₦airaland Forum

mikeapollo:
Nigeria is interested but scared because we dont have the infrastructure to leverage the Afrucan market, and high cost of production, doing business etc, period!
The govt fears other African countries would flock the Nigerian market with cheaper goods!

Not just about the bad infrastructure but the importation from other countries outside the union that we've been enduring for decades which eventually led to the closure.

enemybulldozer:
And what is the latest development??

Whether you like it or not SS is part of biafra.

My post is very explanatory

mikeapollo:
My brother, stop deluding the issues with the so-called Nigeria'' reluctance delaying the process.. Other countries will move on without Nigeria. For insance, do you think other countrirs would wait for Nigeria to have electricity and water before they provide same to their own people.?

Abeg go and rest, Nigeria's reluctance contributed to it's delay.
Anyway it doesn't matter any longer as you all had decided to move on instead of waiting on Nigeria that has never been interested, we go it alone while you guys swim in your abundance.

ernieboy:
it was not the reluctance of Nigeria that delayed it, rather the failure of the African countries to meet the basic economic requirements to proceed with a single currency.

....but it contributed to some extent.
We wish the Eco countries and Aftca guys all the best as you all trade but count Nigeria out please.

gidgiddy:
IPOB leader, Nnamdi Kanu and Deputy IPOB leader, Uche Mefor, have been in the USA much of this month of December, hosting town hall meetings, interviews, broadcasting and holding consultations on Biafra. Every State both men go to, turn out to meet them has been impressive, particularly amongst the Igbo community

Two freedom fighters

Good enough and I hope they'd stop including non Igbos in their Biafran map, please copy IPOB worldwide about the latest development.

mikeapollo:
Why are you arguing against your own case? You are the one that asked why the GDP per capita of CFA countries are lower than that of Ghana and Nigeria!
The issue is about the CFA being more stable in value than both Cedis and Naira because it is pegged to the Euro. So do not turn the issue into a "Cedis vs Naira" matter
The ECOWAS govts that have full grasp and understanding of the issues have already taken a decision and made their stance known. The ones that are yet to understand or are still confused would still need time to "study" the situation. They are free to "study" for as long as they wish. No one gives a damn!.
AfCTA was rejected by the same people, but they turned around to accept it after they were schooled by those who know better! Dullards that pretend to be scholars!

Yes we are still "studying" the situation and just as I said, we are free to accept, withdraw and accept as we deem fit.
AfCTA and even the Eco should've been all concluded years back if it wasn't the reluctance of Nigeria over the years because yes, we were "studying" the situation with those leeching countries around us.
Remember that the government shut down the land borders almost immediately the AfCTA was signed thereby making rubbish of any silly agreement with ECOWAS or AfCTA.

mikeapollo:
The GDP per capita is linked to the size of the economy and population. But it is not the ultimate indicator of the wellbeing of the people which is the human development index (HDI). Nigeria's HDI is amongst the least in ECOWAS and far below that of Ghana. In any case Ghana had accepted the Eco.
What made your FGN to reject AFCTA anx then later accepted to join?
Have you thought about how the Naira and Cedis have both lost value against the CFA in the last 5-6 years? It is because of the stability, convertibility and low inflation of the CFA due to its being pegged to the Euro.

That Ghana decided to go for the Eco is nobody's business, theirs.
You could help with a link to the HDI of the CFA countries so we can compare with non CFA countries since you want to derail.
We can decide to restrain or accept anytime we feel like, our decision.

2007 when Ghana redenominated the cedis, it was 0.9 cedi to a US dollar and naira was 120 naira to same.
Fast forward 2019, a dollar goes for 360 naira and 5.7cedis, can you work out the percentage depreciation of both currencies against the dollar?
Ghana can go on with the Eco for all the perceived advantages for all we care.

Noisyrians:
Hahahaha the problem with nigerians is that they see everything as competition. It is always competition. Every country has a duty to take decisions and policies that in the country’s best interest. If Nigeria wants to go it alone because it thinks it has the population, that is Nigeria’s business. Trade among countries in the region is virtually non-existent anyway, but I also think nigeria will lose in some ways. For example, nigerian investment and trade relations in west African countries will suffer.

Even in terms of oil and gas, your petroleum officials have been saying that given the changing dynamics of global trade, it is prudent for Nigeria to target the African market for its oil and gas sales. I wish nigeria well, but in whatever you don’t try to be pompous and arrogant, otherwise, Nigeria will pay a very heave price for it. No country is an island. Without the support of other countries in the region, Nigeria can’t go far. Even within ecowas, you don’t have a veto power. Nigeria has just one vote in ecowas, like togo and Gambia.

