₦airaland Forum

Never heard of her...
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vaxx:
Lol. I suggest you have a challenge understanding basic terms. You don't use the word incorrect when it is not necessary.

Rational folks do not use unnecessary words...
Accordingly, I used the term because your post was factually INCORRECT.
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vaxx:
Lol. But that is the policy binding eco currency implementation. Which Nigeria currently does not meet. You are only stating Nigeria domestic law was to be blame for that as it does not encouraged it to meet the law. Which i later you know it is the reasons behind the current mess in Nigeria.

Seriously, do you actually understand basic English?!

You are FACTUALLY INCORRECT! Nigeria CURRENTLY meets the fiscal deficit convergence criteria (and has CONSISTENTLY done so since 2007). Nigeria’s fiscal deficit in 2018 was less than 1.5% of the GDP, and the projection for 2019 is 1.3% of GDP. Under the Fiscal Responsibility Act of 2007, the governments’ fiscal deficits (as it is also domesticated by the states) are NOT allowed to surpass 3% of GDP.
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It’s always the FAT ones sha...
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vaxx:
so you technically wrong with your reasoning initially when you were identify my statement as incorrect. Interesting.

Meanwhile, the only limited thing I flagged as “incorrect” was your FACTUAL misstatement about Nigeria’s fiscal deficit...
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vaxx:
so you technically wrong with your reasoning initially when you were identify my statement as incorrect. Interesting.

First, those posts were mostly (if not all) BEFORE yours..
Thus, NOT “technically wrong” with anything. You just have a problem understanding basic English. Cheers.
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nairalee:
Sane Ladies and Gentlemen. The dark hour is upon us

The times when real news will take a back seat for BBN news is upon us
The times that u cannot go on social media without hearing an idle gist is upon us
The times of nudity, promiscuity and vulgarity is upon us

Many will be distracted, many will be drafted, many will be converted but the true blood will stand firm and not jump into the vain bandwagon.

Stay strong soldier. Despite the darkness of the hours

Your epistle is evidence that you are already among the first to be “distracted”...
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Npfn:
See someone that was raped people have time bbn oyq take over

Did she tell you she she raped yesterday or today?
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vaxx:
2020 is just by the corner. Nigeria will not be ready shouldn't be too difficult for you not to comprehend. And which of my input is incorrect to you this time.

Are you sure you are OK?
Or perhaps it’s just me who finds the English language to be pretty simple to comprehend. SMH

9jaRealist:
I don’t think Nigeria will meet the convergence (admittance) criteria by next year...
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9jaRealist:
For better or for worse, I don’t think Nigeria will meet the convergence/admittance criteria by next year...

It would be rather awkward to have the biggest economy outside of the common currency, and thus the “fudge” is to essentially phase in the common currency, with WAMZ nations (including Nigeria) accepting each other’s currency probably starting this year (2019) as a first step towards integrating the Zone’s payment systems (of course the CFA Zone is already integrated), but this will NOT be a cake-walk at all.
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9jaRealist:
Exactly! That’s what I have reiterated all along...
Nigeria will almost certainly NOT be ready by next year.
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InvertedHammer:
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Everything you mentioned didn't start in 2015.
Oil hit $25 in 2016 and has been in recovery to $75 in 2019. In 2018-2019, there has been no correlated recovery in naira. So it can't be oil price.

By the way, I requested no textbook explanations bc that's what they use to hoodwink African leaders like Mr. Buhari.

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The Naira fell all the way to N520/$1 before oil prices started to recover and reserves started re-accruing...
Of course, the Premise pre-dated 2015. Often, a catastrophic illness is usually a result of years of unhealthy habits/lifestyle.
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If Gandollar is wearing a Babanriga when he “storms” the party secretariat, then I am sure this will be ‘resolved’...
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InvertedHammer:
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Africa as a whole is still a colony.

They have no bargaining power. The values of the currency are being determined by the West. Go back in history. The Whites believe they are better than other races and act as such politically and economically. That's why your government officials run to Chattam House to give report to the masters in times of serious political upheaval. Independence is only a word.

Can anyone explain what caused naira to dive from N190 to N360 per dollar? Forget textbook explanations.
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The Premise:

1) Import-dependent economy;
2) Political/Economic instability;

The Catalyst:

3) Oil-price crash;
4) Less dollars available;

The Result:

5) More/same Naira chasing less dollars;
6) Exchange rate crash.

Not rocket science really!
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fairhope:
What most people does'nt understand is that once you give up your currency because of regional integration you handed over your destinies to outsiders. IMF owns the naira because it dictates its value. Globilisation is a disaster for the third world, beware! Reclaim the naira and safeguard your fragile economy and sovereignity, NIGERIA.

“Sovereignty” carved out by a bunch of white dudes in a Berlin conference room?

