₦airaland Forum

justwise:
Thank you for letting us the underlying reasons for his action. Jokers everywhere.














You should be the last person to act as moral police officer to any media organisation judging by those posts above


International political diplomat and international human right Lawyer indeed, you left Nigeria less than 10months ago

Franzeez:
Thank you for your contribution.

Bayswater:
Koboko69 and the bias mods, why push a thread with a controversial title to the front page?

The title says "arms bought by Jonathan's regime has not arrived". One can see the crafty sensationalisation.

Dasuki said in that interview that the equipments bought were used to recover territories from Boko Haram, that even makes your mischief more obvious.

Seun, this is one of the reasons why some of us have reduced our visit/contributions on this forum.

You need to call your mods to other, they have been tasked with doing some functions, it is very obvious some of them are sentimental or are downright inept. No forum is formidable enough not to witness a hit, you need to put your house in order before these elements in the name of mods help you pull it down.

We all know majority of the arms bought during Jonathan's administration came in handy during the decimation of Boko haram in their held territories.


Nowhere in that interview did Dasuki say all arms bought have not arrived so I am wondering why you have decided to sensationalize it.

400billionman:
If your claim to success is your beauty, then you are in for a ride..

Goke7:
Just because he is waging a war against corruption abi?

ammyluv2002:
Yes! There are other ways one can be unfaithful to the partner especially the married couples;

1. Not being honest with your partner
2. Flirting
3. Chatting on the Internet with someone of the opposite sex (Sex chat)
4. Spending time alone with someone else
5. Confiding in someone else
6. Downloading pictures of hot babes
7. Placing your family or kids before your partner
8. Buying a house, land without telling your partner
9. Hiding your pay slip from your partner
10. Hiding your partner from your friends

doctokwus:
What has brought the new govt into this issue?
The petitioner finds it easy to question the essence of change Nigerians voted for but cannot first do the simple task of mentioning the name of d so called general.
Mention d name of d pson if u sure of your facts,not trying to blackmail a govt with wide allegations.
As an aside,with the cost of land in banana island and d way d place is hyped,I was expecting to see exquisitely tarred roads, non visible electric cables (underground electric cables) and fancy cars;but what am seeing in these pictures is an anticlimax.

asuustrike2009:
[b][/b][b]

Why do you say so? NCC was just doing their job. If they don't restrict MTN, it will make the market not competitive there making smaller players withdraw from the market e.g starcomms, multi link, retel wireless e.t.c

kaboninc:
Here is a chronicle of events.... I hope it makes sense to anyone who reads it.

The truth is that the disparity between the exchange rates between the inter-bank window and the black market being very high is not healthy for the economy - the manufacturers, the working force, the cottage industries, etc who cannot access FX via the official channel will be greatly affected in a negative way. This is so mostly if the rate is not a true representation of its value.

We actually brought this on our own. In the market lately, after Sanusi's hammer on Bank CEO's and the exposure of bank's health spiking reforms in the entire banking sector, most of these bankers laid off, resorted to establishing BDCs - which initially was meant to meet the growing need of FX to fund imports - imports not covered in the non-prohibition items as Nigeria is heavily import-oriented. Fortunately, the price of crude oil was high earning us huge FX earnings boosting our external reserves (foreign exchange component) and meeting our import demands.

However, when the price began to fall, the balance of trade tilted against us and CBN had to tamper with the exchange rate. Devaluing it places more naira in meeting most government spending and stimulating growth. Most importantly, there have been strong demands for FX from the CBN and the CBN usually finds it very difficult to meet these demands. Too much demand puts too much pressure on our naira and causes our naira to depreciate (or lose its value) against the dollar.

Being curious, this led CBN to investigate/find out the rationale behind these demands. Were they used to fund items allowed or prohibited? Where they fictitious demands? Were they terrorism financing related activity? Or speculative bidding (whereby individuals mop up the dollar and "bet" against it, and they "win"? The answers to these questions were very important because if the CBN continues to hold/protect the value of the naira against the dollar in international trade using the foreign exchange reserve, some day, not too soon, the reserve will be depleted and that we do not want.

