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Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by Adminisher: 4:36pm On Apr 23, 2016 |
Ijaya123: The average WAILER is some half educated, unemployed ni wit in some SE state, too educated for trading and not too smart to get a job. They spend their days typing stuff off the top of their heads without thinking first. If I flash a picture of Jonathan here now you will see the lost, pre- programmed lost kids posting worshipful and untrue accolades to the man's fake smile and confused looks. Only God himself will deliver this generation. 2 Likes 1 Share |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by Excuzeme: 4:41pm On Apr 23, 2016 |
tsdarkside: There is a very good reason they are called #WAILERS now.... They are all "curses" and no reason/sense! Very bitter set of senseless HEediots. 2 Likes
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Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by Excuzeme: 4:44pm On Apr 23, 2016 |
Adminisher: Let us give this your HYPOTHESIS a TRIAL. I will flash Jonathan's picture and see what happens! 1 Like
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Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by Ijaya123: 4:54pm On Apr 23, 2016 |
Adminisher: You have said it all. Their clueless hero that practically brought this country to its knees and we are still struggling to get up. 1 Like |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by MrPresident1: 5:04pm On Apr 23, 2016 |
Excuzeme: China is the new power in the world. The Yuan will replace the Dollar as the premier reserve currency for global trade when it is eventually backed with gold, China has been buying gold like demons for over two years now. Investors will prefer gold backed currency over fiat currency, and this choice will be the death of the petrol dollar. Nigeria already signed a deal with China for free flow of Yuan into our economy, some of our reserves are already being converted to Yuan, away from Dollar. America allowed Nigeria to sign the deal, didn't they? They are all in cahoots When the time comes, you will see it was a 'timely and most fortuituous' move. Buhari will be hailed as our Jesus Christ |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by ugwum007(m): 5:29pm On Apr 23, 2016 |
aeronot: I tot as much..... |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by Ndolarr: 5:39pm On Apr 23, 2016 |
Nigerians should thank God for giving us Buhari who has stubbornly withstood naira devaluation despite the pressures from foreign hawks and local collaborators! Agreed, Buhari is not an economist, but he is a 'common sense' economist, who like my old dad, will always apply elderly wisdom to make the best out of a bad situation. Devaluation of naira at this time is a sure death sentence for Nigeria, especially the masses!! The Egypt example is enough warning to us all that we should do away with our stupid taste for foreign goods and patronize our locally made goods. Regulatory agencies should just ensure that standards are upheld as much as possible to improve the quality of such goods over time. |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by Nobody: 5:42pm On Apr 23, 2016 |
4Play: What makes you think Nigeria needs a low FX rate? A low fx rate is not necessarily a bonus when you are trying to restructure your economy away from imports into the real sector. The problem is that Nigerians want to avoid changing their economic behaviour and dying occupations while maintaining their old life style. There are many imaginative and legal ways of paying for legal fx imports. In fact the increase in dollar rate is more than offset by the margins available in greenfield bottom of the pyramid opportunities. If you are in services, trading, arbitrage, luxury real estate you will suffer. That's the name of the game. Nigerians should boot up and get with the program. 1 Like |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by drss1(m): 5:44pm On Apr 23, 2016 |
MrPresident1:dis one only fit happen for dream. 1 Like |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by ugwum007(m): 5:51pm On Apr 23, 2016 |
CACAWA: Can you use azimo for online transaction? |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by faaz24: 5:51pm On Apr 23, 2016 |
modath:Honestly y'aff tirai....what a summary ! 1 Like |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by Edifyer: 5:57pm On Apr 23, 2016 |
aeronot:GTBank is N299 1 Like 1 Share |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by 19naia(m): 5:58pm On Apr 23, 2016 |
Nigeria should go through a devaluation. Only a devaluation to keep up with International equitability rather than the black market. The real devaluation issue in Nigeria has nothing to do with keeping up with the black market, it has to do with Nigerian policy to artificially peg the naira at 199 to a $ rather than somewhere between 199 and the black market rate. Its the black market that will have to adjust to the National banking currency rate while the Central bank will have to adjust to international equity. Egypt is a different story with middle eastern economy heavily tied into it. If Egypt is devaluing to keep up with the black market, then that is their own terrible mistake. The black market of currency trade will destroy any currency for it's own profit. The currency needs to be adjusted according to International equity. After that, there will naturally grow a balance between the banking rates and black market rates. And naturally the black market rates will always compete against the banking rates no matter whats going on with devaluation in the economy. All this currency speculation based on what the black market is doing, is nothing serious. If the banks are being starved of foriegn currency because of the black market, it is the black market that must be afraid, because the government can and will move in with enforcement and crumble the black market. Its not the devaluation that is making issues , it is the infestation of black marketeers taking advantage of the situation. The banks of any nation should never capitulate to the black market when the law is on the bankers side. Thats why this story includes a segment about black market currency deals