₦airaland Forum

nedekid:
If oga at the top tries that, just a phone call from the state department will strengthen him out. Have you not wondered why we are not on the fore front of joining BRICS? Does it make sense considering most of our trading are from brics countries, China, Russia, India? Why can we not trade with our local currency with those countries and have a trade balance wherein China, India, Russia, turkey, Qatar etc buy our oil and other commodities in naira while we buy theirs in their currency. Ie cbn holding eg half of our currency reserve in yuan, rouble, Indian, rand and other currencies, while the partner country holds naira.
Eg, why do I have to change money to dollars which will the be changed to yuan when I want to make a purchase from aliexpress, consider all the aluminum we import from Russia, or the refrigerant, chemicals from India, medicines, meanwhile Indian buys our oil. Can we not trade in our currencies and leave the dollar aside? We are only propping up the US currency detriment to the naira!
Meanwhile, the US can wakeup tomorrow and sanction us, freeze our reserves etc.
To show you how bad it is, if you use gt bank, go on your app and view your account details for foreign remittance. You will be shocked to see it is citi bank new york, for further credit to gt bank account in NY with your account number as final beneficiary. Why!
I am no economist, but as a layman, maybe someone can explain better as it does not make sense to me.

The US is pure evil.

You have said it all.

IAmHim1:
I wrote something about this but I stopped halfway when I realized something

Like hydra...cut off one head(dollar) and two more will grow in its place(the countries with natural sweet oil)

I was hoping you could give me more insight concerning the last paragraph in this linked post here:

https://www.nairaland.com/8075867/naira-still-pegged-dollar-freedom

To add to your thread , I will have you know that it's in the interest of the US economy to have high oil prices as high oil prices sees to more demand for the dollar. Weak oil prices sees to lower demand for USD to purchase oil from the global market.

So in this vain, the US military is mandated to create shock in the global oil supply through endless conflict and wars in countries that produce oil.


The US fiat petrodollar is the reason of all global conflicts since the end of World war 2 after the Breton-Woods treaty.

SenecaTheYonger:
How do you solve Nigeria’s reliance on importation/ imported good? How do we get other country to accept Naira instead of dollars from us. And I’m not talking about for oil, we don’t eat oil.

Once you follow what I proposed, you will see foriegn investors rush into Nigeria to build factories so as to get hold of that now strengthened naira.

It's all about leverage.

Why did western brands rush to Nigeria during the oil boom? Was it not because we had a strong naira back then backed by huge oil revenue sales.

Was this the case prior to the civil war? No. Because Nigeria's economy was not being buoyed by oil sales.

PotatoSalad:
Save your dollars and keep only money you need for day to day runs in naira.
I said something about the naira appreciating two weeks ago as CBN abracadabra, some people came for my head.
No country's currency increases in value without production, investment and export.
Naira will go to 2k and beyond.
It's not even a prayer cos everyone is affected one another. But keeping your money in USD gives you an upper hand.

Oil is a major global commodity that drives the global economy and production .

Are you this dense ?

SenecaTheYonger:
This is just bureaucratic nonsense; lots of procedure at the expense of efficiency or common sense.

To save the Naira, we must produce locally to reduce the pressure on the dollar for import. We must also increase export (not only oil but any and everything that will bring in dollar)

While reducing pressure on the dollar through production, we must also saturate the country with dollar from export.

While the demand for dollar decrease, the supply is many, automatically reducing its value.

This is the final solution.

Oil is the only commodity that has injected money into this economy.

What else can you export ? Slaves?

Nigeria has not been able to maximize her oil wealth not from production and sales but by using it to boost her economy through how it is sold.

If you produce a product and a seller insist he will only pay by fish 🐟 and insists that you keep the fish in his cold room and you agree to it, how will that fish stock help you when you need money to expand ?

Think!

SenecaTheYonger:
So they will exchange their fx for
Naira to use and trade, and that fx will still go to CBN? It’s still the same as what we have now, only that you have added an extra step that is completely useless and will probably inflate the Naira more.

You’re really an APC guy. You know how to sound smart but with bad ideas.

Listen to me. If you want the Naira to have value, you literally need to get rid of the United States of America and force other country to accept Naira for trade.

Only then will the dollar be completely useless.

And another thing you must note is that there will be demand for naira from global brokers.

