₦airaland Forum

“Now, the rate you get is what everyone else gets. You go to the bank, you get FX at the market rate.”

Gbam!

LegendHero:
Chairman of BUA Cement Plc, Dr Abdul Samad Rabiu, says foreign exchange reforms by the Central Bank of Nigeria have eliminated the need for companies to lobby for FX.

Rabiu made the remarks on Monday in Abuja during a media briefing following the 9th Annual General Meeting of BUA Cement Plc.

He described the current FX regime as more transparent and market-driven, contrasting it with previous practices that, according to him, created an artificial scarcity and forced companies to seek favours to access dollars.

“I was making a joke a few weeks ago that I’ve only seen the current CBN Governor maybe twice since his appointment. That’s because I don’t need him. “Before now, I used to visit the CBN every two weeks to lobby for FX. That was the only way to survive,” Rabiu said.

He criticised the previous FX system, where the official rate was significantly lower than the parallel market rate, noting that it created distortions and limited access for many businesses.

“The rate was N500 or N600 officially, but nobody could get it. On the street, it was closer to N1,000. It was an artificial rate,” he said.

The BUA chairman praised the current reforms for unifying the market, saying, “Now, the rate you get is what everyone else gets. You go to the bank, you get FX at the market rate.”

Rabiu expressed optimism that the naira would continue to strengthen, projecting that the exchange rate could fall to around N1,200/$ in the coming months, down from highs of nearly N2,000 earlier in the year.

He added that the stronger naira was already bringing down the prices of commodities, including cement and food items.

Addressing concerns over cement prices, Rabiu explained that the high cost of production—driven by FX volatility, energy costs, and imported equipment—contributed to recent price hikes.

He disclosed that BUA Cement had renegotiated existing service contracts in favour of local content to reduce FX exposure and drive down operational costs.
Source: https://punchng.com/cbn-reforms-ended-lobbying-for-foreign-exchange-bua-chairman/

Impressive insights.

Landmaq:
Reforms that threw 70 millions into multi dimensional poverty?

Forget this phrase. Reposition yourself and you will enjoy present day Nigeria. I make my suits, shirts and chinos trousers from Aba tailors. I order my perfume oil that lasts for three days when I spray it from a local producer in Lagos. In Aba there's no foreign rice anymore. They are called foreign-local. All poultry products consumed in Aba are produced by local farmers.

All these are happening because devaluation of our currency has made imports expensive. This has created jobs and income for local producers. In the past I would have used imported items. This created jobs in the exporting countries and reduced us to mere buying and selling traders.

What has changed in Nigeria of today is this:
1. Days of becoming a millionaire by having a warehouse, import anything from Asia and sell are gone.
2. Your certificate without skill will not feed you. Get a sellable skill and you have a job and good life. That's how it is abroad.
3. No more subsidized life. Think outside the box, add value to the economy and you will enjoy a good life.
4. Apart from politics, there's no more cheap money. When you work for your money then your are adding value to the economy.

Don't be deceived by shouts of ADC, LP, APC, PDP, Obi, Atiku etc. PBAT has set a template for Nigeria economy. If any of the above takes over they will not bring anything fundamentally different. They are aware that what is happening now is the right way to go. Everyone avoided it because it was a hard nut. Someone has dared and decided to carry the bad name. The dirty job has been done already.

Forget easy and cheap life it will not come again in Nigeria. Be innovative, drop a lot of old subsidized lifestyles and you will enjoy the new Nigeria.

Vision101:
Forget this phrase. Reposition yourself and you will enjoy present day Nigeria. I make my suits, shirts and chinos trousers from Aba tailors. I order my perfume oil that lasts for three days when I spray it from a local producer in Lagos. In Aba there's no foreign rice anymore. They are called foreign-local. All poultry products consumed in Aba are produced by local farmers.

All these are happening because devaluation of our currency has made imports expensive. This has created jobs and income for local producers. In the past I would have used imported items. This created jobs in the exporting countries and reduced us to mere buying and selling traders.

What has changed in Nigeria of today is this:
1. Days of becoming a millionaire by having a warehouse, import anything from Asia and sell are gone.

2. Your certificate without skill will not feed you. Get a sellable skill and you have a job and good life. That's how it is abroad.

3. No more subsidized life. Think outside the box, add value to the economy and you will enjoy a good life.

4. Apart from politics, there's no more cheap money. When you work for your money then your are adding value to the economy.

Don't be deceived by shouts of ADC, LP, APC, PDP, Obi, Atiku etc. PBAT has set a template for Nigeria economy. If any of the above takes over they will not bring anything fundamentally different. They are aware that what is happening now is the right way to go. Everyone avoided it because it was a hard nut. Someone has dared and decided to carry the bad name. The dirty job has been done already.

Forget easy and cheap life it will not come again in Nigeria. Be innovative, drop a lot of old subsidized lifestyles and you will enjoy the new Nigeria.

Very profound key points right ABOVE.

I'm curious, what's the name of the perfume oil which you referenced that lasts for 3 days? I'd like to order for it through their Website or other online platforms.

I'll appreciate your feedback.

Thanks

Vision101:
Forget this phrase. Reposition yourself and you will enjoy present day Nigeria. I make my suits, shirts and chinos trousers from Aba tailors. I order my perfume oil that lasts for three days when I spray it from a local producer in Lagos. In Aba there's no foreign rice anymore. They are called foreign-local. All poultry products consumed in Aba are produced by local farmers.

