₦airaland Forum

Omalicious1:
And I ask again, how does this affect the people on the streets positively?

Just the same way your cry and wailing on Nairaland does not affect the people on the street.

MCentral:
You dont really need to patronize the black market any more.
Most transactions can be done through your bank. Just fund your naira account and make your purchase in naira and the bank will convert near the official or NAFEM rate.
Basically the Naira has become a convertible currency once again after the dark days of Emefiele when all the banks stopped the use of Naira cards for foreign or dollar purchases.

Now you can do as much as the naira equivalent of $10,000 a month or more, depending on your bank

When is the short term of Tinubu, to achieve his N300/$1 goal, before getting to N200/$1 by May 2027

Any idea?

If clueless Buhari failed to achieve the goal, should brilliant Tinubu also fail in this regard?

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

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Muhammadu Buhari, presidential candidate of the All Progressives Congress (APC), has promised to ensure that the naira would be equal to the dollar in value if voted into office.

NAN reports that Buhari said this on Monday during the south-east presidential rally of the party at Dan Anyiam Stadium, Owerri.

“It is sad that the value of the naira has dropped to more than N230 to one dollar. This does not speak well for the nation’s economy,” he said.

He urged the people to vote for APC, noting that he would ensure that corruption was tackled headlong if elected.

https://www.thecable.ng/ill-make-naira-equal-dollar-says-buhari/amp

Sheuns:
We’ve been there before. Not new.

NO. This is different.

VERY.

This is REAL growth, not fuel subsidy-dependent, and with no dual exchange rates driving away investors.

This is very different.

Tinubu has already told Nigerians on New Years Day: "EXPECT PROSPERITY FROM THIS YEAR."

Tinubu is not a kid. When he talks, listen.

Judolisco:
Na d next president go enjoy....

Make e Sha no be buhari people wey dey use money look for cattle route

How will the next president enjoy the balooning debt, which have failed to impact the economy despite fake anoouncements like this one

What happened to the $84 billion subsidy savings, reduced imports and increased exports with news of trade surplus if we are not at N300/$1 in the short term since May 2023?

Any idea what Tinubu has done with the $3.3 billion SPV Afreximbank secured with future oil revenues?

ijustdey:
Nigeria will pay an interest of 11.85 percent per annum on the $3.3 billion “pre-export finance facility” (PxF) facilitated by the Nigerian National Petroleum Company (NNPC) Ltd and arranged by Afrexim Bank, TheCable can report.

Until now, the fine details of the transaction, which has a five-year tenor, had been withheld by all parties involved.

A similar cocoa-backed $800 million facility arranged for Ghana by its cocoa marketing board attracts an interest of 8 percent per annum.

Bilateral lenders, such as the International Monetary Fund (IMF), would typically charge 1-3 percent with a longer tenor.

In the details seen by TheCable, Nigeria pledged a total of 164.25 million barrels of crude oil — at 90,000 barrels per day — starting from 2024 to repay the loan through Project Gazelle Funding Ltd, an “orphan” special purpose vehicle (SPV) incorporated in Bahamas for the PxF.

Effectively, the NNPC has pledged 38.58 percent of five years’ worth of tax and royalty oil to secure the loan.

Nigeria pledges over $12 billion worth of oil
At the beginning of 2024, a barrel of Nigerian oil was sold at the international market at $77.93 per barrel, according to the Central Bank of Nigeria (CBN) data.

At $77.93 per barrel, the 164.25 million barrels of oil pledged by Nigeria equals $12.8 billion — about three times more than the facility taken.

Pre-2014, the national oil company used to remit an average of $3 billion from oil sales every month.

Officially, Project Gazelle Funding Ltd (PGFL) is the borrower while the NNPC is the “sponsor” and will pay with oil to the SPV to liquidate the loan.

To make the repayment, the NNPC will forward-sell 90,000 barrels per day of Nigeria’s share of offshore crude oil under the production sharing contract (PSCs) with the oil companies.

Under PSCs, the companies usually pay royalties and taxes by giving the oil equivalent to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service (FIRS) respectively.

The NNPC in turn exports the oil on behalf of NUPRC and FIRS and remits the proceeds to the agencies.

This is part of the revenues paid into the federation account and shared by the three tiers of government.

But under the PxF, the revenue from 90,000 barrels per day will be used to service the loan in the next five years.

