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Hi, folks. I'm welcome to
you wherever you are listening from. My

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name is Khalu. Welcome to another
X spaces with me here. Of course

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we're talking money, the economy and
of course personal finance. We want to

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make it personal to you. How
do the topics of the week affect your

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wallet? That's the whole idea on
this space. This week we're talking about,

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I would say, the reforms of
the Central Bank of Nigeria and what

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they are doing right now as regards
to exchangerate policy. If you are unaware,

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last week, the Central Bank of
Nigeria removed the restriction on forty three

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items from accessing the foreign exchange market
in Nigeria. So let me give you

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some background. Right I believe it
was in June twenty fifteen. The Central

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Bank of Nigeria broad list that had
forty one items was later increased to forty

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five items, and the idea was
that these items you could not go to

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a bank in Nigeria to request for
foreign exchange to import those goods. And

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those goods range from rice to tomatoes, to mead to iron rods, just

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a bevy of products. The idea
cybn's idea was very simple. Why the

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wooding was very simple. If you
look at the oil price as at June

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twenty fifteen. Let's go back.
If you look at the oil price as

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at June twenty fourteen, twenty fourteen, oil prices were in excess of four

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hundred dollars a barrel breadcrude or hundred
dollars of barrel. If you go one

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year after, from twenty fourteen to
twenty fifteen, oil prices has crashed to

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fifty nine dollars a barrel. So, in essence, if you had planned

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the budget in twenty fourteen for twenty
fifteen, your body just got to shred

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to bits right because your income where
you thought you're going to get your FORX

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from had gone down by fifty percent
more or less. That's actually what happened.

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And of course, what the Central
Bank of Nigeria or what all central

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banks do when the dollar price or
the earnings from crude oil reduce. You

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have two options as a central bank
in Nigeria. Number one, you can

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defend the naira exchange to the dollar, which means the nyra as you see

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it today, the value derives from
crude oil exports. When Nigeria exports crude

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oil, and we're end a lot
of dollars. Our mira is very strong,

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strongly that you can exchange maybe one
mira for like say two hundred.

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Right, very strong. But when
we don't export crude oil, the now

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becomes very very weak. With instaganisms, you can use one dollar and get

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almost formed or more. Right,
keep in mind whereh is it only crude

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oil because Nigerian non oil exports are
very very weak, so we kind of

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won't talk about co CoA. We
can't talk about all that stuff. It's

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very very low, very very inconsequential
to the total export. So I just

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say exports. We're gonna say crude
oil exports because the bulk of our EFX

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comes from crude oil. Now we
have Urrea which is down go to Urrea

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fertilizes exports, but still the bulk
of our exports called crude oil. So

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in twenty fifteen, when crude overprices
fell from one hundred dollars a barrel a

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year before, too if nine dollars
a barrel, the Nigeran government could have

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defended, which means they take their
reserves and they buy nira and they sell

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dollars that would make the Nira rise
in value, or they devalue, which

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means that they would weaken thenira in
relation to the dollar, so they will

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keep their reserves. So the start's
happening here your reserves. You re realy

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use your reserves and defend your currency, in which case you have a strong

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mira but low reserves, or you
can retain your reserves and devalue, in

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which case you retain your reserves but
yournira becomes weak. Those are the two

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options, you defend or your devalue. The Central Bank of Niget did not

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choose either of them. Rather,
it choose an administrative means to reduce demand

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in the market. So it this
by presenting this list of forty one later

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forty four items to say, hey, if you want to import these goods,

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right, we will not sell you
dollars from a bank that we regulate.

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So you can import rice by going
to a bank in Nigeria. So

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what then happened? That meant that
if I want to import rice, I

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have to go to the other market, the black market, to get my

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dollars. So, like any other
market, if more people go to a

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particular market, what happens that market
becomes the de facto real market because it's

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the market where you have the willing
buyer, the willing seller, and the

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market determined price. The central Bank's
exchange rate of say four eighty six has

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a willing seller. CBN has a
willing buyer because everybody wants to buy from

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the CBN because that CBON dollar is
very low, So everybody Nigeria wants a

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CBN dollar. But when it's time
to sell, the Cibian becomes the first

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buyer, but nobody wants to sell
to the CBIEN because if rate is too

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low. You see how the CBR
show itself in the foot. When you

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make the NYRA very strong, the
importers run to you because they can get

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cheap dollars to import, but the
exporters will run away from you because the

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returns you are giving them it's low
as compared to the black market. That's

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the genesis of the problem with having
Nigeria. I eat the central back of

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Nijer's xchandrid policy. It encourages imports
because it kept a strong miror, and

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it discourages export because it keeps a
strong mir The forty four items mean that

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you don't have a real market based
on a buyer and a seller, and

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the price is of course pegged with
met is the sop today to importers.

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That's what we had prior to twenty
twenty three. Now Presentable has come in.

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He has depegged de nira from the
dollar, which meant now that you

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no longer have a CB a rate
of foid it takes or whatever. It's

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a market dominitrate. They say,
willing buyer, willing seller, but they

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retain the forty four items, so
the same thing is happening. The importers

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will run to the cybion or to
the bank because they want to buy cheap

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dollars, but when the exporters have
dollars, they will not come to the

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cibil because they want to sell their
dollars at a higher price. And why

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is there an abitrage Because the forty
four items does not create a real market.

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The black market, folks, is
the real market, not the scipient

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folks. So the Cybian has realized
the error and has removed the forty four

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items forty three items from the list
of band goods. So essentially they're saying,

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if you want to buy, you
want to sell. If you come

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to the central part of nager.
You can do both, which means a

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bank like says Zenix now will be
able to sell you dollars to buy rice

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and receive your inflow when you sell
that rice in Nigeria. This policy will

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it increase remedi tens of dollars.
That's not the intention. This policy is

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not designed to bridge or to increment
that. It is designed to remove the

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advantage. The P to P boys
are enjoying P two pay million, the

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black market boys are enjoying because those
guys are able to trade on both sides.

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They can buy and they can sell
because they are a free market.

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The banks Nigeria cannot buy and sell
because they can't buy and sell. You

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can't buy and sell rice, iron
rods, tomato meat. So are we

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saying we want to encourage imports by
this policy. No, we are saying

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that the market will determine what they
will buy. If you bring important rice,

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the market will price it. If
they can afford it, they will

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buy it, and they can't afford
it the walk away. So is the

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market that will determine what will be
sold, not the CBN, not the

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Central Bank of Nigeria. So,
in essence, now imagine what the old

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SIBN has done. They've unleashed the
Nigerian banks to go out now and go

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get deposits in dollars. They will
now go to the fens and say hey,

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if you want to import, you
want to export, who will give

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you the same price you would have
gotten from the P to P market and

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it's going to be regulated, will
give your tax papers. It's legal transfer.

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So the if equalize the market,
there's no more to help there to

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pay you to bring dollars in.
Its equal. Both players are, how

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equal? Who do you think was
is this game? Who do you think

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with this game? I saw a
report about the guy a fintech in Ghana

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that failed because they were involved in
currency. They will trying to do currency

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habitrage, buy Nigeria and Nayra and
important dollars to meet Nigeria to meet demands

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for imports of Nigerians and of course
they got scammed. They paid in the

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million dollars into the account and the
guy disappeared. Your banks won't do that.

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All that the banks I have to
do is now to open up LC's

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and get a source of dollars flowing
into them, because now they can fund

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anything with means they can also receive
anything. In the past they can't fund

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certain items, hence they can receive
those inputs. Why would you put one

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in the bank when the bank can
fund your input? Now the banks can

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So I'm more here. I've got
olimited with me to also give me his

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own take on the CBN policy.
Try to give like an overview of what

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I think is going on with my
own opinion. Right, I'm not sure

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did I miss anything? Do you
agree with me? What's your take on

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this new postry takeaway for the three
items from the Central banks list of banned

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not palaced before X go ahead?
Also ortogy on themselves. Also introuce yourself.

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Please the details on why the CPN
listed structure affection. She shut for

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two ideas, but I think I
want to be a bit cheaper, so

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for you know, I love the
fact that or unique market. I said

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that want two gets poets or any
Instagram protest dos can go through that room.

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That issue transparency and okay, what
issue is that we need to understand

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that the most important to face in
their first market. And if you understand

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so this was because of the pressure
market. I just thought that we look,

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I'm preaking more about as looks maybe
les look for example the markets market,

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so firstival because it's radial accessity and
not dose are doubts in that I'm

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money come from you see happen hours. I need to see that at some

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point you started life that was niers
important reported seven present to watch more than

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two points, look as invisibles,
invisibles and services reports and goods. To

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biggle to us and Americans about in
the world captain place, because Tom,

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that was belief. You look at
Okase despite the fact that you see asset

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to be building subsidiarism at Kingdom based
on your important as to the jerseyfics market.

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It's really by rum b stant that
at that city. It how can

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be I have to admicate. That's
why I said, I've been doing bad

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things in our conditions and we expecially
we have we have the public dames we

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have If you put that into other
terms about that's about Mars, it begand

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us do know the im said that's
such future is manageable, but it means

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that we can't weally spend our way. So the personalis we have been imput

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sky and needs and refuse to understand
that the FX market suffering from and you

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know, as your country, we
are not even consion. So if you

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contractory million people imports you down to
the word of goods h as ready.

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Do you know the people missed out
say that's put his room per five million,

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putting bring down that metric they added
and this is like the commons.

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They don't give the kind of prices
you get from. So we really have

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a revenue problem and we have to
put gard in that. Yeah, I

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think so some days agod about as
a critic. So we have money dess

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market and that's where I'm probably happy
years. I'm happy that it's a good

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step, the right direction. But
that's not the issue now issue plenty books,

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Why is it taking the plan matter
pays now was taking MS stretch so

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you can we have an ever credibitive. Our market is highly equid and the

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US getting wars. You know,
the US fled from album five percent.

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The US income is inverted. That
means investors and not can them so they're

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interested in and that really put a
prea job on the coast of boring from

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Naga more mixing was lent. It
says that we're going to start on.

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Yeah, let me let me,
let me let me bring bring it down

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to bit sized. Right, let
me ask a question to you. Now,

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when the CBN takes away for the
three items, I make the argument

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that what they have done is to
allow a bank like Zenate and First Bank

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and GT to now compete directly with
the P two P folks. Because now

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if I'm an important of Rice,
I can go to GT Bank. I

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trust GT Bank. I know the
bank is there with P two P.

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I don't know who the counterparty is
after. Like I talked about the fraud

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of a million dollars that happens with
one of the FinTechs I believe in Nigeria

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Orghana. That's a substantial move.
Now that the Nigerian banks can go and

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market a dango would say all the
s M e is and say open an

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account with us. We will ford
you. They don't have to get dollars

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from the CBM. Is that a
Is that a correct statement in your estimation?

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What do you think? Yeah?
So you do? You very complicated.

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I said you need to tip against
you have went through banks. Trust

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me that we most it's phones calling
on I can't do they are fonts calling

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yours economy. But they're not going
through the side you know is the markets.

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You know, legends are the biggest
nag the biggest people have to take

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markets. So but I origin,
but I cannot be subsecuted and you cannot

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appear in markets in the units where
opportunities are almost the same answers to it's

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not the same lager so tis considers. I think it's not really telling the

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market. Another problem banks also are
beinking is that we don't have big players

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that are begin effects. You look
as example they have they have edited.

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We don't have bigger that our biggest
effects and couple is the producers are being

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caring and that's why it's good text
market in terms of inclos and foods.

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Cities stand because there are some study
of pipers. So yes, I do

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believe that we can have a lot
of issue from plasson issue, equalty issue

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and the fact that themselves also they've
not billing pats them transparents in the markets

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and the way they put in prices. You know, people sometimes complete a

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princes they seal the board is knows
things. Also, Yeah, for the

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paths to get the market share,
c B really answer to something crypto markets

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there most on the markets the best
that takes much my faults when you lose

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the world stay up because you keep
saying that because yeah, if you like

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I'm thinking more true when they when
they know the person, even even the

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unifiers or the market that relais using
that charge, it's difficult. So they

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need to have the big understand that. And that's where I have less trusting

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your puture. Why because it's very
difficult to make transaction the official cha.

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You also need to also look at
the fact that because of that you're suppressed

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to the limited olim the hold up
to move from here to the next topic,

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like I still I'm on the show, I want to be clear before

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move ahead. Right, I still
say right, because the Nigerian banks can

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now play fully in the market.
Cannot offer you a quote bid quote to

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bid an offer price to the market, right, they will attract flows six

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trillion. Talk about this because nather
banks could not play in the market.

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The largest effects importer to Nigeria today
is Dangote as an institution, Dangote fertilizer

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as an institution as one institution,
but Dango also import unlike it still does

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rice inport and and the rest.
The point I make is this right,

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if a Nigeria now goes to GTBank
to import rice, it can open up

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00:23:32.240 --> 00:23:38.079
an LC. GTBank can go and
get dollars off shore knowing that it can

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fund this LC for rice in Nigeria
without even going to the Central Bank of

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Nigeria. So you'll be a all
their locations across Africa in the US.

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There is now a business line for
them to raise dollars and to finance imports

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00:23:56.079 --> 00:24:00.480
to Nigeria. They couldn't do it
before because why would I put funds in

218
00:24:02.319 --> 00:24:06.559
your bank if your bank cannot fund
my import. That's what I'm going to

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sometimes to get from there. Let's
okay, Well, I think what what

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makes the markets is difficity and trust
me, you know the market more difficuity

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the market the true Yes, the
banks can make a difference, but twenty

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banks have that I'm looking at if
brought people. But that's because but that's

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big. That's what I'm pro is
not the import the company. We don't

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have that, so like if it
was before that what you said for right

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00:25:10.799 --> 00:25:18.440
now they have invessed braver And I'm
not just talking about crypto markets and innivisual

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00:25:19.039 --> 00:25:26.440
universed ways are were captured. So
these are things that we also need to

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00:25:26.480 --> 00:25:38.599
look as. I was very upset
any country with the Chinese that they had

228
00:25:38.680 --> 00:25:45.200
a been to sec with it around
because how it was that you created gave

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00:25:45.759 --> 00:25:55.440
a Chinese rule between cold and it's
to try to investors bestcause I'm not making

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00:25:55.599 --> 00:26:00.680
more like Mesy before because f Players
and India are not. Yeah, but

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00:26:00.119 --> 00:26:03.799
Oliver there to this point a little
bit, Oliver there to this point right

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and fd I on a guy wanted
to do FBI to buy Nigeriam bonds,

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will not use crypto, will not
use fintech. A guy State Street Guide

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00:26:14.160 --> 00:26:17.519
that wants to do one hundred million
to buy Nigeria bond, This isn't going

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to go through phinance. The guys
in Binance, right are the guys that

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00:26:21.680 --> 00:26:26.160
we're in Nigerian banks and we're kicked
out and then ran to Binance. So

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00:26:26.319 --> 00:26:29.920
these guys I mean reminises when remetis
n I just started to look at the

238
00:26:30.039 --> 00:26:33.680
poll two thousand and four thousand and
five, that's when remittances started to take

239
00:26:33.759 --> 00:26:37.200
off in Nigeria. All four oh
five, he took off in Nigeria and

240
00:26:37.319 --> 00:26:41.200
it's stayed up till now because it
came easier to sendone from the US UK

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00:26:41.359 --> 00:26:45.880
to Nigeria. It's just the channel. I don't think it's binance. It's

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just the channel. Whatever channel,
it's easier unless uh huh uh huh crash.

