₦airaland Forum

Inspirer1:
Open land borders for importation of rice and other food items let's see whether they'll keep hoarding

gratiaeo:
APC have turned Nigeria upside down, imagine a business owner don't have right to import goods in large quantities and sell gradual simple because Tinubu and his quark economic team does not know what they are doing

erico2k2:
I I understand economics more than the whole of your village.and you lot are thinking with ur backside.I own a ware house like this and we store goods in ther cos we buy in bulk(import)
The inteligence you are talking abou5 is the ones daft people lile you provided and qcted upon by a not so inteligent fellow.
Just to add.it that same ware hoise is open3d for you lot to come and buy you qont be able to buy cos you lot wont b3 able to buy 12 bags in ine go you will seek one cup of rice

erico2k2:
There is. O kind kf shortage of food .stop being ignorant.there is no money to buy food.so what seems to b3 short here is money.warehouses are used to store good and disbursed to shops bit by bit..How do U xpect the owner to get rid of the goods in one month??.is there a shkrtage of rice or cooking oil or pasta? Plz come up with a more resolved argument.

Hopium:
You lots are too ignorant. No one has to tell you that there's a cabal fighting against the state with food inflation.

Same thing that they did with PMS and naira notes during the last election. Same thing they did with the dollar the last 10 years.

I commend the Kano State government for doing all that's necessary to relieve her citizens of hardship. It may not be conventional, and you don't have to agree with them.

We've read news of Adamawa governor banning the transport of building materials out of the state to the Cameroon. Nigeria state governor did same with the state's food supply. They are no stup!d. These governors know what they are doing. And certainly, you don't understand their situation better then they do.

If you can't see the pattern that's emerging, I can help you.

Mandate1:
so Nigerians and traders are to blame for govt's inefficiency?

sketching:
Their is no shortage of food but INFLATION.

This is their tactics to fight price by fighting business people that took a risk by betting against Nigeria.

Johnjustice:
We have very myopic leaders, why on earth would we be pricing products and services inside Nigeria in dollars?

Didn't you people read economics, didn't you read about balance of payments?

Ban use of dollars for any payments in Nigeria now!

omohayek:
This is a step in the right direction, but Cardoso can't claim to be serious about tackling inflation while targeting 21.4% inflation for 2024. That is an outrageously high value to tolerate, and it will lead to serious economic distortions that will damage an already struggling economy's growth prospects.

It's absurd the lengths to which Cardoso is going to avoid the obvious, unavoidable remedy, namely to raise interest rates. This is the very first thing he should have done upon being appointed, yet so far there hasn't been a word from him in that direction. Cardoso's refusal to hike rates sends precisely the wrong signal to foreign investors, the very people who are needed to supply the USD his bank is so badly in need of. Who in their right minds will bring millions of Dollars into a country whose leaders seem hell-bent on adopting such poorly-though through policies?

It's precisely this sort of timid, counterproductive policy-making that I was worried about when I said at the time of Cardoso's appointment that he was the wrong man for the job. The CBN governor needed to be someone with a deep background in economics and a strong independent streak, willing to apply strong medicine to the economy no matter what political leaders might have preferred. Cardoso has neither of these qualities, so now we are stuck in the same ridiculous situation as we were with Buhari and Emefiele, with a President afraid of public displeasure dictating irrational policies to an "independent" CBN governor too subservient to say anything more than "Yes Sir".

Sadly for Nigerians, the end result will be the same in this case as well - horribly slow economic growth borne out of a misplaced desire to minimize hardship for the masses, which turns what might have been a sharp but short period of pain into a drawn-out, slow-moving car crash.

occfx:
They did not float shishi... Bank will pay you 800 when your dollar arrives, your eye go clear.

justmondris:
They only reverted the policy they created 3 years ago to ensure that all inflow from abroad is paid directly to the beneficiary in USD. This policy will create more dollar scarcity and 1 USD will hit 2000 within 5 months. It's our politicians and banks that are supplying BDC dollars and they now have a central point to gather more USD.

melodyogonna:
This has not always been the case?

