₦airaland Forum

There is battle everywhere and moreso in banks because banks pay the most now.

You cant be running away from battles. You need God to lead you and to fight for you. First, you must accept Christ and seek a true and personal relationship with Him. He will lead you. You need to know that it isnt really all openings you must jump at. Better to be led by God than by opinions. I really dont know what the mountain is like, so i wont jump at opinionating. Let God lead you.

OAUTemitayo:
They did not know there is something called Rule of Law when they were both busy looting away our hard earned money, now that they are in bondage of EFCC, they are now shouting rule of law.
Arrant Nonsense

When public officers are in power they are guided by the rule of lawlessness. At that time evryone looks away. If you dare to question them they will brutalize and maim you. Law means nothing at that time. When questioned aftwerwards they talk about rule of law. That is how come we have so many polished thieves and rogues in Nigeria.

saintopus:
This is very smart reasoning, but you see the implication of directly devaluing the Naira will create an increase in inflation and high cost of goods and services. From the ''Body Language'' of Mr President, he seems to enjoy a socialist kind of economy which is one of the high points of his campaign promises. Going by this, the devaluation may not be approved by the president. The continual drop in the value of the naira will also mean that our foreign reserves will be depleted in time.
So what then is the way out, to me it will start with a sincere approach to a new policy aimed at first reducing cost of running government with a honest example and not a propaganda and selfish approach as we are currently seeing.
For example, I heard that couple of BMWs will be purchased by the presidency this year as highlighted in the 2016 Appropriation Bill sent to the National Assembly. I see no reason why locally made vehicles like Innoson and others should not be used instead.
This is why I am saying that it will start with a honest example by the presidency to turn around events in the nation.

There is not a lot of difference between CKDs imported to make Innoson and FBU BMWs imported by Coscharis. Both are imports and require dollars. I agree with you that Nigeria possibly do not need the 'socialist' posture at the centre now.

Muyiii:
We need to be careful though...it's not like I'm against the bill but to these foreign investors it seems like we're witch-hunting them.Think about it, the ongoing saga between MTN and NCC...now DSTV. This outfits gave jobs to Nigerians, jobs our government are struggling to provide. Let's not make Nigeria a hostile ground for foreign investors when we ourselves ain't doing much for our own.

Someone has said that blacks do not think far! We are now seeking to kill the Africa Rennaisance project. African nations are jostling to give their economies to crooked partners. Take DSTV and MTN - do you know how many Nigerians are gainfuly employed, well trained and equipped by these companies? Go to any chinese firms and you'll likely see that Nigerians are only used as labourers, cooks, mai guard and drivers. When will Africa rise, when will we start thinking?

As one former head of state once said, the political elite are Nigeria's number one problem. It is really obvious and they themselves know it.

talktimi:
These reps are just jobless. If you don't like dstv, buy startimes or cmtv nobody tied your hands or forced you. If the NBC as a regulator didn't know about or couldn't enforce industry best practices like their counterparts worldwide, who is to blame ?

South Africa is wise enough to 'support' their own companies like DSTV and MTN to take the continent. Nigeria as a nation hardly supports anyone. Read the words carefully - the bill will only give room to enforce penalties. The reps want to reap where they have not sown. If they mean well, I guess they should be looking at how to provide the needed capital to support the Nigerian initiative. There is really no monopoly there today. StarTimes is chinese, DSTV is South African. If you pull down the South Africans, the Chinese will take over. We are going round in circles. The parliament is not shedding the pulldown mentality. Where is the PIB? Where are those other cogent and urgent bills? Who cares about DSTV?

busomma:
It must be noted that $ is international currency being quoted by every country in the world as a yardstick in pricing commodities, Nigeria inclusive. With regards MTN fine, the law must be obeyed by all organizations doing business in this country. Allowing mtn to go Scott free portrays Nigeria as a lawless country.

