₦airaland Forum

aribisala0:
I do not know what you by "CONTROL" , I did not use that word did I > There are many factors that determine exchange rete and demand and supply are importantt but please tell me what is the most important part of supply if not foreign reserves. Please do not put words in my mouth or attribute to me what I did not say.
When the Government sells oil in dollars it monetizes it and shares it
what does that mean? It means that it gives the CBN the dollars and the CBN issues naira to the FG ,this could mean printing new money.,the States ,LGA and so on . States do not spend dollars. T

So these tiers of goverment now have naira which they spend giving it to workers and so on. So tell me who is it that owns the dolllars now? It is all those people who have accepted naira as salary and so on NOT the Government which have taken their "money" as naira. The CBN STILL holds those dollars as "FOREIGN RESERVE" They are nothing to do with Sovereign Wealth Funds

What is money ? before we start talking about real money. If you have no understanding of what money is then really you are out of your depth. No one is saying foreign reserves are not real. The issue is who owns it and what can it be used for. Does it belong to the Governent ? Can they take it and use it to build roads? I have addressed all of this before and I am not about to repeat myself. I spent good money and time educating myself and I suggest you do the same

Money has always been legal tender anywhere from time immemorial linked to bullion or gold somewhere... its like a promise, a certificate... but in your argument you always leave the dollar out like if it's not money too or legal tender of some other country. The naira is our legal tender... the foreign reserves is us investing and 'betting' on other forex like individuals with savings do. The money belongs to the individual too and his net worth and credit worthiness will be assessed as such... same way cbn is our bank account and the money it manages is our net worth. Cbn also regulates liquidity but whatever monetization of the dollar proceeds from crude oil sales done is at the prevailing exchange rate and not arbitrary. If lower, the cbn bridges the gap by paying for it ie pumping dollars. My problem is that you are making out foreign reserves to be some imaginary fund that dictates how the naira is issued. For your info, cbn holds money and accounts in naira too... simply put, the foreign reserve is the nigerian federation equivalent of my domiciliary account.
Post a link with the info you are pushing forward about the foreign reserves. .. then i can counter

aribisala0:
You really have no clue what external reserves are do you? You think they are some kind of savings? Do not be misled by the word reserve. Every single naira note including those in your pocket is A CBN DEBT. The Naira note is just a contract between the debtor the CBN and the creditor : Those holding Naira hold it because they believe that there is something behind it. The foreign reserves are asset s of the CBN used to balance its debts i.e bank notes that it issues. If the CBN has no reserves then the Naira it issues is not better that toilet roll. In effect the reserves belong to the creditors of the CBN

If a person is in the habit of spending his salary before month end then his next salary belongs to his creditors and when it hits his account is like foreign reserves but is already spent. As long as he remains employed he will get credit from his landlord , tailor and so on.. Now Imagine he gets sacked but gets dressed every morning as if he is going to work he may tell his creditors he has not been paid and even get credit for a few more months but eventually the truth will out.

In summary all the currency in circulation is CBN debt and that debt has value to the extent that the creditors trust the CBN. The greater the Foreign reserves the greater the Trust. By issue bank notes the foreign reserves have been accounted for(spent) it cannot be spent twice.
Every time a Naira holder tries to buy dollars they are testing the creditworthiness of the CBN, They are asking the CBN the question. This paper that you issued is it worth anything. If the CBN can sell then evrything is fine. If it cannot the exchange rate starts to drop.

I don't think your explanation completely pans out... the foreign reserve doesn't control the exchange rate... demand and supply does. If your explanation is correct, our exchange rate would have been more worse in the years we weren't saving up and building the reserves. Foreign reserves are savings and investments held in forex in other countries, it is not an imaginary money, its actually a fund, like an account sheltered in foreign banks and managed by cbn. Recently some local banks clamoured for and succeeded in forming partnership with these foreign banks to co-shelter the funds, usually the excess from our earnings... And I think the sovereign wealth fund of countries like saudi is a part of it.
The cbn is pumping dollars from the reserve into our banks and bdcs. .. did the forex appear magically in bank accounts out of thin air?

paschu:
Are you now begining to see why industrialization has remained such a huge mirage in Nigeria?

