Before you fall in love, test the strength of your
heart by playing NairaBet with your School
Fees.....
agree or disagree

Um didi it ouccur to any one that it could actually be state officials and departments doing this? The dollar plunged to like 295 a week or so ago, do you know the amount of USD to cause that type of shift, government had the means. If Im not mistaken didnt the CBN governor brag that they did that.....um how

Excuse me Mr President but does this also include government officials and departments, I mean you do have a budget deficit in Naira and thsi looks like a nice way to bridge that gap. They must think some folk have no clue whats going on

drnelson:
[size=18pt]our banks are in serious trouble from oil price crash.

they must round trip the dollars to survive.


President is right but he is dealing with seasoned white collar criminals like likes of CEO's of GTB , UBA , FIRSTBANK and rest. [/size]

mycar:
The best form of defense is to attack. Government shouldn't have given them that free space, it should have been paid directly to the supplier from the CBN.


Buhari can't spend all his time in office probing pass events while more are springing up everyday. Get all the loopholes blocked.

Introduce a system that will make it difficult for people to cheat, that's what intelligent leaders/people do.


Build a system that even if you are not there, things will still work well.

Great idea but I think this will only create more problem- FG shouldn't be making purchases on behalf of the private section with FOREX- those two (FG & FOREX) are not a good combination.

I agree that the best way is to block all the loopholes; I think the best option is to get the private the banks and financial institutions to only release FOREX to the suppliers/schools directly- this will even boost their cash reserves too.

greatiyk4u:
Are you sure this man go fit remember all the things wey him talk say him go do?

I don't think so

Abegi, this is just talk. All banks do this 24/7/365. My bank has never charged me the official forex rate EVER. So wetin this guy dey talk? Rubbish.

It is Buhari's foreign exchange restrictions that created that huge disparity between the official exchange rate and the balck market. Its over 50% now. Between 2005 and May 29, 2015, they were rarely more than 5% apart. Most often, it was about 3%.

He is the one that should be punished for introducing unworkable policies that have led to much unnecessary suffering Nigerians

Pavore9:
The question is which bank is not involved?

The answer is all the clearing banks licensed by CBN are involved in round tripping from day one. How do you explain the extraordinary profits from their activities in times of recession? That is the reason they ganged up against Charles Soludo's thirteen point agenda to sanitise the banking industry and their winning that battle with the revised CBN Act by the NASS to enable only bankers man CBN Governorship position.

Current CBN Governor is their yes boy and would do anything to protect his industry froma attack. But in my opinion, i believe an Economist should be appointed to head that organisation and save the country the embarassment it is going through.

modath:


Close the wide gap & arbitrage will naturally die... threats won't do Jack!

The wide margin will tempt even "Angels" to explore if an opportunity to profit presents itself..

Madam, you dey vex oh.

mycar:
The best form of defense is to attack. Government shouldn't have given them that free space, it should have been paid directly to the supplier from the CBN.


Buhari can't spend all his time in office probing pass events while more are springing up everyday. Get all the loopholes blocked.

Introduce a system that will make it difficult for people to cheat, that's what intelligent leaders/people do.


Build a system that even if you are not there, things will still work well.

Nice write up, but how do we create that system when there is injustice in the land. Imagine a law that allocates more money to State huz clinic than to all the Federal hospitals. Imagine U lost your only child because U couldn't give him a good medicare, which this law (budget) is all about. Then will U stand tall to support the system that wants to make the poor poorer all in the name of fighting corruption. My brother until all civil servants are properly paid, no system of fighting corruption will succeed. Nothing is apoditic. My thought

mycar:
The best form of defense is to attack. Government shouldn't have given them that free space, it should have been paid directly to the supplier from the CBN.


Buhari can't spend all his time in office probing pass events while more are springing up everyday. Get all the loopholes blocked.

Introduce a system that will make it difficult for people to cheat, that's what intelligent leaders/people do.


Build a system that even if you are not there, things will still work well.

u really hit it, dats the only way out for Mr. President

He keeps mentioning the same non workable policies.

He calls a lot of imported products luxuries. One mans luxuries[i][/i] is another man's exports!

Nigeria exports precious stones abroad. Should those countries ban them when they are experiencing recessions? Are these not luxuries. You arte simply killing commerce.

