₦airaland Forum

Lol... again, you keep exhibiting your limited capacity to reason. i am sure no one is at doubt anymore about the fact that you are a gullible citizen who accepts whatever is churned out by the govt. sources as being the gospel truth without allowing some part of your brain to do some work of thinking deeply whether that could be true or not.

You are the truest dedinition of a "simpleton"

zero8zero:
You're a slowpoke, you don dey change goalpost now, gutter illiterate. Are you living in a hole in 2016, 2015, 2014, 2013 that you didn't know what was going on in the financial market. What was the difference between the official and the black market rate?, why did we have FX arbitrage going on?. Abeg shift your mumu to one side.

Lol...You mean Sanusi Lamido(a political feudal lord) is your authority and source of knowledge?? Shameful

zero8zero:
You're even the biggest slowpoke ever. This is why enlightening slowpokes on Nairaland is extremely tasking. Too many empty heads everywhere.

This was in 2016 when Sanusi, the Ex CBN Governor chimed in on it. Your parents just wasted money on a wrong child's Education.

Lol...You call this justxaposed attempt at knowledge and a bag of contradictions a "breakdown"

I am now more convinced you are intellectually handicapped. Otherwise, you would have picked holes in all the guy wrote right from the first paragraph if you had some thinking capacity.

Lol...it is easy to onow those who copied/dubbed to scale throug school...harping on other people's ideas to bail them out because they are intellectually incapable themselves

zero8zero:
Thanks for the breakdown, folks like Kobojunkie, Blazetrailer, Acidosis abound on this platform, loudest noisemakers with nothing upstairs. I shared one of the international obligations the CBN had to fulfill a few days back in the link below which the reserves would have been used for.

https://www.google.com/amp/s/punchng.com/naira-appreciates-as-govt-clears-7bn-fx-backlog/%3famp

I have never seen a more confused contradictions and juxtaposing of realities of the exhange rate systems in one shot...

Two key ones

1. That Nigeria is running a fully floated exgange rate system.? This has been debated several times here on Nairaland and all came to the major conclusion that going by the definition of a floated exhange rate system, Nigeria was not running a floated exhange rate system...all na wash.

2. That there is one unified exhange rate in Nigeria and no black market? (I stopped reading at this point) Why do they have a different rate from FMDQ and a different rate from.BDCs? Why do you even have BDCs when there are banks??

The fact that you are not aware or pretend not to know there is till a thriving black market in the forex system shows how insulated and disconneted you are from what is truly going on.

Astrid4:
Nobody is helping you to see the rubbish you’re seeing there are three major way exchange rate is been controlled we have fixed system, this is when govt intervene in the market to keep the currency pegged at a certain amount, we have the floating system which Nigeria is currently practicing, this expose the market rate to market forces I.e supply and demand, this often makes the currency so volatile due to external shock or global issues especially in a complex and multifaceted global system where there are tons of activities going on in milli seconds, it makes it worst for a oil-dependent country like nigeria where a change in global oil prices can affect our currency ASAP and there’s no monetary policy introduced by Cardozo can save us from this economic woes that’s why sometimes most govt that practice this floating system sometimes used the managed floating system where the govt intervene once in a blue moon in order to buffer against external shocks or global issues. These are global economic standards
The issue of depleting foreign reserves you raised has nothing to do with exchange rate, its most largely attributed to meeting international payment obligations/debt service and also managing economic shock e.g the present tariff raised by the USA
It is instructive for you to know that presently all forex window are collapsed to be one since, as both the parallel market and the black market rate are also the same all thanks to the clampdown on BDCs and aboki, the currency is now getting stable, dollar/NGN is now at 1600 for more 3 weeks now
The breaking below the 1600 is a result of the effective monetary policy by the CBN for all BDC to give a daily account of their transaction with this you’re preventing the unnecessary proliferation of dollars by some individuals.

Lol...that was the lie they told Did you bother to validate this? I can see that you lack the capaciry to engage intellectual devoid of insults.

However, to help you, do a quick internet check ans ask if there is anything lije forex subsidy(not the gibberish Wale Edun and the World Bank chief Economist for Nigeria were spouting in October 2024), you will see that there was nothing like subsiding forex) They sold a lie to you guys because they knew quite well your limited thinking capacity.

