₦airaland Forum

@EddyMac

if you are applying for a Netherlands visa it should be through the Netherlands embassy not french. Another alternative is apply for a french visa, fly to france and move to the Netherlands from france (because they are both schengen countries)

You are wrong sir! @ Bolded

The Dutch embassy in Nigeria no longer issue visas to prospective travellers, since they have outsourced their visa processing to both the French embassy (Lagos area) and Belgian embassy (Abuja area). Since a few years now!

40 years nor be beans o
.
.
God bless her for staying humble to her husband.. ... Happy wedding anniversary.

When money, wealth and good life dey. Weytin him dey find again na? The alternative is a no go na.

Btw, the man ressembles Chief Zebrudaya

@Jadekitana,

well you are free to

Sent u a PM. Look forward to ur respons. Cheers

@Jadekitana,
Loads of gooddies dear. I didn't remember yr name for nothing.
May I PM you?

My fav babe, one of the coolest, articulate, intelligent etc etc on NL, @ Jadekitana, are u in da house!?

@Nakamora,

Pls which one is private soldier.

Private Soldier = Korofo

But before you call them that name "korofo" pls make sure you have sufficient money to visit the dentist after, cos if dem catch you, dem go beat you and uproot all yr teeth.

[quote]nope I think you got that wrong, there won't be much demand of dollars in the country and that would help in strengthening the naira[/quote

Bros,
Pls kindly enlighen us on what exactly it is that will bring abt less demand for the dollar. Thx

@1freshdude

Serious bro. I do see the selling of Forex by banks solving this problem. The problem is the insatiable demand for Forex/import, the CBNs effort needs to be complemented by the Fiscal policy only then can pressure ease on the Naira.

Aha bro,

We are getting somewhere.

it creates unnecessary pressure by having d official and non official rate. There shd only be one rate. Imagine we have cbn rate, bank rate, bdc's rate and street trading rate which are not d same just for a currency, isn't that gonna create pressure?

The reason there are different rates is due to arbitrage. That word is missing in your submission.

There is arbitrage because the Naira is overvalued and all sort of parties take advantage of the gaps created by this situation.

Should the banks start buying USD tomorrow at 270 the BDC / Black markets will cease / have serious challenges surviving.

@1freshdude

Nigeria is not irredeemable, but redeeming Nigeria is NO walk in the park!

I agree with you completely bro. That is no reason not to start the walk towards improvement and betterness though.

What about essential goods? What alternatives will people seek? what is the alternative to electricity generating sets? what is the alternative to household appliances? what will the country consume? explain please.

Let's have another thread for this.

Look, we have to start thinking in solutions and not in problem. Are you aware of hom much Nigerians spend on the importation of generators and diesel to power them annually?

I am sure you must have heard / read about the multi billion oil subsidy fraud? Why are finished oil products being subsidized by the Nigerian government? I have explained this in another thread. I am willing to do it again, so you have a complete picture.

Why isn't the government chanelling all these monies into making sure we have operational refineries in Nigeria? It will cost less that all the subsidies put together. For your info.

I will demonstrate the link between lack of operational refineries and it's impact on the Naira / forex (current thread) All the crude we take back and forth abroad to refine and bring back finish products, that whole process is paid for in USD, the scarce forex we otherwise could put to better use. (Transportation, refining, insurance etc. All paid for in hard USD!)

Look bro, our challenges in Nigeria are not as complex as they are made to look, if only the power brokers and the people holding Nigeria to ransom decides to let go of the choke.

What about essential goods?

That is why we have regulations / import restrictions on some goods and not all goods.

@Hakagure

@Mauri

I wish I could buy you a round of drinks, succint, well put and accurate .

THANK YOU!

Thanks bro. I am humbled.

You go still buy me drink o. LOL

Suyamasta, what makes you think a floating exchange rate would be best for an import dependent country?

That will make importation of non-essential goods expensive. At some point the equilibrium will tilt when importation gets too expensive and less profitable. People will seek alternative and that will reduce the pressure on the supply of Naira against USD, GBP, EUR.