Yes, no purposeful intent or order

aribisala0:
The reserves are not Governent funds. They cannot be spent on infrastructure. They are YOUR funds. They belong to EVERY person holding Naira and so when the CBN "Pumps" dollars in they are repaying their debt to their creditors who are those people holding Naira notes. The Banks notes(naira) are essentially an IOU of the CBN and has no intrinsic value. It is only when the CBN is able to "pump" dollars regularly that creditors take it(Naira) seriously otherwise we get to a point where I would cut your field or wash your car and ask to be paid with yams or chickens

Interesting... which means we are leaving in lala land with this dollar pumping manoeuvres. Just like throwing cash around and borrowing money behind the scenes. The government belongs to us all in the end so they might as well send a supplementary budget to assembly rather than handing physical cash like floyd mayweather over to bdcs and banks and borrowing with an interest rate. My personal thoughts and opinion o

Nigeria can be puzzling... how come we are pumping in billions of dollars into forex market
but at the same time looking for the same amount to bridge budget and infrastructural deficits. Didnt the reserves rise again?
this improvement in forex may be temporary

VitaminB12:
He's just a pvssy. ORTUM

...

dumo1:
lol! seems we are both name sakes.

Lol
Yeah

mbhs139:
This isn't a matter of being a "BMC folk" like you put it, but being objective and sincere to the topic of discussion. And like I said earlier, you are just petty and still being pained by the fact your lord and saviour, a.k.a GEJ lost the last election. I thought you ought to have overcome that pain. And for your information, in as much as I sympathise with the present administration, as you may want to know, I don't envy their way and manner of handling issues.

I dont know why you keep harping about gej like if i mentioned him in this rational discussion devoid of politics. Get a grip man and quit speculating about my intentions, my statement was clear- this customs policy doesn't make sense and to me, ali is just misbehaving... simple. Leave gej and apc out of it, i'm refering to a federal parastatal and its leader

dumo1:
Oga why u dey bear my name?

The question should be directed to you... you registered 6 yrs after i did

If she truly said that, then it's unfortunate
And she thinks the economy is all about packing money and saving in tsa, smh

charlesucheh:
I can only see "HATE" in all what you've written. Haba! What happend to "FACTS". You are a disgrace!

Hate ke? I am beyond such an emotion... if hate ever enters the picture, it is because the man is playing with the intelligence of the whole country which is insulting, he cant be above the rules of the force that he commands, bad ethics and he is not leading by example as he feels the post is beneath him from recent comments. Not dignifying coming from him

ADAMUdaCOWBOY:
HAMEED ALI IS NOT ONE OF THE ORDINARY COLONELS WEY FULL EVERYWHERE, HE WAS AN EX GOVERNOR.

So an ex-governor makes a sterling military career? Interesting...
maybe we should band together all the corrupt ex-governors that ruled and destroyed the country and add him to the club. Even buhari had a military history when he was GOC somewhere up north and routed chadian rebels that entered Nigerian territory... that is the kind of record i want, not political tomfoolery like he is practising now.

mbhs139:
The realization that you went to school with this type of thinking is sickening. And I know your problem, it has a name- ignorance! If this is not fighting corruption and smuggling, what then do you call it? If your god, a.k.a GEJ had done the right thing by not approving waivers indiscriminately, we wouldn't have been in this mess.

These BMC folks are impossible Who mentioned Gej in this discussion? Please if you have nothing intelligent to say or contribute to the discussion, dont quote me again. With your kind of reasoning, you will take a machete, enter the general population and kill them off so that customs officials wont see who to dupe or issue fake papers to, handling a mouth problem from the anus, school attendee my ass.

JustinSlayer69:
Your argument is good, but still leaky.

Since you were polite in your debate, I would extend you the same courtesy.

