BOSSkesh:
Before the children of hate and perdition come and derail the thread
Know that the Naira is stable now that we’ve eliminated the international saboteurs known as Binance
Also note that all this is speculation due to the free float, it doesn’t mean the Naira is done for
When the Naira peaked at 1200 this week the gbajue and emergency lovers of Nigeria did not show this
But now that it’s at 1600(which we all know will come down) because it’s suits their narrative
Anyway anyway Nigeria will be great in tinubu era
The jagaban is in control

Check my signature for free stuffs!!!

Take your time to switch moniker properly
You can't be advertising free stuffs with alternate accounts
Stop confusing people like us who are interested in your free stuffs

BOSSkesh:
Before the children of hate and perdition come and derail the thread
Know that the Naira is stable now that we’ve eliminated the international saboteurs known as Binance
Also note that all this is speculation due to the free float, it doesn’t mean the Naira is done for
When the Naira peaked at 1200 this week the gbajue and emergency lovers of Nigeria did not show this
But now that it’s at 1600(which we all know will come down) because it’s suits their narrative
Anyway anyway Nigeria will be great in tinubu era
The jagaban is in control

Check my signature for free stuffs!!!

Lol. Maybe na only for your dream dollar enter #1200. Learn to differentiate dreams from reality.

This APC government is totally incompetent and useless..i don't know what the military is waiting for, the suffering is terrifying in the country.

Willie2015:


CBN has done its best...
We cant continue to import everything we consume
And expect magic from the CBN...in terms of monetary policies...
We need to add value as a nation....
In terms of service and products...
Thats the missing link in Naija for so many years...

Then, since you know that you are import dependent nation. You shouldn't have floated your currency

All that is left now is for CBN to get tired of pegging dollars at 1300 when they can't keep up with the market's hunger. Then naira will continue its journey to its real value.

Nigeria kept r*trogressing

Rivermonster:
watin you know about Binance and crypto m*mu.

Lol bounce

BOSSkesh:
Before the children of hate and perdition come and derail the thread
Know that the Naira is stable now that we’ve eliminated the international saboteurs known as Binance
Also note that all this is speculation due to the free float, it doesn’t mean the Naira is done for
When the Naira peaked at 1200 this week the gbajue and emergency lovers of Nigeria did not show this
But now that it’s at 1600(which we all know will come down) because it’s suits their narrative
Anyway anyway Nigeria will be great in tinubu era
The jagaban is in control

Check my signature for free stuffs!!!

Mugu, stability? when Naira is falling for the second consecutive days?

Azazyel:


It's still way better. There was a time cedis was like lots of thousands to one dollar. I remember then they used to worship naira a lot. That time you'd be hearing one million cedis to buy phones that were much cheaper here

Hummm that one dosent mean anything nah


$1 to indonesian currency is equal to 15,000+ rupiah but yet its stable


Try check other asian country currency, you do be seeing 10,000 unit of their currency upwards per dollar but yet its stable


Even tho naira want to exchange at 3k|$, let it be stable there.

Thats all.

eluquenson:
Nigeria kept r*trogressing

e choke

Like it was binance that caused the naira to drop. Funny leaders in Nigeria.

You would tell me if it's only naira that is been exchanged on binance.


Emi lokan, Emi lokan....everybody don see am now

Government is no listening, are they no longer on this platform?. Banning Binance was a very wrong move cause now government is blind, the solution was to follow the flow of cash and block those accounts seen with huge volumes of trade on those crypto platforms. The accounts with huge flow of transactions belong to the parties responsible for continuous fall of the Naira. Government is confused now.

YeyeGbami:
If binance was doing any good, no country would have banned them. those pesky fuckèrs need to go first.

You're ignorant.
Euro, gbp and other currencies are in binance pegged against their CBN rate, why are those currencies not falling?

Other government are opening their doors to crypto and its innovations while ours are being stupid.

Allow crypto exchanges to have accounts with Nigerian banks like they used to before buhari banned them and watch how this dollar scarcity and crave will die down

Buhari banned crypto exchanges from having accounts with banks to support his BDC brothers whose business was going down, there by giving room for p2p d black market arm of crypto to naira conversion.

If crypto traders can buy and sell their cryptos directly from exchanges to bank and vice versa, black market will be non-existent because the exchanges would use the CBN rate as their peg for the currency conversion.
Such move will benefit government and everyone except BDC.
But the men running the BDC system are to strong so they ended up making binance the scapegoat and some ignoramus are cheering. Sad!

