On the Matter of Interaction with Morons Negatively Affecting Our Genes {Re: #2: Expect massive prosecution of fraudsters —AGF {Re: Imperial Hypocrisy: Ni...
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Mobolaji Aluko
Mar 10, 2016, 1:03:42 PM3/10/16
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Okoi Obono Obla and Imperial:
Let me advise you - and even Nebukadineze Adiele and his ilk, if they wish to "listen" - that we need to redeem the time, because there is a danger of being gene-affected if you don't control your environment the more and choose your interactions more wisely.
Just read this:
QUOTE
Why You Should Spend Less Time With Morons – by Tai Lopez ( <t...@tailopez.com>)
February 25, 2016
Ran across this today about how your genes are affected by your brain.
Fairly mind blowing stuff in today’s Book-Of-The-Day, Inheritance: How Our Genes Change Our Lives–and Our Lives Change Our Genes.
Dr. Sharon Moalem says:
“Your thoughts, too, are constantly impacting your genes, which must shift and change, over time, to align your cellular machinery with the expectations you’ve set and experiences you’ve had.
You’re creating memories. Emotions. Anticipation. All of that gets encoded, like an annotation in the margin of an old book, within all of our cells.”
This isn’t some weird theory. This is science.
Basically, you and I are constantly rewriting the coding of our brains and maybe even the inner working of our genes.
[Be careful to not think with a 500 year old medieval mindset. Hardwire your brain for success by challenging yourself to learn as much as you can. If you want to connect with like-minded people and learn from experts who have made millions of dollars, you can still get a ticket to my private mentor retreat by clicking here.]
This is why I say, spend less time with morons (I define ‘morons’ as people with a fixed, black and white mindset as opposed to a continual learning mindset).
Morons will affect you negatively – quite possibly at the gene level.
It’s your one and only life. Control your environment more.
UNQUOTE
Since I have read that piece, I have read some more, and even became very worried. Luckily I have had all my children, but for the young people who may be interacting with "morons" around these Nigerian cyber-space, their genes may become so affected that they will be producing more Nigerian morons.
In any case, to guard against all eventualities, I have decided to reduce my level of interaction around these Nets.....just in case.....
Best wishes all. Let us learn to ignore morons, for the sake of posterity, so that we do not inadvertently pro-create more of them,
And there you have it.
Bolaji Aluko
Shaking his head
On Thu, Mar 10, 2016 at 6:22 PM, <okoiad...@gmail.com> wrote:
Nebu, if you are that good, as you want us believe ,what are your achievements? You do not know the schedules of a Special Assistant; so I will not blame you for your foolish and stupid comment concerning it! You are a proper idiot and an idle mind! Fake man! An unmitigated failure! You spend all your time abusing people on the Internet, it shows that you are a disgruntled and disillusioned man because you are a total failure! You are bad natured and this is why you will never see anything good in another person!Sent from my BlackBerry 10 smartphone.
Reject Religion; Relive Reason!In a message dated 3/10/2016 9:12:25 A.M. Eastern Standard Time, okoiad...@gmail.com writes:Nebu is a failure in life and this is why he is such a vengeful and bitter person! His past time is abusing those who are obviously better than him! Such a lowly figure!Sent from my BlackBerry 10 smartphone.
This guy is unfit to be an Attorney General of the Federation; he does not even know the functions of a person in the position that he occupies. An Attorney General carries out investigations if he/she smells a rat, not threaten fire and brimstone like a military junta -- while directing others to do his job.EFCC's hands are full and if this AG seriously has reasons to believe the rumor that he unleashed below, the law says that his office must investigate the matter and prosecute whoever is found culpable. The AG is better suited to investigating any serious matter that must be dealt with right away -- because he holds subpoena powers and has access to almost unlimited resources with which to uncover even things EFCC cannot uncover easily. But what are we hearing from Malami? We are either hearing nonsensical tough talks based on rumor mongering and small mindedness or we are witnessing his brazen abdication of the responsibilities of his office in his directing of others, including those he has no authority to direct (like the NJC), to do XYZ.Anyway, what does one expect from a person who would hire an Okoi Obono Obla Ofemmanu for a Special Assistant? Nigeria don kpafuka nobi small!Nebukadineze Adiele
Reject Religion; Relive Reason!
