₦airaland Forum

insidelife22:
African leaders and sit tight syndrome.

Would you blame Asian leaders if this news was about Putin?
Learn to direct your criticism to the right quarters.

RepoMan007:
Cardoso is a victim of politicization of appraisal of CBN performance.
The performances of all CBN governors has historically correlated with the petrol dollar availability. To me, Emefiele was the only guy who performed beyond the level of available petrodollar in his time. All other governors of the CBN were simply lucky to have the dollar available.
Not one of them influenced inflow of dollar in any significant way. Cardoso's case is agrevated by what Emefiele and Buhari did with loans and cash in circulation. They created a huge problem by spending out of recession and into crippling debt that eats revenue.

You guys continuously underestimate the value of financial prudence in economic management.

If you are right, Lamido Sanusi should have been the best CBN governor since
oil price was highest during his tenure.
But in real fact, the best CBN governors were the one in charge during the
lowest average oil price of 1999 to 2007. That is Joseph Oladele and Charles Soludo.
Joseph even managed to hit a 10% growth rate which is unmatched since then.

Nigeria's FDI at 1999 was about $1 billion and it increased to $6 billion in 2007.
If a 600% rise is not significant enough, you should remember that somebody actually took it from
4 billion dollars in 2015 to negative value by the end of 2022. Now, that's a record.


Before you ask, my criteria for best is based on external reserve accumulation, exchange rate control and economic growth rate.

hmm

BarrElChapo:
This is Nigeria, any man that claim he is being denied access to his children is either
lying, not interested in the children or too broke to seek the court's intervention.

Bros I’m a lawyer, I see things the average person doesn’t everyday in court.

Plus a personal friend has gone through this experience before, most men will always toe the line of peace when it comes to issues like this.

Having issues with an ex is entirely different from being cut off from one's kid.
A whole 2 years, and this man who is neither an illiterate nor poor took no bold step to seek custody
or visitation rights?
He is obviously not telling the whole story.

To hell with peace when fighting for one's kids.

BarrElChapo:
The guy is too docile sha… instead of you to start custody proceedings against her you dey dey dull now your child is dead and they’re still treating you like shit.

You should go to the police station and lay a complaint 😞

This is Nigeria, any man that claim he is being denied access to his children is either
lying, not interested in the children or too broke to seek the court's intervention.

jalaludeen1:
The farmers are not losing anything, the farmers have long sold their farm produce to the middle men who are just hording the foods to create artificial scarcity. Last year the farmers sold a bag of maze for 17 to 21k, only for the middle men to sale it for 43 to 50k without doing anything to improve the production. The governor knows what he is doing in my opinion

When you claim the middlemen don't do anything, when last have you gone
to the farm to buy tomato, pepper, rice and others directly from farmers?
If you don't do it, why? Since it involves nothing as you said.

Now to the price differential between farm and market prices.
Assuming the figure you give above is correct then the 43K price
is the price at which the middlemen thinks it is worth their time to engage in the business.
You should ask yourself why some middlemen are not selling at 23, 24 or 25K
since it is not a crime to sell at such prices.

In a sector that is not controlled by cartel such as farming, hoarding
is a symptom of scarcity disease and not the other way round.

Yes, the government intervention may temporarily reduce price, but
only adequate supply can solve hoarding.

Take petrol for example. Whenever there is scarcity, people blame hoarders
but fail to ask why the same hoarders did not hoard the product the previous
week or the previous months? Is it that they just became greedy overnight.
Nope, they simply started hoarding when they discovered there is scarcity.

forgiveness:
Kill which economy? Is it the same economy not in comatose already because of those saboteurs buying dollars from BDCs and stocking it in their domiciliary accounts with the expectation of naira fall to gain more naira?

Not even Cardoso has made this claim.
Outside of Aboki's dealing in dollars and occasional online shoppers.
Nobody goes to banks to deposit dollars.
It is even worse right now, since withdrawal and transfers have been banned.
The "saboteur" are the ones who imported the phone, cars, electronics and every other
foreign manufactured items in your house.

