Hi, folks. I'm welcome to you wherever you are listening from. My
name is Khalu. Welcome to another X spaces with me here. Of course
we're talking money, the economy and of course personal finance. We want to
make it personal to you. How do the topics of the week affect your
wallet? That's the whole idea on this space. This week we're talking about,
I would say, the reforms of the Central Bank of Nigeria and what
they are doing right now as regards to exchangerate policy. If you are unaware,
last week, the Central Bank of Nigeria removed the restriction on forty three
items from accessing the foreign exchange market in Nigeria. So let me give you
some background. Right I believe it was in June twenty fifteen. The Central
Bank of Nigeria broad list that had forty one items was later increased to forty
five items, and the idea was that these items you could not go to
a bank in Nigeria to request for foreign exchange to import those goods. And
those goods range from rice to tomatoes, to mead to iron rods, just
a bevy of products. The idea cybn's idea was very simple. Why the
wooding was very simple. If you look at the oil price as at June
twenty fifteen. Let's go back. If you look at the oil price as
at June twenty fourteen, twenty fourteen, oil prices were in excess of four
hundred dollars a barrel breadcrude or hundred dollars of barrel. If you go one
year after, from twenty fourteen to twenty fifteen, oil prices has crashed to
fifty nine dollars a barrel. So, in essence, if you had planned
the budget in twenty fourteen for twenty fifteen, your body just got to shred
to bits right because your income where you thought you're going to get your FORX
from had gone down by fifty percent more or less. That's actually what happened.
And of course, what the Central Bank of Nigeria or what all central
banks do when the dollar price or the earnings from crude oil reduce. You
have two options as a central bank in Nigeria. Number one, you can
defend the naira exchange to the dollar, which means the nyra as you see
it today, the value derives from crude oil exports. When Nigeria exports crude
oil, and we're end a lot of dollars. Our mira is very strong,
strongly that you can exchange maybe one mira for like say two hundred.
Right, very strong. But when we don't export crude oil, the now
becomes very very weak. With instaganisms, you can use one dollar and get
almost formed or more. Right, keep in mind whereh is it only crude
oil because Nigerian non oil exports are very very weak, so we kind of
won't talk about co CoA. We can't talk about all that stuff. It's
very very low, very very inconsequential to the total export. So I just
say exports. We're gonna say crude oil exports because the bulk of our EFX
comes from crude oil. Now we have Urrea which is down go to Urrea
fertilizes exports, but still the bulk of our exports called crude oil. So
in twenty fifteen, when crude overprices fell from one hundred dollars a barrel a
year before, too if nine dollars a barrel, the Nigeran government could have
defended, which means they take their reserves and they buy nira and they sell
dollars that would make the Nira rise in value, or they devalue, which
means that they would weaken thenira in relation to the dollar, so they will
keep their reserves. So the start's happening here your reserves. You re realy
use your reserves and defend your currency, in which case you have a strong
mira but low reserves, or you can retain your reserves and devalue, in
which case you retain your reserves but yournira becomes weak. Those are the two
options, you defend or your devalue. The Central Bank of Niget did not
choose either of them. Rather, it choose an administrative means to reduce demand
in the market. So it this by presenting this list of forty one later
forty four items to say, hey, if you want to import these goods,
right, we will not sell you dollars from a bank that we regulate.
So you can import rice by going to a bank in Nigeria. So
what then happened? That meant that if I want to import rice, I
have to go to the other market, the black market, to get my
dollars. So, like any other market, if more people go to a
particular market, what happens that market becomes the de facto real market because it's
the market where you have the willing buyer, the willing seller, and the
market determined price. The central Bank's exchange rate of say four eighty six has
a willing seller. CBN has a willing buyer because everybody wants to buy from
the CBN because that CBON dollar is very low, So everybody Nigeria wants a
CBN dollar. But when it's time to sell, the Cibian becomes the first
buyer, but nobody wants to sell to the CBIEN because if rate is too
low. You see how the CBR show itself in the foot. When you
make the NYRA very strong, the importers run to you because they can get
cheap dollars to import, but the exporters will run away from you because the
returns you are giving them it's low as compared to the black market. That's
the genesis of the problem with having Nigeria. I eat the central back of
Nijer's xchandrid policy. It encourages imports because it kept a strong miror, and
it discourages export because it keeps a strong mir The forty four items mean that
you don't have a real market based on a buyer and a seller, and
the price is of course pegged with met is the sop today to importers.
That's what we had prior to twenty twenty three. Now Presentable has come in.
He has depegged de nira from the dollar, which meant now that you
no longer have a CB a rate of foid it takes or whatever. It's
a market dominitrate. They say, willing buyer, willing seller, but they
retain the forty four items, so the same thing is happening. The importers
will run to the cybion or to the bank because they want to buy cheap
dollars, but when the exporters have dollars, they will not come to the
cibil because they want to sell their dollars at a higher price. And why
is there an abitrage Because the forty four items does not create a real market.
The black market, folks, is the real market, not the scipient
folks. So the Cybian has realized the error and has removed the forty four
items forty three items from the list of band goods. So essentially they're saying,
if you want to buy, you want to sell. If you come
to the central part of nager. You can do both, which means a
bank like says Zenix now will be able to sell you dollars to buy rice
and receive your inflow when you sell that rice in Nigeria. This policy will
it increase remedi tens of dollars. That's not the intention. This policy is
not designed to bridge or to increment that. It is designed to remove the
advantage. The P to P boys are enjoying P two pay million, the
black market boys are enjoying because those guys are able to trade on both sides.
They can buy and they can sell because they are a free market.
The banks Nigeria cannot buy and sell because they can't buy and sell. You
can't buy and sell rice, iron rods, tomato meat. So are we
saying we want to encourage imports by this policy. No, we are saying
that the market will determine what they will buy. If you bring important rice,
the market will price it. If they can afford it, they will
buy it, and they can't afford it the walk away. So is the
market that will determine what will be sold, not the CBN, not the
Central Bank of Nigeria. So, in essence, now imagine what the old
SIBN has done. They've unleashed the Nigerian banks to go out now and go
get deposits in dollars. They will now go to the fens and say hey,
if you want to import, you want to export, who will give
you the same price you would have gotten from the P to P market and
it's going to be regulated, will give your tax papers. It's legal transfer.
So the if equalize the market, there's no more to help there to
pay you to bring dollars in. Its equal. Both players are, how
equal? Who do you think was is this game? Who do you think
with this game? I saw a report about the guy a fintech in Ghana
that failed because they were involved in currency. They will trying to do currency
habitrage, buy Nigeria and Nayra and important dollars to meet Nigeria to meet demands
for imports of Nigerians and of course they got scammed. They paid in the
million dollars into the account and the guy disappeared. Your banks won't do that.
All that the banks I have to do is now to open up LC's
and get a source of dollars flowing into them, because now they can fund
anything with means they can also receive anything. In the past they can't fund
certain items, hence they can receive those inputs. Why would you put one
in the bank when the bank can fund your input? Now the banks can
So I'm more here. I've got olimited with me to also give me his
own take on the CBN policy. Try to give like an overview of what
I think is going on with my own opinion. Right, I'm not sure
did I miss anything? Do you agree with me? What's your take on
this new postry takeaway for the three items from the Central banks list of banned
not palaced before X go ahead? Also ortogy on themselves. Also introuce yourself.
Please the details on why the CPN listed structure affection. She shut for
two ideas, but I think I want to be a bit cheaper, so
for you know, I love the fact that or unique market. I said
that want two gets poets or any Instagram protest dos can go through that room.
That issue transparency and okay, what issue is that we need to understand
that the most important to face in their first market. And if you understand
so this was because of the pressure market. I just thought that we look,
I'm preaking more about as looks maybe les look for example the markets market,
so firstival because it's radial accessity and not dose are doubts in that I'm
money come from you see happen hours. I need to see that at some
point you started life that was niers important reported seven present to watch more than
two points, look as invisibles, invisibles and services reports and goods. To
biggle to us and Americans about in the world captain place, because Tom,
that was belief. You look at Okase despite the fact that you see asset
to be building subsidiarism at Kingdom based on your important as to the jerseyfics market.
It's really by rum b stant that at that city. It how can
be I have to admicate. That's why I said, I've been doing bad
things in our conditions and we expecially we have we have the public dames we
have If you put that into other terms about that's about Mars, it begand
us do know the im said that's such future is manageable, but it means
that we can't weally spend our way. So the personalis we have been imput
sky and needs and refuse to understand that the FX market suffering from and you
know, as your country, we are not even consion. So if you
contractory million people imports you down to the word of goods h as ready.
