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Politics / Re: E-Naira: Buhari Launches Nigerian Digital Currency by Babanah: 4:31pm On Oct 25, 2021
No sense of humour at all. Well I know country hard well well.

1 Like

Politics / Re: E-Naira: Buhari Launches Nigerian Digital Currency by Babanah: 4:28pm On Oct 25, 2021
omoadeleye:




Your head is not correct, upon all the issues going on in the country, this is the bs you can think of? You can try better.

You are very rude!
Politics / Re: E-Naira: Buhari Launches Nigerian Digital Currency by Babanah: 3:23pm On Oct 25, 2021
No sense of humour!
Politics / Re: E-Naira: Buhari Launches Nigerian Digital Currency by Babanah: 2:27pm On Oct 25, 2021
This message is to Nigerian women.

As you well have noticed, the “Presidency” has seized control of the First Lady’s conference room for about a year now.

Not a word or whimper from the Nigerian women.

Women of Nigeria arise and fight for your rights. Seize control of your hallowed conference room and take back what belongs to you.

But no guns please.

6 Likes 2 Shares

Politics / Re: Sanwo-Olu Meets Artist Bodataiye Oniyakuya: Receives Funny Potrait Of Himself by Babanah: 4:19pm On Oct 19, 2021
It’s not a ‘funny portrait’ rather it’s called a caricature.

2 Likes

Business / Re: Nigerians Criticise CBN’s Reliance On Dangote Refinery To Fix Naira’s Free Fall by Babanah: 10:12pm On Oct 18, 2021
NwaNimo1:
State capture.....

[img]https://media1./images/5b8f98be79a4d2c036dffc19820f8e0c/tenor.gif?itemid=20756518[/img]
Rather 80% state capture

2 Likes

Business / Re: Nigerians Criticise CBN’s Reliance On Dangote Refinery To Fix Naira’s Free Fall by Babanah: 10:01pm On Oct 18, 2021
SarkinYarki:
Trust me on this Emeiefele is a stack idiot

Can you explain?

5 Likes 1 Share

Business / Re: Nigerians Criticise CBN’s Reliance On Dangote Refinery To Fix Naira’s Free Fall by Babanah: 10:01pm On Oct 18, 2021
dawnomike:
The CBN governor has become clueless...
Can you explain?

4 Likes 1 Share

Business / Re: Nigerians Criticise CBN’s Reliance On Dangote Refinery To Fix Naira’s Free Fall by Babanah: 9:58pm On Oct 18, 2021
Float the naira now and do not announce the date for the commencement of the refinery. Speculators will eventually get their fingers burnt. Those who understand how fickle fx rates are under floating regime will be mindful about the price they purchase dollars.

12 Likes 1 Share

Politics / Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 10:50pm On Oct 11, 2021
TheOgaBoss:
don't mind these idiots who don't know what they are saying, the VP if does not know jack, even China with their Hugh industrial capacity has not dared to float their currency much less a Nigeria thta cannot produce "shit", we cannot even refine the oil we produce, the co is confused.

China rather is undervaluing their currency to make their exports more competitive. Why do you think made in China goods are so cheap?
Politics / Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 10:07pm On Oct 11, 2021
baralatie:

sad
I apologize if my response was offensive!
Please do not be annoyed

Not at all my friend. We are all here to rub minds and share ideas.

1 Like

Politics / Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 10:05pm On Oct 11, 2021
emorse:

You seem to have forgotten that Bubu bowed to pressure to float the naira sometimes around 2017 or so and it dropped from about 230 to 500+/$. Even some of our prophets of doom predicted at the time that in would fall below N600/$. Inflation rose sky high and we slid into recession. It took the CBN's intervention to stem that tide even though partially.I'm no economist but I can connect the dots.

Nigeria is an extremely import-dependent country so market forces could pull the naira even below the 1k/$ being speculated. Devaluation didn't help Zimbabwe. I doubt if it will help us.

In my opinion, the way to go will be to reduce our import bills by maximising local production and if possible, increase exportation after which, the nails can be allowed to float. Otherwise, our own go worse pass Zimbabwe own.
In my opinion, I do not buy the idea of ‘import dependent nation’.

We have to diversify our sources of foreign exchange. We rely on oil for our forex, what about countries who don’t export crude oil some even have to import oil.
Before the quadrupling of oil price in 1973 oil was less 3?dollars per barrel. Nigeria had a stronger more diversified economy than now. So to say Nigeria is a mono product economy is because we decided to make it this way. You cannot rely on demand management all the time it time to look at the supply side as well.
Politics / Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 9:53pm On Oct 11, 2021
baralatie:

You are not getting it at all
A dollar exchange rate getting to #800 to #1000 means
The cost of your fuell imports has increased by 3 to 4 times the current rate

Currently petrol alone is subsidized from #300 to #162 (@ #411...cbn rate)
This subsidy itself is causing problems for bubu and states
@ any further [b] increase of naira to #800 to #1000.automatically means your fuel has increased to #600 it will erase all those nonsense you wrote up there

Unless you
Cancel subsidy

I have not mentioned the wahala on inflation and power

First of all that is not the way to address other people young man. I don’t know your background. If you don’t agree with others there is a polite way of saying so and putting your views across in an intelligent way.

