₦airaland Forum

Chinom:
Most of your comments are from a very selfish and egocentric view point. You need to look at the bigger picture. Are you aware of how many millions if not billions of dollars that was wiped out of Dangote's fortune as a result of the recent crash in Naira. Such business men really understand the importance of a strong Naira. If you are truly a business man, pray for this policy to continue, endure for now and enjoy later.

Do you know that a Nigerian could buy a house in London for N20,000 in the early 70s ?.

Bros, you are old sha...

When your mates were buying house in London in early 70s, what were you doing?

Now that you should be retired, you are busy venting your frustration on legitimate business people with forex in their domiciliary accounts. Perhaps you should spend more time making money, and less time being jealous of other peoples' success.

Chinom:
Typical Ndi Ofe coward. You waited for me to log out and go to sleep for you to crawl out of your gutter to spew thrash.

I'm pretty sure you were still in Pampers when I opened my first Pound sterling domiciliary account with Union bank. This is not a joke.
Did you ever bank with Barclays bank Nigeria ?. If not, then STFU. We are not mates.

Barclays Bank Nigeria closed in 1979, which would make you at least 54 years old. Slightly younger than our aged president...

What is an old man like you doing on a blog

Your mates are out there ruling the country, and here you are arguing with teenagers. Agbaya!

Chinom:
Wire transfers in Dollar will be converted into Naira and paid into those company's account. Face value of checks will also be cashed in Naira. Only the CBN should hold foreign currencies on behalf of money deposit banks.
You can't even hold an Euro dominated account in Great Britain despite it being a member of the EU. So why should we allow people to operate Dollar, Euro and Sterling accounts in Nigeria. We are killing our currency.

I'm in Great Britain, lived here 14 years and I hold three accounts in GBP, EUR and USD. All with HSBC.

@Chinom Do you have any more trite to publish tonight?

AskProf:
Read through again, the CBN Governor said it wasn't his decision but, he supports it.

I'm sure you also believe in the tooth fairy @Askprof

Chinom:
[[s]quote author=Antiparticle post=36575165]While I'm somewhat indifferent about the tactics that Emefiele and the banking industry employ to protect the Naira, I am disappointed that he (Emefiele) spoke like an uninformed illiterate on a topic he should know more about.

It is absolutely not true that you will be arrested if you try to pay Pound Sterling or Euro into a US bank account. I really can't believe that this guy is the CBN governor! How clueless.

Usually if you try to pay Euro or Pound Sterling into a US bank account, the bank will either refuse it or convert it to US dollars at a rate of their choosing (and with your consent). I have done this before!

Wonders shall never end. Emefiele needs to read or talk to his counterparts abroad so he can learn. I weep for my country.

[/s]


I was really not in the mood to post any comment on NL today, but your choice of words really pissed me off. In your simple, naive and moronic mind, you made a very intelligent statement. In reality, what you posted is complete garbage. Emefiele's use of the word ' Arrested' was just intended to drive home his point to stubborn Nigerians who insist on paying in Dollar into their accounts and withdrawing Dollar whenever they wish despite the fact that our national currency is the NAIRA.
What Nigerian banks are doing now is exactly what obtains in US and Europe. If you bring in your dollars or Euros, the bank will just convert it to Naira and credit your Naira account. If you do not like that, take your dollar to the parallel market, change it to Naira and come and deposit in your Naira account. That is a brilliant decision. It's the only way we can save, as well regain respect for our own currency.
I would like the banks to even go a step further and close all domiciliary accounts in foreign currencies.

Emefiele knows what he's doing. You, my friend, is just a phony dickhead.

"Close all domicillary accounts..." it is obvious that you are broke and most likely uneducated. Person wey get $£€ for account no fit yan like vulcanizer...

Antiparticle:
While I'm somewhat indifferent about the tactics that Emefiele and the banking industry employ to protect the Naira, I am disappointed that he (Emefiele) spoke like an uninformed illiterate on a topic he should know more about.

It is absolutely not true that you will be arrested if you try to pay Pound Sterling or Euro into a US bank account. I really can't believe that this guy is the CBN governor! How clueless.

Usually if you try to pay Euro or Pound Sterling into a US bank account, the bank will either refuse it or convert it to US dollars at a rate of their choosing (and with your consent). I have done this before!

Wonders shall never end. Emefiele needs to read or talk to his counterparts abroad so he can learn. I weep for my country.


