Dapromzy333:


https://platinumtimes.ng/breaking-tinubu-gives-fresh-directive-on-cybersecurity-levy/

Blazetrailer:
This is the most stupid response I have ever received on currency and international economics.

To start with, this fellow assumed that the Naira(a currency that is not traded internationally) was allowed to float and to find its natural course. At the that point, I understood he is just like other gullible Nigerians that have been fooled to think that what happened in June 2023 was the government allowing the naira to float to find its value rather than devaluation. Even when all other international financial bodies like World Bank/IMF/AfDB,) and world's rating agencies(Moodys/Standards and Poor, etc.), and Financial magazines with experts all around the world (Financial times; Bloomberg; Economist, etc) have clearly called it out as devaluation. The government is still behind, determining supply. The Nigerian government devalued the currency for obvious reasons, to attract investors, increase its revenue to fund the budget and other pecuniary reasons as it may be known to them.

https://www.ft.com/content/1729aa7c-3f92-4ff7-9310-c79b5e5cdb84
https://www.reuters.com/world/africa/nigerias-latest-devaluation-may-be-turning-point-currency-reform-drive-2024-02-05/
https://www.bloomberg.com/news/articles/2023-06-12/devaluation-in-nigeria-s-naira-in-focus-after-emefiele-ousted?embedded-checkout=true

Again, the dunce has posited that it is only because Nigeria produces very little that the naira became unattractive. World bank statistics have shown that to be completely incorrect. There are countries with very little production (e.g Jordan, with 86% of GDP imported, and GDP of $46.3bn-2021, currency is 4th strongest in the world at $1.00= D0.71 Jordanian dinar), Brunei, Bulgaria, etc,(to limit it to countries within the same bracket as Nigeria) with far lower GDP in terms of productivity and also highly import dependent but with stronger economies and currencies.

Again, stating that that Nigeria's currency is taking a hit because we are import dependent is not only dim-witted, also shows people with lack of depth in reasoning. No wonder the government keeps trying the same thing and expecting different results when the citizenry is as dumb as this. For context, there are countries that are far more import dependent compared to their exports and GDP than Nigeria and they are doing much better now compared to Nigeria. For instance, (1)Singapore. their Imports as % of GDP, 2022 150.3% (World Bank Statistics) regarded as the 3rd highest in the world.(2) Ireland Imports as % of GDP, 2022: 144.32%(World bank), regarded as the 7th highest in the world(again, selecting countries within Nigeria's range). Yet these counties have not had it as terrible as Nigeria has and going to have soon.

Nigeria's problems are corruption and dearth of ideas. One wonders when an illiterate could keep the economy as the 1st in Africa, and projected to grow exponentially by forecasts for many years but the so called "literates" came and plundered it to the 4th and contracting less than a year.

There is a reason London remains a strong financial centre for investments over and over again despite dwindling economy and declining production of the British economy. Go figure it out. Ode!

I thought he had a different perspective to what is already in the public domain, I did not know he will keep repeating the lazy beer parlour rubbish that have been mooted over and over again.

Wickedlywicked:

This ozuor just legit compared the Jordanian economy that’s ranked the 3rd freest economy in the whole of the rich Middle East and also ranked pretty high in the world to that of Nigeria . You’re comparing an economy with currency pegged to the US dollar, a stable currency, to that of Nigeria. You are comparing a middle income economy to a lower income one.
Your eedi0tic self failed to realize that the Jordanian dinar just like the other dinars such as the Bahraini and Omani own are all strong currencies pegged to the US dollar (a currency that’s free-floating I.e its value is determined by the law of demand and supply) and not just an ordinary one but a highly sought-after one at that.
No, tell me, why should I waste my time on a fishbrain like you who doesn’t know that Nigeria imports more than Jordan meaning that more Naira is used to buy the Dollars Nigerians seek to get in order to make their purchases (Import) hence, the reason why there is more scarcity of dollars in Nigeria than in Jordan?
Just like those top 5 strong currrncies I named earlier, the British Pound is another strong free-floating currency and it will interest you to know that the strongest currency in the world i.e, the Kuwaiti dinar is and one of the top ten strongest currencies in the world, the Gibraltar pound are both pegged to the British pound that’s also another free-floating currency whose value is determined by the force of demand and supply, inflation rate, interest rate etc.

I never tried to exonerate the Nigerian governments of wrongdoings and corruption but just stating the fact that one of their many fails (not making Nigeria a producing economy while we keep buying things massively using foreign currency like lazy thieves) is one of the reasons why our currency is falling freely everyday. Your likes are many on this forum. You wrote so much jargons while lifting stats online yet couldn’t suggest one feasible solution but ever ready to rubbish sensible takes by others. I said it that Nigeria is not producing enough and that it’s one of the reason why our currency is falling like a crashing rock which you blatantly faulted but couldn’t come up with a sensible take.
Nobody is saying that it’s the only reason for weak currency value but at least, it’s one of the major factors affecting the value of each country’s currency.

