barcanista:
We need a change in government. Our Fiscal Policy has been counter-productive due to high rate of corruption plus high cost of running government. Nigerians save your future, kickout the incumbent with your votes..plssssss

And install who ??

I won't talk because if I talk now dey will start treating me dat if we impeach Jonathan or didn't vote for Jonathan, dey will unleash dragon..so I will keep mute as dem follow their brother direct Nigeria to calamitous bustop

Just keep kicking the can down the road.

Congratulations Nigeria.

Some day one naira would be same as one zimbabwe dollar.


A naira was at par with the Pounds sterling and above one dollar in the 60's.

Today our official price to a dollar is 168..

Eku ori ire.. Congratulations Nigeria.
We are headed in the right direction.

That thing wey we dey find, we go soon see am.

This devaluation means that the money in your pocket just shrunk.

Further devaluations would follow.

It is not too late to protect your money by using your money in your bank to buy and asset that does not devalue and reselling after the devaluation process has bottomed out.

[size=25pt]Important Public Service announcement:[/size]

Fellow Nigerians and Africans:

The white man is stealthily waging a war against us and most of us are blissfully unaware of this.

[size=18pt]The use of hoax deadly viruses to economically exploit and to depopulate Africa by using fear and panic to coerce Africans to take poisonous medications and vaccines .[/size]

HIV and Ebola do not exist.

Don't believe me? Please do not read any further and immediately google "Ebola hoax" and "HIV/AIDS hoax "

The treatment of HIV /AIDS is what up to now they have been using to depopulate millions of African and profiting the white man.

By selling us condoms he is even taxing us every time we have sex.

Ebola is the "new HIV"

The so-called Ebola outbreak is a psychological terrorism using hundreds of paid actors across dozens of countries including the corrupt W.H.O. who is founded by members of the same foundation/Think Tank advocating for global depopulation (Rockefeller Foundation)

The white man who has been trying to wipe us out for centuries found these two deadly diseases amongst our people both in 1976 and we are not sceptical?

As the oldest race in the world we have survived probably hundreds of thousands of years without any deadly disease, yet our genocidal enemy just happens to be in our midst when he discovers not one but 3 deadly viruses in our midst all in resource rich regions of Africa all in one year (1976) HIV/AIDS, Ebola, Marsburg virus. The odds of this being true are so low that it would be fair to conclude it is impossible.

Fellow Africans the white man has unfinished business with us. He wants our total destruction (by stealth) all because we are sitting on the natural resources he wants.

We do not have a government to protect us so do not rely or depend on it. Unfortunate the imperialist seem to have captured and held our government hostage by whatever means, such that they do whatever they are told to do.
Case in point the fake Ebola crisis that played out for some weeks in Nigeria. Which is likely to re-emerge to add to the terror that is being inflicted on us.

White imperialist nations has been conducting a stealth war against us for decades if not
centuries to wipe us without success. Lets not forget the lessons of how he destroyed the native Americans, The Amazonian Indians, The Aborigines, Natives of New Zealand all of whom he as virtually wiped out and dispossessed them of their land and resources.

Make no mistake a deadly stealth war is being waged against Africans and all their descendants.

We need to fight this war starting by first getting ourselves enlightened. We do not have a government that can protect us so it is going to be every man for himself.


[size=18pt]Looming Crisis in Nigeria that has been engineered by imperialist nations to occur in Nigeria[/size]

We in Nigeria have been set up experience wicked, punishing hardship, unrest and killings by agents of the imperialists white man in the coming weeks.

The CIA sponsored paid mindless thugs called Boko Haram as already started to set the country on fire.

It is rumoured that the imperialist white man is planning to set this country ablaze in the biggest smash and grab operation the white man has ever carried out in Africa.

By fomenting sectarian killings and unrest it is suspected that the imperialist America may send in troops on the pretext of securing peace, but what ultimately they may be planning is to break Nigeria into several weakling nations with puppet leaders and in the process grab and secure all the resources-rich areas for themselves to steal our natural resources.


Fellow Nigerians because of this imminent violence that is about to explode, I suggest that you start making plans for the protection and if necessary for the evacuation of your families to safer areas or villages.