The Yoruba in SW Nigeria have more in common with the Yoruba in Benin Republic than with the Tiv or Kanuri in Nigeria. The Hausa up north have more in common with their kin in Niger Republic than with the Ibo or Ibibio in Nigeria. It is quicker to get from Ogun State to several parts of Benin Republic than to Benin City, and from Lagos to Lomé in about half the time it takes to get from Lagos to Lafia. We can elect to either remain PRISONERS of our tortured and checkered past or assume CONTROL over our collective futures. The choice is stark!
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Ugosample:
African countries are not as productive as it should be

That us why the currency is weak

nothing more

Kuwait has the world’s “strongest” currency but produces very little...
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haryomikun:
It will... Then it'll eventually recede against other currencies. Abi no be Africa?

The answer doesn't lie in a strong exchange rate. It's about positive terms of trade against other countries outside of the Ecowas. What they're creating is a Political Union, one of the key steps to achieving free trade in the West African region.

If corruption doesn't cease to exist and West Africa doesn't make key development, even if the ECO currency has a strong exchange rate at first, we'll see a repeat of the Nigerian economical development since the 1980s and it's currency, the naira.

What’s this obsession with exchange rates?
A common currency has little to do with rates but primarily to do with facilitating internal trade.
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vaxx:
Again, Nigeria is not ready simple. You cant expect a country that operates a federal system of government, with each tier of government adopting its own fiscal policy without proper coordination or alignment and without caring about its systemic effect not to be warry of the effect. Nigeria system currently retards macroeconomic stability. It is reasonable for Nigeria to kick against it.maybe when the country is restructured as atiku wanted.

What are going on about?
Exactly what part of “Nigeria will NOT be ready” was too difficult to understand?!
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vaxx:
personally, i love the idea anyway, i even envisaged it might cut across all the 54 africa state later. Just before the independence. All Anglophone countries of west Africa spends British west africa pound and it was pegged to the British pound. The idea was very fine then .But Nigeria as of today isn't ready as of today. Nigeria have failed to meet the criteria of having a single digit inflation rate and a fiscal deficit of no more than four percent annually. Only Ghana to me seems ready to float this idea.

You’re preaching to the choir...
https://www.nairaland.com/5273246/ecowas-adopts-eco-name-single/2

9jaRealist:
We have been working on this common currency for almost 20 years now...

The two biggest issues have been (1) economic convergence and (2) the CFA Zone (which has its own central bank). To address these, the West African Monetary Zone was set up in 2000, which had the West African Anglophone nations (Nigeria, Ghana, Liberia, Sierra Leone, and Gambia) as well as Guinea (which is Francophone, but does not use the CFA) as the 6 members. Thereafter West African Monetary Institute was set up in 2001, to bring the WAMZ and CFA members under one umbrella to work out the technical details for a common currency.

The WAMI ultimately settled on a convergence criteria (which was ultimately settled at 10 different economic indices). However, meeting the criteria has been the devil in the detail for most ECOWAS nations (for example, Nigeria has failed to meet the criteria of single-digit inflation and tax revenues of at least 30% of GDP, among others). Nonetheless, to move the process along, the current proposal is for the 6 WAMZ countries to start accepting each other’s currency as a first step towards the integration of the Zone’s payment system. Jury is still out!
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You are INCORRECT though with respect to the fiscal deficit...
Under Nigeria’s Fiscal Responsibility Act 2007, the government cannot have a fiscal deficit of more than 3% - and it hasn’t since 2007!
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The only surprise for me is that people are surprised...
Many pastors, teachers, lecturers, housemaids’ oga in Nigeria are sexual predators. The only new thing is Social Media!
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FAMILYJA:
Another one! Anyways, I have no problem if anyone comes out to air what went wrong in her past life as far as the entire story is true. Rape should be frowned at by all who mean well to humanity but let the accusations be true and can be found so in the court of backed with evidences.

Having said that, please check my profile as I'm still in a distress situation on what comes of me if I do not pay my fees before commencement of exams on Tuesday. I know if this has come from a celebrity, millions if not billions of money would have been generated by now but since I'm not one, here I am. You can call on 08148799227 for any findings you may wish to make including proofs. Meanwhile, check my profile if you want to help. Thanks you.

Just the same way you want this lady to prove her allegations with “evidences” in court...
I am afraid that you have to prove your alleged “distress situation” with “evidences” in court.
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rheether:
Timi And his wife will lose this fight.