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Yeah. The macroeconomic picture, the
marcro economic picture is bad. That's

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00:27:07.480 --> 00:27:12.440
why it's dropping and why I'm going
to stay right in the end. If

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00:27:12.480 --> 00:27:17.720
they are less seculars, if there's
less oversight, because every week there's a

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00:27:17.759 --> 00:27:21.359
new second larm on forests. You
can't do this. You can't do that.

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00:27:21.519 --> 00:27:25.200
The week all lamb was on all
arm, it's on an investigation.

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00:27:25.400 --> 00:27:27.720
For suppose that they're bringing in dollars, and the dollars how it wants.

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00:27:29.039 --> 00:27:32.799
I read again a report last week
where a is it a bank or builder

250
00:27:32.920 --> 00:27:37.640
charge brought in their own dollars that's
the they flew in doors into Nigeria and

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00:27:37.799 --> 00:27:41.359
where I send these dollars at their
own price and CB and query them.

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So if if CBN takes this eye
of all this and simply says willing buyer,

253
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willing seller, willing sell whatever in
the market, sell your dollars,

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00:27:48.920 --> 00:27:53.240
I think the dollar price comes down. Bulk of the dollar increasing prices because

255
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the perception that the dollar is going
to keep on going higher and higher every

256
00:27:59.480 --> 00:28:06.160
week. If that perception persists,
then the guys that buy and import are

257
00:28:06.200 --> 00:28:11.200
always going to do replacement pricing at
a higher price, anticipating that dollar will

258
00:28:11.240 --> 00:28:15.000
go up. But if there's less
noise about this dollar, if CBN stays

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00:28:15.119 --> 00:28:18.759
off, the p t P allows
you. If I have a million dollars

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00:28:18.839 --> 00:28:22.400
to sell, I bring it into
Nigeria. I sell my own price.

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00:28:22.559 --> 00:28:27.240
I move on what CBN's business with
this. Let's CB and focus on an

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00:28:27.359 --> 00:28:32.599
NPC. This thing starts to drop. This is off psychology. I don't

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think the real exchanges for Nigerian Nira
to a dollar is a thousand and four.

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00:28:37.480 --> 00:28:41.519
Why is it a thousand and four? What are we selling? If

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00:28:41.599 --> 00:28:45.079
we import something at the thousand and
four? Who is buying it? But

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it's because if you buy one thousand
and one, it goes on thousand and

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00:28:48.519 --> 00:28:51.319
two, goes a thousand, three, goes on thousand and four. So

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00:28:51.440 --> 00:28:55.039
it's now a means of me habitraged
to invest. I buy dollar, I

269
00:28:55.160 --> 00:29:03.720
sell dollar. I might be importing
or exporting. I think about that.

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People. If you look at the
ants of the room issues traders about three

271
00:29:12.240 --> 00:29:22.359
piggle from what happened to that trip. Additional because other problems others guys that

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00:29:22.480 --> 00:29:26.000
spectators have very subted. Because you
also need to look at the fact that

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00:29:26.519 --> 00:29:33.039
we don't know the true value of
plangers ex Assets park and like I said,

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00:29:33.559 --> 00:29:38.839
the markets, you cannot be deceived. You know time always if you

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00:29:40.119 --> 00:29:44.480
just trusted talk whatever. So first
of all, the fact that we've not

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been able to clear our efforts as
for many months, so just you don't

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00:29:48.599 --> 00:29:57.400
really that where do you think of
the men? I understand the fact that

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the I think that that's crazy.
Man, that's crazy. That's crazy.

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00:30:19.440 --> 00:30:22.319
Only then where can they get that
six billion, let's call it seven billion,

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00:30:22.400 --> 00:30:33.559
nice a round. Where can they
get that seven billion from? Why

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00:30:33.599 --> 00:30:37.039
don't they let me ask you a
question if it Ben brought out the paper,

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00:30:37.680 --> 00:30:41.279
write a paper for seven billion broken
into ten dollar bills and all that

283
00:30:41.400 --> 00:30:44.880
kind of stuff, And they said, it's a das Brop bond, impact

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00:30:44.960 --> 00:30:48.160
bond. They're going to sell it
to Americans or whatever, to a dak

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00:30:48.200 --> 00:30:53.519
pro it's gonna pay six percent,
six percent, ten years or whatever.

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00:30:53.720 --> 00:30:57.039
Don't you think I mean, start
from there doing a hundred dollars trunk starff

287
00:30:57.079 --> 00:31:02.599
from there. Maybe give give you
some, don't you don't think buy because

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00:31:02.680 --> 00:31:06.920
if you look at the bond markets
for examples, bond markets in the United

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00:31:07.039 --> 00:31:11.039
States, and the sailers will be
seeing the board markets. Is my PSUs

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00:31:11.119 --> 00:31:18.359
a way and you know, okay, events taking short term debt and as

291
00:31:18.440 --> 00:31:22.480
deps is not sick. Yeh.
What I'm looking for one looking for what

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00:31:22.519 --> 00:31:27.480
I'm looking for. What I'm looking
for to say, well, he still

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00:31:27.599 --> 00:31:33.640
can be back by this house post
is not credible. So I understand your

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00:31:33.680 --> 00:31:36.440
concert. But the truth of the
matter is where we can't get them when

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00:31:36.480 --> 00:31:48.599
he's selling right now. That's why
my concience was that I don't know the

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00:31:48.680 --> 00:31:56.799
magic right now because you just as
show you that it's only contries that implors.

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00:31:56.000 --> 00:32:00.359
And that's my problem with the former
administration. We have to put you

298
00:32:00.440 --> 00:32:10.079
to a powerful conte. It's just
like decided, if I know relationship with

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00:32:10.200 --> 00:32:17.359
you, pull me out whatever I
give that relationship with you. Over the

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00:32:17.480 --> 00:32:27.599
years, I curntries I need and
give gif I need see how you can

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00:32:27.680 --> 00:32:30.200
come. I'm not finding alas.
We don't have an alas are from the

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00:32:30.240 --> 00:32:39.799
stations and what can you, we
have a few guys. However, however,

303
00:32:40.519 --> 00:32:46.279
this will still change because if you
look at the fact that let's those

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00:32:46.359 --> 00:32:52.759
looking like you, guys abady to
live, which which is true depressed because

305
00:32:55.240 --> 00:33:08.319
and now is that lots of guys
won't to speak, and we don't add

306
00:33:08.359 --> 00:33:12.079
some guys to speak now. But
the point I'm making is this right where

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00:33:12.119 --> 00:33:15.960
we're sending remittances. We're sending twenty
five billion, but that's welfare remittances.

308
00:33:16.039 --> 00:33:21.000
Twenty five billion dollars annually, but
that's welfare. I e. Papai Mecca

309
00:33:21.880 --> 00:33:24.720
is want to send money to my
maccae in America, so Houston to Abba,

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00:33:25.119 --> 00:33:29.720
we send one hundred dollars welfare.
I am saying, can there be

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00:33:29.799 --> 00:33:35.759
a mechanism where the CBN warfare Nigerian
bank with American banks in say, in

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00:33:35.880 --> 00:33:38.480
America and Europe in chance to say, if you want to send money back

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00:33:38.519 --> 00:33:43.680
home to Nigeria, put it into
this bank account and we will give naira

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00:33:44.599 --> 00:33:52.400
no cost, absolutely no cost to
your Nigerian whatever person in Nigeria, no

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00:33:52.559 --> 00:33:57.960
cost you put one hundred dollars,
will give them exactly the difference at market

316
00:33:58.079 --> 00:34:00.599
rate, no cost to them.
In Legos it up. So we're sweeping

317
00:34:00.680 --> 00:34:06.680
these dollars from foreign capitals to then
pay off that six point eight because the

318
00:34:06.720 --> 00:34:09.360
money is already flowing. There's only
twenty five billion. When I travel,

319
00:34:09.400 --> 00:34:12.440
say oh, give you to my
mom, I put on my pocket,

320
00:34:12.480 --> 00:34:15.079
give you my dad put on my
pocket. That's the thousand dollars right there.

321
00:34:15.599 --> 00:34:17.880
But if those guys will go to
the fin tech app and put the

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00:34:17.920 --> 00:34:21.760
same money there, and see we're
gonna go to those spin tech up and

323
00:34:21.880 --> 00:34:25.039
say give us these dollars, we
will give you nyra locally at the same

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00:34:25.159 --> 00:34:30.039
price, there's something that can happen. It's six point eight billion, but

325
00:34:30.159 --> 00:34:36.599
the remittances flow is twenty five billion. Welfare. It's not FDI, it's

326
00:34:36.639 --> 00:34:39.840
not FPI, it's welfare. There's
somewhere, there's a middle road there that

327
00:34:39.960 --> 00:34:44.039
we can meet. That's where I'm
going to with that suggestion. But I'm

328
00:34:44.119 --> 00:34:45.480
just that's one the room. Let's
that's want the room that a few guys

329
00:34:45.519 --> 00:34:51.559
I want to speak, I'd be
like I've got I'd be the kills at

330
00:34:51.800 --> 00:34:58.280
or do you yeah? God for
it? So go ahead? What's all

331
00:34:58.400 --> 00:35:05.960
right? As you know? For
it? Just ease of people being able

332
00:35:06.039 --> 00:35:12.440
to send money across. I think
there's a huge market as well of Nigerians

333
00:35:12.519 --> 00:35:19.280
who have their need dollars just you
know, a bunch of actually, so

334
00:35:19.679 --> 00:35:25.880
you know, very easy if we
can appear to pierce this time related by

335
00:35:25.880 --> 00:35:34.199
an estra whereby just me I have
twenty dollars trying to assume it to Nigeria.

336
00:35:34.840 --> 00:35:43.039
I'm going into the app and and
put itself kind of you know,

337
00:35:43.039 --> 00:35:45.440
I have twenty one. I'm trying
to sell it to air and I can

338
00:35:45.519 --> 00:35:51.039
put my exchange rate depending on what
the market looks like. And somebody else

339
00:35:51.119 --> 00:35:55.559
with a Nigeria that needs dollars can
come in and exchange with me and all

340
00:35:55.599 --> 00:36:02.920
this will be controlled by the by
an extra company and see security and avoid

341
00:36:04.800 --> 00:36:10.760
risk. It's something like that.
We have. We have things like that.

342
00:36:10.800 --> 00:36:14.599
I mean I use an app called
the Kaoshi. They do peer to

343
00:36:14.719 --> 00:36:16.400
peer. So if I want to
send money abroad, I go to their

344
00:36:16.519 --> 00:36:21.960
app, I plug in my information
so on in Nigeria or UK picks it

345
00:36:22.079 --> 00:36:23.880
up and I give them Nira.
They give me dollars. So k she

346
00:36:24.000 --> 00:36:27.880
does that and we have lots of
apple. What what I'm saying is this

347
00:36:28.119 --> 00:36:31.519
right? Kayoshi can sign something with
the seed being to say, all that

348
00:36:31.800 --> 00:36:37.159
dollar they're collecting from me, will
will they will sell it to the CBN

349
00:36:37.519 --> 00:36:38.960
because the money is going to flow
either ways. Like the lily. They

350
00:36:39.000 --> 00:36:42.760
have said the money is going through
P to P today. So there's the

351
00:36:42.840 --> 00:36:45.960
money is going to flow. If
the six it's not beans, the money

352
00:36:45.039 --> 00:36:49.280
is going to flow. But can
the CEB and plug itself in and say,

353
00:36:49.320 --> 00:36:51.719
okay, let's buy these dollars from
me. We have the nira,

354
00:36:52.199 --> 00:36:54.039
we will give you then ira and
they will take it from me. That's

355
00:36:54.079 --> 00:36:57.719
basically what I'm trying to say.
Yeah, but peer to perody exists,

356
00:36:58.480 --> 00:37:00.920
whatever way you want to do it. I was trying to make it,

357
00:37:00.960 --> 00:37:07.840
you know, just due to it. And you know, Marriatis, this

358
00:37:07.039 --> 00:37:10.000
is just like a general advice I
would give anybody at least in that year,

359
00:37:10.400 --> 00:37:15.920
you should also try to move investing
it more stable come up because most

360
00:37:15.960 --> 00:37:20.159
of the issues that we have in
there with ninety years because of policy and

361
00:37:20.280 --> 00:37:24.360
g as far as our government,
you know, they are very easy assets

362
00:37:24.519 --> 00:37:30.760
that you can buy with as well
as younger dogs are very spitable in back

363
00:37:30.079 --> 00:37:34.360
countries. Uh, you know,
de side, you're putting your money,

364
00:37:35.800 --> 00:37:40.880
Come on me a stronger because if
you have the investments like five thousand,

365
00:37:43.880 --> 00:37:46.920
probably like three years ago. In
such an investment, when you're bringing it

366
00:37:46.960 --> 00:37:52.159
back to Nigeria, you want to
enjoy whatever I am high exchange rate that

367
00:37:52.360 --> 00:37:57.519
you know that doll I have With
the next point that I wanted to make

368
00:37:57.679 --> 00:38:00.599
attention you, yeah, I mean
again again said the point. Look,

369
00:38:00.840 --> 00:38:07.519
look at the main elephants in room
into Nigeria. The cost of imports is

370
00:38:07.800 --> 00:38:14.159
cheaper than the cost of local production. And that's the biggest problem with have

371
00:38:14.280 --> 00:38:20.320
in Nigeria that if I see something
important is actually cheaper than a locally produced

372
00:38:20.440 --> 00:38:25.440
item, as long as that continues
to stay, then the economically can't improve.

373
00:38:25.719 --> 00:38:30.800
The imports cannot be cheaper than locally
beat products. It just can't happen.

374
00:38:30.599 --> 00:38:55.280
I've got my next guy, Malam
Mohammad. I determined the market is

375
00:38:55.320 --> 00:39:05.440
going to be the market, like, yeah, the parallel market is going

376
00:39:05.519 --> 00:39:08.079
to be the rate, because the
parallel market is the willing buyer willing seller

377
00:39:08.199 --> 00:39:12.679
market determined rate. So like if
I make ten baits and they are five

378
00:39:12.840 --> 00:39:15.360
offers, then the system will match
them and say this is the average price.

379
00:39:15.679 --> 00:39:19.679
So if I want to buy at
ten or eleven or ten point five,

380
00:39:19.719 --> 00:39:22.800
and you want to sell at nine
ten eleven, the system will say

381
00:39:22.840 --> 00:39:24.000
this is the average price, and
that it becomes the market price. Like

382
00:39:24.079 --> 00:39:28.719
I'm on the stock market, So
it's not going to be a government price

383
00:39:30.400 --> 00:39:52.320
I am saying. I'm saying today
today, what you have today is a

384
00:39:52.519 --> 00:39:55.960
market. Market is the price a
determined by the by the demand and supply.

