₦airaland Forum

DeLaRue:
Pegging was what happened under Buhari. That government was spending an estimated $1.5billion dollars per month to peg the dollar at below N550 or thereabout.

The current government met less than $4 billion dollars in the country 's reserve even though Mr Emefiele regularly reported that the country had between $32billion to $37billion in reserve.

So you can see that with $4billion, Mr Tinubu's government had no chance in he'll of pumping $1.5 billion dollars per month to 'peg' the Naira's value.

And we still had to repay Mr Buhari's debts, pay for imports etc from the paltry $4 billion.

To cut a long story shot you need plenty of dollars to peg (subsidise) the naira. Nigeria is broke. It doesn't have the funds to do so.

How are they spending 1.5 Billion dollars every month? Because they give forex to banks who in turn offload to BDCs via roundtripping. Peg it and ban BDCs, no one will have business if hoarding dollars again because it is of no use to them, thus, making dollar available in the banks for genuine international transactions.

airsaylongcome:
Your ISP knows when you are using a VPN or RDP. There are many tell tale signs when you use it. That they haven't blocked it no mean say dem no fit block am. Try use a VPN in North Korea make your doubt clear. Or even in some middleeast countries.

That they know doesn’t mean they can block, it’s the sites you’re visiting that can block it and that’s for datacenter IP addresses. VPN works in all Middle East countries and there is no internet in North Korea. The only way to block VPN is to shutdown the internet completely.

airsaylongcome:
VPNs can be blocked fam

block by the government? Even governments more sophisticated and authoritarian hasn’t been able to block it , e come be Nigeria? I dey laugh you. Proxies and rdps dey too.

Appletek:
USDT rate on Binance is now 1,613 from 1,863 less than 40 mins ago.

Binance rate simply follows black market rate. There has been clampdowns on BDCs nationwide since morning, that’s why the rate is crashing but it’s just a temporary measure. Ban BDCs and peg the exchange rate to a reasonable rate and watch it stabilise.

olax02:
Very simple, they should go after of some Bank CEO in Nigeria. They are the criminal. They are the ones mopping up the forex.

Indeed, the real culprits are some BDCs working these bank CEO. If FG ban BDCs, they won’t have avenues to hoard nor roundtrip the dollar again. FG won’t do it because they are all in bed together.

Elliotwaveforec:
You guys don't read news or what? The government is aiming for a single exchange rates; government doesn't want parallel market again, simple.

If so, why hasn’t they banned BDCs?

StOla:
Good!

A country that does not know economic security will learn the hard way like Nigeria is doing now.

Nigeria needs to reach out and learn from countries that have mastered the art of economic control and economic security.

In Nigeria anything goes.

Some even think it is their fundamental right to save up dollars inside Nigeria.

Left to me anyone who is not getting foreign remittances into their domiciliary account, should have any dollars they have stacked up till now, converted at a rate of $1 = N1.

If you have stacked up $20,000 within Nigeria, my government will convert it to N20,000 for you.

It is obvious you have more than enough to be contributing to the economic terrorism that is going on within the country, so we will help you with a conversion tax that will make you love your own Naira.

Na now the government begin wake up that you do not show mercy to wicked Nigerians.

You guys always like burying your heads in the sand without tackling the main problem. How will blocking crypto exchanges save the naira? It’s a mere cosmetic measures that postpones the doomsday. Announce a proposed pegging of dollar to naira say $1 to N400 and also a proposed ban of BDC throughout the country and watch exchange rate collapse massively in Favor of Naira.
People speculate and hoard dollars because they have a market where they will round trip and make profit. Remove that market and watch those doing that stop because it won’t be lucrative again because there is no market for it. Of course they won’t do it because they are the real culprits.
Politicians and their cronies in banking sector in connivance with BDC are the ones speculating and killing the Naira. They collect forex from CBN, hoard it and speculate, pushing the rate high and then offload it through their cronies in BDCs, and the repeat the same again and again. FG should ban BDCs, peg dollar to Naira a very low rate and mandate all transactions involving forex to be done in the bank. Those hoarding forex will dispose it immediately.
USA just approved bitcoin ETF recently, ETH ETF to follow soon, other countries around are gearing up with policies on how to key in into the future of digital currencies while Nigeria continue moving backwards with inconsistent policies while shying away from tackling the main rot. Buhari banned cryptocurrency and did that stop Nigerians from crypto trading? Brainless and visionless leaders with brainwashed and bigoted supporters.

saddler:
This man and Atiku na the same badluck they follow them.

