The CBN removes FX Ban on 43 items. Implications?

Hi, folks. I'm welcome to you wherever you are listening from. My name is Khalu. Welcome to another X spaces with me here. Of course we're talking money, the economy and of course personal finance. We want to make it personal to you. How do the topics of the week affect your wallet? That's the whole idea on this space. This week we're talking about, I would say, the reforms of the Central Bank of Nigeria and what

they are doing right now as regards to exchangerate policy. If you are unaware, last week, the Central Bank of Nigeria removed the restriction on forty three items from accessing the foreign exchange market in Nigeria. So let me give you some background. Right I believe it was in June twenty fifteen. The Central Bank of Nigeria broad list that had forty one items was later increased to forty five items, and the idea was that these items you could not go to

a bank in Nigeria to request for foreign exchange to import those goods. And those goods range from rice to tomatoes, to mead to iron rods, just a bevy of products. The idea cybn's idea was very simple. Why the wooding was very simple. If you look at the oil price as at June twenty fifteen. Let's go back. If you look at the oil price as at June twenty fourteen, twenty fourteen, oil prices were in excess of four

hundred dollars a barrel breadcrude or hundred dollars of barrel. If you go one year after, from twenty fourteen to twenty fifteen, oil prices has crashed to fifty nine dollars a barrel. So, in essence, if you had planned the budget in twenty fourteen for twenty fifteen, your body just got to shred to bits right because your income where you thought you're going to get your FORX from had gone down by fifty percent more or less. That's actually what happened.

And of course, what the Central Bank of Nigeria or what all central banks do when the dollar price or the earnings from crude oil reduce. You have two options as a central bank in Nigeria. Number one, you can defend the naira exchange to the dollar, which means the nyra as you see it today, the value derives from crude oil exports. When Nigeria exports crude oil, and we're end a lot of dollars. Our mira is very strong, strongly that you can exchange maybe one mira for like say two hundred.

Right, very strong. But when we don't export crude oil, the now becomes very very weak. With instaganisms, you can use one dollar and get almost formed or more. Right, keep in mind whereh is it only crude oil because Nigerian non oil exports are very very weak, so we kind of won't talk about co CoA. We can't talk about all that stuff. It's very very low, very very inconsequential to the total export. So I just say exports. We're gonna say crude oil exports because the bulk of our EFX

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

fertilizes exports, but still the bulk of our exports called crude oil. So in twenty fifteen, when crude overprices fell from one hundred dollars a barrel a year before, too if nine dollars a barrel, the Nigeran government could have defended, which means they take their reserves and they buy nira and they sell dollars that would make the Nira rise in value, or they devalue, which means that they would weaken thenira in relation to the dollar, so they will

keep their reserves. So the start's happening here your reserves. You re realy use your reserves and defend your currency, in which case you have a strong mira but low reserves, or you can retain your reserves and devalue, in which case you retain your reserves but yournira becomes weak. Those are the two options, you defend or your devalue. The Central Bank of Niget did not choose either of them. Rather, it choose an administrative means to reduce demand

in the market. So it this by presenting this list of forty one later forty four items to say, hey, if you want to import these goods, right, we will not sell you dollars from a bank that we regulate. So you can import rice by going to a bank in Nigeria. So what then happened? That meant that if I want to import rice, I have to go to the other market, the black market, to get my

dollars. So, like any other market, if more people go to a particular market, what happens that market becomes the de facto real market because it's the market where you have the willing buyer, the willing seller, and the market determined price. The central Bank's exchange rate of say four eighty six has a willing seller. CBN has a willing buyer because everybody wants to buy from the CBN because that CBON dollar is very low, So everybody Nigeria wants a

CBN dollar. But when it's time to sell, the Cibian becomes the first buyer, but nobody wants to sell to the CBIEN because if rate is too low. You see how the CBR show itself in the foot. When you make the NYRA very strong, the importers run to you because they can get cheap dollars to import, but the exporters will run away from you because the returns you are giving them it's low as compared to the black market. That's the genesis of the problem with having Nigeria. I eat the central back of

Nijer's xchandrid policy. It encourages imports because it kept a strong miror, and it discourages export because it keeps a strong mir The forty four items mean that you don't have a real market based on a buyer and a seller, and the price is of course pegged with met is the sop today to importers. That's what we had prior to twenty twenty three. Now Presentable has come in. He has depegged de nira from the dollar, which meant now that you

no longer have a CB a rate of foid it takes or whatever. It's a market dominitrate. They say, willing buyer, willing seller, but they retain the forty four items, so the same thing is happening. The importers will run to the cybion or to the bank because they want to buy cheap dollars, but when the exporters have dollars, they will not come to the

cibil because they want to sell their dollars at a higher price. And why is there an abitrage Because the forty four items does not create a real market. The black market, folks, is the real market, not the scipient folks. So the Cybian has realized the error and has removed the forty four items forty three items from the list of band goods. So essentially they're saying, if you want to buy, you want to sell. If you come

to the central part of nager. You can do both, which means a bank like says Zenix now will be able to sell you dollars to buy rice and receive your inflow when you sell that rice in Nigeria. This policy will it increase remedi tens of dollars. That's not the intention. This policy is not designed to bridge or to increment that. It is designed to remove the

advantage. The P to P boys are enjoying P two pay million, the black market boys are enjoying because those guys are able to trade on both sides. They can buy and they can sell because they are a free market. The banks Nigeria cannot buy and sell because they can't buy and sell. You can't buy and sell rice, iron rods, tomato meat. So are we saying we want to encourage imports by this policy. No, we are saying that the market will determine what they will buy. If you bring important rice,

the market will price it. If they can afford it, they will buy it, and they can't afford it the walk away. So is the market that will determine what will be sold, not the CBN, not the Central Bank of Nigeria. So, in essence, now imagine what the old SIBN has done. They've unleashed the Nigerian banks to go out now and go

get deposits in dollars. They will now go to the fens and say hey, if you want to import, you want to export, who will give you the same price you would have gotten from the P to P market and it's going to be regulated, will give your tax papers. It's legal transfer. So the if equalize the market, there's no more to help there to pay you to bring dollars in. Its equal. Both players are, how equal? Who do you think was is this game? Who do you think

with this game? I saw a report about the guy a fintech in Ghana that failed because they were involved in currency. They will trying to do currency habitrage, buy Nigeria and Nayra and important dollars to meet Nigeria to meet demands for imports of Nigerians and of course they got scammed. They paid in the million dollars into the account and the guy disappeared. Your banks won't do that.

All that the banks I have to do is now to open up LC's and get a source of dollars flowing into them, because now they can fund anything with means they can also receive anything. In the past they can't fund certain items, hence they can receive those inputs. Why would you put one in the bank when the bank can fund your input? Now the banks can So I'm more here. I've got olimited with me to also give me his own take on the CBN policy. Try to give like an overview of what

I think is going on with my own opinion. Right, I'm not sure did I miss anything? Do you agree with me? What's your take on this new postry takeaway for the three items from the Central banks list of banned not palaced before X go ahead? Also ortogy on themselves. Also introuce yourself. Please the details on why the CPN listed structure affection. She shut for two ideas, but I think I want to be a bit cheaper, so

for you know, I love the fact that or unique market. I said that want two gets poets or any Instagram protest dos can go through that room. That issue transparency and okay, what issue is that we need to understand that the most important to face in their first market. And if you understand

so this was because of the pressure market. I just thought that we look, I'm preaking more about as looks maybe les look for example the markets market, so firstival because it's radial accessity and not dose are doubts in that I'm money come from you see happen hours. I need to see that at some point you started life that was niers important reported seven present to watch more than

two points, look as invisibles, invisibles and services reports and goods. To biggle to us and Americans about in the world captain place, because Tom, that was belief. You look at Okase despite the fact that you see asset to be building subsidiarism at Kingdom based on your important as to the jerseyfics market. It's really by rum b stant that at that city. It how can

be I have to admicate. That's why I said, I've been doing bad things in our conditions and we expecially we have we have the public dames we have If you put that into other terms about that's about Mars, it begand us do know the im said that's such future is manageable, but it means that we can't weally spend our way. So the personalis we have been imput sky and needs and refuse to understand that the FX market suffering from and you

know, as your country, we are not even consion. So if you contractory million people imports you down to the word of goods h as ready. Do you know the people missed out say that's put his room per five million, putting bring down that metric they added and this is like the commons. They don't give the kind of prices you get from. So we really have a revenue problem and we have to put gard in that. Yeah, I think so some days agod about as a critic. So we have money dess

market and that's where I'm probably happy years. I'm happy that it's a good step, the right direction. But that's not the issue now issue plenty books, Why is it taking the plan matter pays now was taking MS stretch so you can we have an ever credibitive. Our market is highly equid and the US getting wars. You know, the US fled from album five percent.