in secret because they know they are doing the damage rather than the banks. The Banking system is no saint and does it's own evil upon mankind, but the black markets would form into cartels and become their own banks and wreak economic tyranny if no regulations and controls were in place. So the banks with relative order and being subject to government scrutiny and control are better than hidden corner black market dealers who funnel blood money, slave labor money and loot in general. Any bank that deals is shady money, has a better chance of being caught than a balck marketeer. Dont be misled. The devaluation is not the cause of the problems, it is the black market that is causing the problem and should be dealt with. In fact, if you ask the black market, they want the devaluation because they have a momentary boom and they would not want value increase to come any time soon. They always want to buy low. They thrive on instability in currency. A devalued currency creates a buying low situation for the currency and people will rush in with Foriegn currency to buy low. Eventually it will all settle once the frenzy of buying low has been filled. Then the banks will once again see more currency coming their way. Dont forget that the Naira has been constantly falling in value since the time of Kobo used to buy food. When last has the Naira been free from fall in value? So devaluation has been a constant. How has Nigeria not already met the same conditions as Egypt by now? Egypt has a different economy and is tied into a different economic region of the world. More foriegn money flows in when there is devaluation and it enhances exports if productivity is there to export. The devaluation is not the real issue in Nigeria but the restriction on flow of international currency and that is being done because Nigeria has serious problems with being very dependent on imports. The restriction on flow of foriegn currency is making that currency scarce for people and creates a higher price for it in the black market which soon attracts Foreign currency holders to the black market. But they are limited to certain amounts by law. Banks limit customers also but the black market is more available to criminal transactions for people who bring in undeclared cash exceedng the legal limits. Loot! Western union, International ATM and other means bring in Foriegn currency to Nigeria and its actually quite a significant amount because each transaction comes from palces where average income exceeds Nigeria's average income. Billions of dollars a year by these means that do not go through black market hands and remain under the control of CBN. I spent only US$ last year in Nigeria via ATM card linked to a USA bank. I withdrew Naira and the banks were reimbursed $ as well as the currency exchange fee in $. I also used western union which paid out in Naira and the bank recieved dollar reimbursement. There are many Nigerians doing this with $,£ and €. And yes we often only get the bank exchange rate of 199 but it is good enough for people who dont work in Nigeria or have money in Nigeria. Nigeria has a larger population of people than Egypt and may have many more people abroad than Egypt. Nigeria banks may be collecting more Foreign reserves through these remittance and ATM transactions by refusing to devalue beyond 199, but they are likely losing more from detered investors who suffer under the currency flow restrictions. If the banks devalue without any new sources of foriegn income, they will reduce what foriegn income they have exchanging for Naira at remmitance and ATM sites. But if Banks devalue Naira and reset currency flow policy, they will see foriegn investors growing again and bringing in foriegn currencies as well as growing Nigeria productivity towards a stronger economy that will in turn strengthen the Naira and attract foriegn buyers with more Foreign currency to spend. Foreign investors show up with foriegn currency before they eventually profit and seek to repatriate their money abroad. Its a tight situation for all, but give and take must happen while loss and gains stay ever present, and some routes will do more damage than others. Weigh the different options out of growing understanding of what is going on. Nigeria doesn't quite have the reputation and mannerisms it needs to attract what it wants. I was driving Yesterday and came to a major intersection and the traffic lights had failed. Stop signs were placed on every corner and traffic automatically waited one by one for their alloted right to proceed and all was orderly and functional without agressive breakdown of order. This holds true in general beyond traffic here, in the market and beyond. There is a long history of practice in orderliness here. Nigeria would see a different story even when the traffic lights are working ,there will be aggressive and constant breakdown of order and it is true in general beyond traffic, but also into the market, banking and beyond. The root of the problem is in the people and what choices they make in the market, traffic,politics and beyond. Conduct and productivity. The real value in any economy. 1 Like 1 Share |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by CACAWA(m): 6:05pm On Apr 23, 2016 |
ugwum007:no, neither can you use any nigerian bank for online transaction |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by NavierStokes(m): 6:06pm On Apr 23, 2016 |
GworoChewinMaga: Tell them bruv tell them. Everything pointed out here by most of us about the government has been coming to pass with clockwork precision (Rolex ) "but them no go just wan gree" Now government has put forward a budget that they are afraid of signing. Seeing that Nigeria Is producing at 1.6+ million barrels per day against benchmark of 2.2 million, currency controls stifling economic activities causing reductions in customs earnings, FIRS nothing much to tax etc. http://www.bloomberg.com/news/articles/2016-04-22/nigeria-s-revenue-drops-to-five-year-low-as-tax-oil-income-fall They put a 6 trillion naira budget with reduced earnings which will likely increase deficit to almost double their already anticipated values. These irrational supporters will drag us all into avoidable mess. 2 Likes 1 Share |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by danot1030: 6:16pm On Apr 23, 2016 |
