Zico5:
I was thinking of the magic wand Gej would have thrown if he was still the president. Nigeria would have gone into abyss. Upon how much this government is trying to save this country by blocking all loopholes and irrelevant spending, things are still not taking shape. Gej and PDP really destroyed this country. This fact can't only be seen by true democrats and not tyrants in our system

Nigeria sank barely 10 weeks after GEJ left power, what was the floating power 10 weeks backwards??

Xonology:
Why will custom, a government agency use 285/$ where as the official government exchange rate is 197/$? Jockers!!!/

that's cos the Fg devalued the naira already but someone is advising the Fg not to make the pronouncement officially.They think it will anger teh citizens which is true but the handwriting is already on the wall.Today as I am typing the pounds id N480 to send to 9ja, we dey laff 4 london nothing do us,I just pity anyone not earning forex cos even if you earn N1,000,000.00 in Nigeria it's true value will be N100,000.00 soon.

mrvitalis:
That's great, more revenue

@ whose expense? Perhaps u didn't calculate the negative ripple effects.


This is madness. Automatically, prices of all commodities will sky rocket while wages remain same. The govt is only concerned about how much they generate but adamant to how much it's citizens loose. Nigeria is a country( house) and when the amount of money coming in to the house is lesser than what the household spends, the household can not be sustained. For how long will it sustain the naija economy? We all know the adverse effect of inflation.

Can naija govt make the increase of these revenues reflect on the wages of is citizens? If NO, then this move is as good as ZERO.



Mind u, if the template for importation of pms is @ 285, then don't expect the landing cost of petroleum products to be anything below N200/litre, duties,tax,transport excluding profits. Be ready to purchase pm's @ over N250/lt, u also know what increase in price of petrol will do to the prices of our local commodities, and services ranging from transport and powering of generators as it is evident that our electricity is as good as non existence.


The crux of it all is that, if these increase in revenue does not affect the increase in wages, we are doomed.


For CBN to peg dollar @ 285, of an already scarce fx due to non sale of crude for sometime now, all Thanks to NDA, u also know what demand and supply principles will do to its values @ d black market. Let's say N450-N500/$. Also, u know its effects on chains of production, whatever is incured by producer sourcing for raw material out or an importer will be channelled down to the final consumers( poor masses, whose wages still remain same).



The naira was devalued last week, but this govt doesn't want to make it official to avoid panic both in petrol stations and fx black marketers. Scarcity and over demand of pms and fx respectively looms. This APC led administration hates telling Nigerians the truth.

erico2k2:

Nigeria sank barely 10 weeks after GEJ left power, what was the floating power 10 weeks backwards??

Nigeria sank 10 weeks after Gej left. Why are u deceiving urself Mr man. If truly Gej left a good legacy for sustenance of this country, then why are his cronies been arrested on daily basis wt fact. Remember that metuh just promised to return 400m in case u dispute my fact. As well remember dollar started shrinking before he left office to the extent that ur NOI advised for external borrowing to pay salary. U are living in the past if this is ur fact.

erico2k2:

that's cos the Fg devalued the naira already but someone is advising the Fg not to make the pronouncement officially.They think it will anger teh citizens which is true but the handwriting is already on the wall.Today as I am typing the pounds id N480 to send to 9ja, we dey laff 4 london nothing do us,I just pity anyone not earning forex cos even if you earn N1,000,000.00 in Nigeria it's true value will be N100,000.00 soon.

And its this lies and uncertainty in the forex policy of this government is what is driving investors away.

obailala:
But a lot of people have been asking for devaluation?... This is just one of the effects.

It was late @ this time. The only people that will benefit are ones dealing on bonds and in stocks.

This Government are by all means looking for ways to chase mini importers out of business but fail to realize that it not too for the common man on the street.I dont know how Nigerians without provision for adequate resourses.

