₦airaland Forum

OP go and find another job because everything you wrote is trash.

I've been using 6.0 for more then a year now.

maupe:
Like seriously, has he briefed his boss on this. The president wants to be the all in all of the petroleum sector. If he hands off the sector, then we can take the VP's statement seriously

The VP did not make that statement.

sinkhole:
Maybe he was saying the three refineries and the major crudes pipelines are working together for the first time in years? That is, the refineries have been working but the crude pipelines have not been working! You can interprete written words in many ways you know

There's only one way to interprete what the minister said.

sinkhole:
Chai Chai Chai, SMH, very soon we will hear "concurrently"

The Minister noted that this means that for the
first time in many years, all the three refineries
and major crude pipelines will be working at the
same time.


Reading and understanding are two different things but they go together.

sinkhole:
But I thought those refineries started working last year? This is why I stopped beleiving Nigerian politicians when they talk!

He said working simultaneously....

blueto:

Who provided the proof for EFCC to precipitate them to grossly hack into Fani's account and aberrantly disclose its contents?
.

They followed the money.
It's that simple.

BBC radio is owned by the BBC, it doesn't champion any northern agenda.
Get your facts right.

lordmayor4:
All these names that I have mentioned including all the other Directors whose names I have not mentioned are, as far as I am aware, men and women of immense integrity and good character

I stopped reading when I read this. I know all other statement will be lies

Bros you are mouthed.

Imagine putting Tony Anneih in the same sentence with integrity and good character.

That paragraph rendered his whole write up useless.

Comparing Mrs Buhari's book launch to PEJ's permanent secretary fiasco killed anything the author was trying to say.

Ugosample:
See as you just exposed your ignorance on economics
Is Coca-Cola the same price globally? is it not the same thing?

You do know Coca-Cola is produced under licence by different companies?

And if you use the guy I quoted example then the PPP of GBP to the Naira is 1/10

omonnakoda:
It is not stupi.d and your resort to that terminology only exposes your ignorance. PPP is an elementary concept. Calling people stupidd is not an argument. It is just an opinion and often a stoopid and ignorant one.
Whilst PPP does not and cannot capture every traded item it is a useful concept that illustrates distortions in price finding mechanisms

With respect your comment is quite stewpid

I did not call his stupid, I said his argument was stupid.

I know what PPP is, and I know you don't use PPP to determine the exchange rate which he was trying to do.

erico2k2:
Seriously? I think we have to look beyond oil. I as a person xport charcoal? *does that count? A friend of mine from lagos export palm oil and chemical starch. I know loads of others as well.

We need to export in Large quantites...

Is your name Charles O. by the way?

erico2k2:
What city is that 3 bed for £600? Una dey grove there

Coventry.

tuniski:
U certainly don't get it. Well I can't help u. The cost of production same item is never the same as your rent on accommodation in UK and ikoyi, u hear! Emphasis, the cost of producing same item! It is called purchasing power parity(ppp).

Did you factor in the same cost of production when you were using your formula in the first place?

adconline:
Aren't prices of goods already pegged to the black value of the dollar?

Not 100% correct. Not all goods have increased in price. You also have to factor human greed.

adconline:
Who are the beneficiaries of CBN rate of N197/$1? Publish their names every week and what they have imported with the allocation

Is this directed to me? If yes, i'm sorry i don't work with the CBN and i don't have access to the data you want.

NavierStokes:
You still don't get the point about IBB's SAP we have stated it on this thread, for IBB it was more about the corruption to "chop" the money than to truly make any reforms. IBB was the problem if you think otherwise tell me what the IMF recommended at the time that seemed stupid.

Can you with a straight face right now tell me there are people who won't feast on whatever extra money the country gets?

NavierStokes:
with devaluation more dollars comes in, from foreign investors, speculators as well (remember $20 billion is sitting idle in banks), plus if we also get our diversification well, increased exports etc.

This is all speculation.
How did IBB's sap work out for the country?

NavierStokes:
Nope at 350, only he who needs foreign stuff will go for it, a good deal of the demand will drop, and the government can to a much larger extent satisfy the then demand

The government doesn't have enough dollars that's why it is rationing. Devaluing the Naira would not increase the price of Oil so the government would still not have enough.

TonyeBarcanista:
let the naira be officially devalued.

imagine your brother sending you $2000 from USA through Western Union, you go to the bank and you are paid a naira equivalent at the rate of N199 to the Dollar and you are given N398,000.00. A week later you decide to order a watch from Dubai at the rate of $1000, you go to an aboki who changes your naira to dollar Ay N350, and made you part with N350,000.00. Do you think you are at loss or gain?

[b]if the Naira was officially devalued to N350, [/b]you wouldn't have been at great loss like you were before.



Think....

By the time the official value is N350 the mallam would sell to you at N450 so you would still lose.

Intrepid01:
TonyeBarcanista, Navierstokes, AzeD1, jmichlins can you guys enumerates with specifics the pros and cons of devaluation.

Please tell us whether we will be worse-off or better-off for it. This is the best way to analyse this issue without emotions.

