₦airaland Forum

Urahara22:
I'm curious . Was rice consumption in the 60s low because Nigerians were damn too poor to afford rice or was it low because Nigerians didn't really fancy rice then ?

Population growth mainly and income growth occurred.

Im skeptical about that 8 tons figure. That means Nigeria is completely self sufficient in rice and more than doubled production. If that much rice was produced it would show in price decline.

urahara:
Blue3k , but why does France still want to support the eco peg to the euro. What do they have to gain ?

I dont think they care. The peg just means more demand for euros.

urahara:
Have you noticed how none of them has been able to explain why Cape verde willingly walked into the web of the evil France by using the cfa franc ?

I noticed but it's an echo chamber of peoplere enforcing their paranoia. Cape verde has their own currency that's pegged to Euro. I think you're thinking of some other country hypnotised by the evil french.

Henri8:
Eco has already been hijacked by France through its control of the francophone countries and their economies.

Dont spread nonsense conspiracy theories. Nigeria had 2 decades to meet the convergence criteria yet they sat on their hands. Only francophone Togo has so far. The fact they changed the currency name to eco is no more significant than them changing it to zeni or beri.


The former CFA countries did three things.
- repatriate foreign reserves from France 
- kicked France from monetary board
- changed name of their currency to ECO 
Source

0monnak0da:
Honestly

Do you have anything useful to say?

Lol why are you always desperate for attention? If I said some wrong correct me. Lead by example by posting something insightful on the topic.

Man this will be challenged ex governors. Those greedy pigs in Lagos and Akwa Ibom will be especially furious. They're getting paid all of cash plus various entitlements. Stay tuned for the upcoming supreme court showdown.

Rem22:
The law is strict and i think should be reviewed

Is in more strict than benue? If the law is bad for business they'll just have do move to neighboring state or buy land to ranch.

Opr publishes nothing but lies.

Dont these herders get tired of losing. The precedent has been set on this.

Dozie32:
The rate of your idiocy has graduated to imbecilic level

Lol you dont have a single argument to justify your mumu rants. You clowns are so transparent.

Sammy07:
Boss, does the currency deal will have effect on dollars?
I mean will it reduced dollars.
Cos me I buy Gift Card & nah dollar I deal with.

Help me with explanation

It reduces demand for dollars. You have to go to bank to borrow these funds. The currency swaped between countries must also be returned after certain time.

Kingstanding:
. This is 2020 why do we like deceiving ourselves? What is the outcome of Nigeria and China currency swap? Our leaders are just wicked. What are the percentage of Nigerians doing business in Sierra Leone compare to China? Honestly being educated does not guarantee a good admistrator. Yeye government.

It makes doing business in China easier. Why should they do a deal that would expand trade with an ECOWAS partner?

kolafolabi:
Both economies or only Sierra Leone

Both countries since it enhances trade as article states. The extra liquidity makes business cheaper to conduct. This one reason China has so many bilateral trade agreements.

MoIbrahim:
It's still unclear why the dollar has to always come between two african currencies

It comes between because it's a stable currency that widely traded and maintains it value. Parties are just trying minimizing currency risk. This currency swap just one method.

Dozie32:
Naija has finally turned to a place of joke.

Can you articulate why you dislike the this deal or are you just ranting?

If Nigeria switched over to ECO that means China has to renegotiate currency deal. Maybe they expand the amount since they are biggest trading parter in ECOWAS.

Since Nigeria already has a currency swap arrangement with China, Sierra Leone will key into that arrangement. Sierra Leonean import from China can now be done with Naira.

This actually pretty good news for the 5 people that do business in Sierra Leone. The Sierra leoneans are benefiting greatly since they're doing the deal increase imports with china. We should see more trade and reduced strain on foreign reserves since nobody looking for dollars.

The Chairman, Economic Community of West African States (ECOWAS) Committee of Governors of Central Banks, Prof. Kelfala Kallon, has disclosed a plan for currency swap between Nigeria and Sierra Leone.

Kallon, who is presently the Governor, Bank of Sierra Leone, also decried the increasing dollarisation of West African economies and subsequent depreciation of national currencies in the region.

Recall that the Central Bank of Nigeria (CBN), and Peoples Bank of China (PBoC), had in 2018, agreed on a currency swap worth $2.5 billion to reduce their reliance on the U.S. dollar in bilateral trade.

The agreement is aimed at providing sufficient local currency liquidity for Nigerian and Chinese industrialists and other businesses and to reduce difficulties as they search for a third currency.

The deal, purely an exchange of currencies, also will make it easier for Chinese manufacturers seeking to buy raw materials from Nigeria to obtain naira, the Nigerian currency, from Chinese banks to pay for their imports.

In a report by the Nigerian Investment Promotion Commission (NIPC), obtained by The Guardian in Abuja, Kallon said Sierra Leone decided to go ahead with the swap policy with Nigeria as its leading economic partner.

The report, however, indicates that the policy is still under planning and consultations between the two are in progress, noting that the Sierra Leonean financial sector is dominated by Nigerian banks and institutions; as such the policy will benefit both countries by removing the dollar as a factor in their trade relations.

