₦airaland Forum

theenchanter:
u're very correct sir. but the salient question remains.... Why should demand for dollar be high in Nigeria? We don't spend dollar and only few people engage in import and export. So why the cause?

chrisooblog:
Well said unfortunately Emilokan is behaving as if the presidency fell on him in error. People are getting more agitated by the second and they won't be patient with him for even one month because of the biting inflation at the moment.

chrisooblog:
Honestly it beats me that we're still doing d**k measuring contests on top the same time wahala we're in. I would think Ghanaians would be more humble considering how their country's government have been defaulting on bond payments. Nigeria as bad as we currently are we pay our debts.

vaxx:
I understand you will fall back to population .

ProblemChild1:
I see, burst the bubble indeed. You don't know what's going on in Nigeria now. I swear you don't.

vaxx:
on what basis ?

An ordinary Ghanaian is under govt support. Health insurance, free education to the secondary level , A slightly higher minimum wages . So what grand of scheme are you looking at

vaxx:
like they say talk is cheap . For every little inched up in dollar price , it falls back directly to the masses pocket . The Orthodox medicine , the automobile product , even food are some giving example.


Even condom must be expensive in Nigeria now

vaxx:
strawmam argument, I dodged it


Open a space for it and let vaxx reply you, if you want vaxx opinion

predictor1:
If only Nigerians could do what the Kenyans did. Ruto did exactly the same things Tinubu did, removed subsidies, increased taxes, etc.
But Kenyans took to the street every Wednesday until Ruto caved in.

Celestialsword:
The Dollar is not the problem but reliance on foreign currencies for imports

Meksbig:
Came across her tiktok account and her ability with the ball is just mind-blowing. I always wondered why someone like her plays for Charlton and not a bigger club in England.

Seems she has embraced her Ghanaian heritage because she was in ghana in December for giving back to the community and now getting a callup to their team.

onegig:
A lot of you just talk without even reading up on things. Why are we so confident with spouting information when we do not have an understanding of it? Almost all countries have “exempt surplus” (“ES”) when it comes to funds repatriation to parent companies. Even some have extra level of taxes to discourage you moving such funds and keeping it local.

The only qualms I would have with this new CBN guidelines is the inconsistencies it creates in the markets. Businesses love stabilities in rules and regulations especially when it comes to finances. Cashflow is a big deal and lots do have multi year projects that such funds finance. To have such changed in such a short time the rules is just the only issue.

Yusufisraelj:
This will buy time for internal usage. 3 months no be play.

That 90 days gives green light not necessarily when you can send.

Meerahbel:
Thank you , but can we be more proactive than reactive in this country, before it happens we nip in the bud, Life has been lost

Paraman:
I wander why the Government don't want to import food on the short run... I don't just understand.

Kibbs:
If I may ask,

I've noticed for a while now that the likes of Roosa Ariyo and Zogg are no longer in contention

Why is that?

epainos:
Yes. Normally, govt should eradicate BDC. Those guys are the ones operating the black market and they work with banks. Govt is not serious. When they are, they will make commercial banks and some big players the only entity to exchange dollars...not those principalities called "bureau de change".

The real corruption is in banks. If banks can make maira scarce by not loading their ATMs aagainand using POS via money exchangers in the streets, then, they can do it to dollars too.

Govt knows what to do, but is not ready.

Just imagine the amount of money Wigwe the guy who died in a chopper crash accumulated. Look at his mansion. Lol. Cecilia Ibru did so many bad things in her bank in those days.
Erastus Agbola too destroyed so much. These bankers and major players like ex-Gen Danjuma, Dangote, Otedola, Adenuja, and many other billionaires are the reasons we are suffering. Na corruption.

They know what to do, but won't do it.

Naira is gonna crash further. And my prediction is that Bola Tinubu will be booted out of that seat soon. He will soon be disgraced if he doesn't sit tight.

mcbreeze:
Guessing work.
FG should work on our export. All this will stop

grandstar:
For the Naira to stop falling, the CBN should increase interest rates above that of inflation. That is global best practice.

emkz:
This was part of my intervention some days ago.



Since our elites have turned BTA/PTA into a business, let the incentive be removed.

I applaud the CBN for being bold.

Deltamani:
BREAKING!!!
NFF has released a 21-player invitation next week’s 2024 Women’s Olympic Football Tournament qualifying fixture against the Indomitable Lionesses of Cameroon.

Goalkeepers:
Chiamaka Nnadozie (Paris FC, France);
Tochukwu Oluehi (Shualat Alsharqia FC, Saudi Arabia); Linda Jiwuaku (Bayelsa Queens, Nigeria🇳🇬).

Defenders:
Osinachi Ohale (Pachucha Club de Futbol, Mexico); Ashleigh Plumptre (Ittihad Ladies, Saudi Arabia); Oluwatosin Demehin (Stade de Reims, France);
Michelle Alozie (Houston Dash, USA);
Akudo Ogbonna (Remo Stars Ladies, Nigeria🇳🇬);
Rofiat Imuran (Stade de Reims, France).

