ahiboilandgas:
BDC was formally recognized by prof soludu and was given operational guidelines after years of denying . Sunusi started the biweekly sale to BDC via dutch auction system of 50000 USD x2 after like 6 months BDC could not absorbed the USD inflow from the bid. Then they stop biding or skipped cos CBN was give them a margin of 2 naira only . So it was more profitable for them to buy lower from under pilliow stockpiles and sale lower than the offcial rate to remain in business . So no body goes to the offcial window cos it was cheaper in the BDC by 7 naira .and stability was Maintained .

So, do you agree that the Central Bank of Nigeria (CBN) should make dollars available to all players at a predetermined price in sufficient quantity until the naira is stabilized? If 700, 750, or even lower is the predetermined price, so be it. Selectively giving foreign exchange to a few players like Dangote, as you mentioned, is a bad idea. Unless you believe Dangote is a saint, he will also engage in round-tripping.

ahiboilandgas:
BDCs is a necessary evil the Nigeria state must learn to accommodate . Pmb learnt the hard way both in 83 and 2019 ! Nigerian is an abnormal society and text book policy will not work as planned in other society's! .This unrecognised market was organised by CBN /sunusi after years of self deny that is doesn't exit or dont have any effect on official rates ,inflows and stability! Wapa starting exchanging money before the Nigerian state came into been and will still be doing currency exchange after the Nigeria state expires!. Nigeria a highly corrupt ,selffish and crime infested society where 95 peecent of citizens have criminal tendencies are surprised the naira is unstable and BDC strives ! Give a Nigerians manufacturer 1m usd @300 to bring raw materials he will instead sell tp BDC @600 make 300m collect cheiftancy title and come to press and blame poor aboki for devaluation of Naira .give xxxx Man visa to India ,thailand cambodia for business he start selling drugs and remit same to BDC to build his mansion! All the ashawo in italy,drugs in asia , yahoo crew are th crew sustaining the BDC enterprise

It's fascinating how you go out of your way to defend BDC operators....

Regarding Dangote, a single person should not have the freehand to over 10% (arguably 50%) of a nations reserve.

Let me ask, would your defence of BDCs be different if they had neen mainly of another ethnic stock?

Would you have said sane thing qbout Dangote is his name was Chukwudi?

How much forex has Nigeria spent to quell the self-inflicted extremist terror in some parts?

Again... patriotism thru an ethnic lens

phoinix:


So, do you agree that the Central Bank of Nigeria (CBN) should make dollars available to all players at a predetermined price in sufficient quantity until the naira is stabilized? If 700, 750, or even lower is the predetermined price, so be it. Selectively giving foreign exchange to a few players like Dangote, as you mentioned, is a bad idea. Unless you believe Dangote is a saint, he will also engage in round-tripping.

USD from the CBN must be channel to area that lead to clear growth of the Nigeria state why will CBN provide USD to xxxx to import tin tomatos , salad cream VS dangote group to do refinery that can export and earn USD going forward .The CBN will by buying USD from the group 9 bn USD) mr Alaba trader that want to deindusttrailize our economy will not get

jedisco:


Markets thrive on confidence. The dollar in itself is mainly paper, many times its just numbers on a computer.

What percentage of oyr reserves would $5B come to?
What happens after 2 months?

Is it not Tinubu's hasty plays that fueled the current dollar hike.

ahiboilandgas:
USD from the CBN must be channel to area that lead to clear growth of the Nigeria state why will CBN provide USD to xxxx to import tin tomatos , salad cream VS dangote group to do refinery that can export and earn USD going forward .The CBN will by buying USD from the group 9 bn USD) mr Alaba trader that want to deindusttrailize our economy will not get

There are a lot of things wrong with your assertions. First, Nigeria is for all Nigerians, unless you want to divide the country and let each section go its own way. All policies should be impartial. If the government thinks that the importation of tin tomatoes and salad cream is not necessary and can be made locally, then the government can ban such importation. However, dollars should be made available to all. Dangote is not the only private refinery or manufacturing company in the country.

Lol at ahiboilandgas, always emotional, always thinking emotionally. Same reasoning that has brought us here, LOL.

phoinix:


There are a lot of things wrong with your assertions. First, Nigeria is for all Nigerians, unless you want to divide the country and let each section go its own way. All policies should be impartial. If the government thinks that the importation of tin tomatoes and salad cream is not necessary and can be made locally, then the government can ban such importation. However, dollars should be made available to all. Dangote is not the only private refinery or manufacturing company in the country.

selective narration. The 700m USD made available to Nigerians to japa to the UK alone via form A came from where ? The 800m USD for PAT and BAT the 800 m USD for airline tickets .have you look at the USD sales publish by banks weekly and na dangote name alone you see .envy is a serious sickness .i get USD 4000 usd any time i wan travel via bank 3 time a year .

jedisco:



It's fascinating how you go out of your way to defend BDC operators....

