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Politics › Re: Naira Devaluation And Yemi Cardoso's Weak Argument by Bebigiby1(op): 11:11pm On Oct 07, 2024

Yes it is glaring that Tinubu and his looting associates in the national assembly are hooked and addicted to World Bank/IMF's foreign loans, they don't care about the damage their excessive borrowing and spending spree is doing to Nigeria's economy.....

DelilahMakinde:
Because IMF told me to do so....

1 Like

Politics › Re: Why We Floated The Naira – Cardoso by Bebigiby1: 10:53pm On Oct 07, 2024*

@IbeOkehie you stylishly dodged @Biglyanga response regarding Nigeria's infrastructural deficit on electricity generation and good roads which are key.... Floating the naira remains a bad policy which will only ruin Nigeria's economy because the root problem which is corruption and looting of public funds within the government has not been addressed. No genuine progress can be made when corrupt, selfish, greedy and incompetent people are occupying sensitive public offices....

IbeOkehie:
Yes China has some controls on it's currency. China does the opposite of what Nigeria has been doing. Early in its quest for development, China SUPPRESSED the value of it's currency to promote productivity and make its exports competitive, right up to the 2010's. Then it switched to BOOSTING its currency value to promote consumption and compete with the dollar. China wasn't created as an industrial powerhouse, in the 1950's it was poor and suffered massive famines. China BECAME an industrial power by enacting some free market reforms in 1978.

I challenge anyone to simply Google with relevant queries and find the USA, Europe, Japan and many other countries complaining BITTERLY about unfair export policy anchored by Chinese suppression of the Yuan.

When it comes to currency, the best practice is free float, let a currency find an optimal value. In general, SUPPRESSING a currency value promotes productivity & exports, while BOOSTING a currency promotes consumption.

Nigeria has ALWAYS promoted and boosted the naira ABOVE its fundamental value. That is why Nigerian productivity is low and manufactured exports are low. In fact the rigged value of naira is the MAIN factor keeping Nigeria down in poverty.

Good Luck to Nigeria.

Politics › Re: Why We Floated The Naira – Cardoso by Bebigiby1: 10:53pm On Oct 07, 2024*

IbeOkehie:
Yes China has some controls on it's currency. China does the opposite of what Nigeria has been doing. Early in its quest for development, China SUPPRESSED the value of it's currency to promote productivity and make its exports competitive, right up to the 2010's. Then it switched to BOOSTING its currency value to promote consumption and compete with the dollar. China wasn't created as an industrial powerhouse, in the 1950's it was poor and suffered massive famines. China BECAME an industrial power by enacting some free market reforms in 1978.

I challenge anyone to simply Google with relevant queries and find the USA, Europe, Japan and many other countries complaining BITTERLY about unfair export policy anchored by Chinese suppression of the Yuan.

When it comes to currency, the best practice is free float, let a currency find an optimal value. In general, SUPPRESSING a currency value promotes productivity & exports, while BOOSTING a currency promotes consumption.

Nigeria has ALWAYS promoted and boosted the naira ABOVE its fundamental value. That is why Nigerian productivity is low and manufactured exports are low. In fact the rigged value of naira is the MAIN factor keeping Nigeria down in poverty.

Good Luck to Nigeria.

Politics › Re: Naira Devaluation And Yemi Cardoso's Weak Argument by Bebigiby1(op): 7:56am On Oct 07, 2024

Don't mind @helinues he is not a neutral commentator....

HellVictorinho8:
ITZ A MATTER OF WHAT YOU SEE AS WORSE

THEN

IF I AND MANY OTHER PEOPLE CANT AFFORD FOOD THIS MORNING AND YOU DONT SEE IT AS WORSENED ECONOMY,THEN NEVER MIND.

