vedaxcool:
[s][/s]

Their tribalism is so sickening, at no time did he mention dangote but because of hate they put his name on the thread name and are now pressing on with their slander.

I don't understand this sort of jealous and hatefulness that propels some people.

Nah then Ipob. They’re born to hate.

Mumu CBN governor? He clearly doesn't understand demand and supply. Economics 101.

It's like NNPC GMD complaining that people are buying black market fuel at inflated prices. Meanwhile there are no fuel at the filling station.

sexylassie2:
Na wa ooh


Who is leaking all these info. That person need to be arrested.


From what I am seeing, Nigerians aren't running our economy like see the numbers of foreigners in the virtual call

Nawa for you oo... so you are not even happy that you could be info like this

This guy complains a lot ... sai. Always looking for faults

CBN CRYING FOR PATRONAGE WHEN IT CANNOT PROVIDE SERVICES.

RuddyFusion:
Can our economic experts explain this video?

Their demand for forex (usd etc),to handle their transactions( inputs purchases, imports etc), on the parallel market is pulling down the value of the naira. They're demanding for forex against the naira that they are selling. Normal supply/demand dynamic. These guys also have to repatriate capital abroad to their principals or their accounts for other uses and purposes. More so, when they re of a multinational character.

Thing is, since CBN is in charge of monetary policy and defending the currency in line with the govt's prevailing policies, those activities complicate their assignment. Cos while the official market might be maintaining a particular rate, ppl on the parallel ones have a different dynamic at play with the heavy demand and def fewer dollars to obtain.

On the flip side, these guys have to readily conduct business. And ofc global business today doesn't really factor in waiting to see ur CBN forex quota and what have you. CBN themselves have limited forex that they distribute/allocate across banks, importers/firms etc. Can the CBN comfortably/seamlessly supply forex needs for their businesses?.... question to ask.

To see how determined some of them are, they are even losing money on their earned naira but still continue just cos they want to evacuate their monies for whatever purpose. I mean that's why u have the IMF talking about a free floating naira. To give less to the vagaries of economic happenstance and provide some structure.

This might expose the naira's real value which is gonna be a good or bad thing for Naija... depends on how we play it.

oyekanwahab:


Nawa for you oo... so you are not even happy that you could be info like this

How will this info help me and you?

This is unimportant info.

nedekid:

What is this one saying?

Always learn to ignore the COW!

Dasuks:


Their demand for forex (usd etc),to handle their transactions( inputs purchases, imports etc), on the parallel market is pulling down the value of the naira. They're demanding for forex against the naira that they are selling. Normal supply/demand dynamic. These guys also have to repatriate capital abroad to their principals or their accounts for other uses and purposes. More so, when they re of a multinational character.

Thing is, since CBN is in charge of monetary policy and defending the currency in line with the govt's prevailing policies, those activities complicate their assignment. Cos while the official market might be maintaining a particular rate, ppl on the parallel ones have a different dynamic at play with the heavy demand and def fewer dollars to obtain.

On the flip side, these guys have to readily conduct business. And ofc global business today doesn't really factor in waiting to see ur CBN forex quota and what have you. CBN themselves have limited forex that they distribute/allocate across banks, importers/firms etc. Can the CBN comfortably/seamlessly supply forex needs for their businesses?.... question to ask.

To see how determined some of them are, they are even losing money on their earned naira but still continue just cos they want to evacuate their monies for whatever purpose. I mean that's why u have the IMF talking about a free floating naira. To give less to the vagaries of economic happenstance and provide some structure.

This might expose the naira's real value which is gonna be a good or bad thing for Naija... depends on how we play it.

Well explained...but do they always have to evacuate the dollar to their respective foreign HQ?

And who funds the parallel market...who regulates that end? How's it that they always have dollar to sale at that end?

slivertongue:

"We've seen your account already but we are appealing to you to stop and do what is right and what is legal so that Nigeria can be a better place for you to live in."
"Don't go into illegal business. Do your business legally and make your money. I repeat and I know it. I know some of you are involved. Stop now! By you going to the parallel market, you are helping to overheat that market."


