Officialgarri:
Like I said, the memo was a tactic to increase fuel price.
It was so visible. . This government no go kill person

Now everyone is talking like an ''old-taker". .. like "" I remember when I used to fill my tank with 12k... Oh , good old days". Good old days is 2021 o

Expect price to go up anytime again

I wasn't wrong anyway.... @bolded . Na to open church remain

Fuel is officially over #980 . Hence, marketers will sell at higher price


We are yet to understand the damage the last failed protest did to us.

After the Endsars , President Buhari was careful enough to manage the remaining days of his tenure , either by borrowing or maintaining silence.

But 2024 came and the government quenched a protest within 48 hours

Seeing that the people are toothless, it's easier to ignore the people while they make reckless decisions without having to watch their back.

So we wait for October 1st and let's see how much they plan to cut out of the current fuel price.

I hope we can begin to see the effect of CBN's policy on foreign currency

The government must quickly implement naira to naira business between NNPC and Dangote.

The idea of testing people's patience with this new price because Dangote used Dollars to buy crude ...is already visible to the blind

WhizdomXX:

Lol. I like your analysis.

thank you

WhizdomXX:
Ajeh do you really sell garri?

Ajeh, if you ask for 100 bags of Garri now, I go load and supply you straight up ...

Officialgarri:
What a time to be alive

Let the FG just come out direct and tell us they want to "remove subsidy". Yes, the same subsidy they removed last year

Like I said, the memo was a tactic to increase fuel price.
It was so visible. . This government no go kill person

Now everyone is talking like an ''old-taker". .. like "" I remember when I used to fill my tank with 12k... Oh , good old days". Good old days is 2021 o

Expect price to go up anytime again

What a time to be alive

Let the FG just come out direct and tell us they want to "remove subsidy". Yes, the same subsidy they removed last year

Cost of PMS

There was a trending news about Oando acquiring Agip and Atiku Abubakar's allegations.

Don't pay attention to those things....
Afterall, these oil companies are the saboteurs who will make it impossible to refine our own oil maximally till date.

The problem that concerns us is the big fight between two classes;


Oligarchy Vs Monopoly

And we will see the that both classes are what can save us in this country.

Before I explain the above; A major problem we have is the cost of petroleum which in affects the price of almost everything.

Oligarchy: as we are experiencing is that a certain political class will fight to get into power not because they want to help the people but because they need to be in power to protect and expand their family businesses, in other words, expand their empire.

It's a common knowledge that the Tinubu dynasty are a big investor in the oil industry.
Oando, Malta blending plant e.t.c

Summarily, the business of the Oligarch is to import oil and enjoy the benefits of "subsidy"

Monopoly
The man has come out to cry on our TV screens. He has been granting interviews to make Nigerians aware that this incumbent Government has come to destroy what Buhari's government was going to give him for free i.e refining and sales of PMS to Nigerians.

It's a common knowledge that Buhari tried to hasten Dangote refinery. Although they achieved success with Diesel (which in turn forced down the price of diesel), they failed with PMS.

Summarily, the monopolist needs to be in business no matter what it takes. He can't afford to disappoint his co-investors

Here's the problem;

Oligarchs are in power to protect their businesses, however, this is at the detriment of the common people. Because it means we will have to keep importing fuel at a higher cost.

Monopolists will be the major oil dealer in Nigeria and take "subsidy food" off the table of the Oligarchs.

However, just like in the case of cement for example, Mr Dangote can receive a call from Femi OteDollar and several investors that they need quick return on their investments. Mr Dangote will then decide to sell a litre of fuel at #2000 because we have no choice but to buy from him.

Officialgarri's Position:
In this state of hardship, The monopolist has proven to be a better choice since he once forced down the price of diesel.
Since the FG said there will be 90% decrease on domestic fuel, then hopefully we can get cheap fuel.