If you care to read further(if you dare stretch your capacity to do so or imagine that you can) you would see that the biggest benefit of the liberalised forex exchage system was more naira revenue for Nigerian govt.(as confirmed by World Bank itself) and nothing more. This was because all givernment firex revenue was being cinverted at the official rates and they were advised by Wirld Bank that they could increase the govt revenues in naira if they exhange rates were left more opened. They were so daft not to understand the inflationary implications.

The government knew that if they mentioned subsidy,given the negative narratives around the fuel subsidy, a lot of you would buy into that lie, hence they coined the word forex subsidy. In actual fact, there is nothing like that in economics or internstional finance.

zero8zero:
You're a slowpoke. Using $1.5billion every month to defend the naira is called what?. When you pay for the differential to keep the official rate lower, that is called what?.

Lol...I can relate...forex reserves depleting, naira appreciating


Lol again....were you ever or did you ever think that this government knew exactly what they were doing when they sold those lies to the people? The same time was when Wale Edun(Finance Minister) came out boldly that if the forex market was liberalised, the true value of the Naira was 750=800 and that he was sure it would settle there within a month once they liberalise it. This is almost two years and the value is 1600/1700ish

Kobojunkie:
While at the same time, Nigeria's foreign reserves lost approximately $1.3 Billion. Does anyone else see something here? 🙄🙄🙄

By the way, why is there still a black market when almost 18 months ago we were promised that all forex windows would be collapsed into just the one by the CBN? 🙄🙄🙄🙄

Lol.... expected.

I only asked for an intellrctual debate from you to debunk a lot of lies and propaganda Tinubu's government is draping over your eyes. I want to prove to you that contrary to what you have been reading in the dailies and other outlets, Nigeria was not engaging in FX subsidy. Not at all. You could call it dual exhange rate system but nothing near subsidy,by its standard definition. They sell a lot of dummy to you guys, knowing your limited thinking capacities.

However, you did not disappoint too, by resorting to personal attack, it confirmed what I had long known of anybody supporting this current government which has now be found to be the most incompetent and clueless since 1999.

zero8zero:
is this one okay upstairs?.

Lol...what do you understand as FX subsidy?

Let me even test your understanding of the gibberish and lies the government have been filling you people up with . Lets have an intellectual discourse devoid of insults and abuses

zero8zero:
You guys are now sounding like a broken record. You suffering from amnesia the FX subsidy that was spent to keep it that low every month.

When an abysmal failure is raising his head and proudly stating it loudly that he is better than someone or something, know that you have a more than terrible situation at hand currently.

Tinubu gave a different meaning to "incompetence and cluelessness"

Lol...you are only doing your job that you get 30k for every month.....I totally understand your predicament

TimeManager:
I saw this screenshot on Nairaland today, someone posted it. You guys are not ready yet, you're a bunch clowns


-Kiss the truth!

Lol...the 2027 game has started

Naah! E never reach to quarrel naa. You have worked in both, right? when you have emergency and you have both options, please ensure you insist on the Nigeria option.

Regarding my stay in Nigeria, it is myopia doused with a plethora of insecurity to begin to make assumptions about peope on a faceless outlet like Nairaland. However, to help you varicate more on that courtesy of my career and establishment, I was under the best of the best that could possibly be available on Nigeria. I was on the same level of care with your former Vice President.

.

Amayabor1:
Your cup of tea. Apart from the president, there are many Nigerians still receiving quality health care in Nigeria. You have tasted both sides and I have worked in the Healthcare both in Nigeria and abroad. Some Healthcare centres in Nigeria are of world standard and their workforce know their onions.

If you like, shout from now till tomorrow, it doesn't change the fact that there are still some quality Healthcare centers in Nigeria.

And how many Healthcare centers have you been to in Nigeria for Medicare? Person wey go to hospital within his own state out of the 36 states in Nigeria dey rant. And it's even possible he went to afederal teaching hospital. Oga go sit down.

Lol...No wonder your president and all politicians run abroad for mere headache and body pains. The nedical care in Nigeria must be so good indeed!