Regarding Dangote, a single person should not have the freehand to over 10% (arguably 50%) of a nations reserve.

Let me ask, would your defence of BDCs be different if they had neen mainly of another ethnic stock?

Would you have said sane thing qbout Dangote is his name was Chukwudi?

How much forex has Nigeria spent to quell the self-inflicted extremist terror in some parts?

Again... patriotism thru an ethnic lens

selective honestly !! How many time have you sold your USD to bank at approved official rate !!! You all patronize the Aboki BDC steady and still hating on him wonders .

jedisco:


The last time BDCs were allowed to operate, they were largely involved in rountripping creating a bottomless pit the CBN could not fill. Same reason why their licenses were suspended.

When questions were asked here, you were quick to defend their acts as 'business men' and instead blamed 'importers'. Well the importers have survived.
The devaluation today was set in stone partly by their actions. If BATs government allows then do same thing that PMBs allowed, same outcome would be guaranteed.


Patriotism thru ethnic lens.... it doesn't matter what BDCs do to the naira. As far as they are my brothers or I benefit directly, I must protect them and point fingers at others.

Nigerians would round-trip rega as long as they see the opportunity.

I have friends in banks that blow from processing form m and school fees for student.
So even if bdc is out of the equation, round-tripping will still continue.

phoinix:
Lol at ahiboilandgas, always emotional, always thinking emotionally. Same reasoning that has brought us here, LOL.

alaba trader always thinking how to import consumable to Nigeria and still surprise or blame bola Tinubu that naira is bad this why naira is low importing toothpicks, Alaba traders imported 100m USD bleaching creams 120m USD wigs and hair 30 m USD eye lashes 300 m USD whiskey . How naira wan strong na it even try tp survive this onslaught

Itzlinda:



Nigerians would round-trip rega as long as they see the opportunity.

I have friends in banks that blow from processing form m and school fees for student.
So even if bdc is out of the equation, round-tripping will still continue.

blame dangote !! Failed citizen's looking for scape goat .a Nigeria lady in dundee that went for Master sold fake COS sponsorships tp 40 Nigerians each paying 10000 pounds .That is 400,000 pounds in one swoop from the system for non exiting care jobs in the UK ! All it dangote that cos am .400,000 pounds can imports and install rice mills , rubber cycling firm in Nigeria.

ahiboilandgas:
selective narration. The 700m USD made available to Nigerians to japa to the UK alone via form A came from where ? The 800m USD for PAT and BAT the 800 m USD for airline tickets .have you look at the USD sales publish by banks weekly and na dangote name alone you see .envy is a serious sickness .i get USD 4000 usd any time i wan travel via bank 3 time a year .

I thought you said in the previous post that dollars should be made available to Dangote and not the rest of Nigerians. That's what I understood from the post. LOL.

ahiboilandgas:
alaba trader always thinking how to import consumable to Nigeria and still surprise or blame bola Tinubu that naira is bad this why naira is low importing toothpicks, Alaba traders imported 100m USD bleaching creams 120m USD wigs and hair 30 m USD eye lashes 300 m USD whiskey . How naira wan strong na it even try tp survive this onslaught

There is a market for those things, nah? If not, they would not import them. The problem is why is it cheaper to import them than making them in Nigeria? That is the problem that Tinubu and co should solve. I don't know ooo. Maybe there is not enough power supply, or the cost of petrol is high, or insecurity is high. Whatever the case, if a made-in-Nigeria toothpick is 10 naira, and an imported toothpick is 15 naira, which one would you buy?

phoinix:


I thought you said in the previous post that dollars should be made available to Dangote and not the rest of Nigerians. That's what I understood from the post. LOL.

there should be a priorty list from raw materials to equipment to study . If i had my way studies on stem courses alone and stop USD sale to religious prilgime .if you cant pray in Nigeria oyo.

phoinix:


There is a market for those things, nah? If not, they would not import them. The problem is why is it cheaper to import them than making them in Nigeria? That is the problem that Tinubu and co should solve. I don't know ooo. Maybe there is not enough power supply, or the cost of petrol is high, or insecurity is high. Whatever the case, if a made-in-Nigeria toothpick is 10 naira, and an imported toothpick is 15 naira, which one would you buy?

which will the japanese,Chinese buy ? That why the japanese products that where laugh at in the 1920 are topnotch now . Mr chukudi Nigeria will buy imported and still be surprised that Nigeria is not developing and naira bad and blame bola tinibu,APC and dangote. And japa to japan .

ahiboilandgas:
there should be a priorty list from raw materials to equipment to study . If i had my way studies on stem courses alone and stop USD sale to religious prilgime .if you cant pray in Nigeria oyo.

That is the problem: the "priority list." When you have a priority list, you open the door to round tripping. If you sell cheaper to high-priority individuals and sell differently to others, you will find that some of the priority individuals will divert some of it to the other side for quick profits.

ahiboilandgas:
which will the japanese,Chinese buy ? That why the japanese products that where laugh at in the 1920 are topnotch now . Mr chukudi Nigeria will buy imported and still be surprised that Nigeria is not developing and naira bad and blame bola tinibu,APC and dangote. And japa to japan .

