Stupedinluv:
You have your hook ready?

Sure i do. I see you look real cute in your photo, wondered if there's something more interesting to you?!

Stupedinluv:
I WILL NEVER CHOOSE CORRUPTION.

I rather sacrifice now and enjoy later.

Mr Freeze or Freezer your thinking is shallow.

hey whatsup. would like to hook up with you

Of course, Dino Melaye, you are the right crook to speak for the people...NOT!

I always wonder why Nigerians choose to deliberately vote for lawmakers who only serve to line their own pockets. They say the people deserve whom they vote for. And without doubt, the people of Kogi state deserve this crook of Melaye.

In a country where the minimum wage is 18,000, Mr Melaye's G wagon is enough to pay 600 teacher's salary. Can someone explain to me what other source of business he might have besides being a senator?

LOL, and people fume when a foreign leader observes that Nigerians are fantastically corrupt?

Too much crap!

The fact that this dude chose to emphasize her supposed infidelity shows that he did more than slap her on the face.


What this guy is trying to sell the public is that he had every reason to believe his wife cheated on him...and yet he didn't beat her or anything, she just died mysteriously. What porkies! I swear, i told more quality lies than this when i was a kid.

AntiMahdi:


foolish rants are ignored olodo forming itk over an issue he knows nothing of

LOL, cheers mate!

AntiMahdi:


Your economy is dependent on the petroldollar.


Nigeria's foreign reserves as at today are exclusively held in dollars only and no other currency.

You produce nothing and virtually import everything. The current inflation rate hitting the economy is not due to excess liquidity brought about by growth but by the very fact that investors are willing to pay more than the official forex rate to recoup their investments. In short they are jumping ship and the stock market which has lost over 3 trillion naira in one year of this administration is a pointer on why the naira is being dumped.

Fourth - Talking about inflation - if you consider that interest rates in Nigeria is well above 15% while in the US is just about 1%, if the CBN can manage a slightly more flexible exchange rate, and if the federal government can maintain market friendly policies, you should see a strengthening of the Naira against the dollar. -- I don't expect to see the fed doing this.

Implying nonsense. You are giving a suggestion as a point.

Fifth - The dollar is not a supreme currency - The swiss franc and the yen have all shown better safe haven status than the dollar in 8 of the last 10 market drawdowns

How much is the naira trading against the yen and swiss franc COMPARED TO THE DOLLAR?
You are now pulling sh1t out of your ass as fact.

If you are not sure of the stuff you are saying, shut the fck up!

Now the gorrilla is angry and starts hurling its sh1t over the place

Merely making a few factual statements does not produce any sensible arguments against my points.

First - I mentioned that you were blatantly wrong to argue that the Naira is a peg. and moreso when you chose to deliberately insult another person by this ignorant statement. Your response . erhm "You produce and import...bla bla bla". Dude, did you skip all debates back in your school days?

Second - I have not argued against the current economic reality of the country or the fact that foreign investors are jumping ship. I have merely pointed out the lazy unresearched arguments you provided as facts. This goes along with the rest of the points you have made in response to my post.

For example, i pointed out that it is just pure sensless rubbish to consider any currency as a supreme currency - Because 1 dollar is more than 1 naira does not make it supreme to the naira. For example, 1 dollar equals 106 Japanese Yen. But historically, the Yen has proven to be a better safe haven currency, due to low inflation, decades of current account surplus and large foreign assets held by Japanese investors - Your response - "How much is the naira trading against the yen and swiss franc COMPARED TO THE DOLLAR?"...

Seriously, dude, are you too dumb to even notice that my debate is just to point out the really silly parts of your economic logic? I think you are simply unaware of how ignorant you are, and yet you take to forums to lecture others about economics.

AntiMahdi:


You hold your reserves in dollars and last I checked the dollar is the supreme trading currency.

This is tantamount to a man putting all his earnings and savings in shares in a cocoa processing firm and when the firm records a loss you still assume he is still rich?

use brain

Again - you are either an idiot or an illiterate. I sure hope it's not both.

First - You should correct your initial assertion that the Naira is pegged to the dollar. That is plain wrong.

Second- The fact that you hold your reserve in dollars does not preclude your currencies from appreciating against the dollar. Heck, most central banks around the world hold their reserves in dollars.

