Let's Talk About The Nigerian FX Reforms, are they sufficient?

Listening from. My name is khalu Aja and this is my podcast or my spaces Twitter spaces. It's a Twitter space about money, personal finance, the economy, and we always make it personal. So how do these economic topics related to you and your wallet? That's the whole idea. That's what we'll talk about every time we beat on a weekend. This week we're you're going to talk about and mentioned FX reforms. It's gonna be a very I mean,

I'm just gonna talk a little bit. I'm gonna release the mic for the dask prop because I'm gonna listen to the das prop and I get the abuse. So it's gonna give you just a little bit of no background and then you guys get to speak. Right. So first things pressed, let's talk about what's going on in the past. In Nigeria, we had two or three exchange rates for the nira, right, so we had the see en rates and then we have the maybe BDC and they will have the black

market rates. Essentially, we had one official rate and our official rate was not paid to reality. Essentially, you could buy nirah or you could take four hundred and sixty eight nier and buy one dollar, but the market will send the same dollar for seven hundred nira, So marginal what we say big arbitract opportunity there of almost three hundred nira. That's so large that no exporter right was willing to export products end dollars and in flore those dollars back to

Nigeria through the official channels. So guys keep in mind that Nigeria has a lot of dollars. If you go to Nigerian domincenia accounts, you will see tons of dollars. I think it's about ten to twenty billion in dollar cash sitting in Nigerian bank falls. This is minus two dollars that we hold physically as cash in Nigeria. We also have the wish we say the P to

P market where Nigerents are selling dollars home a broad back to Nigeria. All those dollars, all that volume is happening outside the Central Bank of Nigeria's control. Nigrants are not selling back dollars because the rates just don't make any sense. You can send back at four sixty three when you can send it to the same Nigeria across the street and get seven hundred. So we've had a

change. I was in the last month. The bank has sort of removed the PEG or what we call the capital controls it's placed on the Nira. It has said if you want to buy dollars, you simply go to your bank. Now your bank is going to bid on the importers as in personal import as we do, and your bank will then get what was called a market determined price from that window and of course sell to you. So such a back you say, we are not going to be the number one source

for dollars anymore. If you are an investor, if you're an exporter, if you don't want to do remittance to Nigeria, use the official channels will pay you at the rate that the market determines. So if I'm a Nigeria and the idea is that I'm in Houston, I can send back my dollars because I'm going to get that market price. So what has happened in Nigeria The exchange rate has devalued or in this case appreciated from the fourth sixty three.

I think last week I saw eight hundred, right, But that price reflects willing buyer willing seller. So if I have doors and on the cell. That's how much I'm gonna get someone to take it. On the other side, I want eight on the box. So that's where we are right now. But I did look at last week the Central Mink released their exchange and in flu reports right the dollar limitances to Nigeria hasn't really picked up yet. But this is as an Anomic cabinet as are the first quarter of twenty

twenty three. We're still below what we did in twenty twenty two, and the reforms seem not to have really kicked in again. We don't have to figures to show what has come in after the reforms. But I was just curious to ask my dad's rough folks, which are going to be the fastest people to send money Agreia, if they know about these reforms and if these reforms is good, are going to make any impact on their decision to send

more influeback Nigeria. I mean, of course, if you're building a house in Nigeria and you are sending one hundred dollars, then you got maybe maybe seven seventy thousand an era. Now they're don't get eighty thousand an era, So would that make you send more money home? If the answer is yes, then we are interestending it. If the answer is know, what do you think the government can do in some of the reforms for you? It's gonna make it easy for you. What would you like to see that would

really make you send money home? And I'm not talking about the money essentially, even for welfare, also for investing. What will make you buy anize your own bond for instance. So the floor is open, um, you guys are gonna talk, and I was gonna moderate, and I'll call my first speaker Chris. Chris, how are you where you're calling? Person?

Hey, Chris, you're gonna omut that little bit button. You're gonna hit that button so you can speak before Chris jumps in here, let me go to already have my first DM Calo, Can you confirm where I can get the prize as a today for dollars? Yes, I personally, guys, I personally, who's f m dq to just do on your Twitter handle at f m dq that's the should said over the counter, um, but not markets that prices Nigerian bones, Nigerian treasuries and also they also post on posting

niger exchange rate. So I used to at f MTQ. So if you only get really the market rate, that's a good place for to go to. At FMTQ. I'm just going to share the handle on my two so you can just follow. That's the best place I think I get the real price for dollars. Demmi, Denny, you've got the floor. What's happening? So yeah, good evening and yet a really good conversation. I've become

increasingly interested in the affairs in Nigeria, as you can probably tell. Yeah, I reside in Britain, I've been born and bred here, but I'm a Nigerian heritage. So my contribution to this is that I've been closely following the exchange rate because I do say money to Nigeria. But one of the conversations I've been having with my mom is about investing in Nigeria. One of the things you'll find in the West is that there's a propreakul lation. There's

not a lot of opportunity. I mean, we have very i would say, quote unquote mature opportunity, mature economies. So the opportunity to invest is there, but it's a lot more regulated, a lot lower expectation of return. Right, So if someone was to give you a five percent return in the UK, that would be an excellent return. So Africa and Nigeria specifically

presents an amazing opportunity to invest. I would say the only thing that for me is an issue is concerned around the how robust the regulatory framework is, like, for example, buying property. As someone that lives in the UK, I'd be very nervous that I would buy a property and be defrauded, or I buy a property and end up in dispute about ownership with somebody, whereas in the UK we have, you know, very robust processes. Is

you know, fraud in that area is almost heard of. If you buy a house issues you know, there's no kind of dispute over whether someone owns it or you're fighting your family member for ownership over the house or things like that. So I guess my contribution is just that, and maybe it's because

I'm just relying on perceptions in Nigeria. But my contribution as a great person is I know that there are plenty of people in the UK that want to invest in Nigeria, but they have anxieties around fraud, robust regulatory framework and you know, a clear path for resolving legal disputes as and when they arrive

to my books. I mean, I mean that those are those are real, real, real fears of ship like because if I was like you, I don't even Nigeria that I tried to invest and I see on the news that you know this happened, that happened, I would express this exacty abuse. So just to give mebe don't also change of my supposed to give you

a bit of five flight. So if you want to invest in Nigeria now today right there is you could take one hundred pounds, let's make it realistic, let's say a thousand pounds, right, you could buy a bond in Nigeria and you could implode that money officially true a Nigerian bank, you could go in buy a bond and when you take your pounds to Nirah to buy that bond will also give you a forward effects market where you can actually go

in and buy your dollars to take your money out of Nigeria. So also like you hedge your bet, and I think most Nigerian banks offer dollar denominated investments in Nigeria and the advantage of doing that for Nigeria that you get a higher yield. I know you can just raise your risk to five percent. But way back to Nigeria, we're always overall already doing five percent on dollar

returns in Nigeria. Like if like you said that they pull for Nigeria is the returns you get in Nigeria. It's a higher risk that then gives you that opportunity to get a higher return. So I do feel you, I do understand. I agree what you're seeing. We have to be more robust in how we you know we are sewage investors. Concern around safety, I mean as CD and government is laptop right, that wouldn't happen in the UK. But still good points. But it takes nitress an open market that is

a very profitable market if you do want to get it getting slowly. Last, people have some guys who talk talk about real estate investing higher yields in Nigeria. Good good, good model. They buy a property, you invest in the property, they manage it, they give you retail yields. I think it's a very very good way to get into rest the market in Nigeria without owning property, without wanting about title, but then me protect you your

your concerns, attack you. Let's get Kenny Kenny colors this this U semilar as spaceman. Yes, oh, I think I think I totally agree with them and living environmental because of lack of good enippling environment for business. I mean, are you going to get your money back? That refraining people from investing in Nigeria basically, But one thing I would like to ask you is my community is going to be more of a question to you. So what

the last I checked Nigeria credit rating? The fish we are like negative be credit writy, I wish deny, deny, check over what the bank always takes and if we're not, we're not ready bad. But what is the thing that's injuring Nigeria from assessing us capital market like goodness as the Bank of America? What is it? I was checking the one lative his father of rebellion that I'm like, what's that going to do to fuel gases? Or

what is that latter? And they're gonnotiate it is thousand Myra. I mean, what is the thing that's evening Nigeria from assssy he played big in the capital market. What is it? Think you can Yeah, Kenny Kenny's a good, great question. Let me ask people, do not you don't have used location? Are you calling from Europe or from the America? I'm planning from you as business at you. So Nigeria, let's let's go back to say twenty twelve. Nigeria right was in the JP Morgan bond index of Imagine

Markets. What that meant is this, right, the way you invest a broad Way, the big boys investor brother don't buy individual bonded buy indexes or to buy a like a money market fund. So Nigeria was included. I think what the second and only emergine markets bonds to be including that index. I think it was South Africa and Nenturia. So what that means is this, if a blue Beeg guy, if young guy wants to buy Imagine market bonds, once he buys that JP Morgan bond, he has for Thomas taken

parts Nigeria and bonds. So we were already in that market and that gave niger a lot of liquidity. So every month people are buying our bonds because they are buying the emerging market bonds and Niger could sell bonds and give floor nation character of flood in the country. Why were we on that bond number one, Who were the people that ran the economics in Nigeria when goals will

conjure a Well, you had a World Bank president. If you google her name, you saw a world band, a lot of gravitas, you know, so invests this boys more, this a tween, the three year old boys that don't know what Africa or who Africa is. So you're going with the reputations. They go by a reputation the goop, I want to see you on blue bead, so you see her, Okay, it's to be

good. Then they look at the macroeconomic conditions of the country. If you pulled up Niger's Margaret economic conditions in state ten twelve, you saw inflation was not just single digits. It was stable for like four years. So it wasn't just that it was low, but it was stable. They were really ups, don't really downs. Then they look at the Central Bank of Nigeria's bond reserves. Boy, it was high. Was that maybe forty nine or

fifty or sixty billion and growing. So they knew that if they try to test Nigeria or to try to sell Najerian bond, the central Bank had enough ammunition to beat them back. Right. So the macroeconomic inflation, the GDP group Nigeria was casually posting six percent, seven percent, eight percent casually. Right, So the economy was growing. We were what you call a unicorn. We had a lack number of English speaking young people. So a large

market ge had come to Calaba invested a billion dollars. Right, you had empty and everyone comes to Nigeria to invest a lot of billions. So those guys in Golden sides to look at the country and say, this is a growing economy. You want to be a parison economy. Hence they put us in the bond so that people could invest in that bond to get exposure to

Nigerian group. Right. That's and if you look at twenty fifteen, does the pymost tweet on seal and whether list that the three that the markets that we're going to be tough fighting entire I think it was number one was Catar, Number two or three was Nigeria. That's a pity Most twitt there wrestling and put it up there. That's where we were. What happened in twenty fifteen destroyed everything in the Central Bank. Governor based on the coming part of

president. We had goldener sex wanders not good marker wanders. When foreigners are buying Nigerian bonds, their findings had to take their money back out of Niger because you your sectual DOMACA is restricting exports of dollars from Nigerias and they said, we have to remove that restriction because we're bringing the dollars in want to take it out, just like how the ellens A complained today and Nigeria government did not listening. They were proud. They were saying, he's Nigeria holds

stuff. And Jim Morgan took Nigeria off that bonding deck. Once we left the bonding deck, then the only goal we could secure consistent row dollars was to go borrow. Hence source go from jib Morgan bonding decks to you bonds. We're not borrowing directly at the higher cost. So now because no one get the automatic purchase of our bonds, it was we had to go sell our bonds. And when you were selling your bonds, what are you doing?

You are saking at a higher yield. That's where debt track Nagenia has started from you that we had the bonds at eight point five percent for thirty years to attract dollar investments when we're already in a bonding deck. Were already in the bonding deck. Weday have to go market, so we now had to go sell bonds. We did the capital controls and then we retained subsidies. Those two things killed out the interest in Nigeria. The full investors left

from twenty fifteen. The foreign investors have been living until today. And you've seen the foreign portfulio go out. You've not seen the physical investors like the Embridates airlines physically leave. They're not going to be Nigel anymore. So what the new government change is to reverse what happened from twenty fifteen to twenty three is, Okay, we're gonna try to part of this part that we have in twenty fifteen to say if you bring it capital, you can't capital.

We're going to give you just one price for dollar. That's what they're trying to do. It doesn't mean that what they do will necessarily work. It means that if they don't do it, nobody will bring it money. That's what's good. They have to do what they are doing now so you don't

get anyone to even look at Nigeria. If you don't remove exchange rates, if you don't make the Nira to float and get a real prizing, if you don't move capital controls, if you don't have a forward market for Nira, then nobody will bring money in. But even if you then do it, it doesn't guarantee. So it's just sufficient but not necessarily. It's necessary, but not so Christians people, you need to have it, but even

if you have it doesn't mean we'll bring money. Hence my space. So I'm not asking people like you can let me ask you your answer to question. Let me ask you my own questions. Okay, have you sent more money? Have you sent less money based on the reforms or the reforms have got no meaning to you whatsoever? So mine doesn't go, doesn't change physically, we're fire, you know, you know how to just now we have people and ye that we have to take care of. Then maybe you'll have

a project that's only you are doing so. But it's right now, my brothers, now we are we having conversation. Last week was telling me about three estate market like Citling an example, like somewhere in Shuemlo you can be valued buy house like all this face may fish you would house ye scrap the turney to the mother defense. And so That's what I'm looking into right now. So I think I've been dropping on that. So but from the so

my my sending money back to get were here? But what were you aware of all these reforms in the past, what years are following the Jim policies Briticial So I know no way made you say hey, I want to send my money back because like, don't you do show a new projects? Are you doing it because of this reforms or you don't? Playing either way? Um, I think I'm I thinking because to be honest, I think I'm

really be because of this reform. But because of this reform, because I am pastulation of the people on ground, because I've been hesitant to invest in so he would be easily I used to send money back to the cuts back to the year at the ending we sell it at the point is they can't find a way to send my money back to me. But this is the everything that is difficult to get the money back to the US. Leave that the last question for you? How do you send one too? Like you

guys, do you do a bank transfer? Do you do give pork has to bring do you do have the same money to nature? So I used all this app all all these all these finted app like same wage and all those kind of stuff. That's what I used to give the guys ni ra or dollars. Because those guys so they change the point. They won't give you your your dollars. We now think we now give you your dollars. You cannot go to the black market and change it because you can get the

quick deal from them. Well, now I think they are the last time I think they're giving them dollars. Now they will give they will give you the loan. You will walking inside the banks. So if they get you used the app they ca the loan. Now said they can get nigh rapp dollar whatever they want to make it. So whenever the why when you get to the bank they will get depend on your shots. They they will give

you narra they give you so as to prefer those. Yeah, Kenny, can you look at the go back and look at the twenty this space we had last week? Right, we had some guys here doing property. What you want to do so that the buying these things in show or yaba buy them, they convert them to twenty five year leases, so you can then you can get the counsel without you being an actual you're buying likely got that

buying lane, buying this or that years down down. What another concern I have is dealing with this and when you learn how to password the paper another to the plans, Kenny, we're going to I can see somebody that are bypassed, not not bypassed. I make that process a little bit like makular. You can have confidence confidence in that process appreciated. We'll go back last week. If you can't find them, send me a DM market them to

contact you. They were here last week. They were they've been here before. What the things are since this is happened that puja they buy this, buy lie and they demolish land and they build it into shotholets want to want to bedrooms, so it's better to rent. It's get more customers, so the yield goes up. Then of course you didn't get the yield as an investor. So look look for them. I think you would if you might find them interesting. Yeah, can you really do? Update? You to

come in contact or contact co see hidings. Yes, I'm doing fine. Good evening where you're calling from Europe, America, America, calling from the UK, se UK. What's happening? Man? So you had we're talking about talking about reforms and all. That's a question for you for you keeping your own ante more money or less money? And is it because of the reforms? I want to see more I've been sending less money apportunity? It is because of these reforms? Are the ones before? Yes? So?