In a message dated 3/9/2016 9:39:51 P.M. Eastern Standard Time, alu...@gmail.com writes:My People:While abusing each other over this forex afffair, it looks as if the FGN has been looking into Ifeanyi Uba's allegation that he knows - or can reveal - those Nigerian and other individuals manipulating/speculating on/ the foreign exchange market.There may be a smoking gun somewhere... We shall see....Bolaji AlukoPUNCHExpect massive prosecution of fraudsters —AGF
March 10, 2016Ade Adesomoju
The Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, said on Wednesday that the Economic and Financial Crimes Commission would soon embark on a massive prosecution of suspects found to be responsible for the instability of the naira against some foreign currencies.
The AGF said this while addressing journalists on the issues affecting the foreign exchange market in the country, at his office in Abuja.
Malami restated the resolve of the President Muhammadu Buhari-led administration to resist the call for the devaluation of the naira.
Responding to a question, Malami said investigations of the suspected foreign exchange suspects had been completed, adding that that the EFCC would embark on ‘massive prosecution’ soon.“In the exercise of the powers of my office and in consonance with the policy thrust of this administration, I have, therefore, directed the EFCC and other relevant security agencies to further investigate and confirm the information already available,” Malami said.“We have passed the stage of warning. We have passed the stage of investigation. We have gone far in terms of gathering the evidence. We are at the stage of embarking on massive prosecution,” Malami said.
Though the minister did not give the exact identities of the suspects, he said they included ‘regulators that are responsible for giving protection to the naira but have failed in their responsibilities and ended up protecting businessmen and other culprits involved in shady forex business’.
He said some of the ongoing sharp practices causing the instability of the naira included round-tripping of foreign exchange sourced from the inter-bank market, rendition of false foreign exchange utilisation data, non-repatriation of proceeds and use of foreign exchange for ineligible purposes.
He also linked the forex crisis to ‘consumption of foreign exchange transactions with inadequate, expired and or forged documents; and failure to report foreign exchange end users who default in the submission of required documents’.
He said the applicable law to prosecute the suspects included Banks and other Financial Institutions Act 1991 (as amended in 1997, 1998 and 2002); the Money Laundering (Prohibition) Act 2011 and the Foreign Exchange Monitoring and Miscellaneous Provisions Act, 1995.
He said the priority of the Buhari administration included efforts aimed at diversification of the economy and promotion of ‘greater accountability within the system through the blocking of all revenue loopholes’ and ‘a robust asset-recovery process’.
He said, “In the light of the current economic realities, it clear to all objective and discerning observers that there is an urgent need to review our foreign market from the perspective of the degree of compliance with extant laws and regulations due to certain disturbing developments which increasingly are confirming the initial suspicion of government that the current state of the naira is not the result of neutral factors.
“On the contrary, and indeed on a very sad not, it is apparent that our national currency is being deliberately undermined by carefully-orchestrated criminal conspiracies and manipulation by unscrupulous elements hiding under the cloak of so-called ‘market forces’.”
The minister said while the crash of the naira against the dollar and other key foreign currencies could be ‘directly traceable to declining crude oil prices arising from a supply glut in the global oil market’, the nefarious speculative activities had exerted further pressure on naira exchange.
He said the speculative activities had ‘created a very wide artificial differential between the aforesaid two rates which are now being exploited by unscrupulous individuals and institutions’.
He said, “Accordingly, the differential has given rise to sharp practices and rent- seeking activities by these entities that run contrary to the various provisions of the laws governing the conduct of the foreign exchange market and our money-laundering regime.”
