₦airaland Forum

samorobo:
This looks nice,most especially the first pics.

Is it just me, or does this not look better than the one in Abuja.

Me sef dey reason am oo

Shaytun:
Tinubu Today in eagle square

It was very sad to see a person from a poor family who is forced to get dollars from black market and payhigh prices just because a poor folk wants to use the dollars for seeking medical treatments overseas, meanwhile the very rich on the land,Dangote and his fellows were getting the same dollars at subsidized price from government.
That was treason.

Kazikazi:
It was very sad to see a person from a poor family who is forced to get dollars from black market and payhigh prices just because a poor folk wants to use the dollars for seeking medical treatments overseas, meanwhile the very rich on the land,Dangote and his fellows were getting the same dollars at subsidized price from government.
That was treason.

It's extend to almost everything..state capture of Abuja by few elite Nigerians is horrendous. Nigerians in their infinite stupidity will praise Dangote instead of realising he made billions out of them..salt merchant vampire sucking their blood. TINUBU turned around hopeless lagos n today Nigerians should sleep knowing there is hope for zoo.Painful reforms are required. But Nigeria is lucky as they have oil n gas..they have just been unfortunate to have stupid leaders

United republic
Tztztztz

Kazikazi:
It was very sad to see a person from a poor family who is forced to get dollars from black market and payhigh prices just because a poor folk wants to use the dollars for seeking medical treatments overseas, meanwhile the very rich on the land,Dangote and his fellows were getting the same dollars at subsidized price from government.
That was treason.

rvp20182:
It's extend to almost everything..state capture of Abuja by few elite Nigerians is horrendous. Nigerians in their infinite stupidity will praise Dangote instead of realising he made billions out of them..salt merchant vampire sucking their blood. TINUBU turned around hopeless lagos n today Nigerians should sleep knowing there is hope for zoo.Painful reforms are required. But Nigeria is lucky as they have oil n gas..they have just been unfortunate to have stupid leaders

these submissions reek of ignorance.

CBN doesn't have enough dollar to supply every Nigerian need and also, in a bid to stem over circulation of dollar, CBN created special windows for those that genuinely needs the dollar, known as PTA and BTA.

Depending on what a person needs dollar for, one can walk into a CBN branch in his/her state to obtain any of them at official rates.

theenchanter:
these submissions reek of ignorance.

CBN doesn't have enough dollar to supply every Nigerian need and also, in a bid to stem over circulation of dollar, CBN created special windows for those that genuinely needs the dollar, known as PTA and BTA.

Depending on what a person needs dollar for, one can walk into a CBN branch in his/her state to obtain any of them at official rates.

I swear down 😂. They speak with such confidence but with half knowledge.

GeneralDae:
I swear down 😂. They speak with such confidence but with half knowledge.

🤣🤣🤣

Especially rvp.😂

GeneralDae:
I swear down 😂. They speak with such confidence but with half knowledge.

Wat do u expect when they only read information on twitter about Nigeria from our obedient brothers.
U can see him painting dangote bad instantly like he already has a bias for that man, the same man we were praising throughout last week.
I can't blame him, they can't appreciate wat they don't have.
Am very sure if dangote was to be a kenyan, that RIP guy will be willing to take a bullet for him.

theenchanter:
these submissions reek of ignorance.

CBN doesn't have enough dollar to supply every Nigerian need and also, in a bid to stem over circulation of dollar, CBN created special windows for those that genuinely needs the dollar, known as PTA and BTA.

Depending on what a person needs dollar for, one can walk into a CBN branch in his/her state to obtain any of them at official rates.

CBN should not be supplying dollars.It market to do that. You float Naira n market will do the rest.Nigeria is 30yrs late..almost every Africa country floated their currency in 1990s.Once you float...banks,importers,exporters,diaspora will meet n exchange dollars without any CBN intervention. Almajiris like you're are totally uneducated n have run down Nigeria..northern fools in cahoot with northern businesses elites.Tinubu should clean most of you idiots out of Abuja..so you can go herd goats n cattle

I have major problems with kenya vampires too..but have no problem with good business..black or white or brown.Gov must regularly monitor n regulate against abuses of capitalism.Kenya does that generally..except few sectors like our banking sector now.