JuanDeDios:
BDCs, Fintechs, whatever, people will just want a place to trade currency at its true VALUE as long as there's a DUAL rate. I'd bet my bottom naira that BDCs will start becoming Fintechs.

Anyway, the joke is on you if you think those guys that stand on the road at Ojodu Berger or Allen need $1m or any amount to do business. It's called "black market" for a reason.

warrenweste:
Pls What's the current bank rate?

pocom16:
You are a crypto trader that's exactly why you can spill out rubbish..


That policy doesn't affect you..as you can earn your fx and take it to black market to change...

If you mean so well like Ur druggie..

Why have you not been taking Ur Fx to banks to change ..
But you support those who have to receive theirs through the banks to change directly there..

slowpoke

Hopium:
Usdt rate, bank rate, and black market rate are almost the same. Rest. Lol

Beautifulday:
Mark this post. Zimbabwe is a case study. History is on steady repeat for those who don't learn.

pocom16:
You must be very stupid...I am certain...you are foolish idiots who doesn't earn a single dollar..



You supported the stupid president when he decided to float the naira especially when there is a supply issue...how do you float a currency you fully know can not sustain itself with supply and demand..


Buhari and Emifiele and a thousand times better than this you, cardoso and Ur daft president..

If then ..dollar influx were not coming in..but that government knew how to stabilise rates and only reduce value slightly when the burden of maintaining the rate goes beyond bearable..

They also knew how that removing fuel subsidy when you are still importing is bogus and doesn't make sense... You worsen the pains of the people when cost rises...and you can't guarantee supply because you still import..

This is why the government at that time postponed it twice..


You druggy came in without critical thinking and messed everything up..
Has the supply of dollar increased since he floated it.
Lagos now has fuel scarcity..

seunmsg:
That’s how it is done all over the world. We’ve been reckless for years in our management of forex by allowing people withdraw dollars remitted from abroad. We spend Naira in Nigeria. Only importers and those traveling out should be allowed to access dollars.

Beautifulday:
There is never a floor when there is policy that upset deman rate. I am not talking of crypto. I know people making cool cash through p2p. They sell to importers direct.

Ebubu2:
You can’t bring down crypto

I’ll be receiving my money in usdt which is equal to 1,600 naira per usdt crypto

Dey play


I’ll just show my benefactor how to download binance wallet, load it in his country easily and send me my money.

richeeyo:
Phf in foolishness
You understand nothing
You just want to type

Beautifulday:
E b like you never receive money from Abroad before. Peer to peer will lead the highest transaction in coming months.

Mark this post.

No follow insult the government when it happens.

nairalanda1:
Well, people are angry because dollar remittances are often times the only way some people can earn extra money and survive, and even grow their earnings. Denying them the right to earn in dollars (while the elite continue to do so with impunity) is enough to annoy a lot of people

Plus what government is doing does not fix the problem of Nigeria not earning enough, which is the real koko.

JuanDeDios:
There's a right and wrong way to go about everything. The right way to kill BDCs is to truly unify rates. This new policy won't make a dent of BDCs. Bookmark this.

Kukutenla:
This is a good move
Next should be allowing naira to dollar transactions and getting international payments to be done in naira equivalents online

Beautifulday:
You are not getting anywhere. You will see as it will back fire. People will stop sending dollar home. They will do the exchange from there.

occfx:
Government against her citizens... Crypto dey na. Tinubu no go chop my 1 kobo

ruggedtimi:
the bank rate is high too..on same level with blackmarket

Zeebuy:
In the abroad, they're called surrogate homes. The girls you see here are mostly young ladies who get pregnant out of wedlock and don't want thier people to know. They give birth here, other childless women come to buy the babies and take care of as theirs, and the main mothers move on with their lives.
The issue the government has with these facilities is that most of them aren't registered.