₦airaland Forum

"At some point, I got really confused about what Pastor Biodun Fatoyinbo and I were doing that I had to ask
how he handles it. I will never forget what he said to me. He said and I quote, “I will teach you a level of grace
that you don’t understand.” My mind couldn’t fathom that somehow grace was enough covering for not just
fornication on my path, adultery on his path and the many lies that was bound to follow what we were doing
that was clearly abominable. I somehow dealt with the thoughts and fears that followed on my path. He had
said to me that he wanted me to be his girlfriend and he would take me around the world and spoil me with
money and things"

Truth is if I were in Ese's shoes, i'd have lost faith completely too. But God warned us about people like this "Pastor". They will come in their hundreds in the last days. Throwing parties, driving porshe's, throwing false doctrine and sleeping with their congregation. But in the end, Gods name will be refined and purified. When " Pastor" Biodun's time comes, I only pray God makes a public spectacle of him so that those he has led astray will eventually see the truth before it's too late.

Don't blame her. I've felt the same way too once or twice in my life. When people you think God should just strike down cos of their sinning ways, like "Pastor" Biodun go on with life like God approves of their sins, it makes you question your faith. After sleeping with his church member and getting away with it, that man has gone on to throw yatch parties and own Porche's amongst other luxuries. Makes you wonder if God approves.

I've been to all the major capitals in the SS and I make bold to say that their girls are the loosest. If you have as little as N2000 in the morning to give them for transport, you can have any girl in the South-south. Their girls are so loose!

Sincerely and honestly, i'd say Buhari has failed. He's a honest man with good intentions but he just doesn't seem to have a grip on the issues. He doesn't have to be the smartest guy in the world but he should at least surround himself with smart people. He hasn't done that. Adeosun and Emefiele are running our economy to the ground with double digit inflation and chaotic monetary policy. Audu ogbeh is making a mess of what Adesina started. Amaechi is too busy fighting in his home state, and Kachikwu doesn't seem to know what he's doing. It's a big F from me.

Quakertellicus1:
? at the bolded.

We had 60 bn dollars in our ECA at the start of the GEJ admin.It fell to 32 bn on the day PMB took over. And now it is at 28bn.

The scarcity of dollars IS due to the fall in oil prices. (Saudi Arabia spent $124bn in 2015 boosting their currency.).

Round tripping is a problem....but devaluation won't make it better. It would make it worse.....and don't forget the inflation problems that would get more worse.

Foreign investors won't come and do business in an inflation driven economy.

You're probably mistaking Foreign direct investment with Foreign portfolio investment. Foreign direct investors are people who come in with dollars, exchange for Naira and build factories and in most cases eventually repatriate their profits home in dollars. Foreign portfolio investors on the other hand invest in financial instruments, equities, bonds E.t.c Both classes of investors come in to the country with dollars and exchange for Naira. Both classes of investors do eventually repatriate their profits back home.
No sensible investor will come into Nigeria with the exchange rate at N199 to a dollar and with the threat of devaluation looming over. This is because if they purchase our Naira and give us dollars at N199, what happens when they want to repatriate their profits back home? Your government tells them they will need additional N51 for every dollar because the currency has been devalued to N250. For both sets of investors, FDIs and FPIs, that's a massive loss. We're seeing this play our in our capital markets. FPIs are exiting massively because of the capital restrictions. They're taking their dollars away! Now you tell me is that sensible monetary policy?

Quakertellicus1:
Let's correct your idea that Abacha knew better. Abacha kept the official rate of naira exchange at N20-N23 ....while the parallel market ran at N89 to the dollar. Round tripping was even worse back then.

Devaluing the naira means that you need more naira to buy imported goods...which means that you end up with inflation....and with higher costs of local goods....which are produced with imported raw materials.(More inflation) This would only make things harder for the foreign investors.

What we need now is ways to get more forex.And the eventual way is industrialization which means producing high end goods for the foreign markets...which would earn us forex,and crucially make us able to devalue the naira to our advantage.

