₦airaland Forum

Isokotolopia:
IMO, removing the restrictions means importers don’t have to put pressure on the parallel market in trying to source forex for the items in the list. That way they have access to IE forex window just like Any other importer, hence no cause for alarm

Were those trying to import items that were not banned getting FX from the IE window? If yes, how come marketers left the importation of fuel to NNPC when they have access to the same rate as NNPC? If no, where will the FX now come from for those who want to import the 43 items?

BlueRayDick:
I really do not know which of the two roads u mentioned it is sha. U know I no too know this place , but we ended up at East-West road on my way to my destination .

It appears my driver as an Ogoni man has beef with Wike the way he sounded sha . That East-west road dem no do am at all.

I wonder why Wike didn’t do it and ask for reimbursement from FG like he did for other roads

Both roads will eventually lead you to East West Road. Just at different places along East-West Road.

I really don't know why he didn't. It was deliberately ignored which is unlike him.

I remember one time community youths blocked the road. They cooked, ate and slept there and swore not to leave until the Federal government fixes it. A lot of people were in support and went there to donate food items and other things to them. I don't know how politicians managed to get them off the road without fixing it. Maybe they called the organisers and lined their pockets

Thankfully, Umahi now has it on his priority list.

As for your driver, he must have supported Magnus Abe during the governorship election

BlueRayDick:
Itsrm I fly enter PH this morning ; ur guy Wike really tried with the roads I must confess .

My only grouse with him thus far is the airport road wey he no finish . I also heard from my driver who is an indigene conplaining Wike only fixed PH and areas around his community . He claimed he didn’t fix other parts of the state (I don’t know how true his claims are sha )

Most of the projects were indeed concentrated in the state capital but to say he didn't fix other parts of the state is not true. If I start listing projects he did in rural areas at one project per post, two nairaland pages won't contain it.

What airport road are you talking about? Is it Igwuruta-Airport road? I know they were resurfacing that road. Not sure where they left it. Been a while I used that route. Obirikwere-Airport is shorter and you can drive faster.

popizaino:
This is what should get us talking not isreal/Palestinian palava.

They could wipe themselves away from the surface of the earth 🌎 for all care.

Be like say me and you na the same. All these Isreal Gazza thing no concern me at all. We have serious issues to worry about here.

Dem say HOR members don cop 160m Landcruisers each.

Are we still begging the masses to bear the pain and be understanding?

larride:
Well it's not a press release from the presidency or CBN, its information gotten from the FMDQ exchange that deals with the I & E.

Thursday was an anomaly and it has nothing to do with the ban they lifted on the 43 items.

Infact, the following day which was the day after, this was what happened

https://businesspost.ng/economy/naira-falls-at-official-market-as-low-fx-supply-hinders-cbns-fresh-move/

Someone made this brilliant post on another thread and I agree.

[quote author=richfore.ver123 post=126367100]This will never improve FX and they know it, the fact that Euro Bond and Foreign Curreny Bond are on the list a dead giveaway that the policy is not to improve FX, the Ban was introduced to try and stimulate local production, it's aim was stop importation of these products so that Entrepreneurs in Nigeria will see it as an opportunity to invest and start producing locally to meet demand, however we were not able to meet the demand locally which led to the increase in even Nigerian made goods because the supply was limited

I believe the Policy is aimed at flooding the market with Supply and maybe reduce the cost of these goods but Forex will definitely continue to slide until it reaches it's balance level[/quote]

larride:
And so it begins

Izzou itsrm

You know this was what I said the day the news broke.

CBN announced the removal on Thursday evening around 5pm after the market already closed by 4pm. Miraculously, supply improved before the announcement. What now happened on Friday?

Seems like the usual propaganda. This Tinubu government is showing they are very good at it.

We will see what happens in the coming days.

larride:
One thing I'm still waiting for CBN to do is to beinf fintech into the forex space.

Bring Flutterwave, Wise and the likes into the market and license them. These Fintech companies process alot of forex transaction especially for inflows (diaspora remittance) which will bring the needed liquidity into the market.