The US income is inverted. That means investors and not can them so they're interested in and that really put a prea job on the coast of boring from Naga more mixing was lent. It says that we're going to start on. Yeah, let me let me, let me let me bring bring it down to bit sized. Right, let me ask a question to you. Now, when the CBN takes away for the three items, I make the argument that what they have done is to allow a bank like Zenate and First Bank

and GT to now compete directly with the P two P folks. Because now if I'm an important of Rice, I can go to GT Bank. I trust GT Bank. I know the bank is there with P two P. I don't know who the counterparty is after. Like I talked about the fraud of a million dollars that happens with one of the FinTechs I believe in Nigeria Orghana. That's a substantial move. Now that the Nigerian banks can go and market a dango would say all the s M e is and say open an

account with us. We will ford you. They don't have to get dollars from the CBM. Is that a Is that a correct statement in your estimation? What do you think? Yeah? So you do? You very complicated. I said you need to tip against you have went through banks. Trust me that we most it's phones calling on I can't do they are fonts calling yours economy. But they're not going through the side you know is the markets. You know, legends are the biggest nag the biggest people have to take

markets. So but I origin, but I cannot be subsecuted and you cannot appear in markets in the units where opportunities are almost the same answers to it's not the same lager so tis considers. I think it's not really telling the market. Another problem banks also are beinking is that we don't have big players that are begin effects. You look as example they have they have edited.

We don't have bigger that our biggest effects and couple is the producers are being caring and that's why it's good text market in terms of inclos and foods. Cities stand because there are some study of pipers. So yes, I do believe that we can have a lot of issue from plasson issue, equalty issue and the fact that themselves also they've not billing pats them transparents in the markets and the way they put in prices. You know, people sometimes complete a

princes they seal the board is knows things. Also, Yeah, for the paths to get the market share, c B really answer to something crypto markets there most on the markets the best that takes much my faults when you lose the world stay up because you keep saying that because yeah, if you like I'm thinking more true when they when they know the person, even even the unifiers or the market that relais using that charge, it's difficult. So they

need to have the big understand that. And that's where I have less trusting your puture. Why because it's very difficult to make transaction the official cha. You also need to also look at the fact that because of that you're suppressed to the limited olim the hold up to move from here to the next topic, like I still I'm on the show, I want to be clear before move ahead. Right, I still say right, because the Nigerian banks can

now play fully in the market. Cannot offer you a quote bid quote to bid an offer price to the market, right, they will attract flows six trillion. Talk about this because nather banks could not play in the market. The largest effects importer to Nigeria today is Dangote as an institution, Dangote fertilizer as an institution as one institution, but Dango also import unlike it still does

rice inport and and the rest. The point I make is this right, if a Nigeria now goes to GTBank to import rice, it can open up an LC. GTBank can go and get dollars off shore knowing that it can fund this LC for rice in Nigeria without even going to the Central Bank of Nigeria. So you'll be a all their locations across Africa in the US. There is now a business line for them to raise dollars and to finance imports to Nigeria. They couldn't do it before because why would I put funds in

your bank if your bank cannot fund my import. That's what I'm going to sometimes to get from there. Let's okay, Well, I think what what makes the markets is difficity and trust me, you know the market more difficuity the market the true Yes, the banks can make a difference, but twenty banks have that I'm looking at if brought people. But that's because but that's

big. That's what I'm pro is not the import the company. We don't have that, so like if it was before that what you said for right now they have invessed braver And I'm not just talking about crypto markets and innivisual universed ways are were captured. So these are things that we also need to

look as. I was very upset any country with the Chinese that they had a been to sec with it around because how it was that you created gave a Chinese rule between cold and it's to try to investors bestcause I'm not making more like Mesy before because f Players and India are not. Yeah, but Oliver there to this point a little bit, Oliver there to this point right and fd I on a guy wanted to do FBI to buy Nigeriam bonds,

will not use crypto, will not use fintech. A guy State Street Guide that wants to do one hundred million to buy Nigeria bond, This isn't going to go through phinance. The guys in Binance, right are the guys that we're in Nigerian banks and we're kicked out and then ran to Binance. So these guys I mean reminises when remetis n I just started to look at the poll two thousand and four thousand and five, that's when remittances started to take

off in Nigeria. All four oh five, he took off in Nigeria and it's stayed up till now because it came easier to sendone from the US UK to Nigeria. It's just the channel. I don't think it's binance. It's just the channel. Whatever channel, it's easier unless uh huh uh huh crash. Yeah. The macroeconomic picture, the marcro economic picture is bad. That's why it's dropping and why I'm going to stay right in the end. If they are less seculars, if there's less oversight, because every week there's a

new second larm on forests. You can't do this. You can't do that. The week all lamb was on all arm, it's on an investigation. For suppose that they're bringing in dollars, and the dollars how it wants. I read again a report last week where a is it a bank or builder charge brought in their own dollars that's the they flew in doors into Nigeria and where I send these dollars at their own price and CB and query them.

So if if CBN takes this eye of all this and simply says willing buyer, willing seller, willing sell whatever in the market, sell your dollars, I think the dollar price comes down. Bulk of the dollar increasing prices because the perception that the dollar is going to keep on going higher and higher every week. If that perception persists, then the guys that buy and import are always going to do replacement pricing at a higher price, anticipating that dollar will

go up. But if there's less noise about this dollar, if CBN stays off, the p t P allows you. If I have a million dollars to sell, I bring it into Nigeria. I sell my own price. I move on what CBN's business with this. Let's CB and focus on an NPC. This thing starts to drop. This is off psychology. I don't think the real exchanges for Nigerian Nira to a dollar is a thousand and four. Why is it a thousand and four? What are we selling? If

we import something at the thousand and four? Who is buying it? But it's because if you buy one thousand and one, it goes on thousand and two, goes a thousand, three, goes on thousand and four. So it's now a means of me habitraged to invest. I buy dollar, I sell dollar. I might be importing or exporting. I think about that. People. If you look at the ants of the room issues traders about three piggle from what happened to that trip. Additional because other problems others guys that

spectators have very subted. Because you also need to look at the fact that we don't know the true value of plangers ex Assets park and like I said, the markets, you cannot be deceived. You know time always if you just trusted talk whatever. So first of all, the fact that we've not been able to clear our efforts as for many months, so just you don't really that where do you think of the men? I understand the fact that the I think that that's crazy. Man, that's crazy. That's crazy.

Only then where can they get that six billion, let's call it seven billion, nice a round. Where can they get that seven billion from? Why don't they let me ask you a question if it Ben brought out the paper, write a paper for seven billion broken into ten dollar bills and all that kind of stuff, And they said, it's a das Brop bond, impact bond. They're going to sell it to Americans or whatever, to a dak pro it's gonna pay six percent, six percent, ten years or whatever.

