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Nairaland Forum / Nairaland / General / Business / Why You Should Worry Again About The Central Bank’s New Forex Ban (21626 Views)
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Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by CodeTemplar: 6:32am On Mar 12, 2019 |
eddiebruk:The man is in a hurry to develop his beloved north and that can blind any bigoted soul. OBJ did more and failed. In every industry there are key logistics that can't be circumvented with dictator like tendencies and I expect Buhari to know better. |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by theoldpretender(m): 6:33am On Mar 12, 2019 |
izuch: 1.Power supply won't increase so long as DISCOS are forced to charge below production costs of power. 2.The only way we can increase production of cotton is by large scale commercial farming. 3.Imports of PMS will stop when government stops forcing subsides on petrol marketers...forcing them to sell below the cost of production and importation....which drives off investors. 4.North Korea is a failed state. South Korea is a much better example to emulate. 3 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Creampro: 6:35am On Mar 12, 2019 |
The underlying factor is power supply. Without stable and constant electricity all these policies are not very effective. |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by theoldpretender(m): 6:35am On Mar 12, 2019 |
CodeTemplar: Well,if the cotton industry in the North is developed...that reduced dependence on oil money...which naturally would flow to the South It would be like the good old days of the 1960's when each region relied on what it produced. Plus...it generates more jobs (a good chunk of which would be taken by Southerners anyway) |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by eluquenson(m): 6:36am On Mar 12, 2019 |
What FG need do is improve power supply, if CBN like let them ban everything. Provided the powered sector is still not improving, the measures will spike inflation in double folds Buhari is a true definition of a dullard. 5 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by mightyhaze: 6:39am On Mar 12, 2019 |
post=76576826:as per blueblood when u be (on nairaland o). una go just dey carry delusion for una head like dreads 2 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by theoldpretender(m): 6:39am On Mar 12, 2019 |
eluquenson: Power is in private hands. Both at distribution and generation level. The only way Buhari can improve power supply is by, well, repealing that bit in the power privatization law that forces DISCOS to charge for power at a cost below production. This is what is driving away more investors. But since that means high power bills...most Nigerians would say no.And politicians love their jobs more than they love development. Nigerians and their government too have to pay the debts they owe the DISCOS. (You can't do much in a business where only one third of your customers are actually paying for the stuff) 1 Like |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Nobody: 6:42am On Mar 12, 2019 |
theoldpretender: With regards to power, I think there are stakeholders who do not want Nigeria Electricity Problems to be resolved because of their benefits. First off, Take South Africa for example, the power sector which is Eskom is being owed 19 Billion rands by Soweto (a big city mostly occupied by low income earners) alone, the government only intervened to bail Eskom out because of the caliber of people living there. Mind you, they generate well over 45,000 megawatts of electricity for a country that is below 80 million in population. Nigeria is still struggling with %10 of what they generate but will not allow full private or even states to invest and even own electricity licenses, they give them to their cronies and bail them out with Government funds, they do not care wether they are bailing those in Abuja or those in Ajegunle, they generalize it. How can a government bail out a man who has more than the Government, who then will be responsible for those who cannot afford Generators when the DISCOS decide to shut down their operations? We have misplaced our priorities, the Government are only enriching their families at the detriment of the poor. 3 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Nobody: 6:44am On Mar 12, 2019 |
theoldpretender: There’s nothing like high power bill if my electricity consumption is being read by a prepaid meter which is the duty of the Electricity companies to provide. I bought a meter for #75,000 when they first came out, and I use #12,000 monthly for electricity coupled with my inverter and generators. They still charge me up to #3000 for maintenance, what for...? 2 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Jestin: 6:46am On Mar 12, 2019 |
henryobinna:...U re right my Bro |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by tiredoflife(m): 6:49am On Mar 12, 2019 |
Here we go again I see 1000 naira / dollar I will be fucking rich soon ![]() ![]() |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Timi1990(m): 6:50am On Mar 12, 2019 |
