₦airaland Forum

Nigerians should brace up for TOUGHER TIMES AHEAD should buhari force himself in this second term. Countries like Japan, Germany, Canada- ( new rural and northern immigration pilot) need people to come and work.

A word is enough for the wise.

Nigerians should brace up for TOUGHER TIMES AHEAD should buhari force himself in this second term. Countries like Japan, Germany, Canada- ( new rural and northern immigration pilot) need people to come and work.

A word is enough for the wise.

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/rural-northern-immigration-pilot-about.html

Nigerians should brace up should buhari force himself for this second term. Countries like Japan, Germany, Canada- ( new rural and northern immigration pilot) need people to come and work.

A word is enough for the wise.

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/rural-northern-immigration-pilot-about.html

The Government of the day is clueless on how to move the Economy out of the bad state.

This Gov't had the opportunity to move the Economy upward from the level the past Adminitration left it , but Bad policies introduced by the Buhari Administration worsen it below average to the ground.

Nigerians should hence forth demand for a PRESIDENTIAL DEBATE before choosing the next president. This president is displaying high level of incompetence in the area of managing the economy

Another problem of this president is PRIDE.

If your policies aint working, reverse it.

The Government of the day is clueless on how to move the Economy out of the bad state.

This Gov't had the opportunity to move the Economy upward from the level the past Adminitration left it , but Bad policies introduced by the Buhari Administration worsen it below average to the ground.

Nigerians should hence forth demand for a PRESIDENTIAL DEBATE before choosing the next president. This president is displaying high level of incompetence in the area of managing the economy

Another problem of this president is PRIDE.

If your policies aint working, reverse it.

This is a good move. With this, the parallel market rate will drop drastically

I stay in Gwarinpa. They failed to provide prepaid meters to some residents.

Despite the poor services being rendered by Abuja Electricity Distribution Company (AEDC) in the Federal Capital Territory, with practically no power and bogus bills, workers of AEDC are out there disconnecting power from some residents who they claim are defaulters.

In a very short period from now, residents might start stoning them out of frustration. How can you be paying N20,000 for a 2 bedroom flat in Abuja and what you get in return is Sunlight instead of electricity.

It is frustrating and painful. this Government should wake up and do something fast about this ugly situation.

President Buhari got pounds for his daughter from CBN or from MALLAM in zone 4 plaza ni ?

Kano residents main occupation is bureau de change, Now buhari tagged their business a "SCAM" when he traveled to Kenya. This same people gave him the highest vote oooh,

Apc will lose power faster than expected

The way things are going, APC might find it difficult to retain power in 2019. Parties like APGA, COWA etc might be given chance as well.

The economy of our great nation has never had it this bad since independence under a Central Bank Governor,” the group said.
BY SAHARAREPORTERS, NEW YORKMAR 21, 2016

The Save Nigeria Anti-Corruption Initiative on Monday gave Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), 14 days to resign his appointment so as to save the Nigerian economy from total collapse, citing various problems attributable to his poor performance and complicity.

In a statement signed by Comrade Femi Lawson, Executive Director, and Malam Tanko Usman, Assistant Secretary-General, the group said it would not hesitate to do everything within the ambit of the law also to see to his investigation, arrest and prosecution by relevant anti-corruption agencies.

“A critical comparative analysis of CBN Governors preceding Mr. Emefiele reveals that he has the lowest performance index rating due to his inability to initiate and promote pragmatic monetary policy to stem the continuous free fall of the Naira, halt the rising debt profile of the nation or help in the effective management of the country's foreign exchange, which have all impacted negatively on the rate of poverty presently put at 71%, unemployment rate erroneously put at less than 9% by the NBS but stands at over 24% and inflation rate though put at a single digit rate of less than 10% but ironically does not reflect the economic reality currently facing Nigerians as the prices of goods and services have more than tripled in the past one year,” the statement said.

