₦airaland Forum

ChristianMuslim:
General Abacha regime best regime ever.. Nigeria always win all the tournament from under 17 to senior level to Olympic

Because you can't play politics under abacha, except the person wan die. They always got their allowance as at when due hence, the commitment seen. If you want your staff to remain committed to you, don't deny them the stipend called salary. Let it come as at when due.

I almost had a heart attack over this match as a boy

Bluntguy:
You seem to forget that even if America and the other countries import, their export value is much more than what they import unlike our Nigeria that imports almost everything, while crude oil which is the only tangible thing that we export is reimported back to us as refined fuel. What can negatively affect the value of a country's currency more than that?

Can you tell me just one product made in America than ammunition? Most of their commodities are made in China for American Market. America Imports much more than they export and those exported were mostly produced outside for their Market.

That's why Donald trump was fighting China hard and accusing them of intellectual property theft cos America gave Chinese those ideas which made them a developed nation. As America does, we have the market, we have the population. In fact, our population should be for our advantage. Sadly, the reverse is the case, no thanks to bad leadership.

Bluntguy:
Always depending on imported goods from foreign countries. Why won't the Naira continue it's free fall against the dollar and other foreign currencies?

Corruption, bad government cum leadership and bad economic policies are the major reasons naira is falling in value, not imports. In most dellveloped economies, they also import. A large percentage of American commodities come from China and other countries .

Let me remind you of something. In the 70s, Nigeria was importing, in the 80s, Nigeria was importing, up till year 2014, we were still importing yet, our naira was strong. Bad economic policies and leadership destroyed the naira between 2015 and now so stop telling lies.

Buhari came and closed the borders, claiming to be promoting and encouraging the growing rice but without any plan in place for farmers nationwide to grow rice...no introduction of improved seeds or rice paddy, no loan to our farmers, no orientation on how to grow rice among our youths. He merely put a cart before a horse. What happened during that period,? Instead of Benin Republic to suffer this, their cefa remained even stronger and cefa had now overtaken naira in value. You may check that yourself. Today, naira is the worst performing currency in Africa. What is Benin Republic producing for export, which caused thehr currency to remain so stable over the years? can you tell?

Only in Nigeria will law makers be the highest paid in the world

Only in Nigeria would a leader be owning 3 private jets

Only in Nigeria will the accountant general steal over 100bn and still be walking freely. The equivalent amoint requested by the ASUU for improvement of our university education.

Only in Nigeria will a founder of terrorist organisation be in government, holding a key position.

Until we're able to deal with all these. Naira value will remain falling. India's rupee is a very strong one because they've been able to check all the vices highlighted over decades.

Etranshub:
Country hard my borthers dey find their way out.

Contact me for your welding fabrication!/metalworks ranging from iron roofing (watehouse, church auditorium, filling station etc), handrail, security doors and many more

You deserve encouragement, if you were the one who truly fabricated this one, guy.

Many had found their ways to Europe via this means unnoticed. These ones were just unfortunate fellas . My friend once told me how they used to discover these youths on their vessels

Allen Onyema, the chairman of Air Peace has disclosed that in 2022, Air Peace spent ₦78 billion naira on maintenance and these funds went to foreign countries.

He also disclosed that the airline has about $14 million stranded with the Central Bank Nigeria and about 15 aircraft stranded abroad.

Onyema made these statements in an address he delivered on August 28, 2023, at the Annual Conference of the Nigerian Bar Association held in Abuja.

He said Nigerian airlines do not lack capacity; but a truthful government, support and ease of doing business.

The Air Peace boss went on to recount how he applied to run a maintenance hangar in 2015 after paying over 100 million naira to FAAN to lease land at the Lagos Airport but added that Air Peace is yet to get the land even eight years after.