If you are caught with a fake visa/ documents in the US, the US won't let you go because the Nigerian immigration negligently allowed you to pass. You would still be punished.

In law, as unfair as it might seem, IGNORANCE IS NEVER A VALID EXCUSE.

If customs starts seizing cars without duty, a lot of my friends and family would be punished. But I still have to be unbiased in judgment. It's solely your own responsibility to ensure you have appropriate documentation.

The toothpick argument is irrelevant. Hammed Ali is talking about cars. When he moves to household products, we would tackle him. Don't pre-empt him. You can't hang someone for a murder he's likely to commit, can you?

Let me give you a personal example. Just this weekend, someone wanted to sell me a 2013 Toyota Camry. I asked for customs clearance and he started telling me about doing some under-the-table clearance for 100k. I know the duty would cost at least 1.5 million. I refused and someone else bought the car immediately.

I didnt even feel any regret. We can't complain Nigeria is lawless when we are contributing our quota to not obeying the rules.

I understand your point about due diligence, i have customs papers for my car but i know these folks, even if you go through the right channels their will be a k leg and diversion of money somewhere along the line from the same folks supposed to enforce these duties that is why i insist they remove the logs of wood from their eyes before removing the specks from ours. Ignorance of corruption is not an excuse too. As for the US visa argument, the appropriate analogy is the recent ban of people from some countries from entering the US. people protested because they went backwards and were denying entry to persons with visas already issued. I'm not for breaking the law but a law or rule starts somewhere and moves forward from there. Imagine stopping a 30yr old car on the rd for customs papers, will the customs evenstill have the records ?
Another example of the issues, our driver was once stopped by frsc for a supposedly fake drivers license, turns out it was issued by an frsc official at the main office and our driver, as the illiterate he was, thought it was genuine till that moment. We called the official right there because he had the number. Lo and behold, the case died there after i insisted we head to their office to know who did this kind of thing. So you see what I mean?

NOETHNICITY:
u break a law wen u drive a car without duty. to simply prevent this insist on having genuine duty.

What i need to drive is a license, not customs duty. I cant be a fall guy for their negligence and mistakes

ikp120:
So uniform is your problem ba? Continue.

Yes, its part of the problem... imagine going to secondary school and flying your shirt
Its irresponsible and insinuates that you are above the law. When others follow suit now, you will be the first to complain instead of nipping it at the bud. We cant have rules bent to favour certain people...EOD

gaffig:
Your words stinks!! If one of your problems can be solved, would u rather leave it cos u can solve it all?

Yours stink more... supporter of problem solving from the tail end, the way of the mentally lazy always looking for the easy way out while suffering and blaming the masses

hannyjay:
just imagine ur child is reading wat u just wrote, wat kind of a father he ll call u. PlS use ur kidney to think if d brain is nt working

Your own child will spit on your for betraying them when you are supposed to make a rational stand
Judging from the comments, the infamous BMC just invaded this thread... very low IQ counter arguments, no salt,just the usual insults to impress their paymasters

Bashirum94:
I believe you are the stupid illetrate vagabond,
is the policy not an effective way to stop car smuggling?
does wearing custom part of his Constitutional duty?
you better finish your secondary before becoming a naira lander.

See how your just jumped into my post and started calling me a vagabond for no reason.
Read your own post and score your IQ yourself. Before we start talking of who I am or my educational level, check when i registered on nairaland and buzz off after that.
Uncouth uneducated tout...just representative of our current educational system producing graduates with no manners and ability to discuss without calling names

If its audu maikori, they will rush and arrest him, different laws for different folks.

Masculity:
Sack who


Oga Ali continue doing the good work forget about the poster above me, I will take care of him.

