₦airaland Forum

hahn:
The major goofs I can point too are:

- The forex ban list: Why ban importation in a country whose infrastructure cannot sustain industries for manufacturing?
- Limiting monthly dollar transactions to $100/month: This just created an artificial scarcity
- The Ceme border ban: This increased the price of basic Foodstuff and cars for no reason

These guys obviously don't know what they are doing

-To actually help that country's manufacturing sector and industry grow.No one wants its country to be a dumping ground for finished products from other places,especially in 3rd world countries that really need industries to grow.
-Limiting it is because they don’t even have that much dollar to begin with and also Nigeria debt in dollars is very huge right now,so no room for unnecessary dollar expenses.
-Seme border closure was for same reason as my first point,grow local industry.
That place is used to smuggle all sorts of things into Nigeria,with Nigeria making almost zero revenue from it.
You can't pay Duty in Cotonou and not pay anything to Nigeria,no Country will let you do that.

owagbeba:
CBN already asked the “41items” importers to hit the street and buy from aboki. Now with this CBN portal to buy e-dollar at closer to Aboki rate, we could actually accommodate the “41items” Importers by attracting them with a rate slightly lower than aboki.

I am looking at it from the view that if CBN plays Aboki by setting up a buyer and seller portal, this can actually drive market away from Aboki to CBN. Then CBN can let market forces determine rate. No artificial rate. This will quench the zeal to hoard, take power from the Aboki to arbitrarily determine parallel fx rate.

They should make it easier to do business.. buy and sell dollar. This Form Q is aimed at importers; its appears not to accommodate those paying for services. And Form Q fx funding is not readily available when needed.

It’s tough!

I understand your point,you wanna make aboki obsolete.Very superior argument and I endorse this.
But then again,pushing the rates up to the aboki figure is called devaluation.
Foreign investors both in Nigerian stocks and some real sectors will lose confidence in Nigeria and want to cut their losses and pull out their cash at once!
How do you think the CBN can manage that?
So why lose all that just because you are chasing away some group of abokis?

owagbeba:
I think you misunderstood my post.

The issue is how can CBN easily available to those who need it.

I recommended setting up payment portal like REMITA. Those who want to send fx overseas can login through their banking app or the payment portal and pay with Naira. Then the fx is sent to the beneficiary overseas. No cash dollar.

This will take the heat off this demand for dollar on the street.

I recommended a rate closer to aboki rate to cutoff round tripping.

When people no dey can login and get dollar easily.... the pressure will die down.

The recent demand for dollar are by those who fear the local currency is fast losing value and have resulted to holding their reserve in fx

I understand what you mean which is quite fantastic,
But also note that not everyone is eligible of fx from CBN.(Forex ban list and so on...),so how will you differentiate those who are and those who aren't on remita?can it be done?
Yes,I know you wanna merge street rates with that of official to eliminate round tripping,but know that the moment you increase your rate as a regulatory body,street rates go up again because you are the benchmark.So this is an endless process till the currency becomes less valuable than the paper its printed on.
You think this depreciation is by people hoarding dollar?
Well could be,aboki would just be preying on their gullibility and desperation by selling at unrealistic rates while the rest of the country suffer for that.

owagbeba:
No need to open branches. They can work with REMITA or setup something similar.

CBN sell dollar at a rate slightly lower than Aboki rate for remittance only. No cash dollar

Fill beneficiary details on the portal and Pay.

Fx sent to beneficiary oversea account

Gradually they can control rate and converge both official and street rate

I see what you mean,pair buyers and sellers online fully controlled by the CBN .Smart move!

femarse:
Why did they have to do something unorthodox?? Have you been to the bank recently for either PTA or BTA and you were denied ? After presenting legitimate documents...where you or someone you know denied?

You think CBN or bank is the problem? Until BDC are permanently exterminated , they will continue hurting the naira

...simple economics should tell you that dollars is not scarce, it's everywhere out there , it's in every single aboki shop, they go to the bank every day and deposit large sum of dollars and most times always want to exceed their limit ,

so why is the price always going up For something that is truly available everywhere ? Even u have access to $100 per month at the official rate , so who is going to the BDC to buy dollars when u can buy at the bank ? So why are people not going to the bank to buy ? Why are they going to BDC where it's more epensive ?

limit? Ask yourself, how many people truly want to travel that truly hold enough to buy even $2k talk less of $4k...u see now? Me and you and the BDC is the real problem not CBN or it's policy