YOU CAN ASSUME AM NOT WORKING OR BE ASKING MORE FRUITLESS QUESTIONS

BUT AM TIRED OF UR RESPONSES

Politics › Re: Naira Devaluation And Yemi Cardoso's Weak Argument by Bebigiby1(op): 7:41am On Oct 07, 2024

I already know you can be mischievious....

helinues:
If you don't know the meaning yourself, nothing to argue with you as understanding the meaning should be the basis for this argument

2 Likes

Politics › Re: Naira Devaluation And Yemi Cardoso's Weak Argument by Bebigiby1(op): 7:30am On Oct 07, 2024

@hellinues I had wanted to ignore your previous comment because i know how you operate here but choose to reply your earlier post... I do believe you know the meaning of the word so you can answer your question...

helinues:
I asked you simple questions, you are writing unnecessary epistle

Again what do you understand by arbitrage, I want make you guys first tell us what you understand by the word before knowing where to take things up

Politics › Re: Naira Devaluation And Yemi Cardoso's Weak Argument by Bebigiby1(op): 7:25am On Oct 07, 2024*

You are in Nigeria.... I already made my points in earlier post.... none of the reasons Cardoso gave for the floatation policy has been achieved and he did not provide any timeline if it will be achieved meaning he is not sure about his own policy..... Nigeria's economy continues it's downward spiral as prices of goods and unemployment in manufacturing sector continues to rise due to the fx crises caused by this policy.....

helinues:
How is the policy failed?

How is it ruining Nigeria economy?

1 Like

Politics › Re: Naira Devaluation And Yemi Cardoso's Weak Argument by Bebigiby1(op): 7:19am On Oct 07, 2024

I did not say i know more then anyone in CBN but is it not clear to you that the policy has failed. Why is CBN bent on continuing with a failed policy that is ruining Nigeria's economy..... You should be concerned....

helinues:
Apply for the CBN governor position then as you know more better than the current person handling things

2 Likes

Politics › Re: Naira Devaluation And Yemi Cardoso's Weak Argument by Bebigiby1(op): 7:17am On Oct 07, 2024

There is still disparity between rates as he said that the floatation policy was aimed at closing it....

CodeTemplarr:
Closing of disparity or elimination of disparity, which are you basing your criticism on? Which is Cardoso addressing

Politics › Naira Devaluation And Yemi Cardoso's Weak Argument by Bebigiby1(op): 7:08am On Oct 07, 2024*

I opened the Nairaland frontpage this morning, only to read a post titled "Why We Floated The Naira – Cardoso".... I am not an economist but I am forced to make this post to dissect certain points made by the CBN governor that should be of great concern to Nigerians. While reading the post, the highlighted section below caught my attention...

".....But Cardoso, speaking for the first time on his journey on the saddle so far and focusing on the turbulence in the financial market following his assumption of office a year ago, explained that the floatation policy was meant to address the disparity between the official and parallel rates which encouraged arbitrage and speculation, eroding trust in the market.

While addressing members of the Harvard Club of Nigeria in Lagos at the weekend on the topic: “Leadership in Challenging Times: Restoring Credibility, Building Trust, and Containing Inflation”, Cardoso recalled that upon assumption of duty, he understood that the credibility of the Central Bank of Nigeria (CBN) had to be the bedrock of the actions he and his team took.

He stated: “Without credibility, no policy, however well-intentioned, can succeed. Floating the naira, a decision met with considerable public criticism, was necessary to bring the official exchange rate closer to market reality. ‘‘The disparity between the official and parallel rates had encouraged arbitrage and speculation, eroding trust in the market......"

If this was the goal as stated by Cardoso in the excerpt above for the Naira floatation policy then it means the policy has failed totality as till date, the exchange rate disparity between parallel market rate and official rate still exists, there are rumors that CBN is also still defending the Naira through the backdoor by paying BDCs.... I do believe that the governor and other executives of the CBN are highly educated to know when a policy has failed and to know that if a policy is harming the economy it should be reversed. Again, Cardoso talks about safeguarding credibility of the CBN and monetary market as one of the reason for "floating" the Naira, if truly he cares about credibility then he should be making bold moves to sanitize and flush out corrupt CBN officials as the arbitrage and speculation he talked about are been sponsored and orchestrated by corrupt CBN officials in collaboraton with politicians, banks and BDCs which I do believe he knows quite well about the massive currency round tripping syndicate that has been in existence over the years.