The truth about imports is that they generate trillions of naira in profits and employ millions of people and that include the so called luxuries.

Also, many of these imports are probably in industries the country has no comparative advantage. Its like encouraging Andre the giant to sprint against Usain Bolt. That would obviously end badly.

Countries become wealthy by focusing resources where they have comparative advantage and not being a jack of all trades.

What Nigeria needs now is great institution, not great leader (s)

mycar:
The best form of defense is to attack. Government shouldn't have given them that free space, it should have been paid directly to the supplier from the CBN.


Buhari can't spend all his time in office probing pass events while more are springing up everyday. Get all the loopholes blocked.

Introduce a system that will make it difficult for people to cheat, that's what intelligent leaders/people do.


Build a system that even if you are not there, things will still work well.

Omohayek said Incompetence is worse than corruption.

The war against corruption the way it is being carried out is dead on arrival. As you have rightly said and which Sanusi concurred, remove many of the restriction that encourage corruption.

Unfortunately, his statist leanings encourage the introduction opf more restrictions fuelling the corruption he so much detests.

Why did he not fully deregulate the price of petrol? Instead he fixed it at 86.50. Now, there's fuel scarcity every where and people selling above the pump price.

Incompetence is certainly worse than corruption. Human rulers truly can not be depended on (Psalms 146:3,4)

My question is how exactly does the FG intend proving the banks and importers round trip?? EFCC??
It's quite obvious that a certain group of people is profiting from the loophole in the system.

greatiyk4u:
Are you sure this man go fit remember all the things wey him talk say him go do?

The question should be : Don't you consider this very serious?

NOT banks but the bank staffs involved in the Forex transaction. The CEO of the banks might not even know it is happening in some of their own branches.

Pavore9:
The question is which bank is not involved?

mavinc4u:


Madam, you dey vex oh.

...

Nah, I'm not, just stating it as it is... even me sef nor fit swear not to do same...E dey pepper me that the rate is so much now, person dey reason am well to buy PIN now... (cool, cos we buy stuff we can do without most times)

If the disparity were not much, importers nor go access forex den enter abok1 shop, cos they know they can make profit without doing any work, they are human, a nor blame dem.

modath:


Seems you are misunderstanding me.... twould be quite silly of me to get behind devaluation when the balance of trade is not in the nation's favour...

The divergence between the official (CBN manipulated) & the PM should ordinarily not be more than #50 (give or take 10# either ways)cos CBN can't meet all the demands but we all witnessed how speculators & hoarders forced it all the way to 390+ till recently that it came back to 310..

There is scarcity of dollars but the scarcity isn't as bad as the unseen evil hands manipulating rates are making it look like...

Whatever was done to drive it down should be sustained till arbitrage is no longer profitable..

You get me now?

Based on our monoeconomy, the cbn can manipulate the parallel market to ensure convergence of the official and parallel markets in times of high crude oil prices and sales.

Sanusi acheived this around 2011\12 during the oil boom.

However the perpetual scarcity of dollars which is inevitable at times of oil crash like this means the cbn is virtually handicapped. The measures will be too weak to contain the demand and attendant speculatives practices. In nigeria, everyone is guilty of roundtripping.

TippyTop:
Nigeria: A country where the president and his cronies send their children abroad to study but deny the populace similar privileges.

no one denied you, its your circumstance that put you in chains!!!

Who read till the end? Nonsense! Start from Dangote if you are not a toothless bulldog.

I'll continue to have problem with this govt seriously. Can't they just think rationally for once.

Like a woman who told her children meat is costly in the market, from today, only my husband eats meat.

The children been starved of meat started stealing meat from the pot.

Next you say anybody caught stealing meat from the pot will be severely punished.

They won't stop stealing, they'll only become smarter so they can't be caught so long as you deprive them of meat and it is still there staring at them.

All that govt would have done from the beginning is concentrate all effort in building local refineries to counter the fuel importation. Diversify the economy, encourage and subsidize exportation, then place a barn on all items than can be produced locally.

TippyTop:
Nigeria: A country where the president and his cronies send their children abroad to study but deny the populace similar privileges.

Who stop u frm sending ur children abroad to study? Just admit uar poor

modath:


Seems you are misunderstanding me.... twould be quite silly of me to get behind devaluation when the balance of trade is not in the nation's favour...