It might also be time to look at how the FG can work with Binance.

I don't know how that will work though. People remitting money are looking for the best value they can get on every Dollar/Pound. Once they bring in Flutterwave and the likes, the diaspora remittance will flow elsewhere.

I read somewhere that when CBN banned the use of domiciliary accounts as collateral for obtaining Naira loans, people moved their dollar outside the country and will then bring letters from foreign banks to obtain the loans here.

It does seem like for every step that the CBN takes, people are always two steps ahead.

OasisX:
....ain't an Economist either, but I believe CBN must have done their homeworks well before lifting the Bans.

Majority on this board agreed PMB's economic policies fail woefully, present administration wants to reverse some of the unfavourable politicies, yet we ain't satisfied.

How can they control Inflation without reversing policies that actually caused it?! A Bag of Rice was less down ₦20k prior to the Ban, what's the current price now?! ₦40k+

What's the essence of producing locally if it will have no positive effect on Inflation. I understand it creates jobs but for how many percent of Nigerians?!

CBN also makes it clear there will be intervention from them regarding availability of fx, let's wait and see bro.

No wahala. I don activate "siddon look mode"

While they are at it, they should also reverse the nonsense Buhari did with cost of clearing cars.

New motor, we can no longer buy. Even the tokunbo we were managing is now out of reach.

larride:
They need liquidity to flow into the market and if those that trade those 43 banned items can bring their liquidity into the official market, it can help stabilize things.

They are trying to clear all the backlogs first, it's the backlogs that's not allowing CBN to properly bring liquidity into the market because Emefiele has ruined everything.

We wait and see how the next 6 months goes. Time is the revealer of all things.

Those who trade those 43 items can't bring in liquidity. They will only drain liquidity from the market and put more pressure on the official window.

The question we should ask is, why were they banned in the first place? So that those who actually need the dollar for more important things can get it. As it stands, even those who need the dollar for more important things can't get it.

OasisX:
....question is; what effect did the ban have on those items? Importers are still getting them in, so where are they getting fx?! Black Market!

If they can source fx directly from CBN at cheaper rate compare to BL rate, it'll definitely make them abandon BL, thus force those hoarding fx and selling to BDC to bring them out.

People who need items that were not banned by the CBN can't get FX from them. Where will the Fx now come from to meet the new demand?

The liquidity in the I&E window is low and has been going down. That is why people who want to import items not banned by the CBN are turning to the black market. Only way this works is for the CBN to massively pump FX into the I&E window but we all know they don't have it.

Again, I'm not an economist so they probably know better.

larride:
Well on this some thread, it was said that Buhari ruined the economy. This issue is not as straightforward as it looks like.

The reason why the black market is thriving is because of those 43 banned items, those that trade those 43 items were sourcing their forex from the 3rd party, that's why the rate kept crashing (apart from the fact that we dont have enough liquidity to meet demands).

Look at all the items on the banned list since 2015, how many of them are cheaper? The prices just keep soaring and soaring with no end in sight. Food inflation is almost 75% nationally, most people are using their salary/wages in food alone. It is not sustainable. Something needs to be done.

If Buhari methods didnt work or yield the desired impact, it makes no sense to continue on that line.

They can't even meet the current demand for the dollar on the I&E window which is why marketers can no longer import fuel. Now they are lifting the ban on the 43 items. Where is the dollar to meet the now increased demand?

I honestly don't see what this solves but I'm not an economist. Maybe they know better.

nurey:
Several things are put inplace
1. Internship
2. Make them become a partner
3. contractual agreement
etc the joy of every boss should be for his subordinate to go places, they can work for you for few years, train new entrant and move on with their life.

Only variations of number two can work but I'm sure the business will consider it rather steep. Just forget number 3.

The joy of every boss is to recoup his investment and not throw money away.

nurey:
so you still never see? why not try and train some people for this role for the benefit of the company

What's stopping the person she trains from leaving before she recoups her investment in him?

Even banks are now learning the hard way. They now do more of in-house conversion than hire graduate trainees.

Unbelievable. If you used this 13m to buy dollar in 2020, your money will be worth 31m naira today. Car sales is not for the faint hearted.