Prices of everything is going to double. Oil prices is in free fall all has been calculated and designed by America ( who has power to control oil prices and Nigeria's inflation rate) to add hunger to fuel the fire .

[size=18pt]What You Can Do To Protect Yourself And Your Family[/size]

As mentioned earlier: Start making immediate security plans to protect and or evacuate your family to known safe areas in the event of outbreak of murderous violence.


remember to avoid all vaccines produced by the imperialist white nations. Not Ebola, HIV, measles stop taking any vaccines.

Do not take up any offers of free medical health checks from their NGOs, Reject their family planning. Find other ways to protect ourselves from contagious diseases.

Rather than use the condoms manufactured by the imperialist white man which contain toxic chemicals that can damage your health, save money on condoms and we should make our own or abstain from unsafe sexual practices such as casual penetrative sex including penetrative sex with sex workers and anal sex .

Stop eating foods and consuming any products imported from imperialist countries. Start growing your own food.

Stop smoking cigarettes, chewing gum, using deodorant or toothpaste and other toiletries from imperialist nations.

Ladies, you are their special targets. You are the people that are going to deliver our next generation so you would be targeted.

Be very sceptical of any free medical health checks from their "charity NGO".
They would like to make you unhealthy and ultimately infertile.
Consider getting make-up and other hair products and toiletries from other sources.

Lets all utilise locally produced products that we can trust or from trustworthy countries.

The best way for us to fight this war is to boycott every product produced by these imperialist countries that we are able to do without or find other sources.


Educate yourselves about how vaccines are being used to depopulate us.

Please share share share (NL would not be allowed to put this thread on the front page) So please share it at least once daily and like every positive post.

Start this thread on other social media: facebook' twitter' instagram etc. Also go into my profile and follow me.

God bless and stay healthy and safe.


https://www.youtube.com/watch?v=tuCdOkf4NxQ&list=PLRzmuN0KKXK-WIR-BKAd0gBxB7YIUepyl

[size=18pt]
Finally to help to protect yourselves from at least some of the hardship that is coming your way, as the Naira continues to free fall take the following advice very seriously:
With immediate effect if you have any savings withdraw it all and use it to buy any asset you could re-sell later at a much higher price after the devaluation has bottomed out.[/size]

Group demands probe into use of security funds;

The pressure group, has asked President Goodluck Jonathan's administration to account for the allocation of funds for security amid concern forces were not adequately funded to fight terror.
According to a statement signed by its Chairman, Jasper Iyke Azuatalam, the group said Nigerians deserved to know how "huge" amount of money allocated for defense and security have been spent under his government.
“There is urgent need for President Goodluck Jonathan and his government to give detailed account of security allocations over these years that he has piloted and supervised the affairs of Nigeria as the President and Commander in Chief of the Armed forces. The best time to do so is now,” he said.
The group added that the rampaging insurgence in the country and revelations government requested $1 billion loan to fund the war against terror warranted a probe.
Azuatalam said a few days ago, Minister of State for Defense, Musiliu Obanikoro, revealed that the government had not made major acquisitions of equipment, ammunition and platforms for the country’s armed forces in the past 25 years.
"Such revelation from a serving Minister of the Federal Republic of Nigeria is coming after the government allocated and spent N92,21 billion ($5,9478 billion) in 2012 from the 2012 national budget."
It is said in 2013, the Government allocated and spent about N950 billion on national security purposes.
This, according to the pressure group, comprised N320 billion for the police, and N364 billion for the Armed Forces, N115 billion for the Office of the NSA, and N154 billion for the Ministry of the Interior.
A breakdown of the 2014 budget also shows that the President Jonathan's government allocated N968,127 billion for Defense and Security representing about 20 percent of the entire national budget.
According to Aazuatalam, it was "unbelievable" that government claimed it was ill-equipped in fighting terror.
“We are left to wonder what this huge amount of money has been used for, over these years,” he said.

Yeah. Give GEJ another 4 years and Nigeria becomes history. Okonjo-Iweala is over-hyped & Emefiele is just a learner .

I think it's time for all civil society groups to organise Nigerians to march to Abuja and demand that before any form of austerity measure is implemented, that salaries/allowances of politicians/top civil servants must be slashed.

