₦airaland Forum

They should stop saying its N197 official in banks

I made a $59.99 payment today for my antivirus subscription and it cost N16380, at a rate of N273 to $1.

Outrageous to still hear them say its N197


FYI, who be the farmer in Ibadan that made $9billion profit?

another plot purchased

So true
CBN officials and Bank foreign and international transfer dept are making billions now

They are the real thief

Ole them
Come see what they are charging importers just to access bill of exchange,they share the money among themselves

Oh Naija

God help us

TheFreeOne:
So it means if I am a correspondent bank or exporter i stand a better chance of making more money via roundtrips.

Since business is about making profit why bother to export for development transactions if i can make more from becoming an illegal 'bureau-de-change' operator

The reality on ground is that cbn officials, bank executives and those guys in the forex dept have found a perfect cash cow via this forex restrictions by CBN.

And how is this determined :

Ibrahim said although the CBN had not put a ban on accessing Forex for school fees or medicals, it was not a priority so banks might use their discretion to allocate or not to allocate Forex for such.

When you try to replace your laptop, phones, televisions., refrigerators, gas cookers, washing machines, wrist watch, bulbs, brake pads, air conditioners, tyres etc by April 2016 after the current stock of products in the warehouses have been exhausted and you can't afford to, then you will realize that APC is the biggest scam ever sold to Nigeria. Buynaijatosavenaira is a scam. It would take hundreds of years to produce the aforementioned items locally. Why the government will ask them to buy dollars at 400 naira because they are non-essential goods is beyound me. Dullards

TheFreeOne:
The mentality of most Nigerians is to make easy money not long-term investments hence the reason for our import dependant economy.

Those importers will ditch machineries for developmental projects asap for easy money from forex.

And you believe this CBN to be honest? ?

Ecoterrorism:
buhari has failed us. We are just moving in circles

No longer in circles but backwards

TheFreeOne:
So it means if I am a correspondent bank or exporter i stand a better chance of making more money via roundtrips.

Since business is about making profit why bother to export for development transactions if i can make more from becoming an illegal 'bureau-de-change' operator

The reality on ground is that cbn officials, bank executives and those guys in the forex dept have found a perfect cash cow via this forex restrictions by CBN.

It is not that straight forward as you have imagined. People importing goods/raw materials have what they call letters of credit. Once the goods are supplied and verified, the Nigeria bank pay dollars to the international bank of the suppliers abroad. The manufacturer here is not in contact with the forex exchage. He only pays equivalent naira to his local back.

However, there could be sharp practices allowing leak for round tripping, this is clearly regulatory responsibility and internal audit watch.

okeyglm:
cbm need to control price mechanism for dollar if not we will see #1000 to $1 in know distance time.

It's the so called control that led is to this. If they devalued in time they would have killed this speculators who are acting as catalyst to this economic troubles

[color=#990000][/color] I still believe Nigeria will grow again. It is just a matter of time.

The problem is that fpr everyone doing well, there are 20 doing badly.
Boys are not smiling.
If your business is doing well, click like.
If its doing badly, click share

Mayflowa:
It is not that straight forward as you have imagined. People importing goods/raw materials have what they call letters of credit. Once the goods are supplied and verified, the Nigeria bank pay dollars to the international bank of the suppliers abroad. The manufacturer here is not in contact with the forex exchage. He only pays equivalent naira to his local back.

However, there could be sharp practices allowing leak for round tripping, this is clearly regulatory responsibility and internal audit watch.

In theory what you said is correct but in the real world yoy pay for you goods there and then ie when you inspect and they reach your port of loading. .you now need physical cash or debit Ard to pay right there. This is the practice in china gone are the days of letters of credit unless you got and lpo. Say frm govt etc

emerged01:
[color=#990000][/color] I still believe Nigeria will grow again. It is just a matter of time.

2 months time you will change ur stands

grandstar:
The problem is that fpr everyone doing well, there are 20 doing badly.

Boys are not smiling.

If your business is doing well, click like.

If its doing badly, click share

Mine is doing well. #happy.

Mayflowa:
It is not that straight forward as you have imagined. People importing goods/raw materials have what they call letters of credit. Once the goods are supplied and verified, the Nigeria bank pay dollars to the international bank of the suppliers abroad. The manufacturer here is not in contact with the forex exchage. He only pays equivalent naira to his local back.

However, there could be sharp practices allowing leak for round tripping, this is clearly regulatory responsibility and internal audit watch.

Hamilton,, a 19th century economist said that the existense of subsidies can not be divorced from abuse.

With the naira massively subsidised at the official rate, abuse will reign supreme.

Bankers will collect "fees" from those who want at the official exchange rate and overinvoicing will also be common

NAIRALANDERS, kindly help me circulate this message throughout social media until Buhari begins to hear word. Abeg una please-

Baba bubu, pls recall wot led to ur ouster
30years ago.

You've been replicating policies
that are 3 decades old- only this time you're
spending hard currency on needless travel.

You have ambassadors, several attaches and
many nigerians with business interests in all
these nations you've visited. Any one of them
would gladly represent you and nigeria in
whatever forum- unless of course, you deem
them as incompetent, untrustworthy or otherwise unfit for the role.

There are retired armed forces' officers who
haven't been paid their pensions for some
months. Now, rank and file soldiers are
allegedly complaining.