ECONOMIC SABOTEURS !!!

Sadly, this post would not draw much crowd whereas, this is what affects everyone in the country. Don't mind them. Tomorrow they'd come and be bragging that they're the richest people in Africa, after they must have shortchanged the legitimate SMEs who are struggling to survive. We have been approaching our banks since early april for forex. We have explored all the opportunities, ranging from Investors and importers windows, SMEs retail, SMEs wholesale, to Form Q windows but all have proved ineffective. You can't send cash fx deposited in your acct overseas. It has to be inflows...meaning only fx deposited into your account by transfers only( mainly from abroad or from within same bank internally) can be transferred to buy goods abroad. Bank directors are complicit in this mess. They divert what is meant for the SMEs and sell to the highest bidders like dangote. I don't want to hear anyone calling dangote the richest man again because he took hold of opportunities meant for hundreds of thousands of SMEs nationwide and utilized it solely, for over a decade.

I can count how many times we have had our LC transactions approved...na only dem and tell me how they wouldn't make headway? Yet our banks would keep sending us emails that forex are available to go round. You need rice for instance and everybody else needs rice but you need forex to order rice. You approach the bank and they tell you no forex, after meeting all the requirements. If you had the opportunity to buy the rice and bring it into Nigeria in a vessel in a single deal, you're made for life. But once somebody like dangote places a call through to all commercial bank directors, they'd mop up all the available dollars and give to him, thereby deprive the SMEs who also want to rise and become somebody the opportunity. Otedola, tony elumelu, jim Ovia and the rest are all players in this game of selfishness. Tell me why they wouldn't call them rich after all the opportunities available to others must have been mopped up by them? And if SMEs struggle to get their dollars at the back market to order their goods, they wouldn't be able to compete with the likes of dangote because they'd sell at a higher price...dangote would get in volume and at good rates from bank directors and bdcs ...no be wetin you get, na im you go sell?

Such sharp practices can only be allowed in Nigeria. Emefiele can't say he's also clean in this deal cos that's where they make money too. That's why SMEs are finding it difficult to thrive in Nigeria. Go to America, SMEs drive their economy. You dare not try this shiit over there except you want to spend the test of your life in a correctional facility. Useless govt, useless system we've got.

I don't understand. Emefiele is not telling us the the truth. How can a business man reject buying at 361 and go for 460?

He should just tell us how frustrating it is to get it at 361 and also reveal hidden policies sorronding it.

RuddyFusion:


Well explained...but do they always have to evacuate the dollar to their respective foreign HQ?

And who funds the parallel market...who regulates that end? How's it that they always have dollar to sale at that end?

Not that it has to always go to HQ or anything. Let's say ure Huawei now. U have contracts to outfit glo or mtn as their OEM supplier. I mean u have to pay for those things coming in. They're not made in Naija. Pay another subsidiary within the firm for it. Or procure materials from a third party etc.

U know how business is. Youre making something to supply someone or buying something from someone to sell to another. Ofc not factoring ur own overarching corporate strategy n cost controls that demand obligations on their part.

So far, Naija isn't a center for making a lot of things. U cant source locally most of the time. Tho this is not always true. Me and u dey naija now. Our industrial sector is dead. We need those ventures making intermediate goods to kick back into life. It'll help the situation.

vedaxcool:
[s][/s]

Their tribalism is so sickening, at no time did he mention dangote but because of hate they put his name on the thread name and are now pressing on with their slander.

I don't understand this sort of jealous and hatefulness that propels some people.

What are you going off about ?



because of hate THEY put his name and THEY’RE now pressing on with slander.

What does this mean exactly ?

vedaxcool:
[s][/s]

Their tribalism is so sickening, at no time did he mention dangote but because of hate they put his name on the thread name and are now pressing on with their slander.