Don't you think I mean, start from there doing a hundred dollars trunk starff from there. Maybe give give you some, don't you don't think buy because if you look at the bond markets for examples, bond markets in the United States, and the sailers will be seeing the board markets. Is my PSUs a way and you know, okay, events taking short term debt and as deps is not sick. Yeh. What I'm looking for one looking for what I'm looking for. What I'm looking for to say, well, he still

can be back by this house post is not credible. So I understand your concert. But the truth of the matter is where we can't get them when he's selling right now. That's why my concience was that I don't know the magic right now because you just as show you that it's only contries that implors. And that's my problem with the former administration. We have to put you to a powerful conte. It's just like decided, if I know relationship with

you, pull me out whatever I give that relationship with you. Over the years, I curntries I need and give gif I need see how you can come. I'm not finding alas. We don't have an alas are from the stations and what can you, we have a few guys. However, however, this will still change because if you look at the fact that let's those looking like you, guys abady to live, which which is true depressed because and now is that lots of guys won't to speak, and we don't add

some guys to speak now. But the point I'm making is this right where we're sending remittances. We're sending twenty five billion, but that's welfare remittances. Twenty five billion dollars annually, but that's welfare. I e. Papai Mecca is want to send money to my maccae in America, so Houston to Abba,

we send one hundred dollars welfare. I am saying, can there be a mechanism where the CBN warfare Nigerian bank with American banks in say, in America and Europe in chance to say, if you want to send money back home to Nigeria, put it into this bank account and we will give naira no cost, absolutely no cost to your Nigerian whatever person in Nigeria, no cost you put one hundred dollars, will give them exactly the difference at market

rate, no cost to them. In Legos it up. So we're sweeping these dollars from foreign capitals to then pay off that six point eight because the money is already flowing. There's only twenty five billion. When I travel, say oh, give you to my mom, I put on my pocket, give you my dad put on my pocket. That's the thousand dollars right there.

But if those guys will go to the fin tech app and put the same money there, and see we're gonna go to those spin tech up and say give us these dollars, we will give you nyra locally at the same price, there's something that can happen. It's six point eight billion, but the remittances flow is twenty five billion. Welfare. It's not FDI, it's not FPI, it's welfare. There's somewhere, there's a middle road there that we can meet. That's where I'm going to with that suggestion. But I'm

just that's one the room. Let's that's want the room that a few guys I want to speak, I'd be like I've got I'd be the kills at or do you yeah? God for it? So go ahead? What's all right? As you know? For it? Just ease of people being able

to send money across. I think there's a huge market as well of Nigerians who have their need dollars just you know, a bunch of actually, so you know, very easy if we can appear to pierce this time related by an estra whereby just me I have twenty dollars trying to assume it to Nigeria. I'm going into the app and and put itself kind of you know, I have twenty one. I'm trying to sell it to air and I can

put my exchange rate depending on what the market looks like. And somebody else with a Nigeria that needs dollars can come in and exchange with me and all this will be controlled by the by an extra company and see security and avoid risk. It's something like that. We have. We have things like that. I mean I use an app called the Kaoshi. They do peer to peer. So if I want to send money abroad, I go to their app, I plug in my information so on in Nigeria or UK picks it

up and I give them Nira. They give me dollars. So k she does that and we have lots of apple. What what I'm saying is this right? Kayoshi can sign something with the seed being to say, all that dollar they're collecting from me, will will they will sell it to the CBN because the money is going to flow either ways. Like the lily. They have said the money is going through P to P today. So there's the money is going to flow. If the six it's not beans, the money

is going to flow. But can the CEB and plug itself in and say, okay, let's buy these dollars from me. We have the nira, we will give you then ira and they will take it from me. That's basically what I'm trying to say. Yeah, but peer to perody exists, whatever way you want to do it. I was trying to make it,

you know, just due to it. And you know, Marriatis, this is just like a general advice I would give anybody at least in that year, you should also try to move investing it more stable come up because most of the issues that we have in there with ninety years because of policy and g as far as our government, you know, they are very easy assets that you can buy with as well as younger dogs are very spitable in back

countries. Uh, you know, de side, you're putting your money, Come on me a stronger because if you have the investments like five thousand, probably like three years ago. In such an investment, when you're bringing it back to Nigeria, you want to enjoy whatever I am high exchange rate that you know that doll I have With the next point that I wanted to make attention you, yeah, I mean again again said the point. Look, look at the main elephants in room into Nigeria. The cost of imports is

cheaper than the cost of local production. And that's the biggest problem with have in Nigeria that if I see something important is actually cheaper than a locally produced item, as long as that continues to stay, then the economically can't improve. The imports cannot be cheaper than locally beat products. It just can't happen.

I've got my next guy, Malam Mohammad. I determined the market is going to be the market, like, yeah, the parallel market is going to be the rate, because the parallel market is the willing buyer willing seller market determined rate. So like if I make ten baits and they are five offers, then the system will match them and say this is the average price. So if I want to buy at ten or eleven or ten point five, and you want to sell at nine ten eleven, the system will say

this is the average price, and that it becomes the market price. Like I'm on the stock market, So it's not going to be a government price I am saying. I'm saying today today, what you have today is a market. Market is the price a determined by the by the demand and supply. Right, demand supply determine the price. The problem the hard was the banks could not compete because they could not sell for the one items. So now they've unleashed the banks and said, you guys can do whatever you want

the same way P. Two P is doing. Go and do the same. Let the market determine if goods can be important or exported. So what will happen is that the banks can now go to those P two P customers and say, instead of sending your money to a P two P, send it through us. We will give you a better tablet because the banks would use that dollar and fund importance. It's just the modern supply. It's just the modern supply. There's more demand for dollar to go higher, there's more

demand for nayra it goes Yeah, the modern supply to end up. I think this yeah, at little problem is demanding and we have less life of So if the almost to this problem is how we can get this and if we can have it please we are the demand. We can do the demand. Hopf we can And I think with the banning of these items previous, I think it's yeah. But Madam, let me ask a question. There's important rise in Nigeria. The dollars to import that rise came from the same

CBN. CBM will sell the same dollar to be d C. I will simply right and say I want to go to school abroad, I get dollars I sell back to the same bd C. The same BDC will give it to the same import who imports the same rise at subsidized prices. There is no it's corruption. So you cannot ban or artificially say you reduce demand by saying don't apply. It doesn't work. If you look at Nigeria's import duty today, Nija longer imports rice, Nijera is not imports rice. Where's the

rice imported? Bener Republic? The amount of rice bene eat well wasting that time, Mohammad way, So where do they get the last from? Where do they get that that's from, So where do they get it from? In this gonna buy goods, particularly the illegal mindus. He brought in those moneys to buy those things, and we can also get to from those people.

So there are several ways that we paid this gonna And I think if it is even that problem, I think the CIBIL has a better way of monitoring all those moneys if and I think it's better good than to be into those this because at the end of the day, if we don't have this supply of the other again both give on ban and on anti band items, people that are importing those items will still go back to that power market again because this is the incipients cannot supply all of all of them, and we

are still going back to swear awards not even had more injuriesity to the problem. So get the point. So let's go back to the point, right. The whole idea is if you have a CBN rate that is subsidized, you are subsidizing imports. If you want to watch DStv and you pay for DStv in dollars and you can't afford d STV, you watch NTVA, you can't afford DStv end of story in Nigeria because the dollar was subsidized so many things that we could not afford. We were spending on those things like eg

DStv, so we can't afford it. Our income is thirty thousand a month. We can't afford that import. When you take away the subsidy, then the real price shows itself. It's like people saying the dollar is falling to fourteen hundred. That's the real price without a subsidy. So I'm not debating if the dollar is coming in or it's going out. I am saying if the dollar finds its real level and you can't afford it, then you don't buy that product, and the process itself is removed from the market by the

consumers. If we can't afford it, we can't afford it. If we can't afford foreign rice, there will be no foreign rising nager market anymore. It's because we can afford it, because it's subsidized by the dollar. That's why you see foreign rice in the Nigeria market. Let's let's move on. So I just just talking other people if you don't mind moment, and that doesn't Yeah, I think they don't have done now they don't have Donnar. They don't have Donar. But I think that we can't. I hear you,

So let's just be clear or let's just say it again. You know it's cold economists, very cool subject. Nigerians cannot afford imported goods. End of story. It's cheaper, but we can't afford it. If you earn thirty thousand era a month, you can't afford imported goods. What we should have done is to have local substitution of import. So instead of foreign uncle