Among others, it cited the following:

· The indiscriminate debiting of customers by commercial banks the sum of N65 after first withdrawal from ATMs other than their banks;

· The failure to blow the whistle even after the discovery of a lopsided distribution of millions of dollars to promote the off-shore business interest of Aliko Dangote to the detriment of the Nigerian economy;

· Mr. Emefiele’s role in the misappropriation of over $2.1billion dollars meant for the procurement of arms. “It has never been heard in a sane clime that a CBN Governor would release a whopping sum of over $47million and millions of Euros from the vault of the CBN without due process and worse still is when such action was carried out only by an instruction on a piece of paper by the embattled erstwhile security adviser, Sambo Dasuki;”

· The continuous free fall of the Naira;

· The sharp decline in foreign reserves;

· Unholy romance/sponsorship of PDP campaigns in the 2015 general elections: “It is shocking to us with facts that a CBN Governor could channel funds from the CBN to sponsor the PDP in the 2015 general elections as events presently unfolding with the arrest and prosecution of Sambo Dasuki already indicted him.

According to the group, “Records also show several monies released by Mr. Emefiele to choice candidates in PDP i.e. Gov. Emmanuel Udom of Akwa-Ibom State as well as details of his hidden meetings with Bayelsa State APC Gubernatorial candidate in the person of Chief Timipreye Silva at different points before the Bayelsa Governorship election is also an indication that he is a failed CBN governor who mixes professionalism with politics.”

It noted that performance in a highly exalted office such as the CBN Governor cannot be better measured by the above indicators most of which currently depict failure.

“The economy of our great nation has never had it this bad since independence under a Central Bank Governor,” the group said.

“The multiplier effect of the exchange rate under his watch has caused the astronomical increase in the prices of goods and services which in turn has brought unimaginable hardships on the already impoverished Nigerian citizens.”

It pledged to occupy the National Assembly, the CBN and EFCC headquarters for a protest match to save the Nigerian economy from the clutches of corruption and incompetence if Mr. Emefiele failed to honour the deadline.

The Save Nigeria Anti-Corruption Initiative affirmed that it stands with President Buhari’s drive to kill corruption in Nigeria and end impunity, ineffectiveness and mediocrity among government appointees.

Should Mr. Emefiele ignore the ultimatum, the group warned: “We will occupy the National Assembly, the CBN and EFCC headquarters for a protest match to save the Nigerian economy from the clutches of corruption.”


http://saharareporters.com/2016/03/21/incompetence-corruption-group-gives-cbn-governor-emefiele-14-days-resign-or-else…

CBN denied job advert in September 2015 and this irregular employment was carried out in the same month and year. Below is the disclaimer from CBN

This is a statement made by President Buhari during GEj tenure

The federal government should outlaw the use of forex in any transaction within Nigeria and offenders should face serious sanctions including jail term.[/quote]But the FG is also guilty of this by demanding for dollars from Private Cargo Terminal Operators for license fee. You can not fight the Dollar, The more Buhari is fighting dollar, the stronger it becomes

Where will Emefiele turn to, he accused the Bureau De Change of round trippng, forward loading etc. And now banks are even worse, will the CBN start selling to end users,

The truth of the matter is that, the BDCs determine the true value of the Naira, everybody( home and abroad) wants to deal using the black market rate.

As at this afternoon, Black Market Rate for Dollar is: We Buy 335 We Sell 338.

My advise for Emefiele is to work with the BDCs and regulate their activities properly.

Hmmmmmm. A Dollar is already selling for N335 in the parallel mkt as at 5pm today due to huge demand from Importers who can no longer wait for the Gov't to supply them dollar, Imagine what would happen to the rate now, woth this ban.

This Govt is clueless on how to fix the Economy. All their policies has failed.

From all indications, the CBN has lost control of the Naira. This is the impact of all their tough policies.

Mr. President wants Nigerians to look inward and consume our own goods and servies, but here is the same man travelling to UK for medical treatment.

Is it that we dont have good Doctors here, He's deceiving himself big time.

The expected change we voted for is vanishing into the air and our patience is running thin

Mr. President should live by example. He wants Nigerians to look inward and consume our own goods and services, but he's in London now for medical treatment.

