₦airaland Forum

MrRichmond:
Why are you busy castigating the messenger instead of focusing on the message??
Has Buhari not failed?
Has he not stood idle and mute while Fulani herdsmen slaughtered scores of Nigerians?
Has he not crumbled our economy?
Has he not failed to solve corruption and unemployment?
Has he not failed to show empathy towards those affected by his security inadequacies?
Hasn't he failed to carry along the rest of the country instead proving to be a tribalistic bigot prioritizing the North over the rest of the populace?

Until we remove tribalism and start to judge people based on merit and performance we will never go anywhere as a country.

The Archbishop said he is neutral but would pray for him.

No matter how bad a government is, that government would still be good to some people.

What do you expect the Archbishop to say?

The fastest way to get a job is through referral aka man know man, so when you are in school, try to build a network because it will come in handy in the future.

I have worked in a fairly big organization and I have worked in start ups (where I handled recruitment for my team) and nothing beats having someone on the inside who personally hands over your resume to the person in charge of recruiting.

Most times, vacancies are announced internally weeks before it gets to the public and by the time it gets to the public, the hiring manager already has a group of people shortlisted for the interview.

Firefire:
"A loan of $200 million was obtained, by the Lagos state government from the World Bank for the completion of the Light Rail Project".

TEN years after the Light Rail Project is still Work-in-Progress?

Despite all the financial resources at the disposal of the previous administration of Babatunde Raji Fashola.

I make bold to say, Fashola Tunde is a FRAUDster and a colossal propagandist cum looter.

Similarly for the Presidiot called PMB...

You do know that they money is only given when certain conditions are met and the $200 M wasn't given at one? I doubt if all of it has actually been given to the LASG.

Anyone interested

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Waste of funds.

Quality over quantity. There's no point building any new government universities we already have enough under funded ones.

I give up.

jpphilips:
damn!! your ignorance

Do you know the difference between currency stability and exchange rate?

I think selling the companies is a good idea. There's no point in government owning in efficient companies. If they get the sale right, Benue would be better for it and in my opinion, its easier to sell to the right investor than to vote in competent people.

ashjay001:
So, with billions of dollars in reserve n being lead by a man of proven integrity, our naira value still won't stabilize, because of low oil prices se?

The Naira cannot be stable because it's not backed by anything. The CBN spends money to main a false level.


If you think Buhari has integrity, it's either you don't know the meaning of integrity or the meaning has changed and I missed the memo.

ashjay001:
If u put it like this, then I'll ask u this; which amongst those country u mentioned, has a higher percentage of buying back their currency, even when they're broke, once u're ready to sell/offload?

The pounds would be easier to offload. You know that.

ashjay001:
I'll go with ur ans, believing u're an expert economist

You and I both know you'll buy the pounds.
Its more stable and you can bet that 5 years from now, it would still be stable.

Don't confuse exchange rate with stability.

The $/£ exchange rate is one of the most volatile in the world but in terms of stability, they are up there.

ashjay001:
If u put it like this, then I'll ask u this; which amongst those country u mentioned, has a higher percentage of buying back their currency, even when they're broke, once u're ready to sell/offload?

Answer my question and I'll answer yours.

TheCabal:
We use the foreign reserves to defend the naira. That is Nigeria's current plan for a stable currency.

So, a high foreign reserve means; a business can invest his money and not fear that the currency will plummet. This encourages FDI.

A high foreign reserve also means a country can meet its obligations, loans, tbills e.t.c

This is a simple paper regarding this issue:
^{The recent growth of international reserves in developing economies: A monetary perspective
https://www.sciencedirect.com/science/article/pii/S0261560615001497}

Pataricatering:
when they say read your book you won’t read ! Na wa o !

ashjay001:
So, when ur foreign reserve is very low n foreign entities fear u cannot meet ur forex obligations, what happens to ur currency? It remains stable ba? All these coconutheads sef

India, Brazil, Taiwan and Mexico all have more foreign reserves than the UK.
Given a choice to buy just one currency, which would you pick?
Pounds, Rupees, Peso, Taiwan Dollar, Real.

efficiencie:
I agree with you. A country that relies on its reserves to defend its currency is a structurally imbalanced economy. The failure of our leaders persistently is that they fail to listen to economic experts just so they can continue to steal public funds. The root of economic growth and development is human development plus financial development. When human development in terms of human capital formation and overall wellbeing of the human populace combines with available funds to finance research and development societies develop rapidly...but sadly our leaders are interested in smiling to the bank with billions while all others suffer. Though this administration fared better than the previous , in my opinion, I still say we are yet to get effective and efficient leadership!

Ours is worse than imbalanced.