Third - Your reserve is only one variable in what determines the level of your exchange rates. If the CBN can control inflation and manage steady output, of course the Naira will stack up well against the dollar.

Fourth - Talking about inflation - if you consider that interest rates in Nigeria is well above 15% while in the US is just about 1%, if the CBN can manage a slightly more flexible exchange rate, and if the federal government can maintain market friendly policies, you should see a strengthening of the Naira against the dollar. -- I don't expect to see the fed doing this.

Fifth - The dollar is not a supreme currency - The swiss franc and the yen have all shown better safe haven status than the dollar in 8 of the last 10 market drawdowns

If you are not sure of the stuff you are saying, shut the fck up!

AntiMahdi:


The Naira is pegged to the dollar. Our foriegn reserves are in Naira you nitwit. If the dollar falls so does the naira

Nigeria maintains a fixed NOT a pegged exchange rate system. If you must call someone a nitwit, at least, don't say something completely idiotic yourself.

The budget is a deficit budget coming in a year of dwindling govt earnings that means the budget is based on loans and the effect of 6 trillion naira on a double digit inflation economy is set to see inflation soar and thus the naira weaken further

Deficit budget - sure!

But you betrayed your own lack of indepth analysis by completely ignoring a few other facts.

- The finance ministry expects one major new source of non-oil revenue into the federal government budget to come from its re-appropriation of the surpluses of Ministries, Departments, and Agencies (MDAs).

- Following the launch of the Treasury Single Account (TSA) in late 2015, the federal government expects NGN1.5 trillion in recurring revenues each year from the MDAs (a tripling compared with previous years) through setting performance targets and requiring revenue in excess of approved expenditure to be returned to the federal government.

- The government also expects to generate NGN350 billion by recovering stolen funds, and it aims to reduce current expenditure by increasing coverage of the payroll system and eliminating ghost workers as well as improving overall efficiency.



Of course, it's not all roses - and there is a lot of execution risk. It's likely that fundamentals deteriorate further in the short term, but a lot has been priced in already. But if you must make economic argument, at least look at things from different angles.

Here is a simple explanation.

Imagine that both you and Dangote - approach a bank to borrow some funds. You bank manager is likely to attend to Dangote first because he is deemed to have low credit risk, by contrast you are deemed to have a high credit risk, because you be "I never chop". Additionally, you manager will probably charge Dangote 2% interest, while they charge you 25% interest.

The same thing here - when a country is in good and sound economic position, that country is deemed to have good fundamentals and low credit risk and therefore has a good credit rating. Therefore when the country approach international bond markets to borrow money, the cost is lower. If the Nigerian government wants to borrow money in the bond markets for 10 years as of today, it would cost the government about in 15% interest. While a country like the UK government will probably pay 0.5%. As a matter of fact, a country like japan currently have negative interest rates. i.e you pay the Japanese government to lend them money.

The best rating a country can have is Aaa, while the worst rating is a D. Countries with good ratings may sometimes have their currencies considered as safe-haven currency for example US dollar and Swiss franc . Although that may not always be the case, for example in a place like Australia or Canada due to their exposure to commodity prices.

Anyway, the effect of this downgrade is likely not going to be anything drastic as the market as already priced all of this in. The medium/ longer term effect is increased cost of borrowing and a downward pressure on exchange rates.

ireneony:
yoruba men are big flirt

Nawa ooo

No wonder those stories are true

..And we only go for the real women too!

SleekAboki:

We all know how difficult it is to for a sexy lady to climb the ladder in showbiz without stripping and giving out some bleeps. Tunji might be about to drop the bomb shells of abortions committed if Tiwa pushes him. It would get more ugly if Tunji gets a crazy lawyer and sue.

Sue for?

Wait let me get this straight.

He duped her while he was her manager. But because of course, he was also her husband, she let it off without drama
Then she fed him. Clothed him. Housed him. and gave him pocket money for the extras
Being the shamless piglet that he his, the only thing he offered in the marriage was a di'ck. And bragging rights that says "I am your husband, and you are my slave"

She won't put up with it anymore...then he goes public, slanders her and her relative.

What would he be suing for again? He is lucky that his broke ass is not being asked to pay child benefit. That would just be driving the nails deep down his coffin.

TJ is an embarrassment. I detest guys who don't have a means of livelihood but want to be seen as part of the upper echelon.

