₦airaland Forum

Agboriotejoye:
Earning from crude is basically shared by the three tiers. The court already ruled that saving as we had with ECA under OBJ is illegal. Everything should be spent. Ask Amaechi, Aregbe and Oshiobaba

You are confusing the ECA with CBNs foreign reserves.

Bobloco:
If it's truly managed, then it shouldn't be tottering the way it is at the moment.

Managed on the I&E window

Sheuns:

I still find it difficult to believe that Nigeria don’t earn enough forex from sale of crude oil and natural gas. I think there should be a comparison of what we earn as fx and what fx we spend on imports. That way we’ll know if truly we’re not exporting enough or we’re spending too much fx importing. We’ve been importing for decades and the Naira never had this type of free fall and lost so much value in short periods of time.

Note that we also have players that export other raw materials in significantly large volume and these players receive dollars.

Because there are no reserves. Most of our earnings from crude sales was either used to pay subsidy or to meet loan obligations.

Realmrsean:
he shock you ?

I really doubt. Except Seun has access to privileged info that's not in public space

Incognito9:
I don't think so.

They're still holding him because they don't want to extradite him to the U.S., even though he was granted bail

That's the last I heard of him as well. Except through some backdoor arrangement, I believe he's still in custody.

SSpeter:
Naira is fully floated, sadly we cannot have one official rate because FG cannot meet the demand for the official rate hence there will always be a black market

Naira is not floated. It was devalued

RepoMan007:
Yes I do. I do because CBN should know they are suppose to pay the tractor supplier dollars directly and collect naira equivalent from the buyer in Nigeria, then alao follow up until the tractor arrives Nigeria.

Wasn't that what was always in place with Form M and form A. How was the dollar still finding its way to the black market for round tripping?

RepoMan007:
I have asked countless times here too. Emefiele was obviously getting it right compared to some patchy-patchy sophistry of a politically-minded tinubu team.

It makes no sense to give someone going to buy hair extension and tractors dollar at same rates. Let the less important one, that's consumption focused, go to black market and buy at N2000 a dollar, but give the tractor importer at N200 a dollar. That way, you encourage people trying to increase local production. They can take future pressure off the dollar supply with import substitution.
Emefiele was right to partially disown some ridiculous imports via that list of 41 items. Today everyone is justling for same dollar and the price has gone haywire.

So you think the tractor importer will not sell the 200 naira to a dollar at black market rate to make a fortune. Just dey play.

Realmrsean:

Nigeria Police Are The Biggest Kidnappers pic.twitter.com/ySeiJgpcEv

— Somto Okonkwo (@General_Somto) January 29, 2024

Nigeria police the biggest kidnappers

Abba Kyari has been released?

User09:
I'll wager that most of this is just based off of exchange gains from the FX sitting in their balance sheet.

Bank's performance are generally expected to move in tandem with the economy. Nigerian banks are just not creating or driving any value in their economy

That's the unfortunate part. Bulk of their profit should come from lending but they prefer easy money.

I don’t think banks that offer personal loan against salary to the average salary earner are up to 5. Infact, I only know of Gtb and First Bank.

Y1nka:
How much litre do u think will cover Maryland to Ibeshe Ikorodu. 28k on corolla

If it's 28km then not more than 3 litres for a healthy corolla.

Y1nka:
Omo , maybe Rental can but if you own your car or you’re on Hire purchase just find like 2 other side hustle cos basing on this will Ruin your car or your health or BOTH.


Despite the Redness in town, I’ve turned app off, work starts tomorrow. I’ll pay my HP owner with money from office, cos I just can’t suffer car and myself for nothing.

NOTE: I’m not mocking those doing i ur, I’m just wondering how they make the profit . I mean IBESHE Ikorodu is About 28km from Maryland . For 5,600 (rider saying it’s not too low), let’s assume you use 4 litre that’s 2k4 , bolt commission like 1k how much left?

Before you say return trip, remember same calculation goes for that. So what is service charge.


For now, perhaps even short trips are better, or long trip with tips

Thats excessive though.

If you use 4 litres to cover 28km then you're using the wrong tool for the job or taking the wrong trip.

Macktaob:
What about buying lands in Nigeria of today, like the new bubbling ground, Epe. Would that also be a bad investment considering how the equivalent of the value in years time to dollar could be sad?
Thanks

If you get it right, can be very rewarding. If not, 5 years from now, you may end up selling less than you bought it.

BlueRayDick:
The money Aig-Imokuode and Herbert Wigwe made from just Access bank alone ehn…. Go to V.I & Ikoyi , they are buying all over the place . They have coronation capital , coronation merchant bank, access pensions , coronation registrars, coronation insurance ( in fact they recently had a court ordered meeting to pay off every shareholder of coronation insurance because they want to delist off the stock market and go private ).

Anybody thinking those guys will break a sweat cos of fintechs processing some transactions just dey whine himself

I even heard Access pensions has acquired ARM pensions.

