₦airaland Forum

pocom16:
Lol...I stopped reading at no. 1

May I ask..if I deposit my account and what to pay a service in dollars..where does the bank want to get the dollars to pay on my behalf..


You talked about government banning rice which had little effects...

Have you checked the top 10 commodities we import that drys up our reserve..

Are you aware we don't even spend up to 10% of our reserves on rice..so how do you expect a substantial effect..

We spend at least 45% of our foreign exchange to import refined petroleum products... End that completely and see that the pressure will reduce drastically..


Dollar is the global means of exchange..no body will accept naira for anything..
Even the Chinese do many of their foreign trade in dollars

Let me answer your first question. The bank don't need to get any physical dollar. There is an international OTC FX market. The banks collect your Naira and buy dollar at that international rate and create an escrow account for your trade. Why do we have 2 rates?

Floating the Naira with a parallel market more active than before and allowing deposit and withdrawals of hard currencies is a recipe for disaster. We will head to NGN1500 per dollar soon

Let me tell you even if we stop importing fuel and all refineries are working, Naira won't go back to NGN 100 per dollar as long as we don't close these loopholes and do away with the parallel(black) market .

If u want to buy a product from china why will our banks convert to usd first ? Isn't it madness ? So many loopholes but some are dangerous due to neo colonialism to avoid sanctions but let's deal with these issues internally first.
In summary, the purchase and sales of USD and all foreign currencies must be unattractive internally first if we want the Naira to appreciate

I had mentioned it in my previous post that it will get to NGN1,000 per Usd if drastic measures are not taken.

Again, I am saying it here that it will get to 2,000 before 2025 if we don't take these drastic measures.

These measures will make the Naira appreciate to at most NGN500 to a dollar in the short term and in the long term, NGN100

What are these measures? I will explain further but note that this is not about Exports.
Even if we export more than China today, the NGN will still decline further. How do i know this?

If you do your research, you will discover that Nigeria as at 2023, exported and earned more FX more than several countries and yet the currencies of these countries are stronger than the Naira.

So don't let anyone sell the idea that our economy is import dependent that is why our currency is falling. Even if we ban all imports and continue with (or increase) our current export, the Naira won't appreciate

A simple question you can answer is, when we banned rice importation, did our currency stop falling? No !!! So sit back as we take a dive to 4 policies which WILL make the Naira appreciate.

1. All domiciliary accounts must be closed.
Can a Canadian or US bank open Naira account for you? No! So why do we open Dom. Accounts for our citizens ? Now you may say what of imports? How do we pay for our goods in foreign currencies?

The answer is simple. Credit your account in Naira while your bank pays the USD or GBP equivalent on your behalf at official rate determined by CBN

2. Ban deposits and withdrawals in foreign currencies and convert all inflows including export proceeds in foreign currencies to Naira (again at official rate determined by CBN).

You don't need to stop people who sell at black market or hoard the USD. Let those who hoard the dollar keep it but once they know that after a said date, you can't deposit or hold your physical dollar, they will be forced to go to the bank to deposit it. Anyone found with physical hard currencies after the deadline, must be arrested

This policy alone will make the NGN appreciate to maximum of NGN600 after first two weeks of implementation and will mop up hidden/excess dollar in the system.

This policy will also discourage buying usd from the black market because there won't be any physical dollar to buy.

3. Increase interest rate for fixed Naira deposits to a minimum of 10%. This will encourage saving in Nigeria. Let a Naira 4 Naira scheme, replace the previous Naira 4 dollar scheme.

4. Reduce interest rates on fixed foreign currency deposits to 1% of principal amount if option 1 is not possible and convert all inflows to NGN without the option of collecting foreign currencies at the counter. You can't spend USD or GBP in Nigeria so why do you want to collect your inflows in foreign currencies? Then you increase Naira fixed deposit rate to 15%
This policy indirectly stops the black market arbitrage.

As the Government has floated the Naira, if these measures are not put in place, NGN2,000 to a dollar won't be surprising to me.

I am just a concerned Nigerian and i am open to constructive criticism.

As i type this, the Naira to Usd rate is a little above 1,000. I had mentioned it in my previous post that it will get to NGN1,000 per Usd if drastic measures are not taken.

Again, I am saying it here that it will get to 2,000 before 2025 if we don't take these drastic measures.

These measures will make the Naira appreciate to at most NGN500 to a dollar in the short term and in the long term, NGN100

What are these measures? I will explain further but note that this is not about Exports.
Even if we export more than China today, the NGN will still decline further. How do i know this?

If you do your research, you will discover that Nigeria as at 2023, exported and earned more FX more than several countries and yet the currencies of these countries are stronger than the Naira.

