₦airaland Forum

Na una sabi!

I thought these are the Jobs Buhari wanted to do himself why is he pushing it on the new NNPC Boss.
Rather the guys job should simply be to reform NNPC and improve Nigerian oil Industry. Those items are non productive he will waste
a whole lot of time chasing shadows while ingnoring way forward and innovative ideas.

Imagine telling him to look for all stolen funds...........Rubbish! Is the new NNPC an NNPC staff or was he there when those funds where stolen
This was a job Buhari assigned to himself .......so let him do it himself.

UncleJudax:
No matter how much I try not to comment on tribal related threads, sometimes I just cant help but call out the many one Nigeria chanters.

I don't understand why any person/tribe would so brazenly think it has the right to lord over others and term them second class.

The SS have failed to speak in unison. They are constantly reminded by some people how they were saved from some people.

These self-acclaimed liberators always feel the need to taut the SS and remind them why they have to be loyal and prostrate to them for allowing them to have a say in 'one Nigeria'.

Thus, the latest episode, Mr Ibe's appointment, should not be an exception.
He is a 'second class' citizen and his people, once again, have to be grateful to the liberators for allowing their son to head NNPC, an institution that ironically exists almost exclusively because of them.

Change is not only constant, but a must. The day of reckoning beckons.

The only tribe that has never taken advantage of SS is SE, they seem them as same with them. But other tribes try to work them against SE now thank God dey now know the truth. So now united we stand.

Said it a million times Buhari should not allow himself to be pushed against Saraki, he should stay clear the senate issue like he promised he would initially just wondering why the recent probs he is having with Saraki.

That's making caricacho of the position!

Stupid post! these pics was snapped just after Wikes swearing in, Ameachi did not pay sanitation people owing them some month pay what do you expect so they left the whole place dirty. Since Wike Stepped in he has been clearing off the mess by Ameachi. Haters keep off Rivers State.

DFemaleBoss:
" In the fullness of time," he'll apologise

Keep dreaming!

You hit the nail in the head. After they overcalled all the attempts by Jonathan to stop Boko Haram!
[quote author=skipofem post=36622152][/quote]

Nonsense! when you were busy adding and dishing out military intelligence to boko Haram. apology ko ! apostasy ni!

Rubbish they should be the ones to apologise to Jonathan. Brainless iddiots!

Demdem:

Let them be, afterall u sing the praise of Jonah-daft also. Stop being an hater.

Nna @DemDem why you dey follo follo me. I don't use curse curse words like you. You get PHD for hating.

My question is what date was this policy made. Please every stop commenting this guy is lieing

He should work and stop shouting!

na una turn am to irrelevant make una continue to sing im praise!

mikolo80:
na una de talk say dem no contribute anything to Nigeria

How does the tomatoes and onions contribute to the Federation money that they allocate states monthly?

Is the value of the Naira really appreciating in the real sense or the CBN and the FG are playing pranks on Nigerians? Why are commodities still high in the market?

Answer is the naira has only appreciated in the black market but interbank rate remains the same at N199 per USD.
I support the move at least for now to stop dollar deposit because its causing a lot of imbalance between official rate and black market rate, especially in the face of downing economy.
Formally official and black market rate used to be quite close , at most about 2 to 3 naira difference. What we had before this new policy was made was about a difference of 40 Naira between official and black market rate, banks/some individuals deliberately keep off dollars to allow for some artificial scarcity in the black market while the banks /individuals cash on the difference of recycling dollars/Naira between the difference in black market rate and official rate. For example, I spend N199,000 to buy $1,000 @ 199 official rate , then go to the black market to sell the $1,000 @240 naira per USD = 240,000 Naira , I make a profit of (240,000 - 199,000 = 41,000 Naira). I head to the bank again with N199,000 buy $1,000 go black market sell of and make another profit, I go on and on, making easy money. Now think of when I buy say $100,000 dollars at official rate and sell of to black market @240 per 1$, that's easy huge profit.