Is it that Nigerian Doctors are not good at all or what.

I'm highly disappointed in him

horpeelo:
This is reality not paper....... Things in life are not judged on grades you obtained from school

During the era of Prof. Soludo, Banks and oil companies were allowed to sell to BDCs, the market was liquid and the margin between the official mkt rate and the parallel mkt rate was between 50kobo to N2.

The CBN was concerned that the external reserve is depleting because they sell to BDCs, but since CBN stopped selling to them, the external reserve is still going down.

Yoruba wld say "Ori bibe koni ogun ori fifo". it means cutting off one's head is not the cure for headache.

soulpeppersoup:
If bank buys at 199 and sell at 220 do you think BDC will business if they don't adjust their price?

Now why should CBN do business more with BDC than with Nigerian banks.

This policy is suspicious

Banks can only sell dollar to u through PTA or BTA and the limits are $4000 and $5000 respectively. While Mallam can sell any amount to you.

The solution to this problem since Mr. President rejected devaluation is to allow banks and oil companies to sell dollars to BDC, by so doing, the market will be liquid and there will be enough supply, which will in turns crash the dollar rate.

Its a simple law of demand and supply.

Whether we like it or not, dollar has become our second currency

coolsix:
Excuse me, economic policy will make a BDC purchase Dollar at 199 from the CBN and sell at 301 to end users? Really?

.

If you buy PTA 0f $4,000 from Bank at the rate of N200, you travel out and return with a balance of say $2000, and you intends to convert it back to naira,

(1) Bank will buy at 199
(2) Bdc will buy at 300

Where will you go? be sincere

I think the CBN governor too should be included in the suit. He played a major role in the movement of dollars out of the cbn. Is the man using juju on Mr. President.

I dont know why the cbn governor was left out of all these investigation and probe

AS the price of oil continues to fall, dragging along with it the Naira, stocks and government revenue, stakeholders are increasingly getting worried about the future of the Nigerian economy.

Nigerian stocks fell 3.6 percent to a near three-and-half-year low on Wednesday after the Naira fell to N300 per dollar on the black market, weighed down by sliding oil prices and the central bank’s decision to curb dollar supply.
Currency and stock markets have been hard hit by the persistent fall in crude, Nigeria’s main export, triggering a fall in government revenues and exit of foreign investors from the local bourse.

The stock market continued the previous days sell off as the Market Capitalisation and All Share Index closed at 3.58 per cent loss at N8.633 trillion and 25.103 basis points, on Wednesday, with market capitalisation shedding a sum of N320.5 billion.
Market capitalisation, in the eight-day trade of the year 2016, has depreciated by N1.22 trillion and by the result posted on Wednesday, the Year-to-Date (YTD) returns currently stands at -12.36 per cent.

Market turnover also continued previous day 74.87 per cent increase as volume appreciated by 65.37 per cent on Wednesday.
All Indices of the Nigerian Stock Exchange lost their value except NSE ASeM that remained unchanged at 1,205.74 points.
Market breathe further deepen as 3 gainers were recorded against 34 losers with Ashakem Cement Plc leading the gainers chart while Okomu Oil Palm Plc led others on the flip side.

Diamond Bank Plc staked 88,682,876 shares in 32 deals, Unity Bank Plc traded 147,001 shares in seven deals, while Zenith Bank Plc bargained with 51,442,667 shares in 536 deals, thus driving the market turnover. Meanwhile, Nigerian Breweries Plc and Zenith Bank Plc led market value list with N201.2 million and N564.7 million.

At the end of trading on Wednesday 369,233,091 shares of N1,689 billion exchanged hands in 2,887 deals.
Brent crude, which gives Nigeria around 95 percent of its foreign earnings, fell to $30 a barrel for the first time in twelve years on Tuesday.
A university don and economist at the department of Economics, University of Lagos Dr.(Mrs.) R. Dauda on Wednesday said all indices in the Nigerian economy show that it is not doing well.

“With pressure on foreign reserves and oil prices at $30 per barrel, devaluation is now unavoidable. The issue will be the quantum and methodology,” said Samir Gadio, head of Africa strategy at Standard Chartered Bank.