Pastor Tunde Bakare should resuscitate Save Nigeria group. Oby Ezekweasili swith her group should March to Abuja too. Infact all those people that we see on TV posing as human rights activists should come out now and organise a sustained protest.

What are Governors doing with 'security votes' that run into hundreds of millions of naira per state every month?

Nigeria needs both divine and human intervention

firstolalekan:

hypocrite

hayokunleoni:
5 pages on a very misleading topic and wrong interpretation. Naija youth, I hail thee.
What the CBN announced is not a devaluation of the LCY. The official Naira is not allowed to swing in line with the forces of demand and Supply. This is because, the CBN has pegged the official rate at N155 per USD since 2012 with + -3% band. If u want to know the actual value of the Naira, check the BDC and Parallel market value. The CBN simply moved up the peg rate for official rate so that they can effectively defend the Naira from attack in view of the sliding oil price and high demand of FCY from local users. Please be guided

I think you are the one trying to mislead nigerians but saying the same thing in another way. Please read your comment again and how different is it from the topic. To you, you prefer peg movement. To us, we prefer devaluation and that it the right word for it.

GenBuhari:
This devaluation means that the money in your pocket just shrunk.

Further devaluations would follow.

It is not too late to protect your money by using your money in your bank to buy and asset that does not devalue and reselling after the devaluation process has bottomed out.

Oga devaluation, literally, does not mean a bad thing. It is only bad in Nigeria because we depend on foreign goods. China recently devalued their currency because they noticed an increase in the value of the currency against the dollar and this is making chinese products a bit expensive. If only we had multiple foreign products to sell to the world, our products will be cheaper and there will be increased demand for them. However, since we are importing more, yes we have to pay extra for the devaluation of the naira.

GenBuhari:


It is not too late to protect your money by using your money in your bank to buy and asset that does not devalue and reselling after the devaluation process has bottomed out.

For once (I believe) I do agree with you

bushdoc9919:


Look here, mate...at the bolded.

The problem is not whether every state depends on Niger Delta oil....and if I had my way....they won't anymore.

The problem is Nigeria's economy, from independence , has been dependent on sale of raw materials abroad. We ended up with oil, when thanks to technology and to the fact that agric does not make cash (everybody is doing agric, while few do oil).....we had reduced cash in the seventies and the eighties.

But the problem with your analysis....is that you want to blame Nigeria's problems on ''evil Nawtherners taking our oil away''. I used to think like that. But since 99...we have had Southerners running the show...and most of them are just as resource dependent as the North is.

And even if we give the Niger Delta all the oil....it would become a seriously indebted, Dutch diseased economy. Do you want that?....or do you want a self sufficient,. industrial Niger Delta......?

Lastpage is right.....we need to stop being resource dependent and start manufacturing. All of us. Telling the North to go back to groundnuts and cotton, the South West to cocoa, and the South east to palm oil .....won't help. Telling every state to start manufacturing....and getting rid of the idea that there is a national cake....an idea that you and your Hausa friends share.....is the way forward.

Oil is still a curse.

Your comment is okay but very emotional. You are right. We must produce and not only produce items, but items other countries want. Manufacturing is the way out and for christsake Nigeria should have been the manufacturing hub of Africa even if we cannot export to Europe or Asia, we should be exporting to African countries.

Looks Like Nairaland is now for APC town criers, i quit this platform for good[color=#990000][/color]

I love thiz forum, lots of sound minds and ideas, but these need to be implemented we cannot just be arm chair commentators we have to act as well.
Obviously the government officials are not as sound as most people here we definitely cannot keep calling them our leaders.
We need to be our own leaders.

Guys pls I need ur opinion, I have got some USD in my dom. Acc. I had intended using it to buy some appliances for a new home, although it can wait till April. Will it be advisable to change the USD now, since the exchange rate is good and buy the appliances now and keep. Or should I wait a little bit and see if the exchange rate will keep favouring the Dollars.

I was thinking that the cost of things will increase but the price of the appliances had been constant and some even coming down a bit, will the price increase later cos of the exchange rate as that seems a bit obvious, would it then be advisable to buy now or wait?

I can see the mountains so close and the Nigerian ship ready to crash into it. If I were Jonathan, I would be holding a serious economic meeting with my team. It is also a shame that the constant power supply we were promised has not even kicked off yet.