Um, I don't know? Can I just okay? So the thing is I entered the UK last year and when I came to the UK, majority ninety percent of the Nigerians I met here told me one thing. They said, Coursey, never send your money back home for any preudiing project. Don't invest back home. They were like, we know you love Nigeria, we know you want to do this, we know you're always talking about and you're

but don't you get invest back home? And I'm like no. I was like, it's a lie and you guys the home and the likes like that. Then I started investing, particularly in businesses and my wife also invested in real estate. Then came olady, you know, invested in agriculture, was invested in lands and there's one particular thing that's kept on making all the investments scrumble. The arbitrariness of Nigerian policy naked, you know, Like let me

give you an example. One policy making that's destroyed my three of my businesses at once was this cash this nira issue that the niras, Yes, that one destroyed many of my businesses in short, in crippled all of them like that, you know, and a lot of my a lot of people here as well, you know, at the point in time when they now when and I told one of my senior office, she was not like I told you not to invest in nanjaer for now, you know, just ignore er,

focus on your immediate family and just focus on investing where you are where you can be able to physically monitor things like that. You know. So I guess that's the that's the most important thing that's really really that has disrupted my faith in ever investing in Nigeria. You know, it's their bitragedness of everything. Governments can just weak up today, the state governments can weak up to they just come up with job just one form of policy that just takes

the food from your mouth, you know. And and there's no another major thing which many of my persons that have seen here, friends, coworkers that have millions in your there have thousands of parents in your account, you know. And when I talk to them, desire and what they have in mind was agriculture. But the friend of theirs went back home and their friend was kidnapped by ds men in the farm, you know, another friend of his,

another friend of mine, another ahead of another person. So they're like, I don't want to go back home and go and put my money in a place where I would be keeping out, okay, within the farm. You know, that lack of security, you know, it's a major is a major thing that really really this that reader that make people disinterested in UM the going ahead with any form of investments like that. You know. So okay, yes, if your incessors has gone down, and it's because really

of the policy. So this whole thing we're talking about in Nigeria listening, were making it easy for you guys with mad the rates you get the best rate you get now you get dollars. Is it going to change your mind? Are you going to be in the wait and see or is it a definite no for you? You're just gonna focus on UK for now. Ware to me, it's going to be on the wait and see for at least

two to three years. Wow, you might have to just keep watching if they if there's a real change in the posture of the government towards policies, if they are if they are going to be stable, or they're going to be like the older set of persons who were before, who could just randomly come up with something like I have to business, I have to be you know, it's it's it's just like being in the UK. Love for me, I mean the UK, and I see policies. They you can't just

change some things. It doesn't just walk that way. You know, these people would, they will question you. You wouldn't even have the boldness to try it, you know. So it does instances, that's what it does, as well as informed my decision and even my wife she's trying to decredate me all of her investments. You guys have stopped predating everything and the ones are a matter of that. We are actually even locredating that he lost. But we are like, it's better we lopredated to LOSTWN. We having to

deal with lots of issues that do stop. Yes, I hope so, I mean, I expect your comments. I hope you are in the minority, right, I respect for just saying up in the minors. Let me get out out to get let me get to illuminate in here first, right, and then that's illuminated or alomosis allumo of Derby, because let me hear let me hear him that I can get the expect like allumits Almo? Can you can you help him a little more of Derby? Do you hear what

people are saying? Yeahudicatively, happy, solitarybody, thank you for us in space. Yeah, let's start work past state and happy sold to all the wonderful listeners and they speaker so far. The bottom line is, I mean, I've a few points I'm going to say so. I think one of them most become fact has to be lack of an unimplant environment in our society. Look at the insecurity, tourism, the corruption, lack of trust in the system, unemployment and of course one of the sudest parties. We have

about twenty million my duns. We live in despera. I mean, I think people abby to over twenty six billion dollars every year. According to the Symbian that's a big, big money. I mean, that's almost the project of our country. The pacer comment has failed to make use of the daspora and Nagers in despera. I mean, we give one one another example when

it can corruption. The gentleman mentioned when you look at mentioned property investments proper, a few Nigeriants in the UK group even nag in despora you know obviously talk about investments. I work with few brands in Ninegeria as well. When it comes property. It's always difficult to convince any Nigeria to invest back home. When it comes to property, people tell that, oh, we're going to invest in this business, and then before maybe a couple of years under

line or the packages. I mean, everything looks great, but then when it comes to do the nitty gritty, nothing comes up in the stands. That's every one. Let me let me pass you guys go we heare nobody might think this man happy series. But the daspora build is also another issue where love of Nigerians who are basing that in our brothers interest. When you look at countries like Namibia, Kenya booking a vassal togal South Africa, they're

already into dustprop voting already. So for example, if I was in South African, now all I have to just leave my house when it terms to election to vote, I'll just put to the embass in London and vote that South Africa as are Africans, like all the Kenya's poking as our nipple, small country a top they did, that's popular already. Naw I'm gana Morocco

naturalizing dust problem as well. Went to some Ninegurians in Dust part command investor that how can I invest in the country that I can even decide who's deleted? We lead this country. I'm young, Oh yeah, I mean I'm to be a community of Nigerians in the UK. We have almost eleven thousand. I'm also we have so many Nageran Compts in Dustboro, Najerents in the

US, Nagers in Germany, Nagers in fieland Nagas in Australia. We have Nigerants in Middle East communities, Nagian South Africa, now Jergs in Canada. All these communities have been touch every one of them. And the same issue is members of these companies are telling me all the time. People is simple, why should I be investing in the country. In my country, when

I kind even decide, will becomes the head of my country. So the companies to work upon the standards, even like you in Dusporo and are Poover, a lot of things will go wrong. Secondly, look at unemployments. I think about the three point eight percent on employments and sighting. I've said you so many times. I'm always split to my jogs indsporal let's invest back or so for example, my peer lives in Nigeria, I mean I employed my peoples. Also basing n Jack could have employed someone in the UK.

I have small business and running impact on legals as well. So what I've thought is that I've about eighty nine people were for me Nangia, so I've just them own little percentage. So there's a lot of Nigers in desperal after mine alto Natios percent also do their own two So for Nitient to be great, everyone will posts have to come on board. If you can employ two people, another person employs to three people before you know, your own employment

go down. Because the bottom line is the governments cannot do everything, so we have to be fair as well as most of the r to criticize the government also not just that's prob to do our partners wrong, to the insecurity insecurities, the big yeah, I don't I want to get this in here right. So question for you is this the policies with the effects just on the effects alone, does that move in those for you and your friends you've spoken to. Are they are pol saying Wow, because Cibing has done this,

I'm going to send more. Do you hear that from anybody? Or it's just they're just doing the How was the conversation around this policy saving it's doing? Doesn't move any indo you know? So we can of the Cibian policies sometimes obviously a lot of Sibien policies are not right. A lot of people are angry the Cibian policies you even look at it. They from every simple that apple, I don't ef you, nobody from egg so whatever.

A lot of just the past couple of months, over one hundred nine students have been directed universities in the UK, so a lot of students are actually just you know, not even doing their lives here in the UK or because of the affects of regulations. Is what's bi policies as affected then so a lot of things are the right, so people have actually lost lost trusts in the system itself. So unless misture comes up with Neil, I mean I'm

looking forward to see who's gonna be the Neil CBN governor. We're still waiting for that to recove and say all policy is going to come up with. Even with your from eight issues, a lot of things have gone so wrong, which we clearly tells her that the lack of nbry environments, lack of

trust in the system. People have lost trust in our system. I mean, there's enough much we can do, even some of us who have to believe in nine jeers and some us that okay, we can still get to where about how long A I'm going to keep on saying in saying this for how long and then when people decide to stop sending money back home is going

to affect to economy maybe like it or us. Look at the GDP South Africa, look at Egypt, GDP southartcast to come to us in Africa, or look at the population southardca of population is only fifty million people compared to tro the meal Nigerians. If South Africa had our population, the ggypeople in trillions, easily in trillions. So we have to see that. I'll come back to the drain board. The friend of government has to understand that a lot is no. Well, we don't make use of our population. We

don't make use of the amount of Nigerians we live in Despora. I think we have the highest migrants Africans in Jaspora who said lack home. You know, I think nexts in Egypt from writing the stand you know, so we have to make use of all these stalls. And it gets me angry sometimes because the future government is solved. Sometimes I don't know before our leaders. And also believe, what's it called for us to get to right? We

need to have the right mix of technocrats and carry politicians as well. You know, we can't only have cract politicians. Will we just come to politics. No, we have to get to right. The technocrats would do they country more good if they get involved the strung to make up control better. And I believe that these kind of discussions were decators and of course enlighten us to understand that we have to do better right the micromam, thank you,

thank you. Almost interesting that you said that this conversation has been has been swallowed by the focus and a lack of trust of the government. KI keep punt making all themed hopping here, let me give us some clarity on the you know, the number of that you've heard what people are saying. People don't really trust the government as what I'm here, They're not really impressed by the reforms. Yeah it's good, but still that lack of trust, lack

of quote and quote enabling environment. It's really what's what I'm hearing. You take cared texts, were having very interesting conversation and you know, um, it's a very create opportunity to one once you can express onself in terms of the matrial policy. If you look at the effects market, the effects market is definitely governed by the equidity and market deficiency do no matter how cosmetic or appeal reforms is, if you do address those issues, the unencuous trouble.

Yes, you could applauded with all applauded de presidential reforms, but the problem has been implementation on the design and the mechanism used. So if you look at you've always complained that whether you're practicing managed fluids, they are practicing coinin y a processing fixed exchange system. Successful countries all apply these things and it works differently from China to the United States to Switzerland. The issue in Nigeria

is right like we having an anamic supply side. First of all, we're going on three has three billion dollars. We also have effects obligations that we're not fulfilled. Investors have not been able to put their funds back as we speak, the backlocks hit that as you realized before their lives, I've not been able to take their funds about it where to adect them to that Also, what me scares means that if you look at the first half of the

year, real remiticans have dropped. Technically, datas from the CBS suggests that it's less than they began in twenty twenty two. Real remitters was about two point one six billion dollars. Now you should also look at the fact that, yes, the market has been on an upside. The trick is that if you look at the last couple of days, you could see some draw downs. And the reason of the draws downs that the reality on ground is

that that fiscal discipline is not there. We're seeing we longmakers are trying to do projects, parting and things like that. So the FX market right now is only feel four and this clean part of it is that other markets are becoming very attractive. I posted the US bond market. If you look at the treader, I posted the youth in future did the long term responds?

Given twelve point three percent? Why would I keep my funds in Nigeria where I can get where I can get a muscifer the youth and I was playing less on credit facewa. Now also you also need to look at the dynamics at which Denia is falling in junior low denial lost about forty percent in July. Now Nia is down by a temperature. So we're looking at the fact that it seems that this is not and those issues have not been address.

So the problem is why having by having to be able to solve this problem simple reasons, we've not been able to align our monetary and scar policy properly. We are dancing to the markets while not solving structural issues. Lastly, you know, I, like you mentioned, I'm not the Nagera for example, why are a very big investment in nagers of my invested a lot of money? Both the ranting on ground was that the point land which I was

seeing the market. I was even thinking that who by time with the footing of that and things you stab lies between seven fifty at some point to four back to six hundred when the apex bumple at some points. But he started getting out of hands when you see the gap in investors and exporters will do. And also the fact that Petro marketers could not assess the investors. So the question is who assess the investors and exporters will do? So there is

no accessibility. The black market demanded tea high. The P two P players are still actively invol so that's where we're seeing action rate activated. You said the Nira has fallen, to say it tore right. They did actually fall or it had just come to his real price. What was it that the narra at four hunger was an artificial price and right now at eight hundred actually the real exchange value for nira? What's your take to the fund? Definitely

understood that that was definitely subsidize. That was much the true value. Now even if you look at it on different metrics. You know from probably we knew that it was definitely subside by the cebid. But if you want to

look at the realities right now. That's electric key because if you look at the way the dollar had rallied this year, once you expect now I should be at this to be around the six fifty seven, I'll tell you the dollar had declined based on the fact that the US economy is doing well. They've been able to improve interest rates, and people that interest rate of sides will definitely reduce. So investors are really petting on other and that's why the