385
00:39:57.199 --> 00:40:00.199
Right, demand supply determine the price. The problem the hard was the

386
00:40:00.400 --> 00:40:05.800
banks could not compete because they could
not sell for the one items. So

387
00:40:05.960 --> 00:40:08.599
now they've unleashed the banks and said, you guys can do whatever you want

388
00:40:08.639 --> 00:40:12.000
the same way P. Two P
is doing. Go and do the same.

389
00:40:12.159 --> 00:40:15.360
Let the market determine if goods can
be important or exported. So what

390
00:40:15.519 --> 00:40:20.519
will happen is that the banks can
now go to those P two P customers

391
00:40:20.559 --> 00:40:23.320
and say, instead of sending your
money to a P two P, send

392
00:40:23.400 --> 00:40:28.000
it through us. We will give
you a better tablet because the banks would

393
00:40:28.079 --> 00:40:46.159
use that dollar and fund importance.
It's just the modern supply. It's just

394
00:40:46.199 --> 00:40:51.320
the modern supply. There's more demand
for dollar to go higher, there's more

395
00:40:51.400 --> 00:41:00.159
demand for nayra it goes Yeah,
the modern supply to end up. I

396
00:41:00.320 --> 00:41:15.280
think this yeah, at little problem
is demanding and we have less life of

397
00:41:15.599 --> 00:41:24.760
So if the almost to this problem
is how we can get this and if

398
00:41:24.880 --> 00:41:32.000
we can have it please we are
the demand. We can do the demand.

399
00:41:32.280 --> 00:41:38.280
Hopf we can And I think with
the banning of these items previous,

400
00:41:39.440 --> 00:41:45.599
I think it's yeah. But Madam, let me ask a question. There's

401
00:41:45.760 --> 00:41:52.639
important rise in Nigeria. The dollars
to import that rise came from the same

402
00:41:52.760 --> 00:41:57.400
CBN. CBM will sell the same
dollar to be d C. I will

403
00:41:57.440 --> 00:42:00.360
simply right and say I want to
go to school abroad, I get dollars

404
00:42:00.480 --> 00:42:04.880
I sell back to the same bd
C. The same BDC will give it

405
00:42:04.920 --> 00:42:08.639
to the same import who imports the
same rise at subsidized prices. There is

406
00:42:08.760 --> 00:42:15.280
no it's corruption. So you cannot
ban or artificially say you reduce demand by

407
00:42:15.360 --> 00:42:20.679
saying don't apply. It doesn't work. If you look at Nigeria's import duty

408
00:42:20.760 --> 00:42:24.519
today, Nija longer imports rice,
Nijera is not imports rice. Where's the

409
00:42:24.599 --> 00:42:31.280
rice imported? Bener Republic? The
amount of rice bene eat well wasting that

410
00:42:31.400 --> 00:42:40.960
time, Mohammad way, So where
do they get the last from? Where

411
00:42:42.039 --> 00:42:50.320
do they get that that's from,
So where do they get it from?

412
00:42:54.719 --> 00:43:06.920
In this gonna buy goods, particularly
the illegal mindus. He brought in those

413
00:43:07.000 --> 00:43:10.119
moneys to buy those things, and
we can also get to from those people.

414
00:43:10.639 --> 00:43:16.760
So there are several ways that we
paid this gonna And I think if

415
00:43:16.880 --> 00:43:22.960
it is even that problem, I
think the CIBIL has a better way of

416
00:43:22.239 --> 00:43:30.480
monitoring all those moneys if and I
think it's better good than to be into

417
00:43:30.639 --> 00:43:34.559
those this because at the end of
the day, if we don't have this

418
00:43:34.800 --> 00:43:40.599
supply of the other again both give
on ban and on anti band items,

419
00:43:42.199 --> 00:43:46.280
people that are importing those items will
still go back to that power market again

420
00:43:46.960 --> 00:43:52.960
because this is the incipients cannot supply
all of all of them, and we

421
00:43:53.079 --> 00:43:58.960
are still going back to swear awards
not even had more injuriesity to the problem.

422
00:43:59.320 --> 00:44:01.000
So get the point. So let's
go back to the point, right.

423
00:44:01.400 --> 00:44:06.039
The whole idea is if you have
a CBN rate that is subsidized,

424
00:44:06.400 --> 00:44:12.039
you are subsidizing imports. If you
want to watch DStv and you pay for

425
00:44:12.199 --> 00:44:17.079
DStv in dollars and you can't afford
d STV, you watch NTVA, you

426
00:44:17.239 --> 00:44:25.559
can't afford DStv end of story in
Nigeria because the dollar was subsidized so many

427
00:44:25.760 --> 00:44:32.079
things that we could not afford.
We were spending on those things like eg

428
00:44:32.440 --> 00:44:38.760
DStv, so we can't afford it. Our income is thirty thousand a month.

429
00:44:39.440 --> 00:44:45.760
We can't afford that import. When
you take away the subsidy, then

430
00:44:45.199 --> 00:44:51.280
the real price shows itself. It's
like people saying the dollar is falling to

431
00:44:51.480 --> 00:44:55.559
fourteen hundred. That's the real price
without a subsidy. So I'm not debating

432
00:44:55.639 --> 00:45:00.960
if the dollar is coming in or
it's going out. I am saying if

433
00:45:00.119 --> 00:45:05.679
the dollar finds its real level and
you can't afford it, then you don't

434
00:45:05.800 --> 00:45:09.400
buy that product, and the process
itself is removed from the market by the

435
00:45:09.519 --> 00:45:14.800
consumers. If we can't afford it, we can't afford it. If we

436
00:45:14.880 --> 00:45:17.800
can't afford foreign rice, there will
be no foreign rising nager market anymore.

437
00:45:19.119 --> 00:45:23.599
It's because we can afford it,
because it's subsidized by the dollar. That's

438
00:45:23.639 --> 00:45:31.880
why you see foreign rice in the
Nigeria market. Let's let's move on.

439
00:45:32.039 --> 00:45:36.360
So I just just talking other people
if you don't mind moment, and that

440
00:45:36.400 --> 00:46:01.280
doesn't Yeah, I think they don't
have done now they don't have Donnar.

441
00:46:02.320 --> 00:46:22.880
They don't have Donar. But I
think that we can't. I hear you,

442
00:46:23.000 --> 00:46:25.519
So let's just be clear or let's
just say it again. You know

443
00:46:25.639 --> 00:46:32.800
it's cold economists, very cool subject. Nigerians cannot afford imported goods. End

444
00:46:32.880 --> 00:46:37.679
of story. It's cheaper, but
we can't afford it. If you earn

445
00:46:37.199 --> 00:46:44.159
thirty thousand era a month, you
can't afford imported goods. What we should

446
00:46:44.239 --> 00:46:50.079
have done is to have local substitution
of import. So instead of foreign uncle

447
00:46:50.159 --> 00:46:53.519
Ben's rise, there's a boying rice, there's KB rice. The problem is

448
00:46:53.599 --> 00:46:58.960
that keby and a boring rice are
expensive because we don't have power in Nigeria.

449
00:46:59.719 --> 00:47:05.639
So we have to fix local production
in Nigeria to bring the cost down.

450
00:47:06.360 --> 00:47:08.719
Then there will be no foreign goods
in the market because we can't afford

451
00:47:08.800 --> 00:47:14.280
it. What's happening right now,
we're deceiving ourselves. We are subsidizing the

452
00:47:14.480 --> 00:47:20.840
dollar and then important foreign goods and
pretending that we're not using the same dollar

453
00:47:20.880 --> 00:47:25.559
from crude oil that we're using to
import. The largest source of dollar Nigeria

454
00:47:27.239 --> 00:47:32.559
is the NNPC, the largest single
sauce NNPC dollar sales and today like womined

455
00:47:32.639 --> 00:47:37.280
has told us today. The NNPCS
Metholis said that the CIBN was not getting

456
00:47:37.360 --> 00:47:42.199
any remedtances from the NNPC. So
the Cibian has no dollar in Couote.

457
00:47:42.239 --> 00:47:45.960
They have no sufficient dollars to fund
import. So where the dollar gonna come

458
00:47:46.000 --> 00:47:51.639
from remittances and with head nances that
are going to not to the CBN but

459
00:47:51.800 --> 00:47:54.800
to the P two P market.
But the issue is that this import thing

460
00:47:54.840 --> 00:47:58.559
we're doing, we can't afford it, and the market has got to go

461
00:47:58.840 --> 00:48:04.159
up to kill the man who how
to do demand destruction on import so the

462
00:48:04.320 --> 00:48:07.159
local samis can then have a chance. That's the only way. It's just

463
00:48:07.880 --> 00:48:12.440
reality, sir, mister Baro,
I've got to mister Bario Richie, go

464
00:48:12.480 --> 00:48:19.079
ahead, sir, believe me and
everyone. My contribution is basically just the

465
00:48:19.199 --> 00:48:23.239
fact that the bands need to do
a lot to make sure that the expects

466
00:48:23.320 --> 00:48:30.440
that comes into Nigeria actually goes through
them. Because if you continue looking Scelario

467
00:48:30.440 --> 00:48:32.599
account in Agia, it is one
of the issues that will continue to be

468
00:48:34.039 --> 00:48:40.039
nat your barrier. I agree for
ninety years because for example, now I've

469
00:48:40.079 --> 00:48:44.320
been in the process. I was
here two personal experiences I've been in the

470
00:48:44.400 --> 00:48:49.559
process of looking in Scelario accounts two
weeks. Accounting count not been opened.

471
00:48:50.800 --> 00:48:53.920
I was I was very fine on
buyers in later twenty four hours and my

472
00:48:54.079 --> 00:49:00.519
expects can come in through them.
That's what's the point. That is to

473
00:49:00.639 --> 00:49:05.119
a bit too combosome and I and
I think that the second part of this,

474
00:49:05.480 --> 00:49:07.840
I totally agree with yourself, totally
agree with you by you. And

475
00:49:07.880 --> 00:49:10.920
that's the second point that the SEAGAN
has to allow this. The banks a

476
00:49:12.000 --> 00:49:16.320
lot of leeway. You can't compete
if you are opening from a passport picture.

477
00:49:17.880 --> 00:49:21.320
That's just I think you're right.
Yeah. He told me to look

478
00:49:21.360 --> 00:49:30.679
for to references one. Yeah,
the correct accounts. That can time for

479
00:49:30.800 --> 00:49:35.480
me. I asked a lot of
people and lo get the second person after

480
00:49:35.599 --> 00:49:45.079
your weakness you know counts and again
expert remember me who worked who worked in

481
00:49:45.119 --> 00:49:59.519
the US. So he said he
wants to again transferred. I won't over

482
00:50:05.440 --> 00:50:15.519
what what what intentive have to send? Yeah, there are all these are

483
00:50:15.599 --> 00:50:19.000
all the many issues that we're talking
about. It's got to be easier all

484
00:50:19.079 --> 00:50:22.760
this secular. Today I talked about
OLAM. They are taking down OLAM for

485
00:50:22.840 --> 00:50:25.480
bringing money in and out of Nigeria. They're that BDC was also been taken

486
00:50:25.519 --> 00:50:30.199
down for bringing in doors and setting. There are a lot of regulations allow

487
00:50:30.320 --> 00:50:32.400
this, allow the market to breed, allow the fex market to breed,

488
00:50:32.559 --> 00:50:36.679
Allow people to do what they want
to do. If it's not illegal,

489
00:50:37.000 --> 00:50:39.679
it's not terrorism. Allow people to
do what you want. The US to

490
00:50:39.719 --> 00:50:45.960
come in. So all these two
references, If Binance can do it,

491
00:50:45.440 --> 00:50:49.280
why can't the banks Nigeria. I
think that's my take on Lily. Did

492
00:50:49.320 --> 00:50:54.000
you have a point? Oh my
god, by I'm gonna put no.

493
00:50:54.119 --> 00:51:04.239
I think I said the interests that
we are bus also are related and the

494
00:51:04.360 --> 00:51:12.119
institutions are were of easy phones,
So we can't get that kind of lasity.

495
00:51:12.559 --> 00:51:15.320
Basically the fact that we have effects
to coming. Yes, I get

496
00:51:15.400 --> 00:51:22.840
that, but one of the key
issues is that the decipient shoes encourage official

497
00:51:22.840 --> 00:51:29.920
reaitors how kind of gas of genrealtors, rather than doing these experiential approach.

498
00:51:29.960 --> 00:51:34.639
They need to bring you programs that
were coming has to invest happen. That's

499
00:51:34.679 --> 00:51:37.199
what the things just to do.
You know, we have to look at

500
00:51:37.239 --> 00:51:43.400
strategies and adults most and lost strategy
Like you said that, you know a

501
00:51:43.480 --> 00:51:50.519
lot of people have concerned about what's
going to happen to concerts because at some

502
00:51:50.679 --> 00:51:53.440
points now it looks like the events
and might take a lot of those decisions.

503
00:51:53.599 --> 00:51:58.599
Do it looks likely because when we
may get the effects and we have

504
00:52:00.159 --> 00:52:16.679
to do the person you know,
how to get to be given mass ethics.

505
00:52:20.159 --> 00:52:31.639
So you want to but I think
gotcha. I mean again going back

506
00:52:31.639 --> 00:52:35.400
to the easiest thing is just to
go market. The guys that have DOM

507
00:52:35.480 --> 00:52:37.800
account they end nothing. That don't
accounts in Nigeria, I mean in Nigeria.

508
00:52:37.880 --> 00:52:40.840
You have money stening in dom account
in Nigeria, the guy ends nothing.

509
00:52:40.920 --> 00:52:45.760
So okay, we're gonna pay you
four percent if you put money in

510
00:52:45.760 --> 00:52:49.840
the Nigerian back in the account.
Four percent dollar terms if you put on

511
00:52:49.920 --> 00:52:52.159
a DOM account. That's one way
to do it, right, So you

512
00:52:52.360 --> 00:52:55.920
have the dollar there already, we'll
give you four percent for one year or

513
00:52:55.960 --> 00:53:00.199
something like that. A p y. It's not bad. Yeah, but

514
00:53:00.320 --> 00:53:04.960
you have to you have to buy
but don't you don't have to buy a

515
00:53:05.159 --> 00:53:07.159
fund to get that room. They
don't you have to buy your fond together.

516
00:53:07.199 --> 00:53:13.920
That don't you have to buy a
fund to get together? Yeah?

517
00:53:14.000 --> 00:53:22.559
Yeah, So all this unnecessary raw
laws. I mean that's allow for to

518
00:53:22.760 --> 00:53:28.840
bring it in at that colleague,
your mic is on, I'm gonna mute

519
00:53:28.880 --> 00:53:31.239
you and kick you off that call
it. Please meet your mic. Thank

520
00:53:31.320 --> 00:53:37.840
you so much on me, I've
got on me. Go ahead please oh

521
00:53:37.960 --> 00:54:00.480
yes see Canada, please go ahead. Actually about I think countries not missing

522
00:54:00.519 --> 00:54:05.719
any capacity and just basically like a
realist, I have actually talked about something

523
00:54:06.400 --> 00:54:13.480
very similar recently. I had a
logical ovius. It's maybe a flowed one

524
00:54:13.559 --> 00:54:20.480
because my financial capability that was quite
limited to my unberg economy sports. I

525
00:54:20.679 --> 00:54:28.719
was thinking the I think one of
the most important getting to know the true

526
00:54:29.039 --> 00:54:34.639
gendreads. Is it true gendreds between
the NARA and it right now? I

527
00:54:34.760 --> 00:54:39.119
mean we are even in the parallel
market you have just keep crashing. Basically

528
00:54:40.119 --> 00:54:45.719
that actually implies that Nina has not
stabilized. So what is what does what

529
00:54:45.880 --> 00:55:02.519
does find it out? By having
this weird you know basically and you have

530
00:55:02.679 --> 00:55:14.360
your citizens the currencies are using into
genera at whatever the power of markeat is.