What Cardoso and his team did was to devalue the naira by over 35% and this devaluation policy remains one of the biggest mistake that was made by this government similar to the fuel subsidy removal. It is glaring that Tinubu's government lacks the capacity to manage Nigeria's economy. Tinubu is not serious about making genuine reforms that will improve the economy and combat corruption within his government but instead he has chosen to inflict pain on Nigerians by making draconian policies. Instead of floating the currency, why didn't the CBN collaborate with law enforcement agencies to lead an investigation to uncover those CBN officials, banks and BDCs engaging in speculative trading and currency round tripping....? Also regarding fuel subsidy, why didn't the government investigate and prosecute fraudulent oil cabals (Marketers) and NNPC officials inflating subsidy payments....?

The CBN's naira floatation policy only succeeded in destroying Nigeria's economy. It has clearly wiped off the purchasing power of Nigerians, increased the prices of goods by over 300% and caused massive job losses in the productive sectors of the economy due to the ongoing shut down of businesses. How long will Cardoso continue to play the Ostrich over the devastation caused by his failed policies? Is it until the economy collapses totally before Cardoso will see that this policy is bad for the economy? I will repeat once more that the major problem that CBN should focus on is eradicating corruption and looting within the banking sector. Also effort needs to be made to support the manufacturing sector by providing loans and other financial insentives that will help the sector to thrive. If Tinubu and his government is serious about helping the economy which I doubt, they need to purge themselves of greed and corruption, focus on downsizing and cutting cost of governance, freeing up funds to invest in critical infrastructure like boosting electricity generation, tackle food crisis by flushing out terrorists killing farmers in the north and fixing one national refinery (PH Refinery) to produce petroleum products that will crash the price of fuel and further reduce the pressure on the Naira. These are what Cardoso should be pushing for instead of releasing a press statement justifying his failed policies.....

1 Like

Politics › Re: We Are Governed By Drug Dealers And Deceivers - Sowore by Bebigiby1(op): 4:56pm On Oct 03, 2024

You're right but selfish tribalistic religious sentiments will not allow majority of Nigerians to reason objective to hold Tinubu and his government accountable.....

WakeUpNigerians:
The so-called President has run-away again for treatment in the name of vacation for work he did not do. It is time for Nigerians to troop out and fight for their future.

Politics › We Are Governed By Drug Dealers And Deceivers - Sowore by Bebigiby1(op): 2:12am On Oct 03, 2024

https://www.youtube.com/watch?v=o1n75wV01Uo

https://www.youtube.com/watch?v=0eQDOUj6CPc

Politics › Tinubu's October Independence Day Speech Fact Checked by Bebigiby1(op): 12:35am On Oct 03, 2024

https://www.youtube.com/watch?v=0jHfIeAQCRM

Tinubu's claim of $30 Billion FDI and ₦30 Trillion CBN loan repayment fact checked! All lies and propaganda.....

Politics › Re: Police Attack FearlessInOctober Protesters In Abuja (Video) by Bebigiby1: 8:34pm On Oct 01, 2024*

You're always quick to attack my comment.... If I did not care will I be here making posts encouraging Nigerians to hold the government accountable. I attended the August nationwide protest because I care.... But just as I said in my previous post that this protest will fail because of low turn out of Nigerians.... You make wrong assumptions thinking that protest is war when it is not.... The government killing protesters is a violation of their rights and it is left for Nigerians to hold the government accountable for killing unarmed peaceful protesters. I've never compromised or shyed away from airing my views against this evil government even when it is not popular. I was one of the most vocal supporter of this protest if you check my threads....The fact that I said many Nigerians are selfish, tribalistic and religious is not an insult but it is the truth.... You are a member of this forum and you can see the tribalism and hateful rhetorics been made by Nigerians in defense of this government against others..... I will always support genuine agitiations that will move the country and say what I believe is the truth until Nigerians see the need to let go of selfish tribalistic and religious sentiments to demand for a better future.....