QuietMynd:
Wat do u expect when they only read information on twitter about Nigeria from our obedient brothers.
U can see him painting dangote bad instantly like he already has a bias for that man, the same man we were praising throughout last week.
I can't blame him, they can't appreciate wat they don't have.
Am very sure if dangote was to be a kenyan, that RIP guy will be willing to take a bullet for him.

rvp20182:
CBN should not be supplying dollars.It market to do that. You float Naira n market will do the rest.Nigeria is 30yrs late..almost every Africa country floated their currency in 1990s.Once you float...banks,importers,exporters,diaspora will meet n exchange dollars without any CBN intervention. Almajiris like you're are totally uneducated n have run down Nigeria..northern fools in cahoot with northern businesses elites.Tinubu should clean most of you idiots out of Abuja..so you can go herd goats n cattle

did I mention that CBN is the sole supplier of dollar? U can also get dollar at DMBs at an increased rate, but u can only get dollar at an official rate in CBN.

Nigeria, being a country that generates major income from crude export has to peg the exchange rate, just like many oil nations around the world after the oil market collapsed in 2016......

We didn't generate much income and dollar was scarce, black marketers began to sell dollar at an exhorbitant rate, just like they do when dollar was scarce in Kenya this year. So CBN had to peg the dollar in order to regulate it's flow.

I'll stop there, so as to let u continue to wander the path of ignorance.

And yes, central banks around the world supplies forex to the economy, not market. Market only determine its rate depending on the demand and supply.

Idiot.

1) Most Nigerians get their dollars in black market rate. The Kenyan who was travelling in Nigeria had to literally claim he was gonna starve. The rate is almost twice the official rate. That is now 750 against official rate of 440?.

2) Black market exist because Nigeria CBN and Banks cannot meet demand - heck they might be one hoarding dollars - so they can resale in black market. That is 50% arbitrage for those connected to CBN and banks. No wonder Kenya guy was told only Northern business men have dollars and are one selling them.

3) The oil dollars dont belong to gov. They belong to oil exporters. That is Shell, BP, Oando, whoever. Even NNPC dont belong to Nigeria CBN. NNP use the same dollars to import refined oil. What belong to Nigeria gov is oil royalties and taxes.

4) Nigeria CBN is the most messed up central bank I know. Central bank should strictly be Gov Banker and Bank Bankers. It should never be in retail or deal with clients. Their main job is policy, regulation and should be INDEPENDENT. In kenya CBK have 5 or less branches - and all they do is manage bulk cash for Banks- never clients or customers. You go to own commercial bank. Nigeria one was even lending farmers money.

5) Nigeria gov should create seperate development or commercial banks for stuff like Anchor Borrowers - it crazy to imagine Central or Fed Reserve bank lending money to farmers. Very crazy.

6) Nigeria cannot float the Naira because they are afraid it will fall. They are trying to manipulate it. In 2016 - it allowed it to float then panicked when it dropped. There is no way out. Let it drop - until it find it base. It will be somewhere btw black market and official rate. Somewhere near the blackmarket.

7) Excuses about Oil economy is hilarous. Many oil producers have floated their currency. Angola did it - it went down - and it now stabilized.

Until you have one uniform rate that is market driven - you will continue to become poverty capital. You will continue to block Airlines and MTN from sending their dollars home. You will struggle to keep very high forex reserves. You will not see capital flow in to Nigeria.

theenchanter:
did I mention that CBN is the sole supplier of dollar? U can also get dollar at DMBs at an increased rate, but u can only get dollar at an official rate in CBN.

Nigeria, being a country that generates major income from crude export has to peg the exchange rate, just like many oil nations around the world after the oil market collapsed in 2016......