Ben's rise, there's a boying rice, there's KB rice. The problem is that keby and a boring rice are expensive because we don't have power in Nigeria. So we have to fix local production in Nigeria to bring the cost down. Then there will be no foreign goods in the market because we can't afford it. What's happening right now, we're deceiving ourselves. We are subsidizing the dollar and then important foreign goods and pretending that we're not using the same dollar

from crude oil that we're using to import. The largest source of dollar Nigeria is the NNPC, the largest single sauce NNPC dollar sales and today like womined has told us today. The NNPCS Metholis said that the CIBN was not getting any remedtances from the NNPC. So the Cibian has no dollar in Couote. They have no sufficient dollars to fund import. So where the dollar gonna come from remittances and with head nances that are going to not to the CBN but

to the P two P market. But the issue is that this import thing we're doing, we can't afford it, and the market has got to go up to kill the man who how to do demand destruction on import so the local samis can then have a chance. That's the only way. It's just reality, sir, mister Baro, I've got to mister Bario Richie, go ahead, sir, believe me and everyone. My contribution is basically just the fact that the bands need to do a lot to make sure that the expects

that comes into Nigeria actually goes through them. Because if you continue looking Scelario account in Agia, it is one of the issues that will continue to be nat your barrier. I agree for ninety years because for example, now I've been in the process. I was here two personal experiences I've been in the process of looking in Scelario accounts two weeks. Accounting count not been opened. I was I was very fine on buyers in later twenty four hours and my

expects can come in through them. That's what's the point. That is to a bit too combosome and I and I think that the second part of this, I totally agree with yourself, totally agree with you by you. And that's the second point that the SEAGAN has to allow this. The banks a lot of leeway. You can't compete if you are opening from a passport picture. That's just I think you're right. Yeah. He told me to look for to references one. Yeah, the correct accounts. That can time for

me. I asked a lot of people and lo get the second person after your weakness you know counts and again expert remember me who worked who worked in the US. So he said he wants to again transferred. I won't over what what what intentive have to send? Yeah, there are all these are all the many issues that we're talking about. It's got to be easier all this secular. Today I talked about OLAM. They are taking down OLAM for bringing money in and out of Nigeria. They're that BDC was also been taken

down for bringing in doors and setting. There are a lot of regulations allow this, allow the market to breed, allow the fex market to breed, Allow people to do what they want to do. If it's not illegal, it's not terrorism. Allow people to do what you want. The US to come in. So all these two references, If Binance can do it, why can't the banks Nigeria. I think that's my take on Lily. Did

you have a point? Oh my god, by I'm gonna put no. I think I said the interests that we are bus also are related and the institutions are were of easy phones, So we can't get that kind of lasity. Basically the fact that we have effects to coming. Yes, I get that, but one of the key issues is that the decipient shoes encourage official reaitors how kind of gas of genrealtors, rather than doing these experiential approach.

They need to bring you programs that were coming has to invest happen. That's what the things just to do. You know, we have to look at strategies and adults most and lost strategy Like you said that, you know a lot of people have concerned about what's going to happen to concerts because at some points now it looks like the events and might take a lot of those decisions.

Do it looks likely because when we may get the effects and we have to do the person you know, how to get to be given mass ethics. So you want to but I think gotcha. I mean again going back to the easiest thing is just to go market. The guys that have DOM account they end nothing. That don't accounts in Nigeria, I mean in Nigeria. You have money stening in dom account in Nigeria, the guy ends nothing. So okay, we're gonna pay you four percent if you put money in

the Nigerian back in the account. Four percent dollar terms if you put on a DOM account. That's one way to do it, right, So you have the dollar there already, we'll give you four percent for one year or something like that. A p y. It's not bad. Yeah, but you have to you have to buy but don't you don't have to buy a fund to get that room. They don't you have to buy your fond together. That don't you have to buy a fund to get together? Yeah?

Yeah, So all this unnecessary raw laws. I mean that's allow for to bring it in at that colleague, your mic is on, I'm gonna mute you and kick you off that call it. Please meet your mic. Thank you so much on me, I've got on me. Go ahead please oh yes see Canada, please go ahead. Actually about I think countries not missing any capacity and just basically like a realist, I have actually talked about something very similar recently. I had a logical ovius. It's maybe a flowed one

because my financial capability that was quite limited to my unberg economy sports. I was thinking the I think one of the most important getting to know the true gendreads. Is it true gendreds between the NARA and it right now? I mean we are even in the parallel market you have just keep crashing. Basically that actually implies that Nina has not stabilized. So what is what does what

does find it out? By having this weird you know basically and you have your citizens the currencies are using into genera at whatever the power of markeat is. Now you want to encourage that because trust be many people in the US Anada you would not even like we actually know at in using the extra d official who the change that goes from him that for us, it's a found set of them. Then you have read that is domicide and spoken the country

because historian countries the right think be very much willing to rest. Yeah, you want to outside. I believe this account. I mean I hear, I hear legends. So what I'm what I'm hearing you saying that Soon's like what we're saying, like, listen, why don't we have an outlet in

America where a dasbera guy can walk into a bank. Maybe you walk into a Bank of America and you have an account called Nigeian daspora account, and you give them your social and you deposit twenty dollars into that bank account and from there you can tell the Nigeria or whatever appet is that I want dispersing Carlo to go to the Keger and pick up the exact parallel market Nira price. If I deposit in the Bank of America at no cost, at no

transfer, nothing, that's the same thing we're saying. Yeah, and I'm saying it's a good idea. You don't have to go. I mean, this is the point. That's why I'm tramping to Lumita to say, if we did that, friends, and the dollar is not moving is right there in America or in India or China or whatever. But I get Nira and Sybian has nine they don't have dollars. So now Sybian has dollar in Bank

of America you can use to fund imports. Right, That's where I'm going to with this, because the remintances are twenty five billion and they will move irrespective of Cibian. So let's Sibi and try to plug itself in and say, Okay, We're gonna give you guys a very very good deal in that you will not pay a transfer fee if you use this app. That's where I'm going to with this. That's going to be the advantage. You say, if you do it with us, you don't pay feel loom there,

what's your take? Because we often misled as you know, ms come from their distance and about album because comes from you are taking them. And that's why our plans is that data to rempasion himself. So because of his wisis that's why the fact that they are like Jazz America the wise where the question for us, as the key nu is said, with loveful investment for folly to go with for farming issues and things like that rather, so I think

we need to start looking at that. And that's why platforms are propositioning themselves around that. Clarency, if Nagia was in or every one capital was actually high levels for example, with the high amount of daspora, its can we have we should have for changes that service and the chance and daspora you know, like what videos and others are doing then because Smith talk about so pet Park is in the very high schooler first of all, million one mixt and

that's the medic to do. See I chose to right now. I did that for different and it's good. That's polision just about sally and if you understand that many of them are in school, so guys do get their income? Is not that as well? Make you see despite twenty so the people who drink and beyond that parallel you know what miss because ears right, we need cpstuffs can't get that must clear you can meet me all that tract gets

attractive. It's not just because that's again remember guys c the parallel market, this black market will talk about where does the money come from. Let's let's step back Nigeria has two main sources of crude oil, two main sources of sort of FX. One is crude oil. Two its remuntancers. That's it crude oil remittances. The money comes to CBN and black market. So the crude oil one is CBN money. He goes to CBN, it stays there. That's what CBN is doing. CBN raised all that kind of stuff.

The reminisces one is not captured. It's everywhere. It's f P two p CBN there is every it's all around the place. Right. The Rise that we're important is coming from the parallel market, the remittances, because that's one it's not regulated. So why if I want to import Rise somehow, somehow, is that remediances from welfare that I get from my mecca, that the mecca is sent to her that I get put together and import my Rise.