I have no reason to keep wasting my time on a pathological phool that doesn’t know the basic fact that a country’s currency is affected by so many factors and the major of which is the rate of demand and supply of such country’s currency in the international market.
Mind you, I’m not posting the screenshots below to educate you because you’re a lost cause. It’s strictly for humans. I thought this was a basic knowledge which every right-thinking and sane person should know. You never claimed to be sane tho
You are being ignored.

Blazetrailer:
Lol...pure gibberish and infantile conjecture. I argued with World bank data to let you know you were speaking from your anus stating Nigeria's problems were only about production. If Nigeria managed its oil well with no corruption, it would not be in the same nonsense. Kuwait,Bahrain Jordan, Singapore and Oman produce nothing with resoec to production other than oil exports and their economies are not tanking. Their economies should have gone under if this was about local production. Fool.

I hope you don't attempt to produce offsprings, otherwise the problem of that country will be more than multiplied by the offshoot of your loins roaming about with defective pedagogical genes like you have displayed here.

Oponu! No wonder criminals take then for a ride.

Wickedlywicked:

I’m sure someone gave you that advice and it has been living in your head for a long time Honestly speaking, I don’t blame the person because he must have seen that you’re so phoolish that you birthing kids would be the most disastrous event in the history of mankind
Didirin just legit said that “Kuwait, Bahrain Jordan, Singapore and Oman produce nothing with resoec to production other than oil exports”
Now see the dundee I’m stooping so low to argue with . The Internet is the cheapest platform that gives eeediots so much freedom to air their sickening opinions.
Firstly, who told you that blatant falsehood, please? Are you proud of yourself for making such an erroneous claim?
My friend, you shouldn’t have uttered that.
They all export so many other things and it’s just that oil is their major exports in the Middle East.
Singapore on the other hand exports a wide range of both raw and refined products.
Even though exportation is not the only reason why they have strong currencies, believe me, the exportations far outweigh their importations hence, they have more USD in circulation than Nigeria i.e they have lesser demands for the foreign currency than Nigeria.
Do you now see the reason why I said you’re a waste of space and a lost cause? Oya tell me sorry no vex.
With what I just read, there’s enough justification to leave you to keep ranting to yourself because you’re extraordinarily phoolish just like your father (my sincere apologies but believe me, it’s only heredity that can give this level of eeediocy I’m seeing in you.
A simple internet search would have saved you.
Lastly, let’s talk about your second mumu point. Libya is more corrupt than Nigeria—sitting among the top ten most corrupt nations in the world according to the 2022 corruption perception index yet the Libyan dinar is far more powerful than the Naira
Can you see how ph00lish you are?
Nobody is praising the Nigerian government here and in fact, if you were bright, you would have easily known that I’ve been faulting them from the start that their visionless approach and failure to make Nigeria’s exportation higher than her importation is the reason why the naira is in abysmal state but your didirin self is always after politicizing everything. To me, Tinubu is relatively better person and that doesn’t mean I should start exonerating him from the leadership mess Nigeria is currently in just because he’s my favorite so far. I have no more reason to keep entertaining you Omo ode.
Ignored.

Blazetrailer:
...the moment you stated that Naira was floated, I knew you did not know what you were saying. Probably heard all of these at a beer parlour or one of those newspaper vendor stands where louts like you go to exchange ideas. Naira was devalued. CBN still controls the supply of USD and other forex into and out of the country, so it still regulated.

I refused to read and stain my brain with the rubbish you wrote below, because it will be none other than some fecal nonsense from a dim-witted, half educated intelligentsia wannabe. Dont have time nor sympathy for slowpokes

Wickedlywicked:

Okay, I get your time. I will summarize the whole thing.
So Omo ode, I said you’re just as ph00lish as your father and also asked where you got the erroneous statement that:
“Kuwait, Bahrain Jordan, Singapore and Oman produce nothing with resoec to production other than oil exports”
You’re so entertaining but please, can you explain that phoolish statement you made with so much confidence before digressing?
So you want me to still entertain you further to start talking about devaluation and floating? No,
Let’s address that one first arindin omo ode

Morphinne:

My friend, you are actually the illiterate here. What you are seeing today is actually the actual value of the Naira and what it should be since the time of Jonathan. This is not me crediting him but devaluing the naira isn’t the root cause of the problem but the troubling discrepancy in the importation to exportation ratio is.
Nigeria has always had a higher demand for the US dollars and foreigners aren’t seeking to buy our naira because they just don’t need it because we aren’t PRODUCING AND SELLING tangible things to them. Your currency becomes valueless if nobody wants it. Nigeria’s economy is import-dependent. We buy virtually everything we need from abroad using the scarce US dollars. It’s that simple and it’s no rocket science.
I would have thought you were economically exposed if you had said Tinubu isn’t encouraging aggressive exportation practice just like his failed predecessors but praising Buhari (another failed illiterate) is the height of it all. Buhari as how?
In fact, all of them are failures including Peter Obi and Mikano, the two notorious importers.