I don't understand this sort of jealous and hatefulness that propels some people.

Mr man, you're saying shit. She's telling us her reality which is the same reality of most of us the common man. So i put it to you, your tribalism is so sickening for you to think her comment is about tribalism.

Bullshit

AdaoraNK:
I don't understand. Emefiele is not telling us the the truth. How can a business man reject buying at 361 and go for 460?

He should just tell us how frustrating it is to get it at 361 and also reveal hidden policies sorronding it.

It's Possible to buy at 460 cos of scarcity of forex and difficulty of getting it directly from the apex bank.The aim is probably to resell it at a higher rate to a third party.

Story!

AdaoraNK:
I don't understand. Emefiele is not telling us the the truth. How can a business man reject buying at 361 and go for 460?

He should just tell us how frustrating it is to get it at 361 and also reveal hidden policies sorronding it.

Don’t mind the jester

Dasuks:


Not that it has to always go to HQ or anything. Let's say ure Huawei now. U have contracts to outfit glo or mtn as their OEM supplier. I mean u have to pay for those things coming in. They're not made in Naija. Pay another subsidiary within the firm for it. Or procure materials from a third party etc.

U know how business is. Youre making something to supply someone or buying something from someone to sell to another. Ofc not factoring ur own overarching corporate strategy n cost controls that demand obligations on their part.

So far, Naija isn't a center for making a lot of things. U cant source locally most of the time. Tho this is not always true. Me and u dey naija now. Our industrial sector is dead. We need those ventures maling intermediate goods to kick back into life. It'll help the situation.

Deep breath....

AdaoraNK:
I don't understand. Emefiele is not telling us the the truth. How can a business man reject buying at 361 and go for 460?

He should just tell us how frustrating it is to get it at 361 and also reveal hidden policies sorronding it.

Don't mind Emefiele, he's as high as his boss.

They likely do not have sufficient dollars to supply to businesses hence the business men have to look elsewhere

vedaxcool:
[s][/s]

Always sympathetic to criminals, always excusing their evil ways and leading the charge to normalize them.

Nigga, where were you expecting them to get the forex from? By dancing to CBN's governor's emotions? Are they suppose to halt their businesses because of the CBN? I don't even understand how the parallel market is illegal. Like, the CBN wants to maintain an artificial rate which it simply cannot defend, then it gets angry that people are buying at market rate?

You know the saboteurs and you are not taking any action against them... if you know they will loose money why go ahead to appeal to them to stop.

My country where the gap between the rich and the poor is so wide.....either you're rich or you're poor nobody give a Bleep about you, the rich are getting richer while the poor are getting............ you know the rest

AdaoraNK:
I don't understand. Emefiele is not telling us the the truth. How can a business man reject buying at 361 and go for 460?

He should just tell us how frustrating it is to get it at 361 and also reveal hidden policies sorronding it.

360 is audio price for most 99% of Bussiness in Nigeria. Only people going to Mecca and highly connected get at 360.

vedaxcool:
[s][/s]

Their tribalism is so sickening, at no time did he mention dangote but because of hate they put his name on the thread name and are now pressing on with their slander.

I don't understand this sort of jealous and hatefulness that propels some people.

Bros how every?. If u take a screenshot and zoom well, u would actually see Dangote himself in that zoom meeting.

fairfora:
Sadly, this post would not draw much crowd whereas, this is what affects everyone in the country. Don't mind them. Tomorrow they'd come and be bragging that they're the richest people in Africa, after they must have shortchanged the legitimate SMEs who are struggling to survive. We have been approaching our banks since early april for forex. We have explored all the opportunities, ranging from Investors and importers windows, SMEs retail, SMEs wholesale, form Q windows but all have proved ineffective. You can't send cash fx deposited in your acct overseas. It has to be inflows...meaning only fx deposited into your account by transfers only( mainly from abroad or from within same bank internally) can be transferred to buy goods abroad. Bank directors are complicit in this mess. They divert what is meant for the SMEs and sell to the highest bidders like dangote. I don't want to hear anyone calling dangote the richest man again because he took hold of opportunities meant for hundreds of thousands of SMEs nationwide and utilized it solely, for over a decade.