The loan arrangers will get a commission of $66 million or 2% of the facility, TheCable further learnt.

Nigeria will pay 2 percent penalty per annum in the event of a default.


‘DOLLAR LIQUIDITY TO STABILISE THE NAIRA’

The national oil company announced in August 2023 that the PxF was to support the federal government “in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market”, describing it as “a relief for the naira”.

It called the facility “crude oil repayment” with an upfront cash loan “against proceeds from a limited amount of future crude oil production”.

At the time, the dollar exchanged for an average of N775 in the official market and N885 on the streets.

The rates have now moved to N1,035/$ (official) and N1,230/$ (parallel).

Nigeria’s outstanding forex liabilities are currently thought to be over $7 billion.

In an explainer after announcing the PxF last year, the NNPC said its exposure is very limited, “covering just a fraction” of their entitlements and that “there are no sovereign guarantees tied to it”.

It said it “will also equip the Federal Government with the necessary dollar liquidity to stabilize the Naira, with limited risk”.

A strengthened naira as a result of the initiative, it said, “will lead to a reduction in fuel costs. This means that if the Naira appreciates in value, the cost of fuel will drop and further increases will be halted”.

It also ruled out subsidies, maintaining that a stronger naira “will result in lower prices from the current level, making subsidies unnecessary. The deregulation policy remains unchanged”.

Critics questioned NNPC’s involvement in getting loans to boost forex reserves when it should be concentrating its efforts on bringing in more oil revenues.

There were also questions over the decision to pledge the tax and royalty oil belonging to the entire federation to secure the loan.

Analysts also queried why the details of the deal were never made public.

https://www.thecable.ng/exclusive-nigeria-to-pay-11-85-interest-on-3-3bn-afriexim-nnpc-loan-pledges-164m-barrels-as-security/amp

Kemetian:
NO. This is different.

VERY.

This is REAL growth, not fuel subsidy-dependent, and with no dual exchange rates driving away investors.

This is very different.

Tinubu has already told Nigerians on New Years Day: EXPECT PROSPERITY FROM THIS YEAR.

Tinubu is not a kid. When he talks, listen.

How is the Lagos TAX monster planner not a kid when he said similar things for 27 years of increasing tax BURDEN on Lagosians without matching provision of services and utilities?

Can you compare his 27 years in Lagos with the 4 years of Jakande who was jailed by Buhari for corruption 42 years ago after his only successful coup against democratic institutions at the local, state and federal levels

Splashme:
The first civilian governor of Lagos State, Alhaji Lateef Jakande, on Tuesday, said that the cancellation of the Lagos metroline project in 1985 was a major mistake and disservice to many Nigerians.

Jakande spoke in Lagos during the launch of a book which chronicled his life in politics and journalism.

The book, entitled, ‘Jakande: Leadership in Action’ is written by Dr. Bola Olaosebikan, who told the audience at the event that the All Progressives Congress presidential candidate, Maj. Gen. Muhammadu Buhari (retd.), was not responsible for the cancellation of the project.

Jakande said, “Reflecting on the metroline project, I think it is a major disservice to many Nigerians. Imagine how many people would have benefitted. It would have made life easier and changed the face of transport in Lagos. Whoever cancelled it or gave the advice towards its cancellation didn’t do right.”

The former governor asked Nigerians not to vote for unserious leaders in the coming polls, saying the elections presented Nigerians with a good opportunity that should not be squandered.

Expressing the hope that Nigeria would soon overcome its developmental challenges, Jakande said hope would be actualised faster if credible people emerged as leaders in the next dispensation.

He said, “This book comes at a very auspicious time in Nigeria’s history as we need leaders who can act. We need leaders who would not compromise the standards of good governance. God has blessed this nation the most in Africa, although we have not reached where we should be; with the right leaders, Nigeria would overcome its challenges.”


http://www.punchng.com/news/cancelling-metroline-a-major-mistake-jakande/

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eluquenson:
REVISITING SOME OF THE LATEEF JAKANDE'S GOVERNMENT ACHIEVEMENTS FROM OCTOBER 1979 TO DECEMBER 1983 (FOUR YEARS AND 3 MONTHS) IN LAGOS STATE

* His government built the current Lagos State Secretariat which houses all the state ministries as well as the popular round house hitherto occupied by all subsequent governors of the state.

* His government built the Lagos State House of Assembly complex.