Its still gonna come down.

martyns303:
Guys pls I need ur opinion, I have got some USD in my dom. Acc. I had intended using it to buy some appliances for a new home, although it can wait till April. Will it be advisable to change the USD now, since the exchange rate is good and buy the appliances now and keep. Or should I wait a little bit and see if the exchange rate will keep favouring the Dollars.

I was thinking that the cost of things will increase but the price of the appliances had been constant and some even coming down a bit, will the price increase later cos of the exchange rate as that seems a bit obvious, would it then be advisable to buy now or wait?

I like your plan. It is called speculative advantage of the market. I can confidently assure you that the naira will hit N190 against the dollar in the parallel market and that means for every $1 you have in your domiciliary account, you may get N190 for it. However, I wish to notify you that it may be better to purchase the present stock/inventory of electronics you are planning to purchase, because when the dealer tries to replace his stock probably next year, that price would definitely change - no doubt.

I don't know if you are aware that CBN don't sell dollars to electronics merchant anymore, so they depend on BDCs or our regular Mallams. The choice is up to you. However, you have gained so extra naira change for just speculating and taking advantage of our dwindling economy. Very soon people will start stocking up dollars

GenBuhari:
This devaluation means that the money in your pocket just shrunk.

Further devaluations would follow.

It is not too late to protect your money by using your money in your bank to buy and asset that does not devalue and reselling after the devaluation process has bottomed out.

Very true.....the money used to buy a house today may not be enough to buy a motorbike in 10 years.

anonimi:


The current geo-political reality of Nigeria is that the North has 19 states plus Abuja FCT to the south's 17, which cascades into everything about REPRESENTATION at the federal level and impacts the ability or (non) of the NASS to pass any meaningful amendment that will reduce our NATIONAL dependence on oil revenues to fund NON-viable states.

Granted that "if we give the Niger Delta all the oil" it MAY not be prosperous overall, however we are only SPECULATING on that future possibility. Why don't we also SPECULATE that they will turn into Dubai, Saudi Arabia, Quatar with their small population

BTW, is for anyone to give what BELONGS to you in the first place?
Did "we give" the south and north rights to their cocoa and groundnut/cotton revenue respectively prior to the Jan. 1966 coup and subsequent UNITARY government?

Don't you think that there is an anomaly somewhere currently

This issue of "give all the Oil revenues to the South" is mere wishful thinking, IT WOULD NEVER HAPPEN!
I am a South Westerner from an Oil producing state (call me Southerner just to lump it together and make it easier, for discuss purposes).

I say NEVER because, Natural Resources (like Oil) do not belong to "a part" of a Nation like Nigeria, which operates a federal Structure.

Some resources which are "farmed, manufactured or engineered" can be "localized' to where those "actions" take place but let us be honest with ourselves: Unless there is a very bloody Civil War (Even Sudan is still not out of theirs, despite splitting the country!), ....
...such things wont happen and[b] if there is a bloody civil War, the "future benefits" will pale compared to the "immediate loss" resultant from such war, thus making it economically unviable and foolish venture.[/b]

Its not about one region being stronger or not, its about WAR!
Mind you, l am not clouding my thoughts with sentiments arising from ethnicity or tribal nationalism, in saying this!
If l do, my thoughts will be completely different but definitely wrong!.

Having said that, let me point out a few mistakes in some of our post:

Downward spiral of the Oil Price is not just about the production of Shale Oil in America or elsewhere:
Shale oil is a very dirty Oil (more impurities) and it costs a lot more to refine and thus, sells cheaper than say Brent Crude Oil. This means that for Shale Oil to sell, it must be attractive enough for buyers (factoring cost of refinement) and profitable enough for Sellers (to cover production cost), at the prevailing "selling price".

Now, as long as Crude Oil sells above $100, shale Oil will have a market because it will be "still cheaper to buy" (after factoring refine cost), than crude Oil. So, on one hand, major Oil producers have been flooding the market (and keeping Crude price down viz-a-viz laws of Demand and Supply) to ensure that Shale Oil is never attractive to "new Customers" who will like to switch!