Urges government action
He said: “As I speak to you, we are yet to get that land. We are the largest carrier in West and Central Africa and the fastest growing airline in Africa. Yet we do not have a maintenance hangar. Not because we do not have funds to build one. If we had been given the land to build the hangar, by now, Nigeria will have an MRO they will be proud of, and this will attract foreign investments because other countries will come here to maintain their aircraft”.

Onyema said the ease of doing business in Nigeria is low as local investors face a lot of statutory bottlenecks which stifle their growth.
In his words: “We are not serious in this country about encouraging indigenous investments. How do you grow your economy when local investors are being treated with levity and envy by their own ministers?

“How do you grow your economy when indigenous investments are overtaxed? These same investors are providing jobs for the populace. How do you grow your economy when people in government see you as an enemy, a rival, because they are beclouded by whatever sentiments they believe in, thereby making business difficult.”

Onyema, who noted that the Nigerian economy is low-ebbed, said with political will, significant progress can be made, while urging Nigerians to give this current government time and benefit of doubt.

“They(government) inherited a massive governance burden, and the government needs forthrightness, sincerity of purpose, and a radical political will.

“The government must be decisive enough to confront the entrenched vested interests in the polity. It must do everything to dismantle those interests. Public servants must be statesmen who must be committed to the principles of democratic governance. If this is not done, we are in for a serious problem.
The government must be ready to adopt a hardline commitment to the principles of democratic governance, even in the face of reactionary pressures arising from the entrenched vested interests. All hands must be on deck to make this country work”.

He said the practice of ethnic nationalism has slowed Nigeria’s development while also stressing that the country’s ease of doing business is poor.

https://businessday.ng/news/article/air-peaces-14m-stranded-in-cbn-15-planes-grounded-abroad-onyema/?amp=1

Airlohim:
Na that noise go kill you eranko

Ęranko ab'ęranko. Eleriibu wey wan die for power. African leaders are so power-drunk. I don't know why.

aieromon:
You quoted a news article from The Guardian but decided to come up with a headline to suit your agenda.

Carry on.

Stale

aieromon:
You quoted a news article from The Guardian but decided to come up with a headline to suit your agenda.

Carry on.

You're so stale and not current. Check the date of the Information you posted. Today is 30th August

See a slim, fierce-looking guy. Na so-so big belly our soldiers oga dem get. Well fed with politicians loot

• Operators given till tomorrow to comply with new guidelines
• Premium on black market inches to 20% as against CBN’s 2.5% directive
• Local currency plunging to N950/$ at parallel market
• ABCON demands for access to official market
• Firms seek new licences as CBN prunes down operators
• Naira moves from third worst performing currency in Africa to first

Bureau de Change (BDC) operators may be on a collision course with the Central Bank of Nigeria (CBN) over market infractions, market intelligence suggests.


Already, there is an engagement between the regulator and the Association of Bureau de Change of Nigeria (ABCON) over unmet expectations, The Guardian, was reliably informed yesterday.

The CBN had previously openly and privately chastised the operators over what it considers sabotage and market manipulation, an accusation that has been equally dismissed as misplaced by the operators.

Whereas the CBN tends to hold the registered operators, who were pegged at 5,689 as at December 2021 after which fresh registration was frozen to account, ABCON has consistently pushed back on the narrative, charging the apex bank to do the hard work of separating the chaff from the wheat.

Yesterday, the President of the association, Dr Aminu Gwadabe, repeated the same refrain, noting that the inability to draw a distinction between the activities of market speculators and registered ABCON members is a major source of conflict in the sector.

The narrative could play out again prominently from tomorrow after the deadline that the CBN has handed down to ABCON to enforce its recently-refreshed guideline.

Recall that the Bank recently announced a refreshed template “in a bid to enhance the efficiency of the Nigerian Foreign Exchange Market”. The document contained some reporting and trading rules believed could bring sanity to the chaotic market many economists, including what Prof. Bongo Adi of the Lagos Business School, told The Guardian is a world of its own in currency trading around the world.

