Lol....this same reason is y they said most people won't understand it because they r OND holders. He is a professor of economics,there is no way you will know the economy more than him. What u said is true but u r moving out of d topic

RodgersAkpafu:

What the professor is saying is not true and it reeks of intellectual dishonesty
These are three facts that that the supposed "prof" omitted

1) for the vast majority of Nigerians, their incomes have either shrunk or remained flat since 2015

2)the exchange rate has slid by over 50% since 2015, which is not even the main issue but it is just as bad

3) Inflation rates have been running amok over the last 4 years.
How do you explain the price of bag of rice tripling in 5 years
The price of spaghetti doubling
Price of Yams doubling
Fuel price almost doubling
And incomes remain flat or even shrinking (we have a high unemployment rate remember)

Inflation (let's forget about devaluation sef) is killing the naira big time it is the major culprit
Normally inflation and depreciation of currency should not have a very strong correlation
But because of Nigeria unique circumstance
It kind of does

Let's look at Russia for example
Russia has been under sanctions because of their misadventure in Crimea
This led to the value of the RUB to tank against the USD
However prices did not run amok the same way it did in Nigeria
Things are still far cheaper in russia than in most countries in Eurppe DESPITE the slide in the value of the RUB

Japan has had similar experience with their Yen
And thailand with their Baht.
Why is Nigeria case different?
E go soon red for this country, nd by then even those defending the status quo because of parochial reasons go know say khaki no be leather

FreeStuffsNG:
Seems most people commenting did not read to understand that he is giving the true reality on ground and giving an intellectual angle for this unusual scenario. For example, few days ago, a Nairalander bought eggs, plantain, carrots, vegetables etc yet he spent barely N1000 or less than N1000,
https://www.nairaland.com/6755350/see-foodstuffs-bought-950-naira
that same quantity of food in US cost way more than $1.50 so it means locally the purchasing power of the naira is still strong .

The man just raised an intellectual poser and it is the reality that require more research.

My guess is that the intervention by CBN in agriculture really helped and the pressure on the naira could be because of speculators, cryptocurrency and rationing of forex by CBN.

I appreciate Punch for dropping their bigotry and hatred against PMB and for being honest enough to report such a fresh perspective on the forex and naira value issue.

You are really trying. However, like Segun you failed to look at Naira situation from a bigger perspective. Using purchasing power parity as yardstick for his analysis would have make sense if Naira is free floated like U.S Dollar, British Pound, etc. But Naira is pegged with the Central Bank of Nigeria managing it's value with intermittent forex intervention that over the years have eroded Nigeria's dwindling foreign reserves.

If Naira is free floated like in a sane country, his position would have hold water.

We are not strong we are starving

Kelvinhunta:
Lol....this same reason is y they said most people won't understand it because they r OND holders. He is a professor of economics,there is no way you will know the economy more than him. What u said is true but u r moving out of d topic

I have the same background as he does, minus the PhD
So I know what I am talking about
There is NOTHING to not understand in what he just said, and I am saying it's not the reality for many Nigerians
He is stylishly trying to use the PPP angle to explain this away, but even that is intellectual dishonesty
And no
I am not moving out of the topic
What I said is very relevant to the topic

God will make that speaker and the family feed with N500 a day in Jesus Name!

Let somebody shout a loud AMEN!!!

How come I have same background and understood his point but u that have similar didn't? No be juju be that? Anyway I rest my case

RodgersAkpafu:

I have the same background as he does, minus the PhD
So I know what I am talking about
There is NOTHING to not understand in what he just said, and I am saying it's not the reality for many Nigerians
He is stylishly trying to use the PPP angle to explain this away, but even that is intellectual dishonesty
And no
I am not moving out of the topic
What I said is very relevant to the topic

Kelvinhunta:
You are right bro! But he is not talking from that Angle, he means what a Dollar at hand can buy in Nigeria that same dollar at hand can't buy it in USA

The reasoning doesnt make sense.
Its just like sayin because travelling by road is cheaper than flight...so i should travel by road when i have money for flight.

