₦airaland Forum

being:
Hw many sellers do they want to do this for?
BTW we are talking about Nigeria where d art of corruption has been mastered. Send $ to merchant, the Nigerian buyer will still find a way to get d $ back and sell at black market cos it is ultrahigh ROI and zero risk compared to even d tractor business. Even d CBN officials are corrupt and would work with u to falsify merchant details..
See b4 u bring out policy, u have to consider all the ways Nigerians might circumvent it otherwise it will fail

Major importers of fuel, machines, parts, and raw materials.

Itsrm:
So you think the tractor importer will not sell the 200 naira to a dollar at black market rate to make a fortune. Just dey play.

Yes I do. I do because CBN should know they are suppose to pay the tractor supplier dollars directly and collect naira equivalent from the buyer in Nigeria, then alao follow up until the tractor arrives Nigeria.

blacknp:
We have been hearing this same rhetoric talk for donkey years now, na the Federal government go diversify the economy for its lazy citizens that have refused to be innovative, yet all states of the federation have commodities for export based on their comparative advantages?

But no, na money from FAAC una they wait for every month, then will turn around and blame FG for their lackadaisical approach?

Lazy citizens who get massacred for being productive. Get kidnapped and extorted. Get arrested also?

outoftheworld:
You are so empty

...but the dollar is loaded right? Lol.

being:
What you are saying is impractical... it sounds right, but it will lead to chaos which it did. Some person with influence will tell u he needs dollars to buy tractors, but then he will get it and go sell in the black market -- zero risk business, high ROI... at d end of d day, d CBN was fooling itself by doing all that pegging & 41 items ban shenanigans. Economics is not sentiment. It is a social SCIENCE

that's why govt need to do the crediting of dollar into merchant's account directly and not trust any random importer with forex. You pay into the account of reputable sellers the dollar and let the buyer pay you naira equivalent. We don't enough dollar in govt hand to declare single exchange rates for toothpicks or wines and medical supplies.

masseratti:
people that are in charge of such policy will abuse it, not only that the hair extention guy will still go to CBN and buy at the price the tractor guy bought dollars and go to China to buy hair extensions, the best way forward is everyone to buy in same market.. Shikena.

you can't force everyone to sell at same price if you succeed in gettingghem into same market.

BigBlackPreek:
Yes he might have predicted it right but he's also an accomplice in the fall of the naira currency please!

keep shut if you lack understanding of the subject matter.

He managed the system well. Everything the political champion you are part of criticized about his policies are needed now.
The current gov also restricted currency supply to check inflation. He has informally created a list of prohibited items by sending majority of forex buyers to black market(the major market anyways). He is printing money to pay unproductive civil workforce unlike emefiele who at least paid farmers via ABS to get food.

Emefiele is the best CBN gov ever.

I have asked countless times here too. Emefiele was obviously getting it right compared to some patchy-patchy sophistry of a politically-minded tinubu team.

It makes no sense to give someone going to buy hair extension and tractors dollar at same rates. Let the less important one, that's consumption focused, go to black market and buy at N2000 a dollar, but give the tractor importer at N200 a dollar. That way, you encourage people trying to increase local production. They can take future pressure off the dollar supply with import substitution.
Emefiele was right to partially disown some ridiculous imports via that list of 41 items. Today everyone is justling for same dollar and the price has gone haywire.

From the look out, this is another looting margin exercise.

Mynd44:
With "Deep Seaport, Crude oil refinery, Gas Complex, Free Trade Zone/Industrial Park, Independent Power Plant (IPP), Airport, Nature Conservation Park, etc."

Theu better fulfil it. This will catapult the economy of the state and the entire region

This isn't what we need most. A smaller seaport can be built and then the focus should be on turning vast raw materials into finished products. I rather favour an industrial estate where power is subsidized, security is guaranteed, movement of export is not buggy and can employ many more hands.
I don't see need for a almost $30Bn sea port project. The can learn from Dangote.