I can count how many times we have had our LC transactions approved...na only dem and tell me how they wouldn't make headway? Yet our banks would keep sending us emails that forex are available to go round. You need rice for instance and everybody else needs rice but you need forex to order rice. You approach the bank and they tell you no forex, after meeting all the requirements. If you had the opportunity to buy the rice and bring it into Nigeria in a vessel in a single deal, you're made for life. But once somebody like dangote places a call through to all commercial bank directors, they'd mop up all the available dollars and give to him, thereby deprive the SMEs who also want to rise and become somebody the opportunity. Otedola, tony elumelu, jim Ovia and the rest are all players in this game of selfishness. Tell me why they wouldn't call them rich after all the opportunities available to others must have been mopped up by them? And if SMEs struggle to get their dollars at the back market to order their goods, they wouldn't be able to compete with the likes of dangote because they'd sell at a higher price...dangote would get in volume and at good rates from bank directors and bdcs ...no be wetin you get, na im you go sell?

Such sharp practices can only be allowed in Nigeria. Emefiele can't say he's also clean in this deal cos that's where they make money too. That's why SMEs are finding it difficult to thrive in Nigeria. Go to America, SMEs drive their economy. You dare not try this shiit over there except you want to spend the test of your life in a correctional facility. Useless govt, useless system we've got.

It's a shame people in Nigeria applaud the Dangotes who benefit from the rigged system allowing them exclusive access to forex at cheaper prices. This issue was highlighted a few years ago:

LAGOS/LONDON (Reuters) - As Nigeria grapples with a foreign exchange crisis, one person stands out in the scramble to obtain hard currency: Aliko Dangote, Africa's richest man.

When the government restricted the supply of dollars in June 2015 to prop up the value of the Nigerian naira, firms owned by Dangote landed a healthy share of dollars available at the cheap official rate, a study by Reuters shows.

Reuters examined foreign currency transactions made during an 11-week period in March to May this year. Over that time, Dangote businesses were able to buy at least $161 million in hard currency from the central bank. That was around nine percent of all the hard currency the bank sold over the period. In a single week in March, one dollar in every eight went to Dangote companies. There is not enough data to see how that stacks up with the companies' share of foreign trade.

https://uk.reuters.com/article/uk-nigeria-forex-dangote-insight-idUKKCN0Z90PT

He's promising them stuff beyond his capacity to deliver.

Tell them the truth: Buhari's government is broke.

..when you see a government authority, CBN for that matter begging people they suppose to sanction then they have already compromised, failed, and crossly incapacitated. There's nothing good that is associated with Buhari absolutely nothing.

[s]

Ikjosh04:


Mr man, you're saying shit. She's telling us her reality which is the same reality of most of us the common man. So i put it to you, your tribalism is so sickening for you to think her comment is about tribalism.

Bullshit

[/s]


Hate and tribalism is all they have to offer.

tex73:



Bros how every?. If u take a screenshot and zoom well, u would actually see Dangote himself in that zoom meeting.

Did he mention dangote? Was dangote the only person in the meeting? It could have been anyone including Dangote, that her repulsive tribalism made her resort to slander what she does not know is clearly showing how tribalism and hate has replaced all her brain cells.

Really

It is only the naira that has different exchange rates to the dollar. Why can't the CBN converge and consolidate all these multiple exchange rates? What do you expect when you have different rates for the same commodity that has a rigid value? People would patronize one with the highest rate. Simple!

Emefiele, just do your job and stop wailing, else your days of much wailing are ahead!

What is this man saying? Is the Parallel market illegal? If Yes, why not sanction them. If No, is it your money?