theoldpretender: If DISCOS is charging 50k or 100k per month for electricity bill everywhere in Nigeria and the power supply is available 24hrs daily ; Nigerians will surely pay . It’s just like our Telecommunication providers , na the amount of recharge card wey you buy Nah ehn you go use . So no excuse from FG at all 3 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by theoldpretender(m): 6:52am On Mar 12, 2019 |
eddiebruk: South Africa has been having rolling blackouts...and that is due to the money issues plaguing ESKOM. Plus, they have bailed out SOWETO. Does that solve the real problem, that people are not paying for power? How long is the government going to keep on bailing out Soweto.? Keep in mind that it isn't just Soweto.... ESKOM is in financial trouble. Nigeria is still struggling with %10 of what they generate but will not allow full private or even states to invest and even own electricity licenses, they give them to their cronies and bail them out with Government funds, they do not care wether they are bailing those in Abuja or those in Ajegunle, they generalize it. How can a government bail out a man who has more than the Government, who then will be responsible for those who cannot afford Generators when the DISCOS decide to shut down their operations? Investors cannot come because DISCOS are being forced by the same law establishing them to charge for power at a lower price than the generation cost. No investor is going to come and invest in power when he or she cannot make a profit. Plus all the bailouts are because the DISCOS are finding it difficult to operate. They cannot get loans from the bank because only one third of their subscriber base pay for power on a regular basis ..and government owes then money too (N1trillion in bills)(unlike GSM companies who have 100% compliance because you cannot use a phone without paying..AND WHO got loans easily from banks because they could afford the money to pay). Infact, one DISCO declared force maejure...and handed back the company to government (who is now looking for buyer). Either the government allows DISCOS to set prices, enforces meters at the same time for all, and ends estimated billing...or we are going to continue to get poor supply. |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by theoldpretender(m): 6:55am On Mar 12, 2019 |
eddiebruk: Because DISCOS only have 1/3RD OF their active subscribers paying...they put more pressure on those of us who actually pay. |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by introvertme: 6:56am On Mar 12, 2019 |
CodeTemplar: So you're saying we should all pretend that corrupt politicians and generals aren't the cause of the problems we're facing? |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by theoldpretender(m): 6:57am On Mar 12, 2019 |
Timi1990: DISCOS charge far less than that...which is why things are not better. The FG forces them to charge that low because if they completely deregulated...power bills would shoot up...and politicians will lose their jobs. |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by izuch(m): 6:58am On Mar 12, 2019 |
theoldpretender: 1. 34 naira per of unit electricity is actually on the high side compared to other developed countries. the DISCOS charge more than enough 2.how can we engage in large commercial farming when the demand for Nigerian made cotton is low, hence the ban to increase domestic demand and production consequently just like the example I gave with rice above. 3. "Forcing them to sell below cost of production" ![]() ![]() They sell below cost of production and they are still importing on a daily basis ![]() ![]() 4. You call a country that produces 76% of what it consumes domestically a failed state? You sure say you well? 1 Like |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Timi1990(m): 6:59am On Mar 12, 2019 |
theoldpretender: The whole prob is still from the selfish Govt |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by theoldpretender(m): 7:05am On Mar 12, 2019 |
izuch: 1.Ghana pays much higher than we do. 2.We have no choice....we can't stay on oil forever... 3.Yes, we cannot develop more refineries because government is forcing marketers to sell below the production costs..which means anyone developing a refinery is going to be selling refined product at a loss. Let's be honest...subsidy means that people cannot make profits. The US is the leading oil producer...and it sells fuel above 300 naira (yes, many NIGERIANS say we should sell fuel at a low price because we are an oil prodcing nation). Plus we are not earning enough from oil to keep subsides. 4.North Korea is a failed state with an oppressed population,and hereditary rule, and a budget that is less than what South Korea spends on defense yearly. South Korea is a better example.,,they produce enough for domestic consumption and export far more. |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by theoldpretender(m): 7:08am On Mar 12, 2019 |