531
00:55:15.920 --> 00:55:22.000
Now you want to encourage that because
trust be many people in the US

532
00:55:22.360 --> 00:55:29.599
Anada you would not even like we
actually know at in using the extra d

533
00:55:29.679 --> 00:55:34.199
official who the change that goes from
him that for us, it's a found

534
00:55:34.239 --> 00:55:38.159
set of them. Then you have
read that is domicide and spoken the country

535
00:55:38.159 --> 00:55:55.760
because historian countries the right think be
very much willing to rest. Yeah,

536
00:55:59.039 --> 00:56:19.880
you want to outside. I believe
this account. I mean I hear,

537
00:56:20.199 --> 00:56:22.880
I hear legends. So what I'm
what I'm hearing you saying that Soon's like

538
00:56:22.920 --> 00:56:25.159
what we're saying, like, listen, why don't we have an outlet in

539
00:56:25.280 --> 00:56:30.239
America where a dasbera guy can walk
into a bank. Maybe you walk into

540
00:56:30.239 --> 00:56:35.559
a Bank of America and you have
an account called Nigeian daspora account, and

541
00:56:35.679 --> 00:56:39.159
you give them your social and you
deposit twenty dollars into that bank account and

542
00:56:39.440 --> 00:56:45.000
from there you can tell the Nigeria
or whatever appet is that I want dispersing

543
00:56:45.199 --> 00:56:50.119
Carlo to go to the Keger and
pick up the exact parallel market Nira price.

544
00:56:50.280 --> 00:56:53.280
If I deposit in the Bank of
America at no cost, at no

545
00:56:53.480 --> 00:56:57.639
transfer, nothing, that's the same
thing we're saying. Yeah, and I'm

546
00:56:57.639 --> 00:57:02.320
saying it's a good idea. You
don't have to go. I mean,

547
00:57:04.199 --> 00:57:07.719
this is the point. That's why
I'm tramping to Lumita to say, if

548
00:57:07.800 --> 00:57:09.920
we did that, friends, and
the dollar is not moving is right there

549
00:57:10.039 --> 00:57:15.119
in America or in India or China
or whatever. But I get Nira and

550
00:57:15.239 --> 00:57:17.880
Sybian has nine they don't have dollars. So now Sybian has dollar in Bank

551
00:57:17.920 --> 00:57:22.800
of America you can use to fund
imports. Right, That's where I'm going

552
00:57:22.880 --> 00:57:28.000
to with this, because the remintances
are twenty five billion and they will move

553
00:57:28.800 --> 00:57:31.920
irrespective of Cibian. So let's Sibi
and try to plug itself in and say,

554
00:57:31.960 --> 00:57:36.199
Okay, We're gonna give you guys
a very very good deal in that

555
00:57:36.400 --> 00:57:39.559
you will not pay a transfer fee
if you use this app. That's where

556
00:57:39.559 --> 00:57:43.199
I'm going to with this. That's
going to be the advantage. You say,

557
00:57:43.519 --> 00:57:45.000
if you do it with us,
you don't pay feel loom there,

558
00:57:45.039 --> 00:58:07.079
what's your take? Because we often
misled as you know, ms come from

559
00:58:07.159 --> 00:58:15.119
their distance and about album because comes
from you are taking them. And that's

560
00:58:15.159 --> 00:58:21.840
why our plans is that data to
rempasion himself. So because of his wisis

561
00:58:21.920 --> 00:58:25.639
that's why the fact that they are
like Jazz America the wise where the question

562
00:58:25.880 --> 00:58:35.440
for us, as the key nu
is said, with loveful investment for folly

563
00:58:35.480 --> 00:58:38.760
to go with for farming issues and
things like that rather, so I think

564
00:58:38.840 --> 00:58:44.760
we need to start looking at that. And that's why platforms are propositioning themselves

565
00:58:44.960 --> 00:58:51.000
around that. Clarency, if Nagia
was in or every one capital was actually

566
00:58:51.159 --> 00:58:54.280
high levels for example, with the
high amount of daspora, its can we

567
00:58:54.360 --> 00:59:00.159
have we should have for changes that
service and the chance and daspora you know,

568
00:59:00.280 --> 00:59:06.360
like what videos and others are doing
then because Smith talk about so pet

569
00:59:06.440 --> 00:59:12.880
Park is in the very high schooler
first of all, million one mixt and

570
00:59:13.000 --> 00:59:20.400
that's the medic to do. See
I chose to right now. I did

571
00:59:20.480 --> 00:59:25.679
that for different and it's good.
That's polision just about sally and if you

572
00:59:25.760 --> 00:59:30.960
understand that many of them are in
school, so guys do get their income?

573
00:59:30.119 --> 00:59:34.480
Is not that as well? Make
you see despite twenty so the people

574
00:59:34.480 --> 00:59:42.400
who drink and beyond that parallel you
know what miss because ears right, we

575
00:59:42.679 --> 00:59:58.800
need cpstuffs can't get that must clear
you can meet me all that tract gets

576
00:59:58.880 --> 01:00:22.639
attractive. It's not just because that's
again remember guys c the parallel market,

577
01:00:22.719 --> 01:00:25.360
this black market will talk about where
does the money come from. Let's let's

578
01:00:25.400 --> 01:00:30.519
step back Nigeria has two main sources
of crude oil, two main sources of

579
01:00:30.639 --> 01:00:34.599
sort of FX. One is crude
oil. Two its remuntancers. That's it

580
01:00:34.800 --> 01:00:40.159
crude oil remittances. The money comes
to CBN and black market. So the

581
01:00:40.320 --> 01:00:44.800
crude oil one is CBN money.
He goes to CBN, it stays there.

582
01:00:44.800 --> 01:00:46.199
That's what CBN is doing. CBN
raised all that kind of stuff.

583
01:00:46.440 --> 01:00:50.679
The reminisces one is not captured.
It's everywhere. It's f P two p

584
01:00:50.920 --> 01:00:54.280
CBN there is every it's all around
the place. Right. The Rise that

585
01:00:54.440 --> 01:01:01.960
we're important is coming from the parallel
market, the remittances, because that's one

586
01:01:02.039 --> 01:01:07.840
it's not regulated. So why if
I want to import Rise somehow, somehow,

587
01:01:07.440 --> 01:01:12.719
is that remediances from welfare that I
get from my mecca, that the

588
01:01:12.800 --> 01:01:16.239
mecca is sent to her that I
get put together and import my Rise.

589
01:01:16.360 --> 01:01:21.079
That's what's going on. So to
say you are banning the items, it's

590
01:01:21.119 --> 01:01:25.719
really not working because you are still
taking the dollars that come to Nigeria to

591
01:01:25.840 --> 01:01:30.039
still import the Rise. To banned
Rise has got to be should we say,

592
01:01:30.960 --> 01:01:37.039
imput substitution where the market kills inputs
on its own. Because Uncle Benz

593
01:01:37.119 --> 01:01:40.119
is too expensive. I don't say
anyone it's in Uncle Benz. I don't

594
01:01:40.119 --> 01:01:44.559
say anyone, I say anything.
Indian Rise, Thie Rise. Why don't

595
01:01:44.559 --> 01:01:47.239
they eat Uncle Benz? Because expensive
it's dollar, but Tie and the rest

596
01:01:47.280 --> 01:01:52.480
are a bit cheaper. So we
really have to focus more on again local

597
01:01:52.760 --> 01:01:59.480
production, getting the cost of local
production to fall so that local produce are

598
01:02:00.079 --> 01:02:05.199
deeper than import. You can't go
to India, get a ship, buy

599
01:02:05.400 --> 01:02:09.039
rice, put it on the ship, pay duty, pay transport from India,

600
01:02:09.280 --> 01:02:14.639
insurance, bring it all to Legos, collart in Lego support, and

601
01:02:14.760 --> 01:02:19.000
it's cheaper than Rise from Keby.
Doesn't make any sense. Kevy is coming

602
01:02:19.039 --> 01:02:23.320
from Keb to Legos. I'm coming
from India to Legos. My Indian rice

603
01:02:23.360 --> 01:02:28.559
is cheaper than keV rice. How
can that be possible? Because India has

604
01:02:28.639 --> 01:02:35.199
power supply India hospitalizer, so they
can make a yield cheaper rice. So

605
01:02:35.320 --> 01:02:38.679
if you don't focus on this cost
of local production, even if this inflo

606
01:02:38.760 --> 01:02:43.119
comes to them, there's gonna go
towards exports. If we get that influence,

607
01:02:43.239 --> 01:02:45.360
it's gonna go to US imports.
I mean, we're just gonna go

608
01:02:45.440 --> 01:02:49.000
back and buy Uncle Ben's. If
to more. Now that's peppleill vex and

609
01:02:49.119 --> 01:02:52.960
sending one hundred billion dollars, we'll
start buy an Uncle Ben's rice because Uncle

610
01:02:52.039 --> 01:02:57.519
Ben's rice will be cheaper the rise
from Keby, So it will solve the

611
01:02:57.519 --> 01:03:02.639
problem long term. Ma, Lam, I've got but city you guys should

612
01:03:02.639 --> 01:03:09.480
have for a sorry, sir,
you guys should have names. So sorry,

613
01:03:09.519 --> 01:03:14.199
so I apologize. Please go ahead, sir, all right, thank

614
01:03:14.239 --> 01:03:20.559
you very much. So for the
three items. In my own opinion,

615
01:03:20.960 --> 01:03:24.719
I don't think it's gonna make it's
gonna go very far. If anything,

616
01:03:25.480 --> 01:03:30.280
it's just gonna be you know,
this information effect. It's gonna have that

617
01:03:30.719 --> 01:03:37.440
information effect that not going to just
be a little bit cautious. The people

618
01:03:37.519 --> 01:03:49.440
can go just stop performs and then
back because really reason is not fat.

619
01:03:50.320 --> 01:04:02.599
It spread that is between rich one
and read two. Okay, and you

620
01:04:02.760 --> 01:04:08.679
get low and you say that I
have it about too many things, you

621
01:04:08.800 --> 01:04:13.199
know, you know, putting in
any machinery or anything. It was a

622
01:04:13.280 --> 01:04:17.559
couple of phone calls and you made
a very very good you know, so

623
01:04:18.960 --> 01:04:25.159
so that's not about one number two
people are found metea is a good when

624
01:04:25.280 --> 01:04:30.039
I think because it is, yes, people have found and you know,

625
01:04:30.159 --> 01:04:36.599
there's this startles school effects now once
people get used to something to change already

626
01:04:36.719 --> 01:04:45.360
there, So I don't think it's
gonna you know, that's number one,

627
01:04:46.960 --> 01:04:56.840
always the problem of effects, and
that is a major problem. It's not

628
01:04:57.159 --> 01:05:02.039
really proper to the center has what
would be worried about because the biggest,

629
01:05:02.880 --> 01:05:11.360
biggest when it comes to command,
and that's responsible. I was surprised,

630
01:05:12.599 --> 01:05:29.679
seriously challenged because of hid thousand everity. I mean there for those who understanding,

631
01:05:30.119 --> 01:05:35.760
you know, so equity, coul
that counton and busy five hundred thousand

632
01:05:35.840 --> 01:05:42.679
barrels. That's apart from the reality
all the taxi and the that all the

633
01:05:43.000 --> 01:05:48.519
you know, all your so that
gives you now that gives around one point

634
01:05:48.519 --> 01:05:56.880
too busy on every month supposed to
be who can do so much more than

635
01:05:56.960 --> 01:06:02.159
this? Because of right, a
lot we don't know that actually has to

636
01:06:02.320 --> 01:06:12.599
be faced. The or that is
so and it believen greater is the fact

637
01:06:15.159 --> 01:06:27.960
compromised you're shopping until you get the
and you know to do so many because

638
01:06:28.239 --> 01:06:33.400
in lane a or be a compromise
is also there, which this problem is

639
01:06:33.679 --> 01:06:51.400
really really genuine. Probably you know, maybe everything probably that's that's everyone talk

640
01:06:51.400 --> 01:07:00.519
about all the administrative issues we can. But if any PC doesn't have simple

641
01:07:00.079 --> 01:07:21.119
as look as the ways so always
be. So that's let's let's let's not

642
01:07:21.239 --> 01:07:30.760
let's not love. Yeah, we're
talking about talking about the finery people.

643
01:07:32.679 --> 01:07:36.920
Ut when we different, it's not
going to be different from when we find

644
01:07:36.960 --> 01:07:45.079
locally. I think there's night and
day difference between you can find it locally

645
01:07:46.000 --> 01:07:54.199
you discover. People would that local
finding is actually you know, being this

646
01:07:54.360 --> 01:07:58.400
console. That's a problem. I
mean, there's not enough time. Hold

647
01:07:58.440 --> 01:08:00.039
on. But the end of this
then empty, I said, it's only

648
01:08:00.400 --> 01:08:04.079
TT and IRA. Then emphasis empty
said, is thirty and ira. There's

649
01:08:04.079 --> 01:08:10.880
actually metrict he said, if you
import the refining cost is thirty and ira

650
01:08:11.320 --> 01:08:15.520
of the of the price of crude. The main cost is the crass.

651
01:08:15.680 --> 01:08:19.920
That's not I mean at times when
I hears from people speaking an PC,

652
01:08:21.399 --> 01:08:27.600
what the program do you think working
this? There is the n N P,

653
01:08:27.760 --> 01:08:42.039
C M D this alication and which
is that we're supposed to the finalist

654
01:08:45.279 --> 01:08:48.720
that No, I was just just
focused, just to focus the point is

655
01:08:48.760 --> 01:08:53.319
that refining because I've seen it.
Also the metric is the Guardian newspaper.

656
01:08:53.359 --> 01:08:56.600
I've seen it everywhere, everywhere,
lots of purpose. I've done this metric.

657
01:08:57.119 --> 01:09:00.960
If you take the price of of
of local ms, what makes it

658
01:09:01.239 --> 01:09:05.920
that price. There's the exchange rate, there's the cost of crude oil,

659
01:09:06.239 --> 01:09:11.760
There's the cost of refining. There's
the cost of finance. The cost of

660
01:09:12.000 --> 01:09:15.720
crude is almost fifty one percent.
That's the cost of crude. So that's

661
01:09:15.840 --> 01:09:19.800
out of the way, right.
The cost of financing demorage is also there.

662
01:09:19.840 --> 01:09:24.239
But what is the anypathy guy is
saying is that wherever you refine it,

663
01:09:24.720 --> 01:09:30.119
you are saving. But that's saving
is thirty naira that's from Dangte.

