₦airaland Forum

ShinnBet:
Bloody liars


The worlds leading rice producer is China with just an annual turnover of 144,000 tonnes


Why must these people always lie?

Lol... Why must some people always be unintelligent and incapable of paying attention to details?

Obviously you didnt see 1000 at the header on top that 144,000?

mightyhazel:
chai ,..see busting!

U be busta douglas??

Impressive!.. If rice takes such a short time to harvest, why can't this rice revolution be faster?... We've got massive expanse of land all over the place, why is every state not doing this?

I predict the title 'MADE IN ABA' to be a global phenomenon pretty soon. Gone are the days when we produce things in Aba and fix a 'Made in Italy' tag.

modath:
Buhari may have good intentions but his methodology is flawed..

Only the FORCES of demand & supply can determine pricing, brute force will only lead to scarcity, which will only make a bad situation worse...

We know quite well saboteurs & speculators are the unseen hands driving up forex rate... cracking down on BDC operators is the wrongest move to make...

I think this brute force is only meant for criminal BDC operators who take cheap forex from a privileged channel (Travelex/FB), then go on to sell at a price which far exceeds the price they agreed to sell when they were given the cheap bills. An agreement is an agreement, if they want to sell at parallel rates, then they shouldn't buy at privileged rates.

That is not to say the CBN's policy of forcefully controlling the rate makes any sense, but the BDCs shouldn't be criminally greedy.

For a second I was almost going to be impressed, not until it clicked in my head. Abeg all the agbada/kaftan/isiagu etc that Nigerians wear everyday, where dem dey make dem?

Mykellio:
Very soon, they will use DSS too to try and force down the price of rice. It's broad day light robbery as far as I am concerned.

You cannot use force to regulate a currency that you are not printing. People earn their FOREX through different ventures.[/b] If FG is hungry for availability and affordability of the dollar, then they should increase the national FOREX earning capacity which can only happen through export.

Raiding will create scarcity. Scarcity will force the price of dollar further up.

He that lack wisdom let him ask. This government is in wanton deficit of wisdom.

There is nothing wrong with the police or DSS raiding [b]criminal BDCs. Unlike you and I, the BDCs did not get their forex 'through different means,' they got their forex from CBN approved channels (First Bank or Travelex) at a very cheap rate and the AGREEMENT was that when they get their dollars at this cheap rate (N385 I think), they would sell at N400. An agreement is an agreement and anything short of that is criminal.

That notwithstanding, there is everything wrong with the CBN's continued pegging/controlling of the official value of the Naira.

afanide:
Dangote would do worst than Buhari because he will implement policies that will ONLY favour his business lines.....


Donald Duke/Obaino would be a better combination....

If Dangote expands his business lines x10, Nigeria would be a world economic powerhouse.

Imagine Dangote expanding his rice, sugar and cement business using govt influence?... Imagine Dangote building 2 more of his (world's largest) refineries?... Imagine Dangote completing his subsea gas pipeline to take gas to industries and power plants where it is needed?... Imagine Dangote actualising his 12,000mw power generation plan?... Imagine Dangote expanding his coal mines in Kogi to Benue and Enugu?... Imagine Dangote going into the airline business?... Whether he does all these in his private capacity as a businessman or he does so with massive government influence (as someone in power), the effect is that Nigeria's GDP would double in less than a decade. Unfortunately, the man doesn't seem like he would be going into politics.

Lol. Interesting.. They even got the colour of his tie

989900D:
This country is a special country, where the citizenry is its own major plague!

Activities of saboteur BDCs or banks inflating prices may be morally wrong (especially as they got the forex at a cheap rate), but it is an inevitable human action as long as the CBN continues to enforce a wide gap between official and black market rates.

In a country where 98% of citizens and businesses get their forex from the parallel market and pay black market rates, it is just silly for the CBN to still maintain 'official or interbank rates' which have a very large spread from the black market rates (true value). It is impossible for the CBN to enforce this present policy of forcing merchants to sell at a particular price, natural human forces of greed must take precedence and the business of round-tripping will surely continue. Which leaves me wondering the kind of 'float' which the CBN claimed it implemented some 5 months ago...

Nigerians always in other people's business; always in a hurry to impose their personal opinions and judge others. Meanwhile the tweet doesn't even sound like Ice Prince supports Trump, he only seems to be hailing the man's guts.

Abeg wetin concern SE senators going to see Buhari yesterday with US elections?

The kind of delusional disorder suffered by some people is epic. Sometimes one just imagines these people are just kids churning up these kind of reasoning, but most of them aren't.