Do you know the people missed out say that's put his room per five million,
putting bring down that metric they added and this is like the commons.
They don't give the kind of prices you get from. So we really have
a revenue problem and we have to put gard in that. Yeah, I
think so some days agod about as a critic. So we have money dess
market and that's where I'm probably happy years. I'm happy that it's a good
step, the right direction. But that's not the issue now issue plenty books,
Why is it taking the plan matter pays now was taking MS stretch so
you can we have an ever credibitive. Our market is highly equid and the
US getting wars. You know, the US fled from album five percent.
The US income is inverted. That means investors and not can them so they're
interested in and that really put a prea job on the coast of boring from
Naga more mixing was lent. It says that we're going to start on.
Yeah, let me let me, let me let me bring bring it down
to bit sized. Right, let me ask a question to you. Now,
when the CBN takes away for the three items, I make the argument
that what they have done is to allow a bank like Zenate and First Bank
and GT to now compete directly with the P two P folks. Because now
if I'm an important of Rice, I can go to GT Bank. I
trust GT Bank. I know the bank is there with P two P.
I don't know who the counterparty is after. Like I talked about the fraud
of a million dollars that happens with one of the FinTechs I believe in Nigeria
Orghana. That's a substantial move. Now that the Nigerian banks can go and
market a dango would say all the s M e is and say open an
account with us. We will ford you. They don't have to get dollars
from the CBM. Is that a Is that a correct statement in your estimation?
What do you think? Yeah? So you do? You very complicated.
I said you need to tip against you have went through banks. Trust
me that we most it's phones calling on I can't do they are fonts calling
yours economy. But they're not going through the side you know is the markets.
You know, legends are the biggest nag the biggest people have to take
markets. So but I origin, but I cannot be subsecuted and you cannot
appear in markets in the units where opportunities are almost the same answers to it's
not the same lager so tis considers. I think it's not really telling the
market. Another problem banks also are beinking is that we don't have big players
that are begin effects. You look as example they have they have edited.
We don't have bigger that our biggest effects and couple is the producers are being
caring and that's why it's good text market in terms of inclos and foods.
Cities stand because there are some study of pipers. So yes, I do
believe that we can have a lot of issue from plasson issue, equalty issue
and the fact that themselves also they've not billing pats them transparents in the markets
and the way they put in prices. You know, people sometimes complete a
princes they seal the board is knows things. Also, Yeah, for the
paths to get the market share, c B really answer to something crypto markets
there most on the markets the best that takes much my faults when you lose
the world stay up because you keep saying that because yeah, if you like
I'm thinking more true when they when they know the person, even even the
unifiers or the market that relais using that charge, it's difficult. So they
need to have the big understand that. And that's where I have less trusting
your puture. Why because it's very difficult to make transaction the official cha.
You also need to also look at the fact that because of that you're suppressed
to the limited olim the hold up to move from here to the next topic,
like I still I'm on the show, I want to be clear before
move ahead. Right, I still say right, because the Nigerian banks can
now play fully in the market. Cannot offer you a quote bid quote to
bid an offer price to the market, right, they will attract flows six
trillion. Talk about this because nather banks could not play in the market.
The largest effects importer to Nigeria today is Dangote as an institution, Dangote fertilizer
as an institution as one institution, but Dango also import unlike it still does
rice inport and and the rest. The point I make is this right,
if a Nigeria now goes to GTBank to import rice, it can open up
an LC. GTBank can go and get dollars off shore knowing that it can
fund this LC for rice in Nigeria without even going to the Central Bank of
Nigeria. So you'll be a all their locations across Africa in the US.
There is now a business line for them to raise dollars and to finance imports
to Nigeria. They couldn't do it before because why would I put funds in
your bank if your bank cannot fund my import. That's what I'm going to
sometimes to get from there. Let's okay, Well, I think what what
makes the markets is difficity and trust me, you know the market more difficuity
the market the true Yes, the banks can make a difference, but twenty
banks have that I'm looking at if brought people. But that's because but that's
big. That's what I'm pro is not the import the company. We don't
have that, so like if it was before that what you said for right
now they have invessed braver And I'm not just talking about crypto markets and innivisual
universed ways are were captured. So these are things that we also need to
look as. I was very upset any country with the Chinese that they had
a been to sec with it around because how it was that you created gave
a Chinese rule between cold and it's to try to investors bestcause I'm not making
more like Mesy before because f Players and India are not. Yeah, but
Oliver there to this point a little bit, Oliver there to this point right
and fd I on a guy wanted to do FBI to buy Nigeriam bonds,
will not use crypto, will not use fintech. A guy State Street Guide
that wants to do one hundred million to buy Nigeria bond, This isn't going
to go through phinance. The guys in Binance, right are the guys that
we're in Nigerian banks and we're kicked out and then ran to Binance. So
these guys I mean reminises when remetis n I just started to look at the
poll two thousand and four thousand and five, that's when remittances started to take
off in Nigeria. All four oh five, he took off in Nigeria and
it's stayed up till now because it came easier to sendone from the US UK
to Nigeria. It's just the channel. I don't think it's binance. It's
just the channel. Whatever channel, it's easier unless uh huh uh huh crash.
Yeah. The macroeconomic picture, the marcro economic picture is bad. That's
why it's dropping and why I'm going to stay right in the end. If
they are less seculars, if there's less oversight, because every week there's a
new second larm on forests. You can't do this. You can't do that.
The week all lamb was on all arm, it's on an investigation.
For suppose that they're bringing in dollars, and the dollars how it wants.
I read again a report last week where a is it a bank or builder
charge brought in their own dollars that's the they flew in doors into Nigeria and
where I send these dollars at their own price and CB and query them.
So if if CBN takes this eye of all this and simply says willing buyer,
willing seller, willing sell whatever in the market, sell your dollars,
I think the dollar price comes down. Bulk of the dollar increasing prices because
the perception that the dollar is going to keep on going higher and higher every
week. If that perception persists, then the guys that buy and import are
always going to do replacement pricing at a higher price, anticipating that dollar will
go up. But if there's less noise about this dollar, if CBN stays
off, the p t P allows you. If I have a million dollars
to sell, I bring it into Nigeria. I sell my own price.
I move on what CBN's business with this. Let's CB and focus on an
NPC. This thing starts to drop. This is off psychology. I don't
think the real exchanges for Nigerian Nira to a dollar is a thousand and four.
Why is it a thousand and four? What are we selling? If
we import something at the thousand and four? Who is buying it? But
it's because if you buy one thousand and one, it goes on thousand and
two, goes a thousand, three, goes on thousand and four. So
it's now a means of me habitraged to invest. I buy dollar, I
sell dollar. I might be importing or exporting. I think about that.
People. If you look at the ants of the room issues traders about three
piggle from what happened to that trip. Additional because other problems others guys that
spectators have very subted. Because you also need to look at the fact that
we don't know the true value of plangers ex Assets park and like I said,
the markets, you cannot be deceived. You know time always if you
just trusted talk whatever. So first of all, the fact that we've not
been able to clear our efforts as for many months, so just you don't
really that where do you think of the men? I understand the fact that
the I think that that's crazy. Man, that's crazy. That's crazy.
Only then where can they get that six billion, let's call it seven billion,
nice a round. Where can they get that seven billion from? Why
don't they let me ask you a question if it Ben brought out the paper,
write a paper for seven billion broken into ten dollar bills and all that
kind of stuff, And they said, it's a das Brop bond, impact
bond. They're going to sell it to Americans or whatever, to a dak
pro it's gonna pay six percent, six percent, ten years or whatever.
Don't you think I mean, start from there doing a hundred dollars trunk starff
from there. Maybe give give you some, don't you don't think buy because
if you look at the bond markets for examples, bond markets in the United
States, and the sailers will be seeing the board markets. Is my PSUs
a way and you know, okay, events taking short term debt and as
deps is not sick. Yeh. What I'm looking for one looking for what
I'm looking for. What I'm looking for to say, well, he still
can be back by this house post is not credible. So I understand your
concert. But the truth of the matter is where we can't get them when
he's selling right now. That's why my concience was that I don't know the
magic right now because you just as show you that it's only contries that implors.