That's what's going on. So to say you are banning the items, it's really not working because you are still taking the dollars that come to Nigeria to still import the Rise. To banned Rise has got to be should we say, imput substitution where the market kills inputs on its own. Because Uncle Benz is too expensive. I don't say anyone it's in Uncle Benz. I don't say anyone, I say anything. Indian Rise, Thie Rise. Why don't they eat Uncle Benz? Because expensive it's dollar, but Tie and the rest

are a bit cheaper. So we really have to focus more on again local production, getting the cost of local production to fall so that local produce are deeper than import. You can't go to India, get a ship, buy rice, put it on the ship, pay duty, pay transport from India, insurance, bring it all to Legos, collart in Lego support, and it's cheaper than Rise from Keby. Doesn't make any sense. Kevy is coming from Keb to Legos. I'm coming from India to Legos. My Indian rice

is cheaper than keV rice. How can that be possible? Because India has power supply India hospitalizer, so they can make a yield cheaper rice. So if you don't focus on this cost of local production, even if this inflo comes to them, there's gonna go towards exports. If we get that influence, it's gonna go to US imports. I mean, we're just gonna go

back and buy Uncle Ben's. If to more. Now that's peppleill vex and sending one hundred billion dollars, we'll start buy an Uncle Ben's rice because Uncle Ben's rice will be cheaper the rise from Keby, So it will solve the problem long term. Ma, Lam, I've got but city you guys should have for a sorry, sir, you guys should have names. So sorry, so I apologize. Please go ahead, sir, all right, thank you very much. So for the three items. In my own opinion,

I don't think it's gonna make it's gonna go very far. If anything, it's just gonna be you know, this information effect. It's gonna have that information effect that not going to just be a little bit cautious. The people can go just stop performs and then back because really reason is not fat. It spread that is between rich one and read two. Okay, and you get low and you say that I have it about too many things, you

know, you know, putting in any machinery or anything. It was a couple of phone calls and you made a very very good you know, so so that's not about one number two people are found metea is a good when I think because it is, yes, people have found and you know, there's this startles school effects now once people get used to something to change already there, So I don't think it's gonna you know, that's number one,

always the problem of effects, and that is a major problem. It's not really proper to the center has what would be worried about because the biggest, biggest when it comes to command, and that's responsible. I was surprised, seriously challenged because of hid thousand everity. I mean there for those who understanding, you know, so equity, coul that counton and busy five hundred thousand

barrels. That's apart from the reality all the taxi and the that all the you know, all your so that gives you now that gives around one point too busy on every month supposed to be who can do so much more than this? Because of right, a lot we don't know that actually has to be faced. The or that is so and it believen greater is the fact compromised you're shopping until you get the and you know to do so many because in lane a or be a compromise is also there, which this problem is

really really genuine. Probably you know, maybe everything probably that's that's everyone talk about all the administrative issues we can. But if any PC doesn't have simple as look as the ways so always be. So that's let's let's let's not let's not love. Yeah, we're talking about talking about the finery people. Ut when we different, it's not going to be different from when we find locally. I think there's night and day difference between you can find it locally

you discover. People would that local finding is actually you know, being this console. That's a problem. I mean, there's not enough time. Hold on. But the end of this then empty, I said, it's only TT and IRA. Then emphasis empty said, is thirty and ira. There's actually metrict he said, if you import the refining cost is thirty and ira of the of the price of crude. The main cost is the crass. That's not I mean at times when I hears from people speaking an PC,

what the program do you think working this? There is the n N P, C M D this alication and which is that we're supposed to the finalist that No, I was just just focused, just to focus the point is that refining because I've seen it. Also the metric is the Guardian newspaper. I've seen it everywhere, everywhere, lots of purpose. I've done this metric. If you take the price of of of local ms, what makes it that price. There's the exchange rate, there's the cost of crude oil,

There's the cost of refining. There's the cost of finance. The cost of crude is almost fifty one percent. That's the cost of crude. So that's out of the way, right. The cost of financing demorage is also there. But what is the anypathy guy is saying is that wherever you refine it, you are saving. But that's saving is thirty naira that's from Dangte. So Dangote is not going to buy whether he buys in nayra or dollar, is still at the international price. Unless you subsidies the cost, Dangote is

going to buy. That's what he's saying, Okay, right, and why not? Why why not? It's a subsidie, It's a subsidute. This solution, part of our solution was first of all, we need to boost our local production so that at least two you know, I'm looking at seventy dollars seven and that's going to be it for five years, okay, Like I'm putting North Public food in place. I hear you, I hear yourself. I mean I mean that Let's assume Let's then just let's assume Nigeria is

doing two point five million barrels. As two point five million, Let's assume the price is at eighty. That is still insufficient for an economy of five hundred billion dollars. Still insufficient. The point is that national economy has moved on from crude oil. CRUDEL today is less than fifteen percent of GDP. The only difference crudal makes today is the export innings, and it's only making

a headway because the non oil export inarnings are so weak. If we focused on just maybe cassava or cocoa or even urea, Dangote just came yesterday. He's already the highest export in nineger If we focused on three Dangote is doing Urea, we start to catch up with crude oil. That's the point I'm making. If we depend on crude oil, we're in serious troublo. Once

this Green people in America starts, there will be normal crude oil. I gue, I hear you, good point, Okay, But what I mean what the crude oil is a security issue that's what just so you are complic correct, If we can't defend static pipeline, this is the world though static pipelines. We know where the pipelines run, we know where they run to, and the entire alps of Nigera cannot defend those miles of pipelines. That

tells you you're not serious. If the presence of Nigeria cannot guarantee a pipeline running from Delta to four cadots cannot be breached, the whole amount of Niger can defend static pipelines, then we should shut the country down and maybe sell it to China and move on. That's the point I'm making you instead of

be saying it's corruption. You are correct. Oil has been stolen. Hence we have seven hundred thousand barrels shot in and if we start to export crude oil, we get enough dollars to pay off this six points It doesn't help me today, but the market is that were paid off six point eight. Then the pressure on the Nira wide us this one four narra is because there's no oil being sold and the subsidy on oil has come back. When I'm talked a whole lot to you Let's get some place some more, some more,

some of for some peace. Go ahead, s A M O L some more. Someone is already. Let's get Leslie, Leslie, you've got the floor. Lest some more? Please go ahead real quick, Okay, I cadleful to issue we're talking about the local production is where probably the local production is expassive and behind it for today it But for me, I think it's just an emergency to use the pleasure in the market, may mean from all these African countries because most of the it is there. I think you

can get from the Africa markets to reduce the pleasure in the markets. So not that this is for the say it team is going to sell I could problem. But one other thing is that the CD need to get some places into the table. The policies and the CS are making. The major players of face have not been involved, the major marketers have not been involved when

these policies have been made. So it affects this seriously. And another anger went to route in is that like the NYFI complainers, because so many suggestions have heard from here and I'm trying to create a person to persing transactions or

having an athlete in these countries where we have Nigeria's JAS parameters. Another issue have a facing Ndreia is a fat in production is security and from the NiFi you angle any these men so much of these transactions we would who would reason the problem we have in because DIPn is opening the market even when they a few tage the system definder from the NFI. That's roism is me pinnounced by dollar twenty thirty Nigeria and Africa dollar. And the UNIFI is fighting combating fantasy

terrorism but is not working with the NiFi. They're bringing police that is aligning direct And I think of terrorism in this country? Do you have do you have? Do you have like like an example, you could share something tobaccoup what you're saying, Yes, I'm an NF you compare and there was a motion and I think could you be mm hmmm because there's mhm and I think the angle that is increasing angle increasing? Yeah, so I completely completely agree.

But is that collateral damages? Is that going to be like you know, culatural damage to the I mean, we increase access, but then some bad actors sleeping, don't we have like k y C two? Is that what k y C is? Therefore, to ask you doing your customer and all those questions. I mean even the US, they still have fun slipping in from add actors. I mean, I get what you're saying, but I mean true, you know in Nigeria is very bad. Gotcha? Gotcha?

Like in the units in the UK, and then as the failing to consider because most most of their policy is going to prop from from this. But I hear you, I hear you commonly. So what would what would be your take? Would you prefer we keep the the holds on just to have a safer ndia? Is that what you said, that we keep on the we keep the guard rails on just to avoid flu from Is that what

you you would recommend? Yes, whatever means that we are adopting must be all the windows put in the windows in the death all the windows, because there's the only improvement arising MHM said, now so, which is directly thirteen local production. Okay, they're not They're not disclosing her to tackle this. No, I think I'm not sure. Look, I get your point. I think the whole idea of the forty four items is not to encourage the imports per se, but that the imposition of the forty four items was an

impediment. So they are taking away the impediment. They're saying before cyby and brought out this list who police imports, customs, customs police imports. So it is the cosm that will say you can bring these goods into Nigeria or not. The Sybian should never have gotten involved in putting out a list of items that are banned or not banned. That's not the job. So the point I make is the customs and the executive will say we don't want to

have important rise. Then the executive we say we're going to go and invest in local rights Paddy, local rights meaning to get the cost of rise to fall. Then that becomes a policy that the customs will implement. What don't I just to put the cart before the horse, that we'll close the border to rice. We didn't have enough local output of rise, right there will see be a band input of rise. We still don't have local output of rise. So it's a bit haphazard. But in saying we're going to do

pure central banking, we're going to do elegance banking. We're not going to get involved in lists and subsidies. That's what I see them saying they're not pushing imports or pushing exports. They are saying we will go back to our role as the monetary arbitrial of Nigerian economy. Just we're going to do the price control and we're going to do exchange rates. If you want to bring in your foreign rise and the macro to buy it, so be it.