You think medical care is about fine buildings only. I have tasted both sides(some of the best in Nigeria). I will NEVER, I repeat,NEVER entrust my life in the hands of any Nigerian medical care system, no matter how highly rated. I would rather remain there tha go tidk my life again. There are challenges in all medical care system but that of Nigeria is out of thos world

Funny enough, Nigerian health care providers are part of the reasons their system abroad is far better than what you have at home

Amayabor1:
There are very good standard private hospitals in Nigeria. The picture of government hospitals you have in your mind is not the true representation of all hospitals in Nigeria. If you enter some private hospitals in Nigeria, you will think you are abroad.

Lol... ..whoever is going back to Nigerian hospitals for surgeries has an appointment date with hell already(cos heaven sef will reject such a person)

Amayabor1:
He is not lying though. But they are all Nigerians living abroad. Some go back to Nigeria to have their dental issues fixed because of the very expensive nature of dental procedures abroad. Some go back home for surgeries because these western countries don't rush to operate on you if it is not an emergency. They will give you a far date for the surgery. Some Nigerians just go back home and do the surgery and go back abroad.

Reward for corruption

Na by mouth?

Lol...u are not correct. Read international news,Trump is the butt of jokes around the world. Aside from Panama, no country promised anything they are not doing already. Mexico already have 15,000 soldiers guarding the border and they told Trump they will put 10,000 soldiers there, the mumu went to town thinking he won in negotiations before his advisers pointed it out to him Mexico already have 15,000 soldiers there.

Canada already budgeted $1.4bn since 2024 for improved border security. Guess what? Trudea only pointed it to him and Trump thought it was another money promised for 2025 because of his tarrifs, they are laughing out loud in Canada to the consternation of Americans who have seen how dumb he is not to realise that promise was already budgeted for since 2024.

South Africa told him to GTFO!

Now China is hitting him hard too. American stocks are already dipping and he is running out of time for all these games.

The funny thing here is the infantile and obviously silly approach to this. Trump is the one setting up the calls for negotiations, thinking other nations are really on their knees. if truly he had the ace, he should not be the ones setting up calls for negotiations

xpressionx:
If America moves manufacturing to south Korea instead of China,it will shake China as they are Americas major trading partner.

Alot of country's has started renegotiating to avoid the tariffs.
It will be in the interest of both countries to calm down,but America has the upper hand for now.

Lol...the news has spread ...everybody knows Nigerian president was a drug bagman and a certificate forger..

Who will respect such a person? Even in Naija, he is at the butt of jokes at veer parlour and eateries....Sowore just called him a cerificate forger last week

Lol...Tchiami warned about this, that Nigerian govt was colluding with France to give base to terrorists tgat would attack his country in other to undermine his military government.

I believe the Nigerien leader more.

femisplash:
Niger Republic had recorded two mass military casualties within a month, hence pulling out of MNJTF will definitely do more harm to the overall security of Niger and her citizens, Tchianii needs to have a rethink. One begins to wonder how insecurity and jihadists' attacks are worsening under these Military dictators despite assistance from foreign mercenaries.

Correct question

[quote author=zoomzoom post=133978738][/quote]

Lol...myopia....how many times did they attack
Nigerian military base and kill senior officerd in January?

femisplash:
Niger Republic had recorded two mass military casualties within a month, hence pulling out of MNJTF will definitely do more harm to the overall security of Niger and her citizens, Tchianii needs to have a rethink. One begins to wonder how insecurity and jihadists' attacks are worsening under these Military dictators despite assistance from foreign mercenaries.

Lol...NLC?

u will be so disappointed

Thomthom:
Nawaoo NLC just get file full table. From high petrol pump price to Higher telecom tarrif. From High electricity payment to non implementation of Genuine minimum wage NLC get work to do for this regime

Lol....hear yourself. Looking for those who will protest for you after you voted in a career criminal as your president? Oga carry your cross.

He has just started...una go kpeme.

Your next generation will think twice before voting based on religious and tribal sentiments

Judolisco:
We have a very useless opposition except sowore of course.... D rest are useless.... When tinubu was in d opposition and Jonathan removed subsidy, he joined the protest together with other opposition leaders... Today what we get is opposition leaders ranting on twitter and travelling to dubai to chill.....