The first move was to close the official exchange window (RDAS and WDAS). This window allows dealers (deposit money banks, BDCs, money transfer companies, etc) to purchase USD at very low subsidized rates (some on behalf of others, like the banks) after which they sell at very high rates to other dealers mostly via the black market. Some of these purchases do not get exhausted. So the purpose is being defeated. The next move was to stop banks from selling USD to BDCs because most demands come through BDCs and in very large volumes. I know that for sure. In fact this where the deposit money banks were complicit.

Then CBN told the banks to ensure that monies purchased must be utilized for that particular purpose else, it must be returned to the bank's (CBN) vault between 48 and 72 hours (even this too, the banks played a fast one on the bank and that was why there was panic-sale as these banks had large sums of USD in their vault). Another step was to ensure that the only currency to be used for payment of goods and services must be the naira; no goods or service must be paid in the USD (exception applies to transactions in the oil industry). All hotel rates, rent rates, school fees, or any other services must be paid in naira.

The CBN also increased their oversight activities on the BDCs - some of them can attest to this. Long ago, the CBN stopped BDCs from transferring USD to offshore accounts using their own (BDC's) accounts because of their easy access to the USD. As at that time, they were not adequately regulated and there was growing fear of terrorism financing. Even now, you can't pay in cash to a non-BDC account and transfer out of the country. Then again, going forward, from the 1st of August, 2015 all BDC transactions must be accompanied with a Bank Verification Number - that is close monitoring of the activities of BDCs.

Having found out some of the purposes for which these FX were being purchased, the CBN issued another directive banning access to foreign exchange for purchase of some commodities (import prohibition list). In Nigeria, there are three official windows to access FX. One is the inter-bank window, the second is the BDC market and the third is the export proceeds. All three must not be used to finance imports on the prohibited items. The CBN earlier restricted the use of dollar denominated debit cards issued by Nigerian banks - including the daily, monthly and yearly limit (for withdrawals via ATM).

Last week, due to CBN's insistence of not reversing their earlier support (and perceived government support) for non-inclusion of these products, the banks and dealers had no choice than to sell off. The speculators have lost. Banks do not accept FX. In fact, CBN stopped them because they must have gotten credible information that there is so much USD in circulation. Big loss for money speculators. Big loss in foreign exchange earnings for banks too. That is why you read in the news that people go to Benin or Ghana to deposit their money and transfer out. I wish they consider the risk. Well high profit, high risk. People look for holes in the system to make a profit.

The whole essence is to protect our local tender, protect our economy and our industries. Protect, very importantly the SMEs as they are the engine for expected growth in the country. Please note that the large corporations and industries source FX directly from the CBN. But there are smaller companies which might find it difficult to access FX due to the nature of their business and to also by-pass the tough and strict documentation required to assess FX. CBN's recent directive is to encourage local growth and development. To challenge us and make us see and exploit the opportunities in our country. Why do we need to import tooth pick? Why import rice? Why import palm oil? Why import poultry products? Even with the various milestones reached in the rice policy. Now we have so much cement in the market to the point of an incident of a glut, yet someone will someday, just wake up and request for FX to finance cement import? These imports hamper the growth of our local manufacturers. These imports causes more pains than gains. We may say the imported products are cheap but should we forsake standards? Should we allow dumping?

We need to consolidate on the gains of the previous administration. The previous administration did a wonderful job at diversifying our economy - the service industry, the agriculture, manufacturing and even the oil and gas industry where we witnessed increased local content participation. That is why we had a single digit inflation figure even at the peak of low ridiculous oil prices. Even when we had no oil imports because government could not re-imburse funds for subsidy due to reduced earnings. Remember the inaugural speech given by Emefiele - a CBN that is committed to inclusive growth and job creation. That is the focus of the CBN's various directives. There are policies to promote local production of goods as seen in the previous administration. The automotive industry, dry season farming, sugar cane production, cassava production and even oil refinery.

