Re: Forex And Inflation, Where Is NLC? - Politics - Nairaland
Nairaland Forum / Nairaland / General / Politics / Re: Forex And Inflation, Where Is NLC? (634 Views)
We’ii Reject One Salary Per Month Henceforth – NLC Tells Governor Fayose / Why Is NLC And TUC Silent On Fuel Scarcity? / Where Is NLC On Fuel Scarcity? (2) (3) (4)
| Re: Forex And Inflation, Where Is NLC? by 989900: 9:26am On Feb 18, 2017 |
In the face of hyper inflation, actually stagflation, largely induced by whack Forex policies coupled with immoral Forex practices, where are our Labour leaders? What happened to our 'messiah' that condemned N216 to a dollar? Our lives depend on stability of prices, once you have inflation spiralling out of control, you're done, it doesn't matter if you fix all the roads in Africa or send all corrupt leaders to jail -- prices are our pockets and stomachs -- a hungry man is an angry man! I am yet to see any man that will be happy with inflation slashing his salary into a third of what it was. There are over 6 exchange rates in the country ( some say 11 or more) . . . perfect template for racketeering. Buhari and Emefiele with whack policies. How come the exchange rate is even worse now with oil at $50+, than when oil was @ $30 this same time last year? How come the exchange rate is worse now with the fictitious 40m litres per day demystified, than when when we still worked with that falsehood ( we now import less than 20m litres a day)? I did an article some time ago on our total forex inflow vs outflow; the truth is, currency racketeering is the new 'oil subsidy fraud' under President Muhammadu Buhari. And as long as we have this unchecked, hyper-inflation will be a constant, and there will never be joy in the land, rather, cries of pain and hunger. Once again where are them labour leaders in the face of technically receiving a third of their salaries -- that is if they are ever paid at all! |
| Re: Re: Forex And Inflation, Where Is NLC? by Nobody: 9:30am On Feb 18, 2017 |
There are two factions of NLC.If one goes on strike over fuel price increment,the other will boycott it. 1 Like |
| Re: Re: Forex And Inflation, Where Is NLC? by BUHARIISCURSED(m): 9:55am On Feb 18, 2017 |
 see ZONE B  |
| Re: Re: Forex And Inflation, Where Is NLC? by MutantMetahuman: 12:34pm On Feb 23, 2017 |
Gb am |
| Re: Re: Forex And Inflation, Where Is NLC? by PassingShot(m): 12:39pm On Feb 23, 2017 |
989900:Your topic/concern is patriotic, valid and necessary. However, your argument is wrong. |
| Re: Re: Forex And Inflation, Where Is NLC? by vanbonattel: 12:42pm On Feb 23, 2017 |
PassingShot: Keep typing, next you will blame Gej. |
| Re: Re: Forex And Inflation, Where Is NLC? by 989900: 12:43pm On Feb 23, 2017 |
PassingShot: Really, I'd like to listen. |
| Re: Re: Forex And Inflation, Where Is NLC? by PassingShot(m): 12:50pm On Feb 23, 2017 |
989900:Anyway, no need writing long story. The FOREX policies of the past have not worked. Let's hope this one works. Remember PMB didn't want to give in to devaluing the naira but many of us "experts", including Emefiele, pressured him to accept it. |
| Re: Re: Forex And Inflation, Where Is NLC? by PassingShot(m): 12:50pm On Feb 23, 2017 |
[s] vanbonattel:[/s] |
| Re: Re: Forex And Inflation, Where Is NLC? by arewafederation: 12:55pm On Feb 23, 2017 |
PassingShot: Sometimes last year, we were told part of the reasons for inflation was a drastic drop in foreign earnings ie drop in price and volume of crude oil... For few months now,oil has been selling for slightly above $50 but inflation keeps going up...Is there any valid and uncontradictory explanation to this? |
| Re: Re: Forex And Inflation, Where Is NLC? by 989900: 12:56pm On Feb 23, 2017 |
PassingShot: PMB didn't want it, correct, but his people are turning billionaires and millionaires ' cause of it. And Emefiele, he is both clueless and criminal. And the citizens are all racketeering, both those based in Nigeria and those overseas. The last time, I guess you were resident in Doha (which happens to be my third home sorta) . . . how many people in Doha still send money back home via Western Union or Qtel's Money Gram . . . they don't in Canada either, neither in the States nor the UK (those I'm privy to . . . dunno about some other countries). You don't have to be a rocket scientist to know direct wire to dorm acc in Nigeria and hoarding it there, speculating on it and changing it at 'Sabo' as necessary is a smarter way to go. . . . not to mention the plethora of '9ja' accidental currency dealers in those countries now. Even G boys don't do 'Westy' anymore . . . on top free money o! The above alone starves the nation of hundreds of millions of dollars every month -- and that is just one of tens of other faults wrong with our present Forex policies. |
| Re: Re: Forex And Inflation, Where Is NLC? by trillville(m): 1:58pm On Feb 23, 2017 |
I am no expert, but i understand that oil is sold in contracts which pegs a current price for deliveries at a later date. e.g. the current price at $50 may affect sales 6 months from now. we may still be delivering products at the price of $40 dollars per barrel. in the late 70's, the demand for oil outweighed the supply, so oil prices sky rocketed. this led business people to think of ways to increase the supply of oil. with increased funding, deep sea drilling for crude was birthed so oil prices plummeted. down here in nigeria, the government had invested in infrastructure to meet needs of its people at the time, but had also incurred a ridiculous amounts of debt with relatively no savings. my parents tell me the naira was 1 to 1 to the dollar. the rate went to 80 naira to a dollar by the mid nineties and settled over 140 by the early 2000's. in the late 2000's, the demand for oil outweighed the supply, so oil prices sky rocketed. this led business people to think of ways to increase the supply of oil. with increased funding, horizontal drilling (shale oil) for crude was birthed so oil prices have plummeted. how far the dollar rate goes, no one knows. what we do know is that the government failed to build any reasonable infrastructure and at the same time, failed to save for the rainy. on a positive note, debts are not at historically high levels so nigeria has some room to borrow. Nigeria is in a long term crisis situation as it was in the 80's. government needs to take drastic actions such as massively laying off federal government workers. government then needs to focus on building infrastructure. implementing the Oronsaye's report would be an amazing starting point. |
| Re: Re: Forex And Inflation, Where Is NLC? by oyinkinola: 2:15pm On Feb 23, 2017 |
989900:...op why looking for solutions where there is none? 1 Like |
(1) (Reply)
Only Supreme Court Can Remove Makarfi As PDP Chairman – Fayose / Test Results Shows PMB Needs More Rest / Is Obasanjo Truely Nigeria's Best President?
(Go Up)
| Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 33 |