And that's my problem with the former administration. We have to put you
to a powerful conte. It's just like decided, if I know relationship with
you, pull me out whatever I give that relationship with you. Over the
years, I curntries I need and give gif I need see how you can
come. I'm not finding alas. We don't have an alas are from the
stations and what can you, we have a few guys. However, however,
this will still change because if you look at the fact that let's those
looking like you, guys abady to live, which which is true depressed because
and now is that lots of guys won't to speak, and we don't add
some guys to speak now. But the point I'm making is this right where
we're sending remittances. We're sending twenty five billion, but that's welfare remittances.
Twenty five billion dollars annually, but that's welfare. I e. Papai Mecca
is want to send money to my maccae in America, so Houston to Abba,
we send one hundred dollars welfare. I am saying, can there be
a mechanism where the CBN warfare Nigerian bank with American banks in say, in
America and Europe in chance to say, if you want to send money back
home to Nigeria, put it into this bank account and we will give naira
no cost, absolutely no cost to your Nigerian whatever person in Nigeria, no
cost you put one hundred dollars, will give them exactly the difference at market
rate, no cost to them. In Legos it up. So we're sweeping
these dollars from foreign capitals to then pay off that six point eight because the
money is already flowing. There's only twenty five billion. When I travel,
say oh, give you to my mom, I put on my pocket,
give you my dad put on my pocket. That's the thousand dollars right there.
But if those guys will go to the fin tech app and put the
same money there, and see we're gonna go to those spin tech up and
say give us these dollars, we will give you nyra locally at the same
price, there's something that can happen. It's six point eight billion, but
the remittances flow is twenty five billion. Welfare. It's not FDI, it's
not FPI, it's welfare. There's somewhere, there's a middle road there that
we can meet. That's where I'm going to with that suggestion. But I'm
just that's one the room. Let's that's want the room that a few guys
I want to speak, I'd be like I've got I'd be the kills at
or do you yeah? God for it? So go ahead? What's all
right? As you know? For it? Just ease of people being able
to send money across. I think there's a huge market as well of Nigerians
who have their need dollars just you know, a bunch of actually, so
you know, very easy if we can appear to pierce this time related by
an estra whereby just me I have twenty dollars trying to assume it to Nigeria.
I'm going into the app and and put itself kind of you know,
I have twenty one. I'm trying to sell it to air and I can
put my exchange rate depending on what the market looks like. And somebody else
with a Nigeria that needs dollars can come in and exchange with me and all
this will be controlled by the by an extra company and see security and avoid
risk. It's something like that. We have. We have things like that.
I mean I use an app called the Kaoshi. They do peer to
peer. So if I want to send money abroad, I go to their
app, I plug in my information so on in Nigeria or UK picks it
up and I give them Nira. They give me dollars. So k she
does that and we have lots of apple. What what I'm saying is this
right? Kayoshi can sign something with the seed being to say, all that
dollar they're collecting from me, will will they will sell it to the CBN
because the money is going to flow either ways. Like the lily. They
have said the money is going through P to P today. So there's the
money is going to flow. If the six it's not beans, the money
is going to flow. But can the CEB and plug itself in and say,
okay, let's buy these dollars from me. We have the nira,
we will give you then ira and they will take it from me. That's
basically what I'm trying to say. Yeah, but peer to perody exists,
whatever way you want to do it. I was trying to make it,
you know, just due to it. And you know, Marriatis, this
is just like a general advice I would give anybody at least in that year,
you should also try to move investing it more stable come up because most
of the issues that we have in there with ninety years because of policy and
g as far as our government, you know, they are very easy assets
that you can buy with as well as younger dogs are very spitable in back
countries. Uh, you know, de side, you're putting your money,
Come on me a stronger because if you have the investments like five thousand,
probably like three years ago. In such an investment, when you're bringing it
back to Nigeria, you want to enjoy whatever I am high exchange rate that
you know that doll I have With the next point that I wanted to make
attention you, yeah, I mean again again said the point. Look,
look at the main elephants in room into Nigeria. The cost of imports is
cheaper than the cost of local production. And that's the biggest problem with have
in Nigeria that if I see something important is actually cheaper than a locally produced
item, as long as that continues to stay, then the economically can't improve.
The imports cannot be cheaper than locally beat products. It just can't happen.
I've got my next guy, Malam Mohammad. I determined the market is
going to be the market, like, yeah, the parallel market is going
to be the rate, because the parallel market is the willing buyer willing seller
market determined rate. So like if I make ten baits and they are five
offers, then the system will match them and say this is the average price.
So if I want to buy at ten or eleven or ten point five,
and you want to sell at nine ten eleven, the system will say
this is the average price, and that it becomes the market price. Like
I'm on the stock market, So it's not going to be a government price
I am saying. I'm saying today today, what you have today is a
market. Market is the price a determined by the by the demand and supply.
Right, demand supply determine the price. The problem the hard was the
banks could not compete because they could not sell for the one items. So
now they've unleashed the banks and said, you guys can do whatever you want
the same way P. Two P is doing. Go and do the same.
Let the market determine if goods can be important or exported. So what
will happen is that the banks can now go to those P two P customers
and say, instead of sending your money to a P two P, send
it through us. We will give you a better tablet because the banks would
use that dollar and fund importance. It's just the modern supply. It's just
the modern supply. There's more demand for dollar to go higher, there's more
demand for nayra it goes Yeah, the modern supply to end up. I
think this yeah, at little problem is demanding and we have less life of
So if the almost to this problem is how we can get this and if
we can have it please we are the demand. We can do the demand.
Hopf we can And I think with the banning of these items previous,
I think it's yeah. But Madam, let me ask a question. There's
important rise in Nigeria. The dollars to import that rise came from the same
CBN. CBM will sell the same dollar to be d C. I will
simply right and say I want to go to school abroad, I get dollars
I sell back to the same bd C. The same BDC will give it
to the same import who imports the same rise at subsidized prices. There is
no it's corruption. So you cannot ban or artificially say you reduce demand by
saying don't apply. It doesn't work. If you look at Nigeria's import duty
today, Nija longer imports rice, Nijera is not imports rice. Where's the
rice imported? Bener Republic? The amount of rice bene eat well wasting that
time, Mohammad way, So where do they get the last from? Where
do they get that that's from, So where do they get it from?
In this gonna buy goods, particularly the illegal mindus. He brought in those
moneys to buy those things, and we can also get to from those people.
So there are several ways that we paid this gonna And I think if
it is even that problem, I think the CIBIL has a better way of
monitoring all those moneys if and I think it's better good than to be into
those this because at the end of the day, if we don't have this
supply of the other again both give on ban and on anti band items,
people that are importing those items will still go back to that power market again
because this is the incipients cannot supply all of all of them, and we
are still going back to swear awards not even had more injuriesity to the problem.
So get the point. So let's go back to the point, right.
The whole idea is if you have a CBN rate that is subsidized,
you are subsidizing imports. If you want to watch DStv and you pay for
DStv in dollars and you can't afford d STV, you watch NTVA, you
can't afford DStv end of story in Nigeria because the dollar was subsidized so many
things that we could not afford. We were spending on those things like eg
DStv, so we can't afford it. Our income is thirty thousand a month.
We can't afford that import. When you take away the subsidy, then
the real price shows itself. It's like people saying the dollar is falling to
fourteen hundred. That's the real price without a subsidy. So I'm not debating
if the dollar is coming in or it's going out. I am saying if
the dollar finds its real level and you can't afford it, then you don't
buy that product, and the process itself is removed from the market by the
consumers. If we can't afford it, we can't afford it. If we
can't afford foreign rice, there will be no foreign rising nager market anymore.
It's because we can afford it, because it's subsidized by the dollar. That's
why you see foreign rice in the Nigeria market. Let's let's move on.
So I just just talking other people if you don't mind moment, and that
doesn't Yeah, I think they don't have done now they don't have Donnar.
They don't have Donar. But I think that we can't. I hear you,
So let's just be clear or let's just say it again. You know
it's cold economists, very cool subject. Nigerians cannot afford imported goods. End
of story. It's cheaper, but we can't afford it. If you earn
thirty thousand era a month, you can't afford imported goods. What we should
have done is to have local substitution of import. So instead of foreign uncle
Ben's rise, there's a boying rice, there's KB rice. The problem is
that keby and a boring rice are expensive because we don't have power in Nigeria.
So we have to fix local production in Nigeria to bring the cost down.
Then there will be no foreign goods in the market because we can't afford
it. What's happening right now, we're deceiving ourselves. We are subsidizing the
dollar and then important foreign goods and pretending that we're not using the same dollar
from crude oil that we're using to import. The largest source of dollar Nigeria
is the NNPC, the largest single sauce NNPC dollar sales and today like womined
has told us today. The NNPCS Metholis said that the CIBN was not getting
any remedtances from the NNPC. So the Cibian has no dollar in Couote.