The CBN will simply tell those brokers to approach merchant banks to procure naira .

Do you think our ever thieving banksters will sell their naira so low in such a scenario ?

Nigerian banks will maximise their naira reserves to milk the brokers .
So instead of the current #1,200 to a dollar, Nigerian banks will form a cartel to milk as much dollars from brokers and this will see the naira sharply increase in value.

If we can pull this off without the US bombing us in the guise of freedom and democracy , naira will fastly appreciate to less than #100.

The only thing is this won't happen soon because the US and UK will sabotage our oil production and find a way to impose sanctions. This is the reason they hate Iran because Iranian oil is traded in Tehran and their central bank still remains one of the few remaining public banks.

SenecaTheYonger:
So they will exchange their fx for Naira to use and trade, and that fx will still go to CBN? .

Stop being stupid.

They will exchange their FX for Nigerian oil but must first keep it in reserve in Nigerian naira in Nigerian banks !

Nigerian oil is traded in London , New York and Geneva and all brokers keep their FX in these countries banks!

By doing so, the trading house countries have money injected into their financial system.

In the case we pull this off as proposed by Jonathan , 30 day delivery of crude oil sales will be held in Nigerian banks in naira while the FX component is held by the CBN.

How is this above your comprehension that you can't see this as a win for Nigeria and her people ?

Powersurge:
You cannot transact in Naira on a global stage. Not even China can pull that off with significant result.

The only thing keeping the dollar as a global reserve and trading currency is America's military belligerency.

Those nuclear powered and armed Aircraft carriers and submarines in the US arsenal exist as a force projection to defend one thing only - the US dollar's hegemony .

The US defends the greenback with brute military force and nothing else.

The dollar has no single backing and it's the greatest scam ever pulled on the world's people.

SenecaTheYonger:
You’re an import based county. Where will you get dollar to sustain your import based lifestyle?

After you give people to buy oil and pay you Naira (which is a big gain for them since they can keep their dollar in their country)

Will you now force people to accept Naira when you want to import goods from other country?

Who will accept your Naira for trade? Will you force them? They will only accept dollar.

By now you don’t have dollar because your dumbass decided to sell oil in Naira.


Bro your camp is full of dull loosers

Let me break it down for you upper Iweaka economists.

If you trade Nigerian oil in Nigerian trading houses in naira, countries and brokers who require our oil will have to open an account in a Nigerian bank.

Given that oil trade is highly voluminous, trading of oil stocks are usually in a 30 day delivery stock . Meaning , brokers will have to open an account in naira thereby remitting said FX to CBN which will be converted to naira in their merchant bank of choice.

The trading house can then issue regulation that all intended brokers must have a set limit of cash in naira to meet their daily dealings.

So a broker seeking an order of 100,000 bpd for 30 days delivery must have the equivalent value or more (incase of price shocks) in their Nigerian domiciled accounts.

Thus, the broker will have to have in reserve the equivalent of 100k barrels of crude at the given date of registering before allowed to participate in any bidding.

Naturally , this will see brokers flood Nigerian banks with FX .

madjune:
Besides oil, what's Nigeria producing and exporting?

The CBN team can start their abracadabra economics by answering that.

Besides, has there even been a question and answer panel (Meet the press) briefing since Cardoso started this his experiment?

He should entertain questions on what he's doing presently.

We can start by reducing imports first and growing our manufacturing base.

This alone will conserve FX to be used for essential imports and FX remittance.

kk2027:
Except we go from consumption to production, make we just dey play

Let's keep teaching Peter Obi a lesson

Obi is one of the major importers in Nigeria that has contributed largely to the death of our manufacturing base.

nedu666:
You better focus on obi as it is safer for you than writing articles and threatening jews with genocide before bibi use you count scores

Of course the synagogue of Satan has been living in deciet and terror since the day Christ walked the earth.

As they hated Christ and had Him murdered so also I accept the fate of being a Christian standing tall against the synagogue of Satan.

It's good you have acknowledged your slave masters as the terrorist and truth teller killers that they are.