Not many people will agree with you. So what law has MTN broken to warrant a $5biillion fine? I am not on the side of MTN, but the massess must be joking to think MTN will pay that and they wont inflict the pain on the common man on the street! I feel there is no single corporate entity in the whole of Africa that can pay that kind of fine and still survive. This thing will cause a rift between Nigeria and SAF and I dont think Africa needs that now.

You made some point.

BMW will be bought from a Nigerian company in Naira. Nigeria's budget is in Naira.

When FG is dealing with a multinational they would put the charge in dollars. That is a revenue and not an expenditure and it is the right thing to do. Shipping companies, airlines all pay their dues in USD. That shores up our USD reserve.

Yes, there must be a direction.

However, in a situation where USD earnings of FG had dropped from USD40billion per annum to USD15billion per annum, and could still drop further with lower oil prices, it simply cannot be business as usual.

Nigeria does not have the USD reserve to fund import of tooth picks, champagne, pencils, coloured water, owambe lace, etc.

We have to check our unbridled apetite for anything foreign, from Vienna lace to Chinese all what not!

FG has to sit up and find how to galvanise Nigeria into an exporting country like INDIA and not one that is controlled by speculative stock markets. Also, the idea to increase taxes, levies (like they are doing to MTN) does not make sense at the moment. They need to galvanize more and more production and not do the opposite.

If FG kills businesses, what will be left to provide employment for the millions of youths that are currently unemployed. You are right, there doesnt seem to be a clear direction.

When are they going to discuss and act on the Nigeria project? In fact, what is the Nigeria project? Do we have one?

Tgose in employment should always look for something they can do in case the job iostaken from them. Downsizing is now a norm. We are no longer in the civil service era when you get a job and siddon there for life!

Was Dasuki the President of Nigeria? Young kids are now getting confused. Anytime people talk about the recent past regime, they talk Dasuki¬

Mr Momodu spoke well but i think in a subtle way he had also poured petrol on a small fire by suggesting that the veteran made 'certain demands' which a journalist of 'modest means' had not been able to meet!

Is this how bad our country is? Looters parading as leaders? Where was the President in all of this?

I am sure it is equally bad at the state level and LGA levels!

Sad.

So what?

To do:

1. Release the man to IRAN so he can go and continue his Shiite campaign in Teheran.

2. Expect a major rise in oil prices (good for Nigeria/bad for petrol prices) in the event that Iran goes to war with Saudi!

mirakz:
When u comment, think about it critically. It is true that high tarrif on imported goods will lead to increase in the price of goods, thereby discouraging importation. But have u come to think about the enabling environment for the local production of those goods, the infrastuctural facilities required. What are the signs that shows that we are ready to embark on the local production of goods.

Very good comment. High tarriffs lead to higher prices in the market and does not necessarily lead to local production. Ask local manufacturers and they will tell you there are also 'high tarriffs' and other unnecessariy levies that discourage them from producing.

lookandlaff:
This is the result one gets when half educated people call themselves professors and comment. Customs don't set tariffs and duty, they simply collect what they law says they should collect.

Not as simple as many think. Customs can go beyond the tarriff by issuing extra bills in order to meet certain targets. It is sometimes very obnoxious. Some importers abandon their goods at the ports for that reason! Imagine you being asked to pay a duty of N2million for cargoes with value of less than 500k. You might be left with no option than to abandon the goods.

Nation's Assembly of Serial Scandals - NASS! Or what was that? or National Ass!

Won nyo ni. Won gbagbe pe ise kii paniyan.....

SCRAP THE PARLIAMENT!

WE CANT SEE ANY USE CONTINUING TO HAVE ONE!

They may have lost this case by that attempt to 'kidnap' a 7 month old! Rather callous!

Fayose should realize by now that no one is listening to him.

If you keep talking when no one is listening, then something may have gone wrong......

Someone said Nigeria is practicing pseudo-democracy and not democracy.

Another person called it democrazy!

We are possibly not ripe for true democracy...Decent people have no access to political offices, except in few instances and as long as we have these strange characters there, there may not be any end to scandalous behaviour.

Sad.