What the Oligarchs can do as well is to go back to the drawing board and fight the Monopolists by introducing domestic competitions

In either case, it's a win for the people

Healthrelatedjo:
.This same thing almost happened to me on the 12th of may 2023.
She went out with her aunt to assist a friend who was cooking for a party,so she really stressed herself.When she got back,we had sex after taking dinner.It was around 3am that everything started,she woke me up and said"Ay, o nre mi lati Inu" I stood up gave her ORS,and being an Health worker,I gave her diclofenac injection,not knowing she already gave herself fortwin(pent).She just stopped breathing the moment the diclofenac entered her bloodstream,but I noticed her pulse was still fine."omowunmi,wunmi!!"...nibo,she didn't even shake,few minutes later she opened her eyes and started saying yes,yes, who is calling me, someone is calling me,I just started slapping her back ,I already alerted my neighbor (a lady) who's now my girlfriend,she was the one that helped in holding her because I was disorganized,I Sha broke up with wunmi that same week.omo kan o le wa koba life me

She's Sickle cell (SS)

Awwnnn...I can see my name there . Thank you

People really don't read between the lines. The Labour party has been in crisis for quite some time now and Kenneth Okonkwo has been vocal about it. Peter Obi's nonchalance to the party that gave him the position he is today is the reason why Kenneth is moving on..

Politics is not a job that's based on emotions. If you don't have a pilot that can take you to treasure land, you will have to choose another pilot.

Politics is a job and not charity

sIfioksq:
Tinubu's approach to adjusting the minimum wage in response to fuel prices shows his commitment to the welfare of Nigerians. It’s a bold move that could lead to better living standards. Let's see how this plays out for the masses!

No, you are seeing things from the emotional aspect.
Increasing minimum wage continuously is a dumb move and also a move to buy time.

Solution is to bring down everything that involves money in the country.
That is; fuel price, salaries, and the minimum wage inclusive.

Buying time won't solve any issues and I really think the NLC is a fruitless organisation who doesn't know what to demand.
How many organisations and state governments will pay the 70k minimum wage? Yet inflation will creep in

Putin once slammed Greta Thunberg for talking so much about climate and solar energy in Africa, in one claim that solar energy is expensive.....

Here's Russia 4-5 years after building the solar system in that Africa

With the video of his body I saw at the river bank, there's no way he can be alive except he's Jesus .

That nigga cannot survive.

Now the FG/CBN are back on track

The CBN has decided to continue to supply the BDC dollars , however at what seemed to be a pegged rate.

It would have been wrong to starve them completely.

This Government might for a fact be showing workings...
Let's watch and see ...

lwisee:
I don't totally agree with your analysis.
If I have dollars in my dom account, I can use it to buy whatever I want from China or any other Country outside Nigeria.You don't really need physical dollar in Nigeria.

Dollar was 1480 when I made this post . Today dollar is 1537

The analysis is straightforward actually. It's not rocket science

Because you don't need physical dollar doesn't mean Mr Emeka doesn't need it

Afospecialk:
Igbo and their beer parlour analysis 😀🤣


So we should allow some people to hold Dollar im their account while the country is suffering for the currency?

If you lack comprehensive knowledge of the subject matter why no ask people around you to analyze it for you.?


The policy is to annihilate people starching the dollar im their account while others suffers for it. Then is frown at people trading dollar on the street.

Why would some people be selling dollar on the street to make profit bcs they have connections while the economy suffer for the same dollars?

No politician will be able to withdraw dollars and starch it in their house any longer

If you are not happy about it go to court

You know the title of this thread alone is enough to understand the purpose of this thread .

No be everything be fight. You can counter my argument with your own facts and I can agree or disagree.

I'm not Igbo by the way, however, it's not a crime to be one

Realdeals:
The question should be why do you need cash withdrawal for the USD? I have a Dom account linked to my PayPal, payment will just be deducted for whatever service or product I need, still carried out a transaction last Thursday.

If I need to convert to naira, bank will change it at the prevailing market rate.

From the basic analysis and scenario, you still ask what dollar notes are needed for

MadamExcellency:


Who told you I don't do upwork?

I'm only giving a scenario. You should get the main point already

MadamExcellency:
If I want to buy goods from Alibaba or any oversee manufacturer, I will transfer the dollars in my domiciliary account to the supplier. Many people won't withdraw dollar cash as per se. It is for business.

While MadamExcellency keeps money in her dom basically for business transactions, HisExcellency gets paid his wage from Fiverr and Upwork and that's what he withdraws to feed his family.

Basically, money in dom accounts are not just there for business. It could be savings as well

I'll be updating this thread for the purpose of sharing ideas on Federal Government Policies and it's effect on us.

You can always scroll to the last page for the most recent discussion

Today's discussion:

Nigerian banks have begun full implementation of the Central Bank of Nigeria's revised guidelines on International money transfer operations in the country. The CBN released revised guidelines for the operations of International money transfer operators (IMTOs) and instructed banks to begin paying dollars and other foreign currency payouts from abroad in naira to boost forex supply and starve the black market traders.
https://www.nairaland.com/7995248/banks-pay-customers-money-sent

What does this mean?