LoneRanger12:

All has been said about both of them and I think Teebillz accusations are true to some extent. Just watched the interview and even a baby can tell that Tiwa is lying. She might not have slept with all or one of don j, Dr sid, 2baba when she married Teebillz but what about before their wedding.

Why is it anyone's business who someone sleeps with before they get married?

More than 80% of the girls you probably know in their mid 20s must have slept with someone...should they then be publicly humiliated as this boy-man, called TJ has done to Tiwa?

In the future, when we turn 50, we will each be given a ticket to a time machine and, just once, we will be able to go back in time and talk to our 25-year-old selves.

Even then, time travel will be expensive and wreak havoc with frequent flyer programs. So there will only be one trip. So what if we could? What would we say? What advice would we give?

I often wish I could do this. Just once. So, just in case the time machine ever comes along, this is the career advice I would give my 25-year-old self.

1. A career is a marathon, not a sprint

Chill. When we are younger we tend to be impatient. As you get older you realise there is no real rush. Life, and the careers we pursue to fill it and pay the bills, needs to be approached on a long-term basis. If you sprint you will wear out or start to resent work that you previously enjoyed. Allow yourself time to breath and grow. Things will come if you work hard and allow yourself time to get good at things. Always rushing only leaves you empty, and tired. It is fine to give yourself permission to take some time in the slow lane with the hat people. You will find yourself seeing things on the journey that you didn’t realise were there.

2. Most success comes from repetition, not new things

I remember hairdressing legend Stefan Ackerie telling me this in 2003. I had never really thought about it before. A few years later Malcolm Gladwell’s brilliant book Outliers was published, promoting the idea that you needed to spend 10,000 hours on something to become truly expert at it. This applied to the Beatles and their Hamburg gigs and Bill Gates who, through a series of fortuitous accidents, ended up spending more time than almost anyone else on a computer.

The lesson here is get good at things before you try to move to the next thing. Genuine expertise belongs to an elite few. They seldom have superpowers. They usually have endurance, patience and take a long-term view. They also love what they do. If your find that, don’t let it go.

3. If work was really so great all the rich people would have the jobs

It is well established that almost nobody laments on their death bed that they didn’t spend enough time at the office. This seems obvious. Yet still we let contrived circumstances and fairly trivial issues keep us from important events like school sport days and kids getting badges for picking up rubbish. I wish somebody had schooled me about these priorities at 25. I can remember every sport day and certificate presentation I missed. I can’t remember any of the reasons I missed them.

4. Deprioritise your career when your kids are young

If you have skills, commitment and passion, careers tend to take care of themselves. Over the long haul, it really doesn’t matter if you have a few years when your career is in canter mode while you prioritise young children. This should apply to men and women. I was watching some video of my kids when they were little last week and I realised, again, that the little people in that video don’t exist in that form anymore. They have grown into pride-worthy adults but the tiny people with wonder in their eyes were just passing through. If you miss that time meeting deadlines and finishing reports, you never get it back. Childhood is fleeting. When it is in its formative stages, you get one chance.

You can also miss the chance to learn. Children teach you a lot more than you teach them. They give you a second chance to see the world for the first time through their eyes. And you will be astounded what you miss in the clutter of life. Hold onto those times while you can. As the nun sang in The Sound of Music, you can’t keep a wave upon the sand. And you look kinda ridiculous trying.

5. In the workforce, always act like you are 35


A recruiter gave me this advice some years ago. It is quite inspired. What she meant was, when you are young in the workplace, don’t act as a novice. If you are smart and competent, step up and do whatever you are capable of doing in a mature way. Similarly, when you are an older worker, don’t act like it. Approach your day with youthful energy. To quote a famous Frank Sinatra song: “You’re 35 and it’s a very good year”.

6. Management is about people, not things

It is easy to fall into the trap of believing that all people are equal, behave the same every day and have a generic capacity to perform. Humans are simply not made like that. Business guru Jack Welch says the workforce consists of 20 per cent of people who are high performers, 10 per cent that you should get rid of and 70 per cent who do okay. The problem is the 70 per cent. Most managers want everyone in the 20 per cent. We need to be careful not to believe that the 70 per cent are underperformers. Sometimes we need to celebrate the competence of the masses not the superpowers of the elite. As managers, we are not managing things, we are empowering people and making the best use of whatever it is they bring to the table.