They have no sufficient dollars to fund import. So where the dollar gonna come
from remittances and with head nances that are going to not to the CBN but
to the P two P market. But the issue is that this import thing
we're doing, we can't afford it, and the market has got to go
up to kill the man who how to do demand destruction on import so the
local samis can then have a chance. That's the only way. It's just
reality, sir, mister Baro, I've got to mister Bario Richie, go
ahead, sir, believe me and everyone. My contribution is basically just the
fact that the bands need to do a lot to make sure that the expects
that comes into Nigeria actually goes through them. Because if you continue looking Scelario
account in Agia, it is one of the issues that will continue to be
nat your barrier. I agree for ninety years because for example, now I've
been in the process. I was here two personal experiences I've been in the
process of looking in Scelario accounts two weeks. Accounting count not been opened.
I was I was very fine on buyers in later twenty four hours and my
expects can come in through them. That's what's the point. That is to
a bit too combosome and I and I think that the second part of this,
I totally agree with yourself, totally agree with you by you. And
that's the second point that the SEAGAN has to allow this. The banks a
lot of leeway. You can't compete if you are opening from a passport picture.
That's just I think you're right. Yeah. He told me to look
for to references one. Yeah, the correct accounts. That can time for
me. I asked a lot of people and lo get the second person after
your weakness you know counts and again expert remember me who worked who worked in
the US. So he said he wants to again transferred. I won't over
what what what intentive have to send? Yeah, there are all these are
all the many issues that we're talking about. It's got to be easier all
this secular. Today I talked about OLAM. They are taking down OLAM for
bringing money in and out of Nigeria. They're that BDC was also been taken
down for bringing in doors and setting. There are a lot of regulations allow
this, allow the market to breed, allow the fex market to breed,
Allow people to do what they want to do. If it's not illegal,
it's not terrorism. Allow people to do what you want. The US to
come in. So all these two references, If Binance can do it,
why can't the banks Nigeria. I think that's my take on Lily. Did
you have a point? Oh my god, by I'm gonna put no.
I think I said the interests that we are bus also are related and the
institutions are were of easy phones, So we can't get that kind of lasity.
Basically the fact that we have effects to coming. Yes, I get
that, but one of the key issues is that the decipient shoes encourage official
reaitors how kind of gas of genrealtors, rather than doing these experiential approach.
They need to bring you programs that were coming has to invest happen. That's
what the things just to do. You know, we have to look at
strategies and adults most and lost strategy Like you said that, you know a
lot of people have concerned about what's going to happen to concerts because at some
points now it looks like the events and might take a lot of those decisions.
Do it looks likely because when we may get the effects and we have
to do the person you know, how to get to be given mass ethics.
So you want to but I think gotcha. I mean again going back
to the easiest thing is just to go market. The guys that have DOM
account they end nothing. That don't accounts in Nigeria, I mean in Nigeria.
You have money stening in dom account in Nigeria, the guy ends nothing.
So okay, we're gonna pay you four percent if you put money in
the Nigerian back in the account. Four percent dollar terms if you put on
a DOM account. That's one way to do it, right, So you
have the dollar there already, we'll give you four percent for one year or
something like that. A p y. It's not bad. Yeah, but
you have to you have to buy but don't you don't have to buy a
fund to get that room. They don't you have to buy your fond together.
That don't you have to buy a fund to get together? Yeah?
Yeah, So all this unnecessary raw laws. I mean that's allow for to
bring it in at that colleague, your mic is on, I'm gonna mute
you and kick you off that call it. Please meet your mic. Thank
you so much on me, I've got on me. Go ahead please oh
yes see Canada, please go ahead. Actually about I think countries not missing
any capacity and just basically like a realist, I have actually talked about something
very similar recently. I had a logical ovius. It's maybe a flowed one
because my financial capability that was quite limited to my unberg economy sports. I
was thinking the I think one of the most important getting to know the true
gendreads. Is it true gendreds between the NARA and it right now? I
mean we are even in the parallel market you have just keep crashing. Basically
that actually implies that Nina has not stabilized. So what is what does what
does find it out? By having this weird you know basically and you have
your citizens the currencies are using into genera at whatever the power of markeat is.
Now you want to encourage that because trust be many people in the US
Anada you would not even like we actually know at in using the extra d
official who the change that goes from him that for us, it's a found
set of them. Then you have read that is domicide and spoken the country
because historian countries the right think be very much willing to rest. Yeah,
you want to outside. I believe this account. I mean I hear,
I hear legends. So what I'm what I'm hearing you saying that Soon's like
what we're saying, like, listen, why don't we have an outlet in
America where a dasbera guy can walk into a bank. Maybe you walk into
a Bank of America and you have an account called Nigeian daspora account, and
you give them your social and you deposit twenty dollars into that bank account and
from there you can tell the Nigeria or whatever appet is that I want dispersing
Carlo to go to the Keger and pick up the exact parallel market Nira price.
If I deposit in the Bank of America at no cost, at no
transfer, nothing, that's the same thing we're saying. Yeah, and I'm
saying it's a good idea. You don't have to go. I mean,
this is the point. That's why I'm tramping to Lumita to say, if
we did that, friends, and the dollar is not moving is right there
in America or in India or China or whatever. But I get Nira and
Sybian has nine they don't have dollars. So now Sybian has dollar in Bank
of America you can use to fund imports. Right, That's where I'm going
to with this, because the remintances are twenty five billion and they will move
irrespective of Cibian. So let's Sibi and try to plug itself in and say,
Okay, We're gonna give you guys a very very good deal in that
you will not pay a transfer fee if you use this app. That's where
I'm going to with this. That's going to be the advantage. You say,
if you do it with us, you don't pay feel loom there,
what's your take? Because we often misled as you know, ms come from
their distance and about album because comes from you are taking them. And that's
why our plans is that data to rempasion himself. So because of his wisis
that's why the fact that they are like Jazz America the wise where the question
for us, as the key nu is said, with loveful investment for folly
to go with for farming issues and things like that rather, so I think
we need to start looking at that. And that's why platforms are propositioning themselves
around that. Clarency, if Nagia was in or every one capital was actually
high levels for example, with the high amount of daspora, its can we
have we should have for changes that service and the chance and daspora you know,
like what videos and others are doing then because Smith talk about so pet
Park is in the very high schooler first of all, million one mixt and
that's the medic to do. See I chose to right now. I did
that for different and it's good. That's polision just about sally and if you
understand that many of them are in school, so guys do get their income?
Is not that as well? Make you see despite twenty so the people
who drink and beyond that parallel you know what miss because ears right, we
need cpstuffs can't get that must clear you can meet me all that tract gets
attractive. It's not just because that's again remember guys c the parallel market,
this black market will talk about where does the money come from. Let's let's
step back Nigeria has two main sources of crude oil, two main sources of
sort of FX. One is crude oil. Two its remuntancers. That's it
crude oil remittances. The money comes to CBN and black market. So the
crude oil one is CBN money. He goes to CBN, it stays there.
That's what CBN is doing. CBN raised all that kind of stuff.
The reminisces one is not captured. It's everywhere. It's f P two p
CBN there is every it's all around the place. Right. The Rise that
we're important is coming from the parallel market, the remittances, because that's one
it's not regulated. So why if I want to import Rise somehow, somehow,
is that remediances from welfare that I get from my mecca, that the
mecca is sent to her that I get put together and import my Rise.
That's what's going on. So to say you are banning the items, it's
really not working because you are still taking the dollars that come to Nigeria to
still import the Rise. To banned Rise has got to be should we say,
imput substitution where the market kills inputs on its own. Because Uncle Benz
is too expensive. I don't say anyone it's in Uncle Benz. I don't
say anyone, I say anything. Indian Rise, Thie Rise. Why don't
they eat Uncle Benz? Because expensive it's dollar, but Tie and the rest
are a bit cheaper. So we really have to focus more on again local
production, getting the cost of local production to fall so that local produce are
deeper than import. You can't go to India, get a ship, buy
rice, put it on the ship, pay duty, pay transport from India,
insurance, bring it all to Legos, collart in Lego support, and
it's cheaper than Rise from Keby. Doesn't make any sense. Kevy is coming
from Keb to Legos. I'm coming from India to Legos. My Indian rice
is cheaper than keV rice. How can that be possible? Because India has
power supply India hospitalizer, so they can make a yield cheaper rice. So
if you don't focus on this cost of local production, even if this inflo
comes to them, there's gonna go towards exports. If we get that influence,
it's gonna go to US imports. I mean, we're just gonna go
back and buy Uncle Ben's. If to more. Now that's peppleill vex and
sending one hundred billion dollars, we'll start buy an Uncle Ben's rice because Uncle
Ben's rice will be cheaper the rise from Keby, So it will solve the
problem long term. Ma, Lam, I've got but city you guys should
have for a sorry, sir, you guys should have names. So sorry,
so I apologize. Please go ahead, sir, all right, thank
you very much. So for the three items. In my own opinion,
I don't think it's gonna make it's gonna go very far. If anything,
it's just gonna be you know, this information effect. It's gonna have that
information effect that not going to just be a little bit cautious. The people
can go just stop performs and then back because really reason is not fat.