664
01:09:30.720 --> 01:09:33.760
So Dangote is not going to buy
whether he buys in nayra or dollar,

665
01:09:34.359 --> 01:09:41.119
is still at the international price.
Unless you subsidies the cost, Dangote is

666
01:09:41.159 --> 01:10:04.479
going to buy. That's what he's
saying, Okay, right, and why

667
01:10:04.600 --> 01:10:11.399
not? Why why not? It's
a subsidie, It's a subsidute. This

668
01:10:11.560 --> 01:10:15.520
solution, part of our solution was
first of all, we need to boost

669
01:10:15.520 --> 01:10:30.159
our local production so that at least
two you know, I'm looking at seventy

670
01:10:30.239 --> 01:10:38.079
dollars seven and that's going to be
it for five years, okay, Like

671
01:10:38.119 --> 01:10:41.680
I'm putting North Public food in place. I hear you, I hear yourself.

672
01:10:42.520 --> 01:10:45.720
I mean I mean that Let's assume
Let's then just let's assume Nigeria is

673
01:10:45.840 --> 01:10:53.359
doing two point five million barrels.
As two point five million, Let's assume

674
01:10:53.439 --> 01:10:59.279
the price is at eighty. That
is still insufficient for an economy of five

675
01:10:59.479 --> 01:11:03.520
hundred billion dollars. Still insufficient.
The point is that national economy has moved

676
01:11:03.560 --> 01:11:08.840
on from crude oil. CRUDEL today
is less than fifteen percent of GDP.

677
01:11:09.199 --> 01:11:14.680
The only difference crudal makes today is
the export innings, and it's only making

678
01:11:14.720 --> 01:11:18.960
a headway because the non oil export
inarnings are so weak. If we focused

679
01:11:19.000 --> 01:11:26.439
on just maybe cassava or cocoa or
even urea, Dangote just came yesterday.

680
01:11:26.479 --> 01:11:30.640
He's already the highest export in nineger
If we focused on three Dangote is doing

681
01:11:30.840 --> 01:11:32.560
Urea, we start to catch up
with crude oil. That's the point I'm

682
01:11:32.600 --> 01:11:36.720
making. If we depend on crude
oil, we're in serious troublo. Once

683
01:11:36.800 --> 01:11:43.319
this Green people in America starts,
there will be normal crude oil. I

684
01:11:43.439 --> 01:11:51.279
gue, I hear you, good
point, Okay, But what I mean

685
01:11:51.319 --> 01:11:56.640
what the crude oil is a security
issue that's what just so you are complic

686
01:11:56.720 --> 01:12:00.920
correct, If we can't defend static
pipeline, this is the world though static

687
01:12:01.159 --> 01:12:05.039
pipelines. We know where the pipelines
run, we know where they run to,

688
01:12:05.479 --> 01:12:11.960
and the entire alps of Nigera cannot
defend those miles of pipelines. That

689
01:12:12.159 --> 01:12:16.600
tells you you're not serious. If
the presence of Nigeria cannot guarantee a pipeline

690
01:12:16.640 --> 01:12:23.680
running from Delta to four cadots cannot
be breached, the whole amount of Niger

691
01:12:23.760 --> 01:12:29.239
can defend static pipelines, then we
should shut the country down and maybe sell

692
01:12:29.239 --> 01:12:31.319
it to China and move on.
That's the point I'm making you instead of

693
01:12:31.399 --> 01:12:35.680
be saying it's corruption. You are
correct. Oil has been stolen. Hence

694
01:12:35.760 --> 01:12:42.279
we have seven hundred thousand barrels shot
in and if we start to export crude

695
01:12:42.319 --> 01:12:45.119
oil, we get enough dollars to
pay off this six points It doesn't help

696
01:12:45.159 --> 01:12:48.359
me today, but the market is
that were paid off six point eight.

697
01:12:48.720 --> 01:12:54.720
Then the pressure on the Nira wide
us this one four narra is because there's

698
01:12:54.840 --> 01:12:59.199
no oil being sold and the subsidy
on oil has come back. When I'm

699
01:12:59.199 --> 01:13:03.000
talked a whole lot to you Let's
get some place some more, some more,

700
01:13:03.840 --> 01:13:11.199
some of for some peace. Go
ahead, s A M O L

701
01:13:11.399 --> 01:13:14.399
some more. Someone is already.
Let's get Leslie, Leslie, you've got

702
01:13:14.479 --> 01:13:19.920
the floor. Lest some more?
Please go ahead real quick, Okay,

703
01:13:20.359 --> 01:13:34.600
I cadleful to issue we're talking about
the local production is where probably the local

704
01:13:34.720 --> 01:13:41.840
production is expassive and behind it for
today it But for me, I think

705
01:13:41.880 --> 01:13:45.880
it's just an emergency to use the
pleasure in the market, may mean from

706
01:13:45.880 --> 01:13:49.640
all these African countries because most of
the it is there. I think you

707
01:13:49.720 --> 01:13:56.880
can get from the Africa markets to
reduce the pleasure in the markets. So

708
01:13:57.119 --> 01:13:59.840
not that this is for the say
it team is going to sell I could

709
01:14:00.119 --> 01:14:04.359
problem. But one other thing is
that the CD need to get some places

710
01:14:04.479 --> 01:14:11.479
into the table. The policies and
the CS are making. The major players

711
01:14:11.800 --> 01:14:16.960
of face have not been involved,
the major marketers have not been involved when

712
01:14:17.000 --> 01:14:24.840
these policies have been made. So
it affects this seriously. And another anger

713
01:14:24.960 --> 01:14:30.640
went to route in is that like
the NYFI complainers, because so many suggestions

714
01:14:30.680 --> 01:14:35.520
have heard from here and I'm trying
to create a person to persing transactions or

715
01:14:36.199 --> 01:14:43.359
having an athlete in these countries where
we have Nigeria's JAS parameters. Another issue

716
01:14:43.479 --> 01:14:47.640
have a facing Ndreia is a fat
in production is security and from the NiFi

717
01:14:47.800 --> 01:14:59.319
you angle any these men so much
of these transactions we would who would reason

718
01:15:00.039 --> 01:15:06.399
the problem we have in because DIPn
is opening the market even when they a

719
01:15:06.520 --> 01:15:15.479
few tage the system definder from the
NFI. That's roism is me pinnounced by

720
01:15:15.600 --> 01:15:25.880
dollar twenty thirty Nigeria and Africa dollar. And the UNIFI is fighting combating fantasy

721
01:15:26.000 --> 01:15:33.359
terrorism but is not working with the
NiFi. They're bringing police that is aligning

722
01:15:34.199 --> 01:15:40.439
direct And I think of terrorism in
this country? Do you have do you

723
01:15:40.600 --> 01:15:45.760
have? Do you have like like
an example, you could share something tobaccoup

724
01:15:45.800 --> 01:15:53.960
what you're saying, Yes, I'm
an NF you compare and there was a

725
01:15:55.960 --> 01:16:27.840
motion and I think could you be
mm hmmm because there's mhm and I think

726
01:16:27.920 --> 01:16:36.159
the angle that is increasing angle increasing? Yeah, so I completely completely agree.

727
01:16:36.199 --> 01:16:41.600
But is that collateral damages? Is
that going to be like you know,

728
01:16:41.760 --> 01:16:45.279
culatural damage to the I mean,
we increase access, but then some

729
01:16:45.520 --> 01:16:50.479
bad actors sleeping, don't we have
like k y C two? Is that

730
01:16:50.560 --> 01:16:55.119
what k y C is? Therefore, to ask you doing your customer and

731
01:16:55.239 --> 01:16:59.399
all those questions. I mean even
the US, they still have fun slipping

732
01:16:59.479 --> 01:17:01.319
in from add actors. I mean, I get what you're saying, but

733
01:17:03.039 --> 01:17:11.960
I mean true, you know in
Nigeria is very bad. Gotcha? Gotcha?

734
01:17:13.039 --> 01:17:17.319
Like in the units in the UK, and then as the failing to

735
01:17:17.399 --> 01:17:21.439
consider because most most of their policy
is going to prop from from this.

736
01:17:23.720 --> 01:17:27.399
But I hear you, I hear
you commonly. So what would what would

737
01:17:27.399 --> 01:17:31.119
be your take? Would you prefer
we keep the the holds on just to

738
01:17:31.239 --> 01:17:33.800
have a safer ndia? Is that
what you said, that we keep on

739
01:17:33.960 --> 01:17:39.720
the we keep the guard rails on
just to avoid flu from Is that what

740
01:17:39.840 --> 01:17:45.520
you you would recommend? Yes,
whatever means that we are adopting must be

741
01:17:48.000 --> 01:17:56.439
all the windows put in the windows
in the death all the windows, because

742
01:17:56.439 --> 01:18:11.479
there's the only improvement arising MHM said, now so, which is directly thirteen

743
01:18:11.680 --> 01:18:23.680
local production. Okay, they're not
They're not disclosing her to tackle this.

744
01:18:27.079 --> 01:18:30.640
No, I think I'm not sure. Look, I get your point.

745
01:18:30.000 --> 01:18:33.640
I think the whole idea of the
forty four items is not to encourage the

746
01:18:33.760 --> 01:18:39.800
imports per se, but that the
imposition of the forty four items was an

747
01:18:39.880 --> 01:18:44.840
impediment. So they are taking away
the impediment. They're saying before cyby and

748
01:18:44.880 --> 01:18:49.800
brought out this list who police imports, customs, customs police imports. So

749
01:18:49.880 --> 01:18:54.279
it is the cosm that will say
you can bring these goods into Nigeria or

750
01:18:54.319 --> 01:18:57.399
not. The Sybian should never have
gotten involved in putting out a list of

751
01:18:57.520 --> 01:19:00.840
items that are banned or not banned. That's not the job. So the

752
01:19:00.920 --> 01:19:04.279
point I make is the customs and
the executive will say we don't want to

753
01:19:04.399 --> 01:19:10.520
have important rise. Then the executive
we say we're going to go and invest

754
01:19:10.640 --> 01:19:14.840
in local rights Paddy, local rights
meaning to get the cost of rise to

755
01:19:15.039 --> 01:19:18.920
fall. Then that becomes a policy
that the customs will implement. What don't

756
01:19:18.960 --> 01:19:23.039
I just to put the cart before
the horse, that we'll close the border

757
01:19:23.399 --> 01:19:27.640
to rice. We didn't have enough
local output of rise, right there will

758
01:19:27.680 --> 01:19:30.439
see be a band input of rise. We still don't have local output of

759
01:19:30.600 --> 01:19:33.800
rise. So it's a bit haphazard. But in saying we're going to do

760
01:19:34.000 --> 01:19:39.039
pure central banking, we're going to
do elegance banking. We're not going to

761
01:19:39.079 --> 01:19:43.319
get involved in lists and subsidies.
That's what I see them saying they're not

762
01:19:44.079 --> 01:19:47.199
pushing imports or pushing exports. They
are saying we will go back to our

763
01:19:47.359 --> 01:19:53.319
role as the monetary arbitrial of Nigerian
economy. Just we're going to do the

764
01:19:53.399 --> 01:19:57.199
price control and we're going to do
exchange rates. If you want to bring

765
01:19:57.239 --> 01:19:59.840
in your foreign rise and the macro
to buy it, so be it.

766
01:20:00.000 --> 01:20:04.800
It's not the CBN's job to man
ports or to determine what you should be

767
01:20:04.800 --> 01:20:10.680
import. That's not their calling.
Okay, that's how I just see it

768
01:20:11.279 --> 01:20:14.039
might take. Yeah, but good
points on the n f I you.

769
01:20:14.199 --> 01:20:15.720
I think it's a good point that
we should nor really open the windows too

770
01:20:15.760 --> 01:20:23.199
much. We should have that condition
completely agree, all right, then you

771
01:20:23.560 --> 01:21:08.439
have frighten sir think yeah, mhm, the price is not the completed The

772
01:21:08.600 --> 01:21:36.359
team transforms to yes, this is
a transaction that other shock us around the

773
01:21:36.439 --> 01:21:46.640
world. You cannot have some systems
inspec China. China is the team,

774
01:21:50.920 --> 01:22:36.920
I think. So the question is
don't we have stay Yeah, a good

775
01:22:36.960 --> 01:22:41.159
point, and and and again it
goes back to we've always had this issue

776
01:22:41.199 --> 01:22:45.960
of holding forests and Amber when I
fell out was jailed for having forestiness possession.

777
01:22:46.239 --> 01:22:51.039
So there's a line between regulation and
liberalism where we want to ensure ease

778
01:22:51.119 --> 01:22:55.439
of business. Who want business to
get access to forests and all that,

779
01:22:55.680 --> 01:22:58.960
And I think put your rules out
there. It doesn't have to be as

780
01:22:59.239 --> 01:23:02.079
as maybe easy as binance because binans
are not regarded about the central bank.

781
01:23:02.319 --> 01:23:05.720
They don't answer to the central bank. But let the rules be less onerous.

782
01:23:05.840 --> 01:23:10.159
Why do you need to reference everyone? Maybe if you have a BV

783
01:23:10.319 --> 01:23:12.520
and then why do you need all
those other stuff? I mean, make

784
01:23:12.560 --> 01:23:15.399
it easier. You are the one
looking for dollars, so if I want

785
01:23:15.479 --> 01:23:18.880
something, I would make my house
sustin or like easy to come to.

786
01:23:19.359 --> 01:23:24.199
So you want people to bring dollars
to you, They're already going somewhere,

787
01:23:24.439 --> 01:23:27.960
so you already have competition, so
you're trying to beat the competition. That's

788
01:23:28.000 --> 01:23:30.920
how I will take it. So
the CBN working with the bank to say,

789
01:23:30.000 --> 01:23:33.199
how is the best way we can
get the floor to come to us

790
01:23:33.920 --> 01:23:38.800
away from the P to P boys. If otherwise, why would leave?

