₦airaland Forum

bewla:
No if you don't no the reason and send her away does that make you a man

Be a man find the reason if it's your fault own up to it

Mynd44:
The problem with Labor is that they didn't stay neutral in the last election. It is difficult for a lot of people to believe they are not doing whatever they are doing for political reasons instead of the welfare of the people in the union. It is a weird place they put and have now found themselves

emkz:
You really do not get it.

By not having any operating license in Nigeria, that itself means that they have breached Nigeria's financial regulations by even operating within Nigeria and listing our currency!

Do you even know the implications of that?

You must have heard that United States impose punitive sanctions on banks like UBS AG Switzerland, BNP Paribas SA France. You'd also recall that USA FBI went after Hushpupi. Did you ever ask yourself what gives US the powers and jurisdiction to fine or arrest those people?

https://www.cnn.com/2023/07/24/business/credit-suisse-ubs-archegos-fined/index.html


https://www.washingtonpost.com/news/monkey-cage/wp/2014/06/30/an-8-9-billion-fine-shows-that-foreign-banks-evade-u-s-laws-at-their-peril/

[b]If you go and use the US dollars for any transaction outside US soil that violates the US laws against such use, including attempting to use it to manipulate another country's currency pegged against the US dollars, the US SEC will assume jurisdiction immediately and fine you. [/b]If you are not registered in Nigeria and you are using your platform to manipulate Nigeria's currency value using the US dollars, you'd have problems with US and Nigeria. Incase you are not aware, Binance ex-CEO is awaiting jail sentence in the US for money laundering. Then let it be established that Binance was used for terrorism financing.

You can imagine what the US would do to them.

Please make una dey try read. It is tiring to be explaining these basic things to apparently educated people.

emkz:
It was the parallel market that operated without any regulation.

When banks refused to fulfill their fx obligations to customers, they referred customers to the BDCs and until today, there has been no explanation for the spike of dollar exchange rate which happened in the BDCs.

No central bank can afford to lose control of the market. Like I argued, floating the currency is not equivalent to floating the market. You do not trade dollars like you trade guguru and ekpa where all sorts of himan beings access dollars without trace.

Countries like Japan, the US and in the EU where their currencies are floated, BDCs are heavily regulated so that every forex trade can be traced. It was not the case with Nigeria.

Like an economist argued, Nigeria's exports exceeded her imports in the last year, which meant there was supposed to be dollar liquidity in the system. Where are the dollars?

They disappeared through the BDCs.

There is a possibility that more than $100billion cannot be found.

Also recall that Yemi Cardoso said $26billion went through binance without trace. If these things happen in certain countries, people would be quietly assassinated.

Mossadd:
and it is bravery if coalition of 31 countries are threatening one country right?

GanagiBitrus:
Argentina match was cancelled because of problems with visa to US.
&yet the new match against Costa Rica is still in same venue in US.

I no understand.

DeLaRue:
It is a double edge sword.

As CBN rate rises, commercial banks will increase savings/fixed deposit rates, thereby attracting more savers who will be locked into 12 months or more term.

This will indirectly reduce the money available for spending and thus reduce patronage of many goods. As traders and manufacturers wait to exploit consumers with predatory prices, less and less people will buy their goods. As their warehouses pile up with unsold goods, they'll have to reduce prices, thus helping to reduce inflation.

Increasing interest rate will also mean the government can issue bonds at rates that will be attractive to foreign investors. More dollars should flow into the country.

The bad news is:

As Cbn increases interest rate, banks too will increase their lending rate with the likely result that:

1. Many businesses that depend on bank loans will lay off staff or even close down

2. There will be fewer new investments- businesses can't survive on 33% - 35% loan rate

3. More pain for the economy generally.

Unfortunately, with the amount of money printed by Mr Buhari's government, the CBN will have to keep increasing interest rate in order to mop up excess liquidity and control inflation.

Managing a large economy in times of crises is a sophisticated game of chess. For every positive steps, there are multiple potential negative consequences. There are usually no easy solutions.

Unfortunately for politicians, the public want solutions NOW! or they dabaru everything and even call for coup

The public is not interested in, nor do they understand economic theories.

spiSeyi:
Aboki boys full everywhere with millions of hard currency , yet some people with 2x2 shop will claim that they are the only biz tycoon in Nigeria who developed Lagos .
When it comes to business ventures the Northern guys are the king,yet they don't make noise and chest beat even when then can afford to by all the 2x2 shops and their owners.

Cindypresh:
As a married woman, stop collecting money from your horseband for foodstuffs, they should keep buying things from the market themselves.


After all, they're the ones working for all these dirty useless politicians and tinubu.

jumper524:
us, UK and china don't know what they are doing..oga talk reality cos top countries in the world are banning them.

3rdeyeNigeria:
Crypto has no benefit to local economy. It only benefit the owner of the trading platform and some lucky speculators (gamblers or trader).

