₦airaland Forum

Alliswell248:
It's you who knows nothing but still making the loudest noise.
During the last administration, despite the trillions of naira allegedly printed,and the padding of the usd, we kept borrowing to keep the dollar rate to naira low and also subsidizing pms.

But all these are out since May 2023. We have cleared the fx backlog owing to those airlines.

The economy is better.

Give credit to whom it's due and stop the hatred

It isn't about clearing FX backlogs or killing the local currency exchange "black market", that was and is just gross corruption in the country's finance and governance overall, the questions to ask are, are Nigerians moving forwards financially? are the honest money making majority telling tales of a better yesterday or a sweet ongoing era?
Not about Bat or buhari, these factions and useless arguments is what's been keeping Nigerians in the chains of incompetent devilishly greedy self serving politicians, is life better now? How many Nigerians who could shop on websites like ASOS, Amazon, eBay, back then conveniently even with customs duties find this news amusing🤔
The government isn't serious, and to state the obvious truth, this administration is not doing anything to relieve the masses, definitely making life harder, deaths engulfing the nation, north, south, west and east, if this continues for another decade, then maybe casualties can be likened to that of the bubonic plague, I am sure these criminal leaders will be in Europe or wherever the actual leaders have the people in mind, enjoying life.
These facts are everywhere, domestic flights became an unaffordable luxury, even students with project writing hustles on campus could use these services before the miracle worker came in, now they tell stories of the experience, here the minimum wage is 50 dollars a month, in the US where the minimum wage makes sense, there are 25 dollars flights covering longer distances 😏, here we talking about two months salary if you book 6 months before the travel date 😂
Only a tiny fraction can afford to be on Amazon 😂, how many are using paid Spotify? How many patronise netflix? How many can even afford 50gb a week? Or have the electricity to power the appliances? I go shopping at the supermarket and I see evidences of widespread hardship, I have not been in a queue at the supermarket checkout point in a long time.
Unfortunately, many Nigerians do not know what good governance should feel like, they don't think they deserve it, the suffering and abuse has been normalised so much that many now think it is the norm, I'm not talking about a community where everyone is wealthy, that doesn't exist, I am talking a working environment where people can make good examples of thousands of honest hard workers who are doing great, where jail isn't for a certain people, where actions have appropriate consequences, and where the people do not have to pray to return home in one piece when stepping out to work in the morning.

VladimirTheGrea:
The have always been foolish with this decision. While other nations are looking to innovations that'll help them beat forex scarcity, our nation went rogue on young people doing legitimate business.

Criminal bankers!

Actually the Buharo administration was a total disaster.

Zionmdde:
Why did they suspend it in the first place? Its simple
The difference between bank rate was very large. Banks were selling 460 per dollar black market was like 550 or so.
But today dollar subsidy is gone, there will little or no difference between bank rate and black market

In summary it's still the same as buying dollar in black market, paying into your dollar account and spending with your dollar card

Funny enough you will see people who know nothing coming to sing apc praises because banks are now selling at black market rate

This achievement by Tinubu administration is a good one, pls don't twist it because you hate the man. before nko you want them to subsidize Dollar for you too.

Gboom:
Any good news is always negative to you guys because your hatred for the present government is unprecedented whereas the decision makes it easier to transact in global online markets

Oga that is not the main benefit of using that card over dollar card
Ease of transaction with black market rate abi?

ZUBY77:
Who stopped it in the first place? Cos I know it was working during PDP era. Who stopped it 3 Years ago? The daft people will say it's not TINUBU but Buhari and I ask, what's the difference between them?

There is a huge difference between them oo.. 5 more characters needed

Olaide1295:
It was stopped in 2014 under Jonathan and Emefiele when the naira fell to 467 from 350 naira

You mean it was stopped when APC was formed and started throwing illicit money all over the place? What a good time to restart it again. It's called reverse.
Thanks for answering my question with correct answers.

Olaide1295:
Well done to Tinubu and Cardoso.
But I fear this may start putting pressure on the naira again soon. Politicians may start buying dollars again now that it’s becoming easy to move currency.

It was stopped in 2014 under Jonathan and Emefiele when the naira fell to 467 from 350

This is not going to put any pressure on the naira.

almarthins:
Whose party started this madness?

Bola tinubu is not innocent at all. Na snake be that man. E sabi politricks die!

When has party started doing this. who is even deceiving you guys to shift blame on party when you will leave humans to blame party.