On another level, in doing so, they've also lost revenue since this is tied to the price of Oil in the market.
Countries like Nigeria who depend solely on such revenues will be most hit...and that is what we are witnessing now.

On a third level, "Geo-Politics" is also at play whereby countries like Russia and Syria (which also depend heavily on Oil for most of their revenues) "can" .....and "are" also being strangulated by the likes of America (targeting Russia) and Saudi Arabia (targeting Syria!) by ensuring that their main source of revenue "dry up" via deliberately very low prices. We have been seeing the effect of this on the Russia Rubble of recent.

Finally, let me add that Population (as shown by one poster) is not a major factor in this quagmire that we find ourselves.

Granted that we have a large population "to feed" (compared to countries like Saudi Arabia or UAE), we must not also forget that our large population could have been our best weapon and advantage (if our leaders and economists/policy makers are not so stewpid) since we would have a "very large internal market" for our manufactured goods so much so that we will be dictating who we want to trade with on one hand, ... and most countries will want to establish trade links with us, on the other hand. T
his is the kind of advantage that the E.U provides for its members and countries like Ukraine are dying to join them and even Britain, despite its huge bill to the body, does not want to be excluded somehow!

So, Population and size like Nigeria is actually an advantage but we are clueless on how to take advantage of it.
Smaller countries like UAE have taken advantage of their small population and large oil.

Whether we accept it or not, 170Million Nigerians cannot FORMULATE POLICY for this country!
Only a "select few" who we trust to lead us aright can do so.
If those trusted with that responsibility are greedy, selfish and corrupt, we end up where we are today (a little greed is even permissible sef).

But if those we saddle with such responsibility love this country (despite a little greed), we will be like Saudi Arabia, Brazil, Venezuela and UAE, in terms of development.


In order of preference, we can change this country's destiny by:

1.) Stable Electricity (Not the paddy-paddy privatisation that is currently going-on where even a sitting President is using cronies to corner Energy Market (Discos) and fail to invest in Energy "production", despite escalating price paid by consumers.

2.) Manufacturing and Agriculture: Once power gets to an appreciable level, massive mechanised Agriculture will give us food stability and raw materials for industrial growth.
A lot of manufacturing will start (as compared to exporting CHEAP raw materials).
Petrochemical and Food processing, will blossom

3.) Stemming from the two above, JOB CREATION [/b]will no longer be by "magic" as our Govt does but it will be available naturally (and you will be surprised how our neighbours and Westerners will start demanding for Nigerian Visas as was the case in the early 70's.

Other things like increased Foreign Reserve, Strong Currency, improved standard of living, Reduction in crime rate, e.t.c ........ will NATURALLY FOLLOW.
[b]They will happen without the intervention of any "20 yrs Economist" or Minister.

But if you take my points from bottom-Up (3, 2, 1) you will see how impossible it is to create Jobs, without having a good Agriculture and Manufacturing base and further more, you will see how impossible it is to have a good manufacturing and Agric base, without stable power!

Does that not sound like what "Successive Nigerian Govts" have been doing?
Now you know why this country is going from bad to worse... year-in, year out!

I know "know Book O" but l thank god sha.

Lastpage!

Boss13:


I like your plan. It is called speculative advantage of the market. I can confidently assure you that the naira will hit N190 against the dollar in the parallel market and that means for every $1 you have in your domiciliary account, you may get N190 for it. However, I wish to notify you that it may be better to purchase the present stock/inventory of electronics you are planning to purchase, because when the dealer tries to replace his stock probably next year, that price would definitely change - no doubt.

I don't know if you are aware that CBN don't sell dollars to electronics merchant anymore, so they depend on BDCs or our regular Mallams. The choice is up to you. However, you have gained so extra naira change for just speculating and taking advantage of our dwindling economy. Very soon people will start stocking up dollars

Don't know what you mean by electronic merchants or BDC, but I know how to get my money in dollars and change it in black market.

I have been having some serious thoughts, dilemma. Should I buy now, or wait. Cos I will be really mad at myself if the exchange rate starts favouring the Naira, or prices shoots up. Don't want to be greedy and hope for a future am not sure of. I just need someone with a very good idea of how all this economics thing works, to say "buy now" or "wait".