Zico5:
I was thinking of the magic wand Gej would have thrown if he was still the president. Nigeria would have gone into abyss. Upon how much this government is trying to save this country by blocking all loopholes and irrelevant spending, things are still not taking shape. Gej and PDP really destroyed this country. This fact can't only be seen by true democrats and not tyrants in our system

Sit down there and still blaming the PDP..What should PDP have done in 1999 when they took over Govt from the Military?Ohh they should have kept on ranting and ranting..I guess you where not born then abi?What if it was the APC that took over Power in 1999?They would have simply sold off Nigeria..Nonesense People..

Zico5:

Nigeria sank 10 weeks after Gej left. Why are u deceiving urself Mr man. If truly Gej left a good legacy for sustenance of this country, then why are his cronies been arrested on daily basis wt fact. Remember that metuh just promised to return 400m in case u dispute my fact. As well remember dollar started shrinking before he left office to the extent that ur NOI advised for external borrowing to pay salary. U are living in the past if this is ur fact.

Guy you wont know about the forex meltdown as you do not earn forex but i do
I have been earning forex for 18 years, never in the history of Nigeria has the £ crossed N290 to send to Nigeria.
It was speculation that led to this not decline in Oil value.As I say this I have put countries who aint oil dependant into consideration.
You said something about people being arrested,Wake up guy you are smart enough to smell the coffee, its a political stunt being sold to gullible Nigerians.Who has gone to jail so far?
In your work place if you steal a PC and get caught waht would happen to you? return it and go on your way?
Did you hear of the case about Dansuki
Did you not hear that they the FG could not bring him to court o n the main hearing even after they have vomited words and confession he made which we can not verify??
All these so called returned monies are being said on paper,we are yet to see or record any
Election campaigns are funded by donors.they APC are scrutinizing the donation of funds to PDP why wont they APC declare their or campaign account public so we know who their donors are as well.
Look Im not taking side The FG is p laying with the future of Nigerians which i am afraid you are part of,It favours me like this as my remittance is high all of a sudden £2100 is N1m, .

Nusaf:

That is what I still don't understand bro. If the government approved official rate is 197/$ why will GOVERNMENT AGENCY use 285/$? That is double standard pls.

Where have you been, Vietnam? The CBN has reviewed the dollar to naira rate. So, 199/$ is no longer viable. U no hear the news??

I no too blame u sha, the present government sabi confuse people.

Naira has been devalued, albeit implicitly.

chigoizie7:


@ whose expense? Perhaps u didn't calculate the negative ripple effects.


This is madness. Automatically, prices of all commodities will sky rocket while wages remain same. The govt is only concerned about how much they generate but adamant to how much it's citizens loose. Nigeria is a country( house) and when the amount of money coming in to the house is lesser than what the household spends, the household can not be sustained. For how long will it sustain the naija economy? We all know the adverse effect of inflation.

Can naija govt make the increase of these revenues reflect on the wages of is citizens? If NO, then this move is as good as ZERO.



Mind u, if the template for importation of pms is @ 285, then don't expect the landing cost of petroleum products to be anything below N200/litre, duties,tax,transport excluding profits. Be ready to purchase pm's @ over N250/lt, u also know what increase in price of petrol will do to the prices of our local commodities, and services ranging from transport and powering of generators as it is evident that our electricity is as good as non existence.


The crux of it all is that, if these increase in revenue does not affect the increase in wages, we are doomed.


For CBN to peg dollar @ 285, of an already scarce fx due to non sale of crude for sometime now, all Thanks to NDA, u also know what demand and supply principles will do to its values @ d black market. Let's say N450-N500/$. Also, u know its effects on chains of production, whatever is incured by producer sourcing for raw material out or an importer will be channelled down to the final consumers( poor masses, whose wages still remain same).