He contested in PDP and was beaten.

He contested in APC and was still beaten

Impatience was what killed them especially Atiku. Atiku was in the poll position of getting PDP ticket in 2019 had it been he was patient and supported GEJ in 2015 to complete his second term, but he killed his chances by himself.

We wanted to copy China by closing our border but failed to copy the approach China use, which is providing all then necessary infrastructure and resources needed for industrialization first like adequate power supply, security of life and properties, Human Resources through technical education, zero tolerance and very hash punishment for corruption, etc. But in Nigeria, the case is different, we are just deceiving ourselves with big grammars and eye service.

The truth is that APC through Buhari killed the country and even though same APC through Tinubu is trying to revive the country through trial and error approach, they are actually burying what’s remaining of the country. The first thing to do to revive the country is to make food cheap and affordable for the common man and how can than that be done, open the ports and allow foods to come in. Importers of food don’t necessarily need fx from CBN, this are men doing all kinds of things abroad so, they don’t need fx from CBN. The truth is that we can’t produce the food we need and closing the border won’t solve the problem rather, it will cause more hardship for the masses which will end up creating social unrest.

Fiscus105:
This what you guys supposed to have been doing long before now, but Nigeria with fire brigade approach.


In America and other advance nations, they allow you to operate and possibly making billion of dollars profit in their territory but, only tiny of such money would be allowed you to move away from their territory.

With this, even wen u make so much money which is personal to u, the Money will not leave the land, hence others would continue benefiting from it, by way of loan or other areas.

TODAY, ELON MUSK IS HAVING 100THS OF BILLIONS DOLLARS IN AMERICA BANKS BUT HE CAN ONLY ENJOY IF LARGELY IN AMERICA AND ALLOWED TO MOVE THEM TO SOUTH AFRICA HIS ORIGIN, EVEN IF THEY NEED DOLLARS IN THEIR ECONOMY.

That’s not entirely true. What if I make billions in USA and decide to diversify my portfolio by investing in other countries say, Nigeria, won’t the USA allow me? The major reason why most foreign firms operating in USA are not repatriating all their profits is that USA still has the market, so they stand to make more profit by reinvesting in the country than repatriating all the profits.

Those that supported the destruction of the economy by Buhari regime and the continued annihilation of what’s remaining of it by Tinubu’s regime are stylishly shying away from the mess they created. A country’s economy is a very sensitive issue which is related to national security thus, any decision about it must be made carefully and responsibly to avoid creating a shock that will collapse the country. There are sensitive economic decisions you don’t just make and announce anyhow to score political points.

Saturnalia:
CBN sells to Banks @ 1,490 Naira? And the Banks will sell to the BDC operators @ 1,690 Naira; BDC will sell to the general public @ 1,890 Naira, and the cycle continues.

Until the Black Market is scrapped, trust me, this is an exercise in futility.

Exactly. They should ban the Black Market and the CBN should direct banks to sell fx to the public at the same rate they got it from CBN. The black market created avenue for round tripping and manipulation of the fx market.

Awalokan people committing suicide over economic hardship? that’s unheard of.. They never see anything

BreconHills:
Who was our creative attacking midfielder?

Iwobi however, he played according to Coach’s instructions by holding the ball to draw Ivorians out for a possible counter attack, that’s a defensive tactic which cost us the trophy.

Karleb:
Is it Tinubu that is selling the dollar?
Are we spending dollar in Nigeria?

Your Tinubu is the president, the buck stops at his table. His economic policy is what brought the country to its current state and the way it’s going, it doesn’t look good.

abhosts:
Who exactly is benefiting from an ever falling Naira? What kind of cruelty is this? In 2019, a friend of mine based in the US invested $200,000(N72,000,000 at that time) into Nigerian real estate. Now his investment is valued at about N200,000,000($135,000). Despite the fact that his naira investment tripled in value, it was still not worth it from a dollar perspective. He is now regretting his decision because he would have been better off just leaving his $200k in the bank when you consider it is now worth 32 percent less. This is an example of foreign investor they claim to be courting.

No reasonable foreign investor will invest in a country where there currency is unstable. Nigeria is only good for investment if you’re making money in Nigeria. Any other thing is like pouring money into a bottomless hole.

BreconHills:
You play with what you have. SE squad was low on creative midfielders. We had ball winners, ball carriers but zilch true blue creative attacking midfielders so he surrendered the midfield.