* His government built the Lagos State Television

* His government built the Lagos Radio

* His government built Lagos State University

* His government established General Hospital in zones all over the state with assurance of free health care.

* His government established Teacher Training College and the College of Education.

* His government built low cost houses in Ijaiye, Dolphin, Oke-Afa, Ije, Abesan, Iponri, Ipaja, Abule Nla, Epe, Amuwo-Odofin, Anikantamo, Surulere, Iba, Ikorodu, Badagry, Isheri/Olowu, Orisigun etc.

* His government established the Water Management Board and Waste Disposal Board on the 18th of August, 1980.

* His government constructed the Adiyan Water Works to increase water supply in the state to 18.16 million litres per day.

* His government modernized and expanded the Iju Water Works which was first commissioned in 1915. This increased daily capacity from 159 million to 204 million litres per day.

* His government purchased and commissioned the giant car crusher equipment. The equipment was designed specifically to crush derelict vehicles in Lagos State. It had the capacity to crush 45 vehicles per day.

* His government constructed, rehabilitated and resurfaced Epe/Ijebu-Ode Road, Oba Akran Avenue, Toyin Street, Town Planning Way, Alimosho-Idimu-Egbe Road, Idimu-Iba-LASU Road, the new secretariat road and several others.

* His government constructed Victoria Island/Epe Road and thereby creating an ‘oil rig’ for Lagos State.

* His government established Asphalt Plant for the Department of Public Works.

* His government established Electricity Board for Rural Electrification with provision of street lights.

* His government modernized, expanded and commissioned Onikan Stadium in 1982.

* His government established a singular school system and ensured genuine free education in Lagos State and the beneficiaries of this policy are in different positions of eminence in the country and around the world.

* His government raised the primary schools in Lagos State to 812 with 533,001 pupils (against 605 primary schools with 434,545 pupils he met in 1979) and secondary schools to 223 with 167,629 students (against 105 schools with 107,835 students in 1979).

* His government constructed 11, 729 classrooms with the maximum of 40 children per class between March and August 1980, by 1983, he had constructed over 22,000 classrooms.

* In July 1983, two commercial passenger boats christened "Baba Kekere and Itafaji" to run the Mile 2 - Marina (CMS) route via the lagoons were inaugurated by his government to mark the official launch of the Lagos State ferry services.

* His government took over the ownership and financing of Lagos State Printing Corporation in July 1980

* His government established the first State Traffic Management Authority (Road Marshals).

* His government established small scale Industries Credit Scheme which preceded the EKO bank.

*His government established LASACO Insurance.

*His government expanded existing market and built new ones.

*His government established Traditional Medicine Board.

WHO SAYS 4 YEARS IN OFFICE IS NOT ENOUGH FOR MEANINGFUL ACHIEVEMENTS?

IT'S A FACT THAT 90% OF GOVERNORS IN NIGERIA SINCE 1999 WITH REVENUES AT THEIR DISPOSAL CANNOT BOAST OF A QUARTER OF THESE ACHIEVEMENTS EVEN WITHIN THEIR EIGHT YEARS IN OFFICE.

DeLaRue:
We have the most reformist Nigerian President/Leader since independence 65 years ago.

And some funny people think we should junk him for a bunch of frustrated and untested politicians gathering in ADC.

Nah.

The most reformist?

Nah

Maybe you're just coming to terms with Nigeria

Goodnews and welcome development

Ojuntana:
The most reformist?

Nah

Maybe you're just coming to terms with Nigeria

He is saying the truth. It is YOU that is ignorant of the reforms.

Just one example: Tinubu has trained nearly 1,000 new Procurement Officers steeped in his 'Nigeria First' ideology.

They will be trained to automatically favor NIGERIAN contractors for projects, insofar as the capacity is here in Nigeria. No more foreign contractors if we don't need them. That will retain CAPITAL in Nigeria - trillions of naira per year.

These are the little little 'boring' measures that are not glamorous for Twitter and TikTok, but create the conditions to usher in that developed country you're demanding.

And the great thing about these measures is that his SUCCESSOR will find them too expensive and entrenched to discontinue. We call this 'locked-in' measures.

The future is bright if we just allow these reform policies to mature.

Kemetian:
He is saying the truth. It is YOU that is ignorant of the reforms.

Just one example: Tinubu has trained nearly 1,000 new Procurement Officers steeped in his 'Nigeria First' ideology.