On Wed, Mar 9, 2016 at 11:19 PM, Little Boy <thinkl...@gmail.com> wrote:
Tony Ishiekwene,Your brain is obviously very feeble and not so developed. And it shows in all the garbage you've been polluting this discussion with since you came into it with your undignified, nay foul presence! Every word you utter on this topic stinks with the ludicrous ignorance of your rickety 'Economics'. You said you studied 'Economics' beyond Economics 101 and 201 but you didn't explain what degree you got from it neither did you demonstrate it with logical economic reasoning in your arguments. Your absurd hallucination sounds like that of an Accounting student who studied Business Law in the course of his study and then believed he had thus become a lawyer because of his superficial exposure to the subject of Law! You're ridiculing yourself so badly, and it's as pathetic as it's comedic! Lol.If someone calls himself an 'economist' but cannot understand the concept of price being the most natural allocator of scarce economic resources in the market, what sort of 'economist' would that be?If you, a born Mumu, who does not understand his right from his left can be moved by the magnet of the price mechanism to move your FX sale to the Parallel market instead of the fictional market you praise to high heaven, you think those who are obviously much smarter than you (exporters, Nigerians in Diaspora and Foreign Portfolio Investors) would do what even lowly you could not bring yourself to practice though you preach it??But in your elementary level brain, you can't comprehend the huge contradiction that we've been pointing to you! You insist the Naira is not devalued but when you exchange foreign currency, you insist, by your own puerile admission, on getting the devalued rate for it, and you'll still turn round to abuse those who show you that even your undeveloped brain knows the Naira is already devalued! Even your baby brain responds to the pull of the market, which the monetary authorities pretend does not exist and they murdered sleep! Lol.Tony, if you can't comprehend this, what can we then explain to you that you'll possibly understand?? That's why you can't understand that you're very far away from being an economist! Tony, I'm sorry to disappoint you, but you can't even qualify to be a janitor where economists gather to discuss economics. You won't know what to do! Lol. You're more at home in the cesspool of insults and abuses than in the decent temples of intellectual discourse, otherwise you wouldn't have let this discussion come to this again despite warnings.Sent from my BlackBerry 10 smartphone.
This dumb "little brain lilies" not good for shit carrying in Alaba market let alone "pseudo- Economics analyst" that he pretends to be still want to be disgraced in every dumb reasons he offered last week, including his Nigeria must "devalue because Japan and China does so successfully," quoting web links which he whimsically pasted in the thrash he wrote here last week. The moron is still dwelling on my "unpatriotism" in my selling my Fx at the unofficial market as if I will be shamed by that, instead of coming out with any points to debunk or repudiate my analysis. Empty, as he is, he prefers to bully "Imperial" with tons of garbage, all meaningless and more misleading, whining,whinging and wailing thoughtlessly. You have no brain to read, let alone understand my viewpoints based on sound Economic analysis, logic and common sense.Little boy lilies came with the absurd, comparing advanced manufacturing, technologically developed economies of Japan and China, who churn out 1000 Sonys, Samsungs, Nokias effortlessly with a third-world mono-product, primary produce exports, like Nigeria encouraging the self-destruction of Devaluation route, which has plunged Nigeria into the abyss, wiping off the middle class through entrenched poverty, or "brain drain," and yet the fools and probably compromised beneficiaries of the madness think " repeated dose of a killer medicine will ever have a different result." Can't discerning people see thiese people's dumbness and insanity? You devalue to a non-existent market rate, and soon after that fake black market rate jumps up higher, and the speculators laugh at idiotic monetary authorities who pander to the nonsense you peddle here; and ton and on again and the cycle continues. Which rate does these idiots want Emefiele to devalue at- N400, N390, 375, 320, 280 or N250? Yea, because the arbitrary, unregulated BMR had oscillated between those figures in the last 3 weeks? Look little boy lilies, you are very dumb! And thank Godness Emefiele whom I studied all those courses with for 4 years at UNN, and the impeccable, irrepressible President Buhari knows the score than the stupidity idiots like Nebukadineza Adiele and little boy, abi na Little brain sef, would like to convey!
In my first thoughts, which I put across in an article I publish in various online and print newspaper, including Nigerian Voice, Modern Ghana, Sahara Reporters and a few more as well as my Facebook page, I opined that the Devaluation route was the equivalent of "Economic Kamikaze," I maintained that Nigeria had officially devalued the Naira for at least 16 times from 1986, when the self-confessed evil genius latched on a concept he had little or no knowledge about, just like the ignoramus "little boy lilies" has displayed all along to no end, little knowledge of a subject matter he wants to "measure Dick" with the master.He stupidly and mischievously latched to the fallacy that my Economics knowledge were limited to Economics 101 and 201, conveniently playing deaf t o my mention of Fin 303- Money and Banking, as subjects I studied with Joe Attueyi, who also loves quoting people out of context to suit his ulterior objectives of whining wailing- very typical of those PMB "pour water put for them Garri!"For your information "little brain lilies," even before my arrival into UK and my tons of study in Managerial Finance, Financial Control and Reporting, I had studied almost every area of Economics- from Managerial Economics to International Economics and Finance ( and that was why when I talked about "Balance of payment disequilibrium, you had no clue what I meant, and I refused to explain because you were too daft in your questioning!) to Money and Capital Markets; Public Finance and Taxation as well as Nigerian Monetary and Fiscal policies- a subject area where I wrote my project paper in my final year in 1984, and I advised then against the economically suicidal route of Devaluation and the urgent need to Diversify the earnings base of Nigeria from a mono-product, Oil, to many more options in manufacturing, Tourism, and added value Agricultural exports.What's the point debating dumbos, who don't even understand what you teach them."Tony Ishiekwene"The truth shall set you free"
-----Original Message-----
From: Little Boy thinkl...@gmail.com [TalkNigeria] <TalkN...@yahoogroups.com>
<ono...@yahoo.com>
Sent: Wed, Mar 9, 2016 05:46 PM
Subject: Re: [TalkNigeria] Imperial Hypocrisy: Nigeria Can’t Afford Forex Demand...