Pritish pound has been riding so high. In fact, it's been on the best round against major currencies, so one of that I expected that. Or if you look at the Nara is not even able to break even against those that brooke one thousand against the Putish pound, I am scause. So it's really very critical. I can tell you one thing. The market is still more efficient. The value are getting right now, I can't tell it is

either the internal is artificially very high. I still feel that if we have a very efficient system, that's by concerns that our see them reserves is not really is showing the tet four person though that a lot of people still believe that there's been a bit doctor, but I still feel that it's not as bad as we are seeing that because Junta suggested that our older came at one

point from your parrels and the price of all paparents. It is one like you guess forty percent of BIY production activity government, So do the mathematics so that we can be able to pushing at these six two, three to six months, you know. But the problem right now is that we have a lot of power laws and the fact that our point Pascal place makers are making a good mind. Look at what happened a few days ago, patting the politic project for and on they put on to take care of the cars and

judicial ministry. Just one thousand people were twelve million, while twelve million households are sharing five hundreds. So look at defenders and look at the objective. So that's a long scare vestors for coming up. I don't be surprised. We see in the stock markets coming from a speak of sixty five thousand index points as we speak right place too, So investors are also looking at treating

what the presidency is saying is not what the market is seeing. Also, there's attractive there's more attractive environment in efficience markets from UK to the United States and Nott recently Pastradier, so you have to look out those contexts. Is a multical a situation, very in the top Ballectrigo. Last point, like I had to say oil price at one point one, you know we were doing casually. I don't think we've hit our oil targets that we used to

hit in say twenty twelve. For a long time we are talking about oil. Theft is still ongoing, our imports and our export position right even though we are exporting more. That is dangle tape Uria that has made us now have a positive export balance. If we take Alate dangote Uria, they were back to crude oil. Coco is our largest export. Non oil is nothing. The point plant making is that intens of exports we are still back to crude oil, and even that crude oil we're not even exporting. We've got

the oil tift. So when you look at all these factors and agency and era is eight hundred. Unless this that's SPRUP people that were talking to decide to bring money to Nigeria, I don't see why the narrow value will rise. That's points I'm making. The Cibian governors said oil's sales so people had not hit the CBM recup subsidy, now taking away subsidy. So oil will start to comment, but what have we seen? We have seen this like

it's like spending going on the nonsense spending so to save yours remittances. But you know my probably Remitz probably remitizes that if we look at a real wages because the fact that lutuational reader has modated the United States unemployment A crossed immigrants the artist high because I was really working with some private banks of private datwn number of immigrants getting blue jobs as we speak has kind of moderated a private

except for Canada, United States webvious reason, and that's why government is really looking at practive ragures. So Journey for example, they have the apostrggy stratetages and that's kind of underpla. So all those things come into play. Then also, like I mentioned again, their markets are attractive. While would in Nigeria, why would the Nigeria and invest in AGT plan for example, when it has to go through love process. Why you can rather invest in an

output that did the forty percent this year? The Stadia that did dople when invested in method that look at the returns, the incentives to you invest album as we used. Also you also look at the fact that the cost of capital, the assets of the coast of moving froms from one point to that have become very complicating because different policies coming out of different policies. Look at the new rules of about metas new rules that you can have u shore not

in the things that is a big unclear to a lot of people. The last thing in Nigeria's naegels are now spending more where they result because they are not getting that subsidies so that they used to get. If you look at twenty twenty two, Nagera has spent a billion dollars on foreign education. That was close to our project on education. Right now we're going to see more Nagaias now having to spend less because the substitidicating from government. It's not much

we have to pay at markets. So these are things you also need to consider. So remitters, yes, it is our hope, but we can't really bank condemned so much. So medium work on ours and Cuckoo Cuckoo did well. This Cuckoo is artistics were problem in Nigeria. Is that equoty W and Ghana are taken advantage of La layers week, so we don't have a strong trading um trading capability nager and also a cool output has not really done well. So I was speaking one of our commodities. The margins are not

even helping. So it's really very sorry speak gotcha good point. Let me let me talk to as we say in provider rock rematrances. Let me stry to see if they can give me some data points. So I've got Kayoshi. I personally use Kayosh. That's how I do my transfers back and forth Nigeria and I go. There's like pep to people, I can bid and I get my phones in aything case. Can you guys hear me loud and Claire, good evening. It's great to be here. Can you hear me?

I can hear you perfectly. World awesome. I'm trying to get data from you, right. Have you seen an optic right in say let me tances from said Americans K to Nigeria. Is there any trend you've noticed that you want to share, would be hopeful out the world? All right? Thank you, thank you so much again it's great to be here. Let's a brief like background, so you guys know what what Carlo and although I'm more use um so pretty much we're pretty much beautiful. I used as a

peer to play market that lets people, you know, start currencies. So if you have Nara and you want for incurrences like um dollar card pounds, your role Kiushi is your plog for that and go see from the daspora. So in about what your countries doing the USBK Canada, Australia and Asia as well, and you want to you want to send nurse nature directly, we are also your plog for that. So also for those that like to you know, save in glars indom accounts, you will have Nara. You still

want to get dollars INTOM accounts. Again, Kiushi is your clothes for that. So I think one thing got Pan of Spans out to us is that you know when this is, when this happening and when the I was was fluted right, um the parallel market rates right and the any rates were never really apart. So it felt like you know what people are doing in the

black marketing the necessarily change. Peop are still buying us the accounts that they rate that that you know, the aventity before well in the last pess in the last one, I would say the last about nine days, we feel like an increasing particular rates. Right, so we steel like seeing um pounds you break out of one thousand into into one k plus. And the thing

is that the habits is not really changed. So there's no optic persis because even things that you want are going to go kind of like waiting your foreignferencing where people enjoyed trying to like get narrow out of Nigeria are really quickly. So we said, like an uptake if you could trying to get for recurrency, there's a massive demand from here, but before it increases, we are trying to pay school fees, they're trying to just get into buy things or

important things. Pretty much like a massive demand for effects where then said, but the other said is like they're kind of like till you know this is gonna go up, so I'm going to sell my USC, my pound or my card, you know, at the highest possible rate. I think they can really predict what that's going to be. But just you're just gonna see that behavior of just you know, having to um massage command and your list supplier. As we have seen before, UM do we say to go up?

I agree. So I have made the point that in the last eight of the Niger are the best performing asset you or if you like, if you simply put us does and you put are you put it in the ground, are you out the ground, you would have made more mond than if you bought stocks, property whatever. Yeah. Yeah, so that's what are you saying. That's no, this has not moved the need of that because of the CBING reforms. You might have seen this big search in sending money

back home. No, not really, not really because again everyone is thinking that we are going to go up. Right, So so I would say on everyday on the app, right, there's not been. It hasn't really changed the volume significantly. There's been. You know, you have you have great dig you have these regulars sending any more send the nest. But then it's significant she has instually accordions. That's because everyone is thinking this is gonna

go trying to maybe head funds, trying to compare it to Oh. So the great thing is that Kayoshi now um launching a new feature in the community that lest of people are treating, you know, to kind of like a kayak or what kinnot oat and sort of able to come on Kayoshi and like select the best providers since you know the sibling is going to open this up

to every players. You have like guys like Aldermads Black in the market as like to make this all that bigger, I am to use and I'll kind of come back into the market that you know saying there as in Nigeria. So right now even to Commukayoshi in the next one week, you know when you're able to pretty much you know how we kind of shop of flights, you know, want to pick the best flight for you, so you need Kayoshia and then select the best rematians provider for you, um to send money

back to. Yeah, Nigeria, I I can come and pick who I want to send my money. Yeah, best rates, best fees, obvious securation gonna be the best rates. But you have other players as well, and you know you want to stend dollars back as well, So pretty much able to just come on it up and just elect the best you know offer for your each keeping terms. Because we've seen again we've seen rates different, we've seen ridiculous rate rates difference and different providers in this time because of how

unstable the rates are. So we haven't seen a massive optic in terms of, like you said, in terms of like people sending money back, it's not a massive significant optic. It's been largely more or less disimple. We've seen a massive team man NERA said, we're gonna get kids into effects before. I think you are gonna, you know, sky rockets. That's absolutely in terms of trends, people are buying the dollar in nature, got to think the present will go up. I'm trying to buy accounts, trying to

pay these before. It's importing to like these for two terms ahead of time, you know. So there's a lot of your man in terms of the said So that was that ridiculous in the last one week. Yeah that is good. That that's good. That's good. Take you so so much for that, just hanging there, just Alpha here, Yeah, thanks Alpha, something quickly is it? Sorry? I think you focused something as well. So cal She also sends money to I mean over forty countries in the world.

And of course if you're not pay you to show phase in the UK, Canada, for the US, you can also use calci. I just taught you that quickly. And I'm also the I'm also the person as well suggested. So anybody who knows your good company represent don't worry touches your rights right spots to the continution to do that. But yeah, are you the Alpha? Thank you so much? Alpha, sunday Ala, what's happening? What are you coming in from America's UK lung? Where are you coming from?

Alpha? He says your speaker. Okay, let's get puss in here, pus God, family and football. What's happening? Sir Posio Posida speak to me of the side of let me try Miller shields. Hello, yeah, yeah, I'm on now. Okay, thanks for this opportunity. And like the last peaker said, I think the issue, yeah is the demand

is much more than you know the supply. On the supply side. ME run a small export company and then back in the days during the May fail Eira, I share my export proceeds into two Half goes into my normal Tom Sella account and a goes into my n XP account. And then with the n XP account, I have access to the dollar and then you know the bankers, they sell it to they sell it to might be APP and I get that and then I coushion the effect with the APP that goes into my

normal cellaria combon. Now with the effects our reforms, I take hundred percent to the n XP account. Still I do have access to the dollar. But with the eye an e window, I think I have the power to sell conant to sell it at this to so rate. If you can find me a buyer, let me ease you you know the guide for you to sell. I think on the part of the export, you get agequate rates

compared to the you know, the black market rates for now. That is what is working for the expert, although we pay more in a nest is if I think you've been talking about the export business, so you know next fees that we pay to the federal government each time we are you know, exporting, So the expert the next fees also they have changed it. Normally when the denier respect that are fourt to six. Now the next fees as are the last two or three days ago when I try to do it,

it's now seven hundred and eighty nine. That is the federal government that you know, the CBN and the trade man Agen system where we feel their next perform and every they have pected a seven day and eighty nine. But the good thing is that when you get your when we get our dollars, we can sell at even much more than the black market treat as you know FMDQ

stop you see there. So it's favors people on the expert side. I really don't know why, Like some of the speakers have said, I think that this one is this your uh is you know, it's has attracted more people from the aspera. So I'm speaking on you know, from the Nigerian side, because I'm still in Nigeria. So I so, so you are you are an ex yes? And my next spotter so and I I export cash you not? And I export I drive, I discause flower and that

ginger gotcha. So this poltic has only exposed to the city, to the official outside side. Look, yeah, I'll fish you, I'll fish your outside Okay, I'll cish, I trade managerent system being around by CBIA. If you were, I believe in the UK UK, would you do the same thing? Would you then more? Would you feel more commune when confirms

as poltoms as well? Well, if I'm in the UK. Even I'm based in the UK and I need to drum business here, just like the guys in the UK said, the environment in Nigeria doesen't favor you know you sending business, sending money for business up keep here. The only thing is our advice that if you are you know, stationed there, because if you're dead, you won't know what's going on here, and it's might lead to trust issues. But really, when somebody says when you go into the farm

you are likely to be kidnapped, it's the real fact. So it's the real fact. And if you you're spending time in the UK or in the US, you think that what is going on is see is my village or something like that, nobody can touch to me. But it's the real fact. So if somebody says, okay security fees when they're charging you and they're supposed to charge you one hundred thousand are for a job, and they charge

fifty thousand are extra for security fees, it's the real deal. And you know fifty thousand are taking some part of the profits they are supposed to make, so I wouldn't know. It's based on personal experiences. Just like the guy that said he loves Nigeria and news. So in based on your personal convation. If you want to keep sending money and if you have parents, I think sending money to your parents is still part of the remittances. You

have been talking about ultra so I think the FX market needs that. But you know, people have lost, you know, faith in the Nigeran system. They have been saying, especially especially people that on the other side, it's it's based on their you know, personal beliefs. If you're not sure of what you're investing it investing in here in Nigeria, please don't. If

you can live with date everything, please do. It's it's that is that it's your personal when you have worked very very hard for it in an unimaginable you know, weather conditions over there. I would not tell you to waste seats on anything, but you know in Nigeria, in Nigeria, you know, sorry to use this. I man, if you were reported and you know when a policy is out, you already know. I don't know if anybody is dead that will command arrest. You already know who to contact that.

You know you can't just do my waga and bypasses, not that it might not be just like you posted earlier. Uh in your one of your two wis avoiding tax is a legar and you know are you not yet the wonder that you said it's legar. So that is what you have to be up and being to make sure that Okay, yes, you said something about tax avoiders and the attacks. You know, you just have to you know, when you invest the money, you have to pit for tax. It's

too good as long as you can prove it. That's what most people are doing. So uh, it's it depends if you don't want to send your money back at home. Fine, but for a Nigeria state, which Nigeria, just if they're not you know, defending the dollar or defending the nia just like where it did. The money I have to go into meaningful things like the security, like power, like education. Those are the three key things. What about line cruisers? What about we we we know we know

that this people will spend money on those things. We know it's wasteful. It's it's you know, an honorary person that could not really afford that will now you know cannot afford it just four years. It was going to spend four years being sorry to say absolutely nothing when it comes to helping the ordinary people. It's watful, but as a Nigeria and there's absolutely nothing we can do. We don't have the power really to you know, to prevent that.

We don't have the power. The constitution doesn't empowers to say we don't usuld not buy that card. Constitution doesn't empowers that. I used to change yep, I hear you right, so that I think there are things, many things, but to acoid big social media's friend. If we scream enough

yeah on die die. The only in Nigeria that does not do a line one day of their forget forget in the National Assemble Assemble Yes citens social line by National Securtary Advisor is going by life by life o emationally imation not do line by why why they are fraid afraid that it would light them? They are They are freedom, They are freedom and social social media. I say copy your copy yea yea shows us bending your money on you by So when they come to the US, them on the pressure, Well for me with

them, put them on the pressure. Talking about line crew. While you don't put on that pressure, pressure not happen. Many things you can you can put those guys. Yeah, yeah, it's an I do and and and I do environment and I do setting like the UK or the US, all those things can work, but it's Nigeria. Let me get premium both days. IoT hoping? Um okay everyone. So the reason why I actually

request that is, I know, the speaker from Koshi or something. I don't know if I'm pronouncing cursedly had said that there's been really no optics or um high you know, inflow from like regular sources, like influming money in dollars. I just really, I'm not really sure that the narrative that you know, people, I'm not sure that the narrative of the reason why people

are not bringing in money is really accurate. And the reason why I would say that is, I mean, when you're living abroad, you're only bringing in narrow based on demand. The optics are you know, influx of money can only come in from ie right. The investors who are actually bringing in money for a purpose, and those are the people that would actually look at rates and all that stuff before they bringing money, because they would also need

to take out that money at some points in time. Maybe they brought in money is for maybe Cci or loan or something like that. But the regular you and I will influ money influre money based on demand because I need this money at this particular point in time and to do something either for family purposes for narrow obligations. So I'm not simply going to wait until the rates picks for me to process those transactions, because those are transactions based on demand.