It spread that is between rich one and read two. Okay, and you
get low and you say that I have it about too many things, you
know, you know, putting in any machinery or anything. It was a
couple of phone calls and you made a very very good you know, so
so that's not about one number two people are found metea is a good when
I think because it is, yes, people have found and you know,
there's this startles school effects now once people get used to something to change already
there, So I don't think it's gonna you know, that's number one,
always the problem of effects, and that is a major problem. It's not
really proper to the center has what would be worried about because the biggest,
biggest when it comes to command, and that's responsible. I was surprised,
seriously challenged because of hid thousand everity. I mean there for those who understanding,
you know, so equity, coul that counton and busy five hundred thousand
barrels. That's apart from the reality all the taxi and the that all the
you know, all your so that gives you now that gives around one point
too busy on every month supposed to be who can do so much more than
this? Because of right, a lot we don't know that actually has to
be faced. The or that is so and it believen greater is the fact
compromised you're shopping until you get the and you know to do so many because
in lane a or be a compromise is also there, which this problem is
really really genuine. Probably you know, maybe everything probably that's that's everyone talk
about all the administrative issues we can. But if any PC doesn't have simple
as look as the ways so always be. So that's let's let's let's not
let's not love. Yeah, we're talking about talking about the finery people.
Ut when we different, it's not going to be different from when we find
locally. I think there's night and day difference between you can find it locally
you discover. People would that local finding is actually you know, being this
console. That's a problem. I mean, there's not enough time. Hold
on. But the end of this then empty, I said, it's only
TT and IRA. Then emphasis empty said, is thirty and ira. There's
actually metrict he said, if you import the refining cost is thirty and ira
of the of the price of crude. The main cost is the crass.
That's not I mean at times when I hears from people speaking an PC,
what the program do you think working this? There is the n N P,
C M D this alication and which is that we're supposed to the finalist
that No, I was just just focused, just to focus the point is
that refining because I've seen it. Also the metric is the Guardian newspaper.
I've seen it everywhere, everywhere, lots of purpose. I've done this metric.
If you take the price of of of local ms, what makes it
that price. There's the exchange rate, there's the cost of crude oil,
There's the cost of refining. There's the cost of finance. The cost of
crude is almost fifty one percent. That's the cost of crude. So that's
out of the way, right. The cost of financing demorage is also there.
But what is the anypathy guy is saying is that wherever you refine it,
you are saving. But that's saving is thirty naira that's from Dangte.
So Dangote is not going to buy whether he buys in nayra or dollar,
is still at the international price. Unless you subsidies the cost, Dangote is
going to buy. That's what he's saying, Okay, right, and why
not? Why why not? It's a subsidie, It's a subsidute. This
solution, part of our solution was first of all, we need to boost
our local production so that at least two you know, I'm looking at seventy
dollars seven and that's going to be it for five years, okay, Like
I'm putting North Public food in place. I hear you, I hear yourself.
I mean I mean that Let's assume Let's then just let's assume Nigeria is
doing two point five million barrels. As two point five million, Let's assume
the price is at eighty. That is still insufficient for an economy of five
hundred billion dollars. Still insufficient. The point is that national economy has moved
on from crude oil. CRUDEL today is less than fifteen percent of GDP.
The only difference crudal makes today is the export innings, and it's only making
a headway because the non oil export inarnings are so weak. If we focused
on just maybe cassava or cocoa or even urea, Dangote just came yesterday.
He's already the highest export in nineger If we focused on three Dangote is doing
Urea, we start to catch up with crude oil. That's the point I'm
making. If we depend on crude oil, we're in serious troublo. Once
this Green people in America starts, there will be normal crude oil. I
gue, I hear you, good point, Okay, But what I mean
what the crude oil is a security issue that's what just so you are complic
correct, If we can't defend static pipeline, this is the world though static
pipelines. We know where the pipelines run, we know where they run to,
and the entire alps of Nigera cannot defend those miles of pipelines. That
tells you you're not serious. If the presence of Nigeria cannot guarantee a pipeline
running from Delta to four cadots cannot be breached, the whole amount of Niger
can defend static pipelines, then we should shut the country down and maybe sell
it to China and move on. That's the point I'm making you instead of
be saying it's corruption. You are correct. Oil has been stolen. Hence
we have seven hundred thousand barrels shot in and if we start to export crude
oil, we get enough dollars to pay off this six points It doesn't help
me today, but the market is that were paid off six point eight.
Then the pressure on the Nira wide us this one four narra is because there's
no oil being sold and the subsidy on oil has come back. When I'm
talked a whole lot to you Let's get some place some more, some more,
some of for some peace. Go ahead, s A M O L
some more. Someone is already. Let's get Leslie, Leslie, you've got
the floor. Lest some more? Please go ahead real quick, Okay,
I cadleful to issue we're talking about the local production is where probably the local
production is expassive and behind it for today it But for me, I think
it's just an emergency to use the pleasure in the market, may mean from
all these African countries because most of the it is there. I think you
can get from the Africa markets to reduce the pleasure in the markets. So
not that this is for the say it team is going to sell I could
problem. But one other thing is that the CD need to get some places
into the table. The policies and the CS are making. The major players
of face have not been involved, the major marketers have not been involved when
these policies have been made. So it affects this seriously. And another anger
went to route in is that like the NYFI complainers, because so many suggestions
have heard from here and I'm trying to create a person to persing transactions or
having an athlete in these countries where we have Nigeria's JAS parameters. Another issue
have a facing Ndreia is a fat in production is security and from the NiFi
you angle any these men so much of these transactions we would who would reason
the problem we have in because DIPn is opening the market even when they a
few tage the system definder from the NFI. That's roism is me pinnounced by
dollar twenty thirty Nigeria and Africa dollar. And the UNIFI is fighting combating fantasy
terrorism but is not working with the NiFi. They're bringing police that is aligning
direct And I think of terrorism in this country? Do you have do you
have? Do you have like like an example, you could share something tobaccoup
what you're saying, Yes, I'm an NF you compare and there was a
motion and I think could you be mm hmmm because there's mhm and I think
the angle that is increasing angle increasing? Yeah, so I completely completely agree.
But is that collateral damages? Is that going to be like you know,
culatural damage to the I mean, we increase access, but then some
bad actors sleeping, don't we have like k y C two? Is that
what k y C is? Therefore, to ask you doing your customer and
all those questions. I mean even the US, they still have fun slipping
in from add actors. I mean, I get what you're saying, but
I mean true, you know in Nigeria is very bad. Gotcha? Gotcha?
Like in the units in the UK, and then as the failing to
consider because most most of their policy is going to prop from from this.
But I hear you, I hear you commonly. So what would what would
be your take? Would you prefer we keep the the holds on just to
have a safer ndia? Is that what you said, that we keep on
the we keep the guard rails on just to avoid flu from Is that what
you you would recommend? Yes, whatever means that we are adopting must be
all the windows put in the windows in the death all the windows, because
there's the only improvement arising MHM said, now so, which is directly thirteen
local production. Okay, they're not They're not disclosing her to tackle this.
No, I think I'm not sure. Look, I get your point.