Also, rising commodity prices do not always translate to danger in the economy. It could also mean increasing growth in the middle class, expanding economy, increasing spending power by consumers, increasing government spending to stimulate job creation and growth. My concern is that this new administration is yet to give us a direction. That will go a long way at reducing tension and restoring credibility in the system. The restriction on depositing USD in domiciliary accounts will be lifted after the CBN must have found a way around abuse.

Lastly, this is a monetary policy intervention to protect the economy. We need the fiscal component to support this policy and this is where Mr. Buhari's Ministry of Finance should come in. And yes, the CBN is indirectly regulating the black market.

It is instructive to note that other countries will do everything to also protect their currency, their economy and industries. Look at China. Everyone goes to China for cheap labour, cheap production cost and make stupendous profit from it. Yet the country's currency is protected as the exchange rate is not the true value. So they earn huge foreign exchange against the dollar. Look at the policy of the US government towards rice export to countries like Haiti. Same with the European Union and Russia.

Later in the year or early next year, Iran will begin to ship oil (if the negotiations sail through and sanctions are lifted) and her government will do everything to protect their interest. The foreign investors in the capital market just know when and how to exit the market. They feel our currency is highly overvalued. Even at 199 to 1 USD, they think the currency still needs to be devalued. To tell you, they do not have our interest at heart.


Long one!

helpee:
@ barcanista, thanks for the analysis. kindly disregard those that have nothing to contribute except shouting wailing wailers. But i disagree with you. naira actually depreciated against the dollar because of excessive speculation. As you know, due to the ban on 41 products importers from accessing forex at the official rate, they had to source it from the parallel market. The excessive demand for forex by these importers from the black market at first created a scarcity that pushed the dollar up temporarily. speculators then cashed on that and started hoarding dollars thinking the dollar will keep rising against the naira especially since the new govt has no concrete plan in place. i was almost caught up too. i was advised to change most of my daily sales to dollars and then deposit in my DOM account in speculation of a further weakening of the naira. therefore, the banks were flooded by speculators with dollar deposits and many of them under the disguise of importation are laundering the money abroad via transfer. so, by refusing to accept the dollars, the CBN is playing a very smart move aagainst speculators. many people are therefore caught with dollars which they cant transfer or even deposit except to convert it to naira. therefore, the economy is flooded with dollars and demand is less than supply so the dollar must come down.
IS IT SUSTAINABLE/
Yes but we will temporarily suffer in sacrifice for a prosperous naira. importers will be temporarily caught unaware. the CBN will only create a bereaucratic bottleneck that will make it difficult for anybody except importers to access forex. BVN is one of the them. money launderers that used to access forex and transfer via DOM account will be cut off by the bottleneck. speculators will not find it attractive to hoard dollars because unless they ggenuinely need the dollars, they wont be able to get value for it since they cant spend it locally, cant transfer and cant even deposit. what do you need a useless dollar for?
it is not easy to open domicilliary account in neigbouring countries like you suggested unless you are a citizen or permanent/legal resident so few will be able to divert import activities to the neigbouring countries. therefore, even without increasing local production of imported stuffs, the naira will still stabilise against the dollar at a favourable position cos the most damage done to the naira usually comes from speculators. once we only access just the dollar we need for importation, school fees and other legal business abroad, we will stop speculating with the naira .
Even if things are temporarily expensive, we youths should take up the challenge and start producing. you can start with toothpick for example cos it is part of the products banned from accessing forex officially. the bottomline is that if it will be sustainable we must support the CBN in this quest. this is the first policy of this govt/CBN that i support.

CyberWolf:
Our wailing secured this one...Now I know it pays to wail...BTW #ContinousWailing mode activated

Bdemmy:
Congrats!