HellVictorinho8:
Nonsense!

Y not provide majority arms 2 force tinubu out of nigeria!

Or protection from these armed men!

U keep dodging these questions as d truly selfish person so i wonder how ur concerns are GENUINE!

U think insulting people u never knew and will never know shows care!

U keep saying tinubu must be held responsible!

Does holding him responsible bring
the dead back 2 life!

U dont really care!

Spits!

1 Like

Politics › Re: Police Attack FearlessInOctober Protesters In Abuja (Video) by Bebigiby1: 10:33am On Oct 01, 2024*

The reason why the police is able to brutalize and intimidate protesters is because of low turn out for this protest..... Many Nigerians are too selfish and tribalistic to support any movement that will move this country forward.... Based on lessons I learnt from attending the previous protest, I knew that this will happen as nothing will change if the protest is not massively supported by Nigerians within the 36 states.... It is a shame that majority of Nigerians can not come out to protest when fuel price is over N1500 per litre, Naira above N1700 to $1, high rate of insecurity and outrageous increases in prices of goods and services....
Tinubu's evil government may eventually destroy the country since majority of Nigerians prefer to be selfish, tribalistic and like religious sentiments over good governance....

26 Likes 3 Shares

Politics › Re: October 1 Nationwide Protest Has Failed by Bebigiby1(op): 9:40am On Oct 01, 2024

The majority are too selfish and tribalistic to support any movement that will move this country forward.... it is a shame....

Softmirror:
NOTHING WILL HAPPEN.!!!

Politics › Re: There Have Not Been Any News About The Protest by Bebigiby1: 9:34am On Oct 01, 2024

Nigerians sabotaged the protest.... the majority are too selfish and tribalistic to support any movement that will move this country forward.... it is a shame....

Politics › October 1 Nationwide Protest Has Failed by Bebigiby1(op): 9:13am On Oct 01, 2024

I woke up this morning pumped up to hit the streets but seeing the low turn out I am forced to conclude that majority of Nigerians are not ready to protest against the bad policies of this government.... I had read yesterday night that several groups in the northern part of the country pulled out of the protest sighting flimsy reasons while over 60 youth groups pulled out a week ago.... Today's protest has failed as the turn out is low compared to the August nationwide protest.... Tinubu's APC media agents have succeeded in instilling fear and killing the moral of Nigerians. It is indeed shameful and unfortunate that under the harsh economic situation facing the country, many Nigerians worked against this peaceful protest even when it is done to force the government to reverse terrible economic policies that they are facing…. As it stands the October #fearless movement has been sabotaged and won’t make any impact because of lack of participation by majority of Nigerians. Based on lesson learnt from previous August nationwide protest where police and sponsored thugs who were protesting against the protest were able to attack due to the fact that we were few protesting, I will not bother attending the protest anymore as low turn out by majority of Nigerians across the country means that nothing will be achieved... there are already many Nigerians online laughing and mocking the few people protesting in Abuja and Lagos….. It is sad but the truth is that many Nigerians are too selfish and tribalistic to support any movement that will make this country to progress. I had hoped that the turn out for the protest will be massive across the 36 states to send a strong message to the government but unfortunately Nigerians are not tired of Tinubu's bad policies, they are not ready for genuine progress…. The people will continue to suffer until we all learn to put aside our selfish tribalistic ways and unite to fight for a better future that will benefit everyone …..

2 Likes

Politics › Re: #endbadgovernance: Northern Coordinators Pull Out Of October 1 Protest by Bebigiby1: 11:05pm On Sep 30, 2024

Kai this is why Nigeria is not moving forward, there are so many saboteurs.... If Nigerians are ready to change their situation, they don't need "organizers" to tell them when to come out and protest against bad government policies....