Overall it can pull down a country.

Google: George Soros Vs Bank of England to understand how speculative trading almost bankrupted the UK.

DeLaRue:
There is no fundamental right to trade crypto.

Many countries have banned crypto.

Nigeria can ban it if it wants. Of course banning will not stop it, but it will push the activities underground with the likely result that only the most passionate traders will continue trading it.

If people know they face 15 year jail term for illegal trading, many will stop trading. Only the extremists will continue trading.

The Nigerian government has more levers it can pull. If extreme levers are needed, it can apply them and there's nothing speculators can do. They can cry to the UN, AU, FIFA, Girls Scouts or anybody they like.

eteebanky1:
This is commendable

I totally support this ban

This same people trading crypto are the same unfortunate people blaming the government for incompetency

Fools

Nice one from the government

StOla:
Many like you actually do not want a solution.

You just yap day and night hungry for more economic downfall.

phorget:
Cooked up story!
So what exactly was the woman doing in the lions den?

Bintasukai:
The subsidy regime had 30 more days to go, pray tell what he would have put in place before then. Since you say many things, I’m sure you know these things, not just differing to Obis brain in hope that he would have done “something”

finallybusy:
The man wasn’t killed for food. He was killed because his back was turned. Lions who killed for food would make short work of his skinny frame. I wish condolences to all parties involved. The last thing on his mind before death surely was “damn, I bleeped up.”

thesicilian:
Hope this is not the beginning of a "cement subsidy"?

poshestmina:
What exactly are they investigating again?
Why the Lion killed the man ,or who sent it to kill the man?

"Investigations" done suffer for Nigerians hand.

Rest in peace to the man and measures should be taking to prevent reoccurrence.

Jlow2:
When bua said it was 3500 nobody bought it at that price, apc the more you look the less you understand, cursed from pit of hell

DeLaRue:
Saying Tinubu knew what he was going to meet in government is ridiculous.

So, Tinubu knew Nigeria had only $3.7billion in its foreign reserve, not the $37 billion that the Buhari government led the country to believe.

Did Tinubu know that Emefiele, Buhari's assistant Tunde, and the Aso Rock gang stole billions of dollars and trillions of Naira?

Did Tinubu know that the Buhari government has sold most of the country's future oil production, collected the dollars and spent/stole it all?

Did Tinubu know that the past government was effectively handing over a virtually bankrupt country to him.

Why should Tinubu not blame the past government.

chiiraq802:
People weh build houses and knack structures everywhere and anyhow prior to 2015 no sabi bullet weh dem dodge.

matify83:
Moment of respite .

Just hope this translates to reality on ground and not one of their several failed promises.

If the cement manufacturers can agree to such a deal, it won't be out of place to ask why they allowed the price of cement to spiral out of control in the first place without any justifiable reason?

The Federal Government, together with cement manufacturers such as BUA, Dangote and Larfarge, has set the price range for a 50kg bag of cement at N7,000 to N8,000 across various locations in the country.

This price adjustment was announced by Senator David Umahi following an extended discussion with key players in the cement industry held in Abuja on Monday.

Despite the agreed price reduction, manufacturers emphasized that the decrease from the current market rates is contingent upon the government’s commitment to address significant challenges within the sector.

The initiative, spearheaded by President Bola Tinubu, aims to tackle the surge in cement prices, which Senator Umahi described as excessive and counterproductive to the economic growth ambitions of the government.

Factors responsible for the hike in cement prices
In his remarks, the minister highlighted several factors contributing to the inflated costs, including smuggling, poor road conditions, elevated energy expenses, and the foreign exchange dilemma.
He, however, noted the manufacturers’ willingness to reduce prices provided these issues are effectively addressed by government interventions.

He stated, “Ideally, they noted that cement price and retail price to a consumer should not cost more than between N7,000 and N8,000 per 50 kg bag of cement.
“Therefore, the government and the cement manufacturers, which is Dangote Plc, BUA Plc and Lafarge Plc, have agreed to peg their cement price nationwide between N7,000 and N8,000 per 50 kg bag of cement, depending on the location.

“Which means that this price depends on the location. Going forward, the government advised manufacturers to set up a price monitoring mechanism to ensure compliance with the prices that are set today.”

What you should know

In the past few weeks, the price of a 50kg bag of cement increased to an all-time high of over N9,500 across different cities in the country. The cause of the spike has been attributed to increase in energy cost and other operational expenses.

A market survey by Nairametrics last week revealed that the price of cement in many retail outlets across Lagos has increased to N9,500 and for some brands, at N10,000. Multiple reports in the media noted that the price of the commodity had surged to between N12,000 N15000 in Abuja and other cities in the country. This necessitated the meeting between the works minister and the cement producers.

The Minister of works, Sen. Dave Umahi had earlier stated his intention to build roads across the country with concrete rather than the traditional asphalt.

tctrills:
You don't resolve peacefully with terrorists.