Midfielders:
Deborah Abiodun (University of Pittsburgh, USA); Halimatu Ayinde (FC Rosengard, Sweden);
Christy Ucheibe (SL Benfica, Portugal);
Jennifer Echegini (Juventus Ladies, Italy);
Rasheedat Ajibade (Atletico Madrid FC, Spain);
Toni Payne (Sevilla FC, Spain).

Forwards:
Omorinsola Babajide (UDG Tenerife, Spain);
Esther Okoronkwo (Henan FC, China);
Ifeoma Onumonu (SLC Utah, USA);
Asisat Oshoala (Bay FC, USA);
Uchenna Kanu (Racing Louisville, USA);
Gift Monday (UDG Tenerife, Spain)

Kenochi:
Education is very important,I want to encourage everyone to google the products that Dangote Refinery wants to export and its uses
After that,you can come to a conclusion whether it is something that we use in Nigeria and what level of usage is there in Nigeria

Some of us have always insisted that there are more than three products from Crude Oil,and this only justifies our stance.This brings me to the NNPCL and it's management for the past 20 years.
What did they do with our by products for the past 20 years when they had this rubbish swap arrangements
What did the money for fuel oil,naphtha,propylene,carbon black and other byproducts disappear into

As for Dangote Refinery,this is another big short coming in our nation.A big Oil producing country whose leaders refused to set up Industries and take advantage of their God given blessing
They were busy subsidizing petrol and allowing conmen to destroy this country
The chicken has come home to roost,and everyday we keep seeing that we were just producing leaders who were not willing to take the long road to success but were always comfortable taking short cuts that led to nowhere

Deltamani:
𝗖𝗢𝗡𝗙𝗜𝗥𝗠𝗘𝗗 ~📨
BlackQueens of Ghana 🇬🇭 squad for #Paris2024 Round 3 Olympic Qualifiers against Zambia👇🏾

DeLaRue:
'Upgrading units' - I guess that's for petrol.

So the refinery may not produce petrol for a some months yet. Hmm.

Someone from abroad told me yesterday that Nigeria will not benefit much from the refinery. My immediate interest was in another topic we were discussing so I didn't really press him to explain why he thought that would be the case.

But thinking about it now, I think the government will just end up paying same old subsidy to Dangote as the current pump price of around N650 is not going to cut it. Subsidy is here to stay.

So we are back to square one, with the only advantage being that the government will not be buying the petrol from him in dollars.

If Nigeria's wahala is too much, the man may even decide not to sell to Nigeria.

O ti lo o

maidaboi:
I'm also sad I missed it

Highlights will be appreciated

Marpol:
Why not fight insecurity and ramp up production for exportation before floating the naira?

mostob:
You don't need to apologise boss. And yes, Ndidi and Onyeka would fair better because both are naturally defensive players. Like they have the prior experience of playing as a DM already. I'll just compare Iwobi to Ajibade (positional-wise)

ThaThinka:
It's interesting to see that many people liked this opinion.

I still don't understand how a policy of this sort would be hailed while there's still disparity between official and parallel rates, giving room for round-tripping. You would do better fighting the corruption.

And what gave you the impression that corrupt people in government and financial institutions won't still corner the foreign currency received and take it to the parallel market again?

Imagine getting your USD proceeds converted to Naira at N1513/$ yesterday, only to wake up today and found that the rate was N1565. Have I lost or gained? Mind you, USD would still be needed for some important international transactions.

As to the bold, your idea of taxing domiciliary account balances could be very counter productive. That's like saying savings account balances should be taxed! Such a move could discourage people from sending foreign currency to their accounts in Nigeria, unless they have an urgent need or the economy stabilises.

I remember years ago when I was making regular, low hundreds of dollars online, a similar policy as this was introduced. My USD earnings were converted at a rate like N100 or more lower than the parallel rate and N50 or more lower than the official sell rate.

That meant if a $100 incoming payment got converted to N33,500, I would need N38,500 or more to pay for a $100 transaction online. Needless to say that I stopped receiving money to local accounts.

Marpol:
But why float the naira when Nigeria practically exports nothing! Who would want to invest in a country with no stable light, insecurity at an all time high?

Looks like someone did copy and paste with this economic policies!

TheGoodJoe:
@ ckc

If a governor likes , he can build irrelevant flyovers instead of improving health care and job creation. Things will get harder because the currency value will keep falling. The currency is now like the indicator of our economy.

gallivant:
😂

Nigeria is clearly placed 4th on the medal count. Anyways, soccer seems to bring out some crazy patriotism. I don't get it!!

Jessyjeff:
When Obasanjo took over in 1999, crude oil price was about $30 per a barrel. Later in the years of his administration, prices improved but it was not over $70 per a barrel.

Learn your history and stop being fed propaganda by a clueless APC government.

Obasanjo and his team were just damn good in managing the Nigerian economy.