It's not the CBN's job to man ports or to determine what you should be import. That's not their calling. Okay, that's how I just see it might take. Yeah, but good points on the n f I you. I think it's a good point that we should nor really open the windows too much. We should have that condition completely agree, all right, then you have frighten sir think yeah, mhm, the price is not the completed The team transforms to yes, this is a transaction that other shock us around the

world. You cannot have some systems inspec China. China is the team, I think. So the question is don't we have stay Yeah, a good point, and and and again it goes back to we've always had this issue of holding forests and Amber when I fell out was jailed for having forestiness possession. So there's a line between regulation and liberalism where we want to ensure ease of business. Who want business to get access to forests and all that,

And I think put your rules out there. It doesn't have to be as as maybe easy as binance because binans are not regarded about the central bank. They don't answer to the central bank. But let the rules be less onerous. Why do you need to reference everyone? Maybe if you have a BV and then why do you need all those other stuff? I mean, make it easier. You are the one looking for dollars, so if I want something, I would make my house sustin or like easy to come to.

So you want people to bring dollars to you, They're already going somewhere, so you already have competition, so you're trying to beat the competition. That's how I will take it. So the CBN working with the bank to say, how is the best way we can get the floor to come to us away from the P to P boys. If otherwise, why would leave? If we ain't broke? Whiye fix it, I'm already there. Why should

I come to you? Right? Akin, You've got the floor, I can go ahead, okay, So to work I think it's just more financial engineer after financial engineer. And if there's one thing we know about relying on FBI is the problem of money. As as the stickle you say about what money is the play hot places, when things get hot, when political situations get difficult, when the financial situations in other countries get better. A lot of the hot money attracted also lived in the rush. So it's not very

it's not it's not an idea. I believe anyone think I gena should be considered, even for the short term, because the great example is always going on in Lebors. He had a situation where the way continually using managal engineering, all sorts of skins, trying to tell themselves into the Switzerland of the Middle East, giving us sorts of interest rates on deposits, on dollar dollar

accounts and everything. And then you had the pandemic. We had the sanctions that was that was that were brought in by the Trump administration, and basically the hot money started moving out and it's effectively collapsed or crashed the UH the Lebanese pounds and also crashed the financial system. The problem was that the Lebanese did not deal on the mental problem that was affecting the exchange and the economy, and these someboms that you know were uh uh suggested, I'm not I'm

not dealing with the fundamental problem of the country. The fundamental reason why the mary is dropping easy because they we are particularly banned, or we don't apportity bants, or because it is hard to open it from so it is easy to open it. It is because we do not have a pig of the mayor. It's no point you buying themira from approach. And why is that our oil is not being sold in the world market. We're not selling value

added goods to the market. Even the services said that we always talk about that would make it easy for but not want the rest to bring the dollars in. You not be able to even get down to a week or two weeks worth of imports of Nigeria. So when people talk about how we have appropriate how much is appropids really going to bring into the economy the big fish of the oil and gas of agricultural product that we should really be looking at

that. For me, I suggest that the way forward if other government shows that to encourage exportation of activity and comedy, exportation of goods and services in Econo. We need to s exports. We are subsidizing of the before, which is exportation of these things to the world market that we're able to get to a lards amount and addition of people we need. We need all to flow. So and I know you with this appree with this idea of bombing

tankers on the igh sea is not going to work. We learn these things the way to stay on the music and you will be hearing from contacts in India that the same ship has talked in India. So it's not what they first want to do, it is what to that time. Yeah, the admisation of it. We have to happiness chras. You can looking with what I'm saying. You may you may say, okay, we're encouraging behavior and everything, but we do not have the capacity in this whole concress. We

have to find a way. But we to get oil lovingcas on our side. I mean, we need to do this because the idea coupling ships and everything is a good person. I get to my work, which my environmental damage and and if it's implemented that weary stories of Nigeration is talking in random places in the world then turning avoid to avoid tracking by niger govern and works for me. I will continue to say it's logan, so it's we will

probably need to a greater problem down. Then when you start to move out financial problems are happening, you can people can say into the country, what happens. You could have the situation where you have like in nineteen ninety seven financial crisistem where literally collapsed were literally I think I can hear so please is this we need to export? Okay, okay, I hear you. I just I mean the what's hits me is that the Nigian exports actually more than

an imports right now. So when you say we don't export there's no demand for the nirah, where'd you get that from? The our export number is we export. What's more than what I'm saying is that we don't have the we don't have looked the man and if you look at our trades, yes we run we're only trade of plus. We're really capital they called a council plus. But that's largely because we're trying to try to both sides of the of leisure, which is basically making us look like, yes, we have

a trade point the Council. Plus the relation is that the relation is that Nigeria is here is not exported in the rest of the world. And that's why I said to push subsidize to say goods services out of the country. I know, yes, it may come from some of dislocation in the local economy in the sense of them, but there's not there's not there's nothing wrong with that. There's nothing wrong with that. There's nothing wrong with that.

There's nothing wrong with that. There's nothing wrong with that. I am. I am for export and instantive as an export, not the wrong with that. There's nothing you've said that I'm disagreeing with. When we wonder if we if we want to really grow the eccountomy, we have to export because that's how we get dollars into Nigeria. When we say born a boy, the export number important Nigeria about one point five to two billion a month. That's

the input figure. One point five to two billion a month. That's what we used to play an import. We are saying that oil alone can't meet that. If you branch out into entertainment and you can go and have an arrangement, we say Spotify. All this Nigerian music has been downloaded. You can have a remember with Spotify to say, if it came from Nigeria, want to get a royalty from it. I mean, I'm not saying today, but you have to have a plan to start to capture services at Entertainment

from Nigeria is huge, Nollywood is huge. There's nothing wrong. I can, I can, I can let me, I can, I can let me land, let me land akin. I can. I let you speak, but that's if you yes. But I can't. But I can't hold on. I can hold. Are you done? I can out to the finish, I can speak. I don't want to finished. Okay, what I'm saying is this this. I'm not talking about the revenue share you get

today from Spotify. That's not what I'm talking about. I'm talking about private equity investing in the artists to say we own a set in share of the artists. If we have a studio, we have a Nollywood studio where you can film, create content, how much do you sell the content to Spotify? Not the royalties, but the ownership of the content itself, so that every download you are getting a share of royalties. If I go to a studio and I get funds to do my film, then this pee owns a

piece of my film. If that film is sold abroad, I get a constant stream from Netflix. From all these content providers, a share comes to me. It adds up. Even the twelve million are talking about, it adds up. It's not going to replace crude oil. But the largest employer of labor in Nigeria outside the government is Nollywood. So you should look at that and say, how can we make more money from this? Go anywhere in the world. Nigeria movies, Nigerian content. I hear Redma in the

US. How are we making any money from Redman in the US? I hear my radio? No. And That's where I'm talking about. We've got to get innovative to say how can we monetize this talent that is coming from Nigeria. You just can't shut it down and say it's not gonna work. You just set twelve million. Is that not money? Even if we get one million, that's from zero. So start from there and build it up. How much does India get from from Bollywood? So let's copy them.

