₦airaland Forum

SamIkenna:
Explain how she's the worst finance minister. Its easy for people to attack Iwela, OBJ, Sanusi, Soludo, Emefiele, or whoever has occupied high positions in Abuja. Anyone can attack anyone, its the easy part. But substantiating the attacks with valid facts is where the tire meets the road - that's the hard part.

Is anyone in doubt as to the volatility of Naria? A currency backed by 'almost' oil and oil alone? I guess Iwela told the US to double oil production through fracking and improved deep-earth oil sourcing. For the love of God why don't your facts intact before throwing missiles.

The whole of Nigeria produces almost nothing. Tell us what UK, Sweden, France, US, South Africa, China, etc, source from Nigeria... What exactly is the world buying from Nigeria - nothing! So why are we shell-shocked when our currency falls alongside oil price. I guess when folks were jabbing Ghana for seeking bailout from IMF they thought Nigeria was in the clear. Well, Nigeria is not - at least you know now.

In Nigeria there're only 4 places that make exportable products, they're: Ogun state axis - Blue Chip coys, Ijebu people (Ijebu garri - yes! Ijebu garri earns Nigeria forex), Anambra (Nnewi specifically), and Abia State (Ariaria shoes and allied products). The rest of Nigeria is sitting on their meat waiting for ND oil.

You see, blaming XYZ is the easy part. But what the accuser or blamer produces to shore up the Naira is the hard part.

You just murdered someone's wife


Guy


You finished her with undisputable point.

saintneo:
tit, blacktechnology, et al sorry for the direct mention. I appreciate your comments.

Currently, the citizens of the US are smiling to the bank as a result of the fall in oil price round the world. The petroleum products are getting cheaper everyday in the US; on the contrary, Petrol still sells for N97. This goes to imply that the finished petroleum products are mostly imported.

My question are, will be the effect of the naira plunge on the petroleum products internally(inside Nigeria)? Will the price of petroleum products go up? Do investors in alternative energy stand a chance to turn this nation around?

The falling price in US and Europe means that the importers will buy the products cheaper In US and Europe.

This might counterbalance the rising dollar experienced in Nigeria. So the probability that we will get it at almost the same price is of higher status.

For example an importer buys a litre of refined oil at $1 when the exchange rate was $1= #165.

If the exchange rate becomes $1= #200 and a litre of refined oil reduces to 0.5$ with all expenses being the same, the naira price of getting it to our port will be 0.5×200= #100+ lets assume all expenses being the same.


So fall in refined oil prices might counterbalance the effect of rising dollar on imported fuel.

Chylo:
Oga, you are better off leaving your money where it is. Inflation is the only thing that can eat it's value there. The forex market no go affect am. Unless you are planning to use it buy something imported in future, its better you leave it there until the forex market stabilizes. It is possible that you buy exorbitant dollar now, and the price later normalize and you begin to cry.

Hmmm


Another good perceptive

But we must first find out what can lead to high demand for our oil since the US stopped buying our oil

IdomaLikita:
Thank You for your Input Sir! I think Option 1 appeals more to me. I know my savings are exhaustible but I don't intend to leave off it. I am currently and earner and even though I'm well aware of the Pay-cuts and hardship ahead, I've resolved to adjust to it. The primary role for my proposed Forex buy is to have a dependable Store of value when things become so bad or emergencies come up that warrant bulk cash at short notice!
Secondly, considering my Job, I don't have the time to go into full-time agriculture since it is time-consuming! The best I can do is to invest as a Middleman, and my Experience with Millet and Palm Oil last Year devastated my Purse! The Agro-market isn't as Predictable as people make it seem! (Unless you have a better plan Sir)

I'd like to know the effect on the Services Sector since Medical Services are what I offer people for a living! Do I quit and go into the Productive sector with the little I have saved?

Don't quit

Even pastors need medical services

After food is health in terms of necessity of life.

IdomaLikita:
Then Forex is the way out na! At least it would favour me if the Naira continues to slide! Shey?

Yes especially if you invest in agriculture to help generate new income to slowdown or halt the depletion of your dollars.

emiye:
Your last statement clearly shows you as the mumucious fellow.