791
01:23:38.840 --> 01:23:41.199
If we ain't broke? Whiye fix
it, I'm already there. Why should

792
01:23:41.199 --> 01:23:43.199
I come to you? Right?
Akin, You've got the floor, I

793
01:23:43.279 --> 01:24:03.119
can go ahead, okay, So
to work I think it's just more financial

794
01:24:03.239 --> 01:24:10.760
engineer after financial engineer. And if
there's one thing we know about relying on

795
01:24:11.159 --> 01:24:21.439
FBI is the problem of money.
As as the stickle you say about what

796
01:24:21.680 --> 01:24:30.199
money is the play hot places,
when things get hot, when political situations

797
01:24:30.279 --> 01:24:36.920
get difficult, when the financial situations
in other countries get better. A lot

798
01:24:36.960 --> 01:24:44.000
of the hot money attracted also lived
in the rush. So it's not very

799
01:24:44.159 --> 01:24:48.039
it's not it's not an idea.
I believe anyone think I gena should be

800
01:24:48.119 --> 01:24:54.760
considered, even for the short term, because the great example is always going

801
01:24:54.840 --> 01:25:01.399
on in Lebors. He had a
situation where the way continually using managal engineering,

802
01:25:01.760 --> 01:25:05.680
all sorts of skins, trying to
tell themselves into the Switzerland of the

803
01:25:05.760 --> 01:25:13.960
Middle East, giving us sorts of
interest rates on deposits, on dollar dollar

804
01:25:14.000 --> 01:25:17.600
accounts and everything. And then you
had the pandemic. We had the sanctions

805
01:25:18.079 --> 01:25:21.479
that was that was that were brought
in by the Trump administration, and basically

806
01:25:21.520 --> 01:25:29.640
the hot money started moving out and
it's effectively collapsed or crashed the UH the

807
01:25:30.399 --> 01:25:35.640
Lebanese pounds and also crashed the financial
system. The problem was that the Lebanese

808
01:25:35.680 --> 01:25:41.920
did not deal on the mental problem
that was affecting the exchange and the economy,

809
01:25:42.319 --> 01:25:48.000
and these someboms that you know were
uh uh suggested, I'm not I'm

810
01:25:48.039 --> 01:25:53.279
not dealing with the fundamental problem of
the country. The fundamental reason why the

811
01:25:53.359 --> 01:26:00.560
mary is dropping easy because they we
are particularly banned, or we don't apportity

812
01:26:00.600 --> 01:26:03.960
bants, or because it is hard
to open it from so it is easy

813
01:26:04.000 --> 01:26:09.640
to open it. It is because
we do not have a pig of the

814
01:26:09.720 --> 01:26:13.720
mayor. It's no point you buying
themira from approach. And why is that

815
01:26:14.439 --> 01:26:18.439
our oil is not being sold in
the world market. We're not selling value

816
01:26:18.479 --> 01:26:24.159
added goods to the market. Even
the services said that we always talk about

817
01:26:24.239 --> 01:26:29.399
that would make it easy for but
not want the rest to bring the dollars

818
01:26:29.439 --> 01:26:34.520
in. You not be able to
even get down to a week or two

819
01:26:34.600 --> 01:26:40.680
weeks worth of imports of Nigeria.
So when people talk about how we have

820
01:26:40.840 --> 01:26:45.359
appropriate how much is appropids really going
to bring into the economy the big fish

821
01:26:45.520 --> 01:26:50.640
of the oil and gas of agricultural
product that we should really be looking at

822
01:26:50.840 --> 01:26:57.199
that. For me, I suggest
that the way forward if other government shows

823
01:26:57.239 --> 01:27:05.199
that to encourage exportation of activity and
comedy, exportation of goods and services in

824
01:27:05.319 --> 01:27:15.439
Econo. We need to s exports. We are subsidizing of the before,

825
01:27:15.920 --> 01:27:20.199
which is exportation of these things to
the world market that we're able to get

826
01:27:20.319 --> 01:27:25.760
to a lards amount and addition of
people we need. We need all to

827
01:27:25.840 --> 01:27:30.039
flow. So and I know you
with this appree with this idea of bombing

828
01:27:30.960 --> 01:27:38.840
tankers on the igh sea is not
going to work. We learn these things

829
01:27:40.039 --> 01:27:44.439
the way to stay on the music
and you will be hearing from contacts in

830
01:27:44.560 --> 01:27:47.920
India that the same ship has talked
in India. So it's not what they

831
01:27:48.000 --> 01:27:54.279
first want to do, it is
what to that time. Yeah, the

832
01:27:55.079 --> 01:28:00.359
admisation of it. We have to
happiness chras. You can looking with what

833
01:28:00.439 --> 01:28:05.119
I'm saying. You may you may
say, okay, we're encouraging behavior and

834
01:28:05.159 --> 01:28:10.560
everything, but we do not have
the capacity in this whole concress. We

835
01:28:10.880 --> 01:28:16.840
have to find a way. But
we to get oil lovingcas on our side.

836
01:28:17.800 --> 01:28:24.319
I mean, we need to do
this because the idea coupling ships and

837
01:28:24.439 --> 01:28:29.920
everything is a good person. I
get to my work, which my environmental

838
01:28:30.039 --> 01:28:41.840
damage and and if it's implemented that
weary stories of Nigeration is talking in random

839
01:28:41.920 --> 01:28:49.279
places in the world then turning avoid
to avoid tracking by niger govern and works

840
01:28:50.399 --> 01:28:56.520
for me. I will continue to
say it's logan, so it's we will

841
01:28:56.600 --> 01:29:01.479
probably need to a greater problem down. Then when you start to move out

842
01:29:02.880 --> 01:29:09.880
financial problems are happening, you can
people can say into the country, what

843
01:29:10.199 --> 01:29:14.119
happens. You could have the situation
where you have like in nineteen ninety seven

844
01:29:14.960 --> 01:29:31.960
financial crisistem where literally collapsed were literally
I think I can hear so please is

845
01:29:32.479 --> 01:29:45.520
this we need to export? Okay, okay, I hear you. I

846
01:29:45.760 --> 01:29:50.520
just I mean the what's hits me
is that the Nigian exports actually more than

847
01:29:50.560 --> 01:29:55.399
an imports right now. So when
you say we don't export there's no demand

848
01:29:55.439 --> 01:29:59.159
for the nirah, where'd you get
that from? The our export number is

849
01:29:59.439 --> 01:30:03.199
we export. What's more than what
I'm saying is that we don't have the

850
01:30:04.039 --> 01:30:09.079
we don't have looked the man and
if you look at our trades, yes

851
01:30:09.159 --> 01:30:14.720
we run we're only trade of plus. We're really capital they called a council

852
01:30:14.800 --> 01:30:20.279
plus. But that's largely because we're
trying to try to both sides of the

853
01:30:20.760 --> 01:30:25.800
of leisure, which is basically making
us look like, yes, we have

854
01:30:25.920 --> 01:30:32.479
a trade point the Council. Plus
the relation is that the relation is that

855
01:30:32.960 --> 01:30:39.920
Nigeria is here is not exported in
the rest of the world. And that's

856
01:30:39.960 --> 01:30:45.920
why I said to push subsidize to
say goods services out of the country.

857
01:30:46.319 --> 01:30:49.760
I know, yes, it may
come from some of dislocation in the local

858
01:30:49.800 --> 01:30:54.039
economy in the sense of them,
but there's not there's not there's nothing wrong

859
01:30:54.039 --> 01:30:56.760
with that. There's nothing wrong with
that. There's nothing wrong with that.

860
01:30:57.479 --> 01:30:59.880
There's nothing wrong with that. There's
nothing wrong with that. I am.

861
01:31:00.000 --> 01:31:03.960
I am for export and instantive as
an export, not the wrong with that.

862
01:31:04.279 --> 01:31:09.920
There's nothing you've said that I'm disagreeing
with. When we wonder if we

863
01:31:10.119 --> 01:31:13.079
if we want to really grow the
eccountomy, we have to export because that's

864
01:31:13.079 --> 01:31:16.159
how we get dollars into Nigeria.
When we say born a boy, the

865
01:31:16.439 --> 01:31:23.920
export number important Nigeria about one point
five to two billion a month. That's

866
01:31:23.960 --> 01:31:26.680
the input figure. One point five
to two billion a month. That's what

867
01:31:26.800 --> 01:31:30.880
we used to play an import.
We are saying that oil alone can't meet

868
01:31:30.960 --> 01:31:36.560
that. If you branch out into
entertainment and you can go and have an

869
01:31:36.720 --> 01:31:44.039
arrangement, we say Spotify. All
this Nigerian music has been downloaded. You

870
01:31:44.239 --> 01:31:46.840
can have a remember with Spotify to
say, if it came from Nigeria,

871
01:31:46.920 --> 01:31:50.079
want to get a royalty from it. I mean, I'm not saying today,

872
01:31:50.760 --> 01:31:57.840
but you have to have a plan
to start to capture services at Entertainment

873
01:31:57.920 --> 01:32:03.039
from Nigeria is huge, Nollywood is
huge. There's nothing wrong. I can,

874
01:32:04.800 --> 01:32:08.520
I can, I can let me, I can, I can let

875
01:32:08.600 --> 01:32:12.399
me land, let me land akin. I can. I let you speak,

876
01:32:23.920 --> 01:32:35.520
but that's if you yes. But
I can't. But I can't hold

877
01:32:35.600 --> 01:32:40.520
on. I can hold. Are
you done? I can out to the

878
01:32:40.560 --> 01:32:44.199
finish, I can speak. I
don't want to finished. Okay, what

879
01:32:44.359 --> 01:32:47.960
I'm saying is this this. I'm
not talking about the revenue share you get

880
01:32:48.039 --> 01:32:53.479
today from Spotify. That's not what
I'm talking about. I'm talking about private

881
01:32:53.840 --> 01:33:00.079
equity investing in the artists to say
we own a set in share of the

882
01:33:00.439 --> 01:33:05.279
artists. If we have a studio, we have a Nollywood studio where you

883
01:33:05.399 --> 01:33:14.359
can film, create content, how
much do you sell the content to Spotify?

884
01:33:14.920 --> 01:33:19.800
Not the royalties, but the ownership
of the content itself, so that

885
01:33:20.039 --> 01:33:26.560
every download you are getting a share
of royalties. If I go to a

886
01:33:26.680 --> 01:33:31.600
studio and I get funds to do
my film, then this pee owns a

887
01:33:31.720 --> 01:33:36.319
piece of my film. If that
film is sold abroad, I get a

888
01:33:36.479 --> 01:33:44.159
constant stream from Netflix. From all
these content providers, a share comes to

889
01:33:44.279 --> 01:33:48.199
me. It adds up. Even
the twelve million are talking about, it

890
01:33:48.560 --> 01:33:55.239
adds up. It's not going to
replace crude oil. But the largest employer

891
01:33:55.319 --> 01:34:00.560
of labor in Nigeria outside the government
is Nollywood. So you should look at

892
01:34:00.600 --> 01:34:03.800
that and say, how can we
make more money from this? Go anywhere

893
01:34:03.840 --> 01:34:08.920
in the world. Nigeria movies,
Nigerian content. I hear Redma in the

894
01:34:09.119 --> 01:34:11.720
US. How are we making any
money from Redman in the US? I

895
01:34:11.800 --> 01:34:15.039
hear my radio? No. And
That's where I'm talking about. We've got

896
01:34:15.119 --> 01:34:19.640
to get innovative to say how can
we monetize this talent that is coming from

897
01:34:19.760 --> 01:34:24.119
Nigeria. You just can't shut it
down and say it's not gonna work.

898
01:34:24.159 --> 01:34:27.920
You just set twelve million. Is
that not money? Even if we get

899
01:34:28.079 --> 01:34:31.800
one million, that's from zero.
So start from there and build it up.

900
01:34:31.920 --> 01:34:36.239
How much does India get from from
Bollywood? So let's copy them.

901
01:34:36.319 --> 01:34:41.279
Let's start from there. That's the
point I'm making. Nollywood can replace n

902
01:34:41.359 --> 01:34:45.039
NPC. But it is a start
or did you not have any don't say

903
01:34:45.039 --> 01:35:10.319
it again? Akaing the count subsidies
that you get because the subsidies direct for

904
01:35:11.479 --> 01:35:40.520
maybe direct company through through courage companies
and encourage exp through introducing. So you

905
01:35:40.800 --> 01:35:53.039
get at this point I think literally
which to go for? This is what

906
01:35:54.119 --> 01:35:56.720
I can't. We said out to
the box and you should it down,

907
01:35:56.840 --> 01:35:59.600
but we go out of the box
and you should it down and let me

908
01:35:59.680 --> 01:36:02.239
let me address plant. They want
about bombing. If you guys know what

909
01:36:02.319 --> 01:36:08.399
I thing was talking about. The
Nigerian Air Force is bombing a bumker as

910
01:36:08.399 --> 01:36:11.000
the guys that go steal the crude
oil in the creek. So when they

911
01:36:11.119 --> 01:36:15.600
bomb those things, they burn,
they cause environmental damage. It's not the

912
01:36:15.800 --> 01:36:19.600
best. But why is the air
force bombing them? And why do I

913
01:36:19.720 --> 01:36:25.920
support it one hundred percent? Because
there are many instances in Nigeria where the

914
01:36:26.039 --> 01:36:31.199
Aurian government has arrested a ship with
stolen crude oil, taking that ship not

915
01:36:31.319 --> 01:36:39.119
to the police, to the Nigerian
Navy bays packed the ship there with the

916
01:36:39.239 --> 01:36:45.479
ship and the cargo in the Nigerian
Navy base and the ship vanished. Not

917
01:36:45.720 --> 01:36:50.840
my words, vanished this bomb ship
from a base, not once, not

918
01:36:51.039 --> 01:36:57.600
twice. So there's a big cartel
that is that whole security in Ada Delta.

919
01:36:57.680 --> 01:37:02.239
There's a big cartel that's not letting
the country earn what is due to

920
01:37:02.319 --> 01:37:06.880
them. So my take is all
the ships are ensured. You can't fly

921
01:37:08.079 --> 01:37:13.199
a ship without insurance, especially the
big ships. If you start to sink

922
01:37:13.319 --> 01:37:16.479
those ships where they stay, just
sink them. Then you send the message

923
01:37:16.920 --> 01:37:21.640
to Lloyd to say, listen,
we cannot come to Nigeria. Still could

924
01:37:21.720 --> 01:37:27.319
oil and take it out of the
country without consequence. I don't know any

925
01:37:27.359 --> 01:37:31.720
that solution. If you say arrest
them, we've arrested them. They're already

926
01:37:31.840 --> 01:37:36.760
doing the plankating. Now we're not
paying amnesty. Have we stopped is Temblo

927
01:37:36.800 --> 01:37:42.199
no longer having a contract? Have
we castled Tompolo's contract or should we give

928
01:37:42.199 --> 01:37:47.840
it to more Tompolos. The largest
personal contract today in Nigeria's history is by

929
01:37:47.880 --> 01:37:55.359
a guy called Tompolo in another alta
till today we have we stopped that,

930
01:37:56.000 --> 01:38:02.079
So it's not I would say give
mother binaries and have them do legal modernifiers.

931
01:38:02.119 --> 01:38:08.520
But that's just a small fraction.
The real theft is happening from those

932
01:38:08.760 --> 01:38:14.119
big ushangoing lines that come to Nigeria
scarce stooning crude and take it out.

933
01:38:14.239 --> 01:38:18.279
You can't try to the Iran or
Kuwait or even in Angola. You can't

934
01:38:18.359 --> 01:38:24.760
try it in any other nation,
even in Libya. It's only in Nigeria.

935
01:38:25.239 --> 01:38:28.199
So we gotta get desperate. I
mean, if if if I had

936
01:38:28.319 --> 01:38:30.359
money in the bank and you walk
into the bank and take my cash,

937
01:38:30.399 --> 01:38:36.199
I will be annoyed. But somehow
we allow the oil crew. So think

938
01:38:36.279 --> 01:38:41.560
it that's my burn ship burn five. You pass the message that maybe it

939
01:38:41.640 --> 01:38:45.279
stops. But if you do nothing, if you arrest them, they change

940
01:38:45.319 --> 01:38:47.920
the name. You actually just they
change the name. The exact same ship

941
01:38:48.279 --> 01:38:53.960
is selling, different name, different
crew, the same ship that was arrested.