Under the new framework, the trading margin by BDC operators is capped at the range of -2.5% to +2.5% of the Nigerian Foreign Exchange Market (a recent creation from the old order) window’s previous day weighted average.

Whereas filing of returns has always been a rule though flagrantly undermined by the recalcitrant roadside dealers, the new rule requires the operators to submit daily, weekly, monthly, quarterly and yearly returns through what the CBN called the upgraded Financial Institution Forex Rendition System (FIFX).

The circular emphasised that failure to comply could lead to licence withdrawal. As in the case of tax returns, operators are, by the rules, required to file returns as part of the broader efforts to restore sanity and build a proper reporting culture.


According to information from multiple sources, which were confirmed by Gwadabe, the CBN followed up with a letter, giving members up to August 31 to comply with the new directive or face sanctions.

Less than 48 hours before the timeline, market intelligence suggests a wide gap between realities and the regulator’s expectations. For instance, the stability intended by the margin cap is still off the target. As at press time, foreign exchange (FX) end-users were still paying over 19 per cent premium at the black market to access the extremely scarce hard currencies for personal or business transactions.

In absolute terms, parallel market rates were quoted at between N910 and 920 per dollar at the parallel market – in Lagos, Ibadan and Abuja – which were monitored by The Guardian. In rare cases, dealers were offering the greenback at N930/$.

Whereas extreme quotes could be dismissed as speculative, at the closest rates to the actual parallel market figure – online real-time peer-to-peer platforms, a dollar was exchanging for N928 at noon.

The figures at the alternative market are close to 20 per cent off the official market, which closed at N772/$ on Monday, and over 15 per cent above the margin set by the CBN.

The ABCON President told our correspondent that it has trained its members in the rendition of reports and that it was on course to meet the goal set by the market regulators. But Gwadabe’s assurance stops at official efforts.

Investigations suggest that beyond the representatives of the BDC firms who ABCON and CBN relate with, there are thousands of hitherto idle individuals now masquerading as DBC operators but know nothing about the rules much less their compliance.

“They work under the cover of firms who do not have the resources to train them in compliance issues. Some of the individuals are not even teachable. How do you send rules for those individuals and think you have done your job?” a trader queried.

On funding, Gwadabe, during a previous telephone conversation, said the CBN could be waiting till the August 31 deadline to come up with a funding modality, revealing the expectations of some of the players.

In another conversation, yesterday, he said funding could be in the form of giving BDC operators access to the official window, diaspora remittance, international oil companies (IOC) and other funding streams to enable the operators to contribute to the growth of the market and increase liquidity.

He admitted that the CBN is kneecapped by illiquidity, hence direct funding could be unrealistic. But he insisted that efforts to find a sustainable solution must exclude the sub-sector, which is often seen as the bedrock of instability in the market.

In recent times, the banks have been actively paying in the market from the backdoor, an unethical behaviour the CBN has frowned at but restrained, for whatever reason, from sanctioning.

The convergence pronouncement came with an expectation that narrowed arbitrage would reduce the incentive for round-trip transactions and inflow through informal sources. Indeed, the arbitrage narrowed to almost zero about two weeks after the harmonisation, raising the hope of improved liquidity in the official market.

But fresh data and facts point to a potential loss of the gains of convergence. For instance, informal remittances are said to be rising on the bank of high operational cost of transfer through international money transfer organisations (IMTOs).

Western Union, for instance, charges as much as 11 per cent on transferred funds, according to recent transactions reviewed by The Guardian. Cheaper options, such as MoneyGram and Ria, are grappling with operational glitches with recipients visiting dozens of banks before successful withdrawals.

A banker told The Guardian that most agents of MoneyGram have lost their rights for failing to comply with the rules, some of which are ridiculous. A rule requiring an agent to pay a recipient to the last cent implies that most receipts would need to open hard currency accounts with the few banks that are still on MoneyGram before they have access to their funds.