The divergence between the official (CBN manipulated) & the PM should ordinarily not be more than #50 (give or take 10# either ways)cos CBN can't meet all the demands but we all witnessed how speculators & hoarders forced it all the way to 390+ till recently that it came back to 310..

There is scarcity of dollars but the scarcity isn't as bad as the unseen evil hands manipulating rates are making it look like...

Whatever was done to drive it down should be sustained till arbitrage is no longer profitable..

You get me now?

Spot on, Sis! I could tell too that the guy misconstrue your point on arbitrage for devaluation, especially as you said: "closing the wide margin".

Readers will definitely transform to leaders in the course of time. That said, I would like to say I have been impressed with your knowledge of this subject matter.

If you don't mind, I would like to find out what you trained as and what professional line you currently pursue.

emekamigo:




You are a great disappointment-

is dat all u want to say? Then y d long qoute?

On the issue of staying in OPEC even when it is against national interest:

NIGERIA WILL MAKE THE NECESSARY SACRIFICES TO STAY IN OPEC.

On the issue of taking IMF advice when it appears to be against national interest:

IF THEIR ADVICE IS AGAINST NATIONAL INTEREST, WHY SHOULD WE LISTEN TO THEM?

On the issue of negotiating with Boko Haram:

IF WE IDENTIFY A CREDIBLE LEADERSHIP OF BOKO HARAM, WE ARE READY TO NEGOTIATE

On the issue of inviting IPOB for talks:

WHY SHOULD WE INVITE THEM FOR TALKS?

On the issue of criticism against Nigeria joining the planned Islamic force:

WHY WON'T THE CHRISTIANS GO AND FIGHT BOKO HARAM?



This man clearly forgot that the Nigerian Army is multi-religious and that many non-muslim soldiers have also died fighting Boko Haram.

Lets not play around. We have an insensitive, hypocritic madman as president now.

Is it not also telling, that a man who told us he had to borrow to pay for his party nomination forms, is now clearly telling us that he can afford his children's education in foreign universities at the current unofficial exchange rate of over N300/$1?

[size=14pt]B00hari means any Southerner as the Northerners arere never arrested.
[/size]


[size=14pt]They only arrest southerners
For the north they arrest their offices instead of the people.[/size]


Borno State House of Assembly gets arrested instead of the members


http://dailypost.ng/2016/01/26/efcc-seals-borno-house-of-assembly-over-allegations-of-corruption/

SAMBO Too his office was arrested instead of him.

http://www.vanguardngr.com/2016/02/dasukigate-efcc-raids-ex-vp-sambos-office/

Audu was known to have stolen N11 Billion not only wasn't even arrested ,yet he ran for office under APC.
Imagine the hypocrisy


http://dailypost.ng/2015/10/04/kogi-guber-audu-will-return-the-n11bn-he-stole-if-elected-apc-chairman/

Fidelity bank should be the First to be punished. I did some transfer last week and after doing the plus and minus i discovered they sold 1 dollar for 250 naira to me

konvict0111:
Spot on, Sis! I could tell too that the guy misconstrue your point on arbitrage for devaluation, especially as you said: "closing the wide margin".

Readers will definitely transform to leaders in the course of time. That said, I would like to say I have been impressed with your knowledge of this subject matter.

If you don't mind, I would like to find out what you trained as and what professional line you currently pursue.

Nothing fantastic, just a regular Jane

I just make it a point of duty to know a bit of "most" things that affect lives & livelihood.

modath:



Nothing fantastic, just a regular Jane

I just make it a point of duty to know a bit of "most" things that affect lives & livelihood.

Cool bae, I take it that you want to try to keep a low profile.

Again, this character impresses me. I don't wish to derail this thread but I would definitely like to know you more and share your ideas on various topical issues from time to time.

ChappyChase:
APC we don tire for the Mouth gig!!!! We need the real action!

Hmmmm, So APC has been giving you mouth job/ BJ, hand Job, b**b Job, Leg Job. But you want more....

You want to RAPE APC so hard in between the legs but APC has refused to open HER legs wide open for you to come in?

Well, there is no lady / guy that liked to be raped, but when you all was campaigning for APC, you thought APC was one wwhore that enjoy been raped the moment she comes IN TO your bedroom.

Its a pity the reverse is now the case.
Please find solace in your petroleum jelly, it loves you more than APC.