942
01:38:54.960 --> 01:39:03.039
So corruption man is a big thing
only near what's up very But for

943
01:39:03.159 --> 01:39:12.239
me, I think it was important. I don't think no matter how you

944
01:39:12.399 --> 01:39:30.279
think, the the thing you more
money the problem we're having. Start h

945
01:39:35.600 --> 01:39:53.520
y about this quite now. If
you look at this, why is it

946
01:39:53.640 --> 01:40:01.359
that we have that kind of pardo. It's not it's not where many system

947
01:40:01.920 --> 01:40:10.159
that allows. I think I was
very concerned. I was a big prison.

948
01:40:10.199 --> 01:40:16.119
There has a play and experienced he
has been. He has been because

949
01:40:18.119 --> 01:40:44.479
he also has strong lies in different
because I'm not my basic accuse gives sure

950
01:40:44.800 --> 01:40:51.680
when you point out because that the
system came to that is why the not

951
01:40:51.880 --> 01:41:33.000
too much as in the deep uh
you know, like all about the system

952
01:41:33.079 --> 01:41:44.880
that Okay, it doesn't work.
You see the fact that if not the

953
01:41:45.000 --> 01:41:57.920
fact that the resources and yeah and
again I can only just a quick diversion

954
01:41:58.239 --> 01:42:00.640
when we say fd I came twist
it, what really are we saying that's

955
01:42:00.680 --> 01:42:04.319
where the bank is? I think
that whole report is a bit funny because

956
01:42:04.399 --> 01:42:10.800
if if I in Cano get FDI, but the bank I'm getting the FDI

957
01:42:11.000 --> 01:42:15.319
is in Legos, it's recorded as
going to FDI in Legos, So that

958
01:42:15.520 --> 01:42:18.520
report maybe we should maybe I don't
know how they can make it to reflect

959
01:42:18.840 --> 01:42:23.920
where maybe put the company in then
putting the state or whatever. It doesn't

960
01:42:24.000 --> 01:42:28.000
it's not really a real picture of
the fd affluent in Nigeria. That's what

961
01:42:28.119 --> 01:42:31.520
I think. On that report.
It just shows the headquarters of whatever institution

962
01:42:31.840 --> 01:42:36.239
received that FDA. That's what we're
seeing there and so most things. There's

963
01:42:36.319 --> 01:42:40.560
twenty five thousand four estates. That's
better than zero. But what is it

964
01:42:40.640 --> 01:42:44.119
doing. There are a lot of
ways you can create cash flow in dollars

965
01:42:44.159 --> 01:42:47.199
to conige that tourism is one right. Tourism New Yim festival bringing people to

966
01:42:47.239 --> 01:42:51.239
come and do you know you will
will bless them with holy water, eat

967
01:42:51.239 --> 01:42:56.840
spiritual I am will give them African
name. We charge them fiveand dollars if

968
01:42:56.880 --> 01:42:59.680
you do it for ten people,
doesn't Yeah, it's money. Don't we

969
01:42:59.760 --> 01:43:02.319
go what Disney we'll go to watch
her important? Bring them here them just

970
01:43:02.399 --> 01:43:08.479
bless them with amadio ha. We
give them an africantrational name who bless them

971
01:43:08.520 --> 01:43:11.720
to go on this slavery trek all
those things they do in Ghana, mis

972
01:43:11.800 --> 01:43:15.479
Senegal and they make money. Package
tour fly in you know you stay one

973
01:43:15.560 --> 01:43:20.439
week in Arochuku, will give you
yam you wear you know cloth. Norly

974
01:43:20.439 --> 01:43:25.159
would come. You know we would
have one village you see African village.

975
01:43:25.239 --> 01:43:28.079
You stay there for the night,
you drink. You know, you have

976
01:43:28.119 --> 01:43:30.359
to get innovative. And that's where
doing South Africa. You're gonna You're gonna

977
01:43:30.399 --> 01:43:34.359
stay in there upam Bote village and
you paid dollars to see them drinking beer

978
01:43:34.439 --> 01:43:39.159
and dancing for these dollars. Same
thing with Vegas. You go to Vegas.

979
01:43:39.239 --> 01:43:43.279
What's in Vegas slots casinos, But
they get a lot of money from

980
01:43:43.359 --> 01:43:45.920
visitors. So we have to sort
of you know, do the same thing

981
01:43:46.039 --> 01:43:49.800
and get the money in build like
Dubai said, you know, you build

982
01:43:49.800 --> 01:43:54.560
a port free trade zone, you
put the hotel, you make it safe,

983
01:43:54.640 --> 01:43:57.840
people will come, You generate a
commas around it, and then you

984
01:43:58.079 --> 01:44:01.640
move them from there. Leslie,
what's up man couture? Yes, you

985
01:44:02.199 --> 01:44:19.960
you've present points and yeah, the
jam problem is really multi national surfing comp

986
01:44:25.479 --> 01:44:32.760
us cool, but the woods pushed
and then from cool you see all of

987
01:44:32.920 --> 01:44:46.439
the community. Yeah, particalis away
from the jam. So the protection I

988
01:44:46.560 --> 01:45:11.960
think in systematic you know colaboration clo
between and communities. Oh you recommended now

989
01:45:15.920 --> 01:45:34.640
when it would implemental interputation people preach
all took against government the way in festive

990
01:45:34.920 --> 01:45:58.840
to in putout us. You know, use me can't stay now you're just

991
01:45:58.960 --> 01:46:10.319
under the effects, you know call
the effects we have cot like because at

992
01:46:10.359 --> 01:46:33.359
all where but they are for it
as it's like the public and you know,

993
01:46:38.199 --> 01:46:45.560
you know even where you want to
change last kind of from those at

994
01:46:45.600 --> 01:46:57.920
the from in collecting in the from
FO countries. So custom I suppose a

995
01:47:00.319 --> 01:47:13.680
man so that will have much full. So what is quite low? Okay,

996
01:47:14.439 --> 01:47:21.920
okay, boll you know adventures like
you know stories invention and good that

997
01:47:23.079 --> 01:47:33.119
is possible that you know the complex
you will be hearing that's your your audience

998
01:47:33.199 --> 01:47:35.560
cutting and I'm not sure if it's
just me, but orders cutting it out.

999
01:47:35.600 --> 01:47:39.920
So maybe I'm making you round up
yours really cutting it out. Okay,

1000
01:47:40.000 --> 01:47:49.880
okay, let me round up people
don't have instance in money. For

1001
01:47:49.960 --> 01:48:00.600
example, you go and then the
look back difficult. One of three or

1002
01:48:00.640 --> 01:48:11.479
four were I walked into the bank
one hour to ask the community. I

1003
01:48:11.600 --> 01:48:15.800
came to have the back the No. One donation which is one one dollar,

1004
01:48:15.199 --> 01:48:23.079
and I was looking for five thousand
dollars. I was just saying,

1005
01:48:23.199 --> 01:48:30.279
letting that you wanted to lar in
people. I'm given one one dollar which

1006
01:48:31.199 --> 01:48:41.640
has too So there are a kind
of scenarios that WO was making it impossible

1007
01:48:41.680 --> 01:48:46.359
for those who is a dollar to
bring to the tanking sector people having dollars.

1008
01:48:46.640 --> 01:48:51.039
The people are private homes instead of
bringing it to get to the band.

1009
01:48:51.159 --> 01:48:56.640
We are we can be recorded and
be used for more for extransactions so

1010
01:48:57.319 --> 01:49:09.520
this regulative organizations like the Central Bank, leslie. Thank you so much.

1011
01:49:09.520 --> 01:49:12.520
I appreciate that. Yeah, you're
only just cutting it out. Yeah,

1012
01:49:12.560 --> 01:49:14.920
I'm so sorry about that. BBM. I've got to BBM go ahead,

1013
01:49:15.479 --> 01:49:23.880
BBM you alright, y, yes, all right, all right, thank

1014
01:49:23.920 --> 01:49:28.079
you very much, thank you once
again. And I'm just to add my

1015
01:49:28.159 --> 01:49:31.279
own succents to this. I'm talking
that we're talking about as we got a

1016
01:49:31.560 --> 01:49:38.960
FEX issue. First off, like
I want to talk about the alternities that

1017
01:49:39.159 --> 01:49:44.680
we could like its solutions to this
problem and to start to meet my own

1018
01:49:44.720 --> 01:49:48.399
opinion, I don't think the the
band that is lifing on the forday it

1019
01:49:48.520 --> 01:49:53.239
tends. I really don't think it
will have any economic impact on it.

1020
01:49:53.319 --> 01:49:57.680
Because the question wish as going to
say that those the CD and they even

1021
01:49:57.800 --> 01:50:02.239
have EEXT to your lose for today
items we should all we should all ask

1022
01:50:02.399 --> 01:50:08.640
GSK and the likes having difficulties to
access the FX markets and all so even

1023
01:50:08.760 --> 01:50:13.720
like commodities that are more parents including
drugs and all, they could not access

1024
01:50:13.760 --> 01:50:17.520
the EFTs due to like scarcity and
all. So not to select some other

1025
01:50:17.720 --> 01:50:23.000
pull of that that medical to the
fort today at all. And also I

1026
01:50:23.039 --> 01:50:27.199
would like I agree with seal Canu
on a point that you do make haw

1027
01:50:27.319 --> 01:50:40.239
from that one that the rates of
turn how about And in addition, we

1028
01:50:40.279 --> 01:50:43.800
shouldn't blame this money in the in
the UK and the years trying to send

1029
01:50:43.800 --> 01:50:46.399
money to the Nigeria and making use
of ther own official rates. We shouldn't

1030
01:50:46.399 --> 01:50:51.319
blame them of course, like one
thousand rates and several of the are rates

1031
01:50:51.319 --> 01:50:55.399
and good for several they are like
it's not logical and to me, I

1032
01:50:55.479 --> 01:51:00.359
feel it's a look which is been
caused by this by saying which is creat

1033
01:51:00.640 --> 01:51:04.560
like it's worths smaller national REDI so
I feel that it's a responsibility of the

1034
01:51:04.640 --> 01:51:13.920
city when they fixes the people love
like who can decide, but everybody knows

1035
01:51:13.960 --> 01:51:17.840
that there is an unofficiality and everybody
have accessity, so definitely people want to

1036
01:51:18.439 --> 01:51:24.239
patrolize it. And also as we
are, some of the ways or some

1037
01:51:24.359 --> 01:51:30.359
of the solutions to this efforts issue
in Angelia is that distribution like that there's

1038
01:51:30.399 --> 01:51:33.319
some importation that really needs to be
discouraged. Just yesterday all there about that

1039
01:51:33.399 --> 01:51:41.640
the news reported that about about three
sixty legsos or three sixty SUVs will being

1040
01:51:41.680 --> 01:51:46.279
imported for the senators or the blobs
and everything and all a little one sixty

1041
01:51:46.399 --> 01:51:53.199
millionaire power like is that a parai
and multiplied it is about fifty four billionaire

1042
01:51:53.399 --> 01:51:56.960
or girl. But like all of
these things that happening. And yet mind

1043
01:51:57.039 --> 01:52:00.920
you, they will take dollar to
these markets, not narrow and yet we

1044
01:52:00.960 --> 01:52:03.399
have complain that there's no, there's
no, there's no, there's no and

1045
01:52:03.600 --> 01:52:24.119
yes this is so using the art
bad I can hear him. Yeah,

1046
01:52:24.199 --> 01:52:28.119
that's an issue. I mean,
so if even even the small, even

1047
01:52:28.199 --> 01:52:31.720
the small dollar that we're getting,
the House of Assembly is and understand I

1048
01:52:31.840 --> 01:52:35.760
you to import expensive SUVs, so
even the small one that we think we've

1049
01:52:35.800 --> 01:52:41.039
been getting is being wasted. Any
you've got the floor, Ali, I

1050
01:52:41.119 --> 01:52:45.199
mean, just before Lanny speaks,
just to go back to this initial point

1051
01:52:45.239 --> 01:52:48.039
of where thinking about this for seven
items that has taken off, what do

1052
01:52:48.079 --> 01:52:51.720
you think will be the in parlemacy
direct question? Will will this affect the

1053
01:52:53.600 --> 01:52:57.760
exchange rate positively or negative? Or
it has no effect? In your view?

1054
01:52:58.119 --> 01:53:00.479
If I take you with this item, do I see that I getting

1055
01:53:00.600 --> 01:53:03.960
value? Or is it just going
to be an administrative fix It willn't affect

1056
01:53:04.000 --> 01:53:53.560
the exchange What do you think mean
in effect, it's more like they've done

1057
01:53:53.600 --> 01:53:58.840
the right thing to allow the currency
perhaps have the support to appreciate it is

1058
01:53:59.119 --> 01:54:02.600
itself does not move the needle on
their appreciation or otherwise of the currency more

1059
01:54:02.640 --> 01:54:05.880
or less. That's what I mean. You said just as a stand alone

1060
01:54:05.920 --> 01:54:10.319
policy, it doesn't affected. Okay, I hear you. Let let's get

1061
01:54:10.720 --> 01:55:00.680
old. You go ahead, yeah, h m O. First it starts

1062
01:55:00.760 --> 01:55:06.960
is less mixed security as it is
less we are oil in interior is able

1063
01:55:08.079 --> 01:55:15.279
later that US most countries not a
banker. But you're able to secure even

1064
01:55:15.359 --> 01:55:23.000
with you're able to do because in
mixed security as it is nice even for

1065
01:55:23.159 --> 01:55:34.680
the military pause in associated with that
in the way we have because okay,

1066
01:55:34.800 --> 01:55:49.600
mom has security because what to do
when I know that? If I let

1067
01:55:49.680 --> 01:56:16.000
you love always so that's okay something
once you know what outside and friends joining

1068
01:56:16.159 --> 01:56:29.239
some more like it to do more
play. Our exports are exposes. It's

1069
01:56:29.359 --> 01:56:39.119
not wise because lugend you don't know
what and when it comes to stop reading

1070
01:56:40.760 --> 01:56:51.119
the economies making more because you are
a few testing. But those people I

1071
01:56:51.319 --> 01:57:01.359
think that entering was mostly you know
what is only but and it literally changes

1072
01:57:02.680 --> 01:57:15.119
to support a more complicent exposed investors
put to preaching forward and when I when

1073
01:57:15.159 --> 01:57:29.720
you go to our because financing the
is and financing that kill we need to

1074
01:57:31.039 --> 01:57:43.640
individual to solve kill wise how the
people get more into and more everything into

1075
01:57:43.760 --> 01:57:54.119
the country and through them in and
major we need to be it's not everything

1076
01:57:57.199 --> 01:58:05.079
talking to to let think the rights
they just talk to to their rights.

1077
01:58:05.159 --> 01:58:18.479
But the city rights we have toss
but we need these are its system.

