₦airaland Forum

kokaneprodigy:
However wrong this is, the onus is on CBN to enforce.
But remember the vendor buys aviation fuel in dollars, and Naira has been very unstable lately.

You could buy aviation fuel when $1=600 then you sell it in Naira to airlines, only for you to want to restock and $1=710. That’s a huge loss.

Wallade:
I strongly agree with you that CBN should enforce vendors to trade in naira within Nigeria.

However, your analogy of the instability of naira as an excuse is only tenable if the vending company only source forex from black market.

I don't believe Petroleum Marketing Companies source forex from black market for business demands or imports of petroleum products in Nigeria. They are even given priority in bidding for forex through CBN via commercial banks. The official rate of forex in Nigeria is still relatively stable; it is about 420naira to a dollar currently.

The only flaw is the efficiency and turn-around-time of commercial banks and CBN at meeting the demand for forex of these legitimate business demands.

kokaneprodigy:
By first understanding repatriation is not the problem. Round tripping and corruption is.

Remember this government once blamed crypto and Aboki FX for dollar rise against the Naira. How has the Naira fared since then.

They are leaving the root cause and treating the symptoms. This step will further chase away foreign investors.

kokaneprodigy:
However wrong this is, the onus is on CBN to enforce.
But remember the vendor buys aviation fuel in dollars, and Naira has been very unstable lately.

You could buy aviation fuel when $1=600 then you sell it in Naira to airlines, only for you to want to restock and $1=710. That’s a huge loss.

IbileIfe:
Aviation was worse under the PDP.
The news reports are on Google.

onyxo76:
Dubai a country? wetin those cities you mentioned dey do for Dubai?

kokaneprodigy:
that your last paragraph is the issue. You’ll agree with me time is money.

Let me add that even some of these banks won’t sell to you.

The other day I wanted to change some pounds sterling to Naira at a commercial bank and the official of the bank rather referred me to the aboki roaming around the bank.

The sole purpose of a business is to survive and possibly grow. Nobody is investing in Nigeria to sympathize with the government it’s to make their returns and the government has failed in guaranteeing that.

nedekid:
Seems you don't understand when you say it is their matter.
Emirates flies into Nigeria, ticket sales are made in our local currency. The cbn gives them their money in dollars. That is how they get their money out of Nigeria. Cbn says no dollar, so a lot of foreign airlines have their money tied down in Nigeria.
What this means or rather the implications of this is that either international airlines stop flying into Nigeria or they charge for their services in $$.
You want to buy ticket or pay for cargo, you will go and buy dollar from aboki and then go and pay the airline dollar.
Ie further dollarising the Nigeria economy and relegating the naira.

obamartins:
Qatar Airlines already started taking only USD from Nigerian Customers and it is very expensive. The economy has collapsed. Everybody should brace for impact.

priceactionx:
Na wa o.
Waiting for Mr Big liar to come and say rubbish again that Emirates didn't wait enough to get the money out. You are looking for investors, you got, they did their legitimate businesses even under harsh economic policies, now to get their money out, you are choking them with useless dragging.
Which kain country be this? But let proper investigations be done on government thieves stealing money, you will be amazed billions of money outflown to other countries monthly. That one is not difficult to do at all.
People are surprised that dollars are scarce, wait for the election time, it will be available for their cronies. Choking her citizens business, chocking foreigners profits. Useless country, useless leaders.
Bubu and Emiefele should leave the sit if they are lost... But... it is naija....

Instead of people to be fighting for breakups, regional independence before it gets out of hand, (cos those bastards up there have one mission, to take over the South), they are shouting cassava, agbado, atikulate.. Obidient.. Bla bla bla. You will soon see another exodus to the new party if new government emerges.

Same set of thieves in new clothes. Nigeria is beyond repairs especially with the set of repeated politicians.

Did anyone see the recent videos of elected governor of ekiti and osun states flying same private jets, jubilating and dancing, and wining together with some of their aides and few family members? I mean apc and pdp incoming governors oo, after they won elections ooo, and you think they have you and me in their mind? E go shock yu. Una mumu never do.
I pray new blood enter like Obi, but I want to see how he will manage same sets of law breakers, that are good in crossing from one party to another for selfish interests. How he will manage the majority of the senate and house under different parties that are only interested in their families and their sugar mummies, I want to know. I pray neutral person flows in.
Before you abuse me, think deeply on what will be different from the same sets of thieves and evil leaders that will still be around corridors of powers?
Break the gathem country to 10 pieces and let everyone know him papa pikin. We will do well more that way as long as we don't allow evil politicians have access to us...

happney65:
Like 83, like 2023. We told them,we cried and shouted to the heavens. But una no hear at all.

See where we are

Dshocker:
That na their problem, Nigeria has so many issues bedeviling her, so no Nigerian have that time to reason their matter.

Walealoba:
please sir check my signature

Dshocker:
Wetin happen to your signature?

MrBlock:
I am not sure why this letter was coined this way. The non-repatration of revenue proceeds has led to cashflow constraints but not necessarily loss in business profits or revenue.

The only loss in profits I see is the inability of Emirates to earn investment interests on these funds. There would also be loss in profits if funds have to be obtained from more expensive sources to meet short-term obligations outside Nigeria. These two activities are financing and investment activities and hence not operational in nature.

The better decision that Emirates should have made is the deployment of these funds to local Investments that can earn higher comparative returns versus returns available outside Nigeria, after all, Nigeria has one of the highest interest rates in the world. I suspect this is what the Nigerian Government is trying to achieve as keeping these funds within would steer the economy.

kokaneprodigy:
That was how it got to 85M

Okobola146:
they are cities in Dubai

onyxo76:
ehhn, really? in Dubai?

BigDawsNet:
Na so Afghan start small small...


Just remember, when he set... politician and rich and celebrities will jet out immediately


May God help us all

BigDawsNet:
Na so Afghan start small small...


Just remember, when he set... politician and rich and celebrities will jet out immediately


May God help us all

Okobola146:
yes nau

AbuAeesha:
I doubt u read the whole
I doubt u read the whole story

nlfpmod:
https://twitter.com/Sir_Ruffy/status/1553327033316700160?s=20&t=r3Wl96dL59S0LDa-KzXPcg[/quote]It is time for Bureau d change to be abolished in Nigeria.

Wawelexy:
Buhari is gradually sending away all our investors.....

Na China go buy this nation las las