They will be trained to automatically favor NIGERIAN contractors for projects, insofar as the capacity is here in Nigeria. No more foreign contractors if we don't need them. That will retain CAPITAL in Nigeria - trillions of naira per year.

And the great thing about these measures is that his SUCCESSOR will find them too expensive and entrenched to discontinue. We call this 'locked-in' measures.

The future is bright if we just allow these policies to mature.

How is this a unique reform?
All Nigerian presidents since 1999 have favoured local contractors over foreign ones
OBJ banned cement imports for Dangote for example
Jonathan started the process of improving access to indigenous players in our upstream sector
Even Buhari made efforts in agric to become more homebased
Every president had a ideology for Nigerian first even if it's with different epithet

Omalicious1:
And I ask again, how does this affect the people on the streets positively?

So, will you prefer it to be low?

Kemetian:
NO. This is different.

VERY.

This is REAL growth, not fuel subsidy-dependent, and with no dual exchange rates driving away investors.

This is very different.

Tinubu has already told Nigerians on New Years Day: "EXPECT PROSPERITY FROM THIS YEAR."

Tinubu is not a kid. When he talks, listen.

It is “real growth” because it’s your master Tinubu that said so.

But fake growth when PDP, OBJ GeJ said so decades ago.

Una hypocrisy pass hell.

The same prosperity he promised in 2024 and 2025?

What a mockery that a country in deep poverty and starvation caused by tinubu poor and miserable leadership is celebrating dollar reserves in another country which only benefits the economy of the host country and not Nigeria.

What a stupidity

Well done Jagaban. I remember when foreign airlines abandoned Nigeria route bcoz of their tied down revenue. Tinubu cleared all that and things are better now. Now, access to dollar is easier now. You can use your card abroad now unlike before. The removal of oil subsidy has enabled CBN to have access to more dollars. Tinubu would definitely take us there.

Bluntemperor:
You would not see anything,but always complaining.
But your Emiefe ( former CBN Governor) conered NTrillion In the CBN- Ways and Means- Accounts, and many of you love it so.
He was then being hailed by Obedient and PDP Sympathetisers-as he was dubiously changing the Naira,where he was also saying he wants to contest presidential election and ALL these,Una no see anything wrong.
A good Economy Student will know that when Trillion- disappears in a national economy,there is also a Seismic Shaking 🫨
which will Affects the Structure of the Economy.
Make Una de support evil, instead of condemning what is bad 😔.
Your Emiefe, Atiku-and some Obedient people were hailing him then,I stead of Condemning his actions.
• if this is China, would it be tolerated at all?
A Friend To A Thief Is Also A Thief!

all these things you mentioned happened under the APC government led by the saint Buhari who never touches public funds or associates with anyone who does such

Justnation:
What a mockery that a country in deep poverty and starvation caused by tinubu poor and miserable leadership is celebrating dollar reserves in another country which only benefits the economy of the host country and not Nigeria.

What a stupidity

What a stupid comment. It's unfortunate that some people don't understand simple socioeconomic effects of a sound foreign reserve on the economy of a country.

I love the way you narrated the indices, however, most ethnic bigots illiterates on Nairaland platform wouldn't understand such terms. It's far beyond their primitive brain to understand. Nigeria recovery will soon be reflected down to the grassroots......

Ttalk:
Every economic indices is painting towards a brighter outlook for Nigeria and I hope the increase in oil production and international oil price will increase further increase our foreign reserves to 50b dollar in couple of months.

From near collapse economy in 2023 with bad lock of FX obligation to our business partners couples with 20trillion way and mean burnden as well as huge debt hanging on Nigeria, it is only an illiterate that won't appreciate economic stride of the president.

MCentral:
You dont really need to patronize the black market any more.
Most transactions can be done through your bank. Just fund your naira account and make your purchase in naira and the bank will convert near the official or NAFEM rate.
Basically the Naira has become a convertible currency once again after the dark days of Emefiele when all the banks stopped the use of Naira cards for foreign or dollar purchases.

Now you can do as much as the naira equivalent of $10,000 a month or more, depending on your bank

Which card does 50 to 100k dollars a month?

Another dirty blow to bad news hunters and jubilants......

Gbas gbos from the great PBAT!

What will the coalition of bandits say now.....

