₦airaland Forum

lusim:
You don't know how forex move, this will eliminate dollar scarcity as you suppose to put because cbn reserves will increase.

The process is simple,
If your foreign client pay you with usd, usd goes to the central reserve but the value is released to you in naira.

Before when most people get this usd direct, they hold it, study the market forces and sell at a good rate. This is what they want to stop.

Like most people are guilty of this.

If you want to force people to use naira that's your choice. However it is very critical to ensure that the forex rate is not dictated by the FG but simply by balance of trade (ie demand and supply). Otherwise, you will lose foreign investors as they don't want to put their dollars in an economy where the forex is determined by the government. And this will lead to less dollars and will eventually lead to more speculators and more black market transactions.

forgiveness:
In a sane society, aboki and those patronizing then should be jailed. It's illegal.

In a sane society, aboki will be out of business because people believe in their bank's forex rate as the government don't influence or dictate the rate.

forgiveness:
I have said it. Turn the dollar and foreign currency in the domiciliary account into naira. This will starve the BDCs of foreign currency.

2. No organization or schools must be allowed to do transaction in cash in Nigeria. Including Nigerian immigration. In this way, pressure will reduce on dollars. I was sorry for Nigeria when I learnt British school in Lekki pays in dollars as at 10 years ago.

3. Nobody must possess 1,000 dollars coming into Nigeria. And any currency brought into the country must be deposited at the bank or change to naira at the airport or any point of entry.

4. Allow banks to make naira transfer in order to pay for school fees abroad.

5. Return back to the days naira atm card can withdraw money outside Nigeria.


These will reduce pressure on dollar demand. Nobody will need to search for dollars.

All these won't work if the FG don't allow the market determine the forex rate and worse, it could even starve us of foreign investments.

forgiveness:
The government is not stopping you from earning in dollars but your dollar must be changed to naira if you want to collect cash because naira is the official currency for trade.

I now realize that many of this people are enemies of the state. They are really enjoying the economy fail but still criticizing the government. What hypocrites!!

The government is just attacking the symptoms and not the disease. If the forex was not influenced by the government and if the naira is truly on free float, people will see no need to patronize the black market because the banks are giving the true rate of the dollar.

Imagine if you were a tenant and your landlord sells bottle water for 500 naira however an aboki outside sells the same bottle water for 100 naira. Will you say because you are a good tenant you will not patronize the aboki?

You can't force someone who works hard and earns some dollars (who is your "tenant" using my analogy) to buy your "bottle water" which is to convert the dollar to naira using the banks rate when he knows he can get a better rate with an aboki. That "tenant" will leave your country and it will affect your economy.

Free float is the way to go. However before you do a free float, make sure the country is a net exporter of goods and services.

Sunijacks:
Will this policy help the naira?

It will help the naira temporarily but will rebound with immense negative effect on the naira due to the scarcity of the dollar. Whether we like it or not, Nigeria is import driven thus thrives on the dollar. The moment dollar gets scarce, the prices of things will go up, including petrol. The dollar will get scarce because Nigerians don't trust that the government will allow a free float of the forex exchange thus there will be a reduction in the inflow of dollar into the economy.

The solution is simple, the government needs to put mechanism in place to switch our economy from a consumption driven economy to production driven one. Then the government can allow a free float of the naira which will give confidence of investors and diasporans allowing their hard earned dollars to get into the economy. Once dollar floods the economy, it's value will drop and the naira will gain.

erico2k2:
its stil not top of my Agenda as no one is posting a Nigerian passport to my UK address from nigeria

Okie dokie, do what pleases you.

erico2k2:
well simple I had not enough time to renew it and its not top of my agenda. No visa in a passport is not a requirement for Immigration stamp as I have been to other countries b4 where my British passport had been stamped. For argument sake I can say I just lost my Nigerian passport 2 hours ago. What do you think they will say? I dont even need my Nigerian passport for boarding pass.

It is even worse if you say you lost your Nigerian Passport. First, you are lying and that's a serious offense. Two, they will request you get a police report and then get an emergency travel document from the immigration office.

Also saying it's not top of your agenda is concerning. Your travel documents should always be top of your agenda if you really want to travel without issues. I advice you start the process. Schedule an appointment, and go for the data capture. Even if you can't capture due to time at least you have evidence that you started the process.

Perhaps the reason why your British Passport was stamped without visa in other countries is because visa is exempt in those countries. Unfortunately, in Nigeria you need a visa if you are claiming British or US Citizen.

erico2k2:
I think you forgot the part where I said I have a British passport.

I did not forget...lol. Going to Nigeria with an expired passport isn't the issue, it's when you want to leave.

