₦airaland Forum

Hear a mugu think....

Iamanoited:
GOVERNMENT MUST PROSCRIBE THE PROTEST.
LAGBAJA EGBETOKUN MUSA MUST BE READY TO DESTROY THE PROTEST TO ITS FOUNDATION.
ENOUGH IS ENOUGH NO MORE SURREPTITIOUS BIAFRA PLOT. NO MORE BMFBOKOISWA. NO MORE PROTEST IN NIGERIA.

Lol....they have used 419 to catch the mugus again....they announced a populist policy they knew they would not implement because its against their interests, allow the mugu believers and empty heads to celebrate on nothing, expecting changes, months later they come out to state why they cant implement it now...they have carried the mugus on handicap

Same for the reduction of tarrifs on imported foods..i laughed when some Tinubu BOTs were jubilating and hallucinating on an irrelevant pronouncement....knowing the government would not implement it simply because they need revenues badly and the insufficiency of revenue is why they are going cap in hand begging for loans from world bank and other countries. Custom duties and tariffs are one of the largest source of government revenue of which food imports is a major contributor ...reducing it will hurt the government purse further....it was just a popular pronouncement to make the mugus think the government cares about them.

But this current "strategist" has worsened the situation. If Buhari was bad, this Tinubu is a slowpoke. Taking out subsidy loukdy ans returning it surreptitously devaluing the currency and cluekess about what to do next, spending scarce resources of frivolities. He is the worst

sulaak:
Buhari is part of the problem. His excessive borrowing and ways and men meant that the country had no funds to continue borrowing to fund fuel subsidies. Buhari left Nigeria with a total public debt of $110 billion on an income of less than $36 billion. Under Buhari and Mele Kyari, Nigeria's oil production fell under 1 million daily.

Tinubu and Buari are both hopeless and incompetent.


https://nigerianstat.gov.ng/elibrary/read/1241381

This is a bloody jamboree. Waste of funds and enough extacode for the travelling mob at the best. What MOUs is he going there to sign??

I wrote on this same Nairaland that Buhari whom everyone regarded as "uneducated" cow man was far more intelligent and a far better President than the "certificate forging fake accountant cum strategist", by being smart enougj to avoid the subsidy trap but set the subsidy trap and naira devaluation traps for Tinubu. A lot of Tinubus gullible crowd and BoTs here attacked me endlessly.

The subsidy was a simple trap and he fell for it. Something a secondary school student with half a brain could have detected from 100 miles. The foolish idiot swallowed it.

Listen to this buffon at your own risk

Who wrote this nonsense?

Lol...i know this man personally and i gave up on Nigeria when a crooked thing like him found his way to government house. These guys have terrible and criminal laden backgrounds.

Not surpised though, if a known drug bag man coukd be President, and knowing how gullible and stupid the citizenry is, he is cocksure of what he is saying....not from lack of evidence or will to dig out corruption issues against him but more of the people are too docile and stupid.

nairaland now officially a useless forum

How is this news?

Do you know how many 23/ 25 year old have their thesis approved without correction in saner climes?

Only illiterates and dafts will think that this is a relevant thing. It is damn useless in the current t scheme of things.

...but it is good to compare with the UD when it suits their narratives, right?

TemplarLandry:
Some Nigerians and mediocre comparisons...

Why would you compare American standard with Nigerian standard?

Shallow-minded Hoebeediients.

This is the dude that ran away from UK after the tax authorities there beamed third searchlight on him for fraud and tax evasion.....won't believe whatever comes from his mouth...until he washes himself clean....scammar!

LOL!

....aka SUBSIDY

I thought the Bulaba ECOWAS Chairman suspended Niger and threatened others if they don't return to Civilian rule....the stupid strategist went to beg them to come back

Did you really believe them? I never did.

The same way they said float Naira and let the forces of the market determine its rate, it would fall back to 800/700 after some time which is its level(Wale Edun/Cardoso)....its going to 1700 now and they are lost.

obonujoker:
But we were told if Fuel Subsidy is removed, all these scarcity will not be there again

This fu..ked up soul has given up...scampered off with tail between his legs when I notched up the knowledge level just a bit....olodo!!