I think the whole idea of the forty four items is not to encourage the
imports per se, but that the imposition of the forty four items was an
impediment. So they are taking away the impediment. They're saying before cyby and
brought out this list who police imports, customs, customs police imports. So
it is the cosm that will say you can bring these goods into Nigeria or
not. The Sybian should never have gotten involved in putting out a list of
items that are banned or not banned. That's not the job. So the
point I make is the customs and the executive will say we don't want to
have important rise. Then the executive we say we're going to go and invest
in local rights Paddy, local rights meaning to get the cost of rise to
fall. Then that becomes a policy that the customs will implement. What don't
I just to put the cart before the horse, that we'll close the border
to rice. We didn't have enough local output of rise, right there will
see be a band input of rise. We still don't have local output of
rise. So it's a bit haphazard. But in saying we're going to do
pure central banking, we're going to do elegance banking. We're not going to
get involved in lists and subsidies. That's what I see them saying they're not
pushing imports or pushing exports. They are saying we will go back to our
role as the monetary arbitrial of Nigerian economy. Just we're going to do the
price control and we're going to do exchange rates. If you want to bring
in your foreign rise and the macro to buy it, so be it.
It's not the CBN's job to man ports or to determine what you should be
import. That's not their calling. Okay, that's how I just see it
might take. Yeah, but good points on the n f I you.
I think it's a good point that we should nor really open the windows too
much. We should have that condition completely agree, all right, then you
have frighten sir think yeah, mhm, the price is not the completed The
team transforms to yes, this is a transaction that other shock us around the
world. You cannot have some systems inspec China. China is the team,
I think. So the question is don't we have stay Yeah, a good
point, and and and again it goes back to we've always had this issue
of holding forests and Amber when I fell out was jailed for having forestiness possession.
So there's a line between regulation and liberalism where we want to ensure ease
of business. Who want business to get access to forests and all that,
And I think put your rules out there. It doesn't have to be as
as maybe easy as binance because binans are not regarded about the central bank.
They don't answer to the central bank. But let the rules be less onerous.
Why do you need to reference everyone? Maybe if you have a BV
and then why do you need all those other stuff? I mean, make
it easier. You are the one looking for dollars, so if I want
something, I would make my house sustin or like easy to come to.
So you want people to bring dollars to you, They're already going somewhere,
so you already have competition, so you're trying to beat the competition. That's
how I will take it. So the CBN working with the bank to say,
how is the best way we can get the floor to come to us
away from the P to P boys. If otherwise, why would leave?
If we ain't broke? Whiye fix it, I'm already there. Why should
I come to you? Right? Akin, You've got the floor, I
can go ahead, okay, So to work I think it's just more financial
engineer after financial engineer. And if there's one thing we know about relying on
FBI is the problem of money. As as the stickle you say about what
money is the play hot places, when things get hot, when political situations
get difficult, when the financial situations in other countries get better. A lot
of the hot money attracted also lived in the rush. So it's not very
it's not it's not an idea. I believe anyone think I gena should be
considered, even for the short term, because the great example is always going
on in Lebors. He had a situation where the way continually using managal engineering,
all sorts of skins, trying to tell themselves into the Switzerland of the
Middle East, giving us sorts of interest rates on deposits, on dollar dollar
accounts and everything. And then you had the pandemic. We had the sanctions
that was that was that were brought in by the Trump administration, and basically
the hot money started moving out and it's effectively collapsed or crashed the UH the
Lebanese pounds and also crashed the financial system. The problem was that the Lebanese
did not deal on the mental problem that was affecting the exchange and the economy,
and these someboms that you know were uh uh suggested, I'm not I'm
not dealing with the fundamental problem of the country. The fundamental reason why the
mary is dropping easy because they we are particularly banned, or we don't apportity
bants, or because it is hard to open it from so it is easy
to open it. It is because we do not have a pig of the
mayor. It's no point you buying themira from approach. And why is that
our oil is not being sold in the world market. We're not selling value
added goods to the market. Even the services said that we always talk about
that would make it easy for but not want the rest to bring the dollars
in. You not be able to even get down to a week or two
weeks worth of imports of Nigeria. So when people talk about how we have
appropriate how much is appropids really going to bring into the economy the big fish
of the oil and gas of agricultural product that we should really be looking at
that. For me, I suggest that the way forward if other government shows
that to encourage exportation of activity and comedy, exportation of goods and services in
Econo. We need to s exports. We are subsidizing of the before,
which is exportation of these things to the world market that we're able to get
to a lards amount and addition of people we need. We need all to
flow. So and I know you with this appree with this idea of bombing
tankers on the igh sea is not going to work. We learn these things
the way to stay on the music and you will be hearing from contacts in
India that the same ship has talked in India. So it's not what they
first want to do, it is what to that time. Yeah, the
admisation of it. We have to happiness chras. You can looking with what
I'm saying. You may you may say, okay, we're encouraging behavior and
everything, but we do not have the capacity in this whole concress. We
have to find a way. But we to get oil lovingcas on our side.
I mean, we need to do this because the idea coupling ships and
everything is a good person. I get to my work, which my environmental
damage and and if it's implemented that weary stories of Nigeration is talking in random
places in the world then turning avoid to avoid tracking by niger govern and works
for me. I will continue to say it's logan, so it's we will
probably need to a greater problem down. Then when you start to move out
financial problems are happening, you can people can say into the country, what
happens. You could have the situation where you have like in nineteen ninety seven
financial crisistem where literally collapsed were literally I think I can hear so please is
this we need to export? Okay, okay, I hear you. I
just I mean the what's hits me is that the Nigian exports actually more than
an imports right now. So when you say we don't export there's no demand
for the nirah, where'd you get that from? The our export number is
we export. What's more than what I'm saying is that we don't have the
we don't have looked the man and if you look at our trades, yes
we run we're only trade of plus. We're really capital they called a council
plus. But that's largely because we're trying to try to both sides of the
of leisure, which is basically making us look like, yes, we have
a trade point the Council. Plus the relation is that the relation is that
Nigeria is here is not exported in the rest of the world. And that's
why I said to push subsidize to say goods services out of the country.
I know, yes, it may come from some of dislocation in the local
economy in the sense of them, but there's not there's not there's nothing wrong
with that. There's nothing wrong with that. There's nothing wrong with that.
There's nothing wrong with that. There's nothing wrong with that. I am.
I am for export and instantive as an export, not the wrong with that.
There's nothing you've said that I'm disagreeing with. When we wonder if we
if we want to really grow the eccountomy, we have to export because that's
how we get dollars into Nigeria. When we say born a boy, the
export number important Nigeria about one point five to two billion a month. That's
the input figure. One point five to two billion a month. That's what
we used to play an import. We are saying that oil alone can't meet
that. If you branch out into entertainment and you can go and have an
arrangement, we say Spotify. All this Nigerian music has been downloaded. You
can have a remember with Spotify to say, if it came from Nigeria,
want to get a royalty from it. I mean, I'm not saying today,
but you have to have a plan to start to capture services at Entertainment
from Nigeria is huge, Nollywood is huge. There's nothing wrong. I can,
I can, I can let me, I can, I can let
me land, let me land akin. I can. I let you speak,
but that's if you yes. But I can't. But I can't hold
on. I can hold. Are you done? I can out to the
finish, I can speak. I don't want to finished. Okay, what
I'm saying is this this. I'm not talking about the revenue share you get
today from Spotify. That's not what I'm talking about. I'm talking about private
equity investing in the artists to say we own a set in share of the
artists. If we have a studio, we have a Nollywood studio where you
can film, create content, how much do you sell the content to Spotify?
Not the royalties, but the ownership of the content itself, so that
every download you are getting a share of royalties. If I go to a
studio and I get funds to do my film, then this pee owns a
piece of my film. If that film is sold abroad, I get a
constant stream from Netflix. From all these content providers, a share comes to
me. It adds up. Even the twelve million are talking about, it
adds up. It's not going to replace crude oil. But the largest employer
of labor in Nigeria outside the government is Nollywood. So you should look at
that and say, how can we make more money from this? Go anywhere
in the world. Nigeria movies, Nigerian content. I hear Redma in the
US. How are we making any money from Redman in the US? I
hear my radio? No. And That's where I'm talking about. We've got
to get innovative to say how can we monetize this talent that is coming from
Nigeria. You just can't shut it down and say it's not gonna work.
You just set twelve million. Is that not money? Even if we get
one million, that's from zero. So start from there and build it up.
How much does India get from from Bollywood? So let's copy them.