So don't let anyone sell the idea that our economy is import dependent that is why our currency is falling. Even if we ban all imports and continue with (or increase) our current export, the Naira won't appreciate

A simple question you can answer is, when we banned rice importation, did our currency stop falling? No !!! So sit back as we take a dive to 4 policies which WILL make the Naira appreciate.

1. All domiciliary accounts must be closed.
Can a Canadian or US bank open Naira account for you? No! So why do we open Dom. Accounts for our citizens ? Now you may say what of imports? How do we pay for our goods in foreign currencies?

The answer is simple. Credit your account in Naira while your bank pays the USD or GBP equivalent on your behalf at official rate determined by CBN

2. Ban deposits and withdrawals in foreign currencies and convert all inflows including export proceeds in foreign currencies to Naira (again at official rate determined by CBN).

You don't need to stop people who sell at black market or hoard the USD. Let those who hoard the dollar keep it but once they know that after a said date, you can't deposit or hold your physical dollar, they will be forced to go to the bank to deposit it. Anyone found with physical hard currencies after the deadline, must be arrested

This policy alone will make the NGN appreciate to maximum of NGN600 after first two weeks of implementation and will mop up hidden/excess dollar in the system.

This policy will also discourage buying usd from the black market because there won't be any physical dollar to buy.

3. Increase interest rate for fixed Naira deposits to a minimum of 10%. This will encourage saving in Nigeria. Let a Naira 4 Naira scheme, replace the previous Naira 4 dollar scheme.

4. Increase interest rates on foreign currency deposits to 40% of principal amount if option 1 is not possible and convert all inflows to NGN without the option of collecting foreign currencies at the counter. You can't spend USD or GBP in Nigeria so why do you want to collect your inflows in foreign currencies?
This policy indirectly stops the black market arbitrage.

As the Government has floated the Naira, if these measures are not put in place, NGN2,000 to a dollar won't be surprising to me.

I am just a concerned Nigerian and i am open to constructive criticism.

KennethIbe59:
I prefer the total jerk.

Yes o. I can only be great guy for my Mom and Sister and wife when i marry a virgin. Any other woman let me be a total jerk cos most of them don't appreciate nice or great guys.

I was hoping jota will score and he did. Up Liverpool

Liverpool will win today to close the gap between city

Even the ones running original engineering programs that are non expired, where are the jobs for the graduates?

Little to no viable industries for graduates and the youths keep running out of the country.

Even at that, most of the original programs are too theoretical for development of the nation to the point that most graduates are half baked for real life work conditions

Let's learn from China

badoh:
These marketers are very wicked. Once there's speculation about price hike, the next thing they do is closing their filling stations and then creating artificial scarcity. Their plan is to sell their old stock at the new price thus making excess profit on the old stock. People will just be exploiting and making life inconvenient for their fellow citizens and they are the same set that will be blaming people at the top for corruption.

You are very correct! Not only marketers o. During covid when they said nose mask will prevent the disease many traders who bought nose mask at NGN50 per piece, started selling for over NGN300 till many entered the business.

During the outbreak b4 corona, bitter kola price increased to 1k.

They prefer their fellow Nigerian to die than to sell it with small profit.

The average Nigerian is after money at the detriment of others. People that are shouting bad governance today, wait till they get to be ministers of Governors they will be far worse than the current ones.

As leaders, same as followers

Acekidc4:
Why will Naira not fall when all we do is to import everything even up to ordinary Tooth pick. Let's start Producing and Manufacturing at least 60 percent of things we import and watch our Naira regain it strength.

Some will still talk nonsense on my Mentions!!

It is not about export sir. Go and check. Nigeria has more export earnings than Tunisia but the Tunisian Dinar is more valuable than the Naira.
I am of the opinion that there is a deliberate plan to keep the Naira weak to control the citizens. It is been devalued constantly so the elites who have hard currencies will be extra rich.

An elite that has 1 million dollar 10yrs ago will be around 150million naira rich then but now, he will be a billionaire in Naira without doing anything cos Naira will soon be 1000 usd.

Forget what economics taught you. Countries with fewer exports than Nigeria still have higher value currencies compared with the Naira.
Even if Nigeria stops all imports today and starts exporting at the rate of China, 1 Naira can NEVER go back to 1usd.

A typical example was when we banned rice, a major food import. Did Naira appreciate? Instead it was going down. The forces beyond me and you keep pulling it down.

I said it b4 that usd will hit 1k and i am saying it again that 1Gbp will hit 2k soon in Nigeria

larrypourl:
Music Africa on Stv and Primetime Africa. Keke, D1 and ID on the street.

You Sabi good thing

GanagiBitrus:
All na Vanity upon Vanity.
Riches=Vanity, Poverty=Vanity. Chose your own Vanity wisely.

LIKE for Riches, SHARE for Poverty.