Salient Question and Effects:
1. What happens to a businessmen with domiciliary account seeking to deposit dollars and transfer to their partners abroad after buying the dollar from BDC or Bank?

Answer : No Biggy! They can use their Naira debit/Credit card to pay and the transaction will be done at the official exchange rate.
Better still raise legal papers like LC for huge imports. This helps the drive towards a cashless society CBN has been clamouring about.


2. The bank's refusal to accept dollar deposit means business transaction on that will be halted. Because no domiciliary account holder will be willing to withdraw from his account when he knows that he won't be able to make further deposit due to the CBN's policy except if his intention is solely for converting the dollar to naira for local transaction.

Answer: but they are allowed to do whatever business they deem fit with the money locally or internationally. There is no withdrawal or spending restriction on domiciliary account, just deposit restriction.

3. Instead of doing transactions from domiciliary account, businessmen will be left with no choice but to operate domiciliary account in neighbouring countries where they will be making transactions or resort to wiring money via Western Union in neighboring country.

Answer: The policy does not stop them from doing business with their accounts sir. It just stops cash deposit of USD. Your business can still be done electronically and currency conversions made through the interbank rates which is traceable and good for transparency. Its only people with shaddy business that will be affected!


5. Should the above persist it will get to a certain point where there will be scarcity of the dollar in the market. When it get to that point, the dollar rate is astronomically shooooooot up in the market because demand will outweigh supply. At this point, the naira problem will be worse than it was.

Answer: Scarcity of dollar maybe at the long run for now this is the way to go to curtail the difference in exchange btw black market and official rate. If its left to continue will eventually devaluate even the official rate because of the artificial scarcity that was created.

Is The Naira Really Appreciating?
Make no mistake, the naira-dollar rate is yet to appreciate in the international market. As at May 29 the naira/$ rate was N199 in the market. The rate as at today Aug 5, 2015 is still N199. You can't appreciate a currency via the backdoor. Even the black market rate cannot be regulated through the back door.

Answer: Well this has regulated at least the black market rate even if its through the back door or front door. Now its about 200
Naira to 1USD in the black market as against about 240 Naira previously. Though official rate remained unchanged like you pointed out.

Is the value of the Naira really appreciating in the real sense or the CBN and the FG are playing pranks on Nigerians? Why are commodities still high in the market?

Answer is the naira has only appreciated in the black market but interbank rate remains the same at N199 per USD.
I support the move at least for now to stop dollar deposit because its causing a lot of imbalance between official rate and black market rate, especially in the face of downing economy.
Formally official and black market rate used to be quite close , at most about 2 to 3 naira difference. What we had before this new policy was made was about a difference of 40 Naira between official and black market rate, banks/some individuals deliberately keep off dollars to allow for some artificial scarcity in the black market while the banks /individuals cash on the difference of recycling dollars/Naira between the difference in black market rate and official rate. For example, I spend N199,000 to buy $1,000 @ 199 official rate , then go to the black market to sell the $1,000 @240 naira per USD = 240,000 Naira , I make a profit of (240,000 - 199,000 = 41,000 Naira). I head to the bank again with N199,000 buy $1,000 go black market sell of and make another profit, I go on and on, making easy money. Now think of when I buy say $100,000 dollars at official rate and sell of to black market @240 per 1$, that's easy huge profit.



Salient Question and Effects:
1. What happens to a businessmen with domiciliary account seeking to deposit dollars and transfer to their partners abroad after buying the dollar from BDC or Bank?

Answer : No Biggy! They can use their Naira debit/Credit card to pay and the transaction will be done at the official exchange rate.
Better still raise legal papers like LC for huge imports. This helps the drive towards a cashless society CBN has been clamouring about.