GloriousGbola:
That is actually poor supervison from the bribe taking clowns in ministry of works.

And the same also applies to concrete. The concrete used by ccecc for instance is far lower quality than the concrete used for older bridges and road dividers. Concrete that aboki break with hand tools.

There are all sorts of ways to get shit concrete esp from dodgy Nigerian vendors

The road was washed away because there is no proper drainage. This is about planning. I am not impressed with these utterances from umahi.

Sounds like he has not actually thought through the issues.

To be fair, he is not asking them not to use bitumen. Just sign an agreement that the road will last 15 years and you won't request for more than 5% variation throughout the duration of the contract.

fredoooooo:
Thank you Eden for all the great memories ...

It's only on nairaland where someone with 393 G+A is labelled a scam.

BlueRayDick:
Na today u begin bookmark ?

Roland17:
Me and you no dey for the same category! No be same category oh!!

Go and play with your mates like Man Utd, Fulham, Brentford, Wolves, Everton and maybe Palace...

If you graduate from those ones above, you can play with Aston Villa, Westham, Newcastle, Brighton.

Quoted to prevent you from editing it . I will be back to this post

BlueRayDick:
See wetin u dey argue yesterday . Here u are saying Rice was trying to deceive the ref, but a retired professional referee thinks it was actually a yellow card

My primary concern is not whether it's a yellow card or not. I'm talking about the unnecessary theatrics from your players. They exaggerate every slight tackle as if they've been shot. That was my original statement.

And not long after I made that post, Martinelli did another that makes you wonder why he didn't pursue stunt double as a career.

Kbs468:
What would be over in two weeks pls?

Or Are you talking about our next game?

Against who? Chelsea? Do you even monitor our away games already with clean sheets uncountable as well?

Time will definitely tell Bro

Sure. I monitored this one

BlueRayDick:
🤣🤣🤣

At this point I think u people that support chelsea also drink the gin as well .

I like how confident you guys are going into the match. It will only make your tears more juicy

WhoDeyHause:
Let them enjoy this big win that has sent elruditor into the land of the shadows because we the Chels are coming for our revenge in 2 weeks. This is a London affair so there must be vayolence.

Sure. For now, they can bask in the euphoria of scoring a deflected goal against a very terrible City side.

They have no idea what will hit them in two weeks.

iamoyindamola:
I no they bet but won’t mind starting with you
What’s your stake

Calm down

Kbs468:
Wao! What a way to reclaim Top spot and still remain unbeaten in the league this season

Enjoy it while it lasts. Will be over in two weeks.

BlueRayDick:
Kovacic obviously didn’t get the ball but Rice’s leg . Do u expect Rice to jump and start kicking almost immediately ?

That's exactly what he would have done if that was the 88th minute and Arsenal was chasing the game.

Same thing he would have done if it was another player. All he did was try to deceive the ref into giving a second yellow.

And he's not alone. It's a recurring thing I've noticed with all your players.

BlueRayDick:
U see man city players going high with their tackles and u dey ask this kind question ?

The second tackle by Kovacic, what do you have to say about the way Rice acted?

Pearl1910:
Lolz...Interesting...
Are you saying if u do this, by the time the driver wants to do his own, they will not either tell him vehicle is in use by another user or yank the car off ur account? Cos I know a car can't be registered by more than 1 person on the platform.

I don't stay

What is it with Arsenal players pretending like they've been shot everytime there's a slight tackle.

DolbyDigital:
Hello people. I have just bought an Honda Accord 2003. It's my first car. After getting it, people are saying lots of things about the tires pulling off. I am seeing lots of negative review and some positive reviews as well, but not enough to have peace of mind. I am scared and filled of regret. I haven't even started driving it yet.. just did some solo with it.

You just have to see the ball joint as a maintenance item. Buy the best quality you can find and replace once every year/two years depending on how often you drive.

The last time I bought, it was N15,000 a pair. Not sure of the current price.

The sweetest spot is if you can get an OEM unit but it's very expensive and not necessary IMO.