₦airaland Forum

The next presidential general election is just 15 months away. Who are your First and Second Choice for President?

Here are my Picks:

First Choice: Akinwumi Adesina

Second Choice: Udom Emmanuel

If British Colonialism was bad, Hong Kong would not have appealed that they extend their stay beyond 1997 handover date. The truth is that the black man is simply incapable of self-governance.

If pdp presents a young, articulate and detribalized Southerner for president, they would win.

16th President ko, sweet 16 ni.

Loans to build the Refinery were obtained in USD so repaying billions of dollars with Naira would still take a toll on Naira.

Akinwunmi has my vote.

bigtt76:
Clout chasers. It would make sense what the law maker is saying if the CBN prevents local funding of the domiciliary accounts from within Nigeria (by cash or electronically). It should be tied to receiving inflows only. The only exception would be for banks tying outflows approved to the account but not lodge it in.

Allowing it to be funded locally is the reason why many hoard forex. Trust me if they do this, rates would drop drastically.

The solution to preventing people from hoarding in there Dom accounts is to tax monies that are being hoarded. The current policy of limiting dollar deposits is fueling the crisis because most businesses are now relying to only unavailable inflows to send money.

I think Yar'Adua deserves most credit because he led Nigeria during the global economic crisis of 2008.

Here are the Naira Devaluation Rates at the Parallel Markets under different Presidents since 1999:

Olusegun Obasanjo
1999 N90 = $1
2007 N125 = $1
38 Percent Devaluation in 8 Years

Umaru Musa YarAdua
2007 N125 = $1
2010 N150 = $1
20 Percent Devaluation in 3 Years

Goodluck Jonathan
2010 N150 = $1
2015 N220 = $1
46 Percent Devaluation in 5 Years

Muhammadu Buhari
2015 N220 = $1
2021 N570 = $1
159 Percent Devaluation in 6 Years

Yet some naive Nigerians believe someone taking huge loans in USD currency would be offer cheaper fuel compared to the cost they are paying now.

You are wasting your time trying to educate people that know nothing about how the economy works. Just allow them blame their incompetence on websites and other irrelevant imaginary adversaries.

jjman2322:
This is why a good business school is needed in Nigeria.. People dont understand Economics 101

First of all, CBN official rate is like 410, so converting any FX inflow to naira means you will get it at 410... Now let me ask you, your uncle in USA has $10,000 for you. Will you tell him to wire the $10,000 to nigeria for N4,100,000, or will you find a third party who needs to pay his supplier in China,India, and sell it to him for 550 (N5,500,000) ? This is whats basically happening.

As someone in the manufacturing, let me try and explain whats going on. There is severe shortage of USD. Lets assume you need raw materials worth $500,000 for the month, you may be lucky to get $5,000 in a month from your bank/cbn (through LC OR BILL FOR COLLECTION), so you now have to go to blackmarket for the rest.

Abokifx just publishes prevailing rate.. Abokifx is irrelevant when it comes to demand and supply.. Im too tired to explain more, but the solution is simple.. CBN needs to provide more USD to the big companies who need it, and the black market price (REAL DOLLAR PRICE) will drop..

The reason why goods are going up in prices (TV, PHONE, AC, FOOD, etc), even though officially dollar is 410, is because NOBODY IS GETTING 410, or even when they do its minimal.. Yes you can get PTA (Travel allowance) from your bank, but thats only like $4000.

The real problem is when as a manufacturer you need $1m.. Good luck getting that in 10 years....

There is real demand for USD from local companies here for at least $500M a day, and CBN is barely giving 10% of that.. See the problem

How much do you think NESTLE spends daily on USD, or Nigerian breweries... Quick example, indomie is made with tapioca starch, Potasium & sodium carbonate, sodium tripolyphosphate, riboflavin which are imported.. They must probably use $millions weekly just for import... So they go to black market = price jump in finished product... Hope i made some sense..

Nigerians are truly captives that love their chains. A Head Coach leads a football team to woeful failure and your next recourse is to clamour for the appointment of the Assistant Coach that is not ideologically different from Head Coach, to lead the team. Osinbajo is not pro Business or pro Economy and would be no different from his current principal. He is a Tax-and-spend big government proponent; a policy that is disastrous for a poor country like Nigeria(look at Nigeria's ballooning debt profile). If he becomes President, the current nepotism would simply be replaced with RCCG clique.