How can your attacking midfielders perform when the coach instructs them to play defensive tactic while hoping for a counter attack? That defensive tactic rendered our midfield useless.

He should be sacked if he keeps playing a defensive football. We have a good defence and keeper with vibrant attackers, so I wonder why he keeps playing a defensive formation tactic? That’s outdated.

VeeVeeMyLuv:
Yea I concur

We are almost saying the same thing

Though your submission/analysis is far more accurate and precise than mine. Our lone striker was severely isolated.

Exactly! In simple terms, they played an attacking formation 4-3-3 while played a defensive formation 3-4-2-1. By the time the coach switch to 4-3-3 formation after they scored the second goal, it was already too late. We have a very formidable defence and a good keep, reason why it ended 2-1 with all a the pressure. In summary, the coach simply failed.

VeeVeeMyLuv:
He used 3-4-3 formation (3 defenders) in an overall team defensive strategy.

The Ivorians found out and capitalized on it using their very effective and powerful flanks/wingers.

that’s not correct, what he played was 3-4-2-1 formation, that’s why Osimhen was isolated upfront without a support which of course, pose no threat to the Ivorians defence thus, they came out fully to attack SE while SE kept defending hoping for a chance for counter attack. That’s a typical Mourinho tactic which is outdated. 4-4-2 formation would’ve been the best, we have fast wingers and striker but the coach failed to use that.

Nigerian coach is really to be blamed for this one sided game. How can you play a one man attack while Ivory Coast is playing a 3 man attack? That’s why there is pressure on super eagles while our attack is barely active. The coach should’ve played a 4-3-3 formation.

Nonsense CBN. You receive fx and they force you to accept CBN fx rate but at the same time, they are using black market rate for clearing of imported goods Is that not chronic wickedness … anyway who uses Nigerian banks to receive fx again? They are not ready yet.

Beremx:
Still yet you won't hear of anyone benefitting from it. It's only a short term plan. What happens next after that?
Oga open Seme border for importation of basic food and watch how food prices will crash. No matter how we try to pretend, Nigerian farmers cannot feed the whole nation on certain basic food stuff.

Nonsense and food reserves

Don’t mind them. They keep on lying to themselves about being sufficient in food production, that’s a farse. Even UK till today still allow the importation of foods, fruits, etc. in quantum and even the government further subsidises it just to ensure that food is affordable to the common man in the street. That’s why food is one of the cheapest commodities in UK today.

Just open border and allow importation of rice, simple and short.

zeenaman:
When did Nacho start using left foot? Seems these guys are not serious

That means you don’t know him.

YoungLionken:
But Buhari was president for eight good years, no protests..

Some northern elites are obviously sponsoring these people, same thing they did with GEJ..

In as much as I don't like BAT (my previous posts are there as evidence), I think the northerners should cut him some slack...

He connived with same Nothern elites to do the same thing to GEJ so, he is definitely reaping the whirlwind he sowed and it’s just starting.

He is the only person doing well in this administration, he should be left alone to continue.

Just one tenure out elected political position and he is dead? Shows that these guys has nothing else going on in their life except just to be in power doing nothing.

[quote author =degamonn post=128266680]Between the suspected man and you the publisher who published this news, who is enemy of the state? The security people are doing their work secretly. you rushed to publish their plans as if the suspect don't have access to your news.
By making him aware that he is being investigated , he adjusts and block all traces.
To me, the publisher of this news is an enemy of the state.[/quote]The enemy of the state is the security agents running their mouth like parrots to the press about their covert operations, bunch of unserious nonentities

Nonsense. What they need to is amend the constitution compelling every State and FCT to implement whatever minimum wage that was agreed. Also the country’s minimum wage should be reviewed upwardly every 3 years and must be implemented within 3-6 months after signed into law.

MadamExcellency:
You are confused, a young graduate can start a process of disengaging from the parents with a meagre budget. Others include:

1. Flexibility: Allows for easy relocation or changes in living arrangements.
2. Affordability: Smaller, manageable rent payments improve financial planning.
3. Protection: Gives tenants the option to move out if living conditions are unacceptable.
4. Negotiation power: Shorter terms enable rent renegotiation and potential savings.
5. Easier financial planning: Consistent payment schedule aids budgeting.

Overall, monthly tenancy provides flexibility, affordability, protection, negotiation power, and easier financial planning for individuals from the poor and middle class.

And what are the disadvantages? Abi you want to lie to yourself that there is not disadvantage?