I'm guessing you schooled in Nigeria because that's classic Nigerian textbook economics you're quoting.
There is inflation now because the CBN started selling forex to the banks only, pushing everyone else to the parallel market. Now importers of food, textiles, cars, E.t.c who hitherto got forex at N220 or N230 from the banks now have to get at N320 from BDCs who are no longer dependent on the CBN. Headline inflation increased to 11% because these importers have transferred the additional finance cost from obtaining dollars at N320 to the consumer! The scarcity of dollars we're experiencing is very normal with Mino product economies. What is abnormal is for the government, out of pure sentiment and maybe naiveity not economics, to keep the currency artificially high and encourage massive round tripping. N199 to N320! That's a 37% premium for anyone who's able to obtain forex from the CBN, hook or crook.
Investors are lining up to come in and pour their dollars in the country. This scarcity of dollars is not as a result of oil prices, it's because of the ignorance of our leadership.

Quakertellicus1:
Well, what the government is doing now is the least worst of a slew of bad alterantives.

We are oil dependent. And when the price of oil falls....we have to conserve the amount of dollars we have so that we do not lose the value of the naira.

We could diversify....but the problem is...it takes a long time, we need to increase the number of large farms in the country...and anyway....agricultural products prices are not controlled by us...they are controlled in the same London and New York where oil is controlled.

What we should be doing is spending more on educaiton (Which is what we are doing)....and renovating and imporving power...so that we can become a manufacturing power. A process which can take years.

So...what is your alternative.? What do you think PMB should be doing.?

I disagree with you.
If we devalue our Naira, like other oil dependent countries have done, we will actually attract more foreign exchange because there are plenty of opportunities in the country and foreign portfolio investors will rush in with dollars to invest. The problem is that Buhari's stance on devaluation is chasing the foreign investors away. If they come in today and buy our Naira at N199 and the government announces a devaluation tomorrow to N250, they will lose 25% just like that. Plenty of investors want to come in and access our bond market, capital market e.t.c but our monetary policy is scaring people away! Buhari's economics is 1960's. Nobody keeps the value of his currency artificially high like we're doing for sentimental reasons. Even Abacha knew better.

Nigeria's economy is grounding to a halt because of Buhari's stubborn insistence on not devaluing the Naira. Now we have massive job cuts from import dependent jobs, unwillingness of foreign investors to come in and buy our Naira in exchange for their dollars because the fear of devaluation is still hanging. And then our factories are grounding to a halt because imported raw materials are hard to come by. Does Buhari know that nobody is gaining from not devaluing the Naira, except the round trippers at the CBN and banks?

Used to think d same way in 100 level. Life would be set in final year, engaged and all. Used to think girls would be more responsible with age. Its all just a pipe dream. Left school, served and working and I've realised it's quiet the opposite. Girls are more irresponsible but discrete with age. It's so bad you can't even find a decent girl in church! Either someone is chopping them discretely or someone you know has already eaten the hell outta them.

We have lawyers who have. been trying to professionally sabotage corruption cases in collaboration with crooked judges. of all the high profile corruption cases, we haven't had a single conviction because judges are stalling the trials! Then this ideeot lawyer comes out to voice his support for these criminal judges! Can't believe the ideeot finished from OAU

Johnrake69:
Kai... Nigerians. Suffering and Smiling people. So in your inner mind you believe Mr Shehu would have been on the waiting list?. How am I sure am not even talking with Mr Shehu himself or his paid agent? Am sure you believe Mr Shehu sleeps in the gas station with us the masses. Padi Padi govt na today?

Are we talking facts here or are we debating what's on my inner mind?

Johnrake69:
Guy open your eyes. His demand for fx was met because of his position. Tuesday morning go apply for fx to pay for tuition. You go old. That is what the noise is about. Even Buhari advised parents to withdraw their kids from foreign schools. Am not sure you are in this country.

I'm sorry but did Mr Shehu show you his Form A and disclose to you how long he'd been trying to get forex before it was approved?