18 “If the world hates you, keep in mind that it hated me first. 19 If you belonged to the world, it would love you as its own. As it is, you do not belong to the world, but I have chosen you out of the world. That is why the world hates you. 20 Remember what I told you: ‘A servant is not greater than his master.’ If they persecuted me, they will persecute you also. If they obeyed my teaching, they will obey yours also. 21 They will treat you this way because of my name, for they do not know the one who sent me. 22 If I had not come and spoken to them, they would not be guilty of sin; but now they have no excuse for their sin. 23 Whoever hates me hates my Father as well. 24 If I had not done among them the works no one else did, they would not be guilty of sin. As it is, they have seen, and yet they have hated both me and my Father. 25 But this is to fulfill what is written in their Law: ‘They hated me without reason.’

nairalanda1:
Still, it was on a stare by state basis . Most states haven't handed over catholic schools

( Many northern states for instance haven't handed back former catholic schools. Two girls Schools in one of them are still run by the state)

At the end, money and even calls by citizens is why some Schools were handed over.

Well , it was a federal govt decision in the first place to nationalise missionary schools which they (FG) handed to hosting states.

The FMG under Abacha had already agreed in principle to return those schools until his untimely death.

The rocky transitional military govt led by Abdullsalam had other more pressing priories.

The issue of returning missionary schools back to their owners came up in the early 2,000s and sooner the elected democratic governors slowly began to hand them back over. I believe it was swiftly returned in the SW and SS regions than any other region.

How can you value your entire economy and currency on that of another sovereign nation's?


Here lies the problem.

The sooner we ditch the dollar and diversify our FX like how GEJ attempted the better we be.

Also GEJ proposed opening up a trading house in Lagos for our oil to be priced in naira.

When that proposal was floated , a Swiss Govt sponsored report came up with the fabulous lie of missing $50bn oil revenue to which Sanusi (a BlackRock appointee as VP Africa ) quickly vetted the unsubstantiated fake dossier.

The enemies of Nigeria are more from within than outside.

nairalanda1:
I doubt it had anything to do with the handover, plus Catholics don't lobby on behalf of other denominations

They lobbied for their schools to be returned and Abacha acceded to it.

Do you expect the FG to still hold on to that of other churches ?

Testiebobo:
What can i do for my close friend who have being scratching his underneath for weeks.

A pharmacist prescribed an antibiotics for him but still itchy. He described his discomfort from coming up inside his body. #Lil will sometimes grab his joystick and rub it hard until it becomes pink# he told me.

I asked him when last did he Bleep and he said last year. I dont know how to help him again o. And i cant watch him crying from discomfort. What medications should i get for him?

Sheer butter.

nairalanda1:
Do you have any proof about that, plus why didn't them pope negotiate such in 1982?

Just wondering?

Because the Catholic diocese in Nigeria lobbied the Pope under Abacha.

Beautifulday:
Mechanic dey teach medicine in Nigeria. Have you ever seen a man selling course online making money from practising what he is teaching?

China is among highest import nation.

The big question, What do you import.

I guess you don't understand what the bold mean.

You are a stark illiterate

Beautifulday:
Did I say China doesn't export?

Go and read your silly post again.

nairalanda1:
Well, it didn't affect all catholic schools, nor did it stop catholics from founding new schools.

Either way, the schools became a burden on the governments of the states, so back they went to the missions.

(Which is my point actually).

The policy to reverse the schools back to missions was negotiated by the Pope when he visited Abacha .

That's the premise behind the reversal and it began after democracy was restored in 1999 because Abacha died a few months after the Pope's visit to Nigeria.

nairalanda1:
Well, there are still a lot of catholic schools anyways, though.even after the takeover. Looks like the vatican had a lot of heft.

Plus, why take over other schools? They weren't catholic. I doubt that Gowon did not know the difference between catholic and non catholic...as a Protestant believer of the anglican variety.

(At the end, it really doesn't matter).

As I said in a subsequent post , the nationalisation of missionary schools was done on the behest of the military government seeing the Catholic church as being to influential in the SE and how they allied with the biafran govt.

The ban was blanket on all missionary schools so as not to be seen as discriminatory to the Catholic mission in Nigeria.

AfonjaConehead:
See them..😁
Deeply concerned self appointed affonjass ministers of Igbo affairs 🤣🤣🤣🤣🤣🤣🤣🤣

Who gives a fowl shit about your SE?

We are just pointing out the fraud Obi for the world to see.

nairalanda1:
I'm sure the takeover of Anglican and methodist and other demoninational schools by Gowon's government had a lot to do with these denominations being run by the Vatican?

Ah well, intriguing thoughts.