Great economists of Nairaland ..I don't want to judge this directive as a novice...Please explain the Fundamental implications of this. What school of economics does this suits Is there any where in the world this has been put to test what was the outcome After these answers...We will be able to judge holistically

Bro,

Well I don’t think we need any detailed or extensive analysis on this. Even a primary school kid should be able to give a logical answer to this.

With this measure, the CBN will only be creating more forex scarcity. Have you seen anything that became scarce and at the same time drops in value?

In case you have one of these Naija banks credit cards, try and order anything and see at what exchange rate you will be charged by the banks, excluding bank charges. They are exchanging for 240+ to 1 USD and we are being told that the USD is pegged at 199 Naira. When the CBN claims to sell forex to banks at 199 Naira to 1 USD, and the Banks are selling for 240+ means some people somewhere are making serious money. Why isn’t the CBN doing anything about that?

There is something almost unprecedented going on that nobody is talking about yet, we are in December, and naturally the Naira stabilizes cos of Diasporans trooping into the country with forex. This year has been an exception so far. The Naira keeps dropping in value.

Check the price of crude too, that is our major forex earner, if it remains that way for the coming short- long term, where will the CBN / government get the forex to meet the demand for forex.

One of the few ways that the government and CBN can dissuade Nigerians from patronising foreign goods and services and reduce demand for forex is to make these goods and services expensive by making it expensive to acquire forex. Let the Naira float.

In case you want to know what the future prognosis are for the Naira, check the forward rate of the Naira against major tradable currencies. Not very promising. Until the government / policies maker do the right thing. Put in place structural and attainable policies.

@igbonla

The problem has never been with these policies but with the practitioners, one of the key reasons anything hardly works in Nigeria is because Nigerians always creatively devise the means to circumvent a good policy.
All CBN need no is to catch a couple of scapegoats (via investigating a couple of BVN purchasing forex from the BDCs), make them lose their deposits, throw them in jail and everybody gets the message.

Nigeria is a “net” import country, even with our abundant crude, we are not in the position to meet local need due to the fact that we hardly have any operational refinery. Meaning that we incur huge costs associated with export / import crude and refined products that are paid in USD. Which in turn means that to acquire the USD (forex) needed to fund this process, Nigeria has to sell Naira to the market, and by so doing flooding the exchange market with more Naira in exchange for USD.
Simple law of demand and supply. Putting more pressure on the Naira. (Just to mention one simple example)

I as much as I agree with your point on the prosecution of offenders, there are also major flaws in the system and policies. And just catching and sentencing a few people to jail terms is rather simplistic and symbolic.

Further, for the Nigerian government to continue to subsidize imported finished oil products and at the same time subsidize the Naira are draconian tasks that cannot be sustained considering the huge drop in the price of crude which accounts for 70-75% of the government’ revenue.

@xandy84

Wonderful on paper but the reality is crystal clear. With the record low in crude oil price which is our major foriegn earning should necessarily mean we should devalue our currency. Making dollars hard to come by will send wrong signal to investors that we are operating a highly regulated economy which is against the economics basic of demand and supply market and that is a turn off to foreign investors. All major oil exportor like Saudi, Russia etc devalue there currencies in face of dwindling oil price and Nigeria should not be an exception.

Thank you. You just nailed it. This is the hard reality on ground. Coupled with the fact that the CBN recently reduced interest rates! The current CBN policy of susidizing the Naira is not sustainable.

@binarymachine

The both of them know the truth and whats going on between them, and that truth u may never know. Do you think the husband may not know what his wife is doing or have not heard the rumour, because u cant have up to six sexual partners as a woman and not go unnoticed. by the way, do they have kids?

Bros,

You are too intelligent. Yes indeed, they both know the truth, cos the whole neighbourhood and many family members know what is going on.