CodeTemplar:
The day we start producing other things asides oil is the day we start growing. Anything oil earning ends up being shared and looted. The govt is a drain.

Now you are talking. We don't produce anything so what makes our currency stable? Do you think there's any where in the world were people are telling their brokers to sell X currency and buy the Naira?

PS: You cannot have a stable currency without sound economic fundamentals.

Lots of peeps here are confusing exchange rate with the stablilty of a currency.

ihatesycophant:
You're being myopic on the issue at hand. Foreign reserve gives investors confidence and stabilise country's currency.. If the reserve has not be depleted our currency exchange rate would have been stable by now.
You're comparing Nigeria with fairly stable economies. With this your mindset Nigeria can never grow.

You are the one being myopic. Government uses the foreign reserve jargons for politics and investors are reaping us off. A majority of foreign investors in Nigeria are port folio investors, they contribute nothing to the economy and take so much out. If a foreign investor buys Treasury bills with $100k, they'll be making almost $17k (approximately) in profits and not one single job would have been created.

The bold is where you are making a mistake. Our currency is not stable because we produce nothing. Our major export is Oil and its priced dollars so in reality, nobody apart from Nigerians need the Naira.

Isn't ironic that foreign reserves have been increasing but there's no corresponding increase in jobs created?

CodeTemplar:
And so what! It is a short term strategy that has been in use for decades in Nigeria.

And you wonder why Nigeria is still a 3rd world country?

ihatesycophant:
The people that gave your comment like and even share it are like you that know next to nothing. Your case is like a blind man showing road to another blind man.

See the importance of foreign reserve to a nation and stop misleading people that want to learn.

Why Foreign Exchange Reserves are Important
  Vinish Parikh   February 9, 2010
Foreign exchange reserve can be defined as deposits of a foreign currency held by the central bank of a country. Here are some of the reasons why it is important for a country to have good amount of foreign exchange reserves –
1. It increases the confidence in the monetary and exchange rate policies of the government.
2. It enhances the capacity of the central bank of the country to intervene in the foreign exchange market and control any adverse movement and stabilize the foreign exchange rates to provide a more favorable economic environment for the progress of the country.
3. During time of any crisis foreign exchange reserves come to the rescue of any country so as to absorb the distress related to such crisis.
4. It also adds to the comfort of market participants that domestic currency is backed by external assets and hence it also helps the equity markets of the country, because due to strong reserves many people from foreign countries are willing to invest in the country having strong foreign exchange reserves.
However holding too much foreign exchange reserves is also not advisable because it involves the opportunity cost of money tied in reserves rather than investing somewhere else which could have earn higher return on the invested money.

India, Brazil, Taiwan and Mexico all have more foreign reserves than the UK.
Given a choice to buy just one currency, which would you pick?
Pounds, Rupees, Peso, Taiwan Dollar, Real.

usibengate:
You seem not to understand what you are saying! What is import liabilities go make research and come back to post your findings please. You are at variance with what foreign reserve means

This article says Nigeria has more Foreign reserves than South Africa, given a choice, which currency would you rather buy?

bozzyjoan:
let me use your point to explain.
foreign reserves helps in the stability of the currency how? I will explain to u.
Dangote for example imports some concentrates he adds to produce cement. If nigerias reserve is low like say $20b and he want to import something worth 2 billion dollars.nigerian gvt cant gv borrow him dat money cuz we are short of it at dat 20 billion mark,so with dat he will source 4 dollars 4rm d parrallel market, when he gets it at say 365 naira instead of 305 he imports and uses it..what he wil produce inturn wil have to bridge dat 62 naira gap cuz he paid more to get it..with dat he wil increase the price of his cement to augument the lost 62 naira.now dat was what hapnd wen buhari floated the exchange rate...cuz the reserve was low and investors cant get dollars easily wh....(nospace

Nigeria is probably one of the few countries in the world that has a "parallel market". Having a parallel market is a bad sign for an economy.


Countries like China and Japan have low currencies to enable export. This is the same with almost every "normal" country were the rise or decline in the currency affects exports but for Nigeria its totally different because what we have is a "pseudo economy" for lack of a better word.

olujastro:
Follow the news like I do if you have to exclaim next time or read my comment well enough.

Bros deflation occurs when inflation gets to -0. Deflation is not the same as reduction in inflation.

CodeTemplar:
Oga it has everything to do with stability of currency. The govt takes forex from the reserve and use it to meet import need on a short term basis. The volume of forex in market helps drive down forex price just like any other commodity. The main thing here is that the govt varies the availability of forex (its volume) in market to try and maintain a stable exchange. It is a short term strategy.

