₦airaland Forum

jjman2322:
Yes.. Nigeria produces nothing.. We dont even have a big company and my FX demand is in the $Bleep,Bleep monthly..

Someone like Emzor Pharma needs at least $20m/month for her raw material import.. We even import starch used to bind our products.. Nigeria doesnt produce anything.. As a manufacturer all we have locally is WATER.. Listen, the RAW MATERIAL FOR THE paper you're using now, yes, that notebook paper, is mostly imported from India, China and Middle East... Thats how bad nigeria is..

If you do that means you are in a category of small scale business and i can bet your forex requirements in a month doesn't even go to $200k,you can always get a local substitute for your needs .

Those big players you made mentioned of do Quarterly of not yearly importation,whatever delivery you see at the end of each month were only scheduled for that month, don't let us mix it up

Kokaine:
1000$ is 560k in naira.
I guess people spend more than that in a month.

i just asked you,what is the percentage of those who spend such in a month?
How many of your Nigerian brothers have that as a savings to start with talk more of spending it?

jjman2322:
This is why a good business school is needed in Nigeria.. People dont understand Economics 101

First of all, CBN official rate is like 410, so converting any FX inflow to naira means you will get it at 410... Now let me ask you, your uncle in USA has $10,000 for you. Will you tell him to wire the $10,000 to nigeria for N4,100,000, or will you find a third party who needs to pay his supplier in China,India, and sell it to him for 550 (N5,500,000) ? This is whats basically happening.

As someone in the manufacturing, let me try and explain whats going on. There is severe shortage of USD. Lets assume you need raw materials worth $500,000 for the month, you may be lucky to get $5,000 in a month from your bank/cbn (through LC OR BILL FOR COLLECTION), so you now have to go to blackmarket for the rest.

Abokifx just publishes prevailing rate.. Abokifx is irrelevant when it comes to demand and supply.. Im too tired to explain more, but the solution is simple.. CBN needs to provide more USD to the big companies who need it, and the black market price (REAL DOLLAR PRICE) will drop..

The reason why goods are going up in prices (TV, PHONE, AC, FOOD, etc), even though officially dollar is 410, is because NOBODY IS GETTING 410, or even when they do its minimal.. Yes you can get PTA (Travel allowance) from your bank, but thats only like $4000.

The real problem is when as a manufacturer you need $1m.. Good luck getting that in 10 years....

There is real demand for USD from local companies here for at least $500M a day, and CBN is barely giving 10% of that.. See the problem

How much do you think NESTLE spends daily on USD, or Nigerian breweries... Quick example, indomie is made with tapioca starch, Potasium & sodium carbonate, sodium tripolyphosphate, riboflavin which are imported.. They must probably use $millions weekly just for import... So they go to black market = price jump in finished product... Hope i made some sense..

Balderdash,do you import every month?
The multinationals don't even demand forex they way our people do,they have a way of settling that via a letter of credit from one of their point of presence wherever the funds is required,the only time they ask for forex is when repatriating their profit.

Every market will become saturated at a point,you can't produce more than your capacity or what the market needs,you also have imported products to contend with.
the problem of forex in Nigeria is caused by speculators who buy at any rate offered and they do this in order to HIDE WHAT THEY HAVE STOLEN FROM THE TREASURY.

henryobinna:
do you guys even know the root cause of Naira having low value? You think converting all domiciliary account to naira would solve your problems? People are chasing shadows while ignoring the real problem.

Once again, nobody buys the naira. Nigeria doesn't export products to foreign countries that would require them to exchange their currencies to naira to buy. Nobody buys the naira oga.

Doing what you suggested would only create serious tension than the CBN can handle. E be like you and the CBN guy dey smoke same weed

Currencies are not meant to be traded like we do here,it is only banks that are allowed to sell to the business people and Post office sells to common people who need few bucks when crossing their borders.

The real problem are the speculators which abokifx aids on a daily basis,they buy DOLLAR AT ANY RATE IN OTHER TO HIDE THE STOLEN NAIRA FROM THE ECONOMY.even if Nigerians import every seconds there is still a limit to what the market can take,you demand will be saturated at a point

RodgersAkpafu:
You cannot cheat nature
You cannot cheat economic principles
okay
If e sure for the central bank
Let them make the withdrawal limit 1k USD on our cards
Let's see whether the rates will not drop
Scarcity is the issue here
And no voodoo economics can bring u out of it

How many of the people spend such in a month? 80% of Nigerians don't even have business with touching dollar's.
if you spend $1k this month i can bet you will have no business spending another till after a year or so, except if you are importer

Realdeals:
I was ruminating on the fact that CBN needs to monitors businesses that obtain FX at official rates from banks, most of them are greedy. They get FX at CBN rate to purchase goods and uses the AbokiFX rate in calculating selling price to the public, which isn't fair.

Blocking AbokiFX account won't solve it either.

it will, because the owner won't be able to buy and sell FX at crazier rates,that guy dealt a big blow with Nigeria economy,je has helped in money laundering by selling at crazier rates to anyone willing to buy at all cost.
No real importer will get forex at that rate for a legit business, it's not just sustainable

Goodvibes007:
so they shut their bank accounts and not their website. I check the aboki rates on twitter. Are they going to shut down twitter too?
are they going to shut down google adsense, paypal e.t.c too? All these guys need to do is receive their advertisement payment into foreign accounts and remit it back to Nigeria. The Nigerian government is a clown show.

You don't even know abokifx is a trading platform that operates as a bureau de change.
they buy at crazy rate and sell at crazier rate

A very warm welcome decision.
what abokifx do is just to wake up and speculate exchange rate and everyone will fall in line.
We can't just sit buy and destroy what is left of the economy.
Their activities just have to be regulated

Olivertwist1985:
My wife which we have been married for the past thirteen (13) years and have five(5) children, four boys and girl for me ,just left my house on Sunday to her parent house without informed me.

She left because we have little disagreement about monthly food allowance which I used to give her every month but I failed to give her this month when she requested for

She left with the girl which is six months old and a boy two years and left three boys for me.

Please I need your advice, should I go and beg her or I should forget about her and continue with my life. According to my family members, they said I should forget about her because of the manner she left.

Having been married for 13 solid years and still coming online to ask for a solution to a straight forward issue means you have not been man all these while.
i am sorry to say sir,you don't deserve to be call a Man

miracood:
what did u study in the university?

i use to think that fresh graduate are normally employed at level 8?

Doctor's and Lawyer's are taken straight to level 10,i no know where he see him own level 12 o.
e be like say na cruise everyone just dey catch for here

femi4:
Apply for study leave

For job why him never start? una dey funny for this forum

wallstreetnews:

https://www.youtube.com/watch?v=OVZ5Q4YHvlA

You'll see fine guys with ugly girls and you'll be wondering 'how did this happen?' - Toke says she wonders what initially attracts fine men to ugly women.



https://www.instagram.com/reel/CT1bhvDAHUC/?utm_medium=copy_link

Simple,fine gels no dey get manner's,they care less and Bleep with reckless abandon

EBEk101:
Now u are sounding like a total fool
Name calling kill you dia
Olodo wey u call me shey nah ur papa name

i know you will descend to that level of bringing in my parents,such is the thinking and act of every illegitimate child, your's is not going to be an exception.
What you don't have you can't give, ọmọ alè

EBEk101:
With all the education you claim to have acquired you still talk like a fool

One of the attribute of a fool is name calling when they are pointed in the right direction.
Tell me who is the fool here

EBEk101:
Who is we ? You are sounding frustrated and bittered

Bittered over what?
e be like say na frustration be the last word your learnt in your English class
Olódò

jimter44:
The unemployment palaver is everywhere. Imagine applying for 70 jobs in Dubai without success.

The grass is not always Greener from where you are standing

Klass99:
Lol , I feel you on the money part.
But still, in my mind Amsterdam and Dubai no be mates.
Forget all the structural developments in Dubai and the fact that it is a destination spot for most vacationers.
Amsterdam anytime, any day for me.

An emerging economy is far better than an established economy, opportunities are bound in an emerging economy than an established ones,there is no impact you can make,you will only be scratching the surface.
She had seen it,which was what informed her decision

EBEk101:
Ai been wan comment first
But no be me cuz ur frustration oh

We say you no know book you dey talk about frustration,what is the correlation between issue raised and frustration?

Small time una go dey abuse Buhari say he Carry NEPA bill do certificate

Stankovic22:
Good evening nairalanders!

This is what happened. A friend of mine who is like a brother to me and has impacted my life positively in every way bought a new car. We work together and live in the same neighborhood so we go-to work together.

It happens that I do sit in front with him always while the third guy stays at the back. So today, on our way back from work, the wife called for him to come pick her and when we got close and stuck in traffic, I decided to vacate the front seat and move to join the other guy at the back but while trying to go my friend was like guy where u dey go... I say I wan create space for Iyawo and he was like Wetin dey worry u, sit down jor but I insisted and went to the back.

So when we beat the traffic and picked up the wife she was like why is the front seat vacant and my friend said... He left the seat for u... The wife was like, please its wrong, that I shouldn't have left.

I was like its your space and I felt it was the right thing to do, to join my other guy at the back before we get to you.

People was I wrong to have vacated the seat?

You accorded her with respect,both husband and wife are sensible.
incase of other time just stick to what the car owner said

EBEk101:
A list she left this shithole

You no go school abi you no understand English?
She moved from a bank in Amsterdam in Holland

film3four:

https://www.youtube.com/watch?v=tlDPAoJ8iOE


Actor Jokotoye woebegone by what he saw in his lecture note during a class at his school in the U.S.



https://www.instagram.com/tv/CTxk6QXBGBt/?utm_medium=copy_link

I no blame the guy,he just dey go school, he's yet to know that anything and everything could be use in academic research,the idiot did not even know that whoever puts that together is on an academic research where at the end a paper will be presented and a higher certificate will be earn.

*when you are all tired you will revolt against the nincompoop that want to rule over your life*

rapwizzy:
I've been looking for this opportunity for a few months ago... I started borrowing money from these 2 lending company gocash and lcredit,earlier this year,never knew it was a big mistake that I made.
It all started well,but I later realised that the interest is too high for me on weekly basis. So,I decided to pay their money back and stop borrowing from any of them again. But I was broke for few days, I couldn't pay back my loan on time. To my biggest surprise, the next thing I saw was,I started receiving messages from my customers,family friends and my in-laws. That somebody sent them some what's app messages that I defrauded their company and I ran away with their company money. And with my findings it's the 2 lending company that did it. So, I decided not to payback a penny from the loan. And since then I've been waiting for their police.
How do they expect me to payback after all they did? I borrowed #37500 and they expect me to pay #75,000 and still counting.

just ignore them until they come back to their senses,and when they reach out to you tell them to wipe off the crazy interest and reset to pre agreed rate and fashion out a way to pay them,that is the best way to handle such a situation

Anuoluwagbemiga:
Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that **** ****
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.[/img]Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that (my name)
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.

Though it is bad on your part to default on your payment,it is also wrong on their part to send such a message out.

Reach out to them via their contact and tell them you will pay them once things improved,but they need to stop those messages and if Dem no gree stop the message,bone them,make them suffer tainting your name and pay them at your own convenient time

DuduParaPara:
Hey! Guys.

I want to know how fast can a 5 or bedroom duplex be built? I mean in how many weeks?

Let's assume whatever money that will be needed is readily available, dry land is also available and cleared of trees and bushes.

Drawings and render also available.




Building is a contemporary design.

I'll appreciate it if anyone with idea gives a breakdown.

If you also have a rough estimate of the cost please let us know.

From Earth works to stacking of blocks to decking and roofing will take you approximately 6 week's.
all other finishing can be done and perfected in another 4weeks.
2½ months,you will have a fully built house ready

Ok12345:
Don't start what you can't finish

Rip Rita

I know you only wanted to help your kids...you should have come out plain to the white man,he might have even helped you without marriage. You see why I don't keep friends ehnn

She can file for her children without marrying their father,if truly she possess an Italian passport which i doubt.
she does not need to betray her benefactor by divorcing him secretly.

Moferere:
I like Saraki's family. They are not fanatics. The wife quote more Bible verses often

That's a Quranic Quotation,if you are in doubt check Surat Are Rahman,it appears severally in that surat
Yèyé dey bath you.

If na naija he happen all the Daddy GO's and Alfa's of these world would have taken all the adoration

If you can lock up the place for up to 10 day's,it will break their cycle including the freshly laid eggs

Nelchuksmandela:
Good day Niralanders,

I need your sincere advice on my present situation.
Please ignore any grammatical error or punctuation. I’m the first son of my family, my father is an average Nigerian trader, he single handedly sponsored my schooling from nursery to higher institution.

After my service year, one of his friends scammed him of 300k in the name of they will get me a job in NUPENG before he paid that money I told him my pastor’s revelation about the NUPENG job, which my pastor said She does not like the job and shared ill references associated to the job with me and I told my dad when I got home, he countered and rebuked the revelation, he doesn’t take any of our advice, he finally fell for the scam.

To cut the long story short, I’m now working class that earn 75k monthly, however I’m still squatting with a friend and I’m still struggling to survive.

Recently I received a call from my dad, he told me he needs 500k for trading, that he wants me to take loan on his behalf he will be paying the debt once it’s due, since he is yet to complete the outstanding loan he took from the same bank, which is remaining 3 months to complete. I later discovered he had another debt he’s still servicing (Paying ) of a different bank that is remaining 6 months to complete.
After pondering over it i asked him; what if he defaults what will happen ? he shunned me and said why will I be negative and I politely told him my mind that I cannot help the current issue. Since then he started reporting me to my mum relatives to talk to in order to accept and collect the loan of 500k on his behalf.

Please your advise on this will be helpful.
Thank you.

Guy,i will advise you to go for that loan but make it ₦300k but have it in mind that you will be the one to pay that loan.
He has sacrificed for you in the past,this is the time for you to pay back.
i beg you in the name of God,please bail him out

Nacoss25:
Good evening all. i want get my wife an SUV this month and budget is 2m. Suggest for me any SuV with the following specification
6 cylinder
4×4
Not Toyota nor Honda. Thanks guys

Go and look for extra ₦800k and settle for a hundai Santa fe

Agricaddict:
I've had them since 2014 because I used shaving stick, It's so embarrassing, I have kept beard because of it, I've bought products because of it and they are still there, please I need effective recommendations

Go and buy Mckoll Herbal cream,apply it the way it was stated in the leaflet and you will see appreciable improvement in 5 days.
it's a available on konga.