1 Like 1 Share

Politics › October 1 Protest Is Not To Attract Aso Rock Invitation - Sowore by Bebigiby1(op): 9:24pm On Sep 30, 2024

With less than 24 hours to the October 1 nationwide peaceful protest, one of the organizers and 2023 presidential candidate of African Action Congress, AAC, Omoyele Sowore, Monday, declared protest will go on as planned and it is not to attract the attention for dialogue with Aso Rock but for their demands to be met.

Speaking with Vanguard, Sowore said the movement is to ensure the tyranny in the democratic system is defeated.

He said: “The October 1 nationwide peaceful protest will hold in Abuja at Eagle Square.

“The protest has always made a difference, it has always defeated tyranny and oppression.

“We did not plan the protest to get an invitation to the Aso Rock Villa.”

He also stated that they (protesters) are not ready for any other thing but, “No, answer, I am sure we are only ready for change, not monologue.

Meanwhile, he explained why the protest was fixed for October 1 Nigeria’s Independence Day celebration from Britain on October 1, 1960, he said, “It is a significant protest that first questions the Independence of 1960 and now seeks a new independence from internal colonizers.”

However, he added that no amount of intimidation can stop the protest, “It doesn’t matter to us, we expect the worst but we know the people would win ultimately.”

https://www.vanguardngr.com/2024/09/our-october-1-protest-is-not-to-attract-invitations-by-aso-rock-sowore/

8 Likes

Politics › Re: Why Nigerians Must Support October Nationwide Protest by Bebigiby1(op): 9:17pm On Sep 30, 2024

Holding the government accountable is the right to do..... Let Nigerians exercise their fundamental right to organize peaceful protests....

HellVictorinho8:
But u know other things 4 example hunger can kill people during d protest SO IT CANT REALLY BE PEACEFUL

DONT COMPARE DIS COUNTRY 2 ANY OTHER

REGARDING PROTEST AS HUMAN RGHT WITHOUT FOOD,CLOTHING AND SHELTER TO USE 4 IT IS MEANINGLESS

IN ADDITION

U KNOW HOLDING TINUBU RESPONSIBLE DOESNT STOP HIM FROM BEING PRESIDENT

AND THATZ BECUZ UR GOVERNORS AINT ANY BETTER THAN HIM

FVCK YOU ALL

SPITS

VOTE DIDDY 4 PRESIDENT

HE IS FAR MORE RESPONSIBLE

Politics › Re: October Protest Organisers Release List Of Demands, Seek Police Protection by Bebigiby1: 5:18am On Sep 30, 2024*

Nugerians need to mobilise and troop out in mass to exercise their rights in peaceful protest.... the current situation is not sustainable....

3 Likes 1 Share

Politics › Re: October 1 Protests by Bebigiby1: 3:06pm On Sep 29, 2024

It won't be surprising that many of those posting comments saying that Igbos will not join the protest are not igbos but APC agents pretending to be igbos to push the usual tribal rhetorics and propaganda aimed at dividing Nigerians....

Politics › Re: WHY OCTOBER NATIONWIDE PROTEST IS IMPORTANT by Bebigiby1(op): 2:39pm On Sep 29, 2024

"Wait till 2027".... the usual talking point of APC agents because that is part of the plan.... You know that 2027 election result will not be fair, you know that APC will win again and the corrupt judges will rule in your favor.... Sensible Nigerians know that nothing will change in 2027 as voting is a waste of time under this government..... Nigerians will not get a fair election in 2027 to vote out this government, this is why all Nigerians need to support this protest and push for reforms that will benefit the country.....

blacknp:
Wait till 2027 make you go ballot again. Sorry.

Street protest by sophisticated hooligans no dey bring governmental change for your country.