Permit me to add ope lope Mark Zuckerberg.

wrongnumber:
The op is clear.

I wonder why many of you are fuming up for nothing.

He simply wrote that we should follow traditions and go with the flow of the fun fair but also made it glaringly clear that people should stop using the Bible or Quran as excuse for their greedy tradition but many of you don't ever read and assimilate but just look at a post in a glance and start commenting.

When it comes to placing God's rules and tradition side by side we are compelled to choose that of GOD so i wonder why this subject has turned many people here to pagans clamoring for tradition as if that supersede GOD's ordinances.SMH

victorels:
Its just funny people keep talking about Biafra this way. Biafra was born out of inferiority complex. That is still what is driving us today. We feel so inferior to the extent that we want to get rid of Nigeria.

Nigeria or the Non Biafrans are not as good as we are. That is true. But we have become our own worst enemy. Think of what Michael Okpara accomplished for us and compare it with what all the 5 states of the South East has accomplished since the creation of those states.
We are still arguing abou2 which state is better, The Eri and Around Clan, the Israel heritage and yet we dare to speak about waaar.

We have lost our essence. We are supposed to be the envy of Nigeria. We are still the envy of Nigeria. That is why the ill treatment. But when we decide to open our weakness to the public, we ill become an object of caricatur like we are gradually becoming.

All we have to do is errand ourselves and rebuild ourselves. When we have done that, they will be even more frustrated that their effort is not yielding result. Why do we have to let them frustrate us while we should be endorsing them with our exceptional character and personality.

We need to go back and re-invent ourselves and we can't do that with frustration abduction hatred.

PassingShot:
It's not a counter thread. If it was, I would have attacked the points raised in his.

Though, this is for people to see the government from another angle from what the Chief Wailer presented.

IsraeliAIRFORCE:
The problem is you didn't understand the comment you quoted because of a simple idiomatic expression "thin line". It means:



Now back to your reply, Tompolo owns fleets of Ships in Nigeria water under the services of NIMASA hence the synergy (symbiotic relationship).

Secondly on Buhari turning South East to Dubia, when is it a Northern Interest to rebuild Eastern Nigeria notwithstanding the declaration of Reconstruction and Rehabilitation of the region contained in article of surrender and end of civil war, which never happened?

Did President Buhari borrow $2.1 billion for development of Eastern Nigeria or were you deaf to the preference he declared on the zone who gave him 95% vote to the regions where he got 5% (SE and SS)?

Make use of your instinct and stop being unnecessary Sycophant.

IsraeliAIRFORCE:
President Buhari sent Tompolo to douse the tensions in the creeks which he invariably did.

The so-called meeting may have been held under another umbrella and recommendations given to President Buhari.

One of the recommendations may have been to appoint the Ijaw General as director of Amnesty Program.

I suspect the Itsekiri, Urhobo ex-agitators are privy to these concocted arrangements hence their protest against Ijaw dominance on Amnesty program leadership structures.

Tompolo is walking between thin-lines.

Kemmy210:
. bye Can you tell how things are done in ife? as if you are the only graduate of OAU(only if u graduated)How much of ife do you know within 4 to 7yrs dat u stayed there?.Mind you,it is a common practice in Yoruba land(I don't know of other tribe) to sacrifice pple when burying their king(culture I pray dey review).I was in Esa-oke,Oscotech when their king died and according to their indigene,they explained to us dat dey were looking for 7 non-indigene to bury with him so they declared indefinite curfew which dey stopped after almost 3weeks,so what are we saying?

chuna1985:
Yoruba are not a group of voters without sentiment, rather they are sabo + political prostitutes that change their mind at any point just to vote for a party because a yoruba man was fielded for vice p. Lmao...light years ma azz.

It takes a derailed man to campaign and vote for a former dictator who destroyed an already existing democratic government n siezed power into power.