I am sure he has ever heard of the different types of Central Bank forex interventions(sterlised, jawboning, operational,.... etc.) and in which type of markets they can be used. In fact, stating that the CBN intervenes using sterilised option is a clear indication that it is a managed rate system. I'm sure he didn't know this

All he has ever done is to listen to the discussions by "street landlords" and other "egbon adugbos" around the newspaper vendor stands somewehre in Mushin, Oshodi or Ajah and then come online to spurge out elite buffonery......

DaddyCoool:
My man, u ain't fooling anybody with these long rambling write-ups. Everybody can see you lost - Nigeria FLOATED her currency in March. Collect your L and vamose. Stop further embarrassing yourself. Or if you like, continue. Just know you're only fooling yourself. Bye bye!

No!...No!!..No!!! Dont scamper off...

Sterilised intervention is used for managed rate exchange markets.....

Did you bother to read? Did you add some knowledge or you felt it was too much for your cognitive capacity and you buzzered off?

Nigeria floated her currency in March, not even in June again......dude is going bumkum!!

Just like the subsidy story, its becoming more glaring to everyone the currency was devalued and not floated as recent events are unfolding.. to attract foreign investors....a big miscalculation

https://www.ft.com/content/1729aa7c-3f92-4ff7-9310-c79b5e5cdb84

DaddyCoool:
My man, u ain't fooling anybody with these long rambling write-ups. Everybody can see you lost - [b]Nigeria FLOATED her currency in March. [/b]Collect your L and vamose. Stop further embarrassing yourself. Or if you like, continue. Just know you're only fooling yourself. Bye bye!

Hush!!! i can see its hurting!!.

You have graduated from going to copy from linkedin pages of your fellow dimwits to doing some research, albeit a quick internet search and coming to pour it down here without understanding it. In doing this, you exposed your shallow cognitive capacity.... stupidity is innate, it cant be washed away no matter what.

Dude went online to google government intervention in foreign exchange markets where currencies are floated(the dunce still used the word floated to search after admitting that Nigeria did devalue and not float naira), but failed to go further to search what types of intervention there are and how the type of intervention reflects the type of exchange market you are running. He also did not bother to learn how the governments/reserve banks/central banks of the countries he quoted intervened in the foreign exchange market of their countries to stabilize or correct imbalances and the types used. Dude is shallow...has a long way to go.

For knowledge, the Government agencies/reserve banks/central banks of those countries where the exchange rates are market driven, do not intervene by selling foreign currencies at a predetermined[b] fixed rate[/b] and then compel the banks to sell at a fixed spread. That is called Sterilised Intervention(aka rate pegging). Those banks of those countries influence the exchange rate by doing the following.

1. Raising or reducing interest rates.
2. Use other monetary policies to influence demand/supply

Directly selling or buying foreign exchange by a CBN/Federal reserve banks is called "Sterilised Intervention" which is associated with countries that hover between a managed floating system and pure currency rate fixing by the bankers of last resort(Nigeria is currently doing rate fixing under the guise of managed floating, not too different from what Emefiele was doing by defending the naira with the foreign reserve, only difference is Buhari/Emefiele did not devalue the naira first)). When a central bank carries out a sterilized foreign exchange intervention, its transactions leave the domestic money supply unchanged. It is a useless tool for managing forex rates. The Nigerian naira is going to balloon out value soon, due to inconsistent mismanagement

Switzerland tried this sometime in 2005 or so if I could remember well, in their bid to manage the surge in their currency appreciation against the Euro, but completely discarded it after a short while. Sterilised intervention is synonymous with fixed exchange system, my friend, read up bro, do more research before coming to show us you actually paid your way through school!!!


I dont need to go online to banter knowledge with you(you are too dunce for that), these are things I read in school many years ago.

if you care to add more to your stunted knowledge, i can help by forwarding a few materials to you offline, hoping you will have the cognitive capacity to understand though, because it is really complex. Until then, I reiterate my advise you once more, stay off topics you know very little about.

https://eml.berkeley.edu/~obstfeld/182_sp06/ch17a.pdf

DaddyCoool:
This guy is really a stubborn idiat. See below idiat, then BUZZ OFF!!

Lol...dude keeps coming up with all kinds of different definitions to camouflage his stupidity

1. Naira was fully floated

2. No, naira was not fully floated, no currency in the word is fully floated(fallacy)

3. No.... it is floated but the government just had to intervene to correct things first before it was devalued that's why they sell at different rates to some people(black market).