“These ridiculous rules affect timely transactions. Those ‘guys’ are becoming stricter by the day. So, a lot of people go through unofficial routes to send their money,” a customer, who has found a ‘better’ in demand-supply matching many bankers are involved in as a side hustle, narrated.

“If I want to send money home, I simply call my contact to match me with anybody who has a need for dollars in the United States. Sometimes, before you call, he already has somebody who wants to transact. The commission I pay is next to nothing, and I get the black-market rates for conversion. It is faster and cheaper than going through formal money platforms,” he added.

Already, these practices are shrinking what comes in through the formal routes and taking the shine off market liberalisation. Last month, FMDQ spot and derivative markets recorded a 33.4 per cent week-on-week drop in transactions from $619.2 million recorded the previous week, a reversal of the trend seen shortly after the convergence announcement.

Experts said the scanty inflows are the reason the CBN could find it difficult to intervene in any window as speculated by especially foreign analysts. But there is also a strand to the debate on regulation and intervention. For one, some have questioned the morality of controlling what you do not own in the discussion about the ‘return’ of BDC operators.

The Director of Communication of the CBN, Isa Abdulmumin, would not comment on the feasibility or absurdity of giving BDC operators some form of support.

However, a reliable source foreclosed the possibility and how such a possibility aligned with the new FX management approach. The source confirmed that there has been pressure and communication between the regulators but disclosed that the CBN was not considering any form of funding for the market.

“They hold our licences and it is expected that we regulate their operations. This is the premise of the new operational guides the CBN issued to the operators. However, I am not aware that funding is being considered. Expectation is alright but there is already the need to consider what is doable. Considering both availability and other factors, funding is far from the reality,” the sources said.

Adi, a professor of economics, said it was absurd to query an attempt to regulate BDC operators on the basis that the CBN does not fund them, saying the query reflects the poor understanding of the free market and the absurdity of Nigeria’s system.

“We should understand the importance of exchange rate in the macroeconomic stability of any country. The critical thing about macroeconomic stability is the exchange rate; no country toils with the exchange rate or allows anybody to toil with it. In the United States, everybody waits for the Treasury to set the rates,” he said, insisting that the exchange is often centrally managed to prevent autonomous manipulation as it has been in Nigeria.

Hence, Adi said funding is secondary as regards BDC regulation, insisting that nobody should be allowed to do anything that would dramatically change the value of naira even if such a person independently sources the money he uses.

As the regulation circular breeds all manners of misunderstanding, The Guardian learnt that there is ongoing lobbying by promoters of new BDC firms for registration even as the Central Bank is reviewing the existing list for possible de-registration. The review is said to have preceded the circular release but the metrics contained in the new template could be used to drastically prune down the t 5,689 registered firms.

Meanwhile, the crisis of the past months may have earned naira the infamous title of the worst African-performing currencies this year. According to a list compiled by Bloomberg, naira, Angolan Kwanza and the Egyptian pound lead top 10 worst-performing currencies year-to-date (YTD) with -40.7 per cent, -39.5 per cent and -20.6 per cent fall against dollar.

Interestingly, all the laggards are African currencies. The rest are the Congolese Franc, Liberian Dollar, Kenyan Shilling, Sierra Leonean Leone, Ghanaian Cedi, Rwandan Franc and South African Rand.

Last year, naira ranked third worst-performing currency behind the Zimbabwean Dollar and Sudanese Pound in Africa. It was the 11th worst-performing currency in the world, according to Hanke.

https://guardian.ng/news/cbn-bdcs-on-collision-course-as-fx-black-market-premium-widens/

OkpaNsukkaisBae:
Congrats 2 the people of Gabon.
Government of the people by the people & for the people. The masses are happy in Gabon.