You’re deluded if you think that only Timi and his wife will fight this battle...
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Abuse of power...
Using security men paid with taxpayers’ funds to oppress taxpaying protesters. SMH
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BlueAir:
Im not believing this one .. too much intent drama

She doesn’t need you to believe her
But best believe Pastor Ogbole is unlikely to dare her.
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funmike83:
All this women coming out now, why were they quiet before. Were they expecting something in return from the pastors cos i dont understand why they kept quiet and just coming out now

They probably kept quiet because of people like you...
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AmazingELixir:


What a time to be alive....Nigeria and drama

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Marcos88:
What manner of idleness is this Biko

It’s a great manner of idleness. Loved it!
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BuhariIsBURIED:
How? I hope nobody will come to accuse him of rape

Hasn’t he already been accused of worse - MURDER?!
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tactius:
I'm not opposed to a United African currency, but most African states are so poor that at the end of the day, the stronger states would be the ones spending money on the weaker states.

Plus, strong economies produce industrial stuff which keeps their currencies strong. Most African countries are like Ghana which exported 2bn dollars worth of cocoa some years ago. One European company bought part of that cocoa and made products worth 17bn.

Gaddafi whom you all admire, his economy was based on oil. If oil had dried up in Libya when he was in power, his economy would have gone down to zero.

Africa needs to be a producer, not a consumer. Then we can talk about single currency

Yet again, feel compelled to preface this with the caveat that I am NOT a fan of monetary unions...
But the highlighted will persist until African nations starting trading more with each other - and a common currency could provide an impetus.
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Ausrichie:
This won't change anything we have to improve our economy first see currencies like the Japanese yen that have small value but still the Japanese economy is one of the best with one of the highest gdps in the world let us improve first and it will all be good before we would now start crying like Britain for a brexit

The common currency proposal has NOTHING to do with exchange rates...
The PRIMARY purpose of a common currency is to facilitate/increase trade/business within the union.
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vaxx:
The central bank of west african( CFA monetary zone) is located in Senegal while France control and print the currency. France back up CFA. Even CFA is pegged to the euro In return for guaranteeing the currency, France holds 50 percent of the foreign exchange reserves of the C.F.A. franc countries in its treasury. How will France allow is discontinuity.? Francophones country are lucky enough.

You do realize that the communique was signed by ALL of the ECOWAS heads of government (including the CFA Zone members)?

Not sure why you presume to be speaking for them but I recall reading sometime ago (and frankly it’s a shame that history is not prioritized in Nigeria) that when the late Prof Adebayo Adedeji (the first and longest-serving Chief Executive of the United Nations Economic Commission for Africa, and a former Under-Secretary General of the UN) first proposed the setting up of ECOWAS, in his capacity then as Nigeria’s Economic Development Minister, it was met with strong opposition particularly from among the Francophone/CFA nations (with France reportedly describing it as a proposal for a “Greater Nigeria”). Ultimately, it took over 5 years of negotiations and dialogue to bring ECOWAS to fruition.

Accordingly, let’s all step back and view these pronouncements as a strong statement of intent, but ultimately it has to make sense for all of the parties involved (and one suspects there might even be a fair amount of compromise). Nonetheless, this was a BIG step forward.
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Ugosample:
you don't have an economics background
you will not understand

This is a VERY VERY BAD MOVE

Nigeria better stays away from it.
Ghana better stays away from it too

What is the volume of trade BETWEEN the member States to warrant a single currency?

each member has it's 5 biggest trading partners out of the continent, unlike in Europe that their 5 biggest trading partners are between each other

Black man lacks sense, I have always known
But not this level of stupid

you just see EUR and you decide to adopt it.

And besides, we !are supposed to have a referendum to ascertain whether we want this currency or not

But in typical black monkey man fashion, these countries will want to force it on the people

Shame

While I am NOT a fan of monetary unions...
Nonetheless, you INCREASE intra-community trade by eliminating the need for a third (external currency) and removing trade barriers.
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11doubledee:
Of what value is a single currency for a region or continent that has refused to develop the critical sectors of the economy to spur greater economic independence?
Good vision but very wrong timing,probably in the next 40yrs if the leaders of countries involved starts serious work now and shun corruption.
The biggest problem would be what exactly a unit would be valued at for a particular commodity or service given the open ended economic variables.
Those who adopt such have a minimum level of social,economical, political geographical and financial organisation.
The only one i think we have for now is geographical.

What our region and continent needs is greater economic INTERDEPENDENCE...
Trading among ourselves (instead of shipping raw materials abroad and buying finished products) is a critical step towards economic health.
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vaxx:
The idea will be discussed in the Senate. That is when Nigeria will kick it out. Even buhari aready caution against it in Niamey. Even we are talking about currency, we are talking about the life line of a country so monetary discipline is well needed which so far is not available in ecowas sub region.

Another reasons Nigeria will be against it is the limited control over Franc CFA by Francophone West African countries. Which is not ready to face out soon.

Again, while I am personally NOT a fan of monetary unions, this is NOT a short-term project...
ECOWAS has already been at it for over 20 years, and Mr. Buhari will likely be out of office by the time it’s implemented (if ever).
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