People truly need $1.5k to travel but in their greediness request for $4k source for money to get it then sell the balance to BDC at a very expensive rate, make some profit and left a disadvantage country behind , for every action of this greedy people, those of us left behind are affected by price system.of a transaction that does not concern us in anyway whatsoever....some even use fake visa to get it ...greed

So you think the pressure on the naira is as a result of traveller's demands?
They(banks) give you PTA because most times ,the sum is paltry.
Do you think of industries and businesses that submit form M of $5m-$50m at a go at all?
These are the people the banks can't meet up with their demands,hence they turn to BDCs.
Now BDCs no longer have fx from CBN anymore ,so they turn to unorthodox means of getting these dollars like patronising currency smugglers and so on ,and you expect them to sell at what price?
Also,there are import businesses that are on the forex ban list,meaning they can't even access form M,where do you think they get their dollars from?BDCs
I hope you know sometime back,maize was added to the fx ban list.
Know from today that there is genuine demand for dollars ,just that CBN can't meet up at this time to supply that demand, so they turn to story telling and blaming everyone for their inadequacies.
Dollars isn't everywhere,if it was,the price will fall naturally.
Try and go and demand $100k from an aboki near you and watch him struggle to raise it and even collaborate with other BDCs to provide that.

Esseite:
Greed is also our problem..

- You sell to aboki, they form association to increase the rates..

- you sell to banks, rather than sell to end users, they sell to abolish, whom form association to increase the rates..

I think the solution is simple,
Why don't CBN open just forex operational branches across the 36 states of the nation to serve the legitimate needs of forex across the country and eliminate both banks and Aboki,rather sell to legitimate users directly?
If they do this,no more round tripping for banks and denying end users forex.
This will rapidly crash rates.
Let them do something unorthodox for once and stopp all this bs.

Lazyyouth4u:
How much stock can the person possibly buy and hold? Where will they store all the stock? Na you go give them free warehouse and storage? What if the business man deals in perishable goods? Make he use all him money but stock wey go spoil finish? What about thieves and rats? If na okrika sef, you don’t know say fashion trends no dey last long? Abi you think say na everybody dey deal in expired counterfeit wine as you do? You go think say you dey make sense but you sound very foolish

counterfeit weh dey come in truck loads back to back abi?
Somehow it goes unnoticed from loading point upto my warehouse and I have been maintaining and growing clientele since,
Craze man.

OgogoroFreak:
It's all circle we go thru in Nigeria once in a while. I don't understand why people would choose to make exactly the same mistake all the time. This period, im very very careful with Naira. Its either I convert to goods or dollars.

Goods is your best bet if you are in trading or manufacturing.
You can keep dollars and one morning you hear Emefiele injects $1B in the parallel market
High BP straight

OgogoroFreak:
Lol, them no know na.

At all
Also ,remember CBN will have to give up at some point and start defending the naira again,like 2016.
Just imagine what traders will be able to buy then with all that accumulated naira when it was weak

Foodempire:
Does a trader solely depend on his products to live a satisfied life? If you sell spare parts and make some profit due to naira depreciation, you might choose to eat some isiewu during the weekend, but your regularly isiewu has been increased by 2k because iya uche also need to pay her increased house rent, so you will have to pay more to get your heart desires for both locals and foreign goods and at the end your so called gains will be devoured by inflation.

Inflation affect everyone, either you patronise local or foreign products, just that it affect people with foreign taste more

But the trader is also selling goods he bought for 60k to sell at 70k at now 110k..
So he has enough money to pay for 2k extra isiewu without flinching

PresidentBuhari:
Any business whose cash reserve is denominated in Naira from 2020 to-date that didn't hedge against currency devaluation has lost the real value of the Naira, the purchasing power of Naira in 2020 is no longer the same purchasing power in September 2021, that's how.

Oga, the business don't need to hedge any hedge,
All he need to do is to have stock,
Only foolish business people who like to keep cash will lose purchasing power.
All the serious businessmen and women actually gained from this whole inflation issue.
All they need to do is to change prices of their old goods to catch up with inflation.

Biafran4life:
Tell me how a biz who buys in naira and sell his goods in naira have lost 50 percent

Exactly, weh na now boys cash out sef by selling old stock at very high new prices.
I've always told them say fixed income no be business,especially in Nigeria.
I advised people here I think last year to hoard commodity to hedge against inflation,they called me names.
Now see,purchasing power have been bastardixed already.