We didn't generate much income and dollar was scarce, black marketers began to sell dollar at an exhorbitant rate, just like they do when dollar was scarce in Kenya this year. So CBN had to peg the dollar in order to regulate it's flow.

I'll stop there, so as to let u continue to wander the path of ignorance.

And yes, central banks around the world supplies forex to the economy, not market. Market only determine its rate depending on the demand and supply.

Idiot.

Oops Tinubu is too sick to fix Nigeria
https://www.youtube.com/shorts/HZlQ4ANkbxc

rvp2018:
Oops Tinubu is too sick to fix Nigeria
https://www.youtube.com/shorts/HZlQ4ANkbxc

Another Buhari Promax Looks like someone who drank 10 bottles of action bitters Buhari is even more healthier than this Hoodlum.

rvp2018:
1) Most Nigerians get their dollars in black market rate. The Kenyan who was travelling in Nigeria had to literally claim he was gonna starve. The rate is almost twice the official rate. That is now 750 against official rate of 440?.

2) Black market exist because Nigeria CBN and Banks cannot meet demand - heck they might be one hoarding dollars - so they can resale in black market. That is 50% arbitrage for those connected to CBN and banks. No wonder Kenya guy was told only Northern business men have dollars and are one selling them.

3) The oil dollars dont belong to gov. They belong to oil exporters. That is Shell, BP, Oando, whoever. Even NNPC dont belong to Nigeria CBN. NNP use the same dollars to import refined oil. What belong to Nigeria gov is oil royalties and taxes.

4) Nigeria CBN is the most messed up central bank I know. Central bank should strictly be Gov Banker and Bank Bankers. It should never be in retail or deal with clients. Their main job is policy, regulation and should be INDEPENDENT. In kenya CBK have 5 or less branches - and all they do is manage bulk cash for Banks- never clients or customers. You go to own commercial bank. Nigeria one was even lending farmers money.

5) Nigeria gov should create seperate development or commercial banks for stuff like Anchor Borrowers - it crazy to imagine Central or Fed Reserve bank lending money to farmers. Very crazy.

6) Nigeria cannot float the Naira because they are afraid it will fall. They are trying to manipulate it. In 2016 - it allowed it to float then panicked when it dropped. There is no way out. Let it drop - until it find it base. It will be somewhere btw black market and official rate. Somewhere near the blackmarket.

7) Excuses about Oil economy is hilarous. Many oil producers have floated their currency. Angola did it - it went down - and it now stabilized.

Until you have one uniform rate that is market driven - you will continue to become poverty capital. You will continue to block Airlines and MTN from sending their dollars home. You will struggle to keep very high forex reserves. You will not see capital flow in to Nigeria.

1. what do u mean by most Nigerians? Most Nigerians deal with naira, not dollar. Only business men and those that has to do with traveling deals with dollar and PTA and BTA already covered them, so who are the most Nigerians u're talking about?

2. Black market was also in Kenya when dollar was scarce this very year, should I attribute such arbitrage to ur central bank and banks? Most people that are into forex in Nigeria are northerners, so the Kenyan guy was factual.

3. I like how u're contradicting urself here. Oil dollar doesn't belong to govt but oil royalty and tax does.😂 I guess the royalties and tax are paid in shilling. Yes, NNPC doesn't belong to Nigeria, it belongs to Kenya.

4. CBN doesn't issue forex initially, it started issuing it after d 2016 oil Crisis through PTA and BTA. Don't let ur half baked knowledge send u down d drain. And we have 36 branches, each branch covering each state.

5. As I said earlier, ur ignorance is alarming. CBN gives loan to farmers through bank of agriculture under the anchor borrower scheme. U're just a blazing idiot.

6. It'll be floated, ur junks wouldn't count.

7. I don't even think u know the reasons countries peg their currency against the dollar.... I don't think I can start with that. Saudi Arabia still have it's currency Pegged till today.

8.... Off-point.

Let me give up on the Zoo - considering Tinubu is hopelessly sick.