Sometimes I wish I pursued a career in the finance sector right out of uni. Which head I wan begin put Financial accounting, Management accounting, taxation e.t.c at this stage of my life.

Y1nka:
He must be married with kids or father to be , lol, u wan use him child do ritual? lol

Lol, maybe because married people tend to be more serious with prompt payment of rentals since it's what they rely on to feed the family. The disadvantage to this is, they are more likely to run the car down and cover thousands of miles monthly in a bid to meet their financial obligations.

BlueRayDick:
I just dey laugh reading their opinions on traditional banks vs fintechs. These people don’t know how profitable banks like Stanbic IBTC, Access bank, UBA, Zenith , GTB , etc are .

They think fintech processing some million dollar transactions takes anything off the profit of traditional banks .

If they see the kind of facilities those aforementioned banks draw up for oil and gas companies in dollars and how much interest they make on some of them, they will know those fintechs are not even scratching the surface .

In fact, the traditional banks are even a threat to the fintechs because the traditional banks are setting up their own gigs like Wema’s Alat, GTB’s squad , etc just to get their own cut from the fintech space

One time I sent money from a First bank account to standard chartered and I was charged 30 dollars as transfer charges. I wan cry. That was just tasere money. You can imagine how much they charge those who move hundreds of thousands and millions of dollars.

Covid, recession, Tinubu, Buhari, does not matter. These banks are making hundreds of billions in profit annnually. Infact, people are now starting to ask questions. How come every sector is declaring losses but not banks? They are masters of making money. Fintechs are not pulling any strand of hair from their body.

Realmrsean:
they'd fail on arrival

God punish those normal banks

Fintech till thy kingdom come

The are not competitors to normal banks.

1. They still use normal banks for their settlement because they are not allowed to open accounts with the CBN

2. Traditional banks have mastered the art of making money. Bad as the economy was in 2023, they are posting hundreds of billions in profit. I think Zenith bank was on 500bn+ as at end of Q3 2023. Using the logic of most people, you would expect their profit to dwindle seeing as it was the year moniepoint and the likes really came into limelight due to Emefiele and his useless policies.

3. There is nothing moniepoint and the likes are doing that traditional banks cannot do ten times better. The reason they don't bother is because there's not much money to be made from the retail arm of banking. I won't be surprised if moniepoint is actually running at a loss. As past events have shown, these fintech coys are masters of cooking their books

oliverjiad:
with #9m would get it done

Sometimes I just think about it. This will be the cost of clearing a 2003 Corolla by the Tinubu is completing his second term. A 2003 highlander by that time will cost 17m to clear. This is assuming customs retain their exchange rate at 952 which is very much unlikely.

It's really scary.

Realmrsean:
as e dey pain dem,edey sweet us

I'm sure GloriousGbola now has a different view

When we were sounding the warning, he said we weren't patriotic

I just wish it can pull back a little to like 1200 so I can load more.

They benched Onana for this guy? 😂😂

popizaino:
Hope Pochettino is seeing Cameroon. From keeper straight to attack. No time for fanciful nonsense.

Did you watch our last two matches? We did that a lot of times.

AdisaOwala:
All the good chances he has been missing nko?

Ditto for Haaland and Hary Kane. All strikers miss chances. The team creates numerous goal scoring opportunities for them.

These our attackers are blind. Not a good tournament to form an opinion on Osimhen. How striker wan take score with these lots. That was supposed to be a one time pass. Werey was dribbling back

This man is probably the only dealer who still sells clean title cars. Well done.

iamoyindamola:
https://www.instagram.com/reel/C2kbZfjoBlJ/?igsh=NTlhZ3A4c2ttOG1m

Itsrm wetin they occur na😁😁

These one are hungry youths. Give them money tomorrow they will mount an even more beautiful picture

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Griffon:
I think McGinn got to the ball first.

I don't think so. Will need to watch it again.

Was that not a foul on Gallagher?

GloriousGbola:
Slacker

You would have been cornering millions from bunkering right now

Izz.ou don answer you. Who knows if dem Boyloaf and Tompolo for don kpai person

raumdeuter:
Most people going for civil service also know the drill. Dem go owe yu salary taya, they will underpay you but wont demand what private sector will demand from you

If you are brilliant why will you go for civil service jobs?

Spot on. In some government offices, they only work when there's light

izzou:
[color=royalblue]Let's not forget that it may take 6 months to get 2 months salary.

There are states that banks prioritise when they give loans. And that's because those states NEVER FAIL to pay as at when due.

Ironically, the NW and NE are in that category. Na only Southern Nigeria you go dey see person work for 2 years without pay.[/color]

And don't forget another governor may come in, declare the recruitment illegal and sack all of them without paying the salary being owed. We have seen it countless times.

I've always known that government work is not for me. I was even very close to joining the Navy at some point but still chose to remain in the private sector.