1 Like

Politics › Re: WHY OCTOBER NATIONWIDE PROTEST IS IMPORTANT by Bebigiby1(op): 2:28pm On Sep 29, 2024

If you think the picture is fake that is your business as I gain nothing from posting a fake picture.... The truth is that you're already biased and glaringly sponsored to attack the protest.....

blacknp:
That na protest picture, or kegites assembly?

If any doubts b4, you have proved yourself to be a joker.

1 Like

Politics › Re: WHY OCTOBER NATIONWIDE PROTEST IS IMPORTANT by Bebigiby1(op): 2:21pm On Sep 29, 2024

I took that picture on the protest ground to showcase how some Nigerians were mobilized to sabotage other Nigerians just like you're doing here....

blacknp:
Even me that did not even hear of any nonsense protest will post a better Kodak moment to claim activity of a disgruntled election Loser.

1 Like

Politics › Re: WHY OCTOBER NATIONWIDE PROTEST IS IMPORTANT by Bebigiby1(op): 2:18pm On Sep 29, 2024*

It is you that something is wrong with for attacking the genuine struggle of Nigerians against bad government policies....

blacknp:
Something is definitely wrong with you.

1 Like

Politics › Re: WHY OCTOBER NATIONWIDE PROTEST IS IMPORTANT by Bebigiby1(op): 2:15pm On Sep 29, 2024

Why will I take a picture of myself so you can send your goons to attack me.... the only picture i took was that of those who were sponsored to sabotage the protest as you can see below. The turn out for those who were against #endbadgovernance was low where i went....

blacknp:
Liar if you are not telling lies as usual, please just post 3 pictures of yourself during the protest.

1 Like

Politics › Re: WHY OCTOBER NATIONWIDE PROTEST IS IMPORTANT by Bebigiby1(op): 2:00pm On Sep 29, 2024*

Who told you I did not attend? For you info I did not shy away from the last August protest, the only reason why it failed to achieve the intended goals was bscause of low turn out of Nigerians and excessive force deployed by government agents on protesters. If many Nigerians had attended the last protest it would've been difficult for the police to block and arrest protesters......
I left the protest ground when I saw the brute force deployed by the police while some Nigerians sponsored by government were stationed to organize counter protest against #EndBadGovernance protesters.....I wonder if you've read the list of demands made by protesters as only an enemy of the country will attack and not support the protest....

blacknp:
Please gerrout disgruntled election Loser, you go they your boys quarters for your master house dey hide, shouting protest?

Same thing you did in August, not one day you left your master’s house, just to dey come Internet they promote nonsense that adds no value whatsoever to society or your life.

1 Like

Politics › Re: October 1 Protest Will Hold At Eagle Square Abuja - #EndBadGovernance Protesters by Bebigiby1(op): 1:45pm On Sep 29, 2024

We can not make any meaning progress without restructuring, this governent needs to be dissolved if it fails to listen and implement the demands of protesters....

Politics › Re: WHY OCTOBER NATIONWIDE PROTEST IS IMPORTANT by Bebigiby1(op): 1:39pm On Sep 29, 2024

In a democratic system of governance, protest is a fundamental right of all Nigerians.... some people are worst than dictators based on the kind of comments I read in this plaform.....

IamANigerianMan:
Support what? It is uncalled for to protest against a democratic elected government, if you don't want tell your people either to boycott the next election so that military can take over or vote for another person

1 Like

Politics › Re: WHY OCTOBER NATIONWIDE PROTEST IS IMPORTANT by Bebigiby1(op): 6:17am On Sep 29, 2024

I asked you a simple question but you failed to answer my question, I will ask one last time. @helinues are you productive?

helinues:
Only if NL likes are cashable, wondering how much 700k+ likes would cost.

Tell us in which country their citizens are saying things are easy.

Mention one rich man in Nigeria that's ever easy for. Na so E no easy E no easy everybody dey talk.

Are those who want to protest more Nigerians than others?

1 Like

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