic stability for international trade. What's required is an economic environment that fosters a steady demand for the Naira.

The solution may not lie in adhering to academic suggestions such as using interest rates to stabilize the Naira's value or relying on non-existent savings from subsidy removal to bolster our reserves. Instead, we need to address the issue of conflict of interest, reconsider the Dutch auction system we employ, explore alternatives to the dollar, and develop policies that better suit Nigeria's unique economic circumstances. This includes recruiting talented minds from the bureau de change sector and compensating them generously, thereby aligning their interests with a stable Naira. Collaborating with capable experts abroad is essential. The CBN should be transparent and institute mechanisms for employees to disclose their conflicts of interest. Furthermore, establishing a body comprised of astute bureau de change operators, accomplished CFA charter holders, seasoned economists, and proficient professional accountants with expertise in the FX market is necessary to engineer effective policies.

In essence, achieving a more stable Naira requires a holistic approach that addresses conflicting interests, revisits existing systems, and taps into the expertise of professionals from various fields. Only through such comprehensive efforts can the CBN work towards a fair and equitable economic landscape for Nigerians.

It's 590 in Ebonyi

Victory662:
Ebonyi is #835

Why don't you wait till he's cross examined? So that the defense council will prove that there internet connectivity issues in all the polling units of the federation when presiding officers attempting upload results sheet of the presidential election

sreamsense:
Do you expect it to have glitches before? What will be the essence of security measures INEC engineers put in place to secure AWS server? INEC engineer will tell you they resist attacks against the server from their end. And can you even defend internet connectivity issues from device users? LP can't prove this, they are only wasting time. By the time the engineer is crossed examine now, he may make LP feel like mumu

I have over 120 units now. Let me make it up to 500 units before the increase.

jmoore:
Those who use prepaid meters buy power in advance. So if they buy power that can last long, they won't be affected when the new tariff comes in until they exhaust their old power units.

EEDC
₦2,000 is 32 units

Procashtips:
When was ₦1000 64 units?
Any receipt to back this up?


I have always bought 28 units for ₦1000 until of recent that it became 23 units for the same ₦1000.

Where una dey buy 16 units for ₦1k?

This is not true.
The cost to refine gasoline varies between $.40 and $.70 per gallon and a gallon is about 3.8 litres approximately.

nairalanda1:
Refining crude oil into one liter of fuel costs between 0.40 dollars to 0.70 dollars...which is N308-N532.

Sauce: Google.

Someone that was granted import license for pms as confirmed by the house of representatives?
Does that looks like someone who's sincere about refining crude oil to cushion the effect of the subsidy removal?

nairalanda1:
Corruption is a sympotm of subsidy...it happens whenever there is a subsidy...because free government money.

At the end, let's see if Dangote is serious about domestic refining.