7. Genuinely listen to others

It is easy to fall into the trap of thinking we have all the answers as individuals. We don’t. As a group we are far more powerful. We need to learn to genuinely collaborate and really listen to the opinions of others. And we need to ask our own people first. So many managers and firms fall into the trap of asking external consultants for answers and then trying to implement the recommendations over the top of tried-and-true employees. In almost every case, our own people already know the answers. We need to avoid letting familiarity blind us to the talent sitting around us.

8. Never work for horrible bastards

Life is way too short to tolerate really bad bosses. If you find yourself working for one, unless you are desperate or starving, start looking for a new job. Immediately. Then sack the bad boss. By leaving.


9. Recognise that staff are people with finite emotional capacity

This is one I really wish I had known earlier. It is clear to me now that humans have a finite emotional capacity. If there is something challenging happening in their personal lives, they have limited capacity left to deal with issues at work. In nearly 100 per cent of cases I have dealt with of people suddenly under-performing at work, it has nothing to do with work. When good people have problems, managers and companies need to carry them. This should be a personal mission. If we learn to carry people when they most need it, we become a stronger community and we empower people in ways that we probably can’t imagine when we are young. A re-invigorated broken employee is a corporation’s most powerful force. They become a slightly better version of themselves without the need for a V energy drink.

10. Don’t just network with people your own age

Beware the whiz kid syndrome. Smart, young people have a habit of forming communities of other smart young people and feeding off each other’s energy. In the older world they are seen as “bright young things” that give confidence that the future is in good hands. Argghhhh. How many times have you heard that? Youth enclaves can actually be restrictive. Smart 20-somethings should make sure they network with older people too. In fact their networking should be about meeting useful mentors and career champions who can open doors and fast track careers. Similarly, older, successful people shouldn’t just sit in musty clubs talking about the 1970s. They should be proactively seeking out smart, young people who can shake them out of their comfort zone and open their eyes to new ideas.

11. Celebrate cultural differences in the workplace

One of the big mistakes we make in Australia is failing to adequately recognise the value of overseas experience and people from a variety of cultures. Diversity brings a richness to our workplaces that benefits all of us. Overseas experience is real experience. We should take every opportunity to inject new thinking into our workplaces. It is where the magic begins.

12. Take the time to understand what your business does

I love the story of President J F Kennedy’s visit to NASA during which he asked a cleaner what his job was. The cleaner replied that he sent rockets to the moon. All of us should feel part of what our organisations actually do. We should take the time to be part of the big picture and always feel connected with the true objectives of our workplace. Don’t wait for someone to tell you or lament that internal communication is crap. Find out for yourself.

13. Don’t put off working overseas

Geography is becoming less relevant. We are all citizens of the world. President Obama made the point during his University of Queensland speech that the world was becoming smaller and even the Pacific Ocean was now just a lake. If you get the chance to work overseas, and you aspire to do that, take it. There is never a right time. And we always regret the things we don’t do far more than the things we do.

14. Work in an office where you have friends

You will spend a lot of time at work. You should work with people you like. I used to be a bit sceptical about a question in employment engagement surveys asking people if they had a “best friend” at work. I realise now that work is much better if you are among friends. The happiest people are those who do things they are passionate about with people they really like. Further to that, if you find you have taken on a job you hate, ditch it quickly. Your career can survive a few well-intentioned detours and mistaken pathways.

15. Never sacrifice personal ethics for a work reason

Crucial to workplace happiness is value alignment. If you work somewhere that compromises your personal ethics and values, get out of there as quickly as you can. Good people will be unnerved by things that don’t feel right. If it doesn’t feel right, it probably isn’t. Bad things only manifest when good people don’t take a stand.

16. Recognise that failure is learning

As bizarre as it might sound, failing is not failure. Researchers recognise that failure is just part of a process to eliminate unsuccessful options. To misquote Woody from Toy Story, when we make a few mistakes, we are not failing, just falling - with style. Even fairy-tale princesses recognise that you need to kiss a lot of toads before you find a handsome prince. Thomas Edison articulated this best: “I have not failed. I have just found 10,000 ways that don’t work.” If we fear failure we tend to take a minimalist approach to our jobs and the opportunities around us. Takes some risks. Sometimes failing spectacularly is the best evidence that we are alive, human and serious about aspiring to the extraordinary. There is no value in being ordinary when you have the capacity to be remarkable.