Politics and economy are siamese twins.

OK let's assume you are right, so you are agree with him that buhari is the solution.

If yes, tell us what buhari will do differently.

IdomaLikita:
I'm not an Economist, but the little I know tells me with further devaluation of the Naira, Some of us may end up losing value on our Bank savings(since we saved in Naira)
My mind tells me I should withdraw a Large chunk and Buy Foreign Currency from BDCs to keep at home! Another tells me to chill and see what happens!

Pls Could Someone here give me an Honest advice on the best course of Action I should take before the End of next week?
Knowledge they say is Power!
Thank You!

Let me correct one impression

The value of naira against locally made goods is still normal but declining against imported goods.


If our locally made goods is heavily dependent on imported raw materials, tools , machines etc, we are in for trouble.

Now to your question

The best ways to preserve your sweats are

1) Convert your naira to dollar since we are import oriented nation. This has its shortcomings which is , depletion of your dollars if no new dollar keeps entering .


2) Invest into agriculture because one thing people can't survive without is food. People can survive without clothes shelter cars etc but not food.

Cash generated from the sale of farm produce will help slowdown or halt the depletion of your dollars by making more naira notes available.


Warning:

If you invest in real estate, gold etc and you plan to survive in Nigeria's economy by selling those items or depending on them within Nigeria, you are in for trouble because most Nigerians will be poor to afford those commodities.

GenBuhari:
We need ensure Buhari becomes next president if we are to see any meaningful improvement in electricity power generation and distribution. GEJ has been unable to fix it.

Your mumu thinking is second to none


Wetin concern politics and economy.

Allah arkbar


God help us if APC loses because BH=Buhari's herdsmen will be unleashed on pro PDP members

If you are talking of Naira to Dollar


You should know that our major source of dollar notes which is oil is experiencing a low demand. So the best thing to do is to prevent a depletion in foreign reserve since we pay our import products in dollars


The best solutions are


1) Diversify our export trade so as a maintain new inflow of dollar notes


2) Establish industries whose products we import in order to reduce the demand for imported goods which drain our dollar reserve. Eg Electronics Mechanical products are major products we import.

If you are talking of Naira to Dollar


You should know that our major source of dollar notes which is oil is experiencing a low demand. So the best thing to do is to prevent a depletion in foreign reserve since we pay our import products in dollars


The best solutions are


1) Diversify our export trade so as a maintain new inflow of dollar notes


2) Establish industries whose products we import in order to reduce the demand for imported goods which drain our dollar reserve. Eg Electronics Mechanical products are major products we import.

Ask berem

BillBurBerry:
Hmmm

I recommend you visit Mountain of Fire for deliverance


No video evidence despite the fact that most phones are mini computers.


My 10yrs old cousin get sense pass you.

podosci:
Did ALL the southern state support it?

Yes state police was supported by all Southern states

bitterpenis:
Some prophecies have come to pass but I don't understand "if Jonathan goes ahead to contest he will not finish is term" Jonathan will survive impeachment" "president Jonathan is the last PDP president" "APC will claim victory but the court will give it to Jonathan" why are the prophesies conflicting on Jonathan?

Gbam

OP

Governor mess you say na President say make Governor mess.


You need deliverance

podosci:
The North didnt oppose state police....The FG opposed state police so has to keep an unlawfull grip over the States.....our Federal system allows for states to be independent of The FG except for issues of national securiry and foreign affairs, economy........but in Nigeria, the state Govt dont know there rights

The North opposed state police only plateau jona jang demanded vigorously for it

wilsondave:
what the hell is wrong with this clueless president that ordered the arrest of those men. if military cannot save them let them save there selves

What if BH tactically withdrew in order to make the group seem strong so as to cause the Nigerian security to seek his services only for him to turn around and sabotage the nations military after gaining their trust


Don't forget the North opposed state police only for them to turn around to support vigilante service


Don't you think its suspicious

mrvitalis:
effects of having an apprentices president
.
.
.when u assume leadership ..i should be ready for the challenges and if u cant face them.....
...u leave and let another try

A child has spoken

Ignore this trash

Small small small small


Gowon go face war crimes tribunal

If US won't sell weapons to Nigeria

Let us challenge our best minds to build advanced weapons with the promise to give them the contract to

1) teach our military intellectuals

2) mass produced their weapons at DICON or any other industry within Nigeria.



