₦airaland Forum

AkinadeDare:
Apart from the individual reasons affecting some stocks e.g right issue to raise fund, repayment of loans, high expenses e.t.c which could adversely affect the stock price, the market should generally start to go up, when the ministers start executing good policies for the economy. Jst my own thinking.

MightyD:
Nice move. But

When will OBJ,TINUBU,FASHOLA,AMAECHI etc can be probe?


Grudges and intimidation is smelling***

Machine075:
AMEN! Its so shocking. Bristow helicopters, recruit and train the Top pilots and Engineers in the world, they have a sound safety culture. They have good Aircrafts and their maintenance culture is top class. Yet this crash. what exactly went wrong?

PETERiCHY:
https://www.nairaland.com/2501718/naira-appreciation-why-nigerians-should

Is the value of the Naira really appreciating in the real sense or the CBN and the FG are playing pranks on Nigerians? Why are commodities still high in the market?

Ideal Situation
Ideally, customers operating domiciliary accounts will go to the banks, deposit their dollar and through that account they do whatever transaction that they deem necessary. The Banks inturn will take the dollars(and other foreign currencies) to the CBN.

The Buhari/Emefiele Situation
1. The CBN has stopped receiving dollars from banks, as a result the banks has stopped accepting dollars at the counter because their vaults are full.

2. Because of the restriction at 1(above) the demand for dollar reduces in the BDC. The BDCs seek every means to trade the currency including reducing the cost at the black market. The CBN will go to the press to scream "NAIRA IS APPRECIATING."

3. As a result of 1(above) the banks also refuse to request dollars from the CBN's foreign exchange reserve. The CBN will then come out to scream "RESERVE IS GROWING".

Is that the best way to manage the naira?

Salient Question and Effects:
1. What happens to a businessmen with domiciliary account seeking to deposit dollars and transfer to their partners abroad after buying the dollar from BDC or Bank?

he doesn't have to buy from the black market when the cost at banks are lesser and pegged, except it's elicit funds and they waant to move it into the system by force, otherwise load naira and allow the banks to use their dollar reserves to pay the client abroad- my opinion- enough of the BDC turn dirty bloody money into clean money

2. The bank's refusal to accept dollar deposit means business transaction on that will be halted. Because no domiciliary account holder will be willing to withdraw from his account when he knows that he won't be able to make further deposit due to the CBN's policy except if his intention is solely for converting the dollar to naira for local transaction.

on the contrary they are withdrawing so they don't have to pay charges on the dollars of above $10k in their domiciliary accounts, I was aat ecobank yesterday and people are withdrawing heavily

3. Instead of doing transactions from domiciliary account, businessmen will be left with no choice but to operate domiciliary account in neighbouring countries where they will be making transactions or resort to wiring money via Western Union in neighboring country.

so it may seem but how do they get the money their in the first place when, now they have to disclose the money to the customs and suddenly the customs, ndlea etc have just woken up from der slumber - or do you think they would want to risk smuggling it abroad by road? Theives and MOPOL, would be on their case, and do the laws over their allow free flow of funds into their system like nigeria?

4. As a result of 3(above) the cost of commodities will go UP because businesses will make up for the extra expenses. Also, that will mean reduction in business activities in the banks.

yes initially but If they sustain it, it's what I call the modern form of structural adjustment that "May" happen

5. Should the above persist it will get to a certain point where there will be scarcity of the dollar in the market. When it get to that point, the dollar rate is astronomically shooooooot up in the market because demand will outweigh supply. At this point, the naira problem will be worse than it was.

in as much as we have the naira and we can think of export creating activities, foreign direct investment - I doubt we would get to that level

Is The Naira Really Appreciating?
Make no mistake, the naira-dollar rate is yet to appreciate in the international market. As at May 29 the naira/$ rate was N199 in the market. The rate as at today Aug 5, 2015 is still N199. You can't appreciate a currency via the backdoor. Even the black market rate cannot be regulated through the back door.

I agree with you, it's not appreciating truly but it's really looking for its true worth, and not what we peg it at or choose it to be

What "Sane" Countries Does:
The CBN Governor Godwin Emefiele made it look like one can't deposit foreign currencies in cash in another country. This is contrary to the facts on ground. No country will shut down foreign currencies transactions in banks. Let me give two instances...

On February 27, 2015, the Central Bank of Egypt instituted a new policy to help the Egyptian pound. As part of the policy, Individuals and businesses are allowed a maximum of $10,000(or equivalent) deposit daily and $50,000(or equivalent) monthly. The measure would stop companies from buying large amounts of dollars from the black market and then depositing them briefly in banks in order to open letters of credit for imports.

the difference is most of the foreign currency coming into the financial system is not really accounted for by the government, ie you trade in Egypt they can see the money coming in and if you choose to hold cash and transact, its your choose but in nigeria someone would steal crude oil sell, use his private jet to fly it into nigeria so they can take advantage of the higher rates, open a BDC load the money their and start to trade it by moving the money gradually into the system so how do you explain that?
In China the maximum daily deposit/withdrawal of foreign currencies is $10,000(or equivalent).

Is it not better to place a transactional limit for foreign currencies than discourage deposit completely(that will solve nothing)?
We don't produce, we import, we have no policy to promote local production nor infrastructures in place toencourage manufacturers, yet we expect the naira to appreciate. That's is no done anywhere.

shalomm:
it is Fallacious to say that i hate them, Bro, I don't hate. I wanted to reply u, But since you are a partisan probably an APC supporter, I won't. c

Shalom Aleichem.

franchizy:
Are there no Igbo's in the Army, why replace with another Northerner. The marginalization of the SE is quite annoying.
I condemn it, I condemn it and I call on PMB to request the reversal immediately or face our wrath.

shalomm:
Good news!