FuckingNaira:

Hummm that one dosent mean anything nah


$1 to indonesian currency is equal to 15,000+ rupiah but yet its stable


Try check other asian country currency, you do be seeing 10,000 unit of their currency upwards per dollar but yet its stable


Even tho naira want to exchange at 3k|$, let it be stable there.

Thats all.

No that would be a catastrophe. It would make imported goods out of reach unless the government is ready to increase the minimum wage so there could be high purchasing power. Infact, Nigerians can be so wicked that even locally produced items would be competing with imported goods in terms of price. They'll tell you it's dollar and govt would never do anything about it. Abeg o we no want. Any leader that doesn't know what he or she is doing should get out

Azazyel:



No that would be a catastrophe. It would make imported goods out of reach unless the government is ready to increase the minimum wage so there could be high purchasing power. Infact, Nigerians can be so wicked that even locally produced items would be competing with imported goods in terms of price. They'll tell you it's dollar and govt would never do anything about it. Abeg o we no want. Any leader that doesn't know what he or she is doing should get out

Well said.

Binance was not the problem from the starting so that just looking for who to blame but the real blame is for themselves

UnstableFC:
Yarimo and madridguy the defending champions of nonsense with shit for nyash

Come and defend

the get ACL injury nah boss 😔😔😔😔

I said It earlier, we must go into production, arresting BDC officers, shutting down binance is like taking panadol for typhoid or malaria. It's so sad the govt has not done anything to fix it, not even one poliçy has been directed to fix electricity, security, transportation all this will reduce cost of production and create environment for investors and business to thrive. It's so sad that all Nigerian s should go back home and prepare for more hardship and suffering the days of manner falling from heaven and praying for unprecedented success and Economic growth without working is over. Until the government sit up and implement policies to solve this problem s we should forget about success as a nation.

onatisi:
soon they will start blaming pdp , atiku and peter obi . if that doesnt work , they may even blame the social media or nairaland for disseminating negative mes .
we keep telling people , apc in its entirety has nothing to offer . i never knrew buhari could have an oga in dullardism , until tinubu came into power . so somebody can be duller than buhari ! whaooo this is indeed wonderful

they have no idea about how to increase the nation's production capacity, they are still banking and depending on oil fx.
Nigeria is an investor paradise if only these Morons in power have any good ideas

Junior1212:
I said It earlier, we must go into production, arresting BDC officers, shutting down binance is like taking panadol for typhoid or malaria. It's so sad the govt has not done anything to fix it, not even one poliçy has been directed to fix electricity, security, transportation all this will reduce cost of production and create environment for investors and business to thrive. It's so sad that all Nigerian s should go back home and prepare for more hardship and suffering the days of manner falling from heaven and praying for unprecedented success and Economic growth without working is over. Until the government sit up and implement policies to solve this problem s we should forget about success as a nation.

Willie2015:


CBN has done its best...
We cant continue to import everything we consume
And expect magic from the CBN...in terms of monetary policies...
We need to add value as a nation....
In terms of service and products...
Thats the missing link in Naija for so many years...

Imports has nothing to do with the present problem.

The CBN is running a loose monetary policy and that has swollen money in circulation. That inadvertently led to more money chasing the same amount of goods and forex Monetary policy needs to be tightened.

Why do Nigerians believe we have an import problem? Nigeria does not have an import problem. What the country has is an export problem. Nigeria is exporting enough. The country isn't generating enough dollars.

Switzerland with a population of 8.7m people imported $291bn worth of goods and services.

Israel with almost 10m people had imports of $108b

These are tiny countries. Nigeria with almost 22 times the population of Israel barely imports $60bn


Import substitution policies don't work! When they even do seem to work, they carry a lot of baggage with them.

The ban on cement import imports have simply made Nigerian cement one of the most expensive in the world and made 2 Nigerians billionaires. Those in the building industry believe the ban has done far more harm than good. The minister of works Mr. Umahi has not hid his displeasure at the high cost of cement.

Another is the policy demanding that 70% of all oil and gas contracts in that industry be given to Nigerians. This has made the founder of Nestoil probably a billionaire. How many people can buy a private jet worth over $60m?. But operators in the industry are unhappy.

Import substitution policies don't work and that is why you consistently see policy somersaults. The CBN was compelled to lift the dollar restriction placed on 43 products.

Pat Utomi, a seasoned economist just recently said they don't work.

For countries to prosper, they need to focus resources on where they have competitive and comparison advantage. Products and services here will bring in the much needed foreign exchange.

If the resources wastes on rice was invested in agricultural commodities the country has comparative advantage in, by now, I won't be surprised if exports of such products adds another $5-10bn annually to what the country presently brings in.