This LAWMA (Lagos Waste Mgt Authority) 'economist' has come with another load of thrash! I can't help laughing! The 'economist' whose strongest nexus to the subject was when he did Economics 101 and 201 at UNN 33yrs ago has come up with another heap of garbage after days of fruitless research! Lol.How can we debate economics with an 'economist' who doesn't understand the principle and sanctity of the pricing mechanism in a free market economy? How can we convince the blind 'economist' who insists the Naira is not devalued even when industries can't get the dollars at the 'undevalued' rates and Nigerians are already living with the inflationary reality of a devalued currency? Our dumb 'economist' doesn't know what even the marketwomen know, that "dollar don increase"!How do you convince Humpty Dumpty 'economist' he's in preposterous error who says he can't bring his own FX into the fictional official market, yet advocates for exporters, other Diasporans and foreign investors to do what he would not do with his own money?How do we discuss economics with an 'economist' who says Naira is not devalued but when he has Dollars or Pounds in his hands, he chooses to convert them at the devalued rates?Confusion Run Riot! Tony, please help yourself a bit and spare us this episodic bouts of laughter that you bring each time you come up with your bombastic but hollow brand of 'economics' that has no basis in theory or practice. The 'economics' which even the propagator is not practicing is not what we want to hear.Teacher don't teach us nonsense!Sent from my BlackBerry 10 smartphone.
"Nothing could be more revealing of his confusion than the fact that he supports president Buhari's refusal to devalue the naira (which I am not convinced is a wrong policy to behold) but at the same time recognizes the high intelligence of Diaspora Nigerians who now send money home through clandestine methods -- he seems unaware that those people are conforming to an unofficial devaluation of the naira. Mr Imperial sees the sense in their conducts but does not want that sense applied all across the country?"---Nebukadinezar Adiele
Here he comes again, the pseudonym, unknown quantity who loves swimming in "uncharted waters!" Nebu, who are you? Do you exist, and are you also one of the "Ogbete armchair Economists" and "experts" in Financial analysis, hiding somewhere in America? Nebu the imbecilic "lawyer or para-legal" who do not know a thing about Business or Criminal law, zilch in Nigerian constitutionalism, nor its Political history, feigning knowledge of law in coated high sounding English but ever wrong grammatical syntax.You are the confused one not Imperial who understands the topic of Devaluation than you confused lots put together, writing garbage here everyday, that I decided to avoid the dumb skulls instead of dignifying them with endless debate and in Economics and International Finance that they can't read let alone understand. You bullies, You, Joe Attueyi and "Little Boy think lilies." You and your gang of dumbsters, know nothing about Economics, nor a thing about Pubkic Finance, preferring to quote people out of context to suit your myopic, dumb knowledge of the subject matter.I am only bothering to say one or two things on this thread I thought had been retired since last week, even though Little Boy lilies is still adamantly conveying the silly thoughts and abject knowledge of Economics, thinking the more he convey balderdash, the more he would convince vulnerable forumites like he seem to have done to the pseudo-Nebu, who like his Biblical counterpart walks on all Fours, but remains dumb and can't learn!Now Nebu, Joe and Little Boy, Here is the thread, despite your mischief to re-write history: Little Boy goes- " Because Buhari and Emefiele refused to Devalue the Naira, Foreign Investors refuse to bring their money into Nigeria and Diasporan Nigerians now prefer to