4. Errmmmm!....Its partially floated but later action by government was to prevent further depreciation..

5. Oh...yes, the government devalued it first before floating it because it was "overvalued:

6....The partial floating led to the devaluation of naira but its was floated and not devalued

7......gibberish...gibberish...gibberish...gibberish...gibberish

Read all you have stated, take a look at yourself in the mirror, you should be seeing a clown....for someone who goes to peoples linkedin pages to form an opinion.....against what institutions like IMF, AfDB had called out as systemic devaluation.....your dumbness is incurable.

I'm sure you believe the government is not paying fuel subsidy too, because they are mute about it.....like I said, you are an educated illiterate who knows how to read but lack the cognitive capacity to balance things out other than what you read. Oponu

The government through NTA and the Nation newspaoer said they had floated, IMF called them out that they did not, AfDB called them out too,respected world journals and news outlets on economics like reuters, bloomberg, financial Times, etc called it devaluation and not floating, all pointers show that the government being the largest supplier of forex in Nigeria still plays a role by selling at a fixed rate to institutions( a misnomer to any floating system in the world,in whatever form they come), guess what....this one is still fighting himself to defend the fact that he said "naira was floated" even when he'd had contradicted himself many times over..... oya, keep disgracing your family and household.

By the way, what school did you go to? I just want to learn something, seriously.

DaddyCoool:
Of course you're out because you know you're making a total fool of yourself. Obviously "devalued" the way I used it simply means the value of the Naira fell, which is quite different from a government policy of devaluation.
Simple, the CBN was massively intervening to keep value of the Naira artificially high. They took away most of the intervention (FLOATED) and the value of Naira fell. But you ANNOYINGLY and STUPIDLY kept saying it was an official govt policy of devaluation despite all efforts to educate you.
Once again, see what devaluation entails below, which I'm sure by now you've researched enough to know you were wrong.
Now, chop your L in peace and vamose, loser!😅

It ieasy to know a buffon....they admit they are wrong but say it in a brazen fit of camouflage so they dont appear like idiots....I don't see the the difference in both for you anyways

NOW LISTEN, FLOATING OF CURRENCIES DO NOT LEAD TO DEVALUATION.....IT CAN ONLY LEAD TO CURRENCY DEPRECIATION.....which are two different things....please read up to get more educated

If central bank takes funds from the Foreing reserve and sell to market participants at a fixed rate, and warns the banks/participants not to sell beyond a particular spread.... what is that called? How is it different from what Emelefie was doing??

Anyway, yiu have admitted that they devalued the currency first because it was overvalued....its enough to indicate your warped reasoning capacity.



By what this buffon had stated below, in summary, he has admitted that the naira was devalued because it was "overvalued" initially. If only you had stated this from the onset we would have been spared this much of your stupidity. We also would not have know you are this daft, empty and gullible.

Now go read where you started from on this topic..."Naira was floated"...and read the gibberish you have been posting. You would have saved the workd
the waste of space and energy....

Nowthat you have actually learnt something, courtesy of engaging me.....that, Naira was devalued and not floated.....canyou do the country a big favour....?

1. Don't ever post anything on social media again. Your brain capacity is too low for such.

2. Ensure somebody else in your household reviews your decisions, as it is clear you are not capable of thinking straight.

3. Refrain from any attempt to dabble into what you don't have the full idea of...just let it pass. Passing through a school.does not amount to you being "educated"

With the above directions, and you having agreed that your currency was devalued and not floated as they lied to gullible idiots like you, I can wish you the best.I'm out

DaddyCoool:
Seems u too mumu to remember what the discussion is all about. The question is: what did the CBN do in March that devalued the Naira.
Answer: they FLOATED the currency, which of course led to it's devaluation - because the value of Naira was artificially kept high

Hilarious!!
This is beyond absurd, now.
So what has CBN done with the sale of USD to banks under DAS.
How was the exhange rate arrived at? I know the market rate was not N1485 that it was sold at. How scientifically was it arrived at

If the CBN of a country sells a foreing currency at a particular rate, pegged to its local currency....abeg, what is that called?