Lol..no wonder your username is localbreed. Stick to local government politics in Yaba or Oshodi abeg

localbreed:
This is not a fair fight. The US has much upper hands. All these countries rely heavily on the US import to grow their economy. Even the retaliation may harm their economy more than it would do to the US economy.

For fact check.. The US is China's biggest importer. The US import from China more than the whole EU combined.

As of Canada, they are literally reliant on the US importation (of raw materials).

This and only this is the surest way to kick Tinubu out.

Umunzeorumba:
The easiest way to defeat APC in 2027 is by joining hands together.Igbos from the south contribute the highest votes in southern Nigeria by joining hands with the North Tinubu will be defeated before 11 am.PDP must ensure any Igbo man contest as vice president and also stop Peter Obi from contesting.

Bro , dont worry yourself, leave the buffoon for me. I want to use him/her to practice something. He will run from here like others before him. The 30k stipend they pay him/her is still shacking him/her....it will soon finish

MichaelSokoto:
didn't know u've bn running amock since like a rabid dog on dis fora...

thunder strike u in a million fold!

Lol....its no longer the meaning of the idiom but the mandate of the EFCC that is the matter. When iditlots get found out, they twist the perspectives.

Naah....you have been found out and this time I wont let you go as freely as allowed you previously.

The mandate of EFCC according to the Act that established it(2002) "is to prevent,investigate, and prosecute economic and financial crimes......."

So what part of the above do you not understand to relate with bringing offenders to book in the true meaning of the idiom "bring to book"?

I take it that you are in your 50s or close to it going by the unnecessary spurt you stated below about your son being in the University. I diont think he will be proud of you with the stupidity and the level of buffoonery you are displaying here. I hope you dont let him know your username here, lest he realises he is the son of a retard.

Not only that , you give the true meaning to that saying that age and wisdom are not necessarily mutually inclusive. If at this age of yours (when you should be parting out wisdom to your son because you are nearing your grave), you could still display this level of idiocy, then I dont think there is any hope for that son of yours in this life(except his paternal genes are different from yours and in that case, your wife was so smart and she should be hailed for saving her generation)

morgstreme:
You need to go back to your English Comprehension class..

If my son in the university now, spewed this nonsense you just spewed,I'll kill myself..

With all these your verbal "Razzling and Dazzling",you don't know the mandate of the EFCC?

God Forbid your low COGNITION!

Lol...this is one of the issues that rear its ugly head in a public forum when half educated "poseurs" have unfettered access to cheap data and a hurriedly coupled 2nd generation desktop computer(proudly assembled at Ibadan GSM Village) at their disposal. In the bid to prove or re-assure themselves of how credible their myopic intelligence or knowledge are, they unwittingly and brazenly display the buffoonery for all to see.

Bringing someone to book is an idiom that represents making a subject accountable for their actions against the laws. In other words, it means holding someone accountable by identifying the intransigence, investigating, prosecuting and meting out appropriate punishment where required.

In Nigeria, EFCC is responsible for identifying, investigating, prosecuting contraventions to the laws enumerated in the EFCC Act of 2002/2004 amended. Suggesting that "bringing someone to book" only connotes punishment/court judgement is not only myopic, it is utterly dumb, in all ramifications.

morgstreme:
Do at your age,and so called education,you don't know the mandate of the EFCC

The responsibility of bringing "then" to book lies with the courts..

Too many of you young kids are really VACOUS!

Na fight? Lol

BABANGBALI:
get out

While he, saddled with the responsibility of bringing them to book, wines and dines with them. Which is worse?

Ganduje is there gallivanting with the President, Orji Kalu is making laws for non corrupt people, Akpabio is walking freely, this mofo is more interested in Bobrisky

Of all that have posted on this thread, this is the only person with a functioning brain.

Convert this same amount using a Purchasing Parity Index(PPI) and you would see that it actually retarded, no surge...

...or better still, convert it to forex at current rate and compare to what previous VAT revenue were for previous years at the prevailing forex rates of those years, you would realise it is a retrogression....

They fool and bamboozle their light headed citizens with meaningless data to hide their brazen ineptitude and failure of the so called reforms; and the current realisation that they are clueless about how to kickstart the economy and prevent impending recession and dying economy.

ehikwe22:
It actually didn't surge. Inflation happened