But

Why is the likes of Amaechi, Tinubu, still walking free?


Something is not right somewhere.

luthorcorp:
Nigeria is getting more tribalistic by the day

FowlYansh:


Buhari is a tribal bigot that hate the igbos.

GEJ we are sorry

ddami:
I still don't think our political system has gotten bad to the extent that a public office holder will relate mastubation with politics,,,
ITS just the op's use of words..

midolian:
A frontline politician and former Vice Chairman of Arewa Consultative Forum (ACF) and chieftain of the All Progressives Congress, APC, Senator JKN Waku on Saturday, pointedly accused a National Leader of the APC, Senator Bola Ahmed Tinubu of being the mastermind of a petition over which the wife of the Senate President, Mrs Toyin Saraki, has been invited by the Economic and Financial Crimes Commission (EFCC).


The APC chieftain decried a situation where Tinubu will be exploring his personal relationship with the EFCC Chairman, Ibrahim Lamorde, to embarrass and torment fellow party members as well as overheat the polity.


According to him, "I have chosen to speak out on this issue and make my findings on this issue known to the public. After days of painstaking enquiries, I discovered that both Tinubu and Lamorde maintain a mutually beneficial relationship since the days of Lamorde as the EFCC Director of Operations and based in Lagos between 2003 and 2007 when Tinubu was equally the governor of Lagos.”


Waku, who is also an ACF member of Board of Trustees (BOT), said: "I also discovered from my findings in EFCC that the so called petition against Mrs Saraki was personally given to Lamorde by Tinubu under the guise that he was submitting the petition on behalf of the APC leadership to punish Saraki for working against the party's leadership on the choice of National Assembly leaders.


"This was followed by a promise to help secure a second term for Lamorde as EFCC chairman."
Senator Waku said he is highly disturbed that EFCC is again being dragged into the political arena to settle political scores like some years ago.


Waku said: "I want to use this opportunity to caution our leaders that no individual's ambition to create a fiefdom for himself should be allowed to drag our party into unnecessary controversies and endlessly overheat the polity.


"The party has done its beat to send lawmakers to the National Assembly to work for the nation and no particular political party, and as such, they should allow our Senators and Reps members to settle down and work in the overall interest of the nation, which is far and above every other sectional interest.

http://www.thisdaylive.com/articles/waku-sarakis-wife-ordeal-mastermind-by-tinubu/215580/

ddami:
what is the relationship btw mastubation & politics... did someone really say that word..

fkaz:
Look @ this old man who advice goodluck jonathan to organise a sovereign national conference and forget about 2015, but goodluck jonathan called him a bluff, is now defending jonnathan.
I hate Jonathan Administration for spending six(6) year in power and he was unable to restructure nigeria government constitutionally

ArodewilliamsT:
Chai yoruba!. Na swear be dis abi them curse oduduwa from birth? Oduduwa go see white call am black!

socialmediaman:
I don't believe this allegation.

Also I disagree with your opinion! Do you your job without fear or favor, you're the president of a country, not a section of the country.

ERODEDEAST:
Except for settling dues & maritime fees,cos before any Vessel can load in any of Terminals the anticipated vessels marine name/capacity would have been faxed to the OC terminal/ the Host Company/Napims/DPR. So tell me how you can load any vessel Illegally from any terminal its , But from other sources its possible. Some Jan.ja weeds will flood this thread with thrash like Baba is working.
Mteeew

FavorofGod:
My hubby and I have had no financial secrets since marriage. He uses my atm regularly and it's almost as though we operated a joint account. This has worked for us until recently.

Now the issue is this: I'm saving for my masters school fees(distance learning) which invoves thousands of pounds. I had to defer it last year due to financial constraints. So from the beginning of this year, I had already started making plans to pay. Hubby promised to assist but each time he puts away some money, something always comes up to make him use it up.

I wouldn't have minded much if it was just that, but he turns around to deplete my own savings, promising to pay when he has money. I know he has no other means of income and cannot fulfill that promise.As it stands now, I've not been able to save a dime, and my fees is due in 2 months.
So I told him he is on his own as far as this month and next month's salary is concerned, cos I'm saving every bit of it. Some money being owed me at my place of work for months now was finally paid me yesterday. I didn't want to tell him at first, but later did this morning.

He said he was disappointed, that I've started keeping secrets from him. That he only spent my money because he was broke and not out of carelessness. I told him there was a cause.

He spends money as he sees it, and does not believe in saving for the rainy day. He is not frivolous, but will start projects he had earlier shelved due to lack of money as soon as he sees money. For e.g, He has been talking about hosting a big time baby dedication, and the whole family travelling to the village next month for holiday, which are all capital intensive projects, when he knows he cannot fund it with his salary alone.

I think he wants me to allow him use my savings, then hope for a miracle to pay my fees. I know he's not commited to my academic pursuits, though he claims to. He once used up money I had saved for a proffessional exam, promising to pay b4 the closing date, only to tell me to forgett about an exam I had fully prepared for a day to the closing date because he couldn't raise the money. I had to run around to borrow and pay that same day.

So, ladies and gents, am I wrong to have barred him from touchingmy money for thisperiod or not? Should I stop telling him how much I have exactly? Share your thoughts.

santakris:
Please tell us the amount in naira. We want to know what amount is involved in our naira. We spend naira here in Nigeria and not dollars. Disrespecting our naira is no longer accepted America will not calculate their money in naira I quess.