Hopefully this would be executed, and hopefully, the road leading to Calabar would be fixed.

modsfucker:
Officers of the Department of State Services (DSS) have raided two major Bureau de Change markets in Lagos and Abuja in a fresh attempt to end speculation in the foreign exchange transaction at the parallel market.

Sources at the market told Daily Trust that the DSS have earlier directed the officials of the BDCs association to peg the dollar at N400 while selling and N390 while buying from customers.

Immediately after the directives, the DSS operatives commenced the enforcement of the order by arresting those erring members that sold the dollar above N400 and or bought above N390 a dollar.
During the two-day operations, which took place between Tuesday and Wednesday, some traders were arrested.

Sources said about five operators were arrested in Abuja and Lagos as at yesterday.

When our reporter visited Zone 4, a cluster of BDC shops in Abuja, he noticed slow activities as both the traders and customers were jittery.

A trader who pleaded for anonymity said it was difficult to see the dollar to buy or sell in the market because, nobody was willing to sell at the new rates by the DSS.

He said when customers heard of the new rate of N390 a dollar they usually turned back.

He said the best way out was for CBN to flood the market with enough forex, instead of using force to address the problem.

When contacted, the spokesperson of the Central Bank of Nigeria, Mr Issac Okorafor, confirmed the activities of the DSS in the BDC market. He said most of the people arrested were unlicensed operators who were taking advantage of speculation to reap illegal money.

He said though the CBN had no hand in the raid, it was a welcome development for the market.



http://www.dailytrust.com.ng/news/business/forex-crisis-dss-raids-bdc-operators-forces-dollar-down-to-n400/170949.html

The value of the Naira can only be restored by forces of demand and supply, not by the force of a gun.

Economic experts in the house, can someone please explain what it actually means to float the currency but yet, a gun has to be pointed at the heads of forex vendors for them to reduce their rates?

No wonder!

All along, it's been all about GEJ...

I've noticed a weird trend on social media since today; apparently most of my friends who are die-hard Jonathanians are extremely excited over this Trump's victory. To these poor devils, Obama wasn't sympathetic to their hero, therefore this is divine payback for their Hero. The kpomo cutter (a.k.a Oshokomole) has just revealed this with his statement. Chaii..

henryanna36:
...

Describing the conduct of the elections as a lesson for Nigerians, Governor Fayose said; “The US elections started and ended seamlessly. The electoral umpire never meddled; the military, police and SSS did not provide cover for ballot snatchers. No printing of doggy result sheets. I think Prof Mahmood Yakubu and his INEC should learn from this for posterity. They should stop aiding unpopular politicians to rob the people of quality leadership.”
...

Meanwhile just imagine the statement from this shameless foul mouthed kpomo cutter.... Isn't he the same person who was exposed on tape few years back with his goons bribing and threatening a military commander to rig elections in their favour?... the election that brought him to relevance?

Trump wasn't in support of the Iranian nuclear deal; hopefully his emergence would cause some in the region which may in turn push up oil prices. Never has there been a better time for the Nigerian govt to negotiate settle the creek boys and their sponsors let's see how our nation can move forward.

Seems the Op only knows Anambra towns...

As much as I am indifferent about the US election outcome, I must agree Reno made some convincing points here. Besides, just the same way I never believed and still don't believe a Buhari can Islamise Nigeria as many feared/fear irrationally, I never believed and still don't believe all the nonsense talk of chasing away immigrants or deporting Nigerians or whatever it is which led many minorities to despise Trump, I don't believe those things are possible.

Northern wailers

Igboid:
*Trump's first day at the Oval Office after being elected President.*

First briefing by the CIA, Pentagon, FBI:

Trump: We must destroy ISIS immediately. No delays.

CIA: We cannot do that, sir. We created them along with Turkey, Saudi, Qatar and others.

Trump: The Democrats created them.

CIA: We created ISIS, sir. You need them or else you would lose funding from the natural gas lobby.

Trump: Stop funding Pakistan. Let India deal with them.

CIA: We can't do that.

Trump: Why is that?

CIA: India will cut Balochistan out of Pak.

Trump: I don't care.

CIA: India will have peace in Kashmir. They will stop buying our weapons. They will become a superpower. We have to fund Pakistan to keep India busy in Kashmir.

Trump: But you have to destroy the Taliban.

CIA: Sir, we can't do that. We created the Taliban to keep Russia in check during the 80s. Now they are keeping Pakistan busy and away from their nukes.

Trump: We have to destroy terror sponsoring regimes in the Middle East. Let us start with the Saudis.

Pentagon: Sir, we can't do that. We created those regimes because we wanted their oil. We can't have democracy there, otherwise their people will get that oil - and we cannot let their people own it.

Trump: Then, let us invade Iran.

Pentagon: We cannot do that either, sir.

Trump: Why not?