Lol. Naira is being printed by govt to meet obligations and when they print like that, the connected and entitled elites skim off their own share to remain rich irrespective of service offered or product made.

aribisala0:
tell your mother to keep shut
You are free to believe whatever foolishness you like.

kiss the truth. 👏

That's what happens when Buhari has programmed so much trouble ahead for his mugu-ish successor.
Tinubu can't run Nigeria cheaply with propaganda any more. He should brace up for reality check.

aribisala0:
Your problem is inferiority complex.
The Persians were an advanced civilisation when European people were going around in caves naked

keep shut. What advancement?

That you once took the lead doesn't make you eternally superior. 99% of advancement of today are by westerners and not some donkey-urine sippers.

Inventions are suppose to make life easier and boost productivity but when not properly applied to increase productivity and so many, or even all good things continue to be desired, too many wants lead to criminal means being embraced to fulfil the wants.

naptu2:
The NTA showed a lot of variety shows in the 1970s and 1980s and many highlife artistes performed on these shows. Some of these shows were hosted by the highlife artistes, while others, like Bandstand, featured a different artiste every week. I am now going to post videos of these artistes performing on those shows.

On this thread there will be videos and details of:

The Bala Miller Show (8pm NTA Network)

The Art Alade Show (Sunday mornings, NTA Channel 10).

The Bobby Benson Show (NTA Channel 10 and later NTA2 Channel 5, Saturday afternoons)

Princess Afi Usuah Show (NTA Network, 8pm, I can't remember what day)

The Stephen Osita Osadebe Show (NTA Channel 10, can't remember what day or time)

The YomYem Show (Sunday mornings, NTA Channel 10).


Contact (6pm on NTA2 Channel 5 and later on the Network Service).

Senseless bragging.

sukkot:
Waffi guy

AJ/Edo.

nairalanda1:
NO, how about we use all those resources and make exportable manufactured goods and services.

We would earn far more than just selling them to other countries to process...and then sell back finished product to us at an even higher price.

(Government should reduce spending, that's a fact...but government spending is not why we have a dollar crisis).

Comprehend before you talk. The person you quoted expressed what you replied better and you didn't see that.

metaluterus:
Until the BDCs are financially shut down

you can't do that never.

BDC is just a format. No sane person who knows Nigerian govt and how it is run will remit dollar or pounds to a CBN that will allocate it to corrupt officials to resell to their relatives looking to import goods at double the rate CBN is buying.
You have to size people's dollar to do that.

callmevirus:
Nothing concern me but E dey mind


Truth be told Oshimen is overrated

Napoli overpriced him and just want to profit from his good outing last season.

They are only leaving area boys alone to collect their own tax in exchange for election time favours.
The fthunder fit to strike some people is the one that eats fufu and soup from drum and pot.

Jobless bunch. They could have gone for quarterly or bi-annual arrangement. Over-sabi is worry dem.

Corruption in blood plus the Ebi-npa-wa-ooo effect.

Useless show of respect.

ogododo:
They thereafter insisted he should call all his relatives and friends to keep sending money before he could be freed.
....
https://saharareporters.com/2024/01/27/nigerian-policemen-accused-kidnapping-businessman-extorting-over-n29million-him-abuja#google_vignette

That's what Nigeria has become because we like to maintain an unrealistic structure of government. These people instead of protectin the society from crime, are freelance criminals themselves competing with untrained full-time criminals.

Wow.

Thise calling themselves your family didn't name you short man devil and use to do money. They probably didn't swap your glory somewhere. Didn't starve you. Didnt call spiritualist to reveal you have been used for money rituals, yet you wan to kill them take do money. Mumu boy.

