₦airaland Forum

Emu4life:
Contrary to popular belief, things especially food are actually cheaper in SuperMarkets (Retail Stores) than traditional open Market traders.

Maybe a popular belief in Nigeria.
Elsewhere chainstores are known to offer cheaper foods.
That is how Walmart killed off most small scale grocery stores with low prices.

Offpoint1:
They are. Once they heard price of dollar has increased, these folks will automatically increase the prices of items. I keep wondering if Naira is Nigeria currency or dollar.

The one I can't fathom till date is garri. No part of garri processing involves dollar, but the price keeps skyrocketing.

When I entered Lagos 2018, a paint rubber of garri was sold N400. How it becomes N2500 today I don't understand.

How about transport and cost of living of the garri producer?
Stop sidestepping the main issue.
Fuel price was increased 3 times and you expect price of goods to remain the same.

DenreleDave:
Omo 150k for this economy no fit do anytin oooo.

How your friend dey take cope sef


He should get notin like that 135k after all deduction. Just guessing though

So you don' t know that the minimum wage is 30K?

Common CBN.
This isn't enough.
You can do more than this.
Also request that we link our INEC id card number, passport number and Birth certificate numbers.

Bunch of idiots.

WeddingParol:
That is a national wealth and not individual hustle

In Saudi and other gulf kingdoms context, there is no difference.

1 million
You will be lucky to get 50K.
Left to Tinubu, the 30K is even too much of a drain on the government.

Richtaiwo:
E pain am

You are an economy saboteur for quoting Remitano price.
USDT is now illegal to be traded against the Naira and you can be jailed if discovered.

USDT is not dollar!

I am seeing dollars up there.
Have we started spending dollars in Nigeria?

Since Russia controls the land via proxy, they should have been more specific about the "help" they need
which is free money.
Of course, they will eventually get the "help" in form of more free fuel and subsidies but Eastern Ukraine comes first.

Curious346:
Sad

"If insecurity exceeds 24hrs , then the government is an accomplice to it"

Gen Sani Abacha

Stop quoting that dullard.
Armed robbery was the order of the day when he was in charge.

Putindbutt:
Under the money laundering act, we must know where the $28billion went to and whose accounts it went through.

I think the first thing you have to know if the $28 billion dollar existed.
If it exists, then you have to determine if Nigerians living in Nigeria invested Naira worth $28 billion
on Binance.

And while at it, make sure the issue isn't swept under the carpet because it will be sad
when deafening noise are followed by utter silence.
We really need to know this $28billion owners that went missing from CBN vault .

The information the government has spent weeks making noise about is what other countries
obtain with simple letters, no drama.

Exchanges do KYC for the specific reason that when the government ask about individuals, they
can supply the information.

I really hope CBN would not hide their discovery.

gabicon:
https://www.google.com/amp/s/punchng.com/over-26bn-funnelled-through-binance-without-trace-cbn-gov/%3famp

The link did not answer the most important question.
Did Nigerians buy the alleged $28 billion dollar from CBN or Banks and then took it to Binance?
Or did they buy crypto with Naira worth $28 billion dollar.
Or did the majority of the "missing" $28 billion originate from abroad or locally.

Since the news didn't specify, I suppose the detail is not in CBN's favor.

LegendHero:
Wahala wear bone straight.

Binance should have the KYC details so if everything is fine with them, they should be able to provide the data NSA requested for.

After this, if found culpable of supporting money laundering with respect to how they conduct the trade on their platform illegally, FG should fine Binance and accuse them of economic sabotage.

USA did same thing last year and fined Binance CEO of $4bn.

Binance CEO was fined for committing a known crime in the US.
Now tell what crime did Binance commit.
Let us know the relevant part of Nigerian law that Binance broke.

Remitano is about to be banned too.
Haven't you been told to never quote Naira value from private sources?

Feldie:
Binance is not a legit source of income. Any profit you make from crypto trading is tantamount to printing money as you didn't bring anything of value to the society. Govt cannot ban it though. Politicians earn money without doing anything of value so why can't the average citizen?

How about stock trading?

You think value is about lifting bag of cement from trailers or sitting idly in an office to receive
monthly salary?

gabicon:
I can't fully comprehend why some people are complaining, we exchanged $28b value of crypto in 12 calender month,the effects of which are manufacturing companies can't buy raw materials, sick people can't seek treatment, importers are stranded, students can't pay school fees, hyper inflation etc.

Who did the imaginary $28 billion exchange?
Did they buy dollar from banks , BDC or the CBN?

RenaissanceGuy:
Very good. Crypto may eventually cripple world economy, if there are no stringent regulations put in place.

What world economy?
Are you living under the Rock?
The US SEC approved many Bitcoin ETFs this year and Ethereum ETFs are on the way.