Those who seize internet connectivity in the middle of a national election in Gabon are the real devils. Anti people civilian coup plotters. They shld all be arrested

As inec did in Nigeria during the presidential elections and called it a technical glitch during which they perpetrated their electoral
fraud. When Nigeria sneezes, other African counties will follow suit. That's why we must always set good precedents because they all look up to us as the leader.

Let it happen in Nigeria, the iyalojas, students, civilians in general would declare 2 days holiday

princeade86:
even they don't include Nadal, Tyson, holifid, hulk Horgan.

How Maradona led Pele in the ranking is baffling. Opinions are free anyways

DenreleDave:
6. Roger Federer

Federer remains the only tennis player, male or female, to win five consecutive titles at the US Open and has won a record 71 hard court titles. He is also the first male player to win 20 Grand Slam titles and the only player to win two Grand Slams five consecutive times. His accolades are truly bonkers and his fitting farewell to the sport of tennis where he played Rafael Nadal in the Laver Cup illuminated the magnitude of his career. The Swiss great even had Nadal in tears, with the pair sharing the court countless times together. His retirement has left a huge gaping void in the world of tennis.

Where's Djokovic who has won 23 grand slam, 3 tities ahead of this guy?

madridguy:
The best coup that can happen in Nigeria is we the citizen against the rulling class.

Gen. Sanni Abacha is dead but till today Nigeria is still going around to bring back his loot kept in different part of the world.

We Nigerians, our first mission must be against our states governors. These people are our biggest obstacles to our development. We Nigerians must wrestle the local governments full autonomy away from the states governors.

Best post of the day..I'd begin liking your comments now . E be like say you don dey wake up

BTW, abacha was exposed because he died. All pirates leaders are thieves. What some of our current politicians had stolen individually is far more than the abacha's loots. There's someone who has 3 jets when he's not Ellon musk or Bill Gates. You used to defend him too. Check the price of one jet and multiply it by 3. Then you'd know better. Even dangote has just one. Only after deaths would his likes be exposed.

garfield1:
Sharap.even if he did not share dollars,he would still win? Which party choice? So you prefer Ahmed lawan to tinubu.tinubu will be there 8 years

Your insult isn't necessary, grow up!. No be today you dey support illegality and that's why I hardly reply to your mentions. Smh!

Raskimonojendor:
The military are no better off. Abacha's loot is still being repatriated from all around the world till date even though he died about 26 years ago.

I am not sure getting sanctioned is a good idea, coupled with the looting Karki boys, and the gross human right abuses that comes with it.

I don't like military interruption in our democracy but if that will check their excesses, I welcome it. Ahacha loot is small, when compared to what these thieves have stolen from you and I. Do you know how much just one accountant general stole last year? It's over 100bn naira, same amount ASUU was asking for, to improve our university education. Do you know how many of them who stole more than that but still walking freely today just because they were never caught?

Check the price of one private jet, then multiply it by 3 and you'd realise its more than 400% of abacha loot . The owner of the 3 jets is known to you and I. Look at the projects executed in Nigeria so far by the military and compare with what the civilians have done in over 2 decades of democracy. Those refineries you hear about today was built by the military and they were all functioning until 1999. Go and find out if they're still working after spending trillions of dollars in TAM

Aremwayne:
This is becoming something else, Ecowas need to step in an act fast.

Nigerians are only waiting for the outcome of the tribunal. The myopic supporters of our corrupt polticians would know that Nigeria belongs to the youths and sane adults...and not a section of a region simply because Obi, a presidential candidate who was voted across the nation so massively as haters have always ignorantly claim.

Someone shared 25k USD to delegates just because he wanted to win primaries and fulfill his life time ambition, even against the wish of the party, got to power by hook and crook and they think people would just fold their arms and watch after running them of their votes? Anyone who thinks nothing can happen in Nigeria is a joker. Nobody anticipated the 2020 endsars. Hiw Nigerians forget things in a hurry!!!

Sacking all the senior military officers won't save tinubu.

crossfm:
Hehehe.