I need to send money to my folks, I need to buy something, you know, or I just need to keep some extra cash. I'm not bringing in moneys to invest, So rates picking up in like two or three months or in like three weeks, it's not going to really affect what I'm going to do. So I mean, that's just I'm just saying that, accepting there's a metrics to say that that is why people are holding back. We need to understand that we can really control the Russian now behind how individuals

sending money, because it's really based on demand. Even if I want to buy a house, the house is not going to continue to remain in the market for me. So even if I know that the rates would go up by one hundred nine and it's going to favor me in a month, I'm not going to tell the seller to keep their house for another one month for me so that the rates can favor me. So I don't know if that makes sense. I'm just saying that, except we have some metrics to really

show consumer behavior. Yeah, yeah, I think the point I heard them say was that if I am in Nigeria and then I was seven ninety last week and I think the dollar's going to go to eight donor in turn this week, I will and buy. I will demand more dollars because in Nigeria can I can buy. I can impulse by because I think the rates will go out, But if I'm abroad right, I can't. I'm not going

to move money, is what I'm talking about. The influx now, the inflow of dollars into the Nigeria. The only people that we can really determine their behavior or controlling metrics is like I eat. People are actually bringing money to invest and at some points in time they need to take dollar out. The regular individuals are only doing. It's based on demand. So I don't really think that the narrative to say that people are holding back because they feel

like the rates is going to go. If I need to send money to my folks, I'm not going to tell them to hold back for two weeks to a month because I think that the rates will go up and favor me. Even if I need to buy a house, I'm not going to do that because I but what what if I was building a house like you said, If I'm buying a house and Nigeria and rates are going to and buy

the house with less dollars? Okay, So if I'm buying a house, the person is building the house for you, right, is a person going to wait? So if you hire like you, if you hire like I build that it's not only your own property that you'll do if you know that it's going to take a week. I can't understand that. But I rustional to lock people down even if you're building a house because you think that the rates is going to pick up in two weeks time. You know those people

are not loyal. They're not going to see that wait for you detail tomorrow. And you don't say this if I'm building a house, you don't pay a hundred percent. You pay them as you get money. So if iind if I have a hundred dollars money and no I can get any t k on Monday, and if I sent this week, I get seventy K. I'll wait. Yeah, I hear you, but I'm just saying I hear you. But in a day or two they tell you to send money, you don't send money. You're sitting on the dollar because you think it's gonna

move. Hey, I don't really know how many people who feel that, but I hear you. I cannot respond to that really quickly. Extra, go ahead. Yeah. So the question was if we said that there was a change in behavior of people sending money back because of the reforms, Right, that was a question. And then I said that there was no change in behavior or significant that that was a response. Right, It wasn't there

There was no change because people are sending any back. We send money back, right, But we saw more of an uptake and the into the narrow side, we had more you know, more demand for effects in the narrow side as opposed to you know, people on the supply side. Now, when we have data that shows that if you want to send many back to

will have different reasons for nageria they have. We have people sending many money back for like family and family and friends or keep you have guys send the money back just to you know, I guess pay for gifts to the loved ones. Things that a lot maybe planned expenditures. I have about twenty percent

sent them back for investment. To have people that actually send money back to Nigeria for things like estruti, you know us beauty and houses, for things that you're trying to may be investing in the particularly they're some kind of corporative or anything. So and this this these investments have you know, they have

their required to particular points. So if I think that you know, Mania is going to be more in the next one week, if I send the money back, may supposed to send twenty kid is corporative and the Maneria is going to be more in the next one week, you know, I'm actually be for that time. So the different reasons for sending money back, you know, um would obviously would obviously push or their different behaviors. So obviously

not the one's going to wait for that. But the people that have the reasons to to believe and the obviously might be wrong or right can actually wait for you know, their money to actually have but they allowed to have more narrow value for the semney back. So just actually speaks to differentasons where people same money back to Nigeria. In the first pason that you do speak for the general behavior of your typical immigrants tending back money from the dask person Nigeria.

I think that you do need that's clear to you. All right, I hear you? Okay, awesome, put us u. What's happening? You've had a war talking about where are you coming from? Are you where? Yeah? I am in the UK right now, okay, so yeah, right, we'll finding out from you if if the remittances are you do cerementances? Has it gone up or down? Pick up the new policy and then what's your take on really what's happening really or overall? Yes, Um, I feel you also be all out you know, fear and Nigeria.

We have multificitative problem on our hands. What I view with you, I've not really been sending money home and it's not Um, it's not because of the I'm trying to hold my money or because of the of surgeon. UM feel of director that is that we have right down. But what I feel is um were has lots of problems that we need to be solved. There was a time I saw I saw all these tweeters, and we've always been

saying it. If you say you're gonna want to float general and we still have some of our good still on the exclusive is that those kind of things places pressure on the dollar because just people have still have to go into the market to look for those dollars. I worked in it mat before before I left, Before I left, and some of us said these things were paying subsidizing the education, putting it back into the putting it somewhere in the in

the UK economy or or anywhere people go to would definitely hold us. There was the time I was working about we remy tell over thirteen million dollars in one week to the UK thirteen million dollars. And that money is not coming back. I mean, what's the passage of people that go outside the country that come back into the community, that contribute to our community, the resect. Though we don't have that, We don't have our people, so that

means we are losing that money. That money isn't coming back. And I also agree with the last one last person, we don't have data to support anything that was with that. Okay, when people said Bunny back home, we just like we viewed our seas. We give people what does it drinks to your courney? Are we do we doing? Are we export driving or we are import driving? We are definitely import driving right now we need more

money to come. In January generalist, I went to the Canary realized can Realist is just maybe a little bit of maybe, let let's say landmask not. I don't think it to give you not to surface Nigeria. They had over thirteen million people visiting every year, thirteen million people. We have already stalked about tories bringing tourism. They're showing parsecurity when you're talking to is that? Why don't content you? I have to get the visa we have.

We have policies in place, the Humpire, the umpire investors confidence and also like what we do all to do with They said, how why would I Why would I invest my money in ingerl whether I can where I can go to world a stable markets and get high us. Look at the way Force Branciars behaved in just like the afford. If I was an investor, would hire one to investment money that kind of in that kind of system, No,

no one would do that. But what what I think we need to do is our governings needs to be seen here as said, look at the national as same day. No one can even no one can even put that kind of people we arrested were arrested the Cibian governor put in the market, the market would definitely do react. Investors are not stupid. I cannot go to anybody look at talking. We cannot look at look at what's something talking? If you have a lot to us in fact interference that in our in

our montary policy. We should be said speeded by diciblion. We have a problem on our hands. We have a system that the physical monitor policy is outlo guides most of the time. Discibian Governor is there I cannot no no, no saying investment in this world we invest in injury. That if I know that if I notice the present can just permit any day it doesn't like to be good and can't just extending and putting me and putting in in detention.

We need to find a way to ammonize our policies. We need to our citizens how to speak it that there's no way, there's no there's no passports. We get there's no part. We will still be told we are an injurious socials just told us now that we can travel to Satis. Look like there's nothing we can do. So we need we need to build it to to just puttials. We have one problem. It is just one problem. We have supplies. You if that if we don't have that, supplies

you. If you don't, if you don't solve that supplies you solve those portunis, we will still continue to have it. This is prising what any will just maybe just just do maybe our little things. To me, there's nothing we need to do. We need to export and we need those moneys to come back into country. That is the only way that despite as individuals with me to find ways of helping the country bringing in investors into the country. That is that is thank you you see me as as the humble lawyer

Nigerian, I'm doing spaces to drag my data. Asper why they're not bringing my series my own contribution to No, you're laughing, but it's true. See yeah, yeah, it is true because I know, yeah that I want put to hear the problem. You know, because I'm the finance guy. I know the Citian positive dom to practice for our investment is school. They've done the good politics on paper. We also have some things that to

me were shocking. You are asking Nigerians to sacrifice and you're spending forty billion. You are patting these budget for for what was it? What palliatives? Is shocking to me that the optics they don't know what optics means and they don't care about time. I am not sports space, so I really would like to hear full to talk about really why the sports are not really working for them. That's the way I'm going to Let's get a militia. I've got militia. What's up, aren't you? Yeah? Yeah, militias?

Are you know a piss nat? Hello? Believe in everybody. I'm fine. I the outside. The injury are boll I spent a lot of time in the injury of late. Each time I come around, I spent like two or three months because I think it's a high time for me to be looking back home. I'm kind of tired of abroad, but lately, damn kind of skeptical about this. I'm really looking from back home because nothing is improving like now. Back to the point my thought, I'll be asking a

lot of questions that I want people to think about. You may not answer me. It's not necessarique for you to answer me. But I'll be asking a lot of questions. Yeah. The fourth question is do you you die on this place? Do you think that the government we have in the Injuria are serials about the Injuria and then Injurians in a woman abroad? Keep that

one side. Do you think they have the mental capacity? Do you think they have the intellectual capacity to change things around I I'll be representing people from the streets. I'll be very clear in the Injurer, A proud one at that. I own a estate. I'm into property. I get contracts from independent people, people from abroad, people in n Injuria. Yeah, I do contracts building saftrain, right boards. I RepA send the illiterate class.

Because I'm be bricklear. People look at me as oh, it's a brickler, let's pushhim aside. No. Right. A lot of people have been talking about this effecting a lot of financier We call it jagons, not jagons, big big grammars. We on the street, we on the construction side, we don't understand this. But the little we understand, we know that you people that are speaking big big grammars, the politician, the elites.

We sometimes think that are you with your senses at all? You want to turn around the country for better, You are not increasing your production elementary economies. In secondary school we learn about treat deficits. We learn about trade supplers. How can your currency be strong when you producing nothing? When your unemployment really is thirty thirty to forty percent? You know, going no where, It's not going to happen, miracle, don't do it. You have to

go back to production. You have to put your youth back into factories. You have to produce what you consume locally and where you export the excess. I'm on a literate I don't consider myself to be learned in finance. Why know the law of demand and supply? My economy is based on importation. Everything is important to pick his important pains to his important head. Plan are

important, clothes are important. We are big importations. How do how do you increase the value of your nira when all your youths with full of energy? They are the nira bets offices here and there, the girls they are doing, cars, people walking. I don't know how things are like. Everything is okay, it's not okay. It's not gonna be okay when your National Assembly members called just all of it adi, I want to go buy videos of the A word of important cars. Why we have indos in there?

Man, sir, this is amazing. I hear you. I think you're impressing. You're expressing the truth of the Nigerians. You know, and you said, is it's wrong. Every Nigerian is an economist. Every Nigeria. I see this all the time on Twitter. Every Nigeria is an economists because we react to policies. The problem is that every Nigerian believe that they are powerless in changing outcomes. That's where the problem has in Nigeria. We all know that the guys buying jeeps is somehow bad for the economy. Even

though we are not trained in finance. We know that if the government official goes and buys forty billion worth of important jips, it's bad. Some adom then what's bad. And we also that if they fix your route to my village is good for the economy. I don't know how to explain why it's good, but it's good for the economy. So you don't have to get an economist, because you have a BSc. In economists, you just have to understand common sense, how it makes sense to import petrol when you have

crude oil in your country and love pixel refineries. We know all the stuff, you know, we get it. But I want to be a bit I don't know what's the world. I want to be a bit specific, you know. I want to eat possible, help the government to see sometimes the rightest policies and if they are fluting the air, then mister mister Carlo, sorry to I don't want to history to interject, and I'm taking sorry to interject. I made it tweat about a year ago addressing I addressing to

take governments, federal government. I kind of take up a role like Europe play a governor, I said, as I'm from making it stayed right, I said, as the call incoming it is bad government. I'm going to formulated policy that's going to bring people from the diaspora back to eight. It is state to invest in the kitty state. I share this idea with Oluamo.

I'm some mothers. We were supposed to push it a little bit, but we did not, I said, as a governor of his state I'm going to bring every year five hundred dasporan Akity citizen back to ak it Is States to invest. They're going to come with their foreign currency to e it Is state. Whatever your trade is in the abroad, I will create an enabling environment for you to invest in the Kitty State. It is called tasper Hale. I will have mission. I hear you. I hear you.

I'm gonna rotate the room, right, I hear you, right, I hear rotate room. And the point I'm trying to get. I'm gonna trust space s perspect to this rematances X policies. It's in good the bad. Are you bringing the stop? I completely hear you. I agree with you. I mean I let you. Yeah, so were well n's limpoint that way. Let me get since I go to, I go to. I got you on the line. You've got to floorsa go ahead implicit. If I do take you off, it's just to add other people. I'm not

taking you off because what they're saying the room. So I got to you got to FLOORSA to brill. Please go ahead to brill. It's not ready to brial Ali. You've got to floor ahead. Um. Good Davie. I don okay, I'm doing it. I lave you from good nesttate there okay, so um, according to what the militiation he's thinking about, he's thinking about all the Nigian people. Most of need that they have selfish nation that I might they have the center nation. Gotcha. But let ask the

question are you are you like? Are you a meeting money? U? Where your business Nigeria? Yeah, I'm busing and yeah I'm working in a jam for this pension. Bet you aware for this pension that we got you. What's your take on the CBN policies. We're trying to talk about the remittance of foreign currency from Nigeria, so brought back to Nigeria. We're asking the new central about policy he's making it better or have no effect? You have to take on that too, No, I don't have I don't have

idea on that. I'm trying to answer the question about what militiation, but I don't have any idea. Yeah, I do approliest I'm going to keep it on that for a pick if you don't mind, Okay, Yeah, I do appreciate you, sir. All right, So I've got everything, Satoshi go ahead, So, hi guys, I have a question for elimitate yourself and then the Choochi people. The first question illimited is in I think he was citing the Nirometrics tweets where they were talking about the the reduction in

remittances. Um, My question is genuinely and as do you think that those numbers are doctor? Uh? And does that matter? H that that's that's my first question. Although the the there is a decline whether or not significant. UM, I share to some people that tweet and that was just our

question, but I don't know those those numbers were doctored. And the seven question is uh, um, I think there's someone who was talking about the the first bank shares and the manipulation and the X it doesn't really one hundred percent relate to the FX market, but it sort of does. Honestly. I also wanted you to talk about that the manipulation on there. And then to the Kaochi people, Um I did click on the website, so apparently for the k KYM I have to I needed them to speak on that,

whether or not. I always had to q R to him because their international company and all of that, and then how do they deal with fees under the hoood. What makes it very smooth because she spoke about settlemental funds within minutes, canna get to ours and and whatnot in terms of convenience. Yeah, those are not my questions. I'll give them very very quick, very

Quickted, I think why would they doctor the feast? I mean if fists show the CBN primatizes, why would it be doctor because it shows that they're getting less. If you compare what they posted today to what they posted last year, today's less and I think it's only for Q one. So I think the answer I got was because that was when we had the nira change policy going on, so lots of foreigner sort of pause because there was no

cashion Nigeria. Normally people are brought us saying no, I can't setlement to my mother and Nigeria because there was no Cashi Mi nagers pause. I think we'll get a better read of that. If to get quarter two, quarter three of twenty twenty three, then will then actually know if themintance sports he

has actually changed. So what we're doing here on Twitter spaces we have compared to three months on the line and look and see if there's actually been a change and in the numbers match up with the sentiment that we are we're speaking about here on Twitter. I'll only they talk about the first bank issue,

But in the first bank issue, it is very very interesting. You know, if normally anywhere in the world, when you have a hostile takeover, that's read that's a green light for the shares to just go to the roof. And in first Bank we have a hostile takeover happening. So if you want to buy a hot stock, hot means it can go up, it can also come down. That's the stock to buy. If you have too litter the pattern you buy now, you're going to get your fingers bombs.