The guy is ridiculing the country with his antics, somebody who is supposed to be serious and ethical, and you are here monkeying about for him... BMC goon... if he feels too good for the post like if rules guiding service in customs dont matter, it is a matter of principle and morality which he claims to have in abundance to retire, not flashing his supposedly fine military career in our faces as an insulting excuse. Fine military career my ass(i even wonder how many wars he fought), ordinary colonel wey full everywhere, he should even be proud that they gave him a rare brand of general, a rank unshared with his more humble higher ranked military retirees- not a mere brigadier or major-general, but a much rarer COMPTROLLER-GENERAL

JustinSlayer69:
Learn the meaning of the word "RETROSPECTIVE"

In 1970, was there a law saying you shouldn't pay duty on your car? Was the decree enacted in 2017?

If you cheated what's due the government in 1970, and they decide to take what you stole, they can't be blamed.

Even Jesus said, give unto Caesar's...(am not a Xtian & i agree).

I know what the word retrospective means remember? and I know what I am saying. You analogy is flawed because I am talking of the end users here who have never been aware of any cheating or wrong doing. They bought a car, maybe from a known dealer, maybe from a friend who has driven it for years, just like one will shoe or shirt, things that have also been crossing borders and attracting customs fees since 1970 and were issue purchase receipts.
Just like the driver's license, up till the new one that needs biometrics, no one knew which was genuine or not, but they didn't go back punishing everybody that got a supposedly genuine driver's license from the right sources, they just made a rule, drew a line, and continued from there.
The ones stealing from caesar are the corrupt in your beloved customs that collude with fraudulent clearing agents and smugglers.... deal with them first and leave ordinary folks alone or else we will extend beyond your tainted fixation on cars and ask for customs clearance proof for even your slippers since you guys say ignorance is not an excuse.

JustinSlayer69:

Thanks for being in the minority of those who are law-abiding.

It's sad to see just how myopic some can be here.

You can't plead ignorance when caught for tax evasion in the developed world. You won't even be given a grace period. Na jail straight

You cant start a rule today and punish so called offenders that are unaware of any crime... that is retrospective legislation. Start today... not from Nigerian independence

NOETHNICITY:
Don't buy a car unless it carries genuine custom duty.
if u dont do this and u get embarrassed along the road then u re at fault.
b4 I paid completely for my car I went with the dealer to custom's offc to verify the duty I was given.
If everybody stops buying car without proper duty smugglers will be out of business and that Will be better for our country.
buy a car without duty at ur own peril.
I work in a place where I cannot be arrested for fake duty, yet I insisted on having genuine duty.

Dude that is your problem with OCD, not ours. It is not the job of the public to go about verifying the customs clearance for everything imported that we buy including toothpick , shirts, etc
They should start doing their jobs from today, fight the corruption in their service that enables cars with fake clearance to land in the streets and fight smugglers. They cant be paid and we will be doing their jobs for them while they take the easy way out and join the long list of uniformed idiots harassing road users who haven't broken any laws. They will just join the already existing bribe takers on the road with problem unsolved.

bestgift4ever:
Oga u must appear before the Senate on Wednesday, unless you are ready to accept disrespect from masses if ur plans work 4u.

I think the public should start a petition self, even if it is online... they are flouting the same laws they claim to be upholding

deking:
This is the understanding of someone who is myopic or lacks depth of thinking about this policy. There are no quick wins to fixing a country. In the scenario you have painted one would expect that the public discuss would be how to make the policy more effective without bringing unnecessary hardship on the citizens.

The owner of the Sienna could also have taken advantage of the window created by the Customs to ratify his documents. Will you say someone who bought a stolen car should be allowed to keep enjoying the vehicle because he did not take the pain to do what is right.

Please governance is not for kids. We should learn to engage our minds and take a wider and far more reaching look at issues. The policy is the BVN of car importation in Nigeria and like the BVN it will assist in no small measure to curb corruption especially of custom officers.

Is the policy perfect? No.
Is it a good direction to go? Yes .
Can it be improved upon? Yes.
Who will assist in identifying the possible loop-holes ? We citizens.
Why the citizens? They are familiar with all the channels that government officials use to circumvent the system and cheat on citizens daily.

This is the way countries build systems.