D People wey click share for poverty, who go collect am from una

Franzinni:
Those wey break coconut open nor be Dem come dey chop the coconut wey Dem break... No be jazz be that.


These guys changed Nigerian pop music for life becasue back then when they were in vogue, there was no competition. Funny how life goes . Today now Dem no even dey register as artist for where music dey go

That's life my bro. Nothing lasts forever. Only God

Chai style plus. How time flies. I remember that song titled " she drives me crazy"

Lyrically and vocally they tried. Music industry has changed.
Those days of music Africa. Double act. Op u bring some memories to me.

Kipaji:
What an insight! I made the same observation. These same girls talking about material things were not saying that when they were 17 year old virgins. In most cases, they can't receive and appreciate a man's love anymore. Only money do it for them. And since they make the majority of society, it gives the impression that money is the key to women while, in reality, masculinity and authenticity is the key.

You got the point bro

Raysleek:
In the league of nations, Nigeria is best compared to Ghana.Ghana is now a yardstick to compare our growth. Very good

Don't mind Reno. South Africa and Egypt are there but he is using Ghana.

Does Ghana have as much fuel as Nigeria?
Did Reno compare our oil reserves.

Someone that earns 100 million NGN and gives his children NGN 50000 and someone who earns 10millionNGN and gives his children NGN40000 which is better?

If Ghana has as much as half our resources won't they do better?

Abudu2000:
Only works if you are a tinubu supporter

If the economy is biting hard, try this method on your car dashboard and thank me later

mainstreets:
Polaris Bank is wicked and devilish. I worked with them for almost 12 years as a contract staff. Right before your eyes, they will employ a 24 year old to be your supervisor. You will be the one to train the person, two weeks later the young core staff can give you a deadly query that can send you packing.

How can you leave your very seasoned contract staff and go and hire someone that was still in secondary school while you started working with them to become your boss.

The past and present GMD, EDs and top managers are all cursed!!!

Hmmm. You see why i say the average Nigerian is wicked. Those people setting these contract rules won't see it as bad because it doesn't affect them but when the Government brings harsh policies they complain.
It's easier to put blame on others but not on themselves.

One simple question is, if their children are subjected to such treatments will they be happy?

We blame Europeans for slavery but i tell you slave trade is going on in Nigeria.

These banks should bring out policies that will integrate contract staffs into the system and not make them look like second class citizens in their country.

Any bank that runs these systems is operating a modern day slave trade.

This is extremely bad

stasius:
Nigerian government tax them like mad!!!

Our government is killing investments with taxation!!!

Taxation is the answer. Why do you think people smuggle cars in from cotonou? Their duty is fa cheaper than our own because we have wicked people in charge!!!

You are very correct. I've always said it. It is due to wickedness of many people not just those in charge because those in charge today were once followers.

The average Nigerian is wicked but keeps complaining until he/she gets to power. If some people become aviation minister today, d airline prices will double.

It's all about excessive tax to satisfy themselves and the elites. So these airlines have no option than share it among passengers.

Someone was saying because we fly more. Is it not suppose to be cheaper? If u buy more of something there should be discount.

Why are blacks are wicked to fellow blacks ? I've always said it that Colonial masters were not really the fault. Blacks sold their fellow blacks out and are still selling.

This is why Nigeria can't develop as a nation. Aside this example, there are too many slave masters who are patiently waiting for the opportunity to beat others down financially, physically and psychologically.

In a country with over 90% slave masters and less than 10% human builders this is what you get

If he sleeps with one woman per day, it will take him 20yrs to sleep with 7,300 women.

He maybe randy but i don't think it's possible.
Solomon sef no do like this.

There is no trophy for high body count.

It reduces your value as more people have seen your unclothedness

Dybala11:
The same person talking about white was still encouraging having premarital sex and sugar daddies in her comments. White ko, yellow ni. 😂😂

😂She isn't serious

Jennyclay:
Indeed men are white stainers, look at how banky W stained Adesua’s white despite having the perfect wedding. Shame!!!

But on a serious note, Nigerian men are wicked, evil and heartless. Honestly, I have nothing good to write about Nigerian men.

Nigerian men are randy, stingy, rape apologist, women beater, murderer etc. I can’t even list them all, the list is long

Just avoid them! Shikena!!

Not supporting Banky if this story is true but when you say men will stain your white, I'm asking a simple question. Which white ?

Women that are not virgins will still wear white wedding gown. Who is deceiving who?

Is it putting on white wedding gown after rounds with ex which will continue in most cases after marriage?

or you are using the word "white" as a metaphor? Either ways, most women are not saints.

Don't married women cheat with abokis and ogas at office? If dis story is true, is Niyola a ghost?

Next time say stain your black not white cos many ladies are not saints either.