You wrong on black market in Kenya.
In Kenya it started when unethical banks and sleepy central bank messed up.
Kenya banks have inter-bank forex window - this is where price discovery happened- this they had killed.
Secondly Central Bank slept and didnt regulate forex trade - when banks were warned of heavy fines - they behaved.

Black forex market is clearest sign that market is broken. I dont know what helll you're argue about.

theenchanter:
1. what do u mean by most Nigerians? Most Nigerians deal with naira, not dollar. Only business men and those that has to do with traveling deals with dollar and PTA and BTA already covered them, so who are the most Nigerians u're talking about?

2. Black market was also in Kenya when dollar was scarce this very year, should I attribute such arbitrage to ur central bank and banks? Most people that are into forex in Nigeria are northerners, so the Kenyan guy was factual.

3. I like how u're contradicting urself here. Oil dollar doesn't belong to govt but oil royalty and tax does.😂 I guess the royalties and tax are paid in shilling. Yes, NNPC doesn't belong to Nigeria, it belongs to Kenya.

4. CBN doesn't issue forex initially, it started issuing it after d 2016 oil Crisis through PTA and BTA. Don't let ur half baked knowledge send u down d drain. And we have 36 branches, each branch covering each state.

5. As I said earlier, ur ignorance is alarming. CBN gives loan to farmers through bank of agriculture under the anchor borrower scheme. U're just a blazing idiot.

6. It'll be floated, ur junks wouldn't count.

7. I don't even think u know the reasons countries peg their currency against the dollar.... I don't think I can start with that. Saudi Arabia still have it's currency Pegged till today.

8.... Off-point.

rvp2018:
Let me give up on the Zoo - considering Tinubu is hopelessly sick.

You wrong on black market in Kenya.
In Kenya it started when unethical banks and sleepy central bank messed up.
Kenya banks have inter-bank forex window - this is where price discovery happened- this they had killed.
Secondly Central Bank slept and didnt regulate forex trade - when banks were warned of heavy fines - they behaved.

Black forex market is clearest sign that market is broken. I dont know what helll you're argue about.

at least u didn't deny parallel market in Kenya.

Why would I deny. Kenya last year had even Nigeria type petrol queues that were surreal. But it happens. Uhuru if he had continued for another 5yrs - would have made us a Zoo.

theenchanter:
at least u didn't deny parallel market in Kenya.

Kazikazi:
It was very sad to see a person from a poor family who is forced to get dollars from black market and payhigh prices just because a poor folk wants to use the dollars for seeking medical treatments overseas, meanwhile the very rich on the land,Dangote and his fellows were getting the same dollars at subsidized price from government.
That was treason.

The dual exchange rates and the fuel subsidy are the two biggest sources of corruption in Nigeria. A bank chief can make a million naira per day exploiting the exchange rate loophole. Tinubu has vowed to abolish it. He will have to float the naira. On subsidy I believe he is going to be very decisive.

Obaaderemi2:
The dual exchange rates and the fuel subsidy are the two biggest sources of corruption in Nigeria. A bank chief can make a million naira per day exploiting the exchange rate loophole. Tinubu has vowed to abolish it. He will have to float the naira. On subsidy I believe he is going to be very decisive.

Now You are talking.
In most of African nations,corruption is too big,that's why these policies of central bank couldn't favour ordinary folks.Only dangote who is already very rich was getting dollars at a cheap rate....subsidized by the same ordinary poor folks.

And worse of it all,the poor folks were actually buying the same dollars which the dangote might have gotten cheap and resell it at black markets. It was a scam. Those policies could only work in Botswana or Switzerland or Singapore with their almost zero corruption

Floating a currency is good on a long term,but at first it will be awkward for many folks since the GDP figures will be greatly affected as we saw in Egypt.

Kazikazi:
Now You are talking.
In most of African nations,corruption is too big,that's why these policies of central bank couldn't favour ordinary folks.Only dangote who is already very rich was getting dollars at a cheap rate....subsidized by the same ordinary poor folks.