Who knows, maybe the man cannot do! But they are forced to stay together due to societal pressure, cos of our society that is harsh and prejudicial against people quitting marriages even when there are good grounds to do so. That does not exonerate the woman's behaviour though.

And the soldier just embarrassed/ humiliated himself with this his action! Abi is this not the same woman he's been knacking and banging all these years! What happens to gentleman approach of simply divorcing the so called cheating wife? What exactly does he stand to gain from this show of shame. The to-to he has always been crazy about all this while is the one he's now exposing to the whole world to see, His common sense is not common at all. Not supporting the useless cheating wife, though, but honestly, this man humiliated himself by himself............ lol..... Smh

You are on point, and that may be the issue at hand here, if the soldier man had been doing the needful appropriately in the bedroom, his wife may not have had any need to cheat.

This Zombie of a man has resorted to publicly humiliating and dehumanising others to make up for his lapses in the bedroom.

Zombie’s misbehaving and not using common sense since 1800 B.C.

(But the wife for go do am somewhere else na, haba! Your matrimonial home and bed) if the story is true sha.

The issue with subsidy is that government needs to block all loopholes. If there’s no subsidy, it will affect our foreign exchange, we’ll end up buying a dollar at N500, because there’s no VAT on petroleum products. That’s why the import of petroleum products is taking about 30% of our foreign reserve. We just need to make sure that there’s no siphoning of money. The refining business requires volume. If you don’t have a massive volume, there’s no way you’ll make money. Most of the refineries in Africa are running at a big loss. It’s not possible for government officials to successfully manage oil businesses. It’s good enough if they remove the subsidy, but you can check with neighbouring countries like Senegal. If a poor person in Senegal can afford to pay subsidy, why can’t a poor person in Nigeria afford to pay. I think there must be something for the masses, which should be in terms of power, social insurance, good education system, good roads etc.

Mr Dangote, with all due respect this is a whole load of crap!!

“If there’s no subsidy, it will affect our foreign exchange, we’ll end up buying a dollar at N500”

Why didn’t the useless brown-envelope journalists present ask him for details and break down of how he came about that projected 1USD to N500

“if they remove the subsidy, but you can check with neighbouring countries like Senegal. If a poor person in Senegal can afford to pay subsidy, why can’t a poor person in Nigeria afford to pay

This is like comparing apples with pears! Is Senegal an oil producing country on the same scale as Nigeria?

We are building a refinery and our refinery will make more money if there is subsidy. We have changed the size of the refinery three times because we are looking at the maximum we can do that has ever been done. We started with about 400,000, then we shifted to 500,000. Now, we took it to 650,000 barrels per day. That’s the biggest ever single line thresh of refinery. It’s a huge plant and it comes with a lot of challenges, but at the end of the day, it will save us a substantial amount of money. Presently, about 38% of our foreign exchange goes to petroleum products, so I think that will totally eliminate it and eliminate all the imports. We will also be able to export and we won’t do it all by ourselves. Other refineries will produce. Even if other refineries are not working, we’ll be able to satisfy 100% local demand and we’ll be able to export massively. Five to ten people can make Nigeria a great economy. We have to encourage Nigerians to invest at home.

Exactly, isn’t the above bolded contradictory to what Mr Dangote stated earlier.

If you don’t have a massive volume, there’s no way you’ll make money

Now your point it clear. You want to run a refinery locally and at the same time receive subsidy from the government. Cool.

I would expect before committing to such huge capital intensive investment, there would have been a sound business case / plan. And not one that will only be viable by the grace of subsidy from the government.

People, most Nigerian journalists don’t have a clue on the subject matters they interview people on. And their preparation is zero!


Nigeria survived before the multi-billion dollars fraud called oil subsidy.

Ok, how did we come to the situation of oil subsidy? Nigeria has one of the largest deposits of crude oil in the world. When we had operational refineries, there was not need for subsidies on oil cos the oil products were refined locally and did not attract additional costs associated with transportation back and forth outside of Nigeria for refining.