2. The bank's refusal to accept dollar deposit means business transaction on that will be halted. Because no domiciliary account holder will be willing to withdraw from his account when he knows that he won't be able to make further deposit due to the CBN's policy except if his intention is solely for converting the dollar to naira for local transaction.

Answer: but they are allowed to do whatever business they deem fit with the money locally or internationally. There is no withdrawal or spending restriction on domiciliary account, just deposit restriction.

3. Instead of doing transactions from domiciliary account, businessmen will be left with no choice but to operate domiciliary account in neighbouring countries where they will be making transactions or resort to wiring money via Western Union in neighboring country.

Answer: The policy does not stop them from doing business with their accounts sir. It just stops cash deposit of USD. Your business can still be done electronically and currency conversions made through the interbank rates which is traceable and good for transparency. Its only people with shaddy business that will be affected!


5. Should the above persist it will get to a certain point where there will be scarcity of the dollar in the market. When it get to that point, the dollar rate is astronomically shooooooot up in the market because demand will outweigh supply. At this point, the naira problem will be worse than it was.

Answer: Scarcity of dollar maybe at the long run for now this is the way to go to curtail the difference in exchange btw black market and official rate. If its left to continue will eventually devaluate even the official rate because of the artificial scarcity that was created.

Is The Naira Really Appreciating?
Make no mistake, the naira-dollar rate is yet to appreciate in the international market. As at May 29 the naira/$ rate was N199 in the market. The rate as at today Aug 5, 2015 is still N199. You can't appreciate a currency via the backdoor. Even the black market rate cannot be regulated through the back door.

Answer: Well this has regulated at least the black market rate even if its through the back door or front door. Now its about 200
Naira to 1USD in the black market as against about 240 Naira previously. Though official rate remained unchanged like you pointed out

In China the maximum daily deposit/withdrawal of foreign currencies is $10,000(or equivalent).

Is it not better to place a transactional limit for foreign currencies than discourage deposit completely(that will solve nothing)?
We don't produce, we import, we have no policy to promote local production nor infrastructures in place toencourage manufacturers, yet we expect the naira to appreciate. That is no done anywhere.

Demdem:

Goon, was Jonah-daft also hating when he termed leaders of a part of the country Rascals? U seem not to have any issue with that. U are highly unstable.

Programmed to hate. Am kinda too busy for all these type of talks. Bye

Already they have the Quran & Bible. What this additional book . We should be talking of projecting innovations instead in schools.

Until then.............

Demdem:

Goon, how come where sane peeps sees sense, u see hate?

Make your comments without using abusive and tribal word! that's the hate factor ok. Grow Up!

Which one be dailyonion or dailyonus.com! seems a fake news! wetin concern me

Na them sabi!

Is no crime! my husband kisses me publicly all the time

Demdem:

Very lazy and Ibotic thought. While Peeps were busy strategising and working towards defeating the curse u and ur shameless kind were busy looking for certificates. Before u know it, they succeeded. Give honour to whom is due.

Typical of @DemDem always vomiting Hate! Keep dreaming of hating! Yoluba man! Full of hate

StOla:
I suppose Ondo is SE for sure and SW people are way too cursed?

I'm happy you're smart enough to have mentioned "Nigerian oil".

I believe no Nigerian uses oil for free within the country.

You should do well to educate your ignorant hillbilly brothers who sit by the radio listening for the next hate message to daftly propagate.

Bla Bla Bla!

[quote author=Aromas post=36594197][/quote]Why did you Edit my post and resend! anyway na so una be, people of too many face, unstable!

Governor Wike! My Governor! My Governor!

oluwalfa:
WTF is SS? Sickle cell aenemia?

Don't die of Jealousy and hatred o!

Demdem:

Very lazy and Ibotic thought. While Peeps were busy strategising and working towards defeating the curse u and ur shameless kind were busy looking for certificates. Before u know it, they succeeded. Give honour to whom is due.

Keep having sleepless nights over Igbos!

Our governor! Our Governor! We are very proud of you!