Let's start from there. That's the point I'm making. Nollywood can replace n
NPC. But it is a start or did you not have any don't say
it again? Akaing the count subsidies that you get because the subsidies direct for
maybe direct company through through courage companies and encourage exp through introducing. So you
get at this point I think literally which to go for? This is what
I can't. We said out to the box and you should it down,
but we go out of the box and you should it down and let me
let me address plant. They want about bombing. If you guys know what
I thing was talking about. The Nigerian Air Force is bombing a bumker as
the guys that go steal the crude oil in the creek. So when they
bomb those things, they burn, they cause environmental damage. It's not the
best. But why is the air force bombing them? And why do I
support it one hundred percent? Because there are many instances in Nigeria where the
Aurian government has arrested a ship with stolen crude oil, taking that ship not
to the police, to the Nigerian Navy bays packed the ship there with the
ship and the cargo in the Nigerian Navy base and the ship vanished. Not
my words, vanished this bomb ship from a base, not once, not
twice. So there's a big cartel that is that whole security in Ada Delta.
There's a big cartel that's not letting the country earn what is due to
them. So my take is all the ships are ensured. You can't fly
a ship without insurance, especially the big ships. If you start to sink
those ships where they stay, just sink them. Then you send the message
to Lloyd to say, listen, we cannot come to Nigeria. Still could
oil and take it out of the country without consequence. I don't know any
that solution. If you say arrest them, we've arrested them. They're already
doing the plankating. Now we're not paying amnesty. Have we stopped is Temblo
no longer having a contract? Have we castled Tompolo's contract or should we give
it to more Tompolos. The largest personal contract today in Nigeria's history is by
a guy called Tompolo in another alta till today we have we stopped that,
So it's not I would say give mother binaries and have them do legal modernifiers.
But that's just a small fraction. The real theft is happening from those
big ushangoing lines that come to Nigeria scarce stooning crude and take it out.
You can't try to the Iran or Kuwait or even in Angola. You can't
try it in any other nation, even in Libya. It's only in Nigeria.
So we gotta get desperate. I mean, if if if I had
money in the bank and you walk into the bank and take my cash,
I will be annoyed. But somehow we allow the oil crew. So think
it that's my burn ship burn five. You pass the message that maybe it
stops. But if you do nothing, if you arrest them, they change
the name. You actually just they change the name. The exact same ship
is selling, different name, different crew, the same ship that was arrested.
So corruption man is a big thing only near what's up very But for
me, I think it was important. I don't think no matter how you
think, the the thing you more money the problem we're having. Start h
y about this quite now. If you look at this, why is it
that we have that kind of pardo. It's not it's not where many system
that allows. I think I was very concerned. I was a big prison.
There has a play and experienced he has been. He has been because
he also has strong lies in different because I'm not my basic accuse gives sure
when you point out because that the system came to that is why the not
too much as in the deep uh you know, like all about the system
that Okay, it doesn't work. You see the fact that if not the
fact that the resources and yeah and again I can only just a quick diversion
when we say fd I came twist it, what really are we saying that's
where the bank is? I think that whole report is a bit funny because
if if I in Cano get FDI, but the bank I'm getting the FDI
is in Legos, it's recorded as going to FDI in Legos, So that
report maybe we should maybe I don't know how they can make it to reflect
where maybe put the company in then putting the state or whatever. It doesn't
it's not really a real picture of the fd affluent in Nigeria. That's what
I think. On that report. It just shows the headquarters of whatever institution
received that FDA. That's what we're seeing there and so most things. There's
twenty five thousand four estates. That's better than zero. But what is it
doing. There are a lot of ways you can create cash flow in dollars
to conige that tourism is one right. Tourism New Yim festival bringing people to
come and do you know you will will bless them with holy water, eat
spiritual I am will give them African name. We charge them fiveand dollars if
you do it for ten people, doesn't Yeah, it's money. Don't we
go what Disney we'll go to watch her important? Bring them here them just
bless them with amadio ha. We give them an africantrational name who bless them
to go on this slavery trek all those things they do in Ghana, mis
Senegal and they make money. Package tour fly in you know you stay one
week in Arochuku, will give you yam you wear you know cloth. Norly
would come. You know we would have one village you see African village.
You stay there for the night, you drink. You know, you have
to get innovative. And that's where doing South Africa. You're gonna You're gonna
stay in there upam Bote village and you paid dollars to see them drinking beer
and dancing for these dollars. Same thing with Vegas. You go to Vegas.
What's in Vegas slots casinos, But they get a lot of money from
visitors. So we have to sort of you know, do the same thing
and get the money in build like Dubai said, you know, you build
a port free trade zone, you put the hotel, you make it safe,
people will come, You generate a commas around it, and then you
move them from there. Leslie, what's up man couture? Yes, you
you've present points and yeah, the jam problem is really multi national surfing comp
us cool, but the woods pushed and then from cool you see all of
the community. Yeah, particalis away from the jam. So the protection I
think in systematic you know colaboration clo between and communities. Oh you recommended now
when it would implemental interputation people preach all took against government the way in festive
to in putout us. You know, use me can't stay now you're just
under the effects, you know call the effects we have cot like because at
all where but they are for it as it's like the public and you know,
you know even where you want to change last kind of from those at
the from in collecting in the from FO countries. So custom I suppose a
man so that will have much full. So what is quite low? Okay,
okay, boll you know adventures like you know stories invention and good that
is possible that you know the complex you will be hearing that's your your audience
cutting and I'm not sure if it's just me, but orders cutting it out.
So maybe I'm making you round up yours really cutting it out. Okay,
okay, let me round up people don't have instance in money. For
example, you go and then the look back difficult. One of three or
four were I walked into the bank one hour to ask the community. I
came to have the back the No. One donation which is one one dollar,
and I was looking for five thousand dollars. I was just saying,
letting that you wanted to lar in people. I'm given one one dollar which
has too So there are a kind of scenarios that WO was making it impossible
for those who is a dollar to bring to the tanking sector people having dollars.
The people are private homes instead of bringing it to get to the band.
We are we can be recorded and be used for more for extransactions so
this regulative organizations like the Central Bank, leslie. Thank you so much.
I appreciate that. Yeah, you're only just cutting it out. Yeah,
I'm so sorry about that. BBM. I've got to BBM go ahead,
BBM you alright, y, yes, all right, all right, thank
you very much, thank you once again. And I'm just to add my
own succents to this. I'm talking that we're talking about as we got a
FEX issue. First off, like I want to talk about the alternities that
we could like its solutions to this problem and to start to meet my own
opinion, I don't think the the band that is lifing on the forday it
tends. I really don't think it will have any economic impact on it.
Because the question wish as going to say that those the CD and they even
have EEXT to your lose for today items we should all we should all ask
GSK and the likes having difficulties to access the FX markets and all so even
like commodities that are more parents including drugs and all, they could not access
the EFTs due to like scarcity and all. So not to select some other
pull of that that medical to the fort today at all. And also I
would like I agree with seal Canu on a point that you do make haw
from that one that the rates of turn how about And in addition, we
shouldn't blame this money in the in the UK and the years trying to send
money to the Nigeria and making use of ther own official rates. We shouldn't
blame them of course, like one thousand rates and several of the are rates
and good for several they are like it's not logical and to me, I
feel it's a look which is been caused by this by saying which is creat
like it's worths smaller national REDI so I feel that it's a responsibility of the
city when they fixes the people love like who can decide, but everybody knows
that there is an unofficiality and everybody have accessity, so definitely people want to
patrolize it. And also as we are, some of the ways or some
of the solutions to this efforts issue in Angelia is that distribution like that there's
some importation that really needs to be discouraged. Just yesterday all there about that
the news reported that about about three sixty legsos or three sixty SUVs will being
imported for the senators or the blobs and everything and all a little one sixty
millionaire power like is that a parai and multiplied it is about fifty four billionaire
or girl. But like all of these things that happening. And yet mind
you, they will take dollar to these markets, not narrow and yet we
have complain that there's no, there's no, there's no, there's no and
yes this is so using the art bad I can hear him. Yeah,
that's an issue. I mean, so if even even the small, even
the small dollar that we're getting, the House of Assembly is and understand I
you to import expensive SUVs, so even the small one that we think we've
been getting is being wasted. Any you've got the floor, Ali, I
mean, just before Lanny speaks, just to go back to this initial point
of where thinking about this for seven items that has taken off, what do
you think will be the in parlemacy direct question? Will will this affect the
exchange rate positively or negative? Or it has no effect? In your view?