Culled from Linkedin

https://www./career-advice-i-wish-had-25-shane-rodgers?trk=v-feed&trk=hp-feed-article-title-share

kilode100:


I will put up my pix at the second coming of our Lord Jesus

E wants to self-service on my pix

No darling, I am not in the same class with the sort of guys you roll with. I don't give two fcks about your picture. My statement, in case you don't have the smarties to figure it out, was to highlight what a low life scum you were

Now get along.

GudluckIBB:


If jonathan has taken money illegally from CBN and use it to develop bayelsa to be like dubai, Nigerians would have pardoned him. But he was a vice president, acting president and president, yet his people don't have drinking water and passable road.

I think anyone that has a bit of common sense would reflect on this.

May 1999 - December 2005 - Jonathan was Deputy Governor of Bayelsa state

December 2005 - May 2007 - Jonathan was Governor of Bayelsa state

May 2007 - May 2010 - Jonathan was Vice President of Nigeria

May 2010 - May 2015 - Jonathan was President of Nigeria


According to Wikipedia

Bayelsa State has one of the largest crude oil and natural gas deposits in Nigeria. As a result, petroleum production is extensive in the state. However, the majority of Bayelsans live in poverty. They are mainly rural dwellers due to its peculiar terrain and lack of adequate transportation, health, education or other infrastructure as a result of decades of neglect by the central governments, state governments, and petroleum prospecting companies. This has been a large problem in the state since its creation and successive state governments have not been able to address and repair the issue. The state, as a result, has an almost non-existent commerce.


Jonathan was given a decade and 4 extra years - Global oil prices were up - but the poverty of his own people seemed to worsen. To whom much is given, much is said to be expected. Much was expected of Jonathan - and he delivered nothing! Zero! Zilch! Nada!

I am convinced that Nigerians made the right decision to boot him out of office in 2015. If he couldn't change the life of Bayelsans, why could he be of any good to Nigerians as a whole?

kilode100:

I kilode100, would be ashamed to be associated with that man. The thought of him trying to hug her in public is rubbing me the wrong way.
What a ugly looking something and he wants a hug in public.
Abeggi!!

Hey you low life scum, why don't you put up your picture and let others judge your looks?

The author of this article woefully fails to understand the primary goal of Wole Soyinka in his activist days.

It is to speak up against brutal dictatorship regimes or fight when he feels that ideals of democracy are about to be usurped.

15 million people made their voices known when they voted for Buhari in 2015. Seriously, you want Kongi to speak against that? That will be going against everything he fought for all his life.

Lack of fuel, economic hardship, riots in the North are not what Wole Soyinka fight against. His silence implies that he respects the people's will to elect a person who can solve their core challenges.

Kongi has been an activist long before many people's fathers were born. Frankly speaking, most of you are unworthy to hold a torch to his record. Calling him out at a ripe age of 82, when your grandmothers teeth have all fallen off, is not just bewildering. It shows lack of willingness to take responsibility by this generation. The very reason we are all heading off the cliff like sheep!

I can't believe that this is even a question.

Why marry someone you can't stand?... You will live with her, sleep with her, and share the same space for the rest of your life?...why choose to be THAT miserable?

I can't believe people are crazy enough to make their choices this way...but to each his own.

What's the point of having both a Deputy commissioner of Police and an Assistant commissioner of police?

Just waste of resources, it would seem!

Firefire:


And the 'Greenback' allows that margin ?


N197/$ => N360/$, 83%

That Greenback must be fraudulent.

Your rant doesn't make sense.

If a bank needs 100 dollars to meet its obligation to its clients and it can only obtain 2 dollars from the central bank at 197. The remaining 98 dollars must be sourced from alternative sources. Assume the Bank was able to source this at a rate of 300, this brings the weighted average cost of forex to the bank at 297.

The bank then charges a premium of 63 Naria on its bid ask spread. This brings the profit margin to just 21%

Cue the typical responses:

"God is great"

"May God bless this woman"

"That child's parent should hang their heads in shame"


Where is the outrage? Where is the horror? Why are the parents not being prosecuted? Why is a Nigerian minister not being made to resign? Why have people accepted this as normal? In a 21st century world, and despite all our collective education, the best we can muster is "God bless this woman"?