Timi1990: Look, governments past and present have not done well...but me, I have stopped blaming government solely since 2014....when people like GEJ's minister of power started explain things. The truth is, until DISCOS are allowed to set prices for what they sell..and are no longer forced to sell at a loss....we are not going to fix power. Yes, Government is making a mistake...but it isnt the way you think. And until those of our countrymen and women too who don't pay for power start paying as well...and government pays its debts....power is not going to do well. Its a harsh truth. |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by eluquenson(m): 7:12am On Mar 12, 2019 |
theoldpretender:It's a PPP scheme but generation lies in the government hand. Get me fact before I believe what I striked. Nigerian government is the greatest hypocrites in the world. |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by ZombieNation: 7:13am On Mar 12, 2019 |
Niggers going to be picking cotton in Buhari's plantations. Nigeria doesn't have enough arable land to meet current local cotton demands. The textile mills are old and outdated and with current power supply from the grid, they will be highly cost ineffective against foreign competitions. Tailor go get work plenty to dey patch your old clothes. 1 Like 1 Share |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Lush100(m): 7:13am On Mar 12, 2019 |
Timi1990:. from 18k minimum wage? we would just do direct connection. the govt is thinking backwards. u cannot ban when u have not provided the alternative. this will cause inflation.(just plain capital flight not as a result of increased quality) why can't they wait till the Chinese factories are ready. then u ban. |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Timi1990(m): 7:15am On Mar 12, 2019 |
theoldpretender: People who don’t pay for power ain’t the problem; if you no buy recharge card for phone how you wan call . A friend of mine went for a training in Southafrica and decided to enter Burundi for the weekend ; this small country have 24hrs power supply and they use almost the same type of prepaid meter we use in Naija . So once you exhaust your credit you just go to any store and buy the card , activate it and slot it in your meter . So the Govt needs to do more for our economy to grow and develop |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by theoldpretender(m): 7:15am On Mar 12, 2019 |
eluquenson: Generation is in private hands..the GENCOS. Distribution is also in private hands...DISCOS. It is transmission that is in government hands via the TCN 1 Like |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by gratiaeo(m): 7:17am On Mar 12, 2019 |
post=76576597:As usual when it backfire Buhari will blame previous administration 1 Like |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by theoldpretender(m): 7:21am On Mar 12, 2019 |
Timi1990: 1.Most Nigerians don't pay for power. Am sure Burundi has power because MOST people pay for power...and their government does not owe money 2.Plus there are large parts of that country that don't have access to power too. 3.Tell me, where are we going to get the money from? Another loan won't help matters. |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Nobody: 7:21am On Mar 12, 2019 |
theoldpretender: My point is the demography of the areas being bailed out is justifiable because even Eskom does not concentrate on actual distribution of electricity in those areas so they choose to tap the electricity illegally hence the increase in Eskom loads. Nigeria Government give out bailout funds to DISCOS to continue running a system that does not even provide as much electricity, talk more of the rural areas that some don’t even have transformers. Let me inform you, I paid for 6 electric poles, and cables to tap Electricity to where I stay, PHCN came and told me those now belongs to them and I must continue paying for maintenance on my meter, am I supposed to be responsible for bringing electricity to my own home...? This is one case in over a million. |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by gratiaeo(m): 7:26am On Mar 12, 2019 |
theoldpretender:Please how is discos charging blow the cost of production. |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by theoldpretender(m): 7:33am On Mar 12, 2019 |
gratiaeo: I'll be brief.. DISCOS cannot accept all the power GENCOS sell because DISCOS cannot afford to buy the power GENCOS sell. GENCOS too struggle to pay for gas they get for their gas powered plants. DISCOS have their prices set for them by government... Then government owes then N1trillion (Guardian on Sunday report) plus 1/3 rd of subscribers pay for power (BBC report ) And the truth is, we need billions of dollars to fix infrastructure, etc. The money is not going to come from the sky. (And yes, I hate making this argument. But sadly...reality is a harsh mistress) Modified...
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Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Generalyemi(m): 7:38am On Mar 12, 2019 |
post=76576597: tell that to people and families that lost there life in southern Kaduna.... Allah will surely visit you |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Reference(m): 7:43am On Mar 12, 2019 |
Jestin: That is a chicken and egg scenario that will make the dog of development chase its tail forever. Just how much carrot and stick does a black man need to move forward. 1 Like |
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