I have always said that those calling Buhari a dullard are the real dullard. They were the same people that advised Jonathan that made him earn the title of CLUELESS. 2 Likes |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by mightyjoe746: 6:46pm On Apr 23, 2016 |
GworoChewinMaga:thanks for ur comment! Last cocoa harvesting season a kilo of cocoa Went up as high as 700-800 naira per kilo. It has never been like dat b4 now. We d cocoa farmer are in millions. U are right let go back to work ! We hope 4 a better price dis year! 1 Like |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by InvertedHammer: 6:54pm On Apr 23, 2016 |
/ The people shouting "DEVALUATION " are similar to the folks that got sucked into the bubble of "CHANGE" When they finally get it, the mirage will clear. The inflation and consequent hardship will be second to none. Black market will always thrive even if abolished because everyone wants more bang for his/her bucks. In all, after devaluation, prices will adjust up while salaries remain stagnant. Will you be ready? \ 1 Like |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by Nobody: 7:28pm On Apr 23, 2016 |
4Play: If cbn relinquish control of the naira, and allow it float, won't we eventually have hyper inflation? If feul importer buy dollars at 320 what will become of us? We won't automatically cut our dependence on imports in a year. So there ll still be more naira chasing d dollars and it ll keep going up, untill it becomes #1000 to a dollar 1 Like 1 Share |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by Nobody: 7:33pm On Apr 23, 2016 |
aeronot: The bankers are the cause of this problems, they re the so called currency speculators and they stand to gainn in these crisis. I pity those parents who have children overseas, unless they are millionaires e go hard them. |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by MathsChic(f): 7:59pm On Apr 23, 2016 |
4Play: Seriously? A free-floating exchange rate in Nigeria adjusted by demand and supply when the country hardly produces anything for its own consumption? There is a reason emerging economies don't have a free-floating system. Look into that. |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by BrainnewsNg(f): 8:03pm On Apr 23, 2016 |
chriskosherbal: Ok |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by blackprowler: 8:28pm On Apr 23, 2016 |
aeronot: My broda see wahala o. They robbed me of several tens of thousands by this. Govt should just be like news people telling us what they free markets have made the rates today or tomorrow, not artificially fixing it and creating winners and losers |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by philips70(m): 8:36pm On Apr 23, 2016 |
989900B: Stop schooling idiots, the only thing that guides their thought process is hatred for one man. O Teriba cannot even convince them in this discussion. 1 Like 1 Share |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by blackprowler: 8:47pm On Apr 23, 2016 |
InvertedHammer: What worries me the most is that some of you refuse to acknowledge or fail to realise that your fears of what happens after devaluation has already happened. It must happen; there's no other way. Prices of everything have gone up almost 100% in the last one year. The problem with Nigeria is that when someone officially says what has already happened,that's when people will start making a noise. As one previous poster alluded, the problem with Nigeria is our attitude and conduct 1 Like |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by emorse(m): 11:17pm On Apr 23, 2016 |
4Play: Don't you think we're still too import dependent for this move? We import almost everything we consume even as ridiculous as tooth picks! Allowing the naira to float freely will without doubt lead to the increase in the cost of importation which will transcend into more economic hardship for the average Nigerian. A more logical move -which I suspect is the intention of Mr President- would be to first improve our local capacity and there after, leave room for competition between local products and their foreign counterparts by allowing the naira to float as you earlier suggested. Of course by then the higher prices of foreign goods would work in favour of local goods thereby reducing the pressure on the dollar. In all, I think your suggestion is brilliant but it can't be done impulsively. Measures have to be put in place to absorb the inevitable shock that would result from it. 1 Like |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by bakila: 12:22am On Apr 24, 2016 |
MrPresident1:Sarcastically sarcasting yourself. One thing Nigerians are sure about is that PMB is trying to take Nigeria out of the woods Judas plung her into. |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by InvertedHammer: 5:53am On Apr 24, 2016 |
blackprowler:/ It went up 100%. Wait till it goes up to 500%. Once devalued, the naira will gain a few points and the nose dive starts. The problem some of you have is that you never consider long term effects. You tend to be enamoured with quick fixes that are short term solutions. Where will naira be five years, ten years, twenty years after devaluation? That's how serious nations make projections and not three months fix. Egypt with some semblance of decorum tried it and failed. So did many other nations. Nigeria, with high reliance on import will be a basket case. The simple fact is that Nigeria has no bargaining chips. If oil ever rolls down to 20s and stay there for a while, Nigeria will go belly up. The hidden truth is that Nigeria has been having problems for years finding buyers for her oil. To move away from dependence on oil revenue takes years to implement. Nigeria has no infrastructures to support any industry with potentials. She can't even guarantee 24hrs of power supply in this 21st century. \ 1 Like 1 Share |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by Goldpen: 6:57am On Apr 24, 2016 |
Exactly! Nigerians are robbed with this aeronot: |
Re: Egyptian Devaluation Backfires -- Nigeria, Be Thankful!!! by 989900B: 7:19am On Apr 24, 2016 |
4Play: |
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