₦airaland Forum

danjumakolo:
It still works...my bros own was just processed at first bank... But u gara b patient.It can take 1-3 weeks because they treat based on availability. In any case it shud not exceed 2-3 weeks.

Onopa:
Is FORM A still working for school fees abroad?

Nusaf:
@ the emboldened, presently below $60 and for the past 6 months, averagely below $45. The unanswered question is; rather than increasing the reserve when it was averagely over $80 over a period of 6yrs, it was depleted without anything tangible to show apart from cheap rice etc, why?

deenee:
Your insightful analysis is on point. I think beyond anything else the accountability and structure around public revenue is more clearer.
I also like your post about cheap rice. Nigerians will sell and mortage their future for a bog of subsidized rice.

kabrud:
Bro, pls what is FORM A? Is it related to forex abroad? Thanks in anticipation of ur speedy response.

RentALodge:
It is good that we have increase in our reserves, but it is sad that the CBN retained the Monetary Policy Rate (MPR) at 14 per cent with +/- 200 and 500 asymmetric corridor.

First, the current inflation is a production cost inflation, not liquidity inflations, which is excess cash in the system. Production cost inflation is due to increase in production cost, FX, transport, energy, raw material.

This production cost inflation can't be tackled with high interest rate, as a matter of fact, it only makes it worst. How does any sensible central bank believe it can bridge the gap between the official FX market and the black market.

The black market is the true reflection of the market rate and can only be bridged by allowing the naira to operate within true market forces. What the central bank is doing is encouraging corruption and enriching just a few. Any manufacturer that can get his hands on official FX, would immediately take it to the black market and sell it for much more profit. Why would he waste his time and energy trying to produce anything in this crazy market, when there is easy money selling FX.

This is why the banks are not even bothering to do any actual banking business. They can invest in central bank treasury that would pay them 14% and then sell FX to the black market for 50% profit. which bank is going to do any kind of lending to the real economy. This central bank is killing the economy and destroying lives. It is time we do something about this.

kabrud:
Not heard of this b4. Pls what exactly does that mean? Is it a way of getting forex by students abroad? Also, how can I access it pls. Thanks in anticipation of ur speedy response.

brodalikeme:
Some good news coming for the economy. I know that once the Dollar/Naira exchange rate is fix the healing process of the economy will begin, but sadly I doubt the commitment on the part of the government to do so. firstly the rise in our foreign reserve is in no way attributed to any policy of theirs but the in rise in the price of crude oil. secondly, there is still a bit of politic in the exchange rate and access to the it. After over a year, we are yet to see the benefits of the currency swap agreement with china.

I just pray and hope that the "Auto Pilot" flying our nation steers us to a more favourable economic clime

repogirl:
How does this affect the prices of goods in the market that have tripled in price? Foolish people.

Sibrah:
If you read and comprehended the article you will know that the first step to the price of foreign food reducing is what the OP is about - increase of reserve. If the reserve hits, say $35bn, the govt can easily flood the forex market with cheap dollar this would crash the dollar rate as there would be excess supply.

repogirl:
This will be a very naive and unsustainable means of controlling the FOREX rates by the CBN.

If by now you haven't learnt that CBNs intervention is only worsening the situation, then I don't know whether you have any reasoning skills whatsoever.

CBN alone cannot control the rates. Nigeria needs to partner with foreign investors and recreate the bustling economy we had before. Only investments can help oursitutation and foreign investors will never sink their money into a manipulated economy.

Sibrah:
Must you criticize. If things get worse it is Buhari, but when it improves it is oil price.

brodalikeme:
So I should sit down close my eyes to the truth and be clapping for them that the economy has recovered or what? We applauded currency swap deal with China, we are yet see the benefits. We celebrated the recovery of funds yet we still need to borrow to fund budget. What about blocking of leakages as a result of TSA, what is the end story? Don't even talk of criticism yet!

kaykay1980:
I am proudly Igbo.

•The first Black Vice Chancellor of the University of Ibadan was an Igbo man named Professor Kenneth Dike.

•The first Vice Chancellor of the University of Lagos was an Igbo man named Professor Eni Njoku.

•The first Nigerian Rector of the then Yaba College of Technology was also an Igbo man

•The first Nigerian Professor of Mathematics was an Igbo man named Professor Chike Obi – the man who solved Fermat’s Last Theorem. He was followed by another Igbo man named Professor James Ezeilo, Professor of Differential Calculus and the founder of the Ezeilo Constant.

•The first Nigerian professor of history was an Igbo man Professor Kenneth Dike who also became the first black vice chancellor of the University of Ibadan.

•The first Nigerian Professor of Botany was an Igbo man named Professor Eni Njoku. He went on to become the very first vice chancellor of the university of LAGOS.