We would be worse off if we devalue.

tuniski:
The value of the naira by purchasing power parity is determine by a simple Concept thus; if the cost ccommoditiy A in USA is 3$ and same commodity A in nigeria cost 1000naira, the naira to dollar value is 1$/333naira. QED

May God help us.

This is probably one of the most stupi.d things i have read on here.

My 3 bedroom flat in the UK cost £600 a month which is £7200 a year, I have a 3 bedroom in Yaba for N600,000 a year use your formula there and give me the purchasing power of the Naira to the pound.

NDPVF:
[s][/s]I av' been hearing this rubbish from Liar mohammad,and now you are regurgitating it. May i ask you, the investors and businesses that are running away from Nigeria now,(am not talking about those that are skeptical of investing here,the ones that were here before now that are folding up,as well as retrenching their workers),are they also portfolio investors?. Why is it hard for you people to understand that you are av' killed Nigerian economic already,and that their is widespread unemployment and poverty in the land already?.

Wide spread poverty and unemployment did start today and won't end today.
Companies leave everyday for various reasons e.g Virgin Atlantic but don't tell me companies are leaving because we refused to devalue. That's crap.
Venezuela has devalued it's currency but that hasn't helped their economy, same with Russia and most Oil dependent economies.

You'd have to convince me with an Oil dependent country which has been helped by devaluation.

PS: Companies are still leaving Venezuela after their devaluation.

http://www.reuters.com/article/us-venezuela-economy-currency-analysis-idUSKBN0LI00W20150214

NDPVF:
This is a typical example of penny wise,pounds foolish!. You said their won't be enough dollars to go round,but at the same time closing our doors against other sources of forex.How you ask?. May i remind that,crude oil though our chief source forex,but not the ONLY source. If you are looking to strengthen our sources of forex,you don't scare away investors and FDIs,which are other sources of earning forex,with useless economic policy of pegging dollar against naira!. Many foreign investors are already gone,and its attendant job loss. This will create more pressure on the economy.

Devaluation is only scaring portfolio investors not people who have long term plans for Nigeria.

TonyeBarcanista:
1. Trust me no hoarder would want to miss the opportunity of legitimately earning more than they would.

2. Devaluation technically discourage import but encourage local production since it will become more expensive to import but cheaper to export.

3. China maintains a low value currency so as to make their goods attractive wet price in the international market.

The answer to Nigeria's problem as regards currency right now is not devaluation.
We have serious infrastructure debit which hinders local production so we really have nothing to gain from devaluation.
The answer is not also pegging it at the current rate.

TonyeBarcanista:
1. A devalued naira makes it attracts hoarders of the dollar to bring out the currency since they know that they would make more.

2. We have the capacity to export products like cement and few other items, especially some agricultural items. However, it doesnt stop our government from empowering local manufacturers and producers so as to enable us meet local demand, thereby reduced reliance on import.

3. it isn't every time that one should be political in decision making.

1) Hoarders would bring relief for at most a month then we are back to scarcity.
2) Can't you see the irony there? How do you empower local manufacturers by making imports cheaper and easier?
3) This is not a political decision, I don't belong to any political party, it's strictly business. China manipulates it's currency and the West complains but they don't give a f**k. We have to stop exporting jobs to other countries.

Truth234:
1) Devaluing would not pushed black market rate up but normalize it. It means instead of majority of us buying it at speculators' price we will be buying at official rate or something closer.

You don't get it. We don't have the dollars to go around. Even if you devalue, we still won't have enough and you know want happens when plenty money chases fewer goods.

kITATITA:
I don't support you here. It is incorrect for the CP to represent the governor. If even the CP represents the governor, he should read a prepared text on behalf of the governor.

How do you know he didn't read a prepared text from the governor?

TonyeBarcanista:
SAP flopped because IBB mismanaged the whole thing for his selfish interest.

Already, businesses are operating on a value of the naira that is over 100% more than the official value. in fact, the naira is technically devaluated due to scarcity of the dollar. What we are saying is for the government to allow the naira to be officially devalued so that businesses can freely operated. This will even boost our export as our goods would be cheaper in the international market, and that would help local economy.


however, it will make import more expensive but we can't depend on import forever

1) The scarcity of the dollar is not caused by the rate so devaluing doesn't solve the scarcity, rather it would push the black market rate up further.
2) We really don't export anything so the idea of our goods being cheaper is economic theory.
3) You need to understand that foreigners that are calling for devaluation are doing it in there own interest not because they like us?

TonyeBarcanista:
The benefit are enormous though not immediate, it outweighs the suffering we are subjected to at present

Like the benefits of SAP?
Also can you list the benefits, short term and long term.

TonyeBarcanista:
It is a problem when a Police Commissioner that is supposed to be neutral represent a Governor that represents a political party in government. it is more worrisome when the said policeman utter words of a political party.

please, is the quote below appropriate for a policeman? especially the bolded...



" “This heroic act and professional conduct, is
in line with the ‘Change Mantra’ of the present
administration"

The CP was delivering a message from the governor not from the IG.

Those people who say we should devalue the Naira have never said what the country stands to gain from devaluation.

Let's not deceive ourself, this deal doesn't affect the US in anyway.