Good manners are very important. Never mind the dire situation we all find ourselves.
Politics / Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 9:28pm On Oct 11, 2021
baralatie:

The bolded is the perogative of the executive president of the federal republic not the CBN governor.
Meanwhile you have not settled nnpsc, and it's subcontractors dollar demand for it's imports.
Excluding importing by man for it's raw materials and machinery
Excluding dollar requirements by fg for external dollar debt loan financing
Excluding imports of wheats and kpanla and sugar
Excluding dollar requirements for trade at npa o for your phone,laptops ,cars

And you only major source is ..........

what do you think will happen to bubus govt if dollar sells.at #800

The naira equivalent is distributed at monthly faac meetings in Abuja.

You don’t appear to see my point. CBN sells at the market rate. This will have the following consequences.
Increased revenue to the 3 tiers of government.
Increased remittances from the diaspora.
Increased FDI
Increased portfolio investment
Increased tourism inward
Better allocation of fx
Decreased fx arbitrage
Decrease in health tourism.
Net increased fx inflows will lead to a lower more realistic rate for the naira.
Politics / Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 8:56pm On Oct 11, 2021
baralatie:

Do you know how many dollars that nnpc and it's sub contractors purchase from the cbn that is inevitable.
They must buy
With regards to the CBN you have to look at both sides of the balance sheet as it were. If depends on what the CBN does with the increased naira proceeds. Social intervention programs. Subsidies targeted at the poor and vulnerable.
Politics / Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 8:51pm On Oct 11, 2021
Trentee4eva:

Mumu talk. Is the naira not devalued already? How can devaluing the naira help tourism?

I don’t know background but will say this.

How do you determine the value of the naira do think it’s a matter of emotions?

A cheaper currency encourages tourism because tourist realise the money would go far when converted to the local currency. That is why poor people go to countries like Thailand and can afford to stay in 5 star hotels. A hair cut with a Nigerian barber in London cost £10 convert the to naira and see if an average Nigeria man can afford to have a hair cut every two weeks.
Politics / Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 8:41pm On Oct 11, 2021
Let it get to 1000 as long as it finds it equilibrium price. Why all this obsession about the dollar. If you want to do something about it why don’t you try to earn forex for the country. Rather than depend on oil rent gathered by CBN.
The oil companies export crude oil. Remit Nigeria’ share of the oil sales to CBN account. CBN in turn converts the dollar proceeds to naira which is then shared in Abuja.
The rest of Nigerians are busy salivating on how to get their share of these dollars at a rate acceptable to them.
Because na oyel money na we own.
What a country.
Politics / Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 8:28pm On Oct 11, 2021
baralatie:
If the naira exchanges at #800 to $1 dollars !
What will be the implication to Nigeria

There will be fewer buyers at that rate and will start to appreciate. The hoarders (speculators) will get their fingers burnt.
Politics / Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 8:26pm On Oct 11, 2021
Float the naira. How much did Thailand make from tourism alone in 2019? $64 billion. Not to talk about FDI and portfolio investment. Even poor men go to Thailand and live as kings for two weeks. A lot live like big men while on state pension from their home countries.
No wonder Thailand is far more developed than Nigeria.
Imagine Nigeria with a devalued (appropriately) priced currency. All those oyinbo men will retire to Akwa Ibom sharp sharp and enjoy life.

2 Likes

Politics / Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 8:09pm On Oct 11, 2021
Olafisoyem:


Guy most currencies are free floating even the pound dollar and euro. I’m order to increase or decrease the value of their currencies, they either pump money into the economy or reduce the amount of money in the economy they also look at inflation.

What he is saying is so correct. You forget that most of nigerias money is imported.
Yes if exchange controls are relaxed investors can bring in their foreign currency to take advantage of the high interest rate in Nigeria.

Imagine if naira is 1000 for one dollar all the dollars we are collecting will be equal to more naira.
More foreign companies will invest dollars in Nigeria because they will convert it to more naira. Outsiders are not fools imagine you got to the market and you want to buy something. They call it 500 but you know In your mind it is only worth 300 will you buy or will you go somewhere else.

No security no light no nothing no ease of doing business and you’re selling your currently like it is high.

Politics / Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 8:00pm On Oct 11, 2021
989900:


God bless you.
I came here to write the above.
Thank you.

Instead of them to address the racketeering that they all benefit from to the detriment of the country, "Ọsinbande" is blowing textbook economics.

ATEOTD, the Naira's comatose situation is 30-40% directly tied to our importing refined petroleum products.