When the naira depreciate, they withdrawal the dollars in their account. Rush back to BDCs and change it into naira and deposit the gain in naira account. Then use the capital to buy more dollars and keep in the bank. I am talking about buying dollars in millions with millions and billions of naira. This creates scarcity and we know the rules of economics. The higher the demand the higher the price.

What you
This is quite entertaining.
Yes, speculators exist

So, you are dead wrong by insinuating turning dollar to naira in the domiciliary account will kill economy. It will rather reduce pressure on naira because you will not be given dollars. It does not stop you from making electronic transfer to pay in dollars outside the country.

If you want to pay foreign school fees, go to your bank and process the money which is in naira to pay in dollars online through the Nigerian bank straight the foreign bank in abroad. Fortunately, we have many Nigerian banks in U.K and other countries.

The schools are the ones desperate for Nigerian students. They will comply

Nope.
The schools aren't desperate.
They are not the one lying about proof of funds.
So, if a school say the US accepts your Naira, what will it do with it?

If you need dollars, you can change the naira at the airport of your destination or use your card. Nigerian banks there will pay the processing fee.

So, the changers at the airport of your destination will collect your super Naira and give you dollars for what reason?

I doubt you are aware of that.

Aware of what exactly.
You think there is any entity out there who needs your Naira apart from Nigerians.
If anybody agrees to swap any currency for Naira, it either has a way of investing the Naira
back into Nigeria or has a means of converting it for profit.

So, a traveler from the US came to Nigeria and changed its dollars at the airport but when going
back you insist they go back with Naira so that they can exchange it magically in their native country .
You see how ridiculous you sound. Perhaps other countries are desperate for Naira, they are going
to starve if they stay away from Nigeria or Nigeria sanctions them.

Nobody should be given dollar in Nigeria. If you like knack your head for floor. All of you crying it will kill the economy are benefactors and saboteurs. Enemies of the state.

I replied you because you are so ignorant that is nauseating and some people might actually think
you know what you are talking about.
At this age, only a financially illiterate person will be looking to be given dollars like some beggars looking for alms.
You see, banks don't drive bullion vans to people's home to give them dollars because they ask.

Here is how the market works.
In the Buhari era were some items were banned. You simply apply for the dollars you need
if you have legitimate needs e.g traveling. It could take weeks or months.
And for the major consumer of dollars, the importers, they are not given dollar cash as you imagined.

It is even easier these days because the CBN no longer keeps a banned item list.

Now, go back and read the fantasy you put up there and try to reason how it will solve the dollar deficit issues.

EmperorCaesar:
I've read many of your opinions on issues regarding this fall of Naira and going as far back as the last 5pages of your comments, it's always filled with criticism and no valuable suggestions

You should have forwarded your valuable suggestions to Emefiele all those years
since you think the CBN is filled with dullards.

There is nothing wrong if you think the kindergarten advice above is valuable suggestion that would help Nigeria solve its multi-billion dollar debt crisis.
You might even forward the suggestion to Cardoso, he may find it appealing same way Emefiele thought fighting Abokifx would help improve the Naira instead of addressing the elephant in the room.

You have been doing great all these years by ignoring comments you don't like. Don't stop now.
You should continue in that light since they are not personal attacks against you.

The Good news is that your opinion ends here

If you believe the above then you must have known it was pointless replying.

forgiveness:
I have said it. Turn the dollar and foreign currency in the domiciliary account into naira. This will starve the BDCs of foreign currency.

Nope.
It will completely kill the economy.
Of course, you will enjoy the Euphoria for weeks, maybe even months,
then the birds will come home to roost.

And adaptive BDCs will simply migrate to virtual trading.

4. Allow banks to make naira transfer in order to pay for school fees abroad.

You mean you wan to pay foreign schools using Naira?
This must be a joke.
You are better off banning Nigerians from schooling abroad.

5. Return back to the days naira atm card can withdraw money outside Nigeria.

So, how would your bank pay the processing banks for the money you withdraw outside Nigeria.
It is definitely not with Naira.