•The first Nigerian Professor of Anatomy and Physiology is Professor Chike Edozien an Igbo man who is also the current Obi of Asaba.

•The first Nigerian Professor of Physics was Professor Okoye an Igbo man who became a Professor of Physics at the Massachusetts Institute of Technology, USA in 1960. He was followed by the likes of Professor Alexander Anumalu who has been nominated for the Nobel Prize for Physics three times for his research in Intermediate Quantum Physics.

•In Nuclear Physics and Chemistry – again another Igbo man – Professor Frank Ndili who gained a Ph.D in his early ’20s at Cambridge Univesity in Nuclear Physics and Chemistry in the early ’60s. This young Asaba man had made a First Class in Physics and Mathematics at the then University College Ibadan in the early ’50s.
First Professor of Statistics – Professor Adichie who’s research on Non-Parametric Statistics led to new areas in statistical research.

•What about the first Nigerian Professor of Medicine – Professor Kodilinye – he was appointed a Professor of Medicine at the University of London in 1952. He later became the Vice Chancellor of the University of Nigeria Nsukka after the war.

•What about Astronomy – again another Igbo man was the first Professor of Astronomy – please, look up Professor Ntukoju – he was the first to earn a double Ph.D in Astronomy and Mathematics.

•Let’s go to the Social Sciences – Demography and statistical research into population studies – again another Igbo man – Professor Okonjo who set up the first Centre for Population Research in Ibadan in the early ’60s. A double Ph.D in Mathematics and Economics.

•Philosophy – Professor G D Okafor, who became a Professor of Philosophy at the Amherst College USA in 1953.

•Economics – Dr. Pius Okigbo who became a visiting scholar and Professor of Economics at the University of London in 1954. He is also the first Nigerian Ph.D in Economics.

•Theology and theological research – Professor Njoku who became the first Nigerian to earn a Ph.D in Theology from Queens University Belfast in Ireland. He was appointed a Professor of Theology at the University College Zambia in 1952.

The Nigerian Universities Commission (NUC) has a record of the state with the highest number of professors in Nigeria and as at 2014 that state is Imo State. You can go to this commission and verify.

Anambra state was the first in WAEC, UNITY SCHOOLS ENTERANCE EXAMS, NECO AND PRESIDENTIAL DEBATE in 2013, 2014 and 2015.

Therefore, whenever some people address you Igbos as mere traders and Keke riders, tell them that in addition to doing very well in business, science, technology and SPORTS you are also ahead in academia. No amount of hatred can change blessings from God. IF YOU ARE FROM IGBOLAND, SAY "I AM" Igbo Kwenu! Kwezoonu!

lestat:
From one Igbo to another you need to look at your life properly if the only thing you have going for you is your tribe?
Wow!!! what are your own achievements? those people dont need you to sing their praises... sing your own!
Its your type that make us look un-serious!
WHAT KIND OF RATIONAL BEING DOES THIS?

Onopa:
Is FORM A still working for school fees abroad?

danjumakolo:
It still works...my bros own was just processed at first bank... But u gara b patient.It can take 1-3 weeks because they treat based on availability. In any case it shud not exceed 2-3 weeks.

danjumakolo:
Cbn gives bdcs $8000 at #381 Bi monthly as such they needs to monitor the sales of fx to the public by the bdcs.

olaolulazio:
Another story for the gods

mykeljosef:
nope........just settle for black market or have an insider in your bank

FearFactor1:
Story

Tomorrow them go thief am finish...

Onopa:
What do you mean by have an insider

ISTANDWITHBUHAR:
We are in 2017 and not in 2015 and PMB is the president now and not GEJ that order them to start distributing dollars up and down..

mykeljosef:
carry your dumb Photoshop n go to hell


posting bs upandan

piagetskinner:
pls when did u start processing urs and what bank....because i tried for over 2 months and nothing came out of it. had to source for fx elsewhere

ISTANDWITHBUHAR:
LOL photoshop you said? Even your masters in wailing never deny the picture hahah...

You are baby wailer.


Even a mad man will never call that photoshop looking at the finger..

mykeljosef:
...


smh


clearly you don't know Photoshop... i dont blame you

mykeljosef:
cbn gives bank a certain dollar amount daily and once that amount is bought they can't sell till the next day......so people place order for dollar in advance ( well for stuff like school fees since it goes in thousands)


so if you have someone who is in charge of selling the dollar yours can be processing faster

repogirl:
This will be a very naive and unsustainable means of controlling the FOREX rates by the CBN.

If by now you haven't learnt that CBNs intervention is only worsening the situation, then I don't know whether you have any reasoning skills whatsoever.

CBN alone cannot control the rates. Nigeria needs to partner with foreign investors and recreate the bustling economy we had before. Only investments can help oursitutation and foreign investors will never sink their money into a manipulated economy.