Sesame seed alone can bring in $2bn as well as sheabutter. Cambodia increased its cashew nut production from 100,000mt -700,000mt in 10years. Nigerias production stayed flat at 100,000mt.

When South Korea started its rapid development in the 1960s, exports were expanding by 40% yearly for 10 years.

Nigeria isn't used to exporting. Recently, due to the drop in the value of the Naira which made Nigerians food cheap in CFA terms, trailer loads of foods being transported got seized and traders treated as economic saboteurs. A devaluation is supposed to spur exports.

Exports are the real problem and not imports.

grandstar:


Imports has nothing to do with the present problem.

The CBN is running a loose monetary policy and that has swollen money in circulation. That inadvertently led to more money chasing the same amount of goods and forex Monetary policy needs to be tightened.

Why do Nigerians believe we have an import problem? Nigeria does not have an import problem. What the country has is an export problem. Nigeria is exporting enough. The country isn't generating enough dollars.

Switzerland with a population of 8.7m people imported $291bn worth of goods and services.

Israel with almost 10m people had imports of $108b

These are tiny countries. Nigeria with almost 22 times the population of Israel barely imports $60bn


Import substitution policies don't work! When they even do seem to work, they carry a lot of baggage with them.

The ban on cement import imports have simply made Nigerian cement one of the most expensive in the world and made 2 Nigerians billionaires. Those in the building industry believe the ban has done far more harm than good. The minister of works Mr. Umahi has not hid his displeasure at the high cost of cement.

Another is the policy demanding that 70% of all oil and gas contracts in that industry be given to Nigerians. This has made the founder of Nestoil probably a billionaire. How many people can buy a private jet worth over $60m?. But operators in the industry are unhappy.

Import substitution policies don't work and that is why you consistently see policy somersaults. The CBN was compelled to lift the dollar restriction placed on 43 products.

Pat Utomi, a seasoned economist just recently said they don't work.

For countries to prosper, they need to focus resources on where they have competitive and comparison advantage. Products and services here will bring in the much needed foreign exchange.

If the resources wastes on rice was invested in agricultural commodities the country has comparative advantage in, by now, I won't be surprised if exports of such products adds another $5-10bn annually to what the country presently brings in.

Sesame seed alone can bring in $2bn as well as sheabutter. Cambodia increased its cashew nut production from 100,000mt -700,000mt in 10years. Nigerias production stayed flat at 100,000mt.

When South Korea started its rapid development in the 1960s, exports were expanding by 40% yearly for 10 years.

Nigeria isn't used to exporting. Recently, due to the drop in the value of the Naira which made Nigerians food cheap in CFA terms, trailer loads of foods being transported got seized and traders treated as economic saboteurs. A devaluation is supposed to spur exports.

Exports are the real problem and not imports.

When u add value as a nation...
D end game is self sufficiency and export ...
Monetary policies only cant do the magic...
U need to complement it with fiscal policies...

Willie2015:


When u add value as a nation...
D end game is self sufficiency and export ...
Monetary policies only cant do the magic...
U need to complement it with fiscal policies...

Self sufficiency doesn't make you rich. It does the very opposite, makes you poor.

The richer countries are, the more interdependent on other countries they tend to be. The poorer you are, the more self reliant a country is.

If Switzerland was self reliant, why is it importing $291bn worth of goods.

India after its independence focused on self sufficiency. It impoverished it. That's one reason why India is poor today. It was only on 1991 that India began to liberalize trade. With trade liberalization and lowering of tariffs,

This forced its businessmen to focus on areas it had competitive and comparative advantage. One of this was the software industry. Today, it's a global leader in it.

You must have heard of the EU, the European Union. It is not just the largest free trade area in the world but actually a single market.

Any country that joins the EU immediately removes all import and trade barriers with other countries within the EU. So how do member states benefit?

Let's take a look at the UK. The size of its economy is $3.332tr. If joins the EU, that means companies from other EU countries can export duty free to it.

The UK on the other hand has gotten access to the EU market which is $19.4tr! This is 6 times the British market.

When Britain was still part of the EU, many European, Japanese and even US car makers came to set up factories in the UK to sell to the EU market. The country in 2016 manufactured 1,817 000 cars in that country. However, in 2016, Britain voted to leave the EU. That means the free access it had to the EU was gone. Production in 2022 dropped to 775,000.

Companies are only looking for places they can either manufacture cheaply or buy from cheaply or cheaper. Self sufficiency makes that virtually impractical.

That's why lphones are manufactured in China and India rather than in the US by Apple. Apple does not even manufacture the phones itself. It is outsourced to Foxxcoon, a Taiwanese company.