It simply means every dollar you have in your domiciliary account is only imaginary. It is only dollar written on paper.
When you want to collect that dollar, you will be given the equivalent at bank rate.

This means more dollars for the bank and less Dollar for the people.

The people need as much dollar as the bank does. In fact, the bank needs you to make more dollars so you can bring it to them.
But now, only the bank has dollars and the people don’t.

How is this a problem?

Rather than the banks, it’s the “business people “ that need dollars the most for international business transactions.

Note that the reason Nigeria remains the biggest economy in Africa and one of the largest in the world is basically due to fertile international business transactions.
Dollar is the most used currency for international transactions, hence the constant need for it.

You want to argue about Russia and China but we will come to that.

Cont’d: But banks won’t give “business people ” dollars anymore. Who do they turn to so as to remain in business.

Scenario 1:
Mr Emeka needs to pay $20,000 for spare parts he ordered from China. Mr. Jinxing who is the supplier says he can never accept Naira as a mode of payment because he can't change it easily in China

Mr Emeka then calls Alhaji Subairu who ‘used’ to be a Bureau D change agent in Wuse market to buy dollar notes that he will give Mr. Jinxing

Alhaji subairu didn’t go to shop today because the Government is about to put him out of business. He tells Mr Emeka he would call him back in 30minutes.
Alhaji Subairu actually still have $30,000 cash that he had not deposited in the bank before Government came with their caterpillar to demolish the dollar black market business.

Alhaji Subairu calls Mr Emeka back and tells him he doesn’t have much dollar notes left but because they’ve been good friends for over 20 years he says “I know a dollar to naira is #1500 in the bank but I’ll sell to you my good friend. However, just so I don’t run out of business completely, I’ll sell to you at a rate of #2000 naira to $1 dollar”
Mr Emeka needs the dollar notes so desperately so he agrees and as a business man, he knows he will make his money back in Ladipo market. It’s the consumer buyer that will suffer it.

This means the Naira has been further devalued.
Because from the initial #1500 to $1 , it is now sold at #2000 to $1 due to artificial scarcity.

Scenario 2:
I, Investor officialgarri and superstar Airforce1 just got paid $100k and $50k cash respectively for a business transaction and a music show in Las Vegas. Doings ..
We were both somewhere in Abuja and I asked Airforce1 if he’s mad or about to run mad. I’m asking him because Airforce1 said he wants to go and deposit his $50k in his Nigerian USD domiciliary account.
I explained to Airforce1 that when he wants to take back his money from the bank, the bank will pay him only the Naira equivalent at #1500 to a dollar.
Airforce1 says nothing is wrong with that , it’s still my money.
But because I’m more exposed and business oriented, I then proposed to Airforce1 that I’d buy his dollars at the rate of #1600 to a dollar.
He’s so happy and agrees.
I took the cash to Alhaji Subairu in Wuse Market and sells to him at the rate of #1900 to a dollar.

This means P2P transaction and we do not need the bank for dollar transactions anymore. The banks begin to starve

Scenario 3:
(In this scenario, we will assume banks now allow the use of our ATM card to buy things online using USD)

Lalasticlala (not the Nairaland moderator) sees a computer he likes on AliExpress and wishes to pay with his Nigerian bank card. In one click , he was debited in just the Naira equivalent. In two weeks, his laptop trully arrived. He was happy with his bank, AliExpress and Nigeria.

But what he didn’t realize is that Seun(not Nairaland founder) who is a “working boy” has an IQ of 165
In fact Seun remembers that he made so much money from dollar arbitrage till late 2021 when the CBN said “enough is enough”

Seun just discovered that like before, foreign fintechs are now accepting our cards again and they charge at the official rate of #1500
So Seun launches Omo-ogbon fintech app and begins to buy dollars at the official rate.

“But why are you buying dollars ?” Lalasticlala asked Seun.

Seun said “Dey play. Shay it’s Buhari’s anti-money laundering policy that made you see me finish “
So Seun began to use his digital dollars in his Omo-ogbon App to buy USDT (crypto version of dollars which is usually sold at around the prevailing black market rate)
So in his repeat wash and rinse procedure, he has dragged Buhari’s legacy in the mud

Russian Scenario:
Russia is at war and despite the high sanctions from major countries, their Rubble is strong because they transact in Rubbles instead of the dollar.