These will reduce pressure on dollar demand.

Yes, it will reduce the pressure by an insignificant amount.

Nobody will need to search for dollars.

Really, so how do you think the phone in your hand was delivered to you?
Via Naira?

In order to achieve your fantasy, you would have to ban all Nigerians from
traveling out of the country or using any products made outside of Nigeria
using North Korea's style, then you can really reduce the pressure on Naira.

The "gains" from subsidy removal is misleading.
This gain is actually from printing Naira and inflation.

So, the government will merely pay its workers with a 100% devalued currency.

Praxis758:
Our state governors are in money now, but won’t talk to avoid being questioned about the hefty money in their treasuries. That’s wickedness on the path of the governors not justify the hefty sum available to them.

Stop misinforming people. State budget and monthly allocations are not secret.

The state governors are not in money, they are in devalued money.
Majority of the increased allocation is from Naira printing and inflation.

By your logic, Tinubu must also be in huge money compared to the governors,
so why is he still borrowing and struggling to manage the economy?

festacman:
By the way the CBN Governor's speech is all over the place. Said so much without saying anything that looks like a solution to current economic crisis.

We need a holistic economic plan while the current adhoc measures are implemented.

I think he is relying on time and luck to solve the current problems we have.
Of course, time can "solve" certain problems but how long, 5 years, 10 years?

So, the cabal were not interested in the first 6 shipments which was ferried by foreign ships?

If this is not delusions probably inspired in a beer parlour, then it is time to take your malaria drugs.

Local refineries will not reduce the price of petrol.

malali:
This is an Intelligent Decision by Niger state Governor.

Nope, it is a dumb move.
Niger does not farm for for its residents alone.
If he succeeds in artificially forcing down price of goods within Niger,
some farmers will incur losses.
The next farming season would even be worse as many farmers lose their incentive to farm.

FutureFocus:
Every state should take food security seriously ,
Those unused land should be used for farming, your youth can not be sitting idle all days pressing phones and be expecting food to be imported at cheap price, arrest them and send them to the farm by force by fire.

Government officials suvs should be confiscated, sold and the proceeds use to buy tractors for farmers.

Chariman Mao.
Why not go out and enforce your fantasy.

malali:
This is an Intelligent Decision by Niger state Governor.

Nope, it is a dumb move.
Niger does not farm for for its residents alone.
If he succeeds in artificially forcing down price of goods within Niger,
some farmers will incur losses.
The next farming season would even be worse as many farmers lose their incentive to farm.

seunmsg:
DMBs and even official rates are almost the same as parallel market rates. And it’s also wrong to say CBN has not been focusing on unification of rates. In fact x they’ve adjusts the official rate almost three times in the last two weeks to reflex parallel market rate.

If that is sustained, then these third party apps only advantage will be their support for outward dollar transfer.

seunmsg:
So, how will the person in Nigeria withdraw dollars in cash from grey?

It is virtual, you can't get dollars in cash but can get parallel rate using third parties or spend your dollar using card.

This is one of the reasons I think the CBN dorm account restriction is myopic.
They should have focused on rate unification.
Nobody will care about greys and its ilks if the rate that say First bank convert
is very close to the rate you can get from third parties.

matify83:
But NNPCL has always maintained that it is not subsidizing petrol.

https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.thecable.ng/were-recovering-full-cost-on-imports-nnpc-says-no-subsidy-on-petrol/amp&ved=2ahUKEwj0s_Hv-J6EAxUq8QIHHSRKBi0QFnoECCAQAQ&usg=AOvVaw0qLd6OToyWpzwzEWlTQexW

NNPC is lying.
The current landing cost is higher than the current petrol price which means loss selling.

Akwamkpuruamu:
They are mopping up your produce. Farmers can't go to farm because of insecurity and high cost of apric inputs. The little they produce, neighbours come and buy it off.

Ask Bulaba to subsidise agric inputs

You guys should stop using the "mopping up" phrase as if it was just invented.