Let's start from there. That's the point I'm making. Nollywood can replace n NPC. But it is a start or did you not have any don't say it again? Akaing the count subsidies that you get because the subsidies direct for maybe direct company through through courage companies and encourage exp through introducing. So you get at this point I think literally which to go for? This is what I can't. We said out to the box and you should it down, but we go out of the box and you should it down and let me

let me address plant. They want about bombing. If you guys know what I thing was talking about. The Nigerian Air Force is bombing a bumker as the guys that go steal the crude oil in the creek. So when they bomb those things, they burn, they cause environmental damage. It's not the best. But why is the air force bombing them? And why do I

support it one hundred percent? Because there are many instances in Nigeria where the Aurian government has arrested a ship with stolen crude oil, taking that ship not to the police, to the Nigerian Navy bays packed the ship there with the ship and the cargo in the Nigerian Navy base and the ship vanished. Not my words, vanished this bomb ship from a base, not once, not twice. So there's a big cartel that is that whole security in Ada Delta.

There's a big cartel that's not letting the country earn what is due to them. So my take is all the ships are ensured. You can't fly a ship without insurance, especially the big ships. If you start to sink those ships where they stay, just sink them. Then you send the message to Lloyd to say, listen, we cannot come to Nigeria. Still could oil and take it out of the country without consequence. I don't know any that solution. If you say arrest them, we've arrested them. They're already

doing the plankating. Now we're not paying amnesty. Have we stopped is Temblo no longer having a contract? Have we castled Tompolo's contract or should we give it to more Tompolos. The largest personal contract today in Nigeria's history is by a guy called Tompolo in another alta till today we have we stopped that, So it's not I would say give mother binaries and have them do legal modernifiers.

But that's just a small fraction. The real theft is happening from those big ushangoing lines that come to Nigeria scarce stooning crude and take it out. You can't try to the Iran or Kuwait or even in Angola. You can't try it in any other nation, even in Libya. It's only in Nigeria. So we gotta get desperate. I mean, if if if I had money in the bank and you walk into the bank and take my cash, I will be annoyed. But somehow we allow the oil crew. So think

it that's my burn ship burn five. You pass the message that maybe it stops. But if you do nothing, if you arrest them, they change the name. You actually just they change the name. The exact same ship is selling, different name, different crew, the same ship that was arrested. So corruption man is a big thing only near what's up very But for me, I think it was important. I don't think no matter how you think, the the thing you more money the problem we're having. Start h

y about this quite now. If you look at this, why is it that we have that kind of pardo. It's not it's not where many system that allows. I think I was very concerned. I was a big prison. There has a play and experienced he has been. He has been because he also has strong lies in different because I'm not my basic accuse gives sure when you point out because that the system came to that is why the not too much as in the deep uh you know, like all about the system

that Okay, it doesn't work. You see the fact that if not the fact that the resources and yeah and again I can only just a quick diversion when we say fd I came twist it, what really are we saying that's where the bank is? I think that whole report is a bit funny because if if I in Cano get FDI, but the bank I'm getting the FDI is in Legos, it's recorded as going to FDI in Legos, So that report maybe we should maybe I don't know how they can make it to reflect

where maybe put the company in then putting the state or whatever. It doesn't it's not really a real picture of the fd affluent in Nigeria. That's what I think. On that report. It just shows the headquarters of whatever institution received that FDA. That's what we're seeing there and so most things. There's twenty five thousand four estates. That's better than zero. But what is it doing. There are a lot of ways you can create cash flow in dollars

to conige that tourism is one right. Tourism New Yim festival bringing people to come and do you know you will will bless them with holy water, eat spiritual I am will give them African name. We charge them fiveand dollars if you do it for ten people, doesn't Yeah, it's money. Don't we go what Disney we'll go to watch her important? Bring them here them just

bless them with amadio ha. We give them an africantrational name who bless them to go on this slavery trek all those things they do in Ghana, mis Senegal and they make money. Package tour fly in you know you stay one week in Arochuku, will give you yam you wear you know cloth. Norly would come. You know we would have one village you see African village. You stay there for the night, you drink. You know, you have

to get innovative. And that's where doing South Africa. You're gonna You're gonna stay in there upam Bote village and you paid dollars to see them drinking beer and dancing for these dollars. Same thing with Vegas. You go to Vegas. What's in Vegas slots casinos, But they get a lot of money from

visitors. So we have to sort of you know, do the same thing and get the money in build like Dubai said, you know, you build a port free trade zone, you put the hotel, you make it safe, people will come, You generate a commas around it, and then you move them from there. Leslie, what's up man couture? Yes, you you've present points and yeah, the jam problem is really multi national surfing comp us cool, but the woods pushed and then from cool you see all of

the community. Yeah, particalis away from the jam. So the protection I think in systematic you know colaboration clo between and communities. Oh you recommended now when it would implemental interputation people preach all took against government the way in festive

to in putout us. You know, use me can't stay now you're just under the effects, you know call the effects we have cot like because at all where but they are for it as it's like the public and you know, you know even where you want to change last kind of from those at the from in collecting in the from FO countries. So custom I suppose a

man so that will have much full. So what is quite low? Okay, okay, boll you know adventures like you know stories invention and good that is possible that you know the complex you will be hearing that's your your audience cutting and I'm not sure if it's just me, but orders cutting it out. So maybe I'm making you round up yours really cutting it out. Okay, okay, let me round up people don't have instance in money. For example, you go and then the look back difficult. One of three or

four were I walked into the bank one hour to ask the community. I came to have the back the No. One donation which is one one dollar, and I was looking for five thousand dollars. I was just saying, letting that you wanted to lar in people. I'm given one one dollar which has too So there are a kind of scenarios that WO was making it impossible for those who is a dollar to bring to the tanking sector people having dollars. The people are private homes instead of bringing it to get to the band.

We are we can be recorded and be used for more for extransactions so this regulative organizations like the Central Bank, leslie. Thank you so much. I appreciate that. Yeah, you're only just cutting it out. Yeah, I'm so sorry about that. BBM. I've got to BBM go ahead, BBM you alright, y, yes, all right, all right, thank you very much, thank you once again. And I'm just to add my own succents to this. I'm talking that we're talking about as we got a

FEX issue. First off, like I want to talk about the alternities that we could like its solutions to this problem and to start to meet my own opinion, I don't think the the band that is lifing on the forday it tends. I really don't think it will have any economic impact on it.

Because the question wish as going to say that those the CD and they even have EEXT to your lose for today items we should all we should all ask GSK and the likes having difficulties to access the FX markets and all so even like commodities that are more parents including drugs and all, they could not access the EFTs due to like scarcity and all. So not to select some other

pull of that that medical to the fort today at all. And also I would like I agree with seal Canu on a point that you do make haw from that one that the rates of turn how about And in addition, we shouldn't blame this money in the in the UK and the years trying to send

money to the Nigeria and making use of ther own official rates. We shouldn't blame them of course, like one thousand rates and several of the are rates and good for several they are like it's not logical and to me, I feel it's a look which is been caused by this by saying which is creat like it's worths smaller national REDI so I feel that it's a responsibility of the city when they fixes the people love like who can decide, but everybody knows

that there is an unofficiality and everybody have accessity, so definitely people want to patrolize it. And also as we are, some of the ways or some of the solutions to this efforts issue in Angelia is that distribution like that there's

some importation that really needs to be discouraged. Just yesterday all there about that the news reported that about about three sixty legsos or three sixty SUVs will being imported for the senators or the blobs and everything and all a little one sixty millionaire power like is that a parai and multiplied it is about fifty four billionaire

or girl. But like all of these things that happening. And yet mind you, they will take dollar to these markets, not narrow and yet we have complain that there's no, there's no, there's no, there's no and yes this is so using the art bad I can hear him. Yeah, that's an issue. I mean, so if even even the small, even the small dollar that we're getting, the House of Assembly is and understand I you to import expensive SUVs, so even the small one that we think we've

been getting is being wasted. Any you've got the floor, Ali, I mean, just before Lanny speaks, just to go back to this initial point of where thinking about this for seven items that has taken off, what do you think will be the in parlemacy direct question? Will will this affect the exchange rate positively or negative? Or it has no effect? In your view? If I take you with this item, do I see that I getting

value? Or is it just going to be an administrative fix It willn't affect the exchange What do you think mean in effect, it's more like they've done the right thing to allow the currency perhaps have the support to appreciate it is itself does not move the needle on their appreciation or otherwise of the currency more or less. That's what I mean. You said just as a stand alone policy, it doesn't affected. Okay, I hear you. Let let's get

