₦airaland Forum

matify83:
Come to think of it.

Who leaves 500k in the bank to be eaten up by 29.9% inflation and given a paltry <3% interest rate?

Paraman:
prince of Lagos, am not helinues

blowjohn:
Ur not making sense. The owners of indomie are billionaires and millionaires. They are a brand. They sell millions of the noodles. They make plenty gains.

Will they the shareholders die if they make less gain?


I have a chain business I run. I don't increase my prices as long as I make small profits despite the economic situation.

blowjohn:
Indomie has no moral and economic right to increase their prices in Nigeria.

That noodle is bought every minute in this country.

Economy of scale.

Am sure it's the greedy shareholders and managers.

The black man is never content with little profit.



Nigerians dont know their rights.

Everyone shud avoid buying it let's seeif the price won't come down.


Nonsense always has a welcome ring.


That's the most bought item in this country in the last 20 years.


Some dumb greedy goat will come and say every business has to make profit.

Jajasabali:
Hopefully some Nigerians don't see this good gesture as a business opportunity

Telltruth123:
Lagos State is a rich state, revenue enter it's account every second. Lagos State does not need to borrow money, the revenue is enough to cover all it's expenses both capital and current expenditure, unless if there is misappropriation of public fund.

I really missed Ambode, he did not give room for misappropriation of Lagos State revenue.
Ambode made life easy for Lagosians.

lexy2014:
you still de ask?

since 2015 that you served, did you go to planet mars and you are just coming back?

emkz:
These are just temporary measures and are bound to fail. The forex market in Nigeria is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know.

Since last week, dollars injected into the forex market are mopped up.

Who exactly are those mopping up the forex?

What economic activity is tied to the raid of the forex?

Ribadu claims the activities of speculators are responsible for the hike in dollar rates.

My question to Ribadu is: why are the speculators not afraid of the government?

For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers.

Who regulates those abokis?

If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem.

My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks.

What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures:

(1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop.

(2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs?

(3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market.

(4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law.

(5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated.

In summary, CBN needs to take drastic measures to regulate the market.

There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music.

Kill the black market for forex.

Anguldi:
Don't you sell barbeque grill again Mods I asked about his business

Penguin2:
Look at these fools….

You have a contract arbitration case against a business entity, and instead of bringing them to the table and dialoguing with them until you reach a compromise, you are declaring the promoter of the business wanted.

Lemme know if that’s what will withdraw Sunrise’s case against Nigeria from the Paris Court of Arbitration.

Bunch of empty brains that think they can solve everything by Agbero style.

Dollar is rising and they sent Gun welding touts to shout BDC operators.

Now, the fools are out to bully Sunrise instead of settling with them.

Ndi ala!

MASTERCHIEF0847:
Only Kenya and Egypt...2 countries out of over 50 in Africa.

AqualinaXYZ:
Tinubu is so shameless





I wonder how his children will be seeing him now as the most failed father of the century





He should just shamelessly resign abeg





From Yoruba Ronu to Yoruba Run ooo

Jennyclay:
So you now get flogged to eat bread and yam

Tinubu is gradually enslaving Nigerians and I’m glad those who voted for him are not left out in this hardship!

That’s serves them right !!

Ntooor!!!

nnachukz:
This one got leaked again. This government Na comedy scene.

princepeter566:
God do this one for me
I never drank alcohol no smoke nor do drugs since my 30 yrs plus here on earth.
Thank u Jesus for training me up for a day like this

folake4u:
Na wa oh. I nor get who dey give me money.