₦airaland Forum

Seun:

https://www.youtube.com/watch?v=MnB33y6mZLQ

And here is my take for the week entitled: "Who Will Tell the President?" - Mr Laolu Akande.

helinues and freestuffng

In a bid to create a gap between Islamists and others, he has spent future earnings and allocation on Muslims as well as put them in charge firmly.

Lol.

He soot and got sort.

Wainey:
it's not just about Nigerians, go to YouTube and Twitter.
There is a global inflation,

900% inflation of price for cassava produce between 2018 and 2024 is demonic greed. Has any of fertilizer, labour, pesticide, herbicide, inputs seen that level of increase?

Yap yap(calabar accent)

nairalanda1:
200 naira could once buy a mudu of the same garri once upon a time

A 5kg bag even...

Manufactured goods and services

... that's cos Nigerians are too greedy.

Fake life.

At N10m each that's about 8400 trailers of yams. There is no way anyone can move that amount of yams before money was invented without leaving a clear trail. Not even demons can do that.

PressMyButton:
Oh!, farmers and SMEs are the ones you're calling "parallel market drivers" whatever that means, Lol.
Listen, you don't need to force yourself to say what you don't know, sometimes, it is honourable to just read and move on.

follow that n stop arguing prating senselessly

PressMyButton:
What is the name of your lecturer?

commonsense should tell your thick upper capivty that a farmer who sells grain to a merchant from Ghana or Niger has attracted forex into the country and can demand to be paid with forex.
Rice n beans

PressMyButton:
This happened at parallel market not official market. I thought the CBN is defending the naira, then why did it fall at the parralel market after defending it?

production puts the forex in the hands of the parallel market drivers. The SMEs and individuals.

That's what happens when you ignore the foundation of economics - production - and focus on adjusting variables in a bid to spark reaction that can boost indices.

LocalFARMERS:
They are two different thing

how?

Really?
After initial policy reversals, these propagandist are riding their luck in another direction and in my opinion, are taking credits for artificial gains too quickly.
Until production surges any gain made is reversible and shouldn't be celebrated.

Deebami:
Then, those operating POS are liable of selling money. Most annoying is that one will get to ATM, and there will be no money for withdrawal, and if there is,, you can't withdraw more than 20k, but go to POS operator, you will get as much as you want as long as you can buy. It seems there is a role change between the bank and POS. Just soliloquizing.

banks too collect CoT so what will they use to nail POS?

They should check shrines and some people's strong room where they maintain witchcraft altar.

Apc propagandist forming liberal dude and statistics minded dude. Na stats we go chop?

bennybuhari:
I won't take it lightly if truly Tinubu's government is using our foreign reserves to defend naira

rrseacrch the use of foreign reserve.
That's the purpose. The error here is when it is depleted too fast in a bid to keep up with demand overvalued local currency creates.

Coincidence or case of cause and effect?

grandstar:
This isn't good news.The fundamentals don't support it.

If the foreign reserves have dropped by over a billion dollars in the past 30 days, it simply indicates the currency is now overvalued.

There's also the issue of he expected wage increase on May 1st. This is bound to lead to an increase in money in circulation which should spook inflation and a depreciation of the local currency.

I suspect the Naira's true value is around 1,400. This would make sense as monetary policy is still loose.

The CBN needs to tighten monetary policy. This would mop up excess cash in circulation which would lead to an appreciation of the Naira and a drop in inflation.

In addition, I feel the elephant in the room is the petrol subsidy. Latest reports have it that presently, the government spends as much as 907bn monthly on it.

A weak Naira increases the cost of the subsidy. The stronger the Naira it is, the lower the expense of the government.

The subsidy needs to be completely done away with and the price of petrol deregulated.

To mitigate the pain of any price increase, government should lift the protectionist wall built against the importation of rice, poultry and okrika.

A 20% import duty on these products would crash their prices. I won't be surprised if a bag of rice drops to 40k per bag. A kilo of poultry would probably drop to 2-2.5k per kg.

I would have said import duty on cars should be reduced to 20%.

I would have added the import duty on wheat should fall from 70% to 20% but the Common External Tariff for the produce is set at 50%, so it's a no-no.

Food in Nigeria is higher than it should partly due to the high import duty on food.

with the hardship in town, mopping up cash labelled as excess is just a wicked and indirect way of saying people should go and die.

Wainey:
Seriously this woman does not have brain.
2months ago, if u have a $1000k, u can buy N1.8m worth of goods.
Now that ur 1k dollar can only buy N1m.
If u decide to take this advice, ur 1k dollar may only buy N700k worth of things in the near future.
No wonder Obi decided to take advice from a mad man instead of his supporters

thats for one out of all countries.

helinues:


Easy way to become a witch

Just swear to whatever not to see the progress of your own country, lobatan.

How can some people do just because their principal loss in a contested election, the person wey come third oo and ever since they never wish the best for the country.

It's time for FG to consider banning any association with the name of Obidients.

We can't continue to be shying away about their bitterness, hatred and their evil wishes towards the progress and development of Nigeria

witches existed before nations. Keep shut sir.

Diminishing return.

One important one is supply. As supply dwindles between one harvest and the next planting, and the demand surges around planting season due to seedlings demand, prices are bound to fall first then rise.
This cycle was interrupted by the naira value swing between 2023 harvest and 2024 planting.
What I find strange is the dry season program by govt and the absence of its impact on prices along this cycle. I suspect tinubu has played his usual game of politics & propaganda again.

yemmit90:
The dollar they use to pay the import duties is already down by almost 40%, so what are you talking about?

If import duties is $1k (1,800,000), last month, the same $1k is around 1m today, so tell me why the manufacturers can not follow the same pattern they followed each time dollar is increasing?

Please stop supporting or justify these unfortunate set of people greed irrationally.

between manufacturers and you, there are middlemen called distributors.

most of the absurd inflation is by them.


If you think I am lying, check mfd date against dollar and fx increase date. It is those polo and tight jeans wearing dude in the market that are responsible. Those nice shoes wearing distribution chain experts.

What happened to the dry season cultivation harvest of wheat? Or was our govt exaggerating the whole stuff?

Maybe those below age for jamb and waec.

One thing is sure, Nigerians have limited buying power and when speculation becomes so unreal that prices of goods are beyond the majority, demand falls and so does demand for forex. Ultimately, the naira begins to gain value until demand starts pushing it down again.