He said: “We are engaged in deep discussions with my brother, Godwin Emefiele, and we are forming up the plan, and we will take the plan further.

“Since Nigeria already has a currency swap arrangement with China, Sierra Leone will key into that arrangement. Sierra Leonean import from China can now be done with Naira; this is why we are really interested in the immediate swap deal between Nigeria and Freetown.”

Kallon explained how the proposed swap deal will work: “For instance, a Sierra Leonean trader coming to Conakry would go into the parallel foreign exchange market in Sierra Leone to acquire dollars (at a premium, most times) to bring to Conakry to convert into Guinean francs (mostly at a discount) in order to purchase her wares.

“This transaction then increases the demand for dollars in Sierra Leone, and its supply in Guinea. The result would be a depreciation of the Leone against both the dollar and the Guinean franc, and the appreciation of the Guinean franc against both the Leone and the dollar. When the transaction is reversed (with a Guinean trader going to Freetown to purchase rice, for example), the fortunes of the Leone and Guinean franc would be reversed relative to each other and to the dollar.”

He continued: “This artificially-induced depreciation of our currencies then creates an expectation of future depreciations, which promotes speculation-induced hoarding of dollars. Like negative shocks, this adversely impacts macroeconomic stability in the region.

“We can mitigate against these outcomes by holding each other’s currencies as reserves to facilitate intra-ECOWAS trade, under such arrangement, the Sierra Leonean trader coming to Conakry would now have access to Guinean francs before leaving Sierra Leone, thus obviating the need for her to buy dollars at a premium in Freetown.”

He said the Guinean counterpart will now have access to Leones before he leaves for Sierra Leone, stressing, “Consequently, intra-ECOWAS trade would have no significant impact on the exchange rates of both the Leone and the Guinean franc relative to the dollar.”

Source: https://m.guardian.ng/business-services/nigeria-sierra-leone-plan-currency-swap/

Marine54:
Are they going to be arm with gun??

Lol who would be dumb enough to take on armed crimals without a gun? The hunters fighting boko haram brought their guns without FG losing their minds. In just surprised they didnt invest in better weapons.

In this photo taken on Tuesday, Oct. 8, 2019, a group of hunters gather at a camp in Maiduguri Nigeria. Thousands of Nigerian hunters, armed with charmed amulets and intimate knowledge of harsh terrain, are preparing an offensive against the Boko Haram extremists who have ravaged the northeast for a decade, calling it "high time" they help soldiers end the deadly insurgency. (AP Photo/Haruna Umar)

FILE - In this Wednesday Nov. 25, 2014 file photo, hunters gather during a meeting in Yolo, Nigeria. Thousands of Nigerian hunters, armed with charmed amulets and intimate knowledge of harsh terrain, are preparing an offensive against the Boko Haram extremists who have ravaged the northeast for a decade, calling it "high time" they help soldiers end the deadly insurgency. (AP Photo/Sunday Alamba, File)

the outfit would complement the efforts of the regular security agencies.

If the federal government doesn't stop the SW from operating independently they essentially allowed state police. There's still a need for constitutional amendments regarding police and prisons. This will be an interesting test of federalism. Other states should just start their own police service afterwards.

kettykings:
Yes the international traffic is fairly in the hands of Lagos. But the local statistics means a lot more, if nothing urgently is not done in 5 years time things would have changed drastically

Lagos will probably stay on top unless you forsee a a continued decline in people traveling to Lagos. The double digit gains in Abuja just kept them a close second.

OP dont omit international flights, cargo traffic and mail from your analysis. Lagos trumps Abuja when that's factored in.

It was left for dead like vision 2010 and ERGP.

[s]

APCNig:
All these nonsense you wrote up there with your half education, by the time Major General Muhammadu Buhari decides to starve you, hunger and poverty will finish you all. Just wait and see how the people's genera will deal with mercilessly with you beggars. By now you should know that our President does not talk much, he takes action. Just boarder closure, you people are finding it difficult to eat once in a day.

[/s]

Lol Nigerians and their deranged ramblings. It's sad you suffer mental illness hopefully it's a recessive trait. Your major general is only secessful at starving you clown.

kushercain:
Are you certain about the bolded? I believe France is still running things behind the scenes. Plus they're pegging the currency on the Euro, so I heard anyway

Im giving facts from articles and press releases on subject. You can believe what ever but can you prove it? The CFA france currency was always pegged to Euro. The cape verde currency is also pegged to Euro but you not alleging Portuguese conspiracy.

Countries like Nigeria going to lead charge by meeting convergence criteria. Then they can have others join them. It's more productive than worrying about France..

The minimum wage is a federal law which every state must legally obey. The issue is the weak federal enforcement. Anyone who doesn't should be punished.

Its odd how paranoid, delusional and ignorant you guys are about the topic. Nobody betreyed Nigeria because they didnt break any agreements. Ghana said they want to implement single currency without currency peg. The Former CFA countries always opperated outside of Nigeria influence.