He wants to kill the spirit and body to feed the body further. Idiot.

thesolutions:
The dollar or naira doesn't rise and fall. The only thing that rises and falls is the demand for those pieces of paper and the general cost of production.
In the US for instance, the cost of bottled water doesn't suddenly increase. As long as the production cost remain the same, the price will remain the same. That is economics.
But in Nigeria, everything is tied to the dollar as if the dollar has become our national currency. The demand for dollars by japa candidates and politicians that loots our treasury and business owners who are import based businesses makes individuals that earn dollars to sell to the highest bidder. If aboki fx announce that they will buy dollar for N1,500 tomorrow, it doesn't mean that dollar is N1,500. It means that someone has offered to pay Aboki fx maybe N1,550 to a dollar. It doesn't mean that the value of dollar is put to be N1,500. It is just Aboki fx offering rate to make people sell the dollar to them instead of taking it to bank.
The banks capitalized on these and sell the dollar they receive from customers to these black marketers of dollar without letting it pass through approved regulated channels. This is what forced CBN to push up exchange rate to dollar and even offer extra 5naira to any dollar received but these guys at black market always tends to offer more.
Because the demand for dollars is still high, you can only expect upward exchange rate because most of those that pay these huge amount for a dollar gets the naira fraudulently and cheaply.
The only way out is for government to work on cost of production but it seems they are just short sighted like every other government.
The power sector is dealing with Nigerians. Instead of government to improve power and reduce tariffs charge on power to the minimum, they chose to sell it to money mongers who only care about profits and not results. Dangote refinery has taken off and is producing Diesel which should be celebrated, but it is all for profit and not to reduce cost of production. Though it will reduce demand for dollars to import the product he will be producing, but if the price is not brought down to max of N200, it will not change a thing in the prices of goods and services. The worst is, government is planning on selling it own refinery. So it means no checks to dangote refinery. He will determine what price he sells his product just like they have done to cement.
An economy that government doesn't have industries that act as check and balance to private businesses, the masses suffers.

The cost of a production is extremely high, the cost of transport is extremely high. The cost of preservation is extremely high. And now, the cost of security has to be factored in again. Everything will continue to be on the upward rise.

So accurate!

No local production means more import and when one guy imports rices with dollar and converts to weak naira, prices become higher locally. The local farmer capitalize on that to push for more profit by arguing that rice cost close to what foreigners sell it to produce it.

How can a man who taxed Lagosians and watched them get extorted by thugs know anything aboutghe value of local production and conducive business environment.

Agboriotejoye:
I'm not hanging my hat on anyone.
I'm simply enlightening you.
There's nothing like subsidising currency in real terms.
One of the core functions of CBN is defending the naira when needed and devaluing it when expedient.
I already gave you clear links especially under PDP presidents that I know of who floated the naira. So your claim that every govt before Tinubu controlled the value of the naira is simply false. You have to take an education when it is offered and accept when you're wrong.
Nobody left things worse for Tinubu. You guys are just making that claim to deflect from his incompetence.
If 700 exchange rate was worse, how do you now call sinking it to 1400 correcting that wrong? Are we progressing or retrogressing?

How will the Naira be devalued by CBN? The naira has to go down because those at the top can't inspire productivity locally. His focus was to tax the people heavily after subsidy removal and pay salaries then do projects.
He is just realizing economy is production centered. If we produce fuel and food to cover 100% local needs for example, there will be no need to go out to buy either of those. That will mean more dollar to sell to industries trying to get machines and raw materials.
If we stop using scarce dollar to do.pilgrimage every year, same effect as local production can be achieved. What of importation of non-essential luxuries like hair and wine?

His predecessor used insecurity and amnesty drive to kill whatever production gains the north made. He himself is just realizing printing of money to pay salary is the fatstes way to hyperinflation.

If Tinubu truly knew the value of maintaining production and thus supply to keep prices down and demands met, he won't tax Lagosians heavily then leave them at the mercy of thugs and area-boys to be extorted.
What he knows is Nigerian politics of using money to get power at all cost. I always knew he was going to struggle to inspire increased productivity. Even his attempt at taxing Nigerian after subsidy removal is a strong pointer to that.


What I didn't bargain for regarding the naira palaver is the naira sliding further down after local diesel production.

More strikes than Rashford and Hojlund.