1078
01:58:25.000 --> 01:58:32.479
We need to put that constant supports
me dangerous before because every time we focus

1079
01:58:32.600 --> 01:58:40.359
most of you go now president,
and they don't think towards the most because

1080
01:58:40.960 --> 01:58:57.039
because TiO make you think you can't
be in sene between the constitution, because

1081
01:58:57.359 --> 01:59:20.800
when we will yeah, yeah,
I got you, Lan, Yeah,

1082
01:59:20.880 --> 01:59:30.479
thanks, I mean yeah, gotcha, got you. I mean well,

1083
01:59:30.520 --> 01:59:34.319
back to the round up and all
that. Right, this space was really

1084
01:59:34.359 --> 01:59:40.600
about the CBN removing the FX ban
for a tree item. But in your

1085
01:59:40.640 --> 01:59:44.640
opening comments, right you you you
brought me a lot of issues that you

1086
01:59:44.760 --> 01:59:48.880
know, even if this is taking
away this doesn't really change the needle,

1087
01:59:49.159 --> 01:59:53.800
right, doesn't move that needle in
terms of supply Number one, you said

1088
01:59:53.800 --> 01:59:58.000
the supply, but it's not going
to the CBN that's number one. I

1089
01:59:58.039 --> 02:00:01.279
mean you quoted the six trillion common
into the night and economy, but don't

1090
02:00:01.319 --> 02:00:05.159
going to the center back of Nigeria. And number two, you've also spoken

1091
02:00:05.199 --> 02:00:10.119
about you know, the we say, what's the word I wants you the

1092
02:00:10.239 --> 02:00:15.199
lack of coordination between the executive side
and the CBS side, where with the

1093
02:00:15.239 --> 02:00:20.039
executive side perhaps is spending and the
cbnside is trying to push you this monetary

1094
02:00:20.079 --> 02:00:26.640
stability. I just want to get
your final talks really on this before that,

1095
02:00:26.960 --> 02:00:30.119
because I know we'll be here for
two hours. Right. Is it

1096
02:00:30.319 --> 02:00:34.279
your sense that we have in the
right direction and we just have to run

1097
02:00:34.479 --> 02:00:41.039
faster or are we still in the
wrong direction and we're just maybe not moving.

1098
02:00:41.199 --> 02:00:45.239
But would you say we're now in
the right direction and now we have

1099
02:00:45.399 --> 02:00:51.159
to then run faster to achieve our
monetary and action policy goals? What do

1100
02:00:51.279 --> 02:01:35.880
you think should away the CP They
are very poscular, more about house decisions

1101
02:01:36.479 --> 02:01:48.880
as I react and how the apps
effects. Accounts also had the issue with

1102
02:01:49.119 --> 02:01:56.039
petrosocity and the petrol subsidy air was
removed. Now it looks like it's coming

1103
02:01:56.119 --> 02:02:16.560
back. So there was this time
report by the Opportunities One Direction the reaction

1104
02:02:17.479 --> 02:02:30.760
would have maybe made to travel people. The reason why that's yes, why

1105
02:02:38.199 --> 02:02:51.079
you haven't very successful. You'll be
the coopers comfort the warehouse. You know

1106
02:02:55.560 --> 02:03:04.880
you sup of many Nigers. What
is what's say period in Nidia? Trust

1107
02:03:04.920 --> 02:03:08.840
me, if it was just on
the stock market, we'll be talking about

1108
02:03:09.359 --> 02:03:15.720
get to fifty US and that has
really affected up income because not on the

1109
02:03:15.760 --> 02:03:20.239
stock market is the best piece to
google. In fact been then like it

1110
02:03:20.359 --> 02:03:26.560
as the word and prefer so it
has really suppressed world. The effects market

1111
02:03:26.640 --> 02:03:39.039
of suppressed world during mid Nigeria is
populators paradise and also great distrust among my

1112
02:03:39.159 --> 02:03:47.840
bousin was is like I think that
it's not because don't it is not that

1113
02:03:47.960 --> 02:03:55.359
it is that schools model or you
need variational course to make the market.

1114
02:03:56.439 --> 02:04:04.920
What the market wants is efficiency transparence
decreed. No, Cardoso quite more absentsiul

1115
02:04:05.000 --> 02:04:18.000
fa fast because he has been quiet. He has been quiet, bespoken,

1116
02:04:18.039 --> 02:04:28.600
loogle, he has been quiet.
Are still and than do we'll find the

1117
02:04:28.680 --> 02:04:36.359
markets. That's not a good say
then when you're going to the markets,

1118
02:04:36.439 --> 02:04:49.560
were going through going to now a
few days let to find another for an

1119
02:04:49.560 --> 02:05:12.279
investor. You know he has the
amount of appointments disappointments we have. What

1120
02:05:12.520 --> 02:05:45.720
message you said, messages say,
these numbers are very important if you can't

1121
02:05:45.760 --> 02:05:53.119
get things got I mean you're saying
that for I mean, if I take

1122
02:05:53.159 --> 02:05:56.920
you by summarize your comments, not
yet you are you are hopeful, but

1123
02:05:57.079 --> 02:06:00.319
not you're not there yet, and
you call out to feel the take of

1124
02:06:00.359 --> 02:06:03.600
the administration. And in terms of
messaging and in terms of the world,

1125
02:06:03.640 --> 02:06:08.159
we're seeing lots of I mean,
it's almost like everyway there's a new there's

1126
02:06:08.159 --> 02:06:11.800
a new appointment of an aid for
this. There's now an aid for is

1127
02:06:11.840 --> 02:06:16.159
it culture or is it the one
that semi Daughta is doing. There's lots

1128
02:06:16.199 --> 02:06:18.640
of aid. You know. It
looks like let's you get an aide,

1129
02:06:18.720 --> 02:06:20.880
you get an it, everyone gets
an age like Oprah, you know,

1130
02:06:20.960 --> 02:06:25.960
and all that kind of stuff.
So I'm only show that's going We have

1131
02:06:26.119 --> 02:06:30.079
to run a very lean government.
And I say that the words and the

1132
02:06:30.239 --> 02:06:33.359
actions of the guys that are leading
the country right now do not show that

1133
02:06:33.439 --> 02:06:36.640
there's a crisis. You know,
we're talking on the space now about the

1134
02:06:36.760 --> 02:06:42.319
dollar crisis. We don't have dollar
to fund imports where he and Adrian Banks

1135
02:06:42.640 --> 02:06:46.520
kind of put up ELSs can get
them funded. But the lifestyle and the

1136
02:06:47.399 --> 02:06:51.199
spending of the government, it's normally
driving with what we on the ground are

1137
02:06:51.239 --> 02:06:57.760
seeing. That's where I'm I know
I'm calling getting it wrong or seen getting

1138
02:06:57.760 --> 02:07:02.960
it wrong. There is no speed, there's no urgency, there's no let's

1139
02:07:03.079 --> 02:07:08.159
get this done today because we're not
sure if tomorrow this thing will still be

1140
02:07:08.359 --> 02:07:11.199
going on. We've seen, like
you said, what happened in Israel,

1141
02:07:11.479 --> 02:07:15.359
tirty billion dollars released by the Central
Bank immediately, but not just that.

1142
02:07:16.119 --> 02:07:21.399
In America, Florida and New York
I think it's California and Texas, they

1143
02:07:21.479 --> 02:07:28.199
all came together to buy Israeli bonds
and that takes the pressure of Israeli yields,

1144
02:07:28.319 --> 02:07:31.680
which helps their economy. That's how
you use your diaspora, you know,

1145
02:07:31.760 --> 02:07:38.039
you use your dask strategically. It's
not the Jews in quotes buying those

1146
02:07:38.119 --> 02:07:42.680
bonds, but it's Jews influencing the
governments of those states to buy the bonds

1147
02:07:42.720 --> 02:07:46.000
of Israel, which is helping the
economy of Israel. So the daspora person

1148
02:07:46.079 --> 02:07:48.960
for the government has got to be
They will have to go back to get

1149
02:07:49.119 --> 02:07:54.560
someone that has gravitas. You know, I don't mind soone like te Lumelu

1150
02:07:54.680 --> 02:07:58.960
being Minister of Diaspora. It's not
like I can go to Germany, go

1151
02:07:59.159 --> 02:08:01.920
to the West and say we want
to get this done. He can communicate

1152
02:08:03.079 --> 02:08:09.000
and talk in the language of FDIs
fpis and understand how to track those investments

1153
02:08:09.159 --> 02:08:15.199
back home, not just cash for
technology, opening doors for Nigeria. You

1154
02:08:15.239 --> 02:08:18.880
no sell Nigeria's policies, you know, getting across those things to want the

1155
02:08:18.960 --> 02:08:20.680
Congress to see. I see him
talking to you know, to everyone,

1156
02:08:22.239 --> 02:08:26.119
the presence of Germany, the cast
of Germany. I seem talking to Biden,

1157
02:08:26.560 --> 02:08:28.800
so he seems to have a way
to get into these place. Is

1158
02:08:28.920 --> 02:08:31.159
no tap that kind of guy,
you know, and say hey, this

1159
02:08:31.239 --> 02:08:33.560
is gonna be a job for Nigeria. It's not gonna take a salary,

1160
02:08:35.079 --> 02:08:37.079
but we want you to open up
doors for US, sell policy, for

1161
02:08:37.239 --> 02:08:41.199
US sell our bonds, you know, and that's gonna be his job,

1162
02:08:41.359 --> 02:08:46.399
right The Minister of dasbra has to
be you know, that's going to be

1163
02:08:46.439 --> 02:08:48.199
a candet level position, you know, answering to the President say I want

1164
02:08:48.279 --> 02:08:54.359
my job is to bring investments Nigeria
to sell Nigeria story outside. I think

1165
02:08:54.399 --> 02:08:56.039
that's gonna be a way we have
to think outside the box to use the

1166
02:08:56.079 --> 02:09:00.760
best that we have to get that
with what we want. But I just

1167
02:09:00.840 --> 02:09:03.119
feel that we're building a bit slow. We seem to be stuck. We

1168
02:09:03.279 --> 02:09:07.760
don't at most any economic plan out
yet. This for three items would have

1169
02:09:07.840 --> 02:09:11.479
been done when we remove the peg. We're just doing it now. I

1170
02:09:11.560 --> 02:09:16.680
think it's an administrative move. It
helps, but it's not going to have

1171
02:09:16.920 --> 02:09:20.199
any effect on the dollar child rates
on Monday. That will be affected by

1172
02:09:20.279 --> 02:09:24.640
demand and supply. And supply is
coming from the cruder we sell, which

1173
02:09:24.680 --> 02:09:28.840
is going back to Nata delta,
and inflation is going to come from the

1174
02:09:28.039 --> 02:09:31.800
topping of the bandits that are kick
causing food price to go high, so

1175
02:09:33.600 --> 02:09:37.199
the incrude oil prices in the Niger
delta, food infliction in the Middle Belt.

1176
02:09:37.319 --> 02:09:41.560
If we can fix those two issues, then the economy can then start

1177
02:09:41.600 --> 02:09:46.279
to react to this policy moves by
the Central Bank and Minister of Finance.

1178
02:09:46.359 --> 02:09:48.720
That's my own take for now.
I think the army has got to get

1179
02:09:48.800 --> 02:09:54.039
involved in the security right. We
have to focus on the security aspect first

1180
02:09:54.600 --> 02:10:00.239
to allow the policies to then work. If we take MPR twenty five,

1181
02:10:00.760 --> 02:10:03.319
it's not gonna fix inflation. It's
not gonna cause oil to pump out of

1182
02:10:03.359 --> 02:10:07.680
the ground. Sadly, it's back
to the security issue. That's does my

1183
02:10:07.800 --> 02:10:11.439
tick. So guys, we're gonna
round up, and now we look down

1184
02:10:11.479 --> 02:10:13.279
at having last words and then we're
just sort of closed down the space.

1185
02:10:15.840 --> 02:11:35.720
Yeah, m okay, okay,
mm hm h h. Gotcha. I

1186
02:11:35.800 --> 02:11:39.000
mean that's a good, good point. You just you made the inclusion.

1187
02:11:39.079 --> 02:11:43.159
So we just have to all arms
on deck. We have to stop spending

1188
02:11:43.399 --> 02:11:48.079
our cars for X to buy cars
for nationals and their members. Things like

1189
02:11:48.199 --> 02:11:52.520
that make people annoyed and they tell
people off the reforms. Right, we're

1190
02:11:52.600 --> 02:11:56.760
in it together. If you want
to sacrifice, show us how you sacrificed,

1191
02:11:56.760 --> 02:12:00.279
and then ask me to sacrifice.
So we're all in it together.

1192
02:12:00.920 --> 02:12:05.960
Let's get the country moving. Stability. We want stability. Really, it's

1193
02:12:05.000 --> 02:12:09.760
not really if it's expensive or cheap, but stability. If we can plan

1194
02:12:09.880 --> 02:12:13.560
it out of the amount, If
it's fifteen hundred, but it's stable,

1195
02:12:13.920 --> 02:12:16.920
then we can plan. Put our
anchor in the water, understand where we

1196
02:12:18.039 --> 02:12:22.000
are, then walk back and then
see how we can increase or reduce as

1197
02:12:22.079 --> 02:12:24.720
the case. Maybe. So I'm
here, you say, stability is more

1198
02:12:24.760 --> 02:12:30.119
important than the actual you know,
trying to measure the rates per se.

1199
02:12:30.239 --> 02:12:35.279
If we can get this rate stable, and stability means supply. There's no

1200
02:12:35.399 --> 02:12:39.239
stability without supply. If the funds
are coming in, then you can then

1201
02:12:39.359 --> 02:12:43.279
have a stable rate because it can
only go down. People don't mind it

1202
02:12:43.359 --> 02:12:46.159
going down, but stability means we
want to go up. If I'm planning

1203
02:12:46.159 --> 02:12:48.439
and it goes down, I win. But if it starts to go up,

1204
02:12:48.560 --> 02:12:52.760
I lose. And that's what I
hetey. All right, folk,

1205
02:12:52.880 --> 02:12:54.520
thank you so so much for tuning
with us, and we do appreciate it.

1206
02:12:54.600 --> 02:12:56.800
We want to shut down a bit. Ali normally will say for three

1207
02:12:56.880 --> 02:13:01.920
hours, but hey, what's the
We'll be here for fifteen minutes. So

1208
02:13:01.039 --> 02:13:05.760
I thank you all for contributing and
speaking. I appreciate all the comments.

1209
02:13:05.920 --> 02:13:09.520
Is one NIGHTERA and we're all part
of the of the journey on. All

1210
02:13:09.600 --> 02:13:11.680
right, guys, take care of
yourselves as you guys next week. Thank

1211
02:13:11.760 --> 02:13:20.000
you so much. I wanted to
comment. If you make a quick one,

1212
02:13:20.000 --> 02:13:46.920
I'll take it, sir. Okay, the commander, we've done that.

1213
02:13:48.640 --> 02:14:11.520
H Bankers are not the problem.
Bankers are not the problem. Let's

1214
02:14:11.600 --> 02:14:16.199
leave bankers out of it. Bankers
are not the problem. Right, It's

1215
02:14:16.239 --> 02:14:20.319
a free market. Bankers are just
a part of that market. So that's

1216
02:14:20.359 --> 02:14:22.720
what I'll say. All right,
folks, thank you so so much,

1217
02:14:24.119 --> 02:14:24.880
you guys, have a good day
and buy