₦airaland Forum

The Problem is partly with the vehicle licensing authorities. The spece for "Engine number" should not be on the proof of ownership or vehicle license at all.

olafusimic:
My friends, there is only one thing the CBN is trying to protect: the foreign reserve.

The CBN is not just trying to protect the foreign reserve. The foreign reserve is depleted (almost gone), and there's little earnings to add to it. If we plot a trajectory of the foreign reserve over the past year or two, it will be empty in a few months. We currently spend more forex (dollars) than we earn. In an import dependent country, this is more than a disaster. The situation is made even worse because the CBN is still holding on to a false declaration of the value of the naira, the naira probably worth even less than the parallel market is buying it. The only solution is perhaps devaluation, which is perhaps inevitable and will probably have worse consequences for the common man (the real common man).

I think we can spend time educating ourselves on foreign reserve/exchange and what the implications of spending foreign currency. A country can print whatever amount of its local currency it wishes to; its consequences are local inflation and consequently weakening of its local currency. Of course, one cannot print another country's currency.
So how does Nigeria gets forex? We get forex by exporting crude oil, the foreign currency received is kept by CBN, which it pays out in naira equivalent to the Government. Our foreign reserve got to as high as about 50 billion USD about a decade ago, ideally it steadily grows, but now its about a half of that.
The Foreign reserve ideally is used to back up a local currency, and defend the local currency (keeping the exchange rate steady). In import-dependent countries like ours - it is also used to finance importation. Importers buy these foreign currency from CBN, and use it to buy stuff abroad (paying the CBN in Naira, thus depleting dollar which is only refunded by Oil Export). Most other countries do not to use their need foreign reserve to finance importation, as the forex businessmen receive from Exportation could take care of importation needs. This is not so for Nigeria.
So when the foreign reserve is depleted, and the foreign earning is minimal: One simply do not have enough forex (dollars). And you have to decide what to do with your limited dollars, whether to import fuel, or chicken or build your reserves again (but not all at the same time). It gets worse when you are trying to defend the value of the Naira.

This is a bit i learnt recently. Please feel free to correct any misconceptions .... I am constantly learning.

In the past one month or so, there has been bombings almost everyday. Even though yesterdays bombing was on a much larger scale, I do not expect the FG to make televised broadcast everyday, though a press statement will be in order. What I need is ACTION, get some intel or infiltrate the group, identify the head and map out the extent, then TAKE THEM DOWN, by the most effective way. Wetin GEJ wan talk, NoThing aBsoLUtelY !

In the past one month or so, there has been bombings almost everyday. Even though yesterdays bombing was on a much larger scale, I do not expect the FG to make televised broadcast everyday, though a press statement will be in order. What I need is ACTION, get some intel or infiltrate the group, identify the head and map out the extent, then TAKE THEM DOWN, by the most effective way. Wetin GEJ wan talk, NoThing aBsoLUtelY !

Typical Nigerians, nobody has offered a single concrete useful suggestion so far, all we do is criticize every move.

well, this is tough, while i agree there is more carelessness and less professionalism acompare to other parts of the world. its almost a futile effort to look for exdcellence in the misdst of ruins, people rightly pointed out that work ethics in nigeria is probably the worst in the world, also ur roads are poor, education rubbish, goverment is a joke, how came u now dream of having a decent health institution in the country, the whole system is in ruins, it should be builtn up together, education, health facilities etc. ur certificates are not even recognised in zambia,