Russia is at war and they have a big ally which is a major market in the world —China, so they shifted their market.
But let’s leave china out, Russia gives out gas to Europe (UK, France, Germany e.t.c) or Europe will starve or spend double if not more to get gas from another continent

Nigeria in this instance is a member of OPEC which means we can’t really determine the currency of exchange on our own.
The OPEC abducted the US dollars as it’s means of exchange in the 1971 and 1973 agreement, hence, PETRODOLLARS

Don’t forget that we refine our oil overseas as well.
America’s leverage against the world is the dollar and President Vladmir Putin further confirmed this in his February 6 Tucker Carlson interview.
Therefore, transacting Oil which is our major source of income outside the International Market currency is almost impossible

So why did the FG through the banks implement this policy?

Your banks told FG that 80% of Nairalanders have at least $20k each in their doms. Rich rich people
So they are hoarding the money that should be out there in the market.

Note that Dollars asides market forces can be affected by News either positively or negatively.

I saw a nairalander’s comment that said he was on a queue in the bank to collect his money.

Hence,
Panic withdrawals. Everyone will panic then lots of people will go to the bank to collect their change before the Government begins to give them #100 to one dollar.
This panic withdrawals mean more money for the FG. Lagos sense.
Gradually and without announcement, the policy will be reversed.

Are the banks happy with this policy?

Yes for Now and No later

We are in a difficult situation and the country is in a dire need of production. Production leads to export. Export leads to more dollars. More dollars mean it will lose its value gradually and this inturn leads to Naira appreciation.
Oil
Agriculture
Tech e.t.c are key to this development


Rest in Peace Herbert Wigwe


Modified:

1:17pm
Now the FG/CBN are back on track

The CBN has decided to continue to supply the BDC dollars , however at what seemed to be a pegged rate.

It would have been wrong to starve them completely.

This Government for a fact is showing workings...not Cho Cho Cho

eazzzy1:
Congratulations. Please don’t use a suspender on a belt again, they perform the same function. That’s the words equivalent of saying pant trouser, motor car or short knicker.

yes, I learned this after the photographer posted the image and someone told him to tell me i was wrong to do that.
Thank you again

DrTee1:


The first five years are usually the toughest of any marriage. Survive it and you are almost sure of life time survival.

Keep this in mind.

thank you for your advise. I'll definitely keep this in mind

Juliearth:






Pay no mind to the pessimist. I am certain you two would grow old together. Happy Married Life.

Thank you

post=128278208:
From all of us @MANNABBQGRLLLS :

CONGRATULATIONS Beautiful couple 🎊 👏 💐 ❤️ 😍 💖

God bless your union.

Thank you chief! It's been a while

VeryWickedMan:
Survive 5 years together before disturbing us.

I have a strong belief we will go more than 50 years together

The wedding images seems too large in file size for Nairaland, so I keep getting a 413 error.

I'll screenshot the images instead and reupload to reduce the quality as well as the file size

So I decided to go through my accumulated Nairaland Likes and Shares and boom, I bumped into a post I made in 2020 on a particular thread.

https://www.nairaland.com/5941360/beware-guys-what-girls-doing#90916549

I started to laugh at myself because I remembered this story immediately....

Funny enough..on the 20th of January, 2024, I tied knot with the lady who stayed back...

We need to be careful of our utterances o

We know the exact advise you are looking for . But regardless of the victim's age, the consequence is death by hanging

HON. JUSTICE JUMMAI HANNATU C SANKEY OFR

So she graduated from the university at the age of 20.
This is quite uncommon back in the days. Especially the days when your hand has to go across your head to the head as a criteria to be enrolled in school.

Although I have no evidence to back my claim, but I strongly believe she has a falsified age

Many husbands cut ties with their in-laws and even stop their wives from visiting home because of what they put him through during wedding ceremonies and preparations.

I wanted to make a comprehensive comment but then I changed my mind. We handle issues in different ways and trust me , you will find a way to handle the issue on your own.

Getting married in Nigeria isn't an easy thing but then I wish you best of luck

Dexy4yah:
Good news like this should hit the front page

I doubt if it will, maybe if reverse is the case, it will make it there quickly

Ventura1:
Prices of cooking gas and diesel have dropped.
But, not trending.

Let the price increas by a single Naira and watch your favourite twitter influencers fuming in their mouth just to get engagements

As of today Gas is averagely N650/kg according to multiple sources

Lalasticlala Mynd44 Seun