And worse of it all,the poor folks were actually buying the same dollars which the dangote might have gotten cheap and resell it at black markets. It was a scam. Those policies could only work in Botswana or Switzerland or Singapore with their almost zero corruption

The bolded is half truth.
Dangote got dollar at a cheap rate for his refinery which is dear to the Federal Government.
There is the import and Export window exchange rate (Nafex) and not only Dangote but all businessmen who are only importing necessary items access it.

GeneralDae:
The bolded is half truth.
Dangote got dollar at a cheap rate for his refinery which is dear to the Federal Government.
There is the import and Export window exchange rate (Nafex) and not only Dangote but all businessmen who are only importing necessary items access it.

You must be naive to imagine all businessmen got this..you definitely need Abuja connections.This kind of thing was true in almost every Africa country until 1990s.That is why few flourish while rest of people suffer those days. Float Naira, stop fuel subsidy, fix electricity, security and education using fuel subsidy money, also end import ban list, just raise import duty for specific items but why on earth would you ban imports.

Obaaderemi2:
The dual exchange rates and the fuel subsidy are the two biggest sources of corruption in Nigeria. A bank chief can make a million naira per day exploiting the exchange rate loophole. Tinubu has vowed to abolish it. He will have to float the naira. On subsidy I believe he is going to be very decisive.

He needs medical attention urgently though.Vice president should be on standby.And it took you 8 eight years to finally get what I have been saying since day one

rvp20182:
He needs medical attention urgently though.Vice president should be on standby.And it took you 8 eight years to finally get what I have been saying since day one

The day I need a specimen like you to tell me where the bear shits in the wood is the day I leave Nairaland for good. No sane person needs anyone to tell them dual exchange rate system is crazy or that subsidy hurts an economy like Nigeria's where revenue is meagre. What I've always suggested is gradual removal or reduction of subsidy. Removing it abruptly might send the economy into a tailspin.

GeneralDae:
The bolded is half truth.
Dangote got dollar at a cheap rate for his refinery which is dear to the Federal Government.
There is the import and Export window exchange rate (Nafex) and not only Dangote but all businessmen who are only importing necessary items access it.

Many of the things that animal banned were necessary. A neighbor of mine nearly lost his job like many others in his company because their major raw material was banned in 2016.

"President Bola Tinubu alongside the First Lady and Vice President Kashim Shettima today resumed duties at the State House.

As part of his first full day in Office, President Bola Tinubu received briefing from the CBN Governor, Godwin Emefiele".

It seems Tinubu as a former Mobil Treasurer is more focussed on the CBN.

Obaaderemi2:
The day I need a specimen like you to tell me where the bear shits in the wood is the day I leave Nairaland for good. No sane person needs anyone to tell them dual exchange rate system is crazy or that subsidy hurts an economy like Nigeria's where revenue is meagre. What I've always suggested is gradual removal or reduction of subsidy. Removing it abruptly might send the economy into a tailspin.

Buhari already removed subsidy as there is no provision for subsidy in the budget beyond June. All Tinubu did was make it clear to the Nigeria public he was not going to piggyback on what Buhari has done already which is removal of subsidy by end of June.

rvp20182:
He needs medical attention urgently though.Vice president should be on standby.And it took you 8 eight years to finally get what I have been saying since day one

You have too much brain. You saw something which no one saw about 8 years back. Your IQ is too much

Now son,since u can see that far,can u tell me how to end hunger in kenya

GeneralDae:
The bolded is half truth.
Dangote got dollar at a cheap rate for his refinery which is dear to the Federal Government.
There is the import and Export window exchange rate (Nafex) and not only Dangote but all businessmen who are only importing necessary items access it.

I didn't say dangote didn't need money for a refinery.

My point was, the policy was riddled with corruption. Only the elites were benefiting from the policy while the poor couldn't get the dollars and they ended paying a lot in black markets

These are folks who were given Tanzanian citizenship recently

But I hate when these terrorists from Pakistan and Yemen are becoming the citizen

Arusha,Tanzania
Tztztz

Tanzania
TZ TZTZTZTZ