Johnrake69:
Before? How does one get Fx from CBN? Is it not through your bank? Have you ever heard of anyone that got cash directly from CBN? He got the fx from CBN through UBA.

Like every other Nigerian is entitled to...
So wtf is the noise for?

Mamog:
If CBN does not sell Forex again where will banks derive their forex from? Your ignorance on this topic is epic. Please go get some education on this subject.. you can phone a friend if u like

Stop being a buffon!
CBN no longer sells to BDCs! Can you read atall?
Jesus!
I'll just highlight the BDCs for you for emphasis!
The CBN honours requests from banks, not BDCs!
What breed of clown are you?

betcindy:
Ucap will appreciate to 2.50 next week Friday . Not a buy rec anyway

Normally i wouldnt even bother with this but i'm bored so ill indulge you. Even if UCAP does a cumulative 20% on Tuesday and Wednesday, that would leave the pre-markdown price at 2.4. Meaning the price on Thursday would be 2.05. For UCAP to do 2.50 on Friday, it would have to appreciate by 18% on a single day of trading. Except you're Oscar and you're planning to change the NSE rules between Thursday and Friday, you better retract this your post.

Mamog:
Your comment has given you out as ignorant of how forex is sold.. NO BANK SELLS FOREX THEY ONLY BID ON THEIR CUSTOMERS BEHALF FROM CBN. All forex sales is made by CBN through the commercial banks or BDC..
Please get your fact right and say something more reasonable

Oga please move aside. The CBN no longer sells forex to BDCs! You must live under a rock.

Johnrake69:
Why attack him? The accused person has not denied getting fx directly from the cbn, He even affirmed it as against the stance of Mr President. Is Shehu more Nigerian than the rest of us. And please try to convince us that it is not a corrupt practice instead of the attack on a fellow Nigerian that is mostly likely going hard times as a result of the fx restriction.

Garba's response clearly mentioned UBA. He said he got his forex through UBA! Please open your eyes and read clearly!

dougivilla:
Silence is the best answer for a fool!!

You're the biggest foôl in Nigeria today! You eat all the shit you see on the internet without using your brain, if you have any. Bloody maggot like u

dougivilla:
or what will happen? I will mention you as much as i want because someone has to teach you reality!!

Are you saying its now right fro Garba to buy from the bank, after the president said no, tough luck?? Smh!!

What kind of dummy are you? When did Buhari say no one should buy forex from the bank?

drss:
during aljazira interview buari dullard said parents should source for dollars in black market for their childrens skool fees abroad. dat cbn will not sell dollars to students abroad. den how come gorba shovel sourced his dollars through cbn for his daughters abroad na because him na big man abi see double standard! dis govt is useless

Don't be retarded like those PDP psychopaths. Garbage shehu purchased 8000 dollars from UBA not the CBN!

The PDP people probably forgot one minor detail; the CBN doesn't sell forex to BDCs again. When crafting a lie, craft properly so you don't look like a fool in the end.

alexo68:
Why is the closure date 26-30/3,suppose you sell before or on 30/3,would still get the dividend?

Forget whatever other date is included. The first date i.e 26th is the only date you should be concerned about. If you sell before 26th, you do not qualify for dividends. If you sell on the 26th, you qualify, that is after the price would have been marked down. If you buy after the 10:15 am on the 26th you do not qualify for dividends.

Case study:
Closure date : 26 - 30 September 2015.
If you're still holding as at 10:15am on the 26th of September, you qualify for dividends. This is clear enough. Now the dividend questions can stop!

dougivilla:
Another round of blame-gamming. Its now turn for the civil servants and Niger-Delta militants abi? How shameless can you guys go? Did we vote in civil servants or militants as president and C in C. Una no dey tire??

Can you swear on your life that this your new generation record of 5,000 MW is true? Please don't because I would not want thunder to fire you to death.

Did you just say "enjoying" Buhari's regime? Hmmm. Sometimes I just wish that that Aisha's Rice and hamper were garnished with raw poison!!