Rexphobia:
Can I quickly respond? Why do we have to defend the naira? Why can't the forces of demand and supply give us the true worth of the naira. Even if a free fall is the cost we have to pay for it.

There are several things you need dollars for other than pay for school fees... A thousand and one services are paid for in dollars and we sure don't offer them here.

Let's think about a saner way to battle this? The solution to all economic problems is not embedded in controlling the volume of money in circulation. You and I know that

Please is CBN a regulator or spectator? Because I don't understand why the regulator is trying to distant itself from the draconian foreign exchange restriction? So the banks are now autonomous? . Silence is still golden.

Well, for too long we have relied solely on oil exports for forex. Now that ommodity has lost significant value in the market. We will suffocate our economy if we just leave everything to the dymanics of demand and supply when we know pretty well that we have a lot of local demand for USD and we have little (and less and less of) supply of USD. In fact the real problem is that we export crude oil at give away prices and import refined oil at exhorbitant prices. It is a silly thing to do. It takes 2 years maximum to build refineries big enough to meet local demands! Yet, we have not done so. I cannot explain why! But to allow a free fall is to throw a death penalty on our economy. Dont forget that if Naira is devalued 50% today, price of petrol in filling stations will go up by at least 25%. Will that not throw the country into crisis? With an army of twenty five million unemployed youths, how would they move around to fend for living with a free falling currency that will lead to a free falling price of petrol at the filling stations?

We cannot keep consuming what we dont produce and expect our economy to improve!

Let the CB find solutions - quick ones - for students who need to pay fees. But to allow Nigerians LIVING abrod to save Naira and spend dollars, that wont fly. No sane country does that!

TheSixthSense:
How else when they've stopped forex deposits into domicilliary accounts and you think people shouldn't protest?

Ask any senior banker and they will confess that CBN has allowed dollars deposits to a certain limit (think USD10,000 per month) to cater for travellers and those who need to send monies to their wards abroad. For whatever reason, the banks are yet to comply! So, there is no blame to the CBN on that!

Originally, ATM was meant to enable Nigerians travelling abroad to collect up to USD500 per day. That left an opening for millions living abroad (many of these are not students). It is difficult for Nigeria to fund this if we dont want to pile up external debts at such a high interest rate. Imagine that the western countries peg 1% rate on their own internal funds and apply 21% rate when countries like Nigeria borrow. Should we keep piling debts for future generations?

I pity the students. I pity the travellers. Let the banks start accepting USD as directed, so that USD can fund USD. That makes some sense. Yes, Naira may lose value, but that is the cost of Nigerians always CONSUMING what we dont produce!

You want to put Naira in your account in Nigeria and withdraw dollars freely abroad! Where would Nigeria have all the dollars to fund that. with the oil price fallen to by more than 60?

Does it occur to anyone that allowining free withdrawal (dollar against naira) will result in huge dollar debt for Nigeria over time?

Is there not an avenue for students to have their fees transferred officially instead of via ATMs?

The protesters need to push their argument clearly. Otherwise, it is simple commonsense that you cannot dollarise your economy, unless you want to pile up debt for future generations. Common sense.

If we had saved forex when oil was USD100 plus, it would have helped a bit. But with dwindling reserve CBN has to look for ways to curb DOLLAR consumption. We just cannot continue to CONSUME what we dont produce and expect FG or CBN to do magic.

Please think before you talk. Read before you comment. Common sense says so..

Ugomba:
Misplaced priority

I think it is beyond that.

THERE IS OBVIOUSLY SOMETHING WRONG WITH THE BLACK MAN. GIVE HIM MONEY OR POWER AND HE JUST GOES INSANE! IF HE IS GIVEN BOTH AT THE SAME TIME THE INSANITY BECOMES RAISED TO POWER FOUR OR MORE.

Merry Christmas, honourable Patrick. May you live long!

Ministry of MisInformation!

When are they going to protest the evil of their brothers in Syria?

That is equal to 20 billion dollars. Its no news in that case.