All these are happening because devaluation of our currency has made imports expensive. This has created jobs and income for local producers. In the past I would have used imported items. This created jobs in the exporting countries and reduced us to mere buying and selling traders.

What has changed in Nigeria of today is this:
1. Days of becoming a millionaire by having a warehouse, import anything from Asia and sell are gone.
2. Your certificate without skill will not feed you. Get a sellable skill and you have a job and good life. That's how it is abroad.
3. No more subsidized life. Think outside the box, add value to the economy and you will enjoy a good life.
4. Apart from politics, there's no more cheap money. When you work for your money then your are adding value to the economy.

Don't be deceived by shouts of ADC, LP, APC, PDP, Obi, Atiku etc. PBAT has set a template for Nigeria economy. If any of the above takes over they will not bring anything fundamentally different. They are aware that what is happening now is the right way to go. Everyone avoided it because it was a hard nut. Someone has dared and decided to carry the bad name. The dirty job has been done already.

Forget easy and cheap life it will not come again in Nigeria. Be innovative, drop a lot of old subsidized lifestyles and you will enjoy the new Nigeria.

What a disgrace of a people. See what a human with thinking faculty is saying on a public forum. So in essence, you mean life is now very difficult in Nigeria hence everyone needs to buckle up, be strong and bear the suffering. The duty of every government is to ease the suffering of her citizens not add to it. APC government came and trippled it.

LegendHero:
Go and hustle my guy. If you no work, you no go chop.

No government will come and place food on your table.

Countries like Dubai and Singapore didn’t rise through individual hustle alone, they were built on visionary leadership and strong institutions. If under APC, Nigerians are expected to fix inflation, insecurity, and the naira collapse on their own, then why do we elect leaders at all?

When governments fail, they shift the burden to citizens and shame them for struggling that’s not inspiration, it’s manipulation. leadership drives progress. Nigerians aren’t lazy, they’re just forced to do the government’s job.

uzohrome:
The reform is cool but subsidy is gone is a bad omen to Nigerians. Tinubu is slow this time but I trust him 💯%

The so called subsidy was a racket. Yes fuel was cheaper but the subsidy was killing our economy, there was also persistent fuel scarcity. as fuel was being smuggled out to other countries.
Tinubu's reforms have been painful but essential. Both PO and Atiku had also said they would have removed the subsidy

free2ryhme:
Countries like Dubai and Singapore didn’t rise through individual hustle alone, they were built on visionary leadership and strong institutions. If under APC, Nigerians are expected to fix inflation, insecurity, and the naira collapse on their own, then why do we elect leaders at all?

When governments fail, they shift the burden to citizens and shame them for struggling that’s not inspiration, it’s manipulation. leadership drives progress. Nigerians aren’t lazy, they’re just forced to do the government’s job.

Go and hustle my guy. When you grow old, your children might ask you why you fail. Your excuse can’t be it’s Tinubu.

There will always be rich and poor people in Nigeria, ever since 1960, it has been that way.

free2ryhme:
“go back to school” the favorite line of those who think quoting big reserve numbers automatically means progress.

Nigeria’s external reserves just hit $40.11 billion? Great! Now can they be sliced, fried, and served as breakfast? Because until those billions start reflecting in stable food prices, affordable fuel, and naira that doesn’t faint at the sight of the dollar, it’s just glorified accounting.

You see, while you’re cheering 9.5 months of import cover, the average Nigerian is busy covering 30 days of hunger and unpaid bills. Maybe it’s not us who need the economics refresher maybe it’s you who needs a crash course in human impact.

Reserves are high, but so is hardship. Let’s not mistake foreign confidence for local well-being.

Local well-being ? I understand your frustration.

Average Nigerians spent 30days managing hunger and unpaid bills, unfortunately I don't see how government both at the federal and state levels could feed the so called average Nigerians and hellp them pay their bills especially since the present government removal of subsidies on fuel and forex!
Probably the next government will reverse these policies, the waiting game begins!
In reality, don't you think we as people are very lazy;productive and at the same time exploitative of fellow citizens?

LegendHero:
Go and hustle my guy. When you grow old, your children might ask you why you fail. Your excuse can’t be it’s Tinubu.

There will always be rich and poor people in Nigeria, ever since 1960, it has been that way.

When governments fail, they shift the burden to citizens and shame them for struggling that’s not inspiration, it’s manipulation.

individual hustle alone cannot build Nigeria

fergie001 unlock my thread na

zero8zero:
fer.gie001 unlock my thread na

Write it as an opinion piece....so it doesn't get featured as directly as this particular one.

Example: Tambuwal Sinks PDP, Defects With 37 PDP Reps 2 Give APC Lead (video - throwback)

babztee:
These people are fucking lying.Do not believe any information that comes out of the mouth of these retards.

They’d be trying to fish out positive information ahead of the next election.
Bro,these people are just after their pockets.

We should rather believe IPOB misinformation abi?

babztee:
These people are fucking lying.Do not believe any information that comes out of the mouth of these retards.

They’d be trying to fish out positive information ahead of the next election.
Bro,these people are just after their pockets.

The desperation behind your comment says it all. It shows that you would go to any length to cover or disregard good news just because you're sore losers who think the only way to get presidency is by bullying.