₦airaland Forum

Basic123:
You sound like the people with lowest strata of the society only think with their stomach. They find it difficult to understand complex issues.

And what is complex about paying "Gbese" and not addressing the multifaceted variables besetting our economy.

For the umpteenth time, CBN paid out 2 billion dollars in January this year to clear FX backlogs and the naira instead plummeted to a new low and several foreign companies closed shop from Nigeria.

Tell me how this paltry 500m dollars payment for an estimated 7 billion dollars FX backlogs will save your naira or boost investor confidence in your market when the heavier issues of insecurity, high cost of doing business, low purchasing power of the citizens, and galloping inflation reigns supreme.

If economics was as pedestrian as some of us make it seem, Nigeria would have been out of this economic doldrums a long time ago.

Tareq1105:
This payment is part of what would boost the value of Naira as confidence would be restored to our business dealings.

I love your rational submission devoid of unwarranted invectives.

In January this year, the CBN cleared 2billion dollars of FX backlog out of an estimated 7 billion, the fall out is the precarious situation we now find ourselves; a plummeting naira and multinationals divesting from our market.

The solution to our economic woes is hydra headed and multifaceted.
Paying "Gbese" alone and not tackling insecurity, high cost of doing business, multiple taxations, etc etc, is akin to only scratching the surface.

aylagos:
you go school at all ?

If the last 2 billion dollars CBN paid out did not save your naira or stop multinational companies from leaving Nigeria, is it this paltry 500M that would boost investor confidence in your market which is riddled with insecurity and prohibitive cost of doing business?

You are too quick to conclude that your elementary economics and market woman arithmetic is the panacea to our economic quagmire.

https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.reuters.com/markets/currencies/nigeria-central-bank-pays-nearly-2-billion-towards-fx-backlog-2024-01-08/&ved=2ahUKEwjnt_myu4WEAxURg_0HHVsFDs8QFnoECBAQAQ&usg=AOvVaw1_0dcp81zrMaxlISNGR1uS

Paramount01:
Most of you are even ignorance of anything Economics at all, pls what is causing dwindling purchasing power?

When CBN cleared 2 billion dollars of debt backlog some few months back, the same pedestrian and kitchen arithmetic you are peddling was adduced for revamping the economy and boasting investor confidence.

What did we get in return?

Multinationals divesting from our economy and a tumbling naira.

You can argue you case logically without the invectives you know!

Peruse the link below
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.channelstv.com/2024/01/17/cbn-pays-2bn-to-clear-fx-backlog/amp/&ved=2ahUKEwjnt_myu4WEAxURg_0HHVsFDs8QFnoECA0QBQ&usg=AOvVaw1Yl1SGcX7yB6iY6VRbL3R4

This people sef!

Oya create the job now!

This is the least of our problems as things stand.

They should do something practical about our dwindling purchasing power and naira devaluation.

This Ude guy is just spewing spurious allegations upanddown.

Does he know what 30B dollars is so?

The hygiene requirements in a pig farm is inundating.

I have often considered starting a pig farm as a side hustle but this is the obstacle I am yet to circumvent in my analysis.

Necessity is the mother of invention.

This antique way of life was foisted on us by the ineptitude of the people "Voted" to superintendent the economy.

Some of my colleagues have also stopped driving their cars to work opting for commercial bikes despite the attendant risks due to high cost of PMS.

The economy is truly gone.

The national assembly are mere puppets whose strings are all wired via The rock villa to EFCC. They can do nothing!

By now, it is as clear as daylight that Asiwaju is as much bad luck to ECOWAS as he is to Nigeria.

He allowed himself to be a stooge of foreign powers and ECOWAS is balkanized under his short stay already.

Let's wait the new tricks Macron will teach him on his return from France.

Lukgaf:
But I think if linked with NIN where people thumbprint and they (those in charge) give account based on the number of people (thumbprint) captured, that might reduce round tripping I think.

The Nigerian in me will always see a lacuna in every solution that the arbitragers can weaponize against any policy.

Our middle men can start buying NIN numbers from teenagers and jobless Nigerians who may not be buoyant to purchase the items on their own thus making redundant your suggestion.

If we can beat all the measures instituted by inec, this one is a piece of cake.