You said every country has a duty to take decisions to her benefit but you are still trying to lecture us of our potential losses if we decide to go it alone, now how is that your business?

In this case, Nigeria has decided to go it alone and to be an island from the rest of ECOWAS and Africa and how's that your business as well?

It's obvious that you don't even understand yourself and trying to contradict yourself in your last sentence, you said Nigeria doesn't have a veto power in ECOWAS and again that Nigeria has only one vote like other members, it's obviously obvious that you don't know that the vote of any member country can veto some decisions like admission of new members, if the other 14 members decide to vote a yes for the admission of a non member and say Gambia or Ghana or Nigeria decides a no vote, that one NO vote has nullified all the other 14 YES, that is what is called veto vote and all countries has it.

Meanwhile Nigeria is not interested in your ECOWAS trade or Africa fee trade agreement or whatever, the closure of the border ought to have told you that.

mikeapollo:
The truth is obvious: this govt does not seem to fully understand anything. They always need to be taught virtually everything before they have a grasp of issues.
Same rway they rejected and refused to be part of the Africa Continental Free Trade Agreement. But what happened a few about a year later? They came back to join when they found that virtually all other countries had joinef.
Niheria can refuse to be part of the Eco. No qualms. Other countries will use and derive the benefits of trading in a common currency. Definitely the Eco will enjoy better stability in rate, convertibility than the Naira

The CFA had enjoyed same stability, convertibility and lower inflation rate than other ECOWAS countries.
Question for you, why is that not one of them has a GDP per capita higher than that of Ghana and Nigeria that don't don't use CFA?

tommyken:
Ask someone to read your comments to your ears so you will know how irritating it is.


.

Don't mind him, hear him gloating over nothing, funny enough the headquarters of the central bank of west Africa is in Dakar, Senegal today, how it would be moved to Ghana is what I don't know.
Allow him to continue to fantasize in his dreams.

crash12345:
you think ECOWAS central bank and Africa Free Trade Agreement Headquarters Headquarters are political headquarters like EU headquarters. Funny cos they represents Trade and Economies and we will be in charge of ECO currency control.Oh and France their will never leave their colonies alone so we have to sign a deal with the devil so to be his deputy. It's better to be a security guard in a party in government than to be a national chairman of an opposition party. (Quote by our former president Kuffour. Half bread is better than none.

Then we will gradually take over trade policies in Africa whilst we continue to maintain our fastest growing economy in Africa and trust me in the next ten years,Ghana will be an almost developed country. Vision 2030.Go and read it about Ghana.

Congratulations to Ghana for this wonderful feat, lol @taking over African trade policies when bigger countries are there.
Anyway Nigeria is not interested in both, remember that Nigeria reluctantly signed the Aftca and immediately sealed her borders, what does that tell you? If you don't know, it means we rubbished every agreement we've made with ECOWAS and Aftca.
You may continue in your wishful thinking of controlling the rest of Africa

crash12345:
hahahahaha, you want to take advantage of we Ghanaians and outsmart us.Very funny.i can see you don't realise that Ghana is Nigeria's wildest nightmares in this world since independence especially when you underestimate our size.

Have you forgotten how your forefathers made huge investments in the 50s and 60s in Ghana owning majority of businesses and properties. Do you know what we did to them,we made them amass all their businesses and properties and enacted one law to deport all of them.That law is still around buh we have metaphorically quote it as GIPC laws which forbids foreigners from engaging in any business unless you have a capital of 500,000 to 1 million dollars.The party and government who did that sacking in 1969 is called the UP party and they have now changed their name to the NPP party and are now the current governing party.,Akuffo Addis father was the president then in 1969 whist Busia was the prime minister. Did you hear the president justifying GUTA sacking Nigerians this month at the meet the press buh he keeps laughing with Buhari together. Fear that old lawyer

Currently over 600 Nigerian shops are under lock and key in Circle alone and over 400 in Accra,Opera Square whilst hundreds are locked in Kumasi Suame.Listen to your friend who told you to be careful of Ghanaians cos we watch everything closely in our country. We collapsed over 12 banks since last year and Nigerian banks such as Energy Bank,First Atlantic Bank and others closed down.Glo is in comma in Ghana now buh we have not touched it yet.They were about to be closed for non payment of taxes.

Now let me tell you about this ECO.We will make sure Nigeria gets confused on whether to join or not to whilst we lobby for the Headquarters of the Central Bank to manage the ECO just as we did to win the bid to host the Africa Free Trade Agreement Headquarters so now Ghana is the capital of free Trade in Africa .