Your stupeedity knows no bounds

http://www.nsong.org/MediaPublicity/NewsDetails.aspx?NewsID=52
http://www.informationng.com/2016/01/power-generation-may-drop-in-weeks-as-militants-blow-up-crucial-gas-pipeline.html

You would go further in life if u relied less on motor park and beer parlor gist. Don't be ignorant like your mentor Jonathan.

stevecantrell:
I've previously written about the activities of round-trippers in both the cbn and commercial banks. I agree, its a problem.
If devaluation is a magic-bullet, you will need to sell it to the common man as a solution to inflation, job losses, shortage of raw material, slump in manufacturing , fuel scarcity, rising unemployment, food shortage etc which they're currently going thru...ok I'm all ears , SELL !

It's not a magic bullet. We have 2 different issues here. The scarcity of forex and the price of forex. The CBN cannot meet Pre-2014 demand levels for dollars for obvious reason, the fall in oil price. So they've cut down on supplying dollars for non essential imports. Priority is given to special imports or use of forex. This is sold to the banks at N199, documented and sometimes published. Everyone else buys through the black market at N320. Importers who do not qualify for the essential status are forced to the black market at N320. Meaning they import at 60% more than the official price of a dollar. This added cost is transferred to the consumer purchasing the imported product, which in Nigeria's case is a whole lot of imported products from toothpicks to dresses and food. Market prices will definitely sky rocket leading to the increase in headline inflation that was just announced. If we devalue to say N250, importers of "non essentials" will still be locked out of the CBNs forex market but it will reduce the amount of money speculators and round trippers are making from buying at N199 and selling at N320. This will go a log way in discouraging speculation all together.
Also, our exporters that are supossed to benefit from a weakened Naira are not enjoying any such benefit becase they are guided by regulation to sell their dollars at the official N199.
Then foreign portfolio managers cannot come into Nigeria and buy Nairas at N199 to a dollar and when they're leaving sell their nairas at N320. That a loss of about 60%. That's why they're exiting in droves. The Centra bank cannot guaranty that the free movement of capital across our shores. No investor will put his money in that kind of environment. Our central banks needs to guaranty foreign investors that if they come in at N250 to a dollar,they will leave at N250 to a dollar or even less, and that they can leave anytime they want to.
Without these conditions, foreign capital will continue to leave Nigeria in droves.

tuale4u:
devaluation will only make import easy for importers. d current system will promote local production in d long run. All d people asking for official devaluation is to make import of luxury and import of products we want to make locally cheaper. This will kill local production. We are currently importing luxury and other non essential product at 320 naira to a dollar. If we devalue to say 250 and free forex, we start importing them at 250 naira to a dollar. This will kill d motivation 4 local production.

we must bear dis initial difficulties to achieve local production.

i support PMB rigidity on this. Any attempt tp go flexible we will return to where we have been and Nigeria wont progress.

Very false. If we devalue to N250 and still leave the parallel market starved of CBN dollars, the amount of money round trippers are stealing from the CBN will reduce drastically. What importers have done is to shift their demand for dollars from the CBN to the parallel market which has been shut off from CBN dollars. That is why inflationn is rising!

stevecantrell:
Its true devaluation favours Foreign Investor but will this improve the situation for the ordinary man the street in a country where we import everything ? No, absolutely not.

Neo-cons want to further exploit us under the guise of investment and PMB says "no, I will rather diversify the economy and tackle corruption." Your average Foreign investor don't care about the local economy...that's where the conflict lies.

We have nothing to export except, soon-to-be- worthless crude, devaluation will damage the average Nigerian. That's fact.

Bros understand the fundamentals. The only people gaining right now from devaluation are the bankers that buy at N199 from the CBN and sell at N320 on the black market. Nobody else is gaining! The inflation that the CBN is trying to curtail by not devaluing has already crept in. Headline inflation is already 11% And will rise further. So as it stands today, there is absolutely no one gaining from not devaluing, except the crooks in the banks and CBN that are round tripping.

stevecantrell:
Right !
Devaluation is simply telling the world and the investors of the world "Nigeria is Officially fuckd and ready to be fuckd some more."
Buhari has been in this game before and he is simply refusing to give these globalists and neo-cons the satisfaction.