That's why many US and EU car manufacturers have moved production to Mexico. It's cheaper to produce it there and export it to America.

A company making cars may prefer to buy its steel from Turkey because it's cheaper than that made in the US. For a car to be manufactured competitively, no more than 50% of its parts can be sourced locally.

Burma practiced self sufficiency for about 3 decades. It is desperately poor today. North Korea is also self sufficient.

grandstar:


Self sufficiency doesn't make you rich. It does the very opposite, makes you poor.

The richer countries are, the more interdependent on other countries they tend to be. The poorer you are, the more self reliant a country is.

If Switzerland was self reliant, why is it importing $291bn worth of goods.

India after its independence focused on self sufficiency. It impoverished it. That's one reason why India is poor today. It was only on 1991 that India began to liberalize trade. With trade liberalization and lowering of tariffs,

This forced its businessmen to focus on areas it had competitive and comparative advantage. One of this was the software industry. Today, it's a global leader in it.

You must have heard of the EU, the European Union. It is not just the largest free trade area in the world but actually a single market.

Any country that joins the EU immediately removes all import and trade barriers with other countries within the EU. So how do member states benefit?

Let's take a look at the UK. The size of its economy is $3.332tr. If joins the EU, that means companies from other EU countries can export duty free to it.

The UK on the other hand has gotten access to the EU market which is $19.4tr! This is 6 times the British market.

When Britain was still part of the EU, many European, Japanese and even US car makers came to set up factories in the UK to sell to the EU market. The country in 2016 manufactured 1,817 000 cars in that country. However, in 2016, Britain voted to leave the EU. That means the free access it had to the EU was gone. Production in 2022 dropped to 775,000.

Companies are only looking for places they can either manufacture cheaply or buy from cheaply or cheaper. Self sufficiency makes that virtually impractical.

That's why lphones are manufactured in China and India rather than in the US by Apple. Apple does not even manufacture the phones itself. It is outsourced to Foxxcoon, a Taiwanese company.

That's why many US and EU car manufacturers have moved production to Mexico. It's cheaper to produce it there and export it to America.

A company making cars may prefer to buy its steel from Turkey because it's cheaper than that made in the US. For a car to be manufactured competitively, no more than 50% of its parts can be sourced locally.

Burma practiced self sufficiency for about 3 decades. It is desperately poor today. North Korea is also self sufficient.

Your interpretation of "self sufficiency" need some padding or rather, isn't self-sufficient.
Switzerland imports but produces enough to cover those imports. It is a case of choosing what to do and doing it well enough that others dont easily push them aside. That's a form of comparative advantage arrived at by careful calculation and not capitalists in power or close to power just choosing it for personal gains.

grandstar:


Imports has nothing to do with the present problem.

The CBN is running a loose monetary policy and that has swollen money in circulation. That inadvertently led to more money chasing the same amount of goods and forex Monetary policy needs to be tightened.

Why do Nigerians believe we have an import problem? Nigeria does not have an import problem. What the country has is an export problem. Nigeria is exporting enough. The country isn't generating enough dollars.

Switzerland with a population of 8.7m people imported $291bn worth of goods and services.

Israel with almost 10m people had imports of $108b

These are tiny countries. Nigeria with almost 22 times the population of Israel barely imports $60bn


Import substitution policies don't work! When they even do seem to work, they carry a lot of baggage with them.

The ban on cement import imports have simply made Nigerian cement one of the most expensive in the world and made 2 Nigerians billionaires. Those in the building industry believe the ban has done far more harm than good. The minister of works Mr. Umahi has not hid his displeasure at the high cost of cement.

Another is the policy demanding that 70% of all oil and gas contracts in that industry be given to Nigerians. This has made the founder of Nestoil probably a billionaire. How many people can buy a private jet worth over $60m?. But operators in the industry are unhappy.

Import substitution policies don't work and that is why you consistently see policy somersaults. The CBN was compelled to lift the dollar restriction placed on 43 products.

Pat Utomi, a seasoned economist just recently said they don't work.

For countries to prosper, they need to focus resources on where they have competitive and comparison advantage. Products and services here will bring in the much needed foreign exchange.

If the resources wastes on rice was invested in agricultural commodities the country has comparative advantage in, by now, I won't be surprised if exports of such products adds another $5-10bn annually to what the country presently brings in.

Sesame seed alone can bring in $2bn as well as sheabutter. Cambodia increased its cashew nut production from 100,000mt -700,000mt in 10years. Nigerias production stayed flat at 100,000mt.

When South Korea started its rapid development in the 1960s, exports were expanding by 40% yearly for 10 years.