We are the second largest economy in ECOWAS in terms of population and GDP with 68 billion dollars GDP.By the time Nigeria realise the benefits of the ECO and wants to join later just as the Africa Free Trade Agreement, by then Ghana had already become the Headquarters of the ECO currency. Why do you you think we indicated in the letter that a Central bank of ECOWAS needs to be built first.

Cote d'Ivoire is our direct cousin and we share the same Akan majority ethnic group and their president is now the ECOWAS president so we will consult him so that we house the Central Bank. France will be our direct ally so as the USA is.Then Ghana takes over as the Regional leader in West Africa.Don't worry Nigeria can survive on it's own buh ECOWAS and Africa should be ours cos we are known as the black star of hope and glory of Africa .Forget our 30 million population.

@1st bolded, did you just say Ghana remains Nigeria's nightmare? I laugh in twi.

@2nd and 3rd, you would get Nigeria to be confused about joining when Nigeria reluctantly has been delaying the take-off of the common currency because we've been so skeptical about the benefits to our economy.


You housing both headquarters means what? Brussels in Belgium houses the EU headquarters building and I guess it has made it the economic powerhouse of Europe.

Every other thing you typed is just wishful thinking, why restricting Ghana to be a regional power, why not for the African continent?

EzeIgbo1:
Na to open your head put intelligence inside remain because one little sense no dey for Inside.

The Ghanaian currency Is a false one. A farcade. You claim it is 5.7 cedi to a dollar when in reality if the zeros were not removed it would have been 570 cedis to a dollar because they removed 2 zeros. This means the real value remains at 570 cedis to a dollar despite the paper money saying 5.7 cedis to a dollar.

This is why this paper value can never defeat the real value and it explains why their purchasing power is very week and as good as useless

Actually before the redenomination of the cedi, it was over 9,000 to 1 US dollar, four zeros were removed and it became 0.9 cedi to 1 dollar.
If those four zeros weren't removed then, 57,000 cedis would be going for a dollar.

Caustic001:
Culled and translated from a french website :

What is happening with the eco is that the heads of state of the ECOWAS have noted that this currency will have a flexible exchange rate regime. This means that countries like Ghana and Nigeria, which are used to this exchange rate regime, will be the locomotives of the eco. The specific problem of Nigeria is that it is never in the same phase of the economic cycle as the other countries of the ECOWAS, because it is an oil exporter, while the others are rather oil importers. What makes that there is always this reluctance compared to the optimality of the future monetary policy of the Cédéao space. And then there is a second thing that makes Nigeria often reluctant, is that it realizes that it is going to have to be the lender of last resort for the eco, since its GDP still represents 70% of that of the ECOWAS, with a population which is half of this sub-region. And so, it is not always certain that Nigeria is ready to play this role of lender of last resort, with what that implies in terms of budgetary solidarity and the transfer of resources to smaller economies.

A few days ago, the Nigerian Minister of Finance said that the announced deadline for the birth of the eco in 2020 would not be met, because all the convergence criteria are practically met by only one of the 15 member countries of ECOWAS: Togo. What is your comment?

Your brain is well oiled and you know what we are talking about here unlike some who just post for posting sake

Nukilia:
Stop this unnecessary overhyping! Keep screaming while Nigerians start spending the ECO currency and dump the bastardized Naira!

So Nigerians have been spending the CFA franc since we are surrounded by countries using the currency.

Remember that the switch is just the change in name, from CFA franc to Eco, Ghana will now have to deposit half of its foreign reserve with the French national reserve bank just like other countries amidst other conditions.

Jonasbadoo:
Naira is no longer valuable anymore tbh
I'm in Cotonou now and I can attest to that fact
#1000 is just 1600cfa
So if they switch to Eco ,then it may as well be a tie
#1:1Eco which is not nice for Nigerian economy anyway
And CBN still has plans to devalue the Naira
So no reason am

Can you please elaborate on why 1 Euro to 1 Eco will negatively affect the Nigerian economy.

Remember that the South Korean won is about 1,100 to a US dollar.

Jonasbadoo:
you're mistaken bro
Eco is based on Euro and France is very much involved in it ...
So it's not possible
Nigerian doesn't even have a better economy than France so what are you saying?

The naira is based to the US dollar, the US economy is larger than that of the Euro area and I see no basis arguing on that basis.