The immigration guys will need to stamp your Nigerian Passport before they can allow you leave the country. They cannot stamp your British Passport because there is no visa on it. So you will have to explain to the immigration officers why you still have an expired Nigerian Passport.

erico2k2:
This is what I am doing, to Nigeria with xpired 9ja passport then return with british passport.

You might have issues going back if you still haven't renewed your passport before leaving Nigeria. I advice you do express renewal. And even if the passport is not out you can present evidence that you have commenced the renewal process

Abayomi69:
I read that Lufthansa let's you through in Frankfurt. Thank God for that!
But how long does it take these days to renew your passport in Nigeria? What if I don't get it in time to fly back?
Is it possible to travel to Nigeria with a expired Nigerian passport and afterwards return to Schengen area with a dual citizen passport (Belgian in this case)?

You can travel to Nigeria with an expired passport, the problem is when you want to leave the country. I recommend you start the renewal process. If you do express it takes less than 1 week. And even if you don't get it, you can show evidence at the airport that you have commenced renewal, they should allow you to go.

LongT:
oshomole was recalled.

Oshiomhole ke? He is still a Senator as we speak.

Jamesoghie:
Yes.Dino Malays of Kogi

No he wasn't recalled. They tried but failed. See link:

https://www.premiumtimesng.com/news/headlines/266548-breaking-its-official-dino-melayes-recall-fails.html?tztc=1

Has any senator or rep member ever been recalled in Nigeria in this republic?

jmoore:
E go hard oh!

When was it banned?

You ban something same day you are implementing the ban.

Do you know traders have such goods worth hundreds of millions of naira in their possesion? They should burn their goods abi?

The best solution is to work with the manufacturing companies so they can switch to producing paper takeaway packs.
The enduser is not your problem.

Exactly. You just aired my mind. Our politicians are very quick to issue unrealistic bans. At the end the ban won't even be very effective because the root cause hasn't been addressed.

I just hope there is no collusion between his office and the judiciary...just thinking.

The guy saw sth we didn't see.

Please, please and please, I beg the police officers to make sure to gather all their evidence and make a strong and intelligent case against these guys in the courts so they can get justice. Most of the cases brought up by the police are struck out in the courts because they didn't present their case intelligently.

This is good. Hopefully, the government will be able to stop the hyper inflation and stabilize the exchange rate so that the naira doesn't get devalued at a rate that will make companies actually be at loss even if they had achieved profit ie Naira profit yet Dollar loss.

No ransom was paid by the military ofcourse. But ransom was paid by the family. Who is deceiving who? These Kidnappers are still in the bush planning who is next. God help this country.

We need the names of the miners. We also need the names of those who died. For transparency sake.

ChukwuObe:
I hope that as they prosecute him you and your likes will not be crying of witch-hunting. Nonsense

It is not witchhunt if they prosecute him now. However, it will be if they decide to wait until 2027.

This is the right time to prosecute him if they really have evidence. But I don't think they do. Watch as this case will die down and then be resurrected as 2027 is approaching.

I hope they are not covering up something here. If they are, I advice them not to because it will only rear up its ugly head later on.

LillyandDaisy:
We are all alive when they keep killing and destroying all police post in the region

Exactly my point. That goes to show the incompetence.

There is no way 45 people will be kidnapped and be hidden from public view. If the police is truly competent, this is an easy catch. But we all know our police isn't. God help us.

I disagree. Tinubu is getting Politicking right but failing in both Governance and Economy.

LagosG:
Who lied and is the thief?

I go with RICK. His car has less snow on its top. Also, the walk way to the door has less snow. And the snow heap around the tire shows the car was moved during the snow.

Hopefully, the gas flaring is just a temporary thing and they will be able to channel the gas for something useful.

If the average dollar rate for 2024 is eventually 1000 naira, it means the FG will have to borrow extra 200 naira (ie 1000 - 800 = 200) for every dollar borrowed in addition to the money they are already borrowing. That's a 25% increase in debt. And to be honest with you, I think the naira to dollar rate will be higher than 1000 naira in this 2024. I'm not a prophet of doom, I'm just saying things as I see them.

Odogwuzack:
😂😂😂

Na Obidients I pity pass.

The mental torture nor be here.

You suppose pity everybody....including yourself join. I dey naija currently and I see the hardship everywhere. It's well.

Melezenawii:
Ex- Atiku Spokesperson Daniel Bwala Visits President Tinubu in the Villa.

Interesting. PDP has fully crumbled. I pray Labor Party remains strong in their opposition. PDP and APC are one and same.

And this is the man that wanted to be president.