₦airaland Forum

monerozi5590:
You know all this thing and you are saying "my APC" We have good brains in APC. Someone like Osinbajo/ Amaechi would have done very well. My prayers was Osinbajo but he didn't win the primaries.

Was Osibanjo not part of the administration that used up all our foreign reserve to defend the naira and even borrowed more to continue to do so?

In the CBN report, in just Q1 of 2023, Jan to Mar, the CBN used over $5bn to defend the naira. I guess that's what you guys want to continue.

Keep using revenue and loan to prop up the value of the naira.

Ellexy:
Tbh this excuses are watery because it's the same party and the same people. Buhari and APC could at that time afford to use PDP as an excuse but is it APC that the same APC want to use as excuse this time?

I really don't know what you are saying bro. Are you saying because the last President was from APC and this new one is also from APC, the new administration shouldn't or can't blame the past administration for mismanagement of the economy or what?

liveLongNprospa:
Bros.
It's a simple thing, you are bring those guys in to do what?
Who will hold the fx?
We are a nation designed to defend our currency with fx reserves that we don't have.
So what purpose will those transactions be doing?
Is cbn going to use the fx from binance that belongs to customers to defend the naira?
Abi is it the tax that will prop up the naira?
If you say we should stop defending the naira then what is the policy direction of that? Are we going to be an exporting nation?

You are not going to have an exporting nation overnight, that is a medium - long term policy planning.

My suggestion is simple, bring all the players into the official market which will stimulate the official market with enough liquidity. Currently there are billions of dollars outside the market that if injected into the official market can stabilize things in the short term.

My suggested solutions are simple

Ban BDC and digitalize all forex transaction, this is to enable the CBN to track all dollar transactions from both demand and supply side. It will also eliminate those who are mopping up dollar for abritage uses. BDC has done more than enough harm to the forex market.

Bring all the IMTOs into the official market, all these players like Sendwave and the likes that operate in cross border payment. This will bring the needed liquidity into the official market as most of the diaspora remittance are through IMTOs. If the CBN can bring them into the official market, it will help with the liquidity that the market badly needed. Only $2bn of diaspora remittance last year pass through the official channel out of over $40bn diaspora remittance.

Lastly they can look for a way to bring crypto exchanges into the official market as well, they can provide regulation framework and all as we have alot of diaspora remittance that comes through crypto also.

These are my own suggested ideas on how these issues can be tackled in the short term.

Magnoliaa:
Scenes where it is Peter Obi that's in power and you will NEVER make these excuses for him. 🤭🤭

I guess we will know until he's in power.

liveLongNprospa:
What will bringing them in do? 😁
How does that stop people from moving their fx to where it will favour them in terms of rate?
What will the CBN use to still defend the naira?
Because surely you don't think we can defend the naira and surely we don't have the environment to manufacture enough to be a major exporting nation to take advantage of the weak naira..

So what's this plan?

Maybe you need to go back and read that post again. Go back n read it and come back if theres any ambiguity there.

izzou:
[color=royalblue]Dem dey save trillions, but are managing to pay their own salaries.

You need to be insane to understand this country
[/color]

liveLongNprospa:
Lmaooooo.. If you change, make I bend😂😂😂.
The CBN should damn consequences and outlaw dollar transaction because of its own madness.
Government wey nor get sense nor dey hard to know.
Policy somersault.
Back tracking on initial stupid decisions.
And then talks like this from you.
For 8yrs you did this same stupid defence.
Give government time when you dey obviously see even more decay.
Lmaoo if you noticed guys nor dey even bother call you for serious discussion again because we know that in the end you'll still defend.
Baba make we dey deceive ourselves dey go. 😌

Its not my fault if you cant read properly.

I just offered a solution on what the CBN can do, you can either like it or not.

If me offering solution on what I think the CBN can do to make things better, please just jump and pass my post, e no hard.

seankafor:
bro. This route again? I thought we've been through this route before?

Una don start again to dey blame BDC

In everything una dey do, make una no near my crypto.. otherwise na one trouser we go put leg inside

Which route? The CBN hasn't tried the route I proposed out there. They should even find a way to bring the big crypto exchanges into the financial system. Regulate, monitor and tax them.

GloriousGbola:
just delete the toxic bitter twats posts -since this platform does not support blocking

I wanted to respond but then decided against it.

Frustration can make anyone says anything especially online that provides some form of anonymity. I can only pray he get reprieve from whatever he's going through (as we all are anyways).

afrodoc2:
Yes it can, the same way Ajirebi can also beat Tyson Fury in a boxing match. It can happen but i wouldn't bet my money on it.

BlueRayDick:
Me debate u ? It can’t be me ; people wey go debate u never wake .

I’m here to call a spade a spade . The government promised us prosperity but we are seeing the opposite thus far; na wetin concern me be that.

Fair enough.

Ballzproblemm:
stay on the topic , tinubu government is terrible so far yes or no?