This work weh no dey this country go cause problem one day,
Just negodu
Now na to gather dey breastfeed dog dem don enter ,Them don leave grooming of biabia
Too much time on the hands of sweet men abi boys

Good day house,
So a friend have been looking at getting a citizenship in a good country just in case,especially in North America.
So his choices are Canada or USA.
He can't go through the Express entry route or immigrant route because it's too long ,time consuming which he don't have that kind of time(business in Nigeria that needs constant attention) and may or may not have some requirements needed for such category.
So his best bet is investments,
So he would like to know the types of investment one can make in those places that can give one that eligibility.Is it buying a house,stocks or what?
Also,how much does this kind of process require?
And can that investment be generating dollar income for him while at the same time he gets citizenship?
Person in question can mobilise N50m or more,as the case may be...
Thanks house.

HIGHESTPOPORI:
He has money already, just came for fame, based in Canada.

So person go leave a whole Canada to come find love inside big brother house with limited amount of girls and cameras everywhere?
So everybody in Canada is rich,wow I didn't know that,
Thanks man.

hahn:
Chocolate + cake = lose weight

Continue deceiving yourself

quantity is everything

hahn:
1 piss and e don disappear

Haha not true,
Besides,I dey want lose weight.

Breakfast,

Aforxzy:
Obudu cattle ranch is a lovely place .

What's so lovely about the dilapidated place ?

ugonology:
I was in this very situation some 3 years ago, and I must tell you that I regret not going to Germany when I got admitted into trier university of applied sciences on an almost free tuition fee basis...I rather opted for a state distributorship right for a popular premium FMC'S product. This sounded like a good idea until time and experience showed me in 3D how hopeless Nigeria as a whole has become, how vile, evil, corrupt, cruel, crude and wicked the average Nigerian is!
It's easy to look at some successful Nigerian business men and feel '' if they can do it'' I too can, my brother...most of these guys are living on their toes, they are most of the time hopelessly in debt, some are deeply envied and silently hated by those they call family and friends, most have become spiritual slaves to prophets and mallams, running around and fighting countless spiritual battles. Brother, that money will likely be worthless in 3 years time, within that time you would most likely be hooked or trapped with love(marriage) or a dead-end sinking business, don't be a patriotic fool, Nigeria is finished. you will be forever grateful if you heed to my words.
leave this country. Don't be like me!!!

I'm curious to know what made you fsil on your FMCG distribution business.

missyojo:
If you are on Instagram you can search for mustaysplace on I G. She sells quality bags like Aldo, Sceleto and the rest. She gets them directly from the factory and she's the sole dealer of Aldo bags in Nigeria. Her outlet is in Lagos but she ships to other states and outside Nigeria. You will see beautiful bags on her page and believe me you will love them.

Secondly you can get the services of those who do Birthday Surprises, saxophonist and the rest. Money cake is also another Idea. Mints will be wrapped up and arranged on a cake board.

I will go with the bags option,
Have already checked the page out and they are really nice and very affordable,way more affordable than I thought.
Thank you missy.
I won't go with the sax thing cos I'm a very quiet and private person and she is too,
Anyways ,thank you all the same,I really appreciate it.

Carinaflo:
An expensive wrist watch, a quality handbag or a nice shoes.

I like the handbag part,
Please is there a feminine quality handbag retail chain you know in Nigeria,
Especially port harcourt?

goodmorning40:
Best gift is a car

Brand new car courtesy her company,so really pointless.

Davash222:
You don't wanna be monotonous

On top a girl another guy deflowered?
On top a girl you might be sharing with many guys?
On top a Nigerian girl?


If she's not a virgin and you didn't meet her a virgin, why stressing yourself trying to impress a Nigerian girl?

There are many things that should trouble or stress a man, not this.

I'm sorry but you are making absolutely no sense.
And please,learn to respect women,
Not everyone is in that generalisation you are making.

