obailala:
Of course, he's resorted to insults. Very typical of empty vessels when they lack sensible things to say!

I told you yesterday I have nothing To say to you but you keep regurgitating a dead conversation like a rejected lover.


This conversation ended yesterday

omonnakoda:

You think you know and you know nothing

The naira is essentially a debt of the Central Bank. When they "defend" the naira as you call it they are paying or redeeming their debt by buying Naira back.
Different countries I the world adopt different intervention regimes in foreign exchange for strategic reasons. Most countries do it to different degrees Some intervene to shore up exchange rates while others exchange to do the exact opposite and are called currency manipulators.

The fact that different players e.g Japan ,the UK and China do this regularly mean than the market is not a perfect market and it is naive to believe that exchange rates reflect "value" or that flotation will determine "actual value" The reality is that there is nothing g like actual value.
The market is affected by speculative forces especially in the futures market which can produce wide swings within seconds that bear no relation to economic reality. Only the US can withstand such forces. This is equally true for information such as election results, referendum results etc. Not every economy is strong enough to subject itself to such speculative forces .

The market asks a question about currency value and the CBN responds by paying its debt from foreign reserves. Some would argue that that is the purpose of the foreign reserve ie to purchase naira whe those holding it seek redemption. We are right like China and the UK to intervene in our interests just like most of those we trade with do. How that amounts to import subsidies is very bizarre logic. The parallel market is a good guide to reality

Every state is a welfarism state to a greater or lesser degree.
What is important is that we do so within our means eg for decades we have enjoyed cheap subsidised petrol. That is welfarism.

Like I said before, the Naira is artificially stronger than it should actually be because of interventions by the govt/CBN. The very fact that the CBN sacrifices some forex to keep the exchange rate low, that's a form of subsidy.

Yes every state has large elements of welfarism, but it begins to be counter productive when you practice the level of welfarism you cannot afford. E.g. is Nigeria spending its entire govt revenue on subsidy.

omonnakoda:


I told you yesterday I have nothing To say to you but you keep regurgitating a dead conversation like a rejected lover.


This conversation ended yesterday

Lol... what a dumbass! Go back and check our conversation history and tell me who the scorned 1st wife is. Last time I checked, I wasnt having a conversation with you before you jumped in like a hungry dog gunning for an argument on issues you know nothing about.

obailala:
Like I said before, the Naira is artificially stronger than it should actually be because of interventions by the govt/CBN. The very fact that the CBN sacrifices some forex to keep the exchange rate low, that's a form of subsidy.

Yes every state has large elements of welfarism, but it begins to be counter productive when you practice the level of welfarism you cannot afford. E.g. is Nigeria spending its entire govt revenue on subsidy.

You do not understand Forex otherwise you won't say this rubbish

What do you mean by sacrifice?
What is the Forex for if not to exchange? Foreign reserves are not government funds they belong pro rata to any person with naira in his pocket
Those holding naira do so because it promises value and that promise is redeemed when they can buy Forex with ease.
The CBN balance sheet increases in Naira when it sells dollars and vice versa

All CentralmBanks do this so how is Nigeria different. They just do it to different degree

I agree that we should not spend on subsidies but that does not mean the subsidy budget should not be spent on welfare. Arguably everything government does is welfarism whether it is funding health ,education even police is all welfarism
What is "affordable" has to be subject to some object test. What is the definition of affordable?

obailala:
Lol... what a dumbass! Go back and check our conversation history and tell me who the scorned 1st wife is. Last time I checked, I wasnt having a conversation with you before you jumped in like a hungry dog gunning for an argument on issues you know nothing about.

ok can you shut up now?see painment

Are you gay?

omonnakoda:


[s]You do not understand Forex otherwise you won't say this rubbish

What do you mean by sacrifice?
What is the Forex for if not to exchange? Foreign reserves are not government funds they belong pro rata to any person with naira in his pocket
Those holding naira do so because it promises value and that promise is redeemed when they can buy Forex with ease.
The CBN balance sheet increases in Naira when it sells dollars and vice versa

All CentralmBanks do this so how is Nigeria different. They just do it to different degree

I agree that we should not spend on subsidies but that does not mean the subsidy budget should not be spent on welfare. Arguably everything government does is welfarism whether it is funding health ,education even police is all welfarism
What is "affordable" has to be subject to some object test. What is the definition of affordable?[/s]

Trash! The CBN subsidising the cost of forex is indirectly subsidising our import hungry culture.... Go back to elementary school!

omonnakoda:
ok can you shut up now?see painment

Are you gay?