Some of us are just blowing hot unnecessarily.

Firstly, Nigeria has securitized most of our daily production that it may be difficult sustaining about 650k barrels to Dangote every day out of our daily 1.2 million barrels (that is if Ijaw boys don't go into another frenzy).

Dangote in his wisdom already foresaw this and made sure the refinery can process other crude oil grades hence the recourse to America.

One thing we must also take into cognizance is that refineries done go off for any reason except TAM. The politics of sourcing Nigeria crude which he is also buying with dollars, can be overbearing hence he is buying from sources where he will have less hassles to deal with.

Pakistan is always jailing their past leaders.

Gen. Pervez Musharaf comes to mind. He was even sentenced to death in absentia.

Nigeria has become a theatre of the absurd.

Without a doubt .

Anyone that has a problem with Waziri's submission is a true ENEMY of Nigeria.

It's high time we downplayed ethnoregional sentiments and call our leaders to order. We can not continue like this for another 3 years +.

The ineptitude of the Asiwaju led government to matters of the economy and security is truly troubling.

Was it not here on NL someone submitted that the dollars is going to hit 1500 and we all in unison condemned him. Now look at what is playing out at the Foreign exchange market! - Gross Disaster!!

After "grabbing and running away with it" he has discovered that running the country is much more difficult than winning elections hence the France private visit.

Africa is gradually being recolonized by the power blocks of this world .

Her resources is at the center of this renewed interest in Africa and not the welfare of its people.

Nigeria is really disgracing herself before countries that once worshipped us.

Imagine France that Mali, Niger and Burkina Faso gave a humiliating quit notice is where our president has been hibernating without official recognition.

This definitely is not the democracy we ordered for.

We should be moving downward instead.

With the way corruption is trending in this country, we should have been at 180.

Wonder what those other countries below us are doing that we don't hold GWR in.

Terrible!

He is quite aware of the fact that his days of reckoning with the efcc is around the corner, that's why he paid the school fees upfront.

This guy just "spoilt" all the goodwill that greeted his ascendance to power on a platter of Audu's misfortune.

He's the first youth in government to let our generation down before Dr Betta followed through in style.

Any Proactive government should take measures to combat crimes and criminality in the bud before they manifest.

The economic downturn is forcing people to do bizarre things from suicide to outright criminality.

The great "Reset" keeps getting nearer with every passing day.

Even Schizophrenics hear voices.

Not all voices are from God you know!

Should I believe that the Pope said this?

The source is questionable though .

This is sacrilege.

That "Ododo" guy is proving to be an "Olodo" with every of his policy decisions.

When will efcc pick up the Bellos for the needful.

Kogi state has been kidnapped.

People blood dey hot this year o!

This our "no gree for anybody" seem to be causing wahala upanddown across the country fa!

Hmmm

It's good knowing that all finally went well with Tanya.

At least she would be getting another shot at living a decent life with her daughter.

Somebody should ensure that Liberian doesn't come 10km near her perimeter.

If the land is under the control of the states, why not the water bodies within it.

Instead, the law should have made it sanctionable to disrupt the flow of such water bodies without recourse to the federal regulator instead of the outright control by NIWA.

Happy for him.

The resemblance is striking.

This woman has her work cut out for her already.

For how long will she continue to do this?

This is a red flag and she should be having a "hard talk" with her "randy" man instead of expending energy needlessly.

Flawed research.

Lowest cost of living is a relative term.

For a foreigner coming into the country and spending in dollars, of course things will be cheap vis-a-vis our devalued currency.

However, for us earning naira, we are experiencing galloping inflation in prices of goods and services and a spiraling high cost of living.

Basing the research from their own perspective and not the citizens in the country is confounding and skewed in misinformation.

Isn't it curious that it's the poorest countries that have the lowest cost of living?

Our DMBs are only out to rip depositors of their funds under divers guise.

According to Henry Ford

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning"

Thissystem:
Sure, if managed well.
Per Cardoso, “This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage."

I like the caveat" if managed well "

Most policy decisions are good on paper but how Nigerians manage to circumvent the checks and balances beats my imagination.

The arbitragers are already studying the details of this new policy and exploring the lacunae through which to exploit the system.