We have not only lived in this scum, this hell, this shithole, for so long, We have also accepted it as the only way of life that is possible. We have become too accustomed to the financial, moral and intellectual poverty around us, that we have become consumed by it. We have neither fear nor hope. Our cause is forever lost, when we sit by and watch as kids are left to starve to death in the open

No one ever stops to think...

What will Lagos look like 40 years from now?

Annually, tens of thousands of cars are imported and 0 cars are exported. Where will all the cars end up?

.

Just when you think the bar for incompetency couldn't be lower, Emefiele does the unthinkable, he sinks even lower.

Emefiele has lept from one foolish policy to another.

First he banned commercial banks from accepting foreign currency deposits - the result is simple, the banks run out of foreign exchange and can't perform their primary role as an intermediary. The result? the economy suffers.

Second he continued to sell the country's foreign exchange reserves at highly subsidize rates to individuals who sold it to Nigerians at black market rate. He claims "devaluation is evil". The result? Well it didn't make any difference whether he chose devaluation or not, the currency is already de-facto devalued, given that more than 90% of the forex needs are being met at the devalued rate. The only people that benefited from this are the BDCs and bankers who simply bought our foreign reserves from the central bank at 190 and sold it back to us at 350. The economy suffers.

Third he continued a misguided policy of a loose monetary policy by keeping interest rates low and effectively putting a huger amount of Naira in the circulation. Simply economics of demand and supply implies that more Naira is now chasing after few goods. The result? Inflation rises, wages stagnate and the economy suffers.

Fourth, talking about money chasing after few goods - whoever thought restricting foreign imports is the solution to Nigeria's woes must have either skipped economics 101 back in the day or is simply painfully ignorant. Simple maths - if we all have 100 naira to buy Vegetable oil. If foreign Vegetable oil imports are banned, it simply means that there will be shortage of Vegetable oil, and the price of the available ones will simply skyrocket - Even the woman selling Akara will have to increase prices given the higher cost of production she now faces. If prices are rising and wages are not rising, the result is simply a collective decrease in total wealth.

Now, Mr Emefiele is talking about targeting individual's domiciliary account. This is not just foolish, it is unbelievably foolish.

omonnakoda:


The CBN should raise interest rates? really ? They just did the EXACT OPPOSITE? Are you saying they don't know what the are doing ? By the way do you know what the interests rates actually are and what they were when this government came to power?
Where does the threat of inflation come from ? I really do not think I understand your logic AT ALL. If you are referring to price rises as a result of exchange rate changes how will interest rates affect that. We have next to zero consumer credit in Nigeria so how does interest rate slow consumption and why anyway do we want to slow consumption when we are trying to grow the economy I am not persuaded by your theory

The CBN should raise interest rates? really ?

Yes

Are you saying they don't know what the are doing ?

Possibly. I wouldn't be too surprised if they are just winging it. From the looks of things, it feels like they are. The leadership of the CBN has displayed some truly shocking levels of incompetency that nothing else might surprise me again. First they banned banks from accepting forex savings// continued to sell limited foreign reserves to folks who simply round tripped it // Removed bans from forex savings in banks//then banning those folks that should have been banned in the first place.
I do not see anything coherent in the strategy being employed by the CBN. It seems to be that the CBN is simply hoping that oil prices will rise in the short term and all these bad stuffs will simply melt away - A central banker that employs hope as a strategy is without doubt incompetent.


By the way do you know what the interests rates actually are and what they were when this government came to power?

Benchamark interest rates hovered around 12% before Buhari came into power - it increased briefly and officially now is at 11%


Where does the threat of inflation come from ?

Imported inflation mostly. Foreign exchange has depreciated, cost of production is higher, price levels are higher. Simple.


If you are referring to price rises as a result of exchange rate changes how will interest rates affect that

If forward exchange rates are an unbiased predictor of future spot exchange rates, then the value of exchange rate is directly related to interest rates. The higher the interest rates, the higher the value of home currency.

But leaving normative theory asides. Higher interest rates in Nigeria will attract savings from the rest of the world, which increases foreign portfolio flows and increases the value of home currency.


so how does interest rate slow consumption and why anyway do we want to slow consumption when we are trying to grow the economy?