Let us forget that you wasted 6 months looking for saints. At least you could've spent the time meeting with fellow stake-holders of this nation to find out how to solve our myriad problems.

Sit down and face your work.

A word is enough for the wise.

Joewiezy:
When you try to replace your [bold]laptop, phones, televisions., refrigerators, gas cookers, washing machines, wrist watch, bulbs, brake pads, air conditioners, tyres[/bold] etc by April 2016 after the current stock of products in the warehouses have been exhausted and you can't afford to, then you will realize that APC is the biggest scam ever sold to Nigeria. Buynaijatosavenaira is a scam. It would take hundreds of years to produce the aforementioned items locally. Why the government will ask them to buy dollars at 400 naira because they are non-essential goods is beyound me. Dullards

The bolded are are not among the 41 items restricted from forex

Mayflowa:
It is not that straight forward as you have imagined. People importing goods/raw materials have what they call letters of credit. Once the goods are supplied and verified, the Nigeria bank pay dollars to the international bank of the suppliers abroad. The manufacturer here is not in contact with the forex exchage. He only pays equivalent naira to his local back.

However, there could be sharp practices allowing leak for round tripping, this is clearly regulatory responsibility and internal audit watch.

I didn't mean every available forex from cbn is being used for roundtrips but corruption has eaten deep into the fabrics of our society that the lure of easy money will make even the regulators to sabotage the system.

I believe this are part of the reasons sanusi is skeptical about some recent cbn policies on the economy.

DaGC:
They should stop saying its N197 official in banks

I made a $59.99 payment today for my antivirus subscription and it cost N16380, at a rate of N273 to $1.

Outrageous to still hear them say its N197


FYI, who be the farmer in Ibadan that made $9billion profit?

Bros me sef dey find the farmer, Abeg which bank you use for the transaction?

TheFreeOne:
So it means if I am a correspondent bank or exporter i stand a better chance of making more money via roundtrips.

Since business is about making profit why bother to export for development transactions if i can make more from becoming an illegal 'bureau-de-change' operator

The reality on ground is that cbn officials, bank executives and those guys in the forex dept have found a perfect cash cow via this forex restrictions by CBN.

Looks funny, but not really funny.

benedictnsi:
[size=14pt] So, where went these forces when GEJ was the president

Or they are just looking for miserable excuses to backup these clueless administration [/size]

How much was the average price of crude from 2009 till when Jonathan left power in 2015 $110 what is the average price of crude today $27 you do the math how much money did Jonah save for the rainy days at that high price, saudi arabia and the gulf states are alright for now they are still spending their excess crude and have more than enough excess dollars in their central banks to sure up their local currenciesd?

yomalex:
Bros me sef dey find the farmer, Abeg which bank you use for the transaction?

Guaranty Trust Bank

DaGC:
Guaranty Trust Bank

GTB Are you serious?

yomalex:
GTB Are you serious?

Yes, online payment, today Feb 19, 2016

erico2k2:
2 months time you will change ur stands

No! Once every nigerian has a financial breakthrough I believe Nigeria is getting better. And once everybody starts thinking right directly or indirectly is changing the direction of Nigeria economy.

"Nigeria’s Federal Inland Revenue Service (FIRS) on Thursday said it generated N4.69 trillion ($24.81bn) in Federal Government taxes, surpassing its 2014 target by N400 billion ($2 million) or 9.32 per cent." http://venturesafrica.com/nigerias-2014-tax-revenue-at-24-81bn-exceeds-govt-target-but-falls-short-of-previous-year/

That is to say, this farmer in Ibadan has earned 40% of federal government revenue from oil and taxes. Story. How do I start this cassava business?

Yyeske:
Where are the wailers when you need them?

By what time of last year was the transactions made if not in the era of the friend of farmers(GEJ)

PapaBrowne:
The bolded is how you know that the speaker is lying.
$9 billion....... selling cassava starch and the guy never enter forbes list as the fastest growing billionaire in the world....

your head correct wella.... Wanted to ask same oo

Ecoterrorism:
Please this man should tell us the company that exported starch worth $9billion dollars from Ibadan.


Its high time these government officials stop taking us for a ride with bogus figures because they want to sound intelligent

dont mind them,am in ibadan and dont think any company is worth Producing a billion $ starch not to talk of 9bill except its one of the cbns staff personal company

TheFreeOne:
So it means if I am a correspondent bank or exporter i stand a better chance of making more money via roundtrips.

Since business is about making profit why bother to export for development transactions if i can make more from becoming an illegal 'bureau-de-change' operator

The reality on ground is that cbn officials, bank executives and those guys in the forex dept have found a perfect cash cow via this forex restrictions by CBN.

Kai my bro this people think we are stupid and fools. Who are the Anonymous.

olaolaking:
There is always 2 sides to a coin. I support buy in Nigeria but my machine part is not made here. 2 months now my business have been grounded

A situation like yours will make some importers / production plants in need of machineries become desperate for quick fix if opportunity arise via a back door channel to make money from black market due to loss of revenue as a result inability to access needed forex on time.

I hope we find a way out of the woods soon lest the purpose of forex restriction is defeated.

How is that possible. I'm in State and i will lile to know more about it. Pm me and we can do business

Clone2020:
Many people are making easy money from all this. If you are in the diaspora and you are smart, you can be making a return of at least 50% every single day if you know what you are doing. It's really sad what this country has turned into.