Then came the refinery breakdown, and we started exporting our raw crude abroad to be refined. This new development has as consequence, that the price of the locally consumed products in Nigeria will attract additional cost i.e. cost of transportation to and from refinery locations abroad and including the cost of refining. (For those familiar with international transportation processes) These products are transported at CIF (costs, insurance & freight)

Due to the high costs that oil products will attract locally in Nigeria as a result of this new export / import, abroad refining situation and it’s imminent inflationary result on the Nigerian economy. The Nigerian government, decided to take measures by subsiding the price of the projected locally consumed finished oil products in Nigeria with part of the revenue generated from that part which is sold to the rest of the world at prevailing global market price. We all know by now all the constructions of awarding licences to marketers and paying subsidies for products not imported into Nigeria etc.

The situation described above, has negative impact on our local currency, the Naira. In that the costs associated with export / import and refining of crude abroad are paid in USD. Meaning to acquire the USD (forex) needed to fund this process, Nigeria has to sell Naira to the market, and by so doing flooding the exchange market with more Naira in exchange for USD. Simple law of demand and supply. Putting more pressure on the Naira. And Mr Dangote is claiming that removal of subsidy may lead to the Naira selling at N500 to 1 USD

If Nigeria succeeds in building and maintaining operation refineries to capacity, why would the Nigerian government still need to pay subsidy on locally refined and consumed oil products considering that the cost of production will drop? And what should the rate of subsidy be then?

Yes, we know that price of crude where the large part of the Nigerian govt revenue comes from had dropped drastically, that is a different discussion.

I do agree with Mr Dangote though on the issue of taxes and vat.

Requesting people to invest in Nigeria, is on the face of it very patriotic. It is only an ethical / moral call to be expected from a successful made-in Nigeria businessman by global standards, except you want to exhibit same behaviour as those bastard Indians and Lebanese that are partly responsible for crippling Nigeria’s economy (Another discussion). But on a closer look, Mr Dangote has monopoly on the importation of cement and sugar into Nigeria, the largest economy in sub-sahara Africa.

No doubt Mr Dangote is a successful businessman, a patriotic Nigerian too, employer of substantial labour in Nigeria. This observation notwithstanding, when you make such questionable public claim on a controversial issue as oil subsidy and it’s likely impact on the exchange rate of the Naira and the Nigerian economy at large without detailed information, there are bound to be questions. On the other hand, it could be poor journalism, cos most Nigerian journalists are half-baked.

In the words of Anikulapo Kuti (Baba 70):

"Zombie o zombie! Zombie no go walk unless you tell am to walk..
joro jara jorooo....
..Turn left, turn right, right - left!... Zombie!

Don't call me just send me gifts! And u know gifts can be money either in dollars,euros,pounds but not naira.

Op, you never ready sef! I was going to request you to send yr acct details to wire you some Naira. But since you do not want Naira. Kashifo.

You profile location reads: Owerri and you only want Euro, USD & GBP? Exchange rate no easy these days o brother.

recession and devaluation happens around the world to any economy.. so its not whether u have Buhari or GEJ or me as president.

all Nigeria needs is to wake up the manufacturing and exporting culture of agric-products & crude oil refined products like petrol etc..

then our economy will b strong ok.

That is correct. But had we utilised the excesses / suplus we earned on crude to enhance the sectors you mentioned in the later part of your comment, we would have been better positioned to deal with the impact of the current fall in the price of crude.

Seriously.....the hope is very little. As long as the crude oil prices keep tumbling (with some people predicting USD50/barrel), their is no respite for the Naira both in the short and long run.

..In addition to this, the Naira is relatively holding it’s resistance for now cos of the imminent yelutide season, whereby a lot of foreign-base Nigerians return home with high inflow of forex. The Naira is often stable or records slight improvement again all major currencies in this period due to the reason mentioned earlier. Having taken this into consideration, and the Naira is still experiencing a gradual fall, the expectation will be that the fall will persist after the yelutide season unless we see an improvement in the price of oil.