Kelvinhunta:
How come I have same background and understood his point but u that have similar didn't? No be juju be that? Anyway I rest my case

Okay
Spell your own case out
Why do you agree with him?
And while at it, I'll suggest you go look up this concept
"Logical fallacy"

The man actually sounded stupid..

The day I found myself in mama-put, I finished eating and paid with N1,000 and got N500 back.

I was asking for more change, while they told me that mama-put is now N500 per plate with one small piece of meat.

This man deserves to be insulted.

FreeStuffsNG:
Seems most people commenting did not read to understand that he is giving the true reality on ground and giving an intellectual angle for this unusual scenario. For example, few days ago, a Nairalander bought eggs, plantain, carrots, vegetables etc yet he spent barely N1000 or less than N1000,
https://www.nairaland.com/6755350/see-foodstuffs-bought-950-naira
that same quantity of food in US cost way more than $1.50 so it means locally the purchasing power of the naira is still strong .

The man just raised an intellectual poser and it is the reality that require more research.

My guess is that the intervention by CBN in agriculture really helped and the pressure on the naira could be because of speculators, cryptocurrency and rationing of forex by CBN.

I appreciate Punch for dropping their bigotry and hatred against PMB and for being honest enough to report such a fresh perspective on the forex and naira value issue.

The truth and reality on ground is that the naira has dropped in purchasing power terribly. You people should really stop confusing the public and trying to make a case for a strong naira.

I have attached a screenshot of a website detailing the historical fall in purchasing power of the naira from 2009 to 2020. What 58.5 units of the Local Currency could purchase in 2009 is now being purchased by 144.3 units and you say the naira is still strong. Haba! You people need to fear God o!

https://knoema.com/atlas/Nigeria/topics/Economy/Inflation-and-Prices/Purchasing-power-parity?mode=amp

Thrash! Do you know what it takes some people to get N500?

Naira is strong wen $1=N502? Issorite

Lol... You are looking at his as a Nigerian politician while am looking at him as an independent economist I believe that's d difference

RodgersAkpafu:

Okay
Spell your own case out
Why do you agree with him?
And while at it, I'll suggest you go look up this concept
"Logical fallacy"

May God punish your generation.

Alright bro, everyone is entitled to their opinion and I stand with the man,not to say that Nigerians r not suffering but from d points I see in his speech

ANDREW91:

The reasoning doesnt make sense.
Its just like sayin because travelling by road is cheaper than flight...so i should travel by road when i have money for flight.

You should have read till end..at times we fail to realize some simple truth about our currency within our economy. Take for instance
A FULLY FURNISHED 1 BEDROOM FLAT FOR RENT AT ASOKORO
₦ 3,500,000/YEAR


1 Bedroom Flat To Let in Whitmore Road London for £2,371 per month

Today 23-09-2021 one British pound is 763.


Mind you, I am not saying that the exchange rate does not give me concern ooo. But just for you to also see the angle the prof is looking at naira from.

Also, in UK you can't eat a meal with 1pound and be ok. A 700 plate of food in Nigeria will make u over full if you're like me.

Dottore:
I stopped reading after the trashy first paragraph.

FreeStuffsNG:
Seems most people commenting did not read to understand that he is giving the true reality on ground and giving an intellectual angle for this unusual scenario. For example, few days ago, a Nairalander bought eggs, plantain, carrots, vegetables etc yet he spent barely N1000 or less than N1000,
https://www.nairaland.com/6755350/see-foodstuffs-bought-950-naira
that same quantity of food in US cost way more than $1.50 so it means locally the purchasing power of the naira is still strong .

The man just raised an intellectual poser and it is the reality that require more research.

My guess is that the intervention by CBN in agriculture really helped and the pressure on the naira could be because of speculators, cryptocurrency and rationing of forex by CBN.

I appreciate Punch for dropping their bigotry and hatred against PMB and for being honest enough to report such a fresh perspective on the forex and naira value issue.

sycophants and fantasy.... nonsense

Babinski:


The truth and reality on ground is that the naira has dropped in purchasing power terribly. You people should really stop confusing the public and trying to make a case for a strong naira.