It would really be nice to able to do much more than I had planned with the same money I have.

Boss13:


A funny approach to the topic. However, on an honest note, we are heading for economic disaster. The naira, presently, is shooting up to N180 on the street. Now that official rate is N168, black market price will shoot further to N190. This will further give rise to increase in the importation of goods into this country and a further price hike in goods and services. I predict a double digit inflation rate as a result of this because we are a huge consumption economy. The government need to tighten its fiscal and monetary policies immediately and begin a spiral economy boost by enabling all sectors of the economy to thrive. I will not be surprise if more people begin to hold and transact with dollars.

Oil dependency has gotten us into this mess. The price for oil will not go up again. This news brings tears and pains because we should have seen the writing on the wall. Obama swore to bring an end to increase Oil price and immediately they started their research on Shale Oil. Our government, especially our honourable Finance Minister, who is also expected to assess the risk, decided to relax and told us that if US don't buy our oil, other countries will but she has also forgotten that if US sells Shale Oil at a cheaper rate, the market dynamics will change and loyal Nigerian customers will change their buying preference.

my broda u sabi!

RockMaxi:



You don't need rocket science to know that the party mentioned has no plan for this country beyond enriching their cronies and personal pocket. PDP have been in government for 15years now, oil prices have always been on the increase until now.

There is no political party that can save our economy from this crisis. APC is not even going to do it because indirectly they all contributed to this bogus and unrealistic recurrent expenditures that have been crippling this economy.

We only pay lip service to economy diversification and poor enough we have almost nothing to attract appreciable volume of dollars that can keep us afloat.
We need the divine intervention of God.

True Talk Na Only God fit save us; but God can't come down to help us we need to help ourselves.

APC, PDP all of them have nothing to offer.... Nnamdi Azikiwe, ObaFemi Awolowo didn't misuse power like this.

all these political analysts looking for scapegoats I tire for you guys,some of you need to go back to elementray economics before you come to public forum like this to make comments

Thank God I have moved out of Nigera now living in spain the capital of united kingdom{UK}and their currency dollar is doing just great. Bye bye to Nigeria,bye bye to jaga jaga

espn:
yes it must..d party in govt must b called! Jonathan will destroy dis country!

And you think Buhari will rebuild the country?

Please nigeria problem is not oil but mismanagement due to corruption. .

When oil prices were high every went up

Now that oil prices are low everything is still going up...

Can u see its not oil prices. ..?

Qatar UAE Norway etc didn't devalue their currency nor re they facing economic problems why...

Cos they all have good leadership that nigeria lacks. Weather PDP nor APC

he can only fool those he can cos he no sabi anything about economics,just jumping to conclusion

franciskaine:
my broda u sabi!

Lets not panic Nigeria. The UK did it once but today, the pound sterling is the strongest everywhere.

A devaluation occurs in a fixed exchange rate. A depreciation occurs in a floating exchange rate system. Both mean a fall in the value of the currency.

Effects of a devaluation

1. Exports cheaper. A devaluation of the exchange rate will make exports more competitive and appear cheaper to foreigners. This will increase demand for exports

2. Imports more expensive. A devaluation means imports will become more expensive. This will reduce demand for imports. (I am personally happy with this one. Maybe its because am Igbo: More demand for Aba made. )

3. Increased AD. A devaluation could cause higher economic growth. Part of AD is (X-M) therefore higher exports and lower imports should increase AD (assuming demand is relatively elastic). Higher AD is likely to cause higher Real GDP and inflation.

4. Inflation is likely to occur because:

i. Imports are more expensive causing cost push inflation.
ii. AD is increasing causing demand pull inflation
iii. With exports becoming cheaper manufacturers may have less incentive to cut costs and become more efficient. Therefore over time, costs may increase.

5. Improvement in the current account. With exports more competitive and imports more expensive, we should see higher exports and lower imports, which will reduce the current account deficit.

Overall, The CBN made a wise decision if our leaders are prudent and push a little harder.

chukwuinya:
he can only fool those he can cos he no sabi anything about economics,just jumping to conclusion

you wey sabi oya explain to us. I bet you don't even know the meaning of inflation.

Nigeria will surely come out of this stronger,not afraid of change in right direction.cbn gov ride on jare