But that's what's going on. I don't think it's many flittered there. It's sometimes when we transcorp no Transcorp host that takeover bid. This chair price went up. If they settle tomorrow, the shared gonna fall. So be very careful when you're get into those things on the first bank and lifts the second one. The question, yeah, and I would answer that briefly. I

think you answer the most public passport. What missing trincking is that the players in involving the LBN holding you need to also look at the top of as there. So while the reports that about their COO brought about tatting over teten percent with a total stick called fourteen percent, the step players that color Macadamuca also having a combined of about over twenty percent. Two The problem is that

those guys are everybody's annoying support. Then the other other place is going on Eco Bank saying that you guys, the entity still win a lot of money. Then um sucy also form our CBN government. I liked the fact that Eco Park has se on these So all the politics are that the sects investigating too. That's why it's so that in the span of five days to share went from a couple so you know invest to us it onsensity and the politics

around the market is really not play right now. So I think people felt that we need to take politics day, but it's still not an energy back to still ongoing, so I think we should just be see. But that's what it's plain us right now. Yeah, wait and see because a lots of things that are not to monitor with that deal. There lots of things hovering like around deal. It's not of the share price or numbers, other things outside are around that deal. So let's see. Sorry, look can

complication and it was hopping. Thank you very very quickly. Um. So yes, we pretty much beat for the platform for retallenge users. So that means like but a say one can be low, but of course you can't tend muchiple one case if you want, but if you we need to do volume. The kres is very simple, like takers, that's required from every did you like you require from every user by to become provider, so like name address, you know, just per number idea very simper kress. It's

not that it's really egregious. And also um, for the fees, you're able to send money on Karashi to Nigeria for as low as less than one dollar one pounds one card and she says literally as less than that amount of money, So that means that it's really cheap seminar kiushi. Um. That also means that you know, we're able to leverage open bank and open finance allows us secure each transfer and makes it you know, as cheap as it is. That's how we able to make it make it that cheap. Thanks

that used, you're only happy. Yeah, I also will answer the basically ask the question, I think everything. So what I mean why, well, our market is not efficiencies. What the investors lookout is they look at the market, look at everything market, force things, look at government policies. So as I said the question over nine e percent when I referenced force Band, what I'm telling you is after our gust take over took place, I think sac or so someone said said that they wanted to check police that

you acted from CBN. So it's all these kind of inadequacies in our policies that deter people from investing in our India. In the address getting so our thanks when investors look at all these kinds of news we invest as are all these way of adverse views. There are a lot of things that are also please right now are people who people look out for me for investing. Those are the things that we have not addressed and we need to address. If you want, if you wants you our we want to I attract dr or

maybe fo fbis into the country. That is why I referenced that force bank is our policies are not aligned. According to words is a playable outside the country. So I as an investor would not want to invest if if I've seen advancements and I'm seeing those kinds of things, and nobody's setting up the player a player out a clay policy on needs. Look at this, we've no discipline go doing like thirty or forty days. None. I think we are doing empathy in like a few days or few days of a few weeks.

Who is going to he is going to chare, who's going to chare? The commuting, So it's all these kind of things that people need to talk about. We need to hold up. We need to hold people responsible for this kind of for what this kind of policies. President beliable to us and explain why he is doing the kind of he has kept. Note about it. The market will react. I absolutely do absolutely this bit about it.

The markets would definitely react the scand of this if we don't set our clear policies to demand to investors and everyone that wants to invest your invest in our country. Thank you. Yeah. This is the first guy that spoke, the very first guy that spoke being escaped from the UK when talking about he using Ninegeria and no by birds know that he wants to invest in his

home country. Doesn't know a lot about nine Julia that guy is at the folks that have the big box that manage the should we say the Bloomberg money, the FPID foreign following investment for those boys sat the point that are blue then don't know Nigeria from Senegal or from whatever they're looking for yields. When you plug your your blue back botton, you pick Nigeria. You see or

you see that the macro tables to see or or whatever it's taking. You also see news about Nigeria and in that news, I guarantee you you know see the Central Bank of not arrested, not just arrested or because you can get rested for speeding, was arrested for by this secret police and have not been charged for almost a month. So the central bank governor of the largest economy in Nigeria in Africa had not arrested by the secret police for a month,

who have not been charged to called. They want that same guy to now invest one billion pounds in bonds. You see, we don't look at these things. We don't understand that Nigeria is now connected. When you make decisions, so it make comments, it shows up. I just see the flash now where quick the president also the president now saying that if he moved there will be anarchy and chaos. It's just I just saw it now. The present is saying that if they remove him, but if a courts remove

him, there will be anarchy and chaos. If I'm holding Nigeria bond for crying out loud, explains me why I will not sell it. Where you make statements as the present of the largest economy in Africa, it's recorded, it's already on the wire. Then Nigeria says that if you remove on not scoring twenty five thounds of votes in the f city, there will be chaos and anarchy. This is the precedent of Nigeria speaking. So you know, sometimes will you want to help because it's the responsible team to do. But

these guys are just irresponsible and I'm being polite. How can you make that sort of statements? How can you make that sort of statements? Okay, only really quick? You want to get from your submission just a point of and so good it has been trying to court. You're trying to call for the illegal position of the fire. That's that's the business charge. I mean,

the yester says told us too many things. This man has been costedly for over thirty days and all you can get against them has been trying to call for the position of the illegal fire. So sometimes look at like just like we're just like a total joke. We're an embarrassment. I don't I don't don't as I say Legua, I don't send it in Mefia. I've spoken about him on Twitter. My position on him is very clear. But you can't take the central bank governor of the largest economy in Africa putting in

jail and not charging for thirty days. They're now charging my tart to this for holding it gun. You don't do that. We can do things best. This guy is supposed to be to change from the Buhari regime. You regin Jos. This is powerful course, not this guys. This guy is supposed to be better. Mister ELB. What's happening, mister LB. Good evening every one. Um, So I listened to your question about why themintances um, maybe our own thoughts or why theramintances are low and you are my

own thoughts. Um. First thing is I think we are not taking into considerations how many people have actually left right, maybe the middle class that have been like migrating so far. The middle class, maybe in my own thoughts, used to be the people that have like those friends abroads that would have

those like oh guys that people would send money to. And the classes people that I in tech like me that work and then gets like being paid like in foreign courrencies, and majority of taking this opportunity provided by the UK to leave the content so that the factor that I think is contributing to it and then the one that might contribute to it going forward again is I used to work in the bank where I was I was an engineer and I built imtos,

which I think you're familer with, mister Carlo, and one of my boss just called me Designia and then they say the recipient circler now that the banks want to enforced when my dollar comes in, they converted to never, And I'm trying to explain to him that there's no way you guys should do

that. It was actually asking because I built the system earlier before, like there's no way you guys should do that because while we do, someone send me money and then you guys would decide to like convert my dollar to never. This is a police slept that might still affect this inflow of emittances.

And then another thing is the strictness of our eminitancing system are for the engines as I'm never going to talk about the iron windows where by the big box for me talking about the areas where by the commandment maybe wants to get something, I want to trade in the effects and we have to go through the conventional outs and this makes it very difficult. So right now instead of guys

um looking at bringing in money, Instagram spotting our demo. So for instance, I need to get something from Amazon, I was still going to buy the dollar using all this is our new thing take ups and then you know, so are some of the things that I think are affecting these semitrance is from my own point of view. And then in terms of what people called these governments can do, well, well you've always said it in some of

your treats. If we don't import, if we don't produce, I mean, if we don't export, or we don't produce, or well those are looking very good in the eye of the world, then there's nothing that we can do. Actually, it's not simply are pitching. I mean we are saying bad omen for the company want is completely work, because man, I don't think there's anywhere you would feel okay in life than where you can either it does speak your language properly or be among your kings. But I don't

know. They work to be actually very realistic about our companies at the moment and know that, Okay, See, these guys are not going to change anything like like you talk about optics, they're not gon doing anything about opticks, right. Instead, they're bringing in policies that that looks at sever aleptics.

If we can go and suffer, then we still get fattened up good that you will say, all they are living, right, You see plenty of government houses looking like mansions owned by superstars, right, and then you wonder that we are going to set that control? Thank you? Yeah, mind about the market that the homes are empty. You literally can drive past. Yes, yes, I was in so like a couple of weeks back,

and you will be shocked. You'll be shocked out empty because how many people actually afford againsting homes in a so called of course not can afford, they convert the cash to homes, then they lock it. Top is that we're all put them on the bank because they don't want to put on the back of EFCC. So they build at a house estate, they lock it up because they fill up the house cannot fall. So you want to ask yourself when I was in about property taxes, you can't hide the property.

Go to the property. Go there, put the table there and say who is the owner of this house? Who is the owner? You don't know us? Not come sell the house? You do not comes, But they don't do it because because they own their homes, so they don't tax up, but they will come out a tax pms. I'm carousine that people in mind lease use they can't tax that, but no one's gonna do property tax and a blue jack. You can't hide the house. Go to the house

No bout fifteen at jab on the street. Who owns this home? You don't don't have a owner. Charge with bog and then the government takes to whatever the rents. Since no one owns your home, to come out, rent it out and take the rents. End of study. But they won't do it. All right, let's get I've called you before, so I got to ibo and if you yes, I'm miserable. It's like piccoli, how are you doing, sir, please go ahead, pincol m emam mister. Epically, you've got the floor. Oh man, let's get my wattic

journey, my watch journey. You've got the floor. Hey, folks, you want you want to speak your standing in your mic? Isn't me? O? Look can you hear me? Oh? Epically you've got the vale called the floor. Yeah, basically I'm beat in Nigeria. I wrote my own small personal to high personal. Basically those self employment uh be ris that people are doing basically up people whosting, baby betraying or something. So basically what it means to have to get dollars to buy those services or get those

services provided, so be reached in that affects me. Put the gati a positive. You have a job outside up with me the USA your pounds. I'm happy, but fai, that's custom that you are tho are more expensive than you are for people like me, so which makes it very very tight. Just friends a problems their friends have got. So yeah, I gets like you would change last pot and be because of the changing the the right

evs yeh probably says one point, we red valley busy pounds. So I got the change where you like that because the pound is most dollar and medical bad to dollar gave them. That's basic people. Apart from that, issues proper that really give me your problem for me right there? I don't sent it because that in terms of relentancs that you received, you getting you? Do you have friends that send you remltances? Do you have anyone that sends money home to you? I say remats changed because it is in UK.

So he sent new pounds which I pay. I get paid in dollars, so I get slightly more. But it's no actually saying the same of pounds. What's his pounds? Is um stronger and not stronger and dollar? Now I guess like he more dollars. That's that's the only thing. Okay, all right, all right, I hear you are times you're happening. Let me get your q C and p are suppli ching analysts? What to hear that? What it happening every one days? Serve the UK? I mean,

is it a europe American's issue? Where's that? I'm currently based in the UK? Okay, yeah, so um, though I joined a bit lates, I just wanted to share my own experience, you know, with Remy towns. I'm older. Recently, you know, I've got a couple of friends I wanted to invest in real estate and Nigeria. I think they all wanted to get some lands in some very good areas in Lagos somewhere and

there about then one of them bought champounds scenario. I think it was about one thousand then and it changed about ten thousand pounds because about ten million. Then a few days later, just about two days later, that seemed one

thousand year up a pound changed to about one thousand, forty six. And you know, you just look at it that he's just about to sixth and era about forty six area thinks ten thousand pounds as at that day when we check was about I think four and sixty thousand, and one of them said, either just with it. You know, I could have made extra for the six thousand era and I would have gone, you know, a long

way in bring one or two terms. My point is just too you know, um, I agree to what someone said earlier about the exchange rates affecting investments in the enginyer. Some people would want to wait if time is on their side, and those that do have time on their side, if they have, you know, an investment that you need to make as fast as possibly will do that. But that goes along way to tell you have you know the Nira has performed too badly and some investors are even scared now unless

even put that aside. Other fact those like the kidnapping and some other sh shoot political issues. I scared people from taking out of your money that he earned in a very very diverse mes like stressful with in the UK or other parts of Europe to invest in the engineer and that to share we have. So if there are policies that the Nanjura government or CB and can make just to encourage people, of course reminstances or you know, transfers back to Najera

would also increase, which one way or the other would all pose. I mean those that want to invest in real estate, they might not employ a lot of people, but those people that will be working on those sites would definitely be pleased that you know, something is coming back to Najera and they

are making money from it. So the factors and the issues affecting Nanjura are so big that we as you know, young people, learning people all need to come together and say not have a voice against it and look for wish to a sensitize young people to make good decisions, even even people that are you know, talking about politics now, people supporting in PC and all that, they know the truths, They know the mistakes this government I've made.

They know the truths about you know some of the mistakes. But why are you also made in terms of economic this is but they don't want to say the truth because they want to be partisan in politics. Irrespective of the party you're supporting or reside you are, you should be able to see the truth always. And these things are glaring. These things are things that we see

every day. I mean a couple of weeks ago, I was having a conversation with a friend and it was so happy that pounds was performing well against the nier. And I was telling my said, if pounds get to two thousand, of course you can be happy because you have more money to same back home, but it's also affect the economy back in the enjoyer things you used to get which one thousand there, you won't be able to get it with the same two thousand like yours change. So why should youupy happy that

you know the NIHRI is performing badly. And these are some moll the simple things that people don't understand. And so many times I see mister Carl put a post, you know, things that we should learn from and at least little research would go a long way in helping you know the truth from what's wrong. But you see, will come on those streets that are as simple as possible and you'll say no, you know, they would start from standpoint

of politics because they're in particular side. These things are are neutral. When you make a wrong policy, if expective of being APC or PGP or Labor party, it would affect you, you know. So these are things we need to discuss daily. Let us we need to send spice people and hopefully one day, one day we can all see you know, positive results. That's my contribution for now. It's not declare I don't with you right. So in terms of the relutance said, do you think it has gone up

or down? Or it just just your view and your your friends what you guys think. From my own view, I think it has gone up. Um. I'm part of the student grouping in Northampton and trust me, almost every day we've got loads of students, you know, changing money, changing POWNDS scenario. You know, although they've all out their own is the fact

that the NARRA is performing badly. Every two one thousand pounds to NARIA now it's about one point I think one point probablyion fifty thousand compared to like nine hundred thousand, So that extra one fifty will go along with for a young person, especially students, he or she can solve one or two things. Nine From my own perspective, you know, judging from what I've seen in

a few weeks now, I think remotasks has gone up. So can I stretch you to say, do you think that's gone up because of the policy or it's just gone up because there's just a bit bo demand from the folks back home. What can I stretch you to answer that? I think it's as a result of demands from people back home. I mean the price of true or price of petrol and other things are really gone up. So there's

also a lot of pressure on the people in the UK. If you have family members and ninjurya even the way requesting for fifty k from you, I'm definitely usual one way or the other that would have increased due to the rates of inflation in the country right now. So it's it's it's not because of course the policy to us encourage that. They met terrible policies, um so so terrible policies. And you know, people have been forced to need more

money in Nigeria. And who can you rely on when you don't have enough jobs? People can't even go to work because of fall or transportation because the old pressure of forced back on the people in their asporal and they're all forced to change their foreign currencies to neither to support that. People are conversing. So that's interesting commentary. I'm making that because of the issues in Nigeria. Regnicans are going up lordly because of the policy per se. But people are

solving more problems. So there's more social welfaring that is happening. Interesting, very interesting. All right, let's get a cheeventy five four. What's up the grouping Chicago. I'm a big fun of yours. I enjoy your species and your tweets, but this is where are we coming from? Uh physical? I want to ask you a question easier the Nigeria effects the form do you believe as a person, that's the form by fluting denial they formed on

their first marketing. Do you believe they enough to bring money inflow of dollars from twenty fun equi company, you as a person believe not to be an increase or an each influ or funny currency from foreign counties into Nigeria. I want to look at it this week before watching. If you can read, you can, okay? Yeah? So I mean in the past, you you could not prize the economy appropriately. In the past. What I mean is this because you had dollars at four sixty three. It wasn't the real