The beautiful thing is, the more you respond, the clearer it gets to everyone following that you don't even have an idea of what you are talking about. You keep dancing in circles.

There are so many of you online, that swallows whatever comes from the Nigerian government, either because you are eating from them, you are a religious or tribal bigot or you are just plain daft with little or no capacity of independently verifying the propaganda from the Tinubu administration. Or worst, you are the three. I am happy a lot of people are seeing through the lies as therecent noise about the subsidy have exposed.

God have mercy.!!.I hope you don't make decisions for even your household, because it is clear thst you are so gullible and daft that you can not see you have been swiped by the government.

At this point, it just to pity you abs those who rely on something lime you yo make the right decisions foe them. I advise them to seek for second and better views whenever you make a call. And tho includes your household.

DaddyCoool:
I've concluded something is wrong with you.
I've told you before, if Naira were undervalued the result of what CBN did would have been more $ per Naira and fluctuating depending on market forces. But because the Naira was overvalued the opposite happened. To actively devalue a currency is to arbitrally peg it's exchange rate lower, and make it stay that rate regardless of what's going on in the market.

Lol!!

....what is being pointed out to you is that this is not different from what Emefiele was doing previously....taking from the foreign reserve to defend the currency......the only difference is that it is at a devalued rate.....nothing different!!!!!!

Daddy of Mumus....nothing was floated. It is not a matter of fully floated or partially floated..NOTHING WAS FLOATED...IT WAS DEVALUED AND STILL BEING DEFENDED.....if the caps help to sink it into your thick skull full of cotton wool. Oponu!!

They have been swindled by the "fake accountant cum strategist"....just like he did to them on the fuel subsidy(which is being paid much worse than under Buhari)

educated semi literates....taking almost all the government said hook line and sinker withiut objectively validating it.

DaddyCoool:
If you only know how ignorant you sound.
How many times will it be drilled into your empty skull: NO CURRENCY IS FULLY FLOATED!!!!

https://www.legit.ng/business-economy/money/1607291-full-list-nigerian-banks-missed-cbn-sells-dollar-n1450-exchange-rate/



in a floated(whether partial of fully floated), the Central Bank does not get involved in fixing the rates. The CBN has returned to the DAS used by previous administrations to manage exchange rates after successfully fooling dafts like the poster below that they floated the currency. What they have done successfully is devaluing the currency.
Too many educated idiots in Nigeria

DaddyCoool:
See all this long epistle to camouflage something so obvious. Who is talking about "fully floated"?Simple: what action did the Nigerian government take that drove down the value of the Naira? They substantially stopped defending the Naira. THAT'S IT!! They, to a great extent, let market forces determine the value of the Naira (that's called foating NOT devaluation). And since the Naira was overvalued, it came crashing down!

Can you hear from the muntulla Niherian voted into power?? It is now about comparing the houses they stole peoples money to build

Nairaland officially useless. How on earth dis this make front page if nit underhand business

Lol....they have defrauded the citizens....asking them to make sacrifices and endure "small" hardship....but thry are doing falla follo with their money building new hiuses, buying new cars, and jets for themselves...lol....the people are real mumus

Lol...that includes the Presidential jet they just bought secretly....lobatan!!

Lies...who have they arrested?

....you know how useless an administration is by the senseless, irrelevant and uncordinated policies they roll out and dance around to claim them as achievements. This is another stupid and poorly thought out policy....similar to the one the Minister of Trade was celebrating(allowing UK lawyers to practice in Nigeria freely while Nigerian lawyers can not do so in UK unless passing through exams) without understanding the content of the agreement she signed...she was more interested in rushing to the media to claim it as an achievement until it was posted out to her that she had just approved the recolonisation of Nigeria again......

This one is another stupid one....that had no meaning. Fix your country, and everything else will fall in place without useless policies.

Truth is, thi is just some PR bull hog by Alake. The council of state is an advisory body as defined in the constitution and has no responsibility of determining the success or failure of any government of the day. In fact, it is a mere jamboree, gathering of ex-looters and other criminals.

Meanwhile, the Finance Minister said one-off the major reasons the devalued naira was ti attract foreing investors

Nigeria is in serious trouble with these bunch at the helm

...and Akpabio and Kalu are making laws for Nigerians...funny country