[quote author= post=85374543]Nigeria never told ECOWAS that they are interested in a single currency up till this moment.
That has been going on for years now.
So won't they reply them that they will get back at them?!
Nigeria’s naira is often seen as the likely anchor currency for ECOWAS, due largely to country’s sheer economic size and political importance.
This role would be akin to the one played by the German deutsche mark in the period leading to the introduction of the euro.
Our Conclusion : The Eco will clearly not be the panacea for West Africa’s myriad problems, including high levels of unemployment, especially among the burgeoning population of youth and the increasing numbers of the poor.
The lessons from the eurozone highlight continuing challenges among a group of highly developed countries with very strong institutions.
ECOWAS will do well to heed these lessons.
Also, efforts by member states to strengthen domestic macroeconomic frameworks are important.
Concerted efforts must be made to reduce the inordinate bureaucratic delays that severely constrain exports and imports at the border.
Launching the single regional currency, the “Eco,” by December 2019 is, at best, an expensive distraction that the people of West Africa can ill afford at this particular moment.
We stand with Nigeria.
Shame on the OP that brought this rubbish here, whatever his mission was and bigger shame on the illiterates typing jargons everywhere.
Lazy tins!






It is always good and refreshing to know that we still have reasonable and intelligent people like you guys on this forum.
Compared to the illiterates and pessimistic wailers that have nothing upstairs but just take side with anything that can make the country look bad.
Ireedeemable and pathetic tins they are.
No wonder Cownu called them whatever he addresed them as![/quote]You spoke well, most people don't know that it's all a change in name from CFA franc to Eco, all the conditions attached to the CFA franc applies to the Eco.

Imagine with several decades of using the CFA franc, non of them can measure up to Nigeria in economic size and GDP per capita, it's Ghana that has been free all the while to determine her economic policies before now, they now want to put themselves into servitude to France to determine for them, none of the CFA franc area countries measures up to Ghana in the first place so why joining such a club?
Their choice anyway

poweredcom:
Who cares about if a mall is filled it's normal tin everywhere mostly in festive period

Lagos have plenty Malls and you will never see people here bragging about how crowded it is

Abeg make una let person hear word

We Don Taya for all dese kind trips

Who is bragging here, someone just told you about what he observed

john650:
It looks like they could use a second ShopRite or another large supermarket to cater to the population.

They really need to get another mall in Onitsha because even by weekends in the evenings, everything is sold out.
Please who knows if Robans and that other one owned by Peter Obi are supermarkets or malls?

blowjohn:
U want to compare onitsha purchasing power to abuja?
Wuse market alone will dwarf it bro

Prove it.

Azmanaty:
My question is this: why are the Yoruba's and their leaders not condemning this vile act on Adeyanju?

Same way Igbo leaders didn't condemn IPOB for their attack on Ekweremadu and Amaechi

Invariably you are now equating the Igbos and northerners and portraying both as savages but tomorrow you'd come online telling us that the northerners are illiterates and Igbos are the most educated. Continue abeg

Malawian:
Don't mind him. I know him personally and when Biafra comes, I will seek him out and make him do nwa boy for me for seven years, after which I will now settle him with a Biafran passport. He doesn't know anywhere after headbrodge again.

You and your bland jokes

banom:
He boldly and openly returned to Nigeria and was here with you for over two years, what did you do ? Relax he is coming again, this time around as he promised you, with hell.

No problem, we'll patiently wait for him to come back with the hell

Sonnyboom:
But am yet to see a single NigerDeltan complain about marginalization n we all can attest to how vocal they are when marginalized so what are you driving at precisely ?

You should know their way, when they get what they want, they'd insult everyone around and claiming how how superior they are, immediately they lose it, it turns to marginalization. You can see nobody takes them serious again when they start with their cry of marginalization

Tumbulum:
In democracy the government however elected is the government of all. The tension you see in our today is because those who are in power have decided to treat certain parts of the country with extreme marginalization. Mind you a large chunk of the money comes from oil proceeds from the Niger Delta.

What tension when it is people like you that are stoking up tension, good enough Nigerians know your plans and are just going about their normal businesses.

theDEVILisHERE:
Biafra is restoring itself

Your concern should be how u can help ur people also liberate themselves

Igbos are not being liberated because no one is in chains, only IPOBians want another island in the Atlantic ocean

enemybulldozer:
God almighty forbid! Am not a product of lugards fraud. Am not a dog that answers whatever name the owner gives to it.

Remain in Lagos abeg and stop boring me, once you have any strong point about your quest for Biafra, let me know.
Last reply to you if you have nothing tangible to say.

enemybulldozer:
of course it's possible in some areas.
Besides, there are a lot of foreigners in niggerarea that is using the worthless naira, does that make them nigger-arean??

Abeg go and sit down abeg, your posts are already boring me

enemybulldozer:
Is that suppose to be your headache when you're part of lugards fraud.

I'm part of Lugard's fraud and how is that your headache as well?