Dumb post... my candid opinion

Stupid move from same old troops, they should ask for a customs clearance for everything then to know if it's clearance certificate is fake- laptops, shoes, toothpick, pencils, condoms etc
Morons... they wont concentrate on doing the actual work of fighting smuggling and and entrenched corruption in the service.
And if that old man that is insulting our collective intelligence by refusing to wear uniform, a laid down principle of service, continues to flaunt his ignorant pride- sack him!!!

Paretomaster:
well maybe because the Hausas are not so educated, and enlightened , but that shouldn't be a reason to hate


there seems to be a long standing stereotype against the Hausas, u see ppl down south treating an Hausa like piece of rag, calling them all sort of names, yet they cope and go about their business, and anytime they react? they term them violence..

we have to stop treating each other like slaves, just ask yourself, the way and manner ppl treat an Hausa person on d street, can u be treated that way?..

it just have to stop .

Nobody hates the hausa... the southerners get on so well because they mingle, live amongst themselves and intermarry despite all the acrimony you see online. In real life, business supersedes all that. I have had neighbours in the blocks of flats i have lived everywhere i go but i have not had an hausa neighbour. Segregation started in the north with sabon gari, an enclave for 'infidels' not fit to dwell freely. Down south you also try to clump together and segregate yourselves into areas, instead of renting or buying land legitimately, you rather clump together and overwhelm the local population till they get irritated by your we against them attitude you exhibit by refusing to mingle which arouses suspicion. Any southerner doing business in the north commits, buys land, builds... but northerners want it all for free which is evident in their cattle grazing habits where they wantonly wade into people's business premises called lands and farms without permission which a southerner cant do up north. Try farming without permission in the north.
If the trend continues without integration, the clashes will...

ABOKI9ja:
this is what happens when you throw away what you have and at the same time proud of Someone's Posessions. You are seeing us as a fools but at the end you always fail to understand how we made it. Lest I forgot we are still steering...

Its not just about steering but steering to where? You guys just don't get it till it's too late... invest more in education and human development, believe me it will change a lot of things. Sadly, your elites like the status quo you are defending... carry on steering, mr driver... we chilling in the ac, reading and strategising behind and believe me, jumping ship is an option if you drive us to another boko situation, a cycle in your 'leadership' that always repeats itself

adabekee12:
Yes I love my ass being worshipped. I love it being sniffed, licked, french kiss, tounguefucckked etc.

That's interesting
Where is the temple of worship?

RealityShot:
show me where i insulted you oGa.

if civil servants retire and enter politics at age 55+..then when will the younger generation get there?

you open called some young people horrible names..see! You are guilty of insulting people..

when there are no chances to work how can u conclude on the young people?

The insult was resorting to asking about age at the beginning of every argument like if chronological age has anything to do a right thinking person.
No body called young people names... anybody can be mentally deranged including the 60 yr olds and i said some not all. My point is let the best emerge. The young people should learn to start fighting for themselves, they constitute the majority of the population and cant be wailing right now that the constitution bars them from contesting, something that a majority can lobby for and change.
Politics is a journey for the capable... if you feel up to it, why not start early my contesting councillorship in your local ward and rising through the ranks till wherever you want rather than just popping out of nowhere and demanding to be president later because you are young. Doesn't work that way, you work for what you get... leave 60 yr old middle aged men out of it

RealityShot:
Seriously?

How old are you?

This whole world, go and check the performance
Of economies run by Presidents below 50 versus those run by old men.

Meanwhile, if the president can go above 55 years in service,
All civil servants should be allowed to do the same...
Then you can tell me how this country's economy will look.

Rethink that your idea oGa

You need to learn to make you points with facts without insults
I understand that the life expectancy in nigeria is very low, about 55 for males... but in the same western countries you mentioned, someone at 60 is just starting to enjoy life to them and still has like 30-40 more years to live. Many world leaders performing well are in the 6th and 7th decades, even mandela ruled at an old age. Concentrate on looking for a sound, capable and healthy person to lead, some of these so called young people are sick in the head and need psychiatric help, when i see a capable one, i vote for him... likewise for a 60yr old man