Nigeria isn't used to exporting. Recently, due to the drop in the value of the Naira which made Nigerians food cheap in CFA terms, trailer loads of foods being transported got seized and traders treated as economic saboteurs. A devaluation is supposed to spur exports.

Exports are the real problem and not imports.

You are delusional and talking rubbish. Import substitution is the ultimate. I have always spotted your tendency to over rationalize and overestimate your textbook jargons and theories.
You also assume presenting facts and stats makes you right. 99% of you arguments are irrelevant to discussion/topics.

CodeTemplar:
You are delusional and talking rubbish. Import substitution is the ultimate. I have always spotted your tendency to over rationalize and overestimate your textbook jargons and theories.
You also assume presenting facts and stats makes you right. 99% of you arguments are irrelevant to discussion/topics.

Name one emerging economy that is using import substitution as it's primary model for growth.

I will mention 10 that are using free trade (very low or no import duties) as their primary growth model.

1. Poland
2. Mexico
3. Bulgaria
4. Croatia
5. Lithuania
6. Latvia
7. Hungary
8. Mauritius
9. Uruaguy
10. Chile

grandstar:


Name one emerging economy that is using import substitution as it's primary model for growth.

I will mention 10 that are using free trade (very low or no import duties) as their primary growth model.

1. Poland
2. Mexico
3. Bulgaria
4. Croatia
5. Lithuania
6. Latvia
7. Hungary
8. Mauritius
9. Uruaguy
10. Chile

So these countries are printing forex right? You must be very much delusional than I estimated previously. What are they using to buy the things they are importing?

CodeTemplar:
So these countries are printing forex right? You must be very much delusional than I estimated previously. What are they using to buy the things they are importing?

Oga,
Does free trade not imply it exports to generate forex? Have you ever picked a copy of The Economist in your life and read it? I am now certain you used "expo" to gain admission to read Yoruba.

I requested you name one emerging economy that uses import substitution policies as its primary mode for economic and all you can say is I'm delusional. Delusional is not a Yoruba word. You probably think it means 'very intelligent' in English. It doesn't

Stop projecting yourself unto me. You know absolutely nothing about economics.

I challenge you to mention 3 globally acclaimed economist that you admire

You will simply reply that "I'm delusional"

grandstar:


Oga,
Does free trade not imply it exports to generate forex? Have you ever picked a copy of The Economist in your life and read it? I am now certain you used "expo" to gain admission to read Yoruba.

I requested you name one emerging economy that uses import substitution policies as its primary mode for economic and all you can say is I'm delusional. Delusional is not a Yoruba word. You probably think it means 'very intelligent' in English. It doesn't

Stop projecting yourself unto me. You know absolutely nothing about economics.

I challenge you to mention 3 globally acclaimed economist that you admire

You will simply reply that "I'm delusional"

lol...expo admission and Yoruba language studies.

You too immersed in you useless fact you can barely compregent 1% of.
If they import, it means they have enough export to.cover cost of import and that connotes they achieve import substitution for some aspects to cover import of other aspects.
That's not our case in Nigeria Mr epistle. Ours is a case of ignored potential to achieve import substitution. The room for growth is the latest room there is in this life. As long as unused land abound, idle and prepared minds waste away, capital is being looted, market exists and we are importing, import substitution will always be a welcome idea above any useless tightening of monetary policies your jargon addicted brain has imbibed from materials far above your intellectual capacity.

grandstar:


Oga,
Does free trade not imply it exports to generate forex? Have you ever picked a copy of The Economist in your life and read it? I am now certain you used "expo" to gain admission to read Yoruba.

I requested you name one emerging economy that uses import substitution policies as its primary mode for economic and all you can say is I'm delusional. Delusional is not a Yoruba word. You probably think it means 'very intelligent' in English. It doesn't

Stop projecting yourself unto me. You know absolutely nothing about economics.

I challenge you to mention 3 globally acclaimed economist that you admire

You will simply reply that "I'm delusional"

Now you know why I never bother to respond to the clown. There's no point engaging in an argument with abusive individuals incapable of even the most rudimentary reasoning.

omohayek:

Now you know why I never bother to respond to the clown. There's no point engaging in an argument with abusive individuals incapable of even the most rudimentary reasoning.

epistology clown.

In the absense of solid argument that can stand the test of logic, you resorted to padi-padi politics of massaging the ego of your type.
Any country that's serious will never have to import before aiming for import substitution. They just keep producing what they are used to. That connotes implicit import substitution.

I am not surprised your numb uvwie skull will miss that just to win an argument. BTW, what happened to epistles? You stopped after I exposed your ratfaced àss? Must have touched something very critical to your self esteem here.