Where are the refineries "Ọsinbande" and the guyman from Daura promised Nigerians? Them existing refineries self died in their arms.
You are drawing a false analogy. If CBN decide to sell dollars at the market rate, say 600 how would the aboki make a profit? By selling at 700?
Once a currency finds it level, that would eliminate arbitrage. The presence of arbitrage opportunities in a market suggests that the price of the commodity is not at equilibrium.

1 Like

Politics / Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 7:43pm On Oct 11, 2021
One thing we must realise is once the naira finds it level, it will begin to adjust it value as determined by the market.
To speculate, that hold the dollar only to sell when it appreciates against the naira will become risky, because at the equilibrium price the naira could go up or down no one really knows.
For example in my ‘Trade’, if we are lending say EURO and are operating currency is USD, we simply do an fx swap to cover the first interest period to hedge our exposure to EUR. We then do an swap on each interest payment date.
The reason being currencies fluctuate so much that if we did an fx swap for the full period of the loan, there is the high chance that we might suffer Fx loss which might wipe out the interest received during the loan period.
So the fx swap is done on a monthly or quarterly basis to mitigate our fx exposure. In some periods we benefit from fx gain in other periods we lose. But the net benefit during the loan period is usually positive.
So my point is if the naira is allowed to float those who hold it for speculative reasons will suffer in the long run.

1 Like

Politics / Re: President Buhari Love For Children Displayed As He Honors Late Joseph Blankson-p by Babanah: 6:35pm On Oct 02, 2021
SLAP44:
Fake love

Holding the small girl on the shoulders and salivating on how to suck her blood.


That’s not true, if you watch Buhari closely you will notice he naturally loves kids and feels quite comfortable among them.

From the psychological perspective, the President is one who embraces his ‘Inner Child’ without bothering about what anyone thinks of him.
Politics / Re: Bill To Back States To Collect VAT, Control Resources Underway In House Of Rep by Babanah: 3:41pm On Sep 23, 2021
Aidejay:
and?
Correction Lagos State Government took FIRS to the Supreme Court.
The Supreme Court ruled that it only has original jurisdiction on constitutional matters. That is the federal government and federating units (states).
Politics / Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Babanah: 7:52pm On Sep 20, 2021
thebosstrevor1:


It is the same thing

Does the CBN not have have multiple exchange rates at the moment? Is the CBN not trying to manage the value of the naira through unorthodox, inconsistent and often confusing means?
Politics / Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Babanah: 6:13pm On Sep 20, 2021
thebosstrevor1:


Any difference with what you wrote and what the cbn is doing?

You go and find out about the cbn’s fx policy and compare with what I have said.
Politics / Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Babanah: 5:00pm On Sep 20, 2021
thebosstrevor1:


So if you were the cbn governor, how will you solve the given situation ?

Let the naira float with a single rate heavens would not fall trust me. Build up your reserves ( war chest) and then move on to a managed floating exchange rate regime. If the country cannot tame its appetite for dollars, then it's either look for more sources of fx or the exchange rate continues to go up.
The reason there is so much speculation on the naira is because if the belief that the currency will continue to slide against the dollar until it gets to the equilibrium rate.
Politics / Re: CBN, Abokifx And The Resurgence Of Authoritarian Regulation by Babanah: 4:20pm On Sep 20, 2021
When it comes to ‘hard graft’ the Governor is very good at that. Hence he was able to raise to the very top at Zenith. But I think the post of CBN governor is slightly above his competence.
Politics / Re: VAT: What States Generated, Received In Past 8 Months by Babanah: 2:43pm On Sep 18, 2021
I think the federal and state governments should come to a pragmatic agreement.

VAT collection should run on federal infrastructure that is FIRS, while the distribution formula should be tweaked to reflect the state where final consumption has taken place.

The states keep records of consumption within there domain and then reconcile with the FIRS. This is possible with a good IT system.

However for VAT due on imported good and contracts signed in the FCT, this should be distributed among the federating units on the basis of equality with the federal government keeping 15 percent.

This will ensure the non performing states get some vat revenue but will spur them to be more creative and aggressive with internally generated revenue. Also it will lead to a more efficient use of scarce financial resources.
Politics / Re: Prof Osinbanjo Never Reads His Speech by Babanah: 6:46pm On Sep 14, 2021
Ajoself:
I am not sure he uses teleprompter because even on remote meetings with some various parastatals he is still fluent. Learn to appreciate one's talent

Yes sir I agree with you, I will.
Politics / Re: Prof Osinbanjo Never Reads His Speech by Babanah: 6:45pm On Sep 14, 2021
Ajoself:
I am not sure he uses teleprompter because even on remote meetings with some various parastatals he is still fluent. Learn to appreciate one's talent

Yes sir I agree with you, I will.
Politics / Re: CBN To Establish Nigerian International Financial Center by Babanah: 1:05pm On Sep 14, 2021
Good idea, make sure it’s located in Eko Atlantic City.

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