Please avoid quoting me. Thank you.

PS: I actually saw the post you practically prayed that someone kills me, I just decided to ignore it before you deleted it.

afrodoc2:
The sad truth is things don't necessarily have to get better. Things can stay as bad or get even worse, and that is the more likely outcome.

True. It can get really really worse or it can get better.

I'm just seeing news that you have to link your NIN to prepaid meters starting from Nov 1 for KYC purpose.

Is it that these guys don't think things through before launching a policy or what's this nonsense because I don't understand why a customer need to link their NIN to buy token.

Na wa o

BlueRayDick:
Na so Buhari talk for 8 years; "there's no easy fix", "Jonathan messed up this country ", etc.

Now Tinubu has towed same path. I just hope we won't hear this same excuse from the same playbook after 4 years. That's my own cos I'm beginning to see a pattern being formed here. Someone campaigned that he has what to take to fix whatever mess he meets on ground and the moment we start to remind him of that promise the defense we hear is that Rome was not built in a day. Today now it appears Buhari could not even build Rome past foundation level yet we were called names when we were calling his government out back then by his loyalists.

If you want to have a proper debate or argument, I'm all for it but if its dunking on Tinubu you want to do, have the floor please.

It's normal for a new administration to refer to the previous administration because whatever they will be handling whether good or bad is inherited from that govt. I suggest you go and read nnpc last report, nnpc didnt contribute a dime to the federation account because most of the money were going to settle forex obligations that the nnpc had to made. We were even doing crude oil swap and naira swap at the same time, the result is what we are seeing currently.

The new CBN administration is battling with how to clear over $10bn backlog without having to recourse to taking loans to do it. Last week or so, the FG through nnpc says they are stopping crude oil swap and changing back to cash transaction, you bring cash and you buy crude.

I'm angry with Tinubu with one or two of the decisions he has made but this forex issue, there's no easy fix out there. Like Mr Wale Edun said, the last time we had a stable naira-dollar rate was in 2014 when we had surplus forex from the oil boom.

Well maybe if your candidate had entered, dollars might have magically appeared from thin air but I guess we will never know.

CBN should just damn it all and outlaw dollar cash transaction in Nigeria totally. Make all the transaction digital so they can easily track flow of forex in the country. Rescind the license of all the BDC. Bring in all the IMTO players into the forex market and set stringent regulations, anyone caught out-manuvering the system, their license should be revoked with immediate effect.

Foreign transaction that pass through the IMTO last year was over $40bn and only $2bn of those entered into the system while the CBN/Official channel got less than $28bn transaction and a outflow of $30bn.

The earlier the CBN and this admin damn the consequences and go all out on this forex issue, the better for all of us.

BlueRayDick:
I don’t think Tinubu was voted to come and make a bad situation worse . Nobody here that campaigned for Tinubu mentioned that when Tinubu im gets voted into power that “bad habits will come Home to roost”

All we Heard was that prosperity is here when he was declared president . All we heard while
his official portrait was used to spam this space was that Akanbi omo olodo ide is here to set Nigeria on a path to prosperity like “he did in Lagos “.

Nobody ever mentioned he’s going to fulfill the “prophecy of doom” of dem Rotus and Cheta . We were told he will hit the ground running from day one; day two he will keep running . s far we can see baba has not even started crawling .

There's no easy fix to the dollar situation. None.

Except you want to tow the Buhari/Emefiele way to using all the foreign reserves and even future income to continue to defend the naira. The same thing Buhari/Emefiele did that got us in this position in the first place. No forex is coming in, foreign reserve is dry, demand for dollar just keep skyrocketing as if dollar is our official currency.

Goodluck to those looking for instant miracle.

LordAdam16:
"I stand with Palestine" does not mean an implicit endorsement of everything Palestinian extremists do.

There is a spectrum of people on the "I stand with Palestine" camp as there are on the "I stand with Israel" side of the fence.

I acknowledge Israel's right to exist. As a people, they've gone through more than enough tribulations.
After all, the US, Canada, Australia were snatched from the natives. And it's not like the Caucasians ever had historical claims to these lands.
I'd have preferred if the Jews were given a parcel of land in the New World. Rather than placed smack dab in the midst of folks who hate their guts and further giving the same folks legitimate grievances. It was completely avoidable.

That said, we've had the Arab-Israeli wars. The Arabs lost and they've climbed down their high horses.
Egypt was the ringleader for the first three wars. It refused to recognize the State of Israel. It does now. Israel had to return the Sinai which they won squarely to secure the recognition.

This is the template that everyone is asking to be replicated.
No one is talking about the 1947 UN Partition Plan anymore. Israel can keep the land it won in the first Arab-Israeli War.
But there is no way Israel will be allowed to completely evict a people who had lived on a land for 2000 years. NO WAY.
Nor will it be allowed to continue its occupation and neo-apartheid policy.
There has to be a compromise. The compromise is a State of Palestine within its 1967 borders.
Hamas and many right-wing extremists in Israel do not want this compromise.
Hamas does not want Israel to exist. The Israeli extremists do not want a State of Palestine to exist. Neither is acceptable.