CIA: We are talking to them, sir.

Trump: What? Why?

CIA: We want our Stealth Drones back. If we attack them, Russia will obliterate us as they did to our buddy ISIS in Syria. Besides we need Iran to keep Israel in check.

Lol... the Yanks na wa.... very divisive folks, they seem to be behind every single problem we have in the world. With all the fears and reservations people have over a Trump presidency, by the time the man gets into office, he would be rendered powerless by the 'real' rulers of the US, all his proposed fancy and daring policies would go into voicemail.

Bluetooth2:
You probably bought a fake Samsung

Nope i didnt

Bluetooth2:
This is why you cant compare iPhone and Samsung with Techno and other rubbish low phones that flood Nigeria.

Truth is that I actually experienced something similar with mygalaxy S5. Bought it 2 years ago, its camera was badass including night pictures. But I can swear today it doesnt gove the same quality of night pictures anymore.

This is strange

According to Nigerian media....

Breaking News!!!... TRUMP IN EARLY LEAD

Keneking:
First and foremost, this is huge threat to national security...secondly how can the pilot be eating on the presidential seat....thirdly these national assets are supposed to be protected by security agents in uniform not some ragtag civilians.

But where is lalasticlala sef

I thought I was the only one who saw that, the pilot eating party jollow rice with a bottle of Ragolis water on the seat. Or is that a newspaper?

How on earth did these guys get that close to the chopper?

See Ayiri head...

This is sad... Is there ever a time when we can get things right in this nation?

48 years old?... was this man just 24 when he acted as Andy in living in bondage?

Pavore9:
The CBN policy is encouraging exporters to receive their payments through "other routes" as the black market rate is the true value of the Naira. l personally make sure the Forex l get from export proceeds ends up at the black market because l can't sweat it out to earn Forex only to give it to banks and their goons to round-trip with it!

The policy actually creates the inconvenience situation of you having to go through backdoor routes to get your money. This needless inconvenience discourages some from expanding their export business. I just can't imagine who advises the CBN on these backward policies.

They floated the currency in June but today there's over N150 difference between the official and black market rates and this leaves one wondering what that 'floating' actually meant. Round-trippers are back in brisk business while manufacturers are still starved of forex.

PUSH1:
What would you like the FG to do?

The CBN says it has floated the Naira when it adopted the flexible exchange rate system in June; all they need to do is allow the goddamn Naira to actually float. Nigeria is presently not enjoying the proposed benefits of the June devaluation/float because the CBN is still running around trying to peg the value of the currency at around N305 while the whole world knows the real value is currently N470... Forcing exporters to sell the dollars they earn at the rate of N305, meanwhile these same exporters know the true value is N470, policies like this instead of encouraging an export culture, would only discourage people from going into the export business.

The principles of demand and supply should be allowed to dictate the value of the Naira; policies like pegging the Naira currently serves to stagnate the economy.

Adesiji77:
....
“Definitely the foreign exchange policy is driving people to do all sorts of things. The export figures are dropping, not because exporters are not exporting but most are going through the land borders due to policy issues,” said Obiora Madu, chairman, export group of the Lagos Chamber of Commerce and Industry (LCCI). “Exporters are not getting any incentives from the government, so why would they sell their dollars at the official market and lose money?” Madu asked.

Tunde Oyelola, chairman, Manufacturers Association Export Group, said the trend started as soon as there was a big differential between the parallel and the official markets. “It is a regulatory problem by the financial authorities. Why should you mandate exporters to take their dollar at N305?” asked Jon Kachikwu, CEO of Jon Tudy Interbiz, an exporter to the United States. The price of cocoa in US dollars on Thursday, 3 November was $2,678 according to data found on the website of the International Cocoa Organisation.

This means that cocoa exporters could earn N1.25 million per ton by selling export proceeds in the unofficial market at N470 to the US$ than the N816, 790 earnings if the cocoa sells it through the CBN’s official window at N305 to the US$, a N433, 000, a significant amount for any farmer....

I really don't understand what's wrong with the CBN and this meaningless price regulation... you do not force down the exchange rate by forcing people to sell their forex at a very low price (even when they can clearly see the amount they lose). Stupid policies like this will only discourage people from engaging in exports to boost forex supply. This useless policy is the very reason Nigeria isn't reaping the potential benefits of the last devaluation (in terms of increased exports and increased income for exporters).

Similarly, the CBN forces diasporans sending money home to exchange their forex at the low official rate, but when family in Nigeria wants to send money abroad (e.g. to children schooling abroad), they are forced to buy forex at the true rate (blackmarket rate). I still wonder who advises the CBN board that this policy can encourage people to send more forex home.

See frustrated wailers all over the place cursing their fathers...