Summary: Foreign Airlines sold tickets in Naira at the CBN approved exchange rate of 430/$. Made request to cbn to receive dollars so they can send the funds back to their HQ. (This happened under Meffy) After years of Meffy gaslighting them, Cardi B finally turns up and claims he has figured out a way to clear backlog. Otimkpus carry the news and spread everywhere. He then tells them he’d convert their naira, but at a new rate. That rate has been ranging from 1400-1600/$ on NAFEX. If the airlines agree, they’d be losing 70% of their funds, and airlines don’t want to take that loss, so they refused, insisting that the rate previously agreed must be adhered to. Agbado HQ turns them down, and proceeds to tag who refused as “illegitimate claims”, while those who accepted were tagged “legitimate claims”. Agbado HQ settles those who accepted the terrible deal, then calls their otimkpus to come out and announce that backlog has been cleared. “Problem solved, Cardi B on the wheels”. The victims who refused to accept the deal go to businessday newspaper and expose the whole racket. The problems with lies is that they’d eventually catch up with you. You can pay one or two people to sing your praises, but the truth will still come out.
Summary: Foreign Airlines sold tickets in Naira at the CBN approved exchange rate of 430/$. Made request to cbn to receive dollars so they can send the funds back to their HQ. (This happened under Meffy) After years of Meffy gaslighting them, Cardi B finally turns up and claims he has figured out a way to clear backlog. Otimkpus carry the news and spread everywhere. He then tells them he’d convert their naira, but at a new rate. That rate has been ranging from 1400-1600/$ on NAFEX. If the airlines agree, they’d be losing 70% of their funds, and airlines don’t want to take that loss, so they refused, insisting that the rate previously agreed must be adhered to. Agbado HQ turns them down, and proceeds to tag who refused as “illegitimate claims”, while those who accepted were tagged “legitimate claims”. Agbado HQ settles those who accepted the terrible deal, then calls their otimkpus to come out and announce that backlog has been cleared. “Problem solved, Cardi B on the wheels”. The victims who refused to accept the deal go to businessday newspaper and expose the whole racket. The problems with lies is that they’d eventually catch up with you. You can pay one or two people to sing your praises, but the truth will still come out.
@MikaelCBernard Well it is the duty of businesses into international transaction to hedge their forex dealings. The tickets were purchased in naira and so they will get naira. It's their loss for not hedging.
@MikaelCBernard Means Agbado FC is going after Business Day next!
@MikaelCBernard Numbers to illustrate: Under Meffy: Foreign airlines sold ₦1,000,000 in tickets Converting at CBN rate of ₦430 = $2,325 This money is trapped Under Cardoso: CBN rate now ₦1,500 That ₦1m = $667 So in 2021, I trapped your $2,325. In 2024, I offer you $667 as "full payment".
@MikaelCBernard When airlines start placing embargo on Nigerian routes CBN will pay. They service the rich class.
@MikaelCBernard So is Nigeria going to repay her foreign debt with the old rate, it has to be repaid with the new rate. Same applies to the foreign airlines and companies too. If Nigeria's foreign debt is $50bn, are u expecting the World Bank to accept repayment in old rate?