If I take you with this item, do I see that I getting
value? Or is it just going to be an administrative fix It willn't affect
the exchange What do you think mean in effect, it's more like they've done
the right thing to allow the currency perhaps have the support to appreciate it is
itself does not move the needle on their appreciation or otherwise of the currency more
or less. That's what I mean. You said just as a stand alone
policy, it doesn't affected. Okay, I hear you. Let let's get
old. You go ahead, yeah, h m O. First it starts
is less mixed security as it is less we are oil in interior is able
later that US most countries not a banker. But you're able to secure even
with you're able to do because in mixed security as it is nice even for
the military pause in associated with that in the way we have because okay,
mom has security because what to do when I know that? If I let
you love always so that's okay something once you know what outside and friends joining
some more like it to do more play. Our exports are exposes. It's
not wise because lugend you don't know what and when it comes to stop reading
the economies making more because you are a few testing. But those people I
think that entering was mostly you know what is only but and it literally changes
to support a more complicent exposed investors put to preaching forward and when I when
you go to our because financing the is and financing that kill we need to
individual to solve kill wise how the people get more into and more everything into
the country and through them in and major we need to be it's not everything
talking to to let think the rights they just talk to to their rights.
But the city rights we have toss but we need these are its system.
We need to put that constant supports me dangerous before because every time we focus
most of you go now president, and they don't think towards the most because
because TiO make you think you can't be in sene between the constitution, because
when we will yeah, yeah, I got you, Lan, Yeah,
thanks, I mean yeah, gotcha, got you. I mean well,
back to the round up and all that. Right, this space was really
about the CBN removing the FX ban for a tree item. But in your
opening comments, right you you you brought me a lot of issues that you
know, even if this is taking away this doesn't really change the needle,
right, doesn't move that needle in terms of supply Number one, you said
the supply, but it's not going to the CBN that's number one. I
mean you quoted the six trillion common into the night and economy, but don't
going to the center back of Nigeria. And number two, you've also spoken
about you know, the we say, what's the word I wants you the
lack of coordination between the executive side and the CBS side, where with the
executive side perhaps is spending and the cbnside is trying to push you this monetary
stability. I just want to get your final talks really on this before that,
because I know we'll be here for two hours. Right. Is it
your sense that we have in the right direction and we just have to run
faster or are we still in the wrong direction and we're just maybe not moving.
But would you say we're now in the right direction and now we have
to then run faster to achieve our monetary and action policy goals? What do
you think should away the CP They are very poscular, more about house decisions
as I react and how the apps effects. Accounts also had the issue with
petrosocity and the petrol subsidy air was removed. Now it looks like it's coming
back. So there was this time report by the Opportunities One Direction the reaction
would have maybe made to travel people. The reason why that's yes, why
you haven't very successful. You'll be the coopers comfort the warehouse. You know
you sup of many Nigers. What is what's say period in Nidia? Trust
me, if it was just on the stock market, we'll be talking about
get to fifty US and that has really affected up income because not on the
stock market is the best piece to google. In fact been then like it
as the word and prefer so it has really suppressed world. The effects market
of suppressed world during mid Nigeria is populators paradise and also great distrust among my
bousin was is like I think that it's not because don't it is not that
it is that schools model or you need variational course to make the market.
What the market wants is efficiency transparence decreed. No, Cardoso quite more absentsiul
fa fast because he has been quiet. He has been quiet, bespoken,
loogle, he has been quiet. Are still and than do we'll find the
markets. That's not a good say then when you're going to the markets,
were going through going to now a few days let to find another for an
investor. You know he has the amount of appointments disappointments we have. What
message you said, messages say, these numbers are very important if you can't
get things got I mean you're saying that for I mean, if I take
you by summarize your comments, not yet you are you are hopeful, but
not you're not there yet, and you call out to feel the take of
the administration. And in terms of messaging and in terms of the world,
we're seeing lots of I mean, it's almost like everyway there's a new there's
a new appointment of an aid for this. There's now an aid for is
it culture or is it the one that semi Daughta is doing. There's lots
of aid. You know. It looks like let's you get an aide,
you get an it, everyone gets an age like Oprah, you know,
and all that kind of stuff. So I'm only show that's going We have
to run a very lean government. And I say that the words and the
actions of the guys that are leading the country right now do not show that
there's a crisis. You know, we're talking on the space now about the
dollar crisis. We don't have dollar to fund imports where he and Adrian Banks
kind of put up ELSs can get them funded. But the lifestyle and the
spending of the government, it's normally driving with what we on the ground are
seeing. That's where I'm I know I'm calling getting it wrong or seen getting
it wrong. There is no speed, there's no urgency, there's no let's
get this done today because we're not sure if tomorrow this thing will still be
going on. We've seen, like you said, what happened in Israel,
tirty billion dollars released by the Central Bank immediately, but not just that.
In America, Florida and New York I think it's California and Texas, they
all came together to buy Israeli bonds and that takes the pressure of Israeli yields,
which helps their economy. That's how you use your diaspora, you know,
you use your dask strategically. It's not the Jews in quotes buying those
bonds, but it's Jews influencing the governments of those states to buy the bonds
of Israel, which is helping the economy of Israel. So the daspora person
for the government has got to be They will have to go back to get
someone that has gravitas. You know, I don't mind soone like te Lumelu
being Minister of Diaspora. It's not like I can go to Germany, go
to the West and say we want to get this done. He can communicate
and talk in the language of FDIs fpis and understand how to track those investments
back home, not just cash for technology, opening doors for Nigeria. You
no sell Nigeria's policies, you know, getting across those things to want the
Congress to see. I see him talking to you know, to everyone,
the presence of Germany, the cast of Germany. I seem talking to Biden,
so he seems to have a way to get into these place. Is
no tap that kind of guy, you know, and say hey, this
is gonna be a job for Nigeria. It's not gonna take a salary,
but we want you to open up doors for US, sell policy, for
US sell our bonds, you know, and that's gonna be his job,
right The Minister of dasbra has to be you know, that's going to be
a candet level position, you know, answering to the President say I want
my job is to bring investments Nigeria to sell Nigeria story outside. I think
that's gonna be a way we have to think outside the box to use the
best that we have to get that with what we want. But I just
feel that we're building a bit slow. We seem to be stuck. We
don't at most any economic plan out yet. This for three items would have
been done when we remove the peg. We're just doing it now. I
think it's an administrative move. It helps, but it's not going to have
any effect on the dollar child rates on Monday. That will be affected by
demand and supply. And supply is coming from the cruder we sell, which
is going back to Nata delta, and inflation is going to come from the
topping of the bandits that are kick causing food price to go high, so
the incrude oil prices in the Niger delta, food infliction in the Middle Belt.
If we can fix those two issues, then the economy can then start
to react to this policy moves by the Central Bank and Minister of Finance.
That's my own take for now. I think the army has got to get
involved in the security right. We have to focus on the security aspect first
to allow the policies to then work. If we take MPR twenty five,
it's not gonna fix inflation. It's not gonna cause oil to pump out of
the ground. Sadly, it's back to the security issue. That's does my
tick. So guys, we're gonna round up, and now we look down
at having last words and then we're just sort of closed down the space.
Yeah, m okay, okay, mm hm h h. Gotcha. I
mean that's a good, good point. You just you made the inclusion.
So we just have to all arms on deck. We have to stop spending
our cars for X to buy cars for nationals and their members. Things like
that make people annoyed and they tell people off the reforms. Right, we're
in it together. If you want to sacrifice, show us how you sacrificed,
and then ask me to sacrifice. So we're all in it together.
Let's get the country moving. Stability. We want stability. Really, it's
not really if it's expensive or cheap, but stability. If we can plan
it out of the amount, If it's fifteen hundred, but it's stable,
then we can plan. Put our anchor in the water, understand where we
are, then walk back and then see how we can increase or reduce as
the case. Maybe. So I'm here, you say, stability is more
important than the actual you know, trying to measure the rates per se.
If we can get this rate stable, and stability means supply. There's no
stability without supply. If the funds are coming in, then you can then
have a stable rate because it can only go down. People don't mind it
going down, but stability means we want to go up. If I'm planning
and it goes down, I win. But if it starts to go up,
I lose. And that's what I hetey. All right, folk,
thank you so so much for tuning with us, and we do appreciate it.
We want to shut down a bit. Ali normally will say for three
hours, but hey, what's the We'll be here for fifteen minutes. So
I thank you all for contributing and speaking. I appreciate all the comments.
Is one NIGHTERA and we're all part of the of the journey on. All
right, guys, take care of yourselves as you guys next week. Thank
you so much. I wanted to comment. If you make a quick one,
I'll take it, sir. Okay, the commander, we've done that.
H Bankers are not the problem. Bankers are not the problem. Let's
leave bankers out of it. Bankers are not the problem. Right, It's
a free market. Bankers are just a part of that market. So that's
what I'll say. All right, folks, thank you so so much,
you guys, have a good day and buy