send their monies through the Black market." I told him and Joe Attueyi when the debate was hot last week, that they were too dumb- maintaining that Foreign investors will avoid the Nigerian economy like plague if the Government continue to pander to the whims of Speculators and "money doublers," including their round tripping Oil Company Treasurers and their Bankers Treasury manager collaborators. I said what Devaluation will engender is Capital Flight as Investors Orofits, Dividends and Interest earnings will a cut short to the extent of the devalued Naira earnings converted to Dollars or any convertible currency! In any case the attraction of foreign investors to the Nigerian economy was Oil based- certainly they will do a "runner" at a bench mark $30 per barrel price in the international as their costs, marginal cost of production is $27 a barrel and rising. Do they love Nigeria so much to come and lose their dollars to you, or Nebu and little boy lilies think Oyibo is as lousy and dumb like them?Then, the one Joe picked on because he can't respond to my infallible analysis, preferring to do a runner each time I present my case to debunk his wrong analysis and postulations in Economics, Public Finance or Financial management, sending "Little boy lilies" to do all the hatchet job of verbose meaningless and misleading thoughts for him: "Tony sends his Pounds through the black market" ( or Parralel market ) and appends my name to it as a quote to portray me as "unpatriotic." He wouldn't write the full sentence or the paragraph I full as I wrote it but will isolate three words or phrases to do their "destroy him at all cost." When I quote their silly thoughts I quote them in full not isolated phrases. Joe is an expert in mischief making and he relishes "framed gotcha" on me especially when he can't repudiate or debunk my analysis or thoughts! Now idiots, and unknown quantities, like Nebukadineza are buying into their dumbness and mischief making capacity.Let them quote me in full, if they can be honest for a minute. Little Boy says Desporans NOW bring/sell their money through the Black/Parralel market, and I retorted that it was not a NEW phenomena. I was a Diaspiran for 30 years and I have always sent my money to families and friends and indeed for my Investment Properties portfolio acquisitions through the unofficial parallel market because it pays me more to do so as a shrewd investor. And I said the evil, unpatriotic ones are the Banker Round trippers, Buccaneers in the Oil industries and currency speculators, not hardworking Diasporans struggling in "inclement territories" to fend for themselves and their Government abandoned extended families in Nigeria. The point I tried to make in using my example was that "little Boy lilies" has no point to make, indeed he talked trash then and continues to peddle nonsense to no end, yet accuses Imperial of being confused, whereas he is the one confused. I even have to tell him, when he quote examples of China and Japan as bellwether cases of success in CURRENCY DEVALUATION. He ran for cover when I told him to stop comparing "Apples and Oranges" which he those so often, thoughtlessly.I just want to put the records straight to other members of the forum who might begin to be convinced by these mischief makers who love quoting me out of context to suit their lack of, or limited knowledge, or more likely their mischief making capacity. I had said I won't bother talking about this straight forward matter, that the president, whom they say has no certificate has laid to rest- No Devaluation please, Thank you very much!Tony Ishiekwene"The truth shall set you free"
-----Original Message-----
From: Nebuka...@aol.com [TalkNigeria] <TalkN...@yahoogroups.com>
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Sent: Tue, Mar 8, 2016 10:32 PM
Subject: [TalkNigeria] Imperial Hypocrisy: Nigeria Can’t Afford Forex Demand...