price. So if you're importance is in the country, you are operating at a substit that you cannot cost appropriately. Companies cannot plan to are they're going to buy at four sty three or seven hundred? Look at the airlines. They were selling tickets at four sitty three, but they can't get their dollars out of Nigeria. So in the past we cannot or we could not contun

like that. What they've done now is to say they're going to open up the market to willing buyer willing seller, which means, like many people have sat here, if I send one dollar to the Nigeria. I am getting the same price that you get on the street. Here there will be plus a minus, but you are getting almost the same price as you get on

the street. So we haven't changed anything. We've done the truth taking off the subsidy on dollar, so that if I am still sending money, remember that I see semny true Kyoshi. When I sement true Kyoshi, I'm doing P to P. People are buying my dollars based on the demand I sell to their base, on their obilion to me. I have not saying at four six to three, I am saying that the real market price. So all they've done now to say whatever I'm you know, P to P do

it on the official channels. That's all they've done. So if remittances are going to go up or down, is going to go up because now I know if I send your CBN in coot channel, I get more money at jather. That's what you've done, right, So if you have the follow up coat, So I you're saying that because they remove those those obstacles that involves abtube vial markets, that they have a single market, you feel that people will now start selling more money to Nigeria. That is what you're kind

to say more already is then not true to what they're doing. They've taken away the advantage that the private sector had and said, okay, we in Sibian are no longer going to set the prize for dollar. So if I was sending money through an app like Kiyoshi, I wasn't going you know, if I was sending money through other means, I didn't go through central bank. Now I can go through my bank or even through an app and get the same price as on the streets of a back. That's what they're trying

to say. So when we talk about the stock market, how it's a related deprices that instead, you know, it depends on the influ and the outflu of the dollar and delia. So if we have more dollars coming into their coloni, then we expect the dollar delia to also appeciate. Then do us to correct? You understand? So what this thing is telling lost that the so called efforts for this market it is not enough. They are all the other factors that have to be for the effens markets too. Really really

for you to see the impact of the effas markets. Yeah, that's what we're saying we're saying that the country and are not wrapting every removed elements. What more needs to happen. You simply cannot remove just impediment and then their country will see boom. That's what we're saying. There has to be more. For instance, you talk about kidnapping. You've heard everyone say kidnapping on

the farms. You've heard them say inconsistent policies. But if you remove the kidnapping on the farms, if you remove the policies and you leave in the double exchange rate, then ninety dollar nine dollars will not flow through Sybian. It will see low to Nigeria, but not the CBN. Do you get the point I'm making. This is what they've done today allows dollars to flow to the CYBN. If they don't do it, dollars will flow to Nigeria,

but not to the CBN. That's the clarification exactly. So the thirsting of variety, of the of the insisting of the first market, he's just making available for the command. Man's not really having apart on the event the vestibles because the investors, I'm not sure where they're going with this. Look at what I'm saying, right. The economy itself. The dollars that are going to come to Nigeria are still come to Nigeria. All the sibling is

trying to do right is to say send it through us. You know in the past that we're paying you nira if you send dollars to the central back, do I pay you nira ten dollars or so arrest as well. I don't want what it called. It's for you to encourage to send your money to the CBN. Dollars are still coming into Nigeria, but it's not going to the Central We have dollars in Nigerian bands in Domar accounts. Those dollars are not owned that the CYBN. They're owned by Nigerians. It's not part

of your EFFECTRI serve. So you look at the Cybian effectricerves. It is still below fifty billion. The Central Apple wants to boost that EFFECTRI serves maybe a one hundred or two hundred billion. How can they do this? They have to devalue and depreciate the exchange with to attract FPI to community. And

you've had the phone as they're going to have the Central band. We want you to do more depreciation before we can consider breaking dollars and loud three that if you go to the UK today and you invest in the UK market, you're getting five percent minimum, that's the rate in the UK. Five percent. If you go to America and you invest money in America, I getting about four percent if you do a treasury so what's it called a circle of

deposits in the US? Four percent? Apple pay is paying you four percent on your app on your phone four percent. So on Nigeria to compete, niger has gonna do four pus ten plus sorry, four percent plus. That's what's going on. So if we don't devalue, money won't come. So the argument you're making is to say what is what word is not working? But if you don't do it, if you don't do that necessary step, no money will come at all. It's like saying there right, it's one

whole nine two one dollars. Nobody's going to bring nina to look to your country, even if you have security and its first structure. Nobody to bring money to your country because only because you get the point of whether okay, I guess, I guess your point, but I want to I want to I want to say something can you permitties will give an example. Now I work with Acacola. I'm just a special Carpa. Cocacola used to buy and

buy some of that there just involent tayers as officiant. But now after the floating of Denia to buy as Afial as new official and doesn't the personal of the effects markets now now that has led to an increasing price of our product and that has less to less appurticing power from my engails. Like people are not really really buying into a products to give now for now they're going for

the cheaper ones shot. People are agreeing for Zoobo and post called like a Zoobo and can that's that's the vanity now now wentually bookam he moved poice softly. That was the first in indeed that's there was sob on on oy. He moved it the FX market. Me as the person I was looking at, why not hold still on their fax market face he moved to on Oi. Lets people see what the money you've moved on to. Boy, Let people see how you want you invested to get colony. Let people see the

impact that has done in the economy. When people now start seeing the game, then you now move to the fast markets. There you move soffessman, there you see that. But then those policies that in the place, now your best market, you will see it decrease. Doesn't know that huge influ of the dollar. Because now the money you've seen on trust, if you invested heavy in the economy goods, agricultural, it puts because we have to do to look at the critical cities of the economy of economy that are using

the effix cocacula. Most of those guys now most of those sectors that they are they're finding have to create the lighter and now they find good people Cacula. They're finding that they have to keep increasing price and they can't have to keep increasing their prices and people are not buying. And are the logo this complies might better be declaimed the lost. Yeah, they declaire lost. Now tell me which one accomplished that same. All these things are broad. We

say it wants come my investor that economy. That's right. That's the point is can you be to play the point is that in nine tie and when you have the all at for sixty two, like your Brady said, it's at a fisher. So when you say Coke was selling. Coke was selling because the government was subsidizing forex. Now you've taken away that's for that subsidy. Coke is no longer affordable to niger because Nigerians can't afford CoA cola.

So what would the economy do. Nigers are not going to invent their own local dream. That's how you have local Nigerian dreams that are not important. If coke wants to survive in Nigerity, how to go back and start to use Nigerian sugar from Nigeria. That is not effect space. That's the way the economies work because you are the subsidy. If you keep the subsidy on

imports, then everybody will import and the local production will never happen. So I might agree with you that the presidency they rush to remove the subsidy on petrol and dollars. Perhaps it was rushed, but they had to remove it because they don't move it in a rush. The economy cannot write prize itself. The economy is import base, so we have to go from the imports that has taken away our dollars to a production base. That's what they're trying

to do. I would say that the eating subsius have gone immediately, but then the politicians come immediately. You can't subsidize petrol and subsidize dollars in the economy. You are simply doing watchers and you are subsidist an import. Now coco sit down, Remember there was the time nature where beer was made with important components may be important with important balin now being a local products, You've got to go back to cook and say what do we import to incope the

egeria and what can we get from Nigeria to avoid the forest. If you can do that, second, see the problems. We do have a sufficient sugar. We don't have sufficient sugar in Nigeria that can't substage as your governments give the license of importation of sugar. That means that Nigerians can't afford it. That's what it means. We can't afford it. If you subsidize coke where so that this lifestyle we can't afford. I'm not trying to be cool.

I'm just telling you it's like a Lamborghini. If you say Lamborghini, you make it one to warn Nagas for the importland Borghini. Then you say, oh, if you take the subsidy we can't afford land Borghinis anymore. We can't afford it. So if we can't afford important sugar, what do we do? We go back to what we drink locally. Maybe we'll start doing pan wine cooke or Cassava something coke, or we'll take sugar from Cassaba and may cooke. That's what needs to happen. There's no way you can

import sugar at a subsidized price. If we can't afford it, we can't afford it, end of story. At Chip it sounds cool, but that's how it operates. Look at Sri Lanka. That's what's gonna happen if we keep on important stuff you can't afford because your forests or your wealth in your country cannot absolve it, which is are low. They're just not a very very rich country. And that that's what it should. Eyes are clearing now when you take away those subsidies, we now say that, wow, we

really can't afford the sunset trafficking leakies down. Why no cars? So while driving cars on very very cheap petro posa, we have croup unless subsidize it. Okay, go ahead and do that if you have the money subsidize it. If you don't have the money, you can't subsidize it. It's really as cold as argib Malik and go to Flosa. All is all that? Manlike, how are you right? Yeah? Three points for me. Number

one. I remember our vividly. Sometimes they are true ultrue last day and there this here you re agitating for the float on the Nira and they are the removal of the subsidy. We care. I think this present administration I've done as soon as they go into power, So we need to give them credit for that. I have given them credits. Yeah, yeah, I know, and I'm going to lot of trouble on to the ford that.

Yeah, I know that as well. I know that also. Number two were talking about their remintance, saying from their they ask for or to Nigeria. I live in the UK and I've been in the UK from going to eighteen years now. And one of your earlier as the caller, was saying that you got into the UK last year or there about, and they are all the people we came across with them to invest in Jina blah blah blah.

Yeah the year ya fine, but you cannot compare yourself. I mean, you can't say because you just go into the UK last year people are telling not to invest in Nigeria. You can compare yourself with myself and plenty of my friends or relatives that I know they're being the UK go into twenty years, right, we look call laws of impressment back home in Nigeria. I just get I just go back from yeah last week and I went to I've got some project, good one that I finished. I've got another I'm

going on and then I'm going to that stage of thailing now. So I went to this massive tailing their own market in the Legos people call it their own Who related the co relay side lso, I don't know. So I went to the side to see some ties and then when I got to this sal wayouts and then I asked them, I want some sisty by sisty ties for it flows and the wars. And then they were bringing out products blabber and then I had the guide. I was saying there about two of them.

I said, guy, why is it that you're bringing all these fallign ties? Why are you not bringing out the maiden the enjurant ties? And you were like, ah, that's that's very rare for people to come here and ask for the enduring times. I say, what's wrong with enjurant ties. It were like people like the Spanish ties, Chinese ties, Indan ties. I said, no, do you think there's a fable today? You need to you need to market market meeting engineral ties to your customers in regards

of anything. Program about all these fallun tires that you're bringing in. The more you're paying people are buying this volun tires, the more that this money is going back to these foreign companies, foreign countries. We need to start patronize. The world belongs to an engineer. So at the end of the day, I spoke to the guys and they were exchanging contact and everything,

and I choose an enginoualtizer. I wanted to go forward. And then in terms of them sending money pack Hole, I can tell you for the fact that people I know and even though I went to some places yesterday, two places yesterday, and people were still saying that they rate there sending money back home. Compared to before, it's only high level. Now it's increased. People are sending money pack On because you can compare someone like made up standing

there for like eighteen years now and then where I'm working presently. We all know that there's challenges in this country and there's barriers. There's a lever to where you can get to my place of work. Now, I'm really really pushing to get to a certain level after a senior role which I entied toto, which I'm qualified to, not entied to which I'm qualified, and they know it, but they won't give it to you. I'm not going. How do you know that people are sending money home? That's why I just

say to you. Now, I've got my families and relatives. I've got friends that we're paying here for more than fifteen seventeen, eighteen years. We got huge projects going on back home. I've got friends in South Africa as they are sending money back home. Seriously, I've got friends in the state. They're sending money back home because the opinion the depending on the western world for so long. After why you won't go back home? There's no place

like home. We all know all the things that is happening back home. Are we where we're supposed to be as a country? No? Are we progressing? Yes? Okay? And they're sending money back home because of the specific policy of the devaluation. Of course, of course, the point I'm making this gal if you look at the man that spoke about, because that's its reality and this is also your reality. Right, So both of you have realities that are correct. Could both be wrong, but boddos are two

reality speaking and both are correcting. Nigea right. But again it's just like everyone has to speak to what they know of. That's just where everyone. But the back to the natural tie example you gave was a Nigerian tal in terms of quality as good as an important time minister can I'll give you another good example. There's the ties in Nigeria. Now, it's as good as

the Spanish ties. We all know the super Polish ties. The Spanish one that's the high grade, and the Chinese and India are super Polish ties. There's a complaint then, an Italian complain that went to Ninjuria and August they set of your factor in university and they are producing in almost state. And the rate you're selling that is the same we've made in Nangeran ties and the qualities they are the same thing, the same one even more quality than the

Spanish ties. You can you can't differentiated, and that the name as a shot the case folks want to know, do you what's the name of the company. Do you have that of Veroni, Veron Godcha and then in Ogan sorry, in ogen state, in open state. Okay, good points, good point. I mean only just to the point. I like, you're making this this right. When you do business right and you have change in your business environment, then the company has got to change. You know,

structural adjustment program has a very very bad rap attached to it. But what it is is that Nigeria got a lot of money dollars where we are in nineteen sixty nineteen seventy. We became very rich. We are important. Everything you know, you're called to me a wild bad that. When I was growing up, everything I ate was important. Three top sardines, bread, everything we ate in Nigeria. You go to levantis and you buy it. It was important. There was no one talking of imports then. It wasn't

the thing people thought about. What was imports. You just import blue bird, you eat it your important bread, and you go to school with your important batter in your important car. But when the economy crashed in the nineteen seventy nine, you had austerity under Sugary, then you had the structuument program. In fact that I was tending Nigerias. We have to start to manufacture locally because we can no longer afford to import these things. That's what's good

on right now. Again, we've got to a stage where we've had I don't want to pass place. But the reality today we have talked about today is that the country cannot afford imports today, and the country has got to step back and take a deeper look at say what can we import on two So it took costing me sarger so you cannot go ahead, but ahead, Yeah, back to this building materials stuff I was talking about there about I spoke about the tires, even the dogs. Look at the doors we're using

today. All talkist imported dogs. If you do your research very well, if you if your patience enough. The problem is in a lot of us are not on ground, those of us in the hosperal building back home. But gonna look at the guys back home, go and look at how they're building, Gonna look at the quality of things those of them on ground, they will find a reliable and a good joiner that will put a proper agg health boot together and come up with a fourth full free food, nice doors.