I can beat my chest that someone in Nigeria can produced

1) a portable automatic rifle whose bullets can travel 3km
2) an attack helicopter
3) light fighter jet
4) Tanks
5)etc



I miss Ojukwu Biafra who used situations like this to showcase to the world that black race are not monkeys but humans with the best of minds.

Watching

pendy79:
The foolishness of most posters on this thread is alarming and a reflection of the stupidity of people from a certain part of Nigeria.

If your CDS held a negotiation and seek a ceasefire with same group backed by the CinC to seek an amicable end to the insurgency since it is crystal clear the military option has failed woefully and shamefully. You have a government running on falsehood and poor intelligence who lacks the temerity of knowing how exactly to end the imbroglio we are in.

Let jonaTAN use his connection with alimodu sheriff to get the real BK then since the government is in serious dilemma and admittance of the fact that ending the insurgency militarily is clearly beyond the thinking ability of a chicken CinC and his overfed cow of a CDS.

Anything to end this reign of terror is welcomed

this one is drunk this early morning.


If GEJ wants to destabilize the North it will be the NorthWest where majority are Muslims and not North East where about 30%-50% are Christians and pro-GEJ due to religious affiliation.



Truly pendy you need to restudy Nigeria again

All this money from Niger Delta yet he still believes that a Nigerdeltan is not worthy to rule Nigeria.

Did a Nigerian snatch your Ghanaian girlfriend/ wife


Why so much hate.

Did a Nigerian snatch your Ghanaian girlfriend/ wife

GenBuhari:
And claimed our scientific inventions as their own. The Science of metallurgy originated in Eastern Nigeria. This well documented fact

I am hearing this for the first time


Pls provide me the link

APC= Another Problem Coming


BH= Buhari's Herdsmen

simpleseyi:
I thought you people said that it was Awolowo that used over 2 million IBO women and children for pepper soup, I never read in history books that Awolowo was a soldier
Later you said it was Yakubu Gowon. Further later you said it was Obasanjo, T.Y. Danjuma and Jereboy Useni that used Ibos for suya. You are so confused with your lies, better meet our prodigal sons Doyin Okupe and Reuben Abati to teach you how to lie. Truth is constant.

If after defeating your clueless son Jonathan next year, you start another senseless war with the few hunter guns that Tupac Ayo Oritshejafor smuggled from South Africa, we the Yorubas in conjunction with our Hausa, Fulani, Kanuri, Tiv and Igala brethren will wipe you off Nigeria's map. It will be an opportunity for me to taste IBO flesh and bone inside pepper soup. The few of you that will be lucky to escape can join your ancestors in Israel since you are claiming to be Jews.

This one is still dreaming. Pls travel out of your SW enclave to discuss with other Nigerians in order to know how they view Yoruba-Fulani-Hausa-Kanuri ethnic groups


By next year , it will dawn on you that berom tiv idoma igala chamba jukun nupe etc people are beginning to see Yorubas as slaves to their most despised born to rule country people.

revolt:
Its about time we start producing our needs! What kind of humans r we sef?

Fck the west. Taiwan, china etc strted in the 70s. It strts with learning how to make a circuit box thts efficient. Whch we all knw 3qurters of our engineers cnt mke by themselves.

God bless you.

F117AA:
Yes, i agree.
And the sad thing is that these are not countries you would call developed.

That's why I keep insisting that we must challenge our higher institutions to engage in weapons development with the promise to give them the contract to
1) teach our military intellectuals
2) mass produced their weapons at Defence industry corporation of Nigeria (DICON) or any other industry within Nigeria.



Nigerians do not know that a nation can be recolonized by a different military power other than her previous colonial power.

F117AA:
Apart from the US, the most powerful countries in the world are not the most developed.
India, russia and brazil still suffer power cuts.
Pakistan an islamic hotbed is a nuclear power.
Kill yourself if you can't live with that.

These countries you mentioned can produced their own weapons and they are not much older than Nigeria