old. You go ahead, yeah, h m O. First it starts is less mixed security as it is less we are oil in interior is able later that US most countries not a banker. But you're able to secure even with you're able to do because in mixed security as it is nice even for the military pause in associated with that in the way we have because okay, mom has security because what to do when I know that? If I let you love always so that's okay something once you know what outside and friends joining

some more like it to do more play. Our exports are exposes. It's not wise because lugend you don't know what and when it comes to stop reading

the economies making more because you are a few testing. But those people I think that entering was mostly you know what is only but and it literally changes to support a more complicent exposed investors put to preaching forward and when I when you go to our because financing the is and financing that kill we need to individual to solve kill wise how the people get more into and more everything into the country and through them in and major we need to be it's not everything

talking to to let think the rights they just talk to to their rights. But the city rights we have toss but we need these are its system. We need to put that constant supports me dangerous before because every time we focus most of you go now president, and they don't think towards the most because because TiO make you think you can't be in sene between the constitution, because when we will yeah, yeah, I got you, Lan, Yeah, thanks, I mean yeah, gotcha, got you. I mean well,

back to the round up and all that. Right, this space was really about the CBN removing the FX ban for a tree item. But in your opening comments, right you you you brought me a lot of issues that you know, even if this is taking away this doesn't really change the needle, right, doesn't move that needle in terms of supply Number one, you said the supply, but it's not going to the CBN that's number one. I mean you quoted the six trillion common into the night and economy, but don't

going to the center back of Nigeria. And number two, you've also spoken about you know, the we say, what's the word I wants you the lack of coordination between the executive side and the CBS side, where with the executive side perhaps is spending and the cbnside is trying to push you this monetary stability. I just want to get your final talks really on this before that,

because I know we'll be here for two hours. Right. Is it your sense that we have in the right direction and we just have to run faster or are we still in the wrong direction and we're just maybe not moving. But would you say we're now in the right direction and now we have to then run faster to achieve our monetary and action policy goals? What do you think should away the CP They are very poscular, more about house decisions as I react and how the apps effects. Accounts also had the issue with

petrosocity and the petrol subsidy air was removed. Now it looks like it's coming back. So there was this time report by the Opportunities One Direction the reaction would have maybe made to travel people. The reason why that's yes, why you haven't very successful. You'll be the coopers comfort the warehouse. You know

you sup of many Nigers. What is what's say period in Nidia? Trust me, if it was just on the stock market, we'll be talking about get to fifty US and that has really affected up income because not on the stock market is the best piece to google. In fact been then like it

as the word and prefer so it has really suppressed world. The effects market of suppressed world during mid Nigeria is populators paradise and also great distrust among my bousin was is like I think that it's not because don't it is not that it is that schools model or you need variational course to make the market. What the market wants is efficiency transparence decreed. No, Cardoso quite more absentsiul fa fast because he has been quiet. He has been quiet, bespoken,

loogle, he has been quiet. Are still and than do we'll find the markets. That's not a good say then when you're going to the markets, were going through going to now a few days let to find another for an

investor. You know he has the amount of appointments disappointments we have. What message you said, messages say, these numbers are very important if you can't get things got I mean you're saying that for I mean, if I take you by summarize your comments, not yet you are you are hopeful, but not you're not there yet, and you call out to feel the take of

the administration. And in terms of messaging and in terms of the world, we're seeing lots of I mean, it's almost like everyway there's a new there's a new appointment of an aid for this. There's now an aid for is it culture or is it the one that semi Daughta is doing. There's lots of aid. You know. It looks like let's you get an aide, you get an it, everyone gets an age like Oprah, you know, and all that kind of stuff. So I'm only show that's going We have

to run a very lean government. And I say that the words and the actions of the guys that are leading the country right now do not show that there's a crisis. You know, we're talking on the space now about the dollar crisis. We don't have dollar to fund imports where he and Adrian Banks kind of put up ELSs can get them funded. But the lifestyle and the spending of the government, it's normally driving with what we on the ground are

seeing. That's where I'm I know I'm calling getting it wrong or seen getting it wrong. There is no speed, there's no urgency, there's no let's get this done today because we're not sure if tomorrow this thing will still be going on. We've seen, like you said, what happened in Israel, tirty billion dollars released by the Central Bank immediately, but not just that.

In America, Florida and New York I think it's California and Texas, they all came together to buy Israeli bonds and that takes the pressure of Israeli yields, which helps their economy. That's how you use your diaspora, you know, you use your dask strategically. It's not the Jews in quotes buying those bonds, but it's Jews influencing the governments of those states to buy the bonds

of Israel, which is helping the economy of Israel. So the daspora person for the government has got to be They will have to go back to get someone that has gravitas. You know, I don't mind soone like te Lumelu being Minister of Diaspora. It's not like I can go to Germany, go to the West and say we want to get this done. He can communicate and talk in the language of FDIs fpis and understand how to track those investments

back home, not just cash for technology, opening doors for Nigeria. You no sell Nigeria's policies, you know, getting across those things to want the Congress to see. I see him talking to you know, to everyone, the presence of Germany, the cast of Germany. I seem talking to Biden, so he seems to have a way to get into these place. Is no tap that kind of guy, you know, and say hey, this

is gonna be a job for Nigeria. It's not gonna take a salary, but we want you to open up doors for US, sell policy, for US sell our bonds, you know, and that's gonna be his job, right The Minister of dasbra has to be you know, that's going to be a candet level position, you know, answering to the President say I want my job is to bring investments Nigeria to sell Nigeria story outside. I think that's gonna be a way we have to think outside the box to use the

best that we have to get that with what we want. But I just feel that we're building a bit slow. We seem to be stuck. We don't at most any economic plan out yet. This for three items would have been done when we remove the peg. We're just doing it now. I think it's an administrative move. It helps, but it's not going to have any effect on the dollar child rates on Monday. That will be affected by

demand and supply. And supply is coming from the cruder we sell, which is going back to Nata delta, and inflation is going to come from the topping of the bandits that are kick causing food price to go high, so the incrude oil prices in the Niger delta, food infliction in the Middle Belt. If we can fix those two issues, then the economy can then start to react to this policy moves by the Central Bank and Minister of Finance. That's my own take for now. I think the army has got to get

involved in the security right. We have to focus on the security aspect first to allow the policies to then work. If we take MPR twenty five, it's not gonna fix inflation. It's not gonna cause oil to pump out of the ground. Sadly, it's back to the security issue. That's does my tick. So guys, we're gonna round up, and now we look down at having last words and then we're just sort of closed down the space. Yeah, m okay, okay, mm hm h h. Gotcha. I

mean that's a good, good point. You just you made the inclusion. So we just have to all arms on deck. We have to stop spending our cars for X to buy cars for nationals and their members. Things like that make people annoyed and they tell people off the reforms. Right, we're in it together. If you want to sacrifice, show us how you sacrificed, and then ask me to sacrifice. So we're all in it together. Let's get the country moving. Stability. We want stability. Really, it's

not really if it's expensive or cheap, but stability. If we can plan it out of the amount, If it's fifteen hundred, but it's stable, then we can plan. Put our anchor in the water, understand where we are, then walk back and then see how we can increase or reduce as the case. Maybe. So I'm here, you say, stability is more important than the actual you know, trying to measure the rates per se. If we can get this rate stable, and stability means supply. There's no

stability without supply. If the funds are coming in, then you can then have a stable rate because it can only go down. People don't mind it going down, but stability means we want to go up. If I'm planning and it goes down, I win. But if it starts to go up, I lose. And that's what I hetey. All right, folk, thank you so so much for tuning with us, and we do appreciate it. We want to shut down a bit. Ali normally will say for three hours, but hey, what's the We'll be here for fifteen minutes. So

I thank you all for contributing and speaking. I appreciate all the comments. Is one NIGHTERA and we're all part of the of the journey on. All right, guys, take care of yourselves as you guys next week. Thank you so much. I wanted to comment. If you make a quick one, I'll take it, sir. Okay, the commander, we've done that. H Bankers are not the problem. Bankers are not the problem. Let's leave bankers out of it. Bankers are not the problem. Right, It's

a free market. Bankers are just a part of that market. So that's what I'll say. All right, folks, thank you so so much, you guys, have a good day and buy