Even my Gary dogs. They will buy the local materials and they will put it together mounted there for them. I get you all at the point I'm making it with the local prospect that we can only do look out production will look at cost four. So while it has to be that we've increased we've taken away the subsidy on the Nira, those that savings should have gone

to invest in the local economy. What it is better to see from the President was announcement of the massive catal investments in getting the cost of production the Egah to fall power roads. If you can get the cost of production eager to fall, then the gentleman Jable that's talking about production of sugar, they can then cook, can then run without paying for diesel and then use that

scenes from diesel to perhaps import sugar from Brazil. But when you have local cost of production high and does not come down, then you remove the subsidy on petrol and dollar, then it's counterproductive. You can't have it put with the government cannot east and habit. The government cannot remove subsidy on dollar, then go ahead and not invest that subsidy to that mode in the same economy

me to reduce the cost of doing business. That's where they have feel Look at this the test that Bland the outlined on the on the on the p palliatives, you don't really see a big push to see we're going to addressed cost of production locally in Nigeria, power roads in security focused on those guys, then the local essames can there replace the imports otherwise but wasting our time? Thanks, I got to move on than just a second quickly, miss

all that. Where are you basing us? Missola? Sorry? Where are you basing UKs? I just moved to Birmingham from London. You're okay, girky. Are you part of the dressing nuke community? No? Okay, So if you're agin the UK, we have a wonderful ninderence in the UK community. I'm going to put on the job of trunk so feel free to to join. I mean, I love some of your perspective, some of your submissions, and I think someone like you should be part of the nigregent

community. Can comme in You can't talk of course before that, Beminham, we even having a niminking summer handcarts. Beminham in the Truth of Focus too, but I would say the dam and then thinking from the can join the Commarcy, your ara means a guy just to repete the room. We've been talking about close to two hours now on the new Nigeria policy on that the celebrate Nager has passed. You know, um it's the summaries that they want

to attract supply back to Nigeria, so they liberalize the rate. It's now market driven. They've asked the dome account. Umho. We say policies should be liberalized as well. So you have you don't have any tent on dollar limiting anymore. You can get paid in dollars, you can get paid in Nia. And they are targeting permittances from the dask wraps. That's the easiest thing that they can target. They wanted to come in to support the policies

that they have also passed all the nighrect change rates. The problem is always supplied into possites that passed and there's no supply than the posities not to work. So we are looking for supply. And the whole idea of this of the space today is to say what is going on that the data shows that quarter one supply has much as picked up, and we're trying to fund from the data that will come out and got to but are trying and to say, okay, are we doing the right things? So far it's been a

mised, mixed bag of possying. Yes, they like the policy and know the policies. Good point hasn't affected in any way. But still let's keep on talking to Nara means and if you're you're able to commutant, speak to Nara means, let's go ahead means it's not let's get carber carbery A bellow, thank you, so you've got your hand off, Please go ahead everyone, I'm fine. Fine. So with regards to remy times, they are

a lot of things we are able to host of our book ads. I can say maybe the last time injury are as a very high rematimes was in two thousand and eighteen and send two thousand and eighteen, which you are very well aware of our remy terms as being driedling low and low and low. Now, there are so many reasons the issue is rematized is not changing.

In enjury a lot of people as to send them money back on. But the issue is there are a lot of informa sectors whereby people are send the money now informer sectors that can never be captured, just like as we out black money in the economy that can never be accounted for where we are calculated GMPGDP and every other index, Acuna index, so the same thing goes to the rematians we have Now there are a lot of informats sectors that you can

you know, remit money from abroad now and a lot of these informa sectors are kind of easily accessible. They are kind of cost effective for people because every time that a lot of madurance send money abroad, they look at a lot of reasons. People want to get more money, more cash, and people also look at you know, easy assets and when you have the government

regular regulation that has a law of butt night. These are the basins where a lot of people are going using all these informer sectors, like all this application. Even people use career. But when I see somebody coming from UK, they can you give the present cash to stop with in the bag and bring back home. Those are part of them sectors that kind of money can

never be account for. But the issue is it's not because the remittance in the guys getting but the issue is the informer sectors is receiving a lot of remitance that can never be accounted for. And as and we can only account for what we can what passes through the banks and well passes through the banks and center banks. Anything outside that, it can never be accounted for.

And I think that's the reason why we are seeing that. Okay, the remitance is the supply of remittance is low because with currencies, a lot of people are using these their currencies to I mean money back home, and all of these sectors they are not put in place when we are calculating what is the key one key to remitrance? Blue so and I think I want to say, is I wish you also address is the concept of our nea was fluted. I think you are very right when he said that when you live

never to be fluated. An organization or a company or a brother is coming to embarrass or even within the Jura can easily say them and calculate and predict how much you will spend their budet. Unlike before were back, everything is subsidized, maybe a lot of the journe does don't understand the concept of subsidies. The endurance is subsidies from the concept of petroleum alone, I can tell you that I'm reaching. The endurance is is from that aspect when you talk

of subs. Really the posting and having the Jura will think about is petroleum. But the issue is our life. You've said before, subsidies is actually you know, every part of our economics or because when you subsidize is the exchangerate you give a syndury around point and something era which like you said, it is artificial, and you have covied like Cocacula. Taking all these forcts, that is that everybody that is buying Cocacula its being is buying a subsidized

drink. Anybody that is buying anything from the gouty is very subsidized goods from them. So a lot of this has happened in the past, and having a fluted era will create more opportunity because the issue is we have what we call important inflation and Engina important inflation from the US aspect of like you said, we like to consume, we are not productive and when we don't productive or we are not productive. We have to import a lot of things from

outside the world. I'm okay, okay, a problem. Are very very productive, but impromise that it's cheaper to reports because if you look at it right, it's cheaper to go to China. Let the stake rice. It's cheaper to go to Thailand or India, buy rice, put on the ship, seal the ship from India or Thailand to Nigeria. Clearity is cheaper than that rice would learn to nke us cheaper than linking right in in Kvy state.

So yes, unless you yes, you are yeah. If you don't fix that right, there's no point of growing rice in Kvy if it's cheaper in India plus the dollar, plus the insurance, plus the free to bring to Nigeria. So the problem is that the cost of producing stuff in nature is just too expensive. So leg at workers. But you can't compete against countries that have power supply. You're right, You're right. You've said people are like like you or we have competitive advantage. And when you are like

you're looking at international tree. Every every every country we have to produce goods and savity as services at which they are having a lot of competitive advantage. You understand what I'm trying to say, so you are very correct. But the issue is at this stage that we are, we lack a lot of let me say a lot of what I say resources that will put us on a competitive advantage. Because number one resources is even capital. We have it

right. But the issue is when you're even talking of human capital that we also have to look at it. It's not just about the number of populations that you have. You also have to look at these kids set. Do you know that one of those things that consume most of our effects comes from raw materials and I take industrial tools that are not even being made here in

the country. Because if we have a lot of these complaints, because if you are Cocapula, there are some top buyings we have people like the guys are saying it was incular top buyings in Copula that can never be repaired. Yet you have to, you know, as much as you want to shifts some to buying back to where for them to repair. And it's also when you when you when when you have organizations too, you want to get new new address, they have to still take effects to get all of these all

of these affects our effects. So we look at raw materials and we look at that, we look at role material and we look at fixed assets because we don't look at the aspect of exerset and raw materials most times when we look at the productions and even when we look at production and we look at a flow of income. These are factors that always affect a lot of things. When we are talking of important inflation number one and also when we look

at the concerning coduct never been floking. We go on the ship looking man the ship. Ye okay, so but I don't want to talk to don't we take your time. But any thing I want to say is as muches no matter how mution engineers would see that, okay, never has been fluided and it is affecting the the average Nigerians. And that embody issue is when we need their report their lows. That is leading sup process of supply and

demand LTD, determining lated, detaining whatsoever it's going to define. And this one of the importance of doing that is it brings um uh. It increased sport because the issue is its transcreasing sport and increase car in direct investment because a lot of foreigners who are willing to bring their money to the country because of our weaker arrency. That's why you look like you look at countries like start career and look at Japan. Sometimes we see there and look at why

is this country a currency weak? But they deliberately want it that way because it has an advantage for them. But okay, want to say something, No, no, just move to room around. I got you. I'm going to room around. Good point. Just to make the point, okay, legals to legos to New York, legals to UK plane tickets is almost double to privately to go to our cry to not so our cry to learn

to legals to London. It's cheaper in our crab. But it's mighty cheaper in our crab because in government and Ganda does not hold back the payments to the international airlines. Why it's expensive in Niggers because Nigel does not pay the airlines on time. So they've got to factor into your Nigerian ticket cost, the cost of they're not getting paid back on time, the cost of that

capital you're paying for it. So your ticket price to get to London from legals incorporate the fact that the Central Bank of Nigeria will not pay them their remittances immediately. Hence they are making you pay for the lack of dollars in Nineturia. This is how it affect all everyone. This is why we have

take with those subss that we solve take away. If you keep the subsidy at four sixty eight and you say wow, I want to buy a ticket using for city eight, you pay back with a higher ticket at price. Isn't it the same example with called cola guy. When you subsidize your narra at four sixty eight, you think that food is really cheap. In Nigeria, it's really expensive because you have to then pay back. They're important inflation because that's not the real price. So just give you guys. You can't

dodge these things. There's no free launch. You can't sit down and say Nia is one to one. It will show up. The real price will show up somewhere else in the economy. So in Ghana, because you are paying that price is because the Gallean Central Band will credit the international airlines immediately. In Nigeria you are paying almost about the price because the niger Central Band does not credit their liss even though you buy it at the four sixty eight.

Let's get stuck. I got stuck filmed, start film, You've got to flow, hide yourself. Well, not good evening things pulling this together. Maybe how must take a different angle at this conversation. I'm actually in the States. I'm a bit work for the Favor government, but quite familiar was kind of all of this conversation. So what I'm trying to say here is that you know, after world works, so right, the US dollar

was made the global result currency. But let's just think about that, right, So we were not at the table during that Branto with that women. So now we are all talking about effex and how the US dollar affects the Nigerian ter. This is the primary resource of the problem of guys. Nigeria is never gonna win the battle. We're basically writing the dead US or writing on the broken ass or no, maybe trying to write a hostel does not

benong to us. And that's what we need to start realizing, is that if America goes through an inflatory environment, it indirectly impacts every country that uses the usd as effex. So you mentioned Elie about what happened in the seventies now that destroyed the Nigerian economy. That was certainly because Nixon at the time took us out of the Goal standard and switch out to the pH standard,

which destroyed a lot of complex currency. So no matter what happens, no matter what we're trying to do in Nigeria, which fixed in the FIC situation or with our policies, whatever happens to the dollar would indirectly impact thenither because we are running our economy based on another on the glober usd Basically we want to call the unter dollar, you want to call the petrol dollars, that's the Pacifically, I would run the government, which then goes back to the

conversation about Britain policies having the central band correct policies. I'll tell you one thing, the same Chicago's call of economics that we're trying to implement a Nigeria is impact in the US right now because the Federal reserved in the US just literally in the last month, the US dollar as that you were dead as increased about one point a trillion dolls in less than one months. How do

you think that's going to impact Nigeria majorly? So we have to be very careful about, oh, let's give the federal government motority to enforce or to push policies. The founders of the United States said they want to separate money from governments. If you're able to separate mode from governments, a lot of what we're talking about here, we can fix Tho's conversations about maybe a Nigeria and on that kind of stuff that's as an underground level policy that Nigerians themselves

can be commend without full reliance of effects. But hey, what am I to be talking about that? Yeah, is the fact we even no matter what government we have, especially in Nigeria, which we have challenges with all of our Africa, is that we all go to the corrupt right for some reason. That is the problem. So the only one we can fix that is this all challenge about oh, we have to be on the swift system because basically effects is still on the swift system, right. We have to

find a way to have a parallel solution to that. Like while we're still begging for what bank money and I am a money, we need to be coming up with our own unique African solutions. It's all of us relying like all day along to besa in US effects like why was all reliant on the country that already has its own challenges. So so I mean this argument about the US, the reality is this, right, The dollar today is as globe very reserve currency. That's a fact, you know, and it's not

going to change anytime soon. We have the bricks China, Russia pushing. The best that China is going to do is to be an alternative. But the Chinese you want is not convertible with means. It's not going to be. You can't go to the stude of our band by Chinese. You want to be central band to central bank. The dollar is here to stay for now. But when you make the point of our physical quality, that's the advantage the US has. They can print paper and we have to buy.

There's nothing we can do about it. The only way you can avoid it is if you go back and do import substitution, where you are reducing the amount of dollars or you are increasing your net exports, so you don't mind holding dollars to import wrong materials of machinery, but you are exporting more to gain more dollars. That's really what we have to focus on and not worry

about what the US policy would be. In China holds three trillion in US dollar reserves, three then te trillion China, and they are the same folks that are pushing to replace the dollar. So get the point they are they hold three trillion, but they are also pushing to replace the dollar because the long ensure is that that's not going to go anywhere. So what we have to do is focus internally, get our cost low, get our productivity height.

That's all we need. It doesn't matter the currency we use or want to use. Let the cost of making gawa fall in Nigeria that you cannot import glad to Nigeria and self, why how is important that rice you know, will be brought from eat India to Nigeria and the price is cheaper than rise from KP to legas. That's the question you want to ask. If you can fix that, you fixed eight percent of the point in Nigeria. That's really it's it's a very very easy to fix for us. Guys.

Were don't round up in about twenty five minutes, and we're going to make sure everyone that suppress people would happen to say I do a projects where I'm going to run acause because the clouds. Let's get be coming short and let's get everyone in here. Daddy, you've got to floor, she daddy, Bella, you've got to flow. So just go ahead. That develler going on, that develler going twice, pain, I'm finding him. So UM, I just want to talk about the effects and uh that year because that

mistake. With that, they said, So I have some businesses in the US with um some of my same things. So we have this Nagan community who we are friends, are family, so majoring. We we created a window for them to remit money to like there and some of them whenever they want to move your money problem like they are two years we the users.

So I just want to talk about the behavior complicity normally when we never didn't want to say money to don't want to change money to dollar when they give you your what I go, I'm sending to show amount field they do it then nowadays like for two or three weeks. Now you you year from them. Now nono that the means you don't like everybody's shopping for the best rate. So I don't want to talk about their behavior of the level of movement.

I make the remitters are not changed. The people I mean they gurge people are remitting money to the country are not changed. Bes the behavior like the people are just looking for the best rate. I'm talking about the age.