The goal is not to grow the economy. The goal is to stabilize the economy. You cannot grow the economy if you don't achieve at least some stability in prices. For example, it wouldn't make sense for the CBN to print 100 trillion Naira and dash it out to everyone in order to grow the economy. We would simply end up as the next Zimbabwe - or the next Germany (after world war two).

Stabilizing prices should be the central goal of the CBN - and it is nonsense to talk of stimulatory measures such as lowering exchange rate - while trying to stem off a depreciation of the Naira.


We need to be real with ourselves. This is not the time to party. It is not the time to give out cheap loans. Even though there is already a little bit of fiscal consolidation being forced on us due to low energy prices - i do not think a reasonable way to offset that is stimulatory monetary policies.

omonnakoda:
What fiscal instrument could conceivably have been used to fight this battle if we were not short of them

No fiscal instruments. But probably monetary ones.

First, let's be clear - there is no fighting this battle. The exchange rate is what it is. It is the amount at which foreigners are willing to buy the Naira.

Second - the central bank is playing a loser's game. By keeping the official exchange rate pegged at 200, it is being forced to subsidize one part of the economy at the expense of the other.

Third - the right course of monetary policy should be to officially allow the naira to trade within a band -rather than a fixed target exchange rate. A band of 200-350 may be appropriate. The CBN should then immediately increase short term interest rates sharply to stem off inflation and attract foreign portfolio flows/savings. .

I would caution against early optimism!

This is not just the work of speculators. The fundamental value of naira has actually depreciated for three reasons

1) The fall in the price of oil

2) Lack of foreign portfolio flows

3) Depletion in the country's foreign reserve

4) Supply and demand issues.

5) Low interest rates and high inflation rates

These are persistent structural issues, and they have nothing to do with either Mr Uba or the president's body language.

I would advise that anyone that can obtain dollars at today's exchange rate should seriously consider doing so, and be prepared to dig in for the long term.

Her attitude is ugly - period.

Her apology doesn't suffice. Anyone that has it in them to publicly boast about their wealth deserves no respect.
She must be an incredibly sad person if all her happiness resolves around - a mansion, bags, shoes and a blog- and her rant yesterday proves just how hollow she must be.

"Oh I am writing this from my 500 million naira mansion" - To put in perspective, her mansion wouldn't buy 2 bed flats in many places in central London.

Now i understand why she is still single.

persius555:
Ban everything? Believe me, (no insults) you will make a woeful CBN governor. I am tired of commenting issues that borders our economy.
In the 80s, three things killed our economy and if we do not retrace our steps, no matter the policies we put in place we will not make progress.

1. The socio economic crisis that resulted from several military coups really did a lot of economic damages to not only our psyche but our economic value system. The well educated nigerians that would have helped the country grow had left in droves, so also did the creative minds, footballers, musicians, engineers etc. After the advent of democracy, we have not been doing what a nation like rwanda is doing, i believe its called nation building. What we did was to leave our economy in the hands of foreigner who will never love our country more than they love theirs.

2. Our in-ability as a nation to revive our power sector that went comatose in the 80s. This singular factor accounts for the dearth of 80% of our industry. We are in the 20th century for heaven"s sake. Any country in the world today with more than a 100 million people that is serious about building a local manufacturing capacity must be ready to generate no less than 30,000 MW of electricity, the least. Its a pity that a lot of people dont understand the devastating effect of not having a viable power sector. I, myself did not understand this until i ventured into the dangerous waters of " Entrepeneurship in Nigeria". In my own experience, 70% of my generated income went into providing electricity and eventually i had to call it quits. I know a lot of ignorant, block headed nigerians will come hear and say; "There are many businesses in nigeria that you can do that will not requite electricity". This is a mental psyche that an average nigerian has developed in the last three decades that has continued to hold us back.
My reply is go and tell this to the americans, japanese, chinese, indians, south africa and the rest of the world. We nigerians go online and scream "DIVERSIFICATION" as if its is suppose to be a password to freedom or something. Even if we decide to diversify to agriculture for example, do we have the capacity in terms of technology and manpower to deliver an agro allied industry that can meet local and global demand.
For heaven's sake we still operate an agricultural system that is based on subsistence farming while the world has since moved on to technologically driven system. The mining sector is not left out neither. If we are going to run a fully fledged mining system, we would still have to rely on adequate power. Mind you, this sector is heavily "electricity driven".