The central bank on Monday stopped the sale of dollars to retail foreign exchange operators saying they were using up the country’s foreign reserves for illegal transactions and selling the dollar above the bank’s official rate of N197.

On Wednesday, bureaux de change traders were quoting to sell dollars at a record low of between N290 to N300 citing thin liquidity. The unofficial market accounts for less than 5 percent of total dollar trades in Nigeria.

“The market is facing acute dollar shortages, even many people who want to buy at N300 cannot find the dollar,” said Aminu Gwadabe, the head of Nigeria’s bureaux de change association.

Recently, Russian investment bank, Renaissance Capital, said a fair price for the Naira is N305 to a dollar but stated that a devaluation to N240 or N250 per dollar is appropriate

maryjames9:
. 8 YEARS. COME BACK IN YEAR 2023. IF YOU ARE NOT SATISFIED, PLS HUG THE NEAREST TRANSFORMER.

You sound frustrated somehow, God will showeth you mercy

Sentiment apart, the Apc led government need to ,as a matter of urgency, review their economy policies especially the various central bank policies that have failed to turn the economic situation around. All the policies rolled out by the CBN has failed so far, thus, increasing the hardship of Nigerians, home and abroad.

The CBN policies are:

(1.) No dollar deposit into Domiciliary account (Harsh policy on Nigerians)
(2.) No FX transfer abroad from Domiciliary account
(3.) No more use of mastercard abroad either for online purchase or atm withdrawals abroad effective 1st Jan. 2016
(4.) Cancellation/ban of 41 items from cbn fx window, inorder to encourage local manufacturer.

The number 4, is a good move by the government because it will help local manufacturers to pickup, thus providing employment to Nigerians, but this policy should be handled with caution. it should be a gradual tin, The amount of rice we produce locally presently cannot feed 1 state in this country.

I will advise the federal govt to have a rethink about all this policies and the competence of the CBN Governor, Nigerians are becoming impatience, people are complaining that this is not the change they voted for.

Mr. President please do sometin to alleviate the suffering of Nigerians. Thank you

analyticalnayos:
God punish all of you that mentioned CBN gov.Buhari idiots

OLOSI OLODO ATOLE OBO LAGIDO

analyticalnayos:
God punish all of you that mentioned CBN gov.Buhari idiots

YOU ARE DEFINITELY A FRUSTRATED AND USELESS ELEMENT. MONKEY

SaharaReporters has learned that Senate President Bukola Saraki blackmailed officials of the Central Bank of Nigeria (CBN) to hand him N250 million as “hush” funds after the senator had found out that ex-President Goodluck Jonathan had illicitly approved N60 billion for the former National Security Advisor (NSA), Sambo Dasuki, to purchase “arms.” A source, who is a senior CBN official, disclosed that bank officials paid the sum to Mr. Saraki, who was not the Senate President at the time, to ensure that he and other senators kept silent about the irregular withdrawals by the NSA and the Jonathan administration.

Our source also revealed that some officials of the Central Bank of Nigeria had quietly resisted several attempts by officials of the Jonathan administration to carry out large-scale theft of funds from the national treasury in the name of fighting Islamist insurgent group, Boko Haram insurgents.

A CBN whistleblower made available to our correspondent a hurriedly typewritten document that detailed how ex-NSA, Mr. Dasuki, requested tranches of dollars from the bank after obtaining approval from former President Jonathan between February and March this year.

According to the document, in third week of February 2015 the former NSA requested for $250 million from the CBN, but got $200 million. In the fourth week of February, the NSA put in a request for $150 million but received $125 million.

In the first week of March 2015, with Nigeria’s postponed elections a few weeks away, the NSA made a request for another $250 million, but only got $204 million. In the second week of March, Mr. Dasuki again called for $250 million, but the CBN provided $104 million and N3 billion.

Emefiele, the cbn governor should be arrested by EFCC, he approved some many dollar withdrawals from the cbn. He should be questioned

I think the cbn governor too should be arrested