As stated before only Togo met convergence criteria for currency after 2 decades. The rest are just yapping. You guys just shoe horn France into conversation so you dont have to talk about your nations inaction. Why not lead the charge by meeting criteria and have togo join instead of wailing? The rest will join later if they please.

The former CFA countries did three things.
- repatriate foreign reserves from France
- kicked France from monetary board
- changed name of their currency to ECO

Ghana requested:
-Every member member state meet convergence criteria first
- establish central bank
- adopt flexible exchange rate

GamalNasser:
Closet Buharist

Your comment is absurdly stupid. Seek help over your obsessive need to bring up Buhari no matter how irrelevant it is to conversation.

It must be the alcohol making yall spout off these nonsensical conspiracy theories. The fact they changed currency name doesn't matter. If the called the currency zeni or beri nothing changes. None of the Ecowas member states met the criteria for currency union except Togo anyway. It's been nearly two decades some country has to lead the charge instead just talking.


History of ECO and membership criteria:

On April 20, 2000, in Accra, Ghana, the leaders of six West African countries declared their intention to proceed to monetary union among the non-CFA franc countries of the region by January 2003, as a first step toward a wider monetary union including all the ECOWAS countries in 2004.

source

The meeting was attended by three heads of state, Presidents Olusegun Obasanjo of Nigeria, Jerry Rawlings of Ghana, and Lansana Conté of Guinea, as well as representatives from Liberia, Sierra Leone, and The Gambia. Cape Verde, the remaining non-CFA ECOWAS member, has a currency peg to the euro with the support of Portugal, and was not a signatory of the "Accra Declaration on a Second Monetary Zone."

source

The four primary criteria to be achieved by each member country are: a single-digit inflation rate at the end of each year; a fiscal deficit of no more than four per cent of the Gross Domestic Product (GDP); a central bank deficit-financing of no more than 10 per cent of the previous year's tax revenue, and gross external reserves that can give import cover for a minimum of three months.

Source

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BeachLife:
I am 26 years old ,not an old folk. I'm American born and raised though my dad is Calabarian. I'm only suggesting what I think is the best method for progress .
There's neither an official name nor synthetic official language for the ethnic group ,and that signifies disunity and disorganization. I hear stuff like Ekid nation, Oron nation,Efik nation,Ibibio nation,Annag nation. People call them Calabar, akwacross or Efik /Ibibio.
Who is the face of akwacross people right now ? None . If they were united they could have autonomy or even peaceful secession. I think it's myopic to insinuate cross river does not matter . I think not only should efik Oron ibibio annag unite , the northern part of cross river should also be included in the map of a possible akwacross republic . And I think the landmass which comprises Akwa ibom/ Calabar area should be simply called Calabar /Calabarians because that term is more marketable than Akwa ibomite or any such names. .

You're making a mountain out a mole hill because you dont know history. Akwa Ibom was never a unified state. That's why there isnt a singular name for the ethic groups or languages. There's different dialects of chinese being mandarin and Cantonese spoken by Han ethnic group.

If you're interested in secession or autonomy good luck.

BeachLife:
It bothers me that Calabarians are so divisive and I would like to see a change. The ibibio museum should be called Akwacross museum or Calabar museum and should contain relics and artifacts of all the communities. There should be efforts to foster inclusiveness and oneness because inclusion is necessary for unity and progress ,and avoidance of internal strife and sabotage. Right now the Calabarians can't even speak with one voice and are so powerless. I believe if there's unity they can have autonomy or even secede and be independent nation.
Akwaibom /Calabar area should strife to be a mega city state like Lagos ,Tokyo or Singapore . The name Calabar and Calabarians is more marketable and should be the official name . As for language ,there needs to be a standard synthetic official language which is composed of the popular dialect ,at least 40 percent ibibio,40 percent efik and some Oron and anang words in between. The land mass should be divided into :Calabar west,Calabar North ,Calabar East ,Calabar South,Calabar central , Akwa beach (present day ibeno ,ikot basi and eket area ) .
There should be only one standard traditional attire and the rest should be discarded . there should be no terms such as Efik nation,Oron nation,ibibio nation,Annag nation or Eket nation.
I assume you guys are Calabarians , so what's your opinion about this idea? I want this to be propagated and established .

It can just be Ibom museum if name needs to be changed. Cross river is Irrelevant. The museum should expand its exhibit. A museum in France doesn't have to carry french artifacts exclusively.

Akwa Ibomites are not Calabarians and dont care to be. If we wanted to be we would not be our own state. It's been over 3 decades since the states split. If only old folks that cant get used to the change.

Efik, Ibbio Anang, Eket are dialects of eachother. We understand eachother. Nobody has to eliminate terms and cultural attire to embrace civic nationalism or patriotism.

Racoon:
Same way former Gov.Aregbesola started the failed MKO Abiola International Airport that have long became a shadow of itself after the corruption surrounding this white elephant project.Meanwhile the Akure Airport is just about an hour drive to the state just as in the Ai case.
Stop senseless waste of state resources.

Even when Tinubu is advices states like Ekiti not build an airports they wont listen. We'll see which state between Anambra and Ebonyi keeps their promise. The other states are bold enough to give a completion date.

They have to win like everyone else.