GTB sent me a message this afternoon too.
GTB GTB GTB GTB

lionshare:
Let me try to make this easier to understand. When a government runs a subsidy economy like we used to, it essentially transfers money from the poor to the rich. For example, a wealthy person might need $1 million per year, while an average person like Emeka only needs $100 per year to pay for something like web hosting. However, because of the subsidy system, Emeka often ends up buying through the black market at a higher price.
Who ends up paying more? The rich, because the subsidy benefits them on a much larger scale — $1 million compared to Emeka’s $100.
The opportunity cost here is significant: the government loses revenue, which leads to poor infrastructure, inadequate education, and a lack of social services. Ironically, these are the very things that could help level the playing field for Emeka’s children in the future and improve access without a higher comparative cost in the short term such as seen here.
So, considering all this, which scenario do you prefer — the system before the subsidy or after?

I love your analysis but it's totally wrong
If dangote gets subsided dollars to import and in turn sells goods cheaper, dangote will benefit Emeka will benefit. But you want Emeka to suffer the little subsidy he was benefitting because dangote uses subsidized forex to enrich himself and bribe cbn officials
Instead of calling for the sanitization of corrupt system, we rather push everybody into suffering

On the other hand, since tinubu government is now saving more, and Emeka is paying more, what can you say Emeka is currently benefitting from the arrangement, at least to cushion the pains

Okoroawusa:
This is one of the reasons they want Tinubu out but God pass them.

I Love Bola Ahmed Tinubu...if you hate him na you sabi

Abeg who imposed that sanction in the first place was it not APC?

fxexperts:
Actually the Buharo administration was a total disaster.

This achievement by Tinubu administration is a good one, pls don't twist it because you hate the man. before nko you want them to subsidize Dollar for you too.

Oga what has the common man benefitted from tinubu's administration? You remove dollar subsidy, thereby killing a lot of businesses, what have they implemented to at least benefit people?

LegendHero:
ADC stopped it please. You should blame Obi party for stopping it.

Emefiele and Malami are the culprit. Now both of them are in ADC so we should drag them like tiger generator.

ADC destroyed this country and APC will right the wrong.

Emefiele and Malami were working for who then?
You guys are Shameless.

chicfarmer:
This is great news。

Not enough original content
Please take a moment to write a quality post with at least 40 characters.
This will make the forum more interesting for everyone.

U don hear howmuch imagine them saying you can only spend N200K a week

ElSudani:
If access to loans have always been easy what then should the government do if you are not taking advantage of it to produce enough for Nigerians to eat?
The weather is fine, land is fertile and there's easy access to finance according to you. Do you want Asiwaju to cultivate the farms for you too?

You guys are always quick to call people lazy
So as interest rate is now above 25% annually while some are as high as 50% a farmer should take loans, cultivate farm and is not even assured that herdsmen won't ravage the farm?

As I said before, If you are into poultry business or fish farming, you won't be here yarning this thing

fxexperts:
This is not going to put any pressure on the naira.

When has party started doing this. who is even deceiving you guys to shift blame on party when you will leave humans to blame party.

When things were nt working well under pdp administration. People like you were slicing them for there policy backfire.

Today, you re hypocritically denying the administration of apc has nothing to do with this. Again whose party did buhari came into power, and under which banner did tinubu come into power?

Apc lead administration under buhari denied Nigerians of using their money internationally through the instrument of cbn power over commercial banks.
Today, the same apc is now back tracking on the policy and you want to start singing "jagaban!!!"

Nonsense!

ZUBY77:
You mean it was stopped when APC was formed and started throwing illicit money all over the place? What a good time to restart it again. It's called reverse.
Thanks for answering my question with correct answers.

Haha. Your ability to twist the narrative.
You’re a senior man anyway, can’t argue much with you. Respect from the days of your beautiful writings.

Okoroawusa:
This is one of the reasons they want Tinubu out but God pass them.

I Love Bola Ahmed Tinubu...if you hate him na you sabi

During PDP tenure, I was buying stuffs on Alibaba @ around ₦200 to a dollar

After I don loose business, punish the person wey stop am in the first place

Zionmdde:
You guys are always quick to call people lazy
So as interest rate is now above 25% annually while some are as high as 50% a farmer should take loans, cultivate farm and is not even assured that herdsmen won't ravage the farm?

As I said before, If you are into poultry business or fish farming, you won't be here yarning this thing

I am sure you are talking about the cost of feed here. But ironically people like you mocked the president when he said people should plant maize. I guess you've finally found out you need something to feed your livestock and the wisdom in what the president was saying.