Blazetrailer:
What a dunce.
You will think this buffon had anything upstairs with the way he started here, only to find out he goes to investipedia for knowledge. Imagine??

And I really thought he was coming up with something
completely different from the rubbish other louts have been blabbing here until I read that naira was floated(even the world bank and IMF know naira is still being controlled)...and he went on foolishly to state that production only was Nigerias problem. Lol! As if Nigeria has not always been import dependent since the 60s. Oponu!!

Ta lo bi werey yii na??

Some parents should have done the world a favour long ago

CaptainStephen:
This why you do not have civilians as NSA, the business of the ONSA is not revenue generation.

This Ribadu man is a terrible choice.

leokid866:
in your effort to act smart you've contradicted yourself but let your brain keep rolling around like loading screen you'll get there someday......

Blazetrailer:

I was shocked to see Buhari understood some of the dynamics far better and resisted devaluing the currency because he knew the implications. If anyone has the video where he spoke to Aljazeera and gave the reasons for not devaluing, please watch it, you would appreciate someone with native intelligence. Not with the current idiot and fools like the one typing down here. All countries fight to defend their currencies by any means necessary.

wirinet:



https://www.youtube.com/watch?v=UYbNl3qhUgk?feature=shared
That's the paradox of the Nigerian society, an illiterate who had never been to a university understands basic economics, while a first class accountant from a US university does not understand basic macroeconomics.
Buhari correctly predicted that floating the currency for an undeveloped and unproductive economy like Nigeria would lead to economic crisis.

I even doubt that our first class US trained accountant can have a one on one interview with foreign journalists to discuss his economic ideas and policies.

leokid866:
in your effort to act smart you've contradicted yourself but let your brain keep rolling around like loading screen you'll get there someday......

Blazetrailer:
..you are on the ignored list. I really thought you had anything upstairs with your first post. I was excited thinking finally, there was someone with some brains on Nairaland.... It's now so glaring that you are blank headed...only go to investopedia to copy ideas. Lol!! Imagine the dumbness!!

Again, try not to procreate, you will only create further problems for that country.

Wickedlywicked:


This Seun Osewa’s forum is such a fascinating place to be. It’s a place where mad person would say you’re a lunatic and would say it with so much confidence😂
The Osewa suspended my second account for trying to trade with the eediot in his own coins when he resorted to insults.
I almost thought he was sound and was just trying to correct and educate him but his inordinate hatred for the president blinded him from seeing that we were initially on the same page and that what I said was not me praising the president and do I blame him? No, I blame it on lack of education and abundance of cheap internet data. A bright person would have easily seen that I was faulting all of them (our leaders) without leaving anyone out for failing to make Nigeria’s exportation to outweigh our importations.
He later stated that Jordan had a better currency than Nigeria and I tried to let him know that it’s like that because firstly, Jordan is a free economy and that it has her currency pegged directly to the USD, a stable currency and that unlike Nigeria, their importation-exportation ratio isn’t wide meaning that it’s a balance-trading economy.
Then he finally nailed his on coffin by saying that: “Kuwait, Bahrain Jordan, Singapore and Oman produce nothing with resoec to production other than oil exports” 😂

I purposely quoted his exact words because na hin shock me pass and because he had since edited the post after I corrected him but has failed to apologize and to give me credit for the correction😂
The original is still there because I quoted him on time.
Now imagine the ign0ramus entity I was wasting my precious time on. A phool that didn’t even know that all the countries he mentioned export a wide range of both raw and finished goods other than oil. He even included Singapore😂

Wickedlywicked:

Omo werey. So you later edited the post without giving me credits and an unreserved apology😂
E no go better for you as you correct am so. I can see you’ve finally realized that Singapore doesn’t even produce oil but exports the refined/finished oil products to even countries that have crude oil (meaning that it’s a country that invested in building refineries despite not having oil) unlike Nigeria that has the oil yet no working refineries.
THE FACT THAT NIGERIA ALWAYS BUY BACK HER EXPORTED OIL AT EVEN HIGHER EXORBITANT PRICES MEANS THERE’s NEVER AN EXPORTATION IN THE FIRST PLACE. Unlike all the other countries you listed, Nigeria is the only country importing back her exported oil in refined form at high cost😂 No be juju be that?
Nigeria’s oil importation is one of the biggest challenges gulping the forex making the USD a scarce commodity hence, the rise in its value on Nigerian soil. It’s that simple. My point from the very beginning is that all the Nigerian leaders are failures without exonerating anyone among them.
Next time, don’t be like your father. Don’t be in a rush to rubbish people’s intelligent opinions when you know that the thing being discussed is far above your mental capability. Don’t be like your father.

Blazetrailer:



...permanrbtly ion ignore list..auto delete qithout reading. Daft buruku!