₦airaland Forum

IbeOkehie:
I think this is about price of goods that are imported with forex allocated by CBN. This is a process that helps with capital controls.

Let's say Alpha Ltd wants to import some machines from the USA and needs dollars.

It's illegal to buy it on the black market. More importantly the black market is more expensive.

Alpha Ltd applies to CBN for $1 million. This is where the government power and corruption starts.

CBN wants to make sure the machine is worth $1 million. That is the purpose of the Price Verification System.

If not, the machine may be worth only $100K and Alpha will have gotten a profit on $900K worth of forex.

Alpha Ltd can collude with the USA company to issue a receipt for $1 million on a machine worth $100K.

The purpose of all this is to ensure that "our forex" is used properly 😆, but we all know it's eye service.

Same thing exporters too. Say a farmer exports $1million dollars worth of cocoa. When the buyer in Germany pays, the law is that the exporter must exchange the dollars at CBN and accept the LOWER CBN rate 😳

What does the exporter do? He convinces the customs officers to issue a LOWER value for the exported cocoa OR gets the German buyer to claim he bought it at a lower price.

I hope it explained as simple as possible. When you read economic journals stating that "$400 billion was illegally taken abroad since 1980" this is a major part of what they're referring to. They are referring to private money that the government wants to seize through forex regulations.

People don't want to give up their hard earned money to government. Same thing here

https://www.nairaland.com/8136256/cbn-reforms-boost-diaspora-remittances

The reason government is getting more official forex from remittances is because the gap between CBN and black market is much smaller than before. That GAP enables round tipping corruption. This is why Nigerian politicians and government officials have NEVER EVER permitted a free float of naira.

One of the major avenues for STEALING from Nigerians is forex price regulations. Nigerians earn hard currency and government forces them to accept worthless naira in exchange. Basically the government keeps printing more and more naira and using it to buy your hard earned forex.

Good Luck to Nigeria.

osazsky:
Prices of import will go up since the importers know dat CBN won't varyfy prices wat ever price they put on imported goods will be given approval provided they pay bribe simple

Gerhards:
Senator Ned Nwoko have spoken and made his intention known to the whole Nigeria and whoever is not satisfied about it should pay him a visit, i don't take online noises seriously, any riff raff can rant online, what matters most is the decision of Aniomas stake holders, do you prefer otapiapia or ceiling fan?

Realtruth2023:
Oga that is not the issue here. we are talking about customs, the ika man answers Chukwuye, Uche, Nneka, Nnenna etc and their villages are standard igbo villages with igbo customs and you say they are distinct? bros have brain naaaa

Gerhards:
You have nothing to offer on this topic, it's above your intellectual capacity, I'm into Otapiapia business, maybe you might need one in future when Anioma state is archived or do you prefer ceiling fan?

Realtruth2023:
You have not answered my question how are they distinct when their culture is not distinct. They answer igbo names, their villages are typical igbo villages, they have igbo standard customs. Oga see this propaganda and lies has busted you will have it hot, you cannot disseminate lies here again.

ojun50:
I no blame am, I blame Nigeria youth wey no won get sense wey think say OBI na there problem.

Gerhards:
Can you show me where i made such comment? do you have ceiling fan at home?

Gerhards:
Only a fool will take you seriously here, i hope you won't hang yourself when Anioma state is archived, do you have ceiling fan at home?

Realtruth2023:
that is not a tribe. Oga you are so fond of spreading propaganda and lies. Try and get a decent job to do, this 30k salary is not feasible

netricoin:
From the look of things, it'll take a miracle for BAT to win the next presidential election, even if APC decide to do rigging for him, it'll still not help him

https://africapolling.org/2024/05/29/citizens-assessment-of-president-tinubus-performance-one-year-in-office/

SoNature:
If you were really reasonable, you would know that you shouldn't get into issues that don't concern you.

I don't really understand the criteria APC uses for hiring BATerians. Seunmsg and his team need to review them to engage intelligent people.

Ojuntana:
Oh! So you don't even know for a fact that multinationals left under IBB/Abacha years but just defending as usual?

bayelsaowei:
have you been to Anambra before? You do know lagos is a very useless place

Ojuntana:
I know of IBB and Abacha years but I don't know of mass exodus of multinationals under OBJ, Yaradua and Jonathan. You can share them if you know.
But in those IBB years, they were seen as economic calamities

Ojuntana:
When was the first time

MrEverest:
Ignorant child, Obi left Anambra better than Lagos in many indices of development as measured by MDGs. Tinubu is a curse to Lagos and Nigerians. Apart of being a drug dealer, the only thing he knows is how to steal and destroy while using bigotry to defend himself.

I almost gave up on Blacks after seeing how primitive minded many Nigerians are until I saw Kenyans acting like normal humans.


Spit!

loswhite:
It is only a fool that fights for Nigerian citizens. I wonder why he decided to even build a refinery in Nigeria when he can build it in Ghana… I don’t blame our politicians because the average Nigerian loves people that steals state money and invest in Dubai

100millionGoal:
We the talk Anioma u the shout Ndokwas since morning.

Is Ndokwa Yoruba?

100millionGoal:
Lend him this

Gerhards:
Do you need a bucket to gather those your sweet tears for me?

ImmaculateJOE:
The two threads you posted have no link to the news.

They are imaginary news, sponsored by the enemies of Anioma people.

Go to the streets, or better still on Facebook, where you will meet real Anioma people and see where they stand.

ezegenigbonine:
After they go say na dem get respect pass for tge whole world. Ndi nzuzu

bayelsaowei:
you mean the flooded useless lagos?

Maxtipulation:
And what tribe will they say they are?

Asin, what tribe will you refer them as?

Because there nothing like IKa or NDOKWA tribe

Kindly reply,

Maxtipulation:
What will they rather refer them selves as?

Cabalgeneral:
We won't allow cursed people to share border with us.
The bridge is okay, everyone should stay his lane.