Small small.......is. Odkcudncdid8dx9djkjuijjjjjjjjdnddjx

DMerciful:
APC removed it at exchange rate of 180 and returned it at exchange rate if 1600 and want Nigerians to praise them.

APC is a satanic party

ElSudani:
I am sure you are talking about the cost of feed here. But ironically people like you mocked the president when he said people should plant maize. I guess you've finally found out you need something to feed your livestock and the wisdom in what the president was saying.

So before tinubu came people were not planting maize, or is it only maize livestock eat? What will you plant for fishes? What will you plant for layers? So it's everybody that has land abi

You are not making any atom of sense all in the name of "everything tinubu does is right?

Zionmdde:
Why did they suspend it in the first place? Its simple
The difference between bank rate was very large. Banks were selling 460 per dollar black market was like 550 or so.
But today dollar subsidy is gone, there will little or no difference between bank rate and black market

In summary it's still the same as buying dollar in black market, paying into your dollar account and spending with your dollar card

Funny enough you will see people who know nothing coming to sing apc praises because banks are now selling at black market rate

Paying for dollar denominated products and services is the same as buying dollars.

I presume this has more to do with the USDC stable coin and its support from blackrock backed firms. Most Fintech will soon have the capacity to handle dollar payments via USDC. The brick and mortar banks will still struggle with this nonetheless when the fintechs begin to support USDC

LegendHero:
ADC stopped it please. You should blame Obi party for stopping it.

Emefiele and Malami are the culprit. Now both of them are in ADC so we should drag them like tiger generator.

ADC destroyed this country and APC will right the wrong.

Omo! This made me laugh out so loud, what a clapback! LMFAO 🤣

Realdeals:
Good news, I've been thinking on how to buy USD to pay for Web hosting. I hope GTB activate same asap

GTB has also joined, they sent me a mail this afternoon about the continuation of the naira card for international transactions

Realdeals:
Good news, I've been thinking on how to buy USD to pay for Web hosting. I hope GTB activate same asap

You should check again because I use GTBank cards and it started working recently for my Google subscriptions.

Great, GTB should do the needful as well with immediate alacrity.

The stoppage really caused some stress and make us spend more than necessary for international transactions.

I have to went through the stress of opening domiciliary account in order to pay for my online ads. The major palarva is going about buying dollars to fund the domiciliary account in order to made the payment. Here you buy at black market rather than paying directly with Naira card at official rate.

Buhari and Emefiele really do us strong things.

Zionmdde:
So before tinubu came people were not planting maize, or is it only maize livestock eat? What will you plant for fishes? What will you plant for layers? So it's everybody that has land abi

You are not making any atom of sense all in the name of "everything tinubu does is right?

At least 60% of what you need to feed your chickens is maize. Not only that, there's nothing you feed your livestock that cannot be grown in Nigeria.
You've confirmed to me that access to funds is not the problem what then is stopping you?
You need to blame Tinubu for your lack of initiatives? Isn't that too convenient?

Zionmdde:
I love your analysis but it's totally wrong
If dangote gets subsided dollars to import and in turn sells goods cheaper, dangote will benefit Emeka will benefit. But you want Emeka to suffer the little subsidy he was benefitting because dangote uses subsidized forex to enrich himself and bribe cbn officials
Instead of calling for the sanitization of corrupt system, we rather push everybody into suffering

On the other hand, since tinubu government is now saving more, and Emeka is paying more, what can you say Emeka is currently benefitting from the arrangement, at least to cushion the pains

Fair point, but you should also consider that Dangote is capable of round-tripping any profit he earns in naira. Besides, before his refinery, which of his products was actually cheaper?
The immediate benefit to Emeka is easy access and stable rates, which make planning possible. Now, could you please clarify—do you prefer the system before the subsidy or after?

Normalcy finally returning to economy.

Everytime I remember what emefiefe did to Nigerian banks, I shudder.


Well don pBaT economic team.

givedemwotowoto:
When you go to pick up Western Union Money transfer at banks, the lines are so much, very unnecessary waste of productive time.

People abroad even complain about finding it difficult to send money to Nigeria.

APC and Tinubu messed up the whole system

Wetin this one dey talk? Is there a time lines are not much in some bank branches where people go to pick up? It seems you just dey pick up sef to be talking like this.

Nobody abroad is finding it hard to send money to Nigeria, this is another lie. In fact, it's more easy to send money from abroad to Nigeria now.