I have attached a screenshot of a website detailing the historical fall in purchasing power of the naira from 2009 to 2020. What 58.5 units of the Local Currency could purchase in 2009 is now being purchased by 144.3 units and you say the naira is still strong. Haba! You people need to fear God o!

https://knoema.com/atlas/Nigeria/topics/Economy/Inflation-and-Prices/Purchasing-power-parity?mode=amp

that person is a sycophant,they masquerade as intellect on this forum.

Kelvinhunta:
Lol... You are looking at his as a Nigerian politician while am looking at him as an independent economist I believe that's d difference

I'm not looking at him as a politician though
I do not lump egg heads with politicians
All I am saying is that his analysis is not totally applicable in the current Nigerian state.
That's all

Just wondering if this man can eat the N500 food if he is served such

KingofHearts:


Really don’t understand why people insult others on social media!! I have never done it before across all platforms but observe that both young and old enough people do it online,I believe they are like that offline too but May first pretend not to be till the hour cometh …is there a general anger management crisis??
How does one give so much power to others so much that they can control your emotions from miles away,how?

It's their true character. Your true character is revealed at what you do when you believe no one is seeing you.
They think the privilege to use aliases as usernames hide them from being directly seen as having a horrible character but its not so. Their online activities and comments can be traced. For some of them ,it has already been traced and used to deny them of something while for some, their bigoted and toxic comments have been archived for use against them when it matters offline and online.
It's the way they are raised too. They grew up seeing adults around them bullying and verbally assaulting one another so they grew into it. Those who change today may still be able to salvage things but for some, it's already too late to save them the consequences of being reckless online. They're already labelled as uncouth , toxic and bigoted individuals.

Just imagine this shit comes from prof mouth don't you know say na one of the problems of Nigeria be this


Awon weyrey gbogbo

Smh

If i give you 500 now as a grown man what can you cook ?

FreeStuffsNG:
Seems most people commenting did not read to understand that he is giving the true reality on ground and giving an intellectual angle for this unusual scenario. For example, few days ago, a Nairalander bought eggs, plantain, carrots, vegetables etc yet he spent barely N1000 or less than N1000,
https://www.nairaland.com/6755350/see-foodstuffs-bought-950-naira
that same quantity of food in US cost way more than $1.50 so it means locally the purchasing power of the naira is still strong .

The man just raised an intellectual poser and it is the reality that require more research.

My guess is that the intervention by CBN in agriculture really helped and the pressure on the naira could be because of speculators, cryptocurrency and rationing of forex by CBN.

I appreciate Punch for dropping their bigotry and hatred against PMB and for being honest enough to report such a fresh perspective on the forex and naira value issue.

Some of these guys are bunch of unqualified illiterates .how’s naira still strong ?. Whats his own context of The average nigerian ?
500 naira cant even feed a person twice

OLE,SEE HIS FACE LIKE MONKEY,CROOK BANKR ROUGUE BANKERS AND CROOKED POLITICIAN ARE THE SICKNESS OF NIGERIA,FROM ROUND TRIPPING MONEY BY ROUGUE BANKERS TO LOOTING TREASURY BY CROOKED POLITICIANS,GOD PUNISH UNA LOOTERS AND MONEY LAUNDERERS

femi4:
That's expensive. Back in the days, before the millennium, we used to feed well with N100

Bread: N50
Beans: N30
Pọnmọ: N20

Good old days.


Nigeria is gone.

even his face is a lie cos i bet he tells himself he looks good in the mirror when it's a lie. Why public office holders gotta lie foolishly?

This guy is stupid ...
$1 cant do anything in new york we know same way 1 naira cant do anything in Nigeria .

So what is the monkey trying to say ... Do you know $500 can do ?? Its money the pay oil workers as starting salary, what can your 500 naira do ? One meal at most

That moment when u collect small money to paint a dead Government white...

E be like na only me wey never collect professor....

sowilli:
How many persons earn 500 in a day? Most live on less than same 500 daily. Which means they cant have additional money to invest, save or buy properties thus the level of poverty keeps increasing. The only thingbwe think about in this country is how to consume...a reasom for posts as this.

and when this present generation cannot invest, because of low income, what is the fate of the once under us? ,this shit hole called 9ja will not survive because we no get touch to pass to the next generation