Imperial Wizard is confused on this subject matter but instead of him to cut his coat according to his size, by abandoning this subject matter, he continues to embarrass himself by miring his arguments in all forms of contradiction.Nothing could be more revealing of his confusion than the fact that he supports president Buhari's refusal to devalue the naira (which I am not convinced is a wrong policy to behold) but at the same time recognizes the high intelligence of Diaspora Nigerians who now send money home through clandestine methods -- he seems unaware that those people are conforming to an unofficial devaluation of the naira. Mr Imperial sees the sense in their conducts but does not want that sense applied all across the country?Our people must begin to differentiate ideas from personalities. Imperial Wizard must not always agree with Buhari in order to be a supporter of his regime; he must express his disagreement if he is truly a patriot. How can Mr Imperial be a patriot if he is endorsing the sending of money into Nigeria through methods at which the government does not benefit?Tony Ishiekwene is another loud mouth hypocrite who fervently opposes devaluation of the naira but carries it out whenever he sends money to Nigeria through unorthodox means. When will Nigerians stop being hypocrites and superficial thinkers?Odikwa egwu!Nebukadineze Adiele
Reject Religion; Relive Reason!In a message dated 3/8/2016 3:27:51 P.M. Eastern Standard Time, cus....@gmail.com writes:Imperial,I don't know what you people are saying. I believe some of you have to go back to school to learn to understand the meaning of 'ECONOMY'Economy is not dollar, it is not naira, it is not foreign exchange. Economy is the allocation of resources for the production of goods, inputs, and services and their distribution for human consumption. You can also look at economy as 'what a country has' or the totality of wealth of a nation, its management and consumption.From above definition, what makes you think that without dollar and Naira, we have no economy. Look here, money is just a tool for measuring the economy. It is not economy in itself.You sure need to understand this before making nonsensical meaningless arguments on this subjectChris UdohATLANTIC REPUBLIC
On Mon, Mar 7, 2016 at 8:22 AM, Imperial imperi...@yahoo.com [OmoOdua] <Omo...@yahoogroups.com> wrote:
I can't open the newspaper link but I got the message which isn't what you think it is . Why arguing consistently for devaluation as if it has no disadvantage ?President Buhari has said he won't devalue naira, I think the only option bankers, economists and financial analysts have is to keep thinking on how to move the economy forward under Buhari's term . I think it's wrong for anyone to keep arguing the president has no option; not just a way leads to Rome .As I have said several times, it's compulsory for all exporters to repatriate exports proceed and use same for eligible transaction which some india and other Asians aren't doing because they are using this window to promote capital flight or siphon forex out of Nigeria .Whether we devalue Nigeria or not, some Asians are bent on leaving Nigeria and are using all means to achieve this. The CBN doesn't force exporters to sell at a 200 but some exporters ( like those people who stashed fund in their domiciliary accounts) are doing so for speculative reasons and some to siphon money out using our cash crops.The CBN can't blame only the exporters as this economic crime can't be committed without the assistance of their commercial and merchant bankers.At times, I think Godwin Emefiele isn't tough enough to run the CBN. He must come out with tougher regulations and sanctions that would discourage sharp practices in the forex market .
Sent from my iPhone
On 6 Mar 2016, at 10:49 PM, Little Boy thinkl...@gmail.com [NaijaObserver] <NaijaO...@yahoogroups.com> wrote:You don't know how the system works. You're just shooting in the dark and floating many opinions in the hope that one or two may make a little sense. You don't know the rule of the CBN on export proceeds but you're sitting down in your bedroom and writing your own 'rules' as they make sense to you. Unfortunately, your 'rules' don't operate in the market. The CBN rules do, yet you're referring to the report of those who know as "silly". Why do you think Nigerian exporters are reluctant to bring in their FX proceeds to the market then?The CBN wants exporters to sell their export proceeds at the illiquid inter-bank market or use the export proceeds to fund "eligible transactions" only and the overwhelming majority of them have refused to. They say they'd rather be blacklisted by the CBN than lose money. Some say they'd rather not export than convert their proceeds at rates that don't make economic sense. They have to pay farmers and bank loans at exorbitant interest rates, yet CBN wants them to sell their export proceeds at official/inter-bank rate. This is the reality of the rule of the market whether it looks "silly" to you or not.Please see the link below from another newspaper:Sent from my BlackBerry 10 smartphone.
Ok It's you that understands what is going on. LolThe Punch newspaper story is silly and inaccurate so I don't get bothered about such spurious news . Certainly the rule is that all export proceeds be fully repatriated to Nigeria and it's not unlikely that the CBN may give a time limit for exporters to sell their forex or use it to bring back eligible goods from overseas to avoid speculative holding.I can categorically say that it doesn't make sense for the CBN to insist that the proceed must be sold at official rate as such would impact negatively on all exports . Even if that is what they say, that isn't the actual practice as the CBN can't monitor the selling price. It must be noted that the requirement needed to utilize export proceeds is the same for transactions backed up by documentary letters of credit .