It is not as if the exporters are committing a grave crime.
The last time I checked, the Nigerian export promotion council is still running ads on
why foreigners should buy from Nigeria including Agric products.

The funny thing is, nobody is complaining about Agric exports to Europe and Asia,
they are only angry because the neighbouring countries are the destination.

money121:
Tinubu or dangote

Abi Tinubu cement don dey market?

Yes. Dangote also increased the price of rice, tomato, phones and transport fare.
SMH

grandstar:
Why is the export of construction materials illegal? This is a source of foreign exchange.

Rather, the companies should be encouraged to expand capacity

Don't mind them.
Private businesses are exporting their produce and the government is crying.
Yet, they blame lack of exports for their economic incompetence.
The only issue I would have is whether they are paying the required duties
or the item is on a restricted export list.

9jatriot:
Let them come and buy in USD and pay duties, why not structure this export business.

Why should they buy in dollars instead of Naira?
The only issue I have is the status of their duties payment.

Igbek76:
Poor Naira made it cheaper for the neighboring countries to invade Nigeria and cart away. Including foodstuffs.

The trade has been going on for decades and has nothing to do with the Naira being cheaper.

smokinloud:
Enough is enough. Nigeria should exit ECOWAS. Other west African countries are just milking us. We're not gaining anything from them

Milking you?
So, it is now a crime to import items from Nigeria or how you going to blame subsidy again?

Senator Kyari in his observation declared that devaluation of the Naira in the guise of floating the currency has made farm produce in the country cheaper in the neighbouring country and consequently encouraged what he called “undocumented exports of food to our neighbouring countries

Aren't you supposed to be happy that you got increased exports whether
documented or undocumented since it is not for free?

matify83:
They have ceded their power to control pump prices of petroleum products after deregulating the market.

Their rebuttal of increasing petroleum products prices is of no effect as market forces will determine which way the pendulum swings.

I am not sure you are in Nigeria but the market was never deregulated.
Tinubu simply tripled the price of petrol.

The current petrol price without subsidy should be at least #800 per liter.

mokwechineme:
The current NLC leadership have shown to be worse than the politicians. It's no longer news that Ajaero himself is never interested in the welfare of workers or Nigerians in general. Even the federal government in the need to save face is looking forward to the new minimum wage whereas Ajaero and his team of demons are not only interested in their pockets but are preventing the resolution to use that as a tool to remain relevant in the sharing of the systemic loot.

Effectiveness of NLC depends on the government in power.
The fact is that no workers union can fight a determined government.
Not in Nigeria and not even in "saner climes".

I don't know what you are driving at but NLC cannot become full political party without consequence.
It is either a labor union or a political party, it can't be both.

Raylight2:
not sure. They would definitely be willing to export. While that's an option, I think producing the bags in Nigeria would be a better alternative to that.

I know, I was just trying to point out that there is nothing special about the Kenya case.
I am certain they are not the exclusive inventor of the biodegradable material.
If we want to replace Nylon we can, the only negative is increased cost of goods.

FatherCHRISTMAS:
This is what we who are into raw produce are facing that you don't get to discuss in the streets because the regular man don't understand.

When we are coming with raw foodstuffs, alot of money is spent. From transportion to settling people by the road side.
Even Services are extremely expensive now and you will have to pay except you are ready to carry the bags on your head yourself into the trailer. Which of course, is impossible matter how stingy or resourceful you might be.

I hope someone in government sees this. Thank you

So, what do you want the government to do?
Subsidize or hire truck pushers or service men for you?
As to the guys collecting money on the road, the government won't
bother because it is a socio-economic problem and sometimes with political patronage.
If you arrest some today, others will simply replace them. It is seen as their job.

lawrenzooo:
To enact such Law their has to be proof beyond doubt that you are the Father. Trust me some men would deny paternity until they are confronted with undeniable evidence (DNA test). Hopefully we get there someday.

For sure some men will deny but this is mute, it takes less than 6 days to confirm or deny the paternity of a child.

Majority won't deny like the man in this article, he simply doesn't want to pay for personal reasons.