Nigerians are truly captives that love their chains. A Head Coach leads a football team to woeful failure and your next recourse is to clamour for the appointment of the Assistant Coach that is not ideologically different from Head Coach, to lead the team. Osinbajo is not pro Business or pro Economy and would be no different from his current principal. He is a Tax-and-spend big government proponent; a policy that is disastrous for a poor country like Nigeria(look at Nigeria's ballooning debt profile). If he becomes President, the current nepotism would simply be replaced with RCCG clique.

Real Naira dey tumble but na E-Naira una dey hype.

Tomorrow when Naira gains N1 against Dollar, they would say Naira Strengthens Against Dollar.

These news sites are very misleading.

If only the British had stayed till year 2000, Nigeria would have been far better off.

Copy and Paste leadership. They watch CNN to know what next to do.

That would be a great campaign slogan for candidates running for president in 2023.

Returning Nigerian Economy to the way it was on May 29, 2015.

Joseph Sanusi and Charles Soludu are best ever CBN governors.

Fairweather Fan.

Same people hailing decision of cbn would complain when prices of goods Skyrocket even further. Over 90 percent of small businesses rely on bdc for dollars.

Ceenachi:
Then stop dollar being a legal tender on Nigeria soil. Naira is our own currency and that should be the currency for local transactions. When it comes to foreign transactions, there should be electronic conversion via commercial banks ( through individual account that is domiciled in a commercial banks) and this does not involve physical touch of Dollars . Our leaders know what to do but there is no political will to do it
Can you go to United States and find Naira being moved physically ? Or China ?

Not a good idea. Most foreign countries still demand to sight cash PTA from inbound travellers. So how would nigerians have cash dollar if your idea is implemented?

So why not sell directly to banks so that customers can have a higher dollar spending limit of their Naira Cards?

50 Million Naira is equivalent to $100,000 USD. Nobody earning that annually is considered poor anywhere in the world.

As a lifelong Pentecostal that has attended MFM, RCCG, Deeper Life, HOTR, Winners and the likes, my advice is that you free yourself from church indoctrination and focus on Christ and Godliness. It is not healthy to be attached to any church the way you have described. It would eventually put you at a disadvantage.

sweetshisha:




Something is fvcking wrong with Buhari, Zainab Ahmed and Godwin Emefiele

Price of crude oil is relatively high

Crude oil price according to the budget price benchmark is higher so we should have excess forex

Forex is not released to importers of many products


What the fvck is depleting our fvcking foreign reserves??!


.

Our foreign debt repayment is done in USD. Increasing debt automatically translates to bigger repayments.

When you meet a people who are always blaming others(devil, village people, witches, political leaders) for their predicament, know that they themselves are the problem.

studentofTruth:
Enough of this case already, especially as emphasis is not placed on the main thing — drugs!

I'm shocked that an innocently looking 21-year old girl like this is doing drugs! If I have the capacity, my focus would be to find out why she's doing drugs and what attracted her to using drugs!

That someone who's high on drugs committed murder can never be a surprise to me! Drugs can mess with people's minds!

It's annoying that everyone is focused on the sensational aspect of the killing rather than the cause! But this is Nigeria where the aim is not on finding solutions but catching cruise!

modified: You God damned journalists and bloggers should focus on the use of illicit drugs among youths — who sold the drugs to her? the loopholes in the control of prescription-only medications, etc.

You are a bright mind and a rare breed in the Nigerian space. I am surprised that many commenting expect someone high on psycho active substances to act rationally simply because of her looks.

I remember back in the 80s when big brands like Coca-cola would run "Be a Millionaire" Promos. Then, a brand new Peugeot 504 was less that 30,000 Naira. And you could build a modest house for 100,000 Naira. Today, a Million Naira is equivalent to just $2,000 and can barely rent a decent apartment.

I think the term Millionaire should be scraped from our Lexicon because it no longer depicts a wealthy person.

I thought they said Crypto was to blame for Naira slide? Now what next is to blame?

If President Goodluck had stuck to his gentleman agreement to only serve one term, PDP would not have become splintered and Buhari would never have stood a chance.

If we are being logical, those who voted for Buhari in 2015 are not to blame for the country's current dilemma. The Blame falls squarely on President Jonathan Goodluck.

It is now very glaring that copy-and-paste democracy is not working for Nigeria. It think it is time Nigerians craft a Home Made Democratic process that would bring about sustainable development in the long run. Our current form of democracy is only effective when a high percentage of the electorate are educated and enlightened but the contrary is the reality in Nigeria.

I think a good start would be to introduce a Minimum academic qualification for Eligible Voters. Our democracy would yield better results if voters have at least an SSCE qualification. This would go a long way in eradicating vote buying and other forms of voter manipulation.