Sent from my iPad
On 6 Mar 2016, at 17:38, Little Boy thinkl...@gmail.com [NaijaObserver] <NaijaO...@yahoogroups.com> wrote:You don't understand how the system works. Reflects in the various/numerous errors in the conflicting opinions you've been posting on this topic Please open the link below:Also, please note that foreign portfolio investors have to (compulsorily) bring in their Dollars through the official window, otherwise they'll not be eligible to collect the Certificate of Capital Importation (CCI), the licence with which to repatriate their proceeds when they sell the investment in the future.Nigerians who also have Dollars in their Domiciliary account are not withholding it for "speculative reasons" but because the price mechanism is being distorted and market equilibrium being destroyed by the CBN FX policy. Which "smart and proactive way" do you recommend to the CBN to force Domiciliary account holders to supply their Dollars to the FX market with a distorted pricing mechanism? Seizure?Yeyenatu.Sent from my BlackBerry 10 smartphone.
For years, government never said exporters should sell dollars at official rates . Export proceeds are sold by the exporters at market rates . Same applies to Nigerians abroad remitting funds home . Has government ever forced those of you in the US or Europe to sell at its rates ?It's not also compulsory for a foreign portfolio investor to remit his fund through the CBN ( i.e. official channel) if he thinks he can remit back his dividends and capital to overseas through the same source which he initially brought in his capital to Nigeria .If the information from the CBN that we have $20billion in the various domiciliary accounts is confirmed to be true one can reasonably say that Nigerians are holding dollars for speculative reasons thinking the currency would suffer further depreciation .With this whooping sum worth over 2 trillion naira held in US dollar, I expect the CBN Monetary Policy Group to look for a smart and proactive way to encourage Nigerians to offload their dollar holdings .
Sent from my iPhone
On 6 Mar 2016, at 4:18 PM, Little Boy thinkl...@gmail.com [NaijaObserver] <NaijaO...@yahoogroups.com> wrote:The scarcity of the "scarce forex resources" became exacerbated by the currency policy which has shut down the supply side of the FX market. Nigerian exporters, Foreign portfolio investors and Nigerians in Diaspora would not bring their Forex resources to sell at Nigeria's subsidised rate. Owners of Domiciliary accounts would also not sell their Dollars in the same market.Now you said 'subsidising' the industries in their (virtually non existent) FX purchases from the CBN has certain "advantages" which you itemised. It's those "advantages" we're trying to interrogate now, if you'll cooperate and not try to sweep it under the carpet. Please enlighten us further on the "advantages". Lol.Sent from my BlackBerry 10 smartphone.
Look what we are talking about here is about preference . No matter how we twist or distort the argument I think we are better-off allocating the scarce forex resources to manufacturing than to some invisible trades like medical and overseas schooling.That is what trigger this argument, but if you think otherwise please say so
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On 6 Mar 2016, at 3:53 PM, Little Boy thinkl...@gmail.com [NaijaObserver] <NaijaO...@yahoogroups.com> wrote:The impact of the 'subsidy' may not reach the Nigerian buyers in the markets, yet you think it has advantages! Wow!Employment opportunities? In an atmosphere where the whole world knows only about 10-15% of the FX needs of the industries are being met by the CBN in its once-a-week allocations? In an atmosphere where production and the economy are slowing down for lack of raw materials and inputs? Did you see the below from the Manufacturers Association of Nigeria (MAN)?Reduction in Forex outflow when you 'subsidise' Forex purchases?? Wow! How??And you want to reduce Forex outflow, yet increase import duty on raw materials?What are you doing to yourself??You will say anything just to be noticed and offered an appointment by the government even if you're getting in your own way and contradicting yourself all the way in the process!You will ask for devaluation one day and say no to devaluation the next day and then say you don't have any position the very next day!For somebody who doesn't have a position, we don't know what the mish-mash below is supposed to achieve or represent.Lol.Sent from my BlackBerry 10 smartphone.
Whether it get to them or not it has the following advantages :1 . Employment opportunities for Nigerians.2. Import substitution and reduction in forex outflow which is being used to buy finished imported goods .3. Import duty on raw materials4 . Excise duty on finished goods5. Taxes on profits under CITA .6 . Tax payable by the staff and other workers under PAYE .7. Value added tax .8. Above all, locally manufactured goods are likely to be cheaper than imported one so more relief to consumers .Medical tourism and foreign school fees don't have the aforementioned benefits; they benefit only the over-pampered few in the middle class . As I earlier stated, am not against the removal of all subsidies but If forex rationing were to be done by me, I think the real sector should be given priority several times before passing dollars to those training their children abroad . Above all, there is a lot of frauds in some invisible trades .Sent from my iPad
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