The naira was devalued last week, but this govt doesn't want to make it official to avoid panic both in petrol stations and fx black marketers. Scarcity and over demand of pms and fx respectively looms. This APC led administration hates telling Nigerians the truth.

bro its only a FOOOOOL Who do not know the naira had been devalued
its also a FOOOOL that will know this and still argue that teh naira should not be devalued when they have already devalued it.
They the CUSTOMS just realized they are being short changed if they charge at the official rate smart badt guys

UncleJudax:

Where have you been, Vietnam? The CBN has reviewed the dollar to naira rate. So, 199/$ is no longer viable. U no hear the news??

I no too blame u sha, the present government sabi confuse people.

Naira has been devalued, albeit implicitly.

Thank U very muc and you wonder why some people are called zombies,dem na follow follow tell dem say stone nah beans dem go eat am no questions asked.

Technically election promise of $1 to =N=1 has been fulfilled

Xonology:
Why will custom, a government agency use 285/$ where as the official government exchange rate is 197/$? Jockers!!!/

Its called FRAUD!

Govt cannot have TOW tier of exchange rate operating simultaneously..


Buhari needs to call the rogue custom boss to order.




Lastpage!

9jii:
The consumers are paying the marketers 300+=1$ for everything we buy its time for them to pay the government the right duty too.

and you think they wont increase consumers price? B wise. APC want to kill masses finally

NavierStokes:


source: http://businessdayonline.com/2016/05/customs-to-use-n285-for-duty-from-june-1/

more money for the govt, more suffering for the masses.

Where is Eedris Abdulkareem, he needs to do a fresh remix of that song "Nigeria Jaga Jaga"

permsec:
A hike in custom duty will directly reflect on the goods imported. A nation heading towards moribund.

goods are already priced at 340!

Zico5:
I was thinking of the magic wand Gej would have thrown if he was still the president. Nigeria would have gone into abyss. Upon how much this government is trying to save this country by blocking all loopholes and irrelevant spending, things are still not taking shape. Gej and PDP really destroyed this country. This fact can only be seen by true democrats and not tyrants in our system

GEJ is not the only leader in the last administration that didn't save during the years of plenty. No APC governor did. Peter Obi was one of the few governors that saved, and that's why Obiano had the funds to execute many of the infrastructural projects he did.

The so called blocking of loopholes you're talking about like IPPIS (which has been fishing out ghost workers), TSA etc were initiated by the past administration. There was initially no political will to implement some of them because the country was rich then, but believe me, even Jonathan's administration would have gone every length possible to save money if they were still in power.

Beyond blocking of leakages, you need sound economic team and advisers to grow the economy. Just imagine a scenario where 2 guys both earn 100k per month each. One is prudent with his spending, and only spends 20k on himself per month leaving him with a total savings of 80k per month. The other guy spends 40k on himself per month, but is able to channel the remaining 60k into a business that will grow him 30k in a month. It means at the end, he will have 90k savings, while the prudent guy only has 80k savings.
Buhari seems more like the first guy.

How is this different from devaluation of the naira.

Not only does President Buhari have zero understanding of how the economy works, he's listening to the wrong advisers. What can the APC high command can do to control this intellectual disaster they have unleashed on Nigeria?

Kennydoc:


GEJ is not the only leader in the last administration that didn't save during the years of plenty. No APC governor did. Peter Obi was one of the few governors that saved, and that's why Obiano had the funds to execute many of the infrastructural projects he did.

The so called blocking of loopholes you're talking about like IPPIS (which has been fishing out ghost workers), TSA etc were initiated by the past administration. There was initially no political will to implement some of them because the country was rich then, but believe me, even Jonathan's administration would have gone every length possible to save money if they were still in power.

Beyond blocking of leakages, you need sound economic team and advisers to grow the economy. Just imagine a scenario where 2 guys both earn 100k per month each. One is prudent with his spending, and only spends 20k on himself per month leaving him with a total savings of 80k per month. The other guy spends 40k on himself per month, but is able to channel the remaining 60k into a business that will grow him 30k in a month. It means at the end, he will have 90k savings, while the prudent guy only has 80k savings.
Buhari seems more like the first guy.