Let Timubu win second term in the office, first. We will review this post.

anonimi:
How will the next president enjoy the balooning debt, which have failed to impact the economy despite fake anoouncements like this one

What happened to the $84 billion subsidy savings, reduced imports and increased exports with news of trade surplus if we are not at N300/$1 in the short term since May 2023?

Any idea what Tinubu has done with the $3.3 billion SPV Afreximbank secured with future oil revenues?

since u said its fake, whatever answer i give will be fake as well....so rest

Bluntemperor:
You would not see anything,but always complaining.
But your Emiefe ( former CBN Governor) conered NTrillion In the CBN- Ways and Means- Accounts, and many of you love it so.
He was then being hailed by Obedient and PDP Sympathetisers-as he was dubiously changing the Naira,where he was also saying he wants to contest presidential election and ALL these,Una no see anything wrong.
A good Economy Student will know that when Trillion- disappears in a national economy,there is also a Seismic Shaking 🫨
which will Affects the Structure of the Economy.
Make Una de support evil, instead of condemning what is bad 😔.
Your Emiefe, Atiku-and some Obedient people were hailing him then,I stead of Condemning his actions.
• if this is China, would it be tolerated at all?
A Friend To A Thief Is Also A Thief!

Round tripping has started again
You are here capping

No be the same CBN dey supply dollars to black markets.

The reality is that more of the FX supply are somehow now finding their way into the hands of currency round-trippers (Black markets, crypto exchangers, BDCs)

The black market operators are begining to determine "true value of currency" once again!

How hard is that difficult to understand? 🤷🏻‍♀️
This is what you should be concerned with.


The Round-trippers (BDCs, Banksters, Crypto exchangers are at it again).


TikTok, TikTok, tiktok
The clock is ticking.

frankmoney:
Na statistics we go chop ? The life of the average Nigerian does not reflect all this

But of you had voted for Obi, you would have heard about more fake statistics that he might tell you to go and verify. Thank God we dulged bullets from Atiku and Obi. They can't perform magic than this. Ability of Tinubu to resolve conflict also gave him edge to sail through Trump and northern dangerous effects without affecting economy of Nigeria. Atiku or Obi would have succumbed to unexpected sucks from all angles. Now, you should know why God puts Tinubu there at this time

Elusive001:
Those who mocked Peter Obi for saving money for Anambra State as the governor now rejoice over reserves.

Actually, Bwala was right

so u don't know the difference between external reserve n saving money in bank?

So these are d people who think they are reasonable to choose a leader for us?

MCentral:
https://moneycentral.com.ng/markets/article/nigeria-dollar-reserves-hit-8-year-high-of-45-9bn-signals-new-era-of-exchange-rate-stability/

Tinubu fit just shock everybody by re-introducing subsidy on fuel and peg dollar to naira at 500 naira ,crash the market, Nigerians who have short memory will sing his praises and forget all the curses the heaped on him .

Opposition politicians will be at a loss of what to use to campaign 😄😄😄😁😁😁😁

BATified2023:
so u don't know the difference between external reserve n saving money in bank?

So these are d people who think they are reasonable to choose a leader for us?

Mr. reasonable man, can external reserve be pull or withdrawn to better the lives of Nigerians?

Tareq1105:
What a stupid comment. It's unfortunate that some people don't understand simple socioeconomic effects of a sound foreign reserve on the economy of a country.

It very very unfortunate to have your uncle tinubu destroying Nigerian economy, and you are hailing him

Great news. Better if we see serious push to fight corruption and profligacy. Reduce cost of governance we say.

Real or audio?

Anything about this cartel is always a lie.

ppogba:
Just the same way your cry and wailing on Nairaland does not affect the people on the street.

I don't cry nor wail...I'm living comfortably

adigun27:
Who can enlighten us about the impact of if it goes to $50b

The higher the reserves:
The more stable the exchange rate.
Foreign investors will have more confidence.
The country will have more ability to weather external shocks.
The $50b is just a target but increase comes when inflows are more than outflows.

We have to really thank Dangote and PBAT's policy of naira for crude that helped him. Petroleum products importation and the associated subsidy really gulped much of Nigerian fx.

Elusive001:
Those who mocked Peter Obi for saving money for Anambra State as the governor now rejoice over reserves.

Actually, Bwala was right

Is this your limit? Saving naira when you have development challenges begging for attention is the same as increase in foreign reserves? Oh oh nairaland.