Below is a list of six countries, population and electricity generated


COUNTRY POPULATION (2013) ELECTRICITY (GWHr)

1. CHINA 1 362 119 434 5,649,500
2. USA 320 050 716 4,297,300
3. INDIA 1 252 139 596 1,208,400
4. JAPAN 127 143 577 1,061,200

5. SOUTH AFRICA 52 776 130 256,100

6. NIGERIA 173 615 345 25,313

7. FINLAND 5 426 323 71,200

N.B South africa is planning to invest $20 billion dollars in 10 nuclear reactors so as to increase present capacity by half in the next ten years while nigeria on the other hand is expecting the minister of power, BRF to wave his magic wand and increase capacity overnight. The earlier we realize we have work to do the earlier we move this economy forward.
Somebody should please ask OBJ how his regime squandered over $13 billion dollars on electricity we never got.

3. PATRIOTISM. The present generation has a lot to learn in this regard, that is if we actually know what is entailed. Has anyone ever asked why 90% of american movies would rather market an APPLE I PHONE, GOOGLE, CHEVROLET or FORD SUV in their movies rather than a samsung or toyota?
That is PATRIOTISM and what you will get on the other side is PATRONAGE. You dont buy it in the international market, rather its unique to every nationhood.

Can you point to me somewhere in my post where i advocated for everything to be banned? LOL

tomyka81:


Ban foreign goods and the local goods will prosper. Foreign jobs do not mass produce jobs like a locally manufactured job will. I had a great idea for local Nigerian good but my fiance wouldn't hear ofbit because it wasn't the import from China, sell to Nigerians that he was used to. It was export to usa, made in Nigeria

let's assume Emefiele agrees to your recommendation tonight - and tommorow, your car had some engine issues. Upon taking it to the mechanic, the nice chap politely informs you that he has no spare parts left to fix your car because all foreign goods had been banned.

Or better still - he says "Oga, we get 2 spare parts left, but the thing don scarce for market now, so you need to pay 2 million"..

so...you manage to get trek to work and upon getting in, your supervisor says "Mr Shakiti, sorry we will have to let you go because the company is no longer profitable and the management has decided to downsize. The reason, Mr Shakiti, is that we can no longer import raw materials to manufacture soft drinks after the Central Bank's policy". Just wondering...is this a sort of scenario you would be comfortable with.


Most people screaming "ban this, ban that" are short-sighted and cannot see how this will affect the lives of people around them. Let's face it, we cannot become a manufacturing economy overnight - we may not even become one in a decade. Already, the current CBN's policy is causing massive job losses in some sectors. The worse thing that could happen to anyone is to loose their jobs in an environment of rising inflation and stagnant economy.

great664:
I feel you Sir, Nigerian stupidness just tire me , and the problem is there is no WAY to survive it cuz the policy makers are the most consumer of foreign product so any policy in banning them will be shooting themselves so it won't work, do You expect the President, senators, Reps even LG chairman to withdraw their children abroad to school in Nigeria? No way so they will surely frown in such policies..

The only way we can survive it a little is if the Govt can Totally close the Ports and ban everything we import, it will be a hard decision but trust me Nigerians will surely survive the hardship for months and withing months alternatives will be put in place , u trust naija for that..

Government should Ban everything m

Hmm...

Let's see how this works out.

Ban everything - then everything becomes incredibly more expensive! Think about that for a second. The current Ban is pushing inflation to crazy levels already. How would you feel if you need to buy a used laptop at 1 million naira?


There are no easy solutions. But the current approach is worse!

Emefiele should take the following steps.

First, allow a modest devalution of the naira. ---- This should allow the foreign portfolio flows that we urgently need. It would bolster the government coffers and put an end to depletion of the foreign reserve

Second, given that the step above will surely lead to an increase in inflation, he should immediately accompany it with an increase in interest rates

Third, fiscal consolidation is required in non productive sectors - cutting down salaries, laying of non productive workers etc - and simultaneously boost spending in productive sectors - like infrastructure, and agriculture.


The current approach of banning imports and drawing down on foreign reserve seems to rely on hope - hope that one day oil prices may recover. This may well be the case, but who knows? What if it is not? Then what? we draw down on the last bit of foreign reserves and we start borrowing money at incredibly high interest rates.