That has been my concern, Buhari is not a good business man, it takes more than just being a prudent man to survive, you have to invest and invest wisely, he is killing the economy without knowing.

For how long are going to continue like this?

mycar:


That has been my concern, Buhari is not a good business man, it takes more than just being a prudent man to survive, you have to invest and invest wisely, he is killing the economy without knowing.

For how long are going to continue like this?

You're absolutely right.

only in Nigeria that we have three different exchange rates;

$1 = N197 (For the Dangotes, Friends and Family of the president)
$1 = N285 (For oil Marketers)
$1= N340 (For the general public).

What a shame. This govt should resign already it seems they have no clue about how to govern.

NavierStokes:
Maybe the government appointed "BDCs" have made enough money from the official "round tripping", and government is now ready to focus on the reality. Heads or tails it's a government plagued with madness.

Government-appointed BDCs like Aishat while the citizens suffer.
God where is your face oh




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Zdoh:
This Government are by all means looking for ways to chase mini importers out of business but fail to realize that it not too for the common man on the street.I dont know how Nigerians without provision for adequate resourses.

d mini importer should try exporting

divineappo:
more money for the govt, more suffering for the masses.

Where is Eedris Abdulkareem, he needs to do a fresh remix of that song "Nigeria Jaga Jaga"

An action taking so late that it will bring misery to the masses. If this man has done this since last year's August, the currency would not have slid to this point.economy would have moved on so long ago and the effects would have been minute just like the 2 devaluations done by okonjo iweala and GEJ.

yongnoble:
only in Nigeria that we have three different exchange rates;

$1 = N197 (For the Dangotes, Friends and Family of the president)
$1 = N285 (For oil Marketers)
$1= N340 (For the general public).

What a shame. This govt should resign already it seems they have no clue about how to govern.

They have NO clue how to run the economy and the country.
They only have BLAME aplenty.




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mrvitalis:
That's great, more revenue

That comment is very unintelligent, I guess you know the meaning of 'devaluation'. In lay man's term, since naira went from about N197 to N285 officially, it has lost about 50% of it's value and the government needs about 50% more currency now hence they are collecting more.

To the worker whose take home pay was about e.g. N30k/month, this means unless his/her increase salary by 50% (which can never happen, even Jesus came), their N30k is now effectively N15k/month in value.

My guess is, the government will not increase minimum wages, which means all wages including minimum values now have a 50% reduction in value and buying power.

Abeg http://www.blackebonypics.cf

I am disappointed. I may have to pay more now for custom duties!. It is funny though, that those calling for devaluation are still the ones lamenting most about this.

No Sir.. The write up is all about NCS using 285 as exchange rate while the official exchange rate is still at 195 and not what GEJ will do or will not do. Our problem as Nigerian is living in the past. GEJ is long gone and we should focus on the present now. We should all call this administration to order when it goes south and not use GEJ this or that as an excuse for lack of direction and vision less economic policies. I'm yet to come to terms with what economic polices this present administration put in place and want to put in place that will propel this country to greater height because all i see now is one step forward and 40 backward. Even the little gains of GEJ administration has been lost due to lack of decision of this present administration.

Zico5:
I was thinking of the magic wand Gej would have thrown if he was still the president. Nigeria would have gone into abyss. Upon how much this government is trying to save this country by blocking all loopholes and irrelevant spending, things are still not taking shape. Gej and PDP really destroyed this country. This fact can only be seen by true democrats and not tyrants in our system

lastpage:


Its called FRAUD!

Govt cannot have TOW tier of exchange rate operating simultaneously..


Buhari needs to call the rogue custom boss to order.




Lastpage!

Thought you guys hailed him as a nononsence man that drives 505 pougeout. When did he turn to a rogue? B4 or after appointing him?

2007 Toyota Camry LE will now sell for #2.6m while XLE Trim will sell for #3m.

Change is here

Only the strong will survive and the wise will excel

Tough times ahead

May GOD help us