Oh wow! Now it makes sense! This speaks volumes on who you really are - a filthy fraggot running after my ass. God forbid!!

No wonder he keeps saying he's done but still lurks around in my mentions like a typical female/effeminate specie hungry for attention. #Bobrisky

Painment? Last I checked, you were the one who out of deep, resorted to throwing insults about.

obailala:
Trash! The CBN subsidising the cost of forex is indirectly subsidising our import hungry culture.... Go back to elementary school!


Oh wow! Now it makes sense! This speaks volumes on who you really are - a filthy fraggot running after my ass. God forbid!!

No wonder he keeps saying he's done but still lurks around in my mentions like a typical female/effeminate specie hungry for attention. #Bobrisky

Painment? Last I checked, you were the one who out of deep, resorted to throwing insults about.

confirmed batty boy

My own recommendations;

1) 50% of the people in Lagos have no business being there, they should go back to there State in a gradual programme over three-five years.

2) The FG should encourage and partner with Ondo, Bayelsa and Akwa-Ibom States to build seaports along their coastal lines.
Highways/Bridges should be constructed from these Seaports to the nearest major/commercial towns.

3) We should gradually stop or minimize the importation of virtually everything into this country and start Industrialization policy.
Ten Factories should be built within each Geopolitical zone that will utilize the raw materials in each zone.

For instance, Tyre manufacturing companies can be built in Delta and Edo States which will make use of the quality rubber produced there.

Juice processing factories can be built in Ogbomoso,Oyo State to add values to the tons of Mangoes and Cashew being grown there (half of which waste yearly).
Milk production and other dairy products companies should be built at Hadeijia or Dutse in Jigawa State while Sugar Refinery should be built in Jega, Kebbi State.


Bricks and ceramic factories can be built around Nkpor, Anambra State.

4) The FG in conjunction with the Ogun State Government and the private sector including Nigerians in Diaspora should build 15 storey apartment buildings around Agbara, Ojudu-Berger and Akute areas that can house at least 500,000 people working in Lagos

COMPAQ:
The Maisonette in the estate behind Femi Okunnu is about N80mln and government will say its delivering affordable housing!!

Housing in Lagos is way more expensive than it needs to be. If LASG want to help, they should build high rise 1, 2 and 3 apartment building, nothing overly fancy for middle class just starting out.

However I am not sure there can be any really affordable housing for our version of the common man. Even if a 2bed flat is N20mln or rent is N1mln per year, that's still too much for the so called common man in Nigeria.

While Lagos properties are expensive, part of the problem is the very low earning power of Nigerians relative to cost of building.

Sheuns:
Affordable indeed.
Our government need to build more high rise buildings. All these 2-3 storey buildings can’t solve housing the deficits.

One step at a time. Let's solve power issues first as electricity will be needed by the power the elevators for such high buildings.

NGpatriot:



What is a poor average Lagosian doing in Lekki?

Are average Americans clamoring to live in Beverly Hills?

You people take your poor man mentality thing way too far, you don't even try to make sense.

It obvious you are hallucinating.

I've been on this axis years ago and grateful for what God have done for me in terms of properties and investment. And you have the guts to rant nonsense.

Stay of my comment next time bombarded element.

COMPAQ:
The Maisonette in the estate behind Femi Okunnu is about N80mln and government will say its delivering affordable housing!!

Housing in Lagos is way more expensive than it needs to be. If LASG want to help, they should build high rise 1, 2 and 3 apartment building, nothing overly fancy for middle class just starting out.

However I am not sure there can be any really affordable housing for our version of the common man. Even if a 2bed flat is N20mln or rent is N1mln per year, that's still too much for the so called common man in Nigeria.

While Lagos properties are expensive, part of the problem is the very low earning power of Nigerians relative to cost of building.

The main reasons for high cost are absence of long tern credit capital for mortgages.

Inefficient building materials sector.

There is no big building materials company in Nigeria able to stand up to the likes of Dangote or lafarge and we import a lot of stuff we should be making

w