"You cannot go to the United States where the dollar is spent and try to pay pound sterling into an account, because you will be arrested. Neither can you go into the United States and carry Euros into that economy and tell them to pay it into an account for you; you will be arrested."

Please tell them o. All these people rejoicing, this is a temporary fix and the naira will certainly fall again.

All Emefiele has succeeded in doing is putting lipstick on a pig...

@jomoh

http://www.economist.com/news/middle-east-and-africa/21656700-desperate-measures-bank-toothpick-alert

Some more homework for you... that article encapsulates everything wrong with the nitpicking job Emefiele is trying to do. He is starting to earn a reputation as a buffoon and his failure at stabilizing the Naira is evidence of his buffoonery.

Here is the article from the Economist:

CENTRAL bankers may talk in martial terms of defending currencies against bloodthirsty speculators, but they seldom suffer wounds more grievous than a bruising of their egos. They can, however, cause untold harm to economies, as the Central Bank of Nigeria (CBN) is doing in puffing up its exchange rate.

The naira has been hit hard by a fall in the price of oil, Nigeria’s main export. The official exchange rate has slumped by almost 20% over the past year to about 196 naira per dollar. The black market rate, a more accurate gauge, is close to 230. Instead of allowing the naira to devalue, the central bank is trying to defend it by blocking imports. It has drawn up a list of disfavoured goods, and will not grant foreign exchange to import them.

Godwin Emefiele, the governor of the central bank, said he wants to conserve foreign reserves (which have fallen by about a fifth over the past year and now cover only six months of imports) and stimulate local production. “Nigeria cannot attain its true [potential] by simply importing everything,” he said.


The hit list appears to have been drawn up by someone wandering around a home and a building site and randomly pointing at items. It includes Indian incense, toothpicks and wire rods as well as more obvious luxuries such as private jets (demand for which could be slashed by simply barring government officials from flying in them). It also includes basics such as rice and tinned fish. Nigeria does not produce enough of these things to feed itself, but no matter. The nation must be shielded from foreign sardines.

Economists find the policy baffling. Central banks usually prop up their currencies if they are worried about inflation, or allow them to devalue to depress imports and stimulate exports. Nigeria, by contrast, appears to be set on achieving both an uncompetitive exchange rate and higher inflation. Whereas many investors were impressed by the previous CBN governor, Lamido Sanusi, who was sacked for exposing corruption, they fret about the harm being inflicted by the current one. Some wonder which would be worse for Nigeria: allowing him to serve the remaining four years of his term or undermining the independence of the central bank by sacking him.

@Jomoh

You too, please share some of that high grade weed with me.

You must be high as a kite to believe these policies will have any effectiveness whatsoever. My advice is to jump ship and convert your total bank balance of N242 to $1 before it is too late.

@Adesiji77

Bros, please send me some of that quality weed you've been smoking

I am done with Emefiele and his lack of macro-economic controls. Someone advised me to change my naira to pounds while it was trading at £1:N291, but I didn't listen thanks to such st*pid articles like the one oga has written on nairametrics. Now it has fallen to £1:375.

I am jumping ship first thing on monday and if anyone reading knows what's best for themselves, sell off our naira ASAP because IT IS NOT GOING TO GET ANY BETTER. The corrupt politicians do not care about parallel market because they can easily procure forex at CBN rate therefore, save yourselves.

This is inspirational... and so true. School does not prepare you for the real world. He who dares wins in this world...

Shingai! In hausaland it is called...

CreekReporter:
I love BUHARIIIIII

gay

buygala:
More appropriate title for thread




Bleached-out Sumo wrestlers taking groupie after farting in swimming pool


In other news....


I just ate Yam and bread.... I opened the bread and put the boiled yam inside it ..... Now my eyes are doing me somehow .... Please advise me

Damn dawg... take it easy

@saliubello.

Do you still have units available at Lokogoma? I hope the price has gone down since the N70m you quoted before.

Moana:
may God give you a sexually adventurous wife in Jesus Name

Why you have to bring God into this conversation is beyond me. Can't you simply find an intelligent response?

Raiders:

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Is this how your father treat your mother? Just because your father treats your mom like a slave and badly, doesn't mean all Nigerian men will treat their wives badly

Why make it personal you tw*t @Raiders

All I see if Buhari disaster this 2015

Government Magic.. na wetin Fela dey talk. After both presidential and gubernatotial elections...