Yeah, I'm not sure. I'm not sorry to go what you will say if you could say, I mean the the behavior of those who will admit uh money to night to the country as they change, like they like the past ones they want to presied to and go ahead and do it, but now they they look for the best day because the late picture your life is changing. Yeah yeah, yeah, so that's that's what I look is in like qut with now so it has gone up to this? Has it gone up? No? The devil remits the same. But the way people

are changing, I have changed. The way people are changing. I mean, I want to give you your word that they want to change money. Now they go ahead, but now now they look for they look for the big shock for the best rate, like they want to ask the edge right there before they quiet because late that we're life that are changing. So you're saying people are shocking around people have been more yeah yeah yeah yeah so this good. Yeah, Like like before points I have to shaking. My people

are like trying to time this thing. Yeah yeah, and I think that you would that's sentiment I by not that's going to go up and it's not for welfare, Why would I buy today? I think that's a good point that I think. Yeah, Okay, your Eddie if you got flos Eddie, go ahead, Hi, Hi Msical, good good, good evening, and thank you for for the fortunity to speak. Thank you to everyone. I'll just go straight to the point, right, Um, I want to

provide a perspective. And you know what's happening West Africa, you know, because um I'm busy. I'm basically I kind of travel around West Africa. You look so yeah, so you see um with the with the floos obviously, UM, I think it's it's obvious to everyone that Nigeria was basically subsidizing

the the origion you know, um well petroleum products. You know they are there their villages, you know, all around the border of Nigeria, right from Semi Euroco down to Quara State right up you know, even up to Anisia. You know where the entire industry is based on important will from from Nigeria. And I'll tell you that that has changed with the removal of wealth

subsidies. So we were kind of you know, biting mode that we could choose because um, speaking to you from Looming, Um, a little will is about seven hundred, seven hundred and sever um Yeah French France seven hundred and seven year so um converting that to narra, that would be about about eight hundred and you know, so you know it's far far easier and cheap part to you know in port well illegally from from Nigeria. And I think

that that has changed, you know, that has changed the bid. Yeah, so I get I get to see, you know, by virtue of so so asking you live in Loma and the cost of petrol has gone on because Nigeria has removed the subsidy. Right, No, so how is that the official price of petrol hasn't hasn't gone up? Yeah? Both, there's there, there's there. There was a lot of black market activity in the republic in this year. You know, even in Togo there's a lot of

black market activities. So if you go to the black market fast as you could get before the full subsers really taken off, you will get well cheaper than you would get at the at the pomp. Yeah, sou boy, that that doesn't happen anymore. I hear. What I'm asking is that how isn't affected the behavior in in your in that country? Are the more cars less cars? What's going on? So? Um? What? What?

What? What's happening is you don't have as much black market activity and also, um, the official prize is still the same seven hundred safer, but you don't have as much black market activity. You know, a lot of well coming coming from Nigeria as much. Yeah, yeah, that's what our one points are. What are really going to that? That is you guys in that country could not really afford petrol in the first place. See that

they're liquent afford petrol in the first place. You are only getting your petrol from Nigeria. Yeah a lot, dear, a lot, quite quite a lot, quite a lot, dear. Really, now that we have the real prizing of petrol, they cannot afford to drive those cars anymore. Is that a correct statement to make? Um? No, I wouldn't say that

that's a correct statement to make both. Um. I would say I would say for a certain that you don't have as much black market activity as it used to be in the past, so that the black I would say, so the black market price was lower than the official price. Norman was exact correct. Definitely, definitely the black market price was lower than official prize. That means the price of petrol in Loment has gone up in the black market. Yes, it is. It's kind of you know, um, it's

a power right now. So there's not not too much black market. Hence so much submission is that because there's now one single price of petrol, there's no more black cheaper illegal market. Because there's now just one real price of gearness illumed, the real economy is now showing the real economy, and the real economy is also going to happen next to almost to say, if we could afford to drive ten kilometers, maybe we drive eight kilometers so and so

and so that's where I'm going to. Yeah, there has to be in demand and consumption. Definitely, real prices. That happening. Definitely. Even in Yeah, Benning Republic, there was there's quite some crisis you know, at the start of the at the at the start of the you know, the removal of the subsidies to those quite quite a crisis and if you know ben A republic very well, there is there are very few petrol stations because it's far easier and cheaper to just bring it from from from Nigeria. So

I think the working has changed. What's gonna see is that now we will see the real economy when we take it with a subsidy, Like when we take a training wheels on the bike, we then know if the child can I still ride a bicycle or if it was just or land training wheels to ride the bicycle. That's what I'm That's where I'm going to that we will see the real demand, the real consumption to the real economic effects in better

republic today. Yeah, that's what I'm saying. Sure, Yeah, but I for you just before I go of, um, the first question is this right? Is it a complete subsidy removal or just the price that that's something that is not clear because yeah, you have this constant evaluation of the narra. So it'll get to a point where you'll be talking about of petrol. Just to clarify, I don't nira or the dollar what I'm talking about.

Yeah, So what I'm saying is, um, if the price is fixed, for instance, if the price is fixe at five yeah dollar, it crude oil. What I'm talking about, I'm talking about the price of petrol at the pump. Oh gotcha. So what has happened was that we had we had we have crude oil and Ningeria price in US dollars because US dollar, Because the oil price for millions of years from SID nineteen sixty nine seventy two was below five dollars, below ten dollars, we did not notice

the subsidy. But that when the refineries failed in Nigeria are also coincided with when the oil prizes were said to go up to forty fifty seventy one hundred. Hence the subsidute that we did not feel when the price was below ten dollars. That became the largest COHUMN expential item in the whole of Nigeria. So what they've done is to take away the subsidy right on the crude oil, not on the refining. So what I mean is this, we take crude oil, we take it abroad, it's refined, it's brought back as

PMS. The difference between that procedure is what they then pay a subsidy. They pay the substitute to balance what they take out and what they bring back in as PMS. That's the substitute the price of the depot in a lands. The government today has removed that Subtiday said, we're not going to subsidize the difference between the crude oil we take out and the payments will bring it. And going further, we're even saying anybody can import and export because the

NNPC is only going to do so today. If you get crude oil, you can sell at any price you want in Nigeria. That's what they're saying, whatever price you want, you can sell. The subsidy that we think is going to be saved from the diago to definery might not happen because the

cost of PMS is really a function of crude oil. So when sells his petrol from the pumps, that price is going to sell accounting my general laws today, he can sell at market prices acquintment general law today because this cost of PMS is taken on the cost of crude oil, which is prized in

dollars. So the simply taking away the subsidy that they pay at the pot to say that if whatever you bring it to Nigeria, Nigeria used to have a replated price, the difference between the repluted price and the market price that was a subsidiate were paying. So once it's taken that away, that means that whatever price it lands in Nigeria, that market price, you add your retail you add your profit. You can sell at whatever price you want.

So that's what they're going to say, No more subsidy of crude oil irrespectively at the parts at the POMPS. That's what you're saying. It doesn't make sense to you, sir. Yeah, yeah, that sounds good too. I think that's some useful information. Yea. So so no, the simple simple answer, no recolated PMS price in Nigeria going forward. That's a simple answer. So you can the market to determine the price. No regulated price.

But of course you are important the PMS with dollar. The dollar has also no recoulated price, which means that the PMS price today it's a function of crude oil and a function of the dollar exchange rate, which means it's going to go up. The way it comes down, they save the price of crude oil internationally goes down and they never gets stronger than the price of p must will fall otherwise it's girls going to stay up. That's what it means. All right, I got let me get ruby in here, roby

Matthews whatso every times? Look, thanks Matthew, you've got to fall Yeah, okay, thanks. Thanks. UM trying to start job for this opportunity. UM listening so you can for a while and kind of live the way you put the economic masses, trying to look at what the challenge you're being faced with. UM. We have a we have a we have a demand. We have a supply issue in regards to Boris. And this is my

view. I think whenever we get those forests in true CBN, or we get them true other means of through pintex or whatever it is, it helps questions the demand we have in the markets. And I think, in as much as we talked about remittance is through all those others the really great long way in helping. Because I gets say five hundred dollars to my posting back in Nigeria. They're not going to spend five hundred five hundred dollars in the

markets in Beding or where we are and other accounts. They need to come back to the NARRA, so they take it to the local abuki and the man change it into narra to them who who In terms, we sell the same prect to somebody else who needs it. So at the end of the day it helps us. So how the nara comes into the country, probably I don't care. The most important thing is that we need to get enough of this. But while we have not people in that for us saying they're

doing so much remis hands um into the country. We also see that is in the last five a lot we're taking up out of the country and that it's impacting the economy. I think more we're not saying the impact of what jackpar is because you're breaking up and making some good with the chicken. And I think that is where the problem realize they're live in this country and they're taking up about twenty thirty thousum dollars with them out. It's a normal strain

on our economy. I don't think we haven't remained us too match that level in these boring clients. They're not they're not setting in easily, so they are uploading the japas is back in Nigeria instead of r rex also and it would it's not really it starts really positive. What we need to do is to say how that we get device. I hear you your audience breaking up

lets really jumping right. So the jackper thing in the long rum with favor Nigeria, no mistakes about it. Before jackber Nagels are get in twenty five billion. Twenty five billion unofficially Annalier do we can't that's an estimate. Unofficially, all those kids going to going to Canada are going to start a ceremony back to Nigeria in the next five to sixty seven years. I need to

keep on increasing as snowballing. But the real LEGATANSIP we want, it's not just the welfare, is the transfer of technology, the transfer of investments so that when we say fdi in to be a Ninegeril that works in see their Canada that would then bring their Canada's process to up to manufacturers something in billing. That's when you start to see like what China have done with a thousand

talents. So Chinna will tell you that. Listen, whenever you work in the world, if you want to look it back to China and with that tech, they will sponsor you. And that's where we try to see the ten thing. So right now, I think it's an investment that Nigeria is making in those countries that will really better the problem for me with Jack Preston, it's not a planned thing. People are leaving an agent woman has no should we say steak or there's no planning? Were we saying? We're saying

about this? Okay, sorry, because I'm talking from the bluetooth. The guy who leaves from India, from China to whatever in the US has a plan to come back home. The government also has a plan to come back home. We are just antipating that somewhere the goodness of that individual who leaves in my side to come back. It doesn't need to You don't need to come when I easy to come back, come back. And it says that

because in commit investment comes back, the money, money comes back. The money will come back because right now when they look at the entire world, right now, where do you see growth in the entire world? Europe is gone, even China is China explained that a population is slum in China. You have the Vietnams that are doing very very well. China explained that in

India is booming. What you're going to find is that if you're a Nigerian based guy that you are born in Nigeria or your parents were Nigeria, it's easier for you to best back home because you have more links, you can get more information, so your capital will flow back to where you know, appart from the US where you're based out of. If you look at that's where in the US has the advantage that the Indian folks that are in the US right, the US is a big FDI. You know, I guess

we don't forget that. Why because go to the US, take money from their country to the US, who forget that, and then it reverses the second generation, their kids take their money from the US back to India, back to China, back to Croatia. It's going to happen in that I'm not going to be an outlier. It's same thing is going to happen. The problems that when we led start to happen, and can we channel those flows of moneys into the productive sector. Lemon trances alone, it's not FDI.

It doesn't build a road. We need remittance that would build a road in building. We need remoters that would basically go to a village and produce solar power in that village, like what we would call and social capital. It's not capital in the quote unquote, but because it's in Nigerian, he can say I would ignore returns that are above in pleasure for now just to get the stand up living to go up. So you have the Gramming bank type banks, all those sort of things are we want to see happening,

and it will happen. Then the question is what did it happen? That's what we don't know, but it will happen. That's why we need to plan, you know, to that that, we have to have a Minister of the Diaspora whose job it is to go out and attract not just the welfare but the FDI and the tech from Nigerians abroad. It's a niger and I know he works in John Hopkins, you know, the brilliant cancer guy. You know he's here. He's sort of a cancer hospital in Nigeria to

fight cancer here, right. He doesn't have to, you know, he's making a lot of money back in America, but he's here telling us something. Taking all the risk of kidnapping or being killed and all that sort of a cancer hopital in legals and Emo states that's what he's doing. There are many Niners in Maryland that would like to do the same thing, but the government has got to give them a plan. Okay, if you want to become will pay all your import duties, will give you land for free.

Who you can send your money tax free for the next five years, you will pay taxes. You have got to specifically target Ninterias to bring them back home to Ninjier. Channa has like I said, the thousand Talents program, copy it, do it. It's not just to say send money home. So this basin is talking about remitance. But the real long term goal should be target these folks fd FPI and also investment. Because they know Ninegia better.

They can go to your plage and do with a project there. They understand the nuances that they will know what I will be here, but will start for now and will getting better. If you don't do that, when you start to do that, then the feigners will follow you into the country. We can depend on just to foreigners. We have to target Ninjurians. You needs to Adsprus. That's to be their core activity, because which our

business gives you to five billions a year, which is our business. Nagera gives into up in a year, so if one gives in third billions, you focus on it. Board level seat on the Niger Nigeria set to council important to the president. Guess all that is trust steps so that not so with gravitas. You know not the position and you put the person there to pass laws to make this things easier. If you don't do it that way, then what are we doing. You're just in iron and steel and agriculture.

When you have all these boys Bonder boy. If you package Borona boy and you attached Bona boy for instance, to a badmaid shoes, and you tell Bona Boy the Government of Nigeria in the exchange that you can import any currency you want to import free of child. You have to advertise ABAMAID shoes or there's carnal letter. ABAMAID shoes gone from being captured from from legals.

Package Bona boy to only wear shooting in the back from Nigeria. When it starts to wear it, I guarantee you all those expands in the US UK will start to wear a bas shoes. It doesn't have to be one shoe company. You have Egyptian cotton, Colombian coffee, Swiss chocolates. That's how you build a brand around the country. So now it's will be about to wear that shoe that Bonna is wearing from Nigeria. I want that letter from a canal. I want those other people to touch it. That's how you

build the economy, not every time. Agri culture who are in my cutlass, we have to be one, you know imagination. We have the assets. We are all wearing Hollywood shon. Now we pu put call their hair because don't look like rappers. People wear suits in the hotel and after alone to look at rappers walking stick. Boys to man we have the same thing. If boys to man wear in Nangeria, who will not better say what we're wearing? We say to be boys tomen need them jobs. But now

we have Bonna boy. We skid all these guys rama our bing nothing with them. If the one that had Bona boy today, you know we don't doing the same thing. So we have to get agreeing. That's that's MS. But it's more us money money. We have to be creative. These are national talents. We had Fella Jamaica had had my man what's his name?

The money. Look at how they cheat the Bob money. Look at how njec fella they killed the last mother killed his mother, jielding the guy for holding currency fella before this Bonda boy that was the highest Africa with the highest. I tend us for any concept in the world. Feller, and the inventor of this thing is for us, us as singing today took away his house. Look by everything the government has destroyed. That guy that the

sampol wasn't happening. Nature is the leaded Bob Molley. So now these boys have now come and I've taken that man to the imagine they had slept the fella from nineteen seventy today one that point would have been things now. But you know, Niager, we've got to do things to people more. You know, it's not just every time CP and NNPC. What is n NPC? What is a PC? If you have all the ute talented who invented

notly would not the Najurant government knowlligwood was invented by Nigerian entrepreneurs. Nagurant government. The same with this music can be natural entrepreneurs. Young people, So let's do better. Are thinking a lot of time guys. Yeah, so I thought for the guys who spent about three hours and we're going to have to shut it down, let's just say thank you to everyone that has sort

of helped in here we can comment. This speceis are designed to allow us to speak and to think about the issues on hand, so that we can then go back. I'll start to have stopped with a guy we know and say hey, can we move to deal in this way or in that way. Remnances are very important and the daspora are a very important part of iconic policies. The nine children, Nira or the economy cannot survive without remententrances.

So I hope that we'll get together and we kind of stend to bring in more and more funds into the country so that benefits us in employment, in the growth of the economy and allows us to have peace and listen, this country, Let's give them the right to vote. We want their money, give them the right to vote, and let's hold our own leaders here accountable on that. Doro gude them. Let you guys go as you guys Saturday next week all the time with space with me. Carlo Roger, thank you

so much. Guys for journeying in and I'll see you guys later. Have a good day and bad