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Forex Scam: How NNPC, CBN Sabotage Economic Recovery - Business (2) - Nairaland

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Re: Forex Scam: How NNPC, CBN Sabotage Economic Recovery by Firefire(m): 8:14am On Jul 01, 2016
These are the systemic corruption we are talking about not only running after looters.
Re: Forex Scam: How NNPC, CBN Sabotage Economic Recovery by Reference(m): 8:42am On Jul 01, 2016
Without restructuring, corruption can never end. Like matter it will only take another form. Nigeria is a place where the constitution empowers its citizens to practice every illegality possible in the quest for the Nigerian dream. Sack them and the next set will do the needful. All you have done is to shuffle the deck of cards.....just wasting their time. I said corruption is still going on massively, based on the information and reports I constantly get in various MDA's and arms of government. Letting the information out is the difficulty.
Re: Forex Scam: How NNPC, CBN Sabotage Economic Recovery by repogirl(f): 8:52am On Jul 01, 2016
And they say they are fighting corruption. What an epic joke!
Re: Forex Scam: How NNPC, CBN Sabotage Economic Recovery by chigoizie7(m): 8:54am On Jul 01, 2016
Conoil,oando,total, Mrs, northwest,mobil and co, we all know the owners are celebrated as the richest nigerians. They are influential too, can they influence the EFCC in other to call this revelations bluff?

Ur guess is as good as mine.


Bunch of criminals,yet we celebrate them.
Re: Forex Scam: How NNPC, CBN Sabotage Economic Recovery by agitator: 9:21am On Jul 01, 2016
brunofarad:
That moment when you want to go to the bush and urinate







And


You ended up matching on some DUNG while coming out...




That explains this corruption fight grin


ma bros grin grin grin grin grin grin grin
Re: Forex Scam: How NNPC, CBN Sabotage Economic Recovery by chimauga(m): 12:43pm On Jul 01, 2016
Useless bastar-ds, and foolish ppl

Re: Forex Scam: How NNPC, CBN Sabotage Economic Recovery by jpphilips(m): 1:08pm On Jul 01, 2016
lamzybaby:
THERE are indications that heads may roll soon in the Central Bank of Nigeria, CBN, over the directive to International Oil Companies, IOCs, to sell forex to only six importers of petroleum products from the IOCs’ forex pool put together by the Nigeria National Petroleum Corporation, NNPC, The Whistler has exclusively gathered.

In a letter signed statement by the SA/Head, Financial Markets Department of the CBN, E.U. Ukeje, to the IOCs obtained by Nigerian Pilot, he directed the IOCs to

“note that you are only permitted to sell your FX to the designated PMS importers by the NNPC or to the CBN at the ruling exchange interbank rate.”


Investigation by Nigerian Pilot reveals that the ‘designated importers’ FX should be sold as directed by the CBN are Conoil Plc, Mobil Plc, MRS Oil Nig, Oando Plc, Northwest Petroleum, and Total Nig Plc.


More: http://nigerianpilot.com/forex-scam-nnpc-cbn-sabotage-economic-recovery/



@OP when you read a news and you have no clue what it is talking about, do not open useless threads to show the whole world you reside in the bush.
Moderator; kindly rewrite the caption of this thread, this is a policy we have been waiting for since we lost most of our DSDP to senseless bombing.
The reason you are paying 145naira for pms is because there is a forex differential accrued for every imported cargo from major marketers, that is the subsidy the government said it could no longer afford.


How did we incur that forex differential?


simple, because the marketers source for fx in the secondary market which is higher than the interbank rate.



What problems does it create?


More fx sourced from the secondary market means the naira will be weakened which will increase the selling price of other imported essential commodities depending on the same market hence the new inflation record of 15.7% we are experiencing today.



How do we solve it (Kachikwu's strategy)


Every Upstream IOC (international oil company) will have to tie its naira component with a downstream major marketer. EG

Total upstream will provide for Total downstream
Mobil upstream will provide for Mobil down stream.
Oando upstream will provide for Oando downstream.
Now Shell has upstream but no downstream so it will choose either MRS or Conoil to provide for, this will be applied to other upstream producers with no downstream appendage.



Why is this policy necessary and what will it achieve?


All the upstream companies in Nigeria make fx through royalties & cost oil on one hand, on the other, they have naira obligations like paying contractors, staff etc, so where do they get their Naira from?
simple; from the CBN at the official government rate. Because the CBN is no longer an active player in the floating fx market but an interventionist, it hasnt much need for their FX, that fx they intend to make available to the downstream at the new interbank rate, meaning, more money for the fx owner(upstream companies and to encourage them), discourage downstream guys from patronizing the secondary market.

With their demand withdrawn from the sec fx market, it is expected that naira will gain value.
Also, since they receive those fx at interbank rate, it is expected that the forex differential margin will be narrowed hence giving us lower pump rates. This policy is expected to give us petrol between 137naira to 140naira, for now, when the Bombing ends, it is expected to provide a pump price of 90naira for pms if crude price remains at $50/bbl and below.

I made this policy proposal in April this year on this thread


https://www.nairaland.com/3037232/nigerias-forex-shortages-way-out

Finally, Kachikwu has listened or figured it out by himself, Kudos to the smart minister!!

Most of you criticizing this policy are extremely dumb and pardonably stup!d.

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Re: Forex Scam: How NNPC, CBN Sabotage Economic Recovery by mikolo80: 2:16am On Jul 03, 2016
labamo07:
Theese 2 institutions; Cbn and nnpc are doing the nation a great wreckage it won't survive if care is not taken. I wonder how enormously rich the abokis in those institutions will be....................
kachukwu is a northerner ba
Emiefele too ko
Re: Forex Scam: How NNPC, CBN Sabotage Economic Recovery by Nobody: 10:11am On Jul 12, 2016
Nelkoko:
hmm
Lol. Nice one

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