Sorry, but you are not addressing my point above. Do I need to repeat myself? Why is it more profitable to import and sell toothpicks than to make them in Nigeria?

phoinix:


That is the problem: the "priority list." When you have a priority list, you open the door to round tripping. If you sell cheaper to high-priority individuals and sell differently to others, you will find that some of the priority individuals will divert some of it to the other side for quick profits.

real priority no get time to such person want to study PhD in Ai in the UK hes fees are transfered to imperial college 20000 pounds how you wan round trip ? Dangote wan pay glancore for tantalight for cement 15 m usd via form M how them want round trip ? ABB wan pay GE for 10000 kva transformer how them want round trip . Mr Alaba wan import toothpick from mr unknown company for china send invoice 50000 usd it can be forge and roindtrip

ahiboilandgas:
real priority no get time to such person want to study PhD in Ai in the UK hes fees are transfered to imperial college 20000 pounds how you wan round trip ? Dangote wan pay glancore for tantalight for cement 15 m usd via form M how them want round trip ? ABB wan pay GE for 10000 kva transformer how them want round trip . Mr Alaba wan import toothpick from mr unknown company for china send invoice 50000 usd it can be forge and roindtrip

LOL, So we are now depending on emotions again.

phoinix:



Sorry, but you are not addressing my point above. Do I need to repeat myself? Why is it more profitable to import and sell toothpicks than to make them in Nigeria?

the Nigeria business Man is shortsighted and a rackeeter. Manufacturing is longterm and more rewarding .import is shorterm and has instant rewards. Africans generally like insrant rewards that why it called the dark and undevelop . Nigerians leaders prefer to import fuel than operate refinery or build but dangote as 66 already wealthy is building it been criticized.

phoinix:


LOL, So we are now depending on emotions again.

emotions is part of human traits abi you be robot or alien.

jedisco:



It's fascinating how you go out of your way to defend BDC operators....

Regarding Dangote, a single person should not have the freehand to over 10% (arguably 50%) of a nations reserve.

Let me ask, would your defence of BDCs be different if they had neen mainly of another ethnic stock?

Would you have said sane thing qbout Dangote is his name was Chukwudi?

How much forex has Nigeria spent to quell the self-inflicted extremist terror in some parts?

Again... patriotism thru an ethnic lens

You are very very correct

ahiboilandgas:
the Nigeria business Man is shortsighted and a rackeeter. Manufacturing is longterm and more rewarding .import is shorterm and has instant rewards. Africans generally like insrant rewards that why it called the dark and undevelop . Nigerians leaders prefer to import fuel than operate refinery or build but dangote as 66 already wealthy is building it been criticized.

Again, I asked a simple question. You are going round and round. You keep mentioning Dangote. Just calm down, sir, and give it a long thought, okay.

They say immediately they remove subsidy his refinery will immediately automatically be producing 600, 000 barrels of refined petroleum for Nigerians every blessed day. They even commissioned it on national TV. It later turned out to be a lie, it was all a ruse. Now they have granted him license to import petroleum.

Why do we like deceiving ourselves in this country?

Maybe it is time we get professional qualified engineers to occupy leadership positions including president and governorship position across the country.

Maybe things might turnaround in doing so.

ahiboilandgas:
you want them to give USD to alaba traders to import from china ? From pants to toothpicks and claim hardworking and developing crew abi ? 3 bn USD to alaba traders to import used electronic or 3 bn USD to dangote group to build refinery so we stop importing and spending 10 bn USD .which in your tribalist view is better ?

Trust me, the ibo traders u are referring to, no de look for dollar. They know where to get it when they need it.

ahiboilandgas:
the Nigeria business Man is shortsighted and a rackeeter. Manufacturing is longterm and more rewarding .import is shorterm and has instant rewards. Africans generally like insrant rewards that why it called the dark and undevelop . Nigerians leaders prefer to import fuel than operate refinery or build but dangote as 66 already wealthy is building it been criticized.

Why are u using phone that was not made in Nigeria when in actual sense u should have waited for Nigeria to start producing phone by 2070? Why? Why? Why?
And how long are u going to wait for Nigeria to start manufacturing?
Nigeria borrowed south Korea sk money for them to pay salary, today they are far ahead of Nigeria and in the world, it's only apple that can compete with their Samsung phone. They do not have oil yet electricity is one of the cheapest thing in the country.
Until government intervene, we will be speaking English on nairaland

We should not be looking to manufacutre everything, I feel it is the wrong way to look at it, we should look at what we are good at and produce it so efficiently that we can generate enough dollars to cover imports

For example we refine enough petroleum and sell or produce coffee from cocoa and sell

We should not be jack of all trades and master of none