₦airaland Forum

Blazetrailer:
LOL!!
Very easy to spot those who listen to government nonsense without necessarily doing their research and then coming online to exhibit their lack of congruence

To start with, all academic and contemporary research works have shown that it us suicidal for developing countries or economies to float their currencies, especially, when they are going through economy challenges like high inflation, recession, low productivity, etc. You can read that on your own if you are up to it

Back to your points below. According to CFI and other international literature on foreing exchange policies, a fully floated currency is the one where:

1. There is free entry of currency and free exit if currency with very minimal regulations

2. The Reserve bank( in our case the Central bank) does not participate in the market, it only acts as a regulator .

3. Prices are determined by markets forces only and no restriction on the participants in the market


Going by the above, please see the contradiction in your own government's floating

1. Tell me if there is free entry or exit of curre cy in Nigeria. Attempt to move your money from a domiciliary account in Nigeria and come and hear all the restrictions on the amount, limits of transfer and all the documents you will need to complete before you can move your funds

2. CBN sells to Black market at a particular fixed rate and those are expected to sell at a fixed rate......in a fully floated market(this is the most hilarious....just imagine Federal reserve Bank in the US of Bank of England selling a portion of their foreng reserve a t a fixed rate and come back to explain whither)

3. The CBN banned certain participants(crypto and other electronic participants) but called it floating where all participants can partake

Anyways, the world bank and IMF had called it out as "systemic devaluation" and nothing more than that.
Something should have given you a hint when in January 2024, CBN and the FMDQ came out and said there was a system glitch in the way they were calculating the exchange rate and hence the naira was overvalued in the exchange rates used from June 2023, so it was further devalued then.

Think bro, think deeper...they are using your heads

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!

DMerciful:
They defend the naira occasionally when they sell dollars to bdc at a lower price

But not nearly to the extent they were doing before. Naira is essentially floating. If they could go back to defending it as b4 they would. But they CAN'T

Blazetrailer:
Naira was devalued. Not floated. They thought it would return back to 800ish after they gambled. It has never worked. Thats why they are confused onnuts reversal. They are bleeped.

Since we both lived through it let me define the terms and you tell me which Nigeria did:

DEVALUE: the exchange rate is fixed. Central bank lowers a currency's value, giving it a FIXED value relative to a specific standard, such as a stronger currency (say, US $)

FLOAT: the govt allows a currency's value to fluctuate freely in financial markets based on supply and demand.

Which do you think we did?

Lawrry:
Some Nigerians said it was staged, I hope this resignation is part of the staging.?

Conspiracy nuts. Check out this genius "prophet" below. He thinks it is Nigeria. This guy also prophesied that Tinubu will never be President

raskymonojendor:
What sort of name is Chidimma Vanessa Onwe Adetshina

Is there a reason she is south-Africanizing all her names. Removed the n in chidinma and added a T to her last name.

Even Satafrikans are confused at the names, but she is more beautiful than 99% of the so called Satafrikans.

I read somewhere where Igbo specialists said the correct spelling is CHIDIMMA

Which one be Adetshina? Why can't they just admit it is Adesina (Adeshina)
Or maybe it's not.
Either way, she is BEAUTIFUL!

DMerciful:
All Tinubu's reforms have been reversed so if you're waiting for the reforms to yield fruits, you'll wait in vain

Except Naira floating. They can't reverse that one because no forex to defend Naira!

Reads like a novel. Some people are just naturally greedy and wicked. That Germany-based Joseph is one of them.
He sold family building and didn't give his only brother a share. Then when his brother sold just doors to eat, he hired thugs and was on video call with them while they were beating him!

The house doesn't look lived-in.
Skit - my verdict

caye:
Em...oga, blacks " didn't help build" America.
Black Americans built America, and America was built on their backs, and their blood was mixed with their crushed bones, sweat and tears.

Blacks only HELPED build America. Proof - if they had stayed back in Africa they wouldn't have built anything. They'd be living in one West African country scheming to enter US

BALLOSKI:
Oga, ma "bloody civilian" we know.

Even more ironic because it is soldiers that are bloody - they potentially have blood on their hands!

.

PSmurf:
I knew East Africans did that but had no idea West Africans had caught on. It's still expensive.

Only Nigerians are not big on that route for some reason. You're right, it's expensive and all that money end up in SA economy

blowjohn:

https://www.youtube.com/watch?v=49LJBLt0eqQ


Unert angel predicted it.
Harlot and the beast.

How many times will you hear false prophesies to know that these are educated predictions that sometimes come true?
Is there anybody "lying there incapacitated, and the one you think is president is not the president"??
Reason sometimes!

PSmurf:
I really don't understand how it is easy for Western media to brainwash Africans. Can someone tell me how Africans benefit from illegal immigration to the US? Are you going to fly to South America then trek up north to the US? And you think crossing the desert to Libya is hard? Legal immigration is the only way Africans get a chance to enter the US. Illegal immigration benefits South Americans but NOT Africans unless they're willing to take the life threatening risks involved. In this case what might be good for South Americans is definitely not good for Nigerians.