Good one.

Watch as AU and ECOWAS rush to condemn the action. They sit down and watch corruption, nepotism and election rigging take over Africa and they do nothing,but once the people react they start to talk .

The west also watch as Africa leaders plunder the resources of Africa and they do nothing,but will be quick to react once the people want to take their destiny in their hands.

Mr Biden,the gay right activist is only concern about Africa only when is has to do with deviant's,I mean the LGBTQ people.
He comes up with his usual,I will stop aid's and bla bla bla once his project LGBTQ is threaten in Africa. But you will never see him talk about election rigging and corruption in Africa.

Africa will continue to experience such actions until they start doing the right thing.

YES!

nairalanda1:
The problem with the army many times in Africa is that most of them turn out to have inordinate ambition and reckless rule.

Mobutu and Idi amin come to mind.

I know. But there were some too, who ceased power and still restored democracy. What happened in the past can't repeat itself again. People will revolt against them, should they hold power for long without restoring democratic rule.

Don't also forget that things are changing now. I don't like it when the military interrupts a democratic rule in any nation but, if that will check all these mad people in power, while they restore democracy after undoing their madness, I welcome it. No officer in the NA , from senate president to the least man who doesn't have one fraud case or the other...and you expect Nigeria to be rid of corruption? We're only deceiving ourselves

Instead of telling us the truth that dollar scarcity caused the hiccups on fuel import, they're saying its pipeline vandalism. These people just think Nigerians are braindead shaa

Ok. But will this war ever end?

Ibrahimcoomasie:
Wawu.....

The fascist headless IPOB mob have hijacked the case from Atiku and PDP supporters.

So, you mean Oluwafemi, Sunkanmi, Eso, et al, who also attacked the governor are ipobs too? Wonderful

SeekingSelfques:
Good day Eriokanmi. Could you share the number with me? I hope it is useful to a 26 year old problem of mine.

I decided to register to contact you after reading your comment.

07034591079. Good luck bro

50m jobs.They've started again . Same Tinubu said in a campaign for buhari in 2015 that 3m jobs would be generated annually. How their lies keep getting some gullible minds still baffles me

APOPTOSIS:
America never forgives.
Avoid Crime at all cost.
It's truly a land of opportunities.
That's one country I know where someone can walk in with an empty wallet, a bottle of groundnuts and torn clothes and leave with genuinely acquired wealth.

Just avoid Crime and keep raking the money gradually. It may seem tough at the beginning, of which such is expected for any country but you must surely smile in the end. What I made in America in one year was more than what I made in Nigeria after 10 years of working in the Federal civil service. So pathetic Ogaaa.
I pray you recover from this mental distortion.

2 Things God will surely tell u to avoid in the U.S.
1st...Avoid Bad women @ all cost ( If possible all ladies)
Finally......Avoid Bad Company and Crime.
Thereafter, watch yourself glow with pride...

You can say that again. The opportunity I brought back home has changed my story forever but not everyone could be as determined as i was, especially after seeing and enjoying those good environment and amenities staring you in the face. No be my papa build am, so why can't I also build mine? That was always the thought I had while in America.

You can still make, even much more than that, if you can look inwards and tap any unexplored opportunity over there, then bring it back home. America is a land of opportunities but Nigeria is an earthly paradise and an unsaturated environment. This is a fact those Chinese and Indians who came with a briefcase and a pair of shoes but later became multimillionaire in dollars within a short time wouldn't want you to know about. As our people are japaing, they're thronging Nigeria in droves. We're not seeing what they're seeing obviously.

There's money here, legit. Like I've always told people who are dying over a political appointment, its because they're not busy. Lazy people go into politics.

This guy pretended not to be aware of the number of babies who died in university of port harcourt teaching hospital last year due to power outage. Nigeria's problem pas Niger own. Leave them alone and tell our leaders to solve our internal wahala first.