Non-Virgin men and women are to wear black suits and black gown cos black connotes imperfection and impurity in a sense.

In summary, Nobody is white. Only a pure virgin woman can argue with me on this

siofra:
See their ugly pointed heads

Do not make the mistake of marrying baldheaded Nigerian men, except he's a sugar daddy or fling, because they will stain your white and drag you in the mud. Tueh!

Not supporting Banky if this story is true but when you say men will stain your white, I'm asking a simple question. Which white ?

Women that are not virgins will still wear white wedding gown. Who is deceiving who? Are women saints now? Don't married women cheat with abokis and ogas at office? Abi if dis story is true, is Niyola a ghost?
Next time say stain your black not white cos many ladies are not saints either

If true, Where she made mistake was accepting the alcohol.

Can't you say No! and run away? Most women always collecting until they collect what will put them in trouble.

In removing subsidy, Nigeria breaks a new record as the first country where its citizens spends more than the minimum wage on transport cost in most cases.

If you live in a city where most people earn 30k
and less, and you spend N2000 minimum daily for transport, that's the equivalent of spending over the minimum wage on transport alone.

I don't want to use any western country as an example. Let's compare our progress with South Africa or Egypt.

In south Africa, the minimum wage is ZAR7000
Cost of fuel per litre is around ZAR23. If you buy 2 litres of fuel daily, you will spend ZAR 920 in a month within 20 days which is not up to 15% of the minimum wage.
In Nigeria an OIL country, if you buy 2 litres daily at NGN500 per litre, or spend a minimum of NGN1,000 daily in 20days a month, you will spend over 66% of your salary buying fuel if you earn around the minimum wage.

In my opinion, there is no country in the world where it gets this high in terms of percentage for a non oil producing country not to talk of an oil rich nation.

The effects of this policy are job loss, more hopelessness for the youths, increased migration, and increase in sharp practices .

Those who brought and support this policy should tell Nigerians how to spend NGN30k to 50k salary on transport, feeding and rent going to work especially in areas like Lagos and Abuja.

Don't think because you earn well or are in Government you are not bothered or don't care because you can afford it. Be human and think of others.
We fail to realize life is veeery short at least let's make others enjoy this little life God has given them.

No policy have made Nigerians smile since 2015. After people survived Naira redesign, then this shows up. How many more life threatening policies are there to come?

EmpressOne:
She looks like a man. Probably Transgender

U are wise. A sound mind will suspect such. The first 2 pictures don't have natural feminine energy. That's my opinion

Lama70:
Thanks for your comment. Note that satan couldn't have done anything to Job without God's permission.
Secondly, won't it become double punishment for him if he suffers here and get punished in heaven again?

I understand you. God controls all but he chooses to ignore certain things too. Talking about double punishment, some people deserve it depending on their atrocities but God is all merciful too and he knows how to reward each one according to their deeds

A very big congratulations to her and the entire team who made it possible. A big thank you to God for keeping all of us alive to witness this point in history

Lama70:
I don't know what to say regarding this man. He has had a string of fortune at an early age. Then comes a long string of misfortune at this age. What a life!

Can we call this fate, destiny, luck or what?
Whatever it is , life has happened to him. It takes just a sigle mistake to crumble an entire empire built over decades. As if the legal tussle and the daughter's waning health is not enough for him, the EFCC are bent on stripping him of all he gathered(rightly or otherwise) over the years.

The unseen hand of progress over him has ceased to function. His cup that runneth over one time has now run dry. Friends would have deserted him by now. He is now an orphan of sort.

However, let it be noted here that it is not the devil that has solely done these to him. No! The devil is a creature and a messenger of his creator. The devil has no agenda of his own. He only does the dirty job according to the purpose of his creation. God did these to him. That same God that made him LG chairman at age 34. That same God that made him a force to reckon with in Nigerian politics.
That same God!
Dear Senator Ekweremadu, as you go into your temporary oblivion this season, i want you to renember this quote from Charles Dickens: "By staying alive, one is a constant threat to the life of so many others". Take your time to study the book of Job indepth and you will understand this quote very well.

I have always admired you from afar because we both have the same date of birth, even though you are older. I will definitely include you and your family in my prayers today, no doubt.

As we celebrate our birthdays today, i wish to say Happy birthday, sir!

How can you say God is responsible for his problems. The case of Job u quoted was different. He was a righteous man tormented by the Devil not God but God gave the Devil limits on what he shouldn't do concerning Job. Besides, Job and Nigerian politicians are miles apart when it comes to integrity. He is simply paying for his actions in a sane country.

God will judge all flesh one day in the future but for now he is giving all a long time to see if we can repent from our wrongs

I don't know why this sounds like a riddle to me. I'm a Muslim, my 2 wives are christians and my children are confused. Who am i ?
Answer: You are Mr Asari