If you only knew. That's exactly what Africans do - fly to SA then pay coyotes who smuggle them into US. It's not dangerous as you think. They want them to keep comming so they treat them well - even local SA towns aid it because they benefit from it

Dogalmighty17:
Kamala Harris, already endorsed by Joe Biden will be in a formidable position to win. Only she out of a possible number of other candidates will be able to immediately access the over 300 million dollar war chest of the Biden/Harris campaign. US campaign finance laws prohibit the Biden campaign to transfer that money to anyone else.

Bill and Hillary Clinton, Barrack and Michelle Obama, Nancy Pelosi and Senate leader Schumer have all endorsed Harris candidacy.

A large slew of celebrities and heavy pocketed donors will also likely line up behind her.

Kamala may pick Gov. Gavin Newsom of California or Ben Shapiro of Pennsylvania as her vice candidate.

WHAT DOES THIS MEAN FOR TRUMP?
Trump so far has only released a limp listed video attacking Harris for her laughter and the situation at the border. Donald Trump very much preferred to run against Biden. Having to face Harris complicates a lot for Trump.

Trump a known racists will struggle to not make racial attacks against Kamala. He cannot help himself but make racist attacks. This will drive more voters away from him.

The overturn of Roe vs Wade by supreme court judges Trump appointed, already has women all over America furious. These women will come out massively for Harris. Trump knows this that is why at the recent RNC convention, he made sure every anti-abortion rhetoric was eliminated.

Harris is 55 and Trump is 78. All the insults Trump has been hurling against Biden due to his age, will now turn a sharp focus on Trump. He can't keep his thoughts together nor follow his statements in a way that makes sense. Trump is also suffering from dementia. He has refused to allow any of his medical reports be released.

Harris was a prosecutor. She will be able to hammer home the fact that Trump is a convicted felon. That will not be a good look for trump. Will the US elect a criminal into office? Time will tell.

Overall, this election will be the most consequential in American history.

Good analysis but you forget these things don't work like math. Trump's base will never vote for Harris. While some of Joe Biden's base will vote for Trump and never Harris. Many blacks are against Harris for her anti-black convicts policies as attorney general. Pro-Trump blacks won't vote for Harris and many pro-Biden white men won't vote Harris.
Verdict - Trump easily wins the election

If you can't run for president can you be President? Shouldn't you resign? Just askin', like Trump!

Urgent1Million:
History is about to be made!
A black, and a woman!
Democrats are smart.
They know that the odds are favouring Trump.
The only way they stand a chance of defeating Trump at the polls is to have a bias edge against him.
Gender advocates and the black community will vote Kamala 100%.
I give it to the democrats on this one.

The black community knows she's not really black. She was unnecessarily cruel to black inmates as attorney general. She definitely won't get more black votes than Biden

Gajagojo:
Dementia ?
Make no be like say you no talk
He is not too old
Warren Buffett is one of the world's richest men is 93 He is still working managing over 3OO BILLION DOLLARS

Any one at any age may be unfit nothing to donwith age

Well, Trump is only 2 years younger than Biden bit you don't see anyone saying he's too old. So just because Buffet is 93 doesn't mean he no longer has it. Biden is simply past HIS expiration date!

Kalu, a former Governor of Abia State, noted that lawmakers' salaries are modest

See the salaries and allowances he calls modest below

Waiting for what?

jsp0:
that's another group sir i never created a topic ,just really need help i swear
country hard u know dat

and dos are month b4 i got factory job
and do u even need to dig my past b4 u render help sir ?

You emphatically asked that your profile be checked, that's why I checked it. I never checked it all this time.
And I saw you actually got paid a few times. Never knew this stuff works. I just might give it a try myself. All hustle na hustle

jsp0:
i don't beg here y can check my profile

Sooo who's been doing all these beggings below?

correctguy101:
And some people will still think only Nigerians are Stoopid?

SMH

Watch as it becomes high fashion. Louis Vitton brand will be selling for thousands $

nairalanda1:
Again back then most private sector companies could not pay that back then. Believe you me, I knew people who were working for less than minimum wage back then.

Even some governors were saying they could not pay 33000 back then lol.

And finally people said the same thing.


This is not about tinubu and GEJ. I agree.tinubu is a bad leader, but our economic issues never change for decades.

You don't understand. Minimum wage is a LAW. It is like saying you can't pay your taxes. If you have the requisite number of workers and pay them less you might end up in jail

Very reasonable demands, I dare say

nairalanda1:
Simple, they can't for the most part pay minium wage.

Once again, how come they were able to pay more than double N70,000 in the past (per screenshot below)

nairalanda1:
Back then people said the same thing about the wages that they say now, that they were insufficent and that other countries paid better.

Also, in 2011, we had had high oil prices for three of the last 5 years, above 100 dollars per barrel on a continous basis. Naturally we were able to afford 'higher' then

IN 2019, it was by taking more loans...hence debt service eating up 99% of our revenue by 2023. Sustaining the 2011 rate was done by taking loans as well

Note that many states were not able to pay new minimum wages back then too.

You cited the private sector specifically. What has any of this to do with thevprivate sector?

helinues:
That one is expected. Not all the private sectors would be able to afford the N70k as minimum wage.

The private schools in the village with how many students or staff?

Things we could have discussed earlier and find solutions to, we would rather be engaging in petty discussions.

https://www.nairaland.com/8119110/why-cant-fg-state-private

How come they could pay these below in years past?? See below

The song no bad..
But marrying the average Nigerian female soldier with that their attitude.. hmmm

HBD long life and prosperity