Not true. If we devalue, foreign portfolio investors will stop selling their equities enmass like they're doing now. As things stand now, any entrant into the Nigerian investment space will purchase Naira at maybe N220 to a dollar. If he wants to take his profits out of Nigeria, the CBN will sell to him at N199 to a dollar, a loss of 10.5%. No sensible investor will make that kind of loss. As it stands now the only people gaining from devaluation are the round trippers. Nobody else is gaining!

Dahveydson:
Listen to the economists at your own peril.

PMB refuses to devalue, if you like write a whole bible on it. A policy that is still in motion have been concluded not working already.

Sigh

We've had countless threads from intelligent Nigerians on here, and the conclusion have been devaluation is a no no.

Wailers and their likes said naira will go up to N500 to $1 if we don't devalue, we haven't devalued, and it's still N320 on the black market.

We will continue to hold the forte..

I SAY NO TO DEVALUATION

Bitter truth is that devaluation is the way to go now. Since we've already pushed all "non-essential" imports to the black market, the black market importers have already transferred the 60% differential between the official and unofficial market to the consumer. The inflation that we're trying to avoid with devaluation has already crept in by pushing everyone to the parallel market. Not devaluing is encouraging round tripping on a massive scale as people can buy at N199 from the CBN and sell at N320 on the parallel market, a 37% gain. The only people enjoying this non devaluation now are the round trippers not ordinary Nigerians. The cost of the unofficial devaluation has already been passed to ordinary Nigerians.

HirstMOG:
foolishness seems to be your first name. Is it proper for EFCC so called chairman to be associated with things like this? do you know why I am happy, is because you shouted sai baba, you did not shout sai baba, we both queue up for fuel, no salaries, unemployment is on the increase, no light, etc. you better wake up from tour dream land OK. your foolishness has no part two.

Read what you typed again! Is it proper for the Anti corruption czar to be at an anti corruption rally? No? Then he should be at a Pro corruption rally then?

Please Nigerians don't be naive. This was a rally against corruption, an anti corruption rally. Magu had every right to be there. Let's focus on arguing about the real issues! Like why young people in the delta keep blowing up pipelines supplying gas to the power generation stations. Or if devaluation is helping spur local production or leading to spiralling inflation. I don't see young people making any contribution in this wise.

dougivilla:
I will not stoop to your level to call you names, but if you believed all those propaganda you just wrote or copied n pasted then I leave you to give a name to your reasoning ability.

I guess all these you stated are the reason why the budget was fraudulently padded, they are the reason power has dropped to its lowest in a long while, they are the reason your own messiah is junketing round the world, debasing and embarrassing his countrymen everyday, they are reason why the DSS is being used to harass opponents, they are the reason the judiciary is being hounded and intimidated. They must be the reason not a single contract has been executed, even awarded; that is of course apart from Remita, where your saintly president was dolling out cash like the Dasuki you so much like to vilify.

I thought that Aisha hamper and brown envelop is all they had, until I heard how much the #IStandWithBuhari group got. An allocation higher than what some parastatals are getting. It is needles arguing with someone already on a propaganda payroll.

Nothing but stupeed lies! The budget was padded because civil servants in the different parastatals who have been doing same over the years thought it was business as usual and forgot a new sheriff is in town. This is probably the first time in 16 years that Nigeria will not have a padded budget.
Power has not dropped to its lowest in a long time. Another blatant lie. We just set a new generation record last month, 5000 megawatts. We would have more if your cousins and uncles in the Niger delta, who are vexed that Jonathan's freebies have dried up, will stop blowing the gas pipelines supplying the generating stations.
You are a shameless he goat if you can, with all sincerity, say you enjoyed Jonathan's regime better than you're enjoying Buhari's. You clearly do not know or understand the issues. You must be a motor park tout feeding his ears with beer parlor gist and gossip.