If you know what ETFs are you will realise that crypto just got the strongest backing it can get.

ozo13:
all the ginger ginger campaigning people were doing asking citizens to quickly convert there cash into dollars and cash out big later, some Nigerians abroad the remittances in most cases are in USDT or crypto

Nope. Majority of remittance still pass through the formal financial system. Crypto is restricted to youths.
BTW, what is Cardoso's business with how someone choose to send the money they earn
abroad to their relative?

seunmsg:
Where did you get your data from? I have seen daily volume of over N3billion on spot trading of USDT/NGN alone without considering P2P. So, CBN figures can't be wrong. They have far more accurate records than any of us.

Binance P2P stats is the source of my data.

Whatever Naira is used for trading on Binance is out of the equation as it has left the system.
It is like buying foreign stocks, whether the investor loses all their capital or gain more
is opaque to the CBN until the capital is reimported.

Only P2P/withdrawal/deposit matters to the CBN. And this transaction is less than $500 million per year.

BTW, trading volume in spot trading is not what you think it is.
I can own $100 and generate $2000 in spot trading volume.
That doesn't mean I own $2000 at the end of the day.
In fact, I may even end up with zero dollars while generating $2000 worth of trade in the process.

You seem to be under the impression that the CBN has some secret powers to track currencies outside
of Nigeria's banking system. It doesn't.

I maintain that Cardoso is lying through its teeth. Another possibility is that he is ignorant of currency market, which is unlikely.

CodeTemplar:
That's huge. I see why parallel market was always dictating the direction of forex prices.

Cardoso is lying.
Binance p2p started 4 years ago and the highest volume per year is less than $500 million dollars.
Let us use the highest figure, that gives about $2 billion dollars in 4 years.

So where did he get the $26 billion from?

Nigeria's Binance transaction volume is less than 1% of CBN's yearly dollar sale.

adioolayi:
Everything is not opposition...deep down, you know what the past government did was to issue a white paper on Orosanye's report....non implemented it.

Atleast, wait and see if Tinubu will implement or not...what we have seen now is not issuing of white paper..but a clear directive to implement

I am not sure you have seen the full report.
Forget the highlights, tens of thousands will lose their job if the report is implemented.

No government is entirely responsible for national woes or gains.
There is always a carryover effect from previous administration.
But it is hypocritical for the government to claim any positive development
but blame others for the negatives.

There is no more clear example of state terrorism than this.
Starlink shares about to rise.

Typical.

9jatriot:
Very good.... CBN dishing it out hot... Any thing above that should be by transfer.

That means intra bank transfer of forex should now be available.

However, it is interesting how USD has become a secondary currency in Nigeria

Nothing in the report suggests intra bank transfer of fx will be allowed.
The restriction was recently placed and it won't be changed that fast before
determining whether it works or not.

makemoneywbsite:
Africans and stupidity. Imagine perpetuating what a few white men designed for their selfish benefit. Imagine if it was Asians or Europeans that some race sat at a table and shared like cake. Even Arab tribe won't permit it. It can only be the black race tolerating rubbish. None would have the boldness to ask why.

Ignorance isn't bliss.
The British/French made 90% of Arab countries you see today, created India.
Other European countries also created, split or merged several asian countries still in existence.

stano2:
Emiefiele Policy if done with 100% transparency will really help.
Mop up the excess Naira circulating

What is Emefiele's policy?

tonicyril:
Sentiment apart, please someone should enlighten me.
Imagine a bank ceo collecting dollars from central bank, refused to use it judicially but sell it to the BDC operators for higher gains and later he will be building university in marina island..

Sentiments apart, the dollars aren't free.
The CBN needs the banks and the banks make money through the process.

The BDC and all regulated entities buy dollars from the bank.

You might ask why the CBN does not sell the dollar directly to the buyers
but the CBN is not a commercial bank and if it decides to be one, the
traders currently buying from banks will still be the one buying from CBN.

As to bank CEO selling to the BDC, there is no law against that,
banks sell to students, travellers, importers and others at similar rate.
It is not criminal to sell to BDC.

oluwaseyi0:
Do they want to bring them to the level of banks?

main question is how are the BDC getting dollars?

The CBN has the full answer and yet does nothing.
That should tell you something.

coputa:
caused mostly by government paraststals and agencies including state governors who converts government allocations in naira to dollars, give to the banks are channelling the dollars the black market at exorbitant price

I think you guys should get educated about the FX market before throwing accusations.

aariwa:
Whites like each other and do everything possible to avoid killing themselves unlike black people. If Russia were a black or middle eastern country without Nukes or friendly leader America would have totally destroyed and burnt down Moscow to rubbles by now

Fixed!
Germany was no African or middle eastern country.

Agbegbaorogboye:
There is nothing like free market in currency trading

Free market is not what you think it is.
In reality, pure free market does not exist in any market.
It just depends on the extent.

Government is the greatest enemy of free market followed by cartels.
Even labor unions are mostly anti free market.

It is an euphemism for people with money and influence making money off the misery of the currency.

People with money always make money when opportunities arise, nothing new here.

I ask for example, who or what is the fundamental determining the fluctuations in the market?

Not who, cause and effect, demand and supply.

Such high volatility can't exist in real life and some individuals or corporates won't be gaining massively or losing massively

What do you mean by real life?
The forex market is as real as they come.