Is he mocking God?
How does pointing out the WRONG behaviour and disturbingly intrusive noise making of a CHURCH equate to mocking God

Hope you do not mind educating those of us who do not know this your logic?

Nigerian religious bigots and logic? hmmm... that will be the start of the betterness of Nigeria!

another time-waster is that his older sister is a pretty 33 year old single. I have no issues with her at all. Now my bf said he won't get married before his sister marries to save her face from shame.

Some men self (or should I say boys), does he realise you are someone else’s sister too?

When some people are not ready or willing to do some things they will always find something to justify their position. If it wasn’t his sis, it would be his niece. What biz of yours is that? If he loves you and he is committed to committing himself to your relationship / you for a longer time, he should not connect you happiness and desire to whatever his sister does or does not do.
What if the sister is not the marriage type? Or she will not be ready for it in the next 10 years? And there is the aspect of biological clock to consider here too. hmmm.. Abeg, make him take time o. lol. But seriously..that is some crappy reasoning (excuse my being blunt)

Painful yeah! But publicizing it is a little bit awkward. Tho, nobody criticise him for having multiple partner. Women bashing continues.

Thank you very much for this insight. May you continue to grow in wisdom

I can imagine this to be very frustrating for any man to find out. But the chances of this happening is very high when you go around sleeping with multiple women at the same time and not give them the necessary bonding, attention and affection they require.
Further, I think this is a very immature way to go about the whole thing, by coming out in public and mentioning the names of the children involved.

Even if DNA test showed you are not their biological father, they still reserve the rights to be kept out of this mess in an interview / public debate cos they never asked for this either.

Most BBC presenters are mere racists. They are just angry that blacks (especially Africans) are the ones God has chosen to preach the final message to the world. They can call us anything they want but if they reject our messages, they will perish forever.

Are you for real!!? Who brought the bible to you in the first place? But they have since evolved. Where they were a few centuries ago, that is where most third world countries (including Nigeria) presently are.

But truth be told i have these feeling that MOSTLY poor average guys complain about a woman been Liability. If you are as rich as Bill gate or some one else then you wont say these.

Ha ha ha. The bolded part of the quote apparently explains the reason why we have loads of guys complaining if I follow your logic. Cos there are just a few Bill Gates walking the universe.

I thought you were there to watch movies not to observe,anyway you should not use oyibo's culture as a yardstick over ours,it is our cinema and our culture bro,concentrate on your movie next time

If the culprits kept to the core reason they were there in the first place, the op wld have not had this to report.

It is about observing PUBLIC behaviours / manners that can be improved upon for the benefit of all.

Typical reaction, being defensive. Talk about shooting the messenger.

@Op, nice one and funny too. ;-)

This is complete bullshit, you are completely ignorant about the plight of African Americans.

It is the same African Americans that fought and broke the brutal force of Slavery, Racism, segregations, Jim crow etc. It is the same African americans that produced people like Martin Luther king which made US a place many blacks could immigrate to, it is the same African americans that suffered all the harsh history and discrimination, a thing you only read in books and make conclusion from, do not be this naive, without African Americans, you might not be able to immigrate to America today.

The system has been designed to keep this people down, although few will break away from this chain, but a huge amount will still be trapped into it. In US, African Americans can be found in all sphere of profession, just like their white counterpart. They have contributed their own quota in invention, civilization and the advancement of America, get your act right before you spill this rubbish on a public forum.

Yes, we have all been & are still victims of the system, (all blacks in diaspora) but having acknowledge this though, we can still operate within the system in a way that we can cultivate DECENT & RESPECTABLE lives for ourselves. A whole community and future generations succumbing to crack & substance abuse, resorting to crimes and violence against your own (gangs) is not the way to go / break the vicious circle. We all have one thing in common, we have all been hurt and we still get hurt daily, but the difference is, we do have a choice as to how we react. Responding in the usual predictable manner only makes us easy preys / targets.