Good evening house,especially ladies.
Please who knows the best gift a guy can give his date for her birthday?
Cost doesn't really matter,I just want something worthwhile ,meaningful and memorable plus sleek/classy.
Lady in question is very comfortable so all those hunger induced gifts are clearly ruled out.
Not a gadget person too.
Thought of nice trainers but her friends have bombarded her with those already,cake and confecs too.
Got her jewelry not too long ago so I don't wanna be monotonous.
So I'm clearly out of ideas guys,please help me with suggestions..
Thank you.

nurey:
Trucks in Nigeria even those using honda ridgeline don't have it smooth. Carry only your extra tyre in the bucket and you may be asked for hackney permit. You must be careful which state you enter else LG boys go use you dey shine even with private plate. Trucks, MPVs and bus are good for minimum load but if you do it in Nigeria you will be disturbed by uniform men ontop nonsense hackney permit.

nna this is one problem with owning trucks in Nigeria.
On a good day while I went to bayelsa for business,all those LG boys looking very ragtag and like thieves hold me,commot my license plates and extorted 70k from me on my Ford ranger,e pain me die but I lock up.Them say pick up na elephant bla bla bla and deserve to pay bla bla bla...I know it was extortion but I paid ,no problems.
The same ford ranger ,I was accosted at Ukwa West abia state,Them collect 8k for basket,i lock up ,I no talk.
The same ford ranger,Them collect 25k for My hand for abobo-isong lga in Cross river unto this and that sticker,I pay and I lock up.
Still ford ranger them collect 15k unto MOT in akwa ibom,i still pay lock up.
Toyota Hilux Them collect 10k for sticker in khana LGA and also 10k for same sticker for my hilux at mile 3 ,PH.
So I've learned my final lessons on how to deal with this;
Never keep down your windows in pick ups and always have all doors locked and secure,
Then runner any bastard that stands in your way in the name of local government and make sure you kill him or her in the process,so they will learn their lessons.
Still this week,was coming back from one of my trips after my truck fell in a ditch only to reach a point on the road to see police and LG boys form a blockade hoping to extort,blocking the road with drums.
I saw them like 400m away,downshifting to 3rd,engage full throttle,the car rev so high but I didn't care,upshift again and was already at 120kph when I got to the rubber drums,everyone shouting hey hey hey as loud as they could,still didn't care yet hit it so hard that it really hit one of the LG boys hard as it flew away from the road, saw him in pains falling down in my rear view mirrors,didn't care and face front.
I hope he dies anyway
I have learnt my lessons,henceforth I will deal with these criminals the hard way as they now connive with police to extort even people that have all sorts of documents to cover their operations,cos I own basically worthless stickers from almost all LGA I visit,which isn't suppose to be so and I even get national coverage.
I will still travel again tomorrow,all I will do is change my truck and use another one cos I know say them go dey find the ford with torch
If them still block road,I go still bang their drum and i really hope someone gets hurt,
It's too much and i mean it,i want commot for national TV and i hope my case ends this menace nationwide cos I am ready to do what I takes if the disaster I will cause gains public traction.
Not also forgetting roadsafety asking truck owners to put speed limiters in their trucks,something that I use to pass dangerous /robbery prone roads and you say make I put limiter in my car?
Well,those ones own easy cos I will keep paying the meagre 2k fine and won't install any damn limiter
Rubbish!!!

greymiles:
- Reliability- I’ll go for the Lexus... cost of maintenance is low compared to the Mercedes and it’s more rugged than the Mercedes
Ground clearance is higher than the Benz also because it’s a SUV
- Comfort- can’t say which is better, the Benz could be better, but the Lexus IS still a comfortable type of car also
- Features- give it to the Benz
- Practicality- Lexus. Cuz this is Nigeria where the road is bad
- Presence- the Benz has a “yahoo-boyish” type of presence. I’ll still prefer the Lexus. Especially with the fact that I’m the type that love native wears... all those police by the road side will just be hailing u

If you think an E class saloon has a yahoo boyish aura around it then I'll have to say you don't know what you are talking about.
That model year RX350 sef even has a very huge presence in the yahoo boy group.
The type mercedes yahoo boys mostly buy is the C300,Them no get money for E class, especially the 2014 which costs up to 12m these days.

Go to school and stay in school,
Learn skills while in school but don't try to execute them till you are done.
Why?If the money start to come ,it'll distract you and you might end up a dropout which is not good.
You might say isn't what we go to school for is money?
Yes true,but when the money finally comes,you then discover that there is more to life than money,
Not to talk of all the networking you will miss not finishing college and also opportunities.
I made that mistake and I don't want you to make it too man.

OfficialDJ:
body go tell am...

Thanks chief...

Na 63s remain for our checklists.

Swears!!

OfficialDJ:
congrats on your new whip, but 215 Bhp isn't something to salivate over

lol I guess it's the "new car effect" that's working on him ,or in this case "new owner effect" as those cars are very far from new.
Congratulations on your 2015 CLS,not an easy feat.