Even you admit that this a short term strategy.

efficiencie:
You are actually ignorant of what you speak of. If foreign reserves are to meet import liabilities then they are as well designed to stabilize the value of the naira vis-a-vis the dollar. This is so because if there is a surge in the demand for imports without a corresponding supply of foreign exchange excess demand for foreign exchange will result and this will worsen the value of the naira to the dollar and send us back to the periods of surging consumer price indices! So by having enough foreign exchange to meet import liabilities price stability and hence currency stability is achieved!

Nigeria runs an artificial market and an import depended economy.
I have been fortunate to live in 2 developed countries and its only Nigeria foreign reserves is news to the common.

If Nigeria as a country increased its non oil exports, Foreign reserves would have nothing to do with the stability of the Naira.

The only reason why its matters in Nigeria is because the government spends money defending Naira.

vani86:
It means Naira to other foreign exchange remain stable and not fluctuate anyhow, it leads to stability of a countries currency when compared to others.

so yes, it affects the common nigerian indirectly

Stop misinforming people.
Foreign reserves is basically the money government has to pay for imports(liabilities). Has nothing to do with stability of a currency.

Dammie2017:
No the iphone promo is not on, i was given a credit card , the lady said it would be mailed to me. just sent you a pm

Replied your PM.

I think Scotia bank also gives $300 but I have no idea of the conditions before you get the money.

Welcome to Ottawa.

Dammie2017:
Hello all...
Landed in ottawa a couple of days back.

I flew air canada as i was in the uk for a bit after i left nigeria. The flight was ok. Landed at ottawa around 6:50PM.The airport was rather quiet as it seems not to be a major airport. Did the kiosk declaration and proceeded to get my bags. I was then directed to immigration. He took my passport and COPR , asked the same questions on he copr and told me to initial and sign on both forms, was given a print out on steps on gettig SIN and told me to go to customs since i declared i had food. The officer asked what i had and i said powdered milk , spices, ground pepper,and he asked to see the milk, then he asked if i had the chocolate milky thing as well and showed him the milo and he says while smiling "i heard its good stuff but ill have to bin them as its not allowed in canada" welcomed me to canada and showed me the way out.

2 days after went to service canada for SIN and opened an account with RBC, now job hunting....

Ottawa people please holla oooo, im in need of friends...lol

I'm in Ottawa.
Is the iPhone SE promo still on with RBC?

Also try and get a new comers credit card from RBC and start building up your credit history.

If you don't mind working in Government, now is the time to apply. A new budget season just started so offices would be filling up vacancies.

We can either have cheap schools or good schools.

Good and cheap is not possible in Nigeria. At least for the foreseeable future.

Depreacherman:
This is mocrey in high proportion! After reading all nights

Nobody told them to read all night.


Nigerians have an entitlement mentality. Nobody owes you for being the student.

KevinDein:
At the emboldened, only licensed pharmacists are allowed to trade drugs, especially those capable of causing addiction. This is common knowledge.

As for the first paragraph, it is well within the right of a government to come up with policies and laws that would limit the supplies of commodities that are deemed dangerous to the society. Asian countries have demonstrated that. There is huge demands for hard drugs over there but its a crime to peddle such drugs into those countries.

Demand for an item doesn't always mean that item must be supplied.

So how do you stop addition of a product that can be bought in any pharmacy?

The codeine problem of Nigeria can be fixed if they get the youths working.

KevinDein:
No that's not how drug issues are tackled. Globally, countries put laws in place to dish out stiff punishments to suppliers of hard drugs. Malaysia, Indonesia, many other Asian countries have such laws. The US have long been involved in wars against the suppliers of narcotics from South America.

Cut the supplies and there won't be consumption. The North should act fast.

Demand creates supply. If there's no demand, nobody would risk his/her life to traffic drugs to places were the punishment is death.

Another thing you forget is codeine as a product is not bad, it's a medical drug so you can't arrest someone for trading it codeine.

The write is a dunce. Demand creates supply. If he wants to stop the drug problem, they should get their youths productive.

Making sure they go to school is a good start.

As special adviser to the past president on Media, how many police deaths did Reno or GEJ respond to?

There was a period when banks in Ijebu Ode closed because they were robbed every week.

There are issues Reno should not talk about because when he was in power, he didn't do what he expects others to do.

YorubaAssasin:
Hire /fire at will or discretion, even contracts are NOT restricted within this confinement.

Go ask all the top, top European coaches (Mourinho, Capello, et al...). Your best bet is to have negotiated a lucrative term in the contract agreement so it won't get to this stage.


Goodluck!

Do you know the meaning of hire/fire at will?