October 7th is a reminder that the sooner this solution is brokered, the sooner we can begin to move past this revolving door of carnage.
Hamas is like any of the dozens of militant groups sprawled out around the region. In Iraq, Syria, Lebanon, Yemen.
They're opportunists. And Israel's continued occupation is the primary source of their legitimacy.
End it and I can assure you that within one month, President Abbas of Palestine will launch an offensive against Hamas.
And he'd ask for help from US, Israel, and Western allies. And many Arab nations will send money for the task. Egypt, Saudi Arabia, UAE.
In fact, like every microstate in the region, he will ask for an American military base with thousands of American troops.

So when folks say "I stand with Palestine", many are advocating for a better way to solve the crisis.
A solution that starts with recognition of the State of Palestine.
A solution that ends the continued persecution of the Palestinians.
A solution that guarantees that October 7 never happens again.

I'll implore you to stop gaslighting people who chant "I stand with Palestine".

-Lord

This actually makes sense.

BlueRayDick:
This match and the Germany v Brazil 7-1 match were the two matches I remember my mumsy join me watch and made comments even as a non football fan.

This Holland vs Portugal match my mumsy said “ Shey awon eleyi o ni para won bayii ? “ Hope these ones won’t end up killing themselves ? . Like even as a non football fan she can’t wrap her head around the dangerous tackles that kept on flying around from both sides throughout the match .

Those that say football has gone soft are not lying.

izzou:
[color=royalblue]So which T & C did you see before you made this statement?[/color]

You just carry gun dey scatter everywhere

izzou:
[color=royalblue]Who get this lady contact?

I saw her in my dream last night. I was putting a ring on her finger, and she said yes[/color]

https://www.nairaland.com/7881255/american-lady-shuts-down-nigerian

iamoyindamola:
Nigeria police na
It takes a criminal to catch a criminal 🤣🤣

Yesterday I read ndlea fought with Npf because one of the oga police wife was dealing in marijuana distribution
Ndlea arrested the woman but didn’t go down well with the husband because he’s police

Anyhowness is a way of life in this country.

iamoyindamola:
So no one have power over them?

Nobody oo, they effectively create and pass their own budget. Even details of their budget is a secret, they don't publish it.

iamoyindamola:
Larride them say na 50

https://www.nairaland.com/7880465/how-50-hardened-criminals-converted

Who give hardened criminals gun ffs

iamoyindamola:
Hold you leaders accountable

In the case, the NASS are the one responsible for preparing and passing their own budget with little or no oversight from anybody else.

Amoto94:
When you have nothing to lose.

Everything is a win.

Even the losses.
Paul Portesi

Thing one you dey speak in parables and quotes now ehn.

Itsrm:
I was actually refering to your second paragraph but I get you now.

Na normal thing anyway

Give all the credit to your oga, never attempt to outshine the master.

Baba is positioning.

Segedinho:
No ..

Atleast systematic ..100 days is enough to see something to hold on to ....

But it seems day 20 is better than day 120.........

How you want the naira to go head to head with d dollar when we can't produce a match box is amusing............

We depend on dollar more than the Naira self...

You expect miracles in first 100 days?

If you have dollar at home, will you go and sell it at 700?

The naira cannot go head to head to the dollar. Successive govt kept subsidizing the naira to make it appear artificially strong on paper, what you are currently seeing is the true value of the naira to dollar.

A country that doesn't manufacture anything can't have a strong currency.

Policy implementation and execution takes time and especially on a national scale, it will take a while for things to normalize.

Only a mad man will continue doing the same thing over and over again and be expecting different result.

You cant be complaining that Buhari destroyed the economy and yet you want Tinubu to continue with the same policies that brought us to where we are currently. You have to pick a side.

Itsrm:
Those are non-bullet proof but that's even beside the point as you said. 85 or 130 is wasteful spending. If they had even patronised our local manufacturers, the optics would have been less damaging.

Whether they are buying it from local manufacturers or not, it's still wasteful spending abeg.

Itsrm:
If my memory is not failing me, FFK was always against the invasion of Niger.

Yes.

Segedinho:
Almost all policies perfect whether you like it or not, depending on the angle you are viewing it from.....the results being felt is the real deal..

Do will still borrow after the subsidy removal

Have inflation calm down a bit as a result...


I think you know..it has been mored100 days since this policy was inaugurated......have we in any form seen or witnessed a lil change

You were expecting things to normalize immediately. Lol

liveLongNprospa:
Lmao
This is just you being a hater.
There's nobody who will say DH is not a journalist.
Whether you like him is a different thing.

He might be to you, he isn't to me.