₦airaland Forum

fulanimafia:
Passingshot just ignore the protection seeker. A person that has never been known to be principled in the first place; you can't squeeze water out of a rock.

hinwazaka:
I think the PDP will still field another southern candidate for president come 2019. My money is on either Akpabio or Mimiko. Saraki is simply a tool being used by the PDP through blackmail and the lure of greed. When the election year comes the chaff will be cleared from the grain

PassingShot:
[s]Barcanista the very amusing analyst, how far?

1. With this thread and some of your statements on why you supported Saraki for Senate Presidency, you have once again proved beyond any reasonable doubt that you're not patriotic to Nigeria.

2. If Saraki was good enough to give a life to PDP, he should be good enough to vie for president under PDP.

3. That you SSers/SEners (especially you barcanista) can make case for another Northerner (Ibrahim Dankwabo) to be president in 2019, is a sign of hypocrisy that stinks to high heavens. This is because you've severally abused the SWners of following the Hausas blindly. You tag us as slaves. So, why can't you guys push for a good person from SS/SE as president?

4. Going by your permutations, a Southerner will not be president until 1927 at the earliest. It can be 1931 if PMB does two terms.

5. The reasonable thing for the SS/SE to do would have been to align with APC and hope that after PMB, a SEner will be made president. Unfortunately, I don't see that possibility with the way things are unfolding.

Finally, Saraki, Atiku and even Nuhu Ribadu have very slim chance of becoming president in Nigeria[/s].

barcanista:
Opinions and Criticisms are welcomed.

Hinwazaka iPrinz20 Aprokoman, Whynotthetruth, Dearpreye, Firefire, Francizy, Biafranqueen, Mogidi, Mizmycoli, IsraeliAirforce, Candyrain, Ambivert, Rose2014, Provacateur, Opiaoku, NDPVF, Anonimi, Engineerboat, Talktimi, ahaika23, coolestrogue APCSucks Emperortj93 DebateNigeria Wasquad and all patriots

PassingShot:
And again the president scores another vital goal in his administration of less than three months. In the process, he has increased the wailing of the wailers.

In just one trip to the USA, PMB has secured:
1. US starting the process of lifting arms embargo on Nigeria as reported earlier https://www.thecable.ng/us-ready-lift-arms-embargo-nigeria

2. Direct investment of $13.6bn (N2.7tn)

3. Improved relationship between US and Nigeria

While wailers will continue to peddle their lies such as the N2.2bn expenses, PMB/VPYO will continue to bring unsurpassed achievements to Nigeria.

Btw, was there any sane human being that believed the lie of N2.2bn as the cost of the trip? How can a normal person just swallow blatant lies such as that when it was widely reported that PMB and his team were accommodated by the US government? How could any sensible person accept a figure that didn't show any breakdown of its components?

Wailers have fish brains indeed.

ijustdey:
The giant strides that have nearly depleted the finances of the country
the giant strides that have brought hardship and pains to common men where public officers steals with impunity.
the giant strides that couldn't kill the monster called corruption but they kept lying of using technology to end corruption.



what giant strides is fayose talking about

Calyb:
Mr. Whynotthethruth, thanks. So far, two (double) trips of gravel @ 25000 naira each making it 50000 naira, 5 trip of sharp sand @ 13000 each making it 65000 naira, 50 bags of cement @ 2000 each totalling 100000, plumbing material total cost will be 150000 plus workmanship, the digging cost 40000 naira, 7 iron rod. The cost breakdown will be tedious for me to give freely, except it will cost me something. Not withstanding towards the end of the project, I will spell out the cost estimated.

Afrocatalyst:
That's taken care of in the sewing of the net and its construction. That's the first line of defence.

FarmTech:
..
Tnks.

Afrocatalyst:
Sent!

Calyb:
We have standards in pond stocking density, ok? It might interest you to know that I am a fishery graduate. So live that stocking things alone. Those fish go enjoy the pond like die. Thanks though.

atlwireles:
Buhari is as corrupt as any other Nigerian politician. He knows his limitations and Fayose understands the game very well.

pafpatmo:
you talk as if you reason from the ass. Or is it because it's not your father that was in the battle front, but remember that southerners too were killed because GEJ refused to equip them. You're so sentimental that you forget that you should reason like a rational human being. GEJ confessed with his own ohogoro mouth that he underestimated these group. In short its pointless explaining these to an asshole.

veraponpo:
Jonathan, the worst president we ever had in Nigeria.He was definition of everything that was wrong in givernance- bad utterances , bad carriage, poor body language , poor team members, mismanagement , corruption, etc

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!

Mynd44:
Because the devaluation in 1984-85 was not the same as the one that caused that of 2014.

The results of the Oil price crash in 2014 is what is still being felt now. Now run along

obi4eze:
Exactly bro. U just took the words out of me. I just want to see what effect this CBN policy will have on the economy because they can't continue to devalue the Naira.

Mynd44:
To answer these questions, the OP needs to put in the post above what led to the Naira depreciating from 154/156 in November2014 to 196 in December 2014 first.

When you do that, we can then start to track the primary factors and how we can tackle the strength of the Naira viz-a-viz the price of goods in the market.

To take this issue from the events of May 2015 is just you attempting to put squares pegs in round holes.

agarawu23:
why should dollar be deposited instead of naira our own currency? CBN just wake up from sleep.

importers should save naira and withdraw dollar or euro when they get to their business countries.

I pity chad and Ghana ppl, if nja guys sell una fake dollar, make na know cry o

uniklinkum:
So you can be this dumb and cool. Are you not the reetard spoiling for war with a girl for calling out your stupidity in another thread. Anytime on this forum you or any other nitwit from your block cross my line, I will kill, cremate and make sure yaba confined lunatics smoke the ashes from you iidiots cadavers till they get high. Now f***k and go take cyanobacteria for dinner.

uniklinkum:
Don't tell me your a f***king coward you brainless pisces with the world view of a crustacean.

vicadex07:
bros abeg softly softly on mizmycoli. She is just being led blindly by some innate fools here

uniklinkum:
You scum of the planetary bodies, go bring your personal saviour and God whynotthetruth to come save you. Your needless gif is as boring as the routine early morning s£x you always have with your father.

tola9ja:
The President is so dumb by that statement of Goat (corrupt officials/pdp) and Yam (National Treasury). He's said if you don't want Goat to eat

the yam, you pack the yams away from the goat... what! How about leave the yam and the goat while you are close by holding a stick

(EFCC/ICPC), with a stern look in your face, would the goat approach the yam? Goat being a sturbon animal like every pdp criminal will

definately try to make attempt but when you hit d goat or corrupt official with the stick (EFCC/ICPC) gbam! The goat won't come near again

and other goat/pdp criminal will learn from the punishment.

We have a President that's so dull and evil. Why worrying yourself packing truck loads of yam away because of some few Goats (Fayose,

Fani-kayode, Daizine, Ngozi, Clark, Koro, Ihejirika, Maina, Moro) etc

What a silly analogy! This President is NOT in anyway inspiring

MizMyColi:
This is what I can't seem to fathom exactly.

It is a tool of mind manipulation/control and I'm so done falling for that.

engineerboat:
@Whynotthetruth, the CHANGErian agent will not read, all they are concerned about is to pull down all the efforts of the GEJ administration, this has blindfolded their eyes from seeing the truth.
Well its a pitty how some people have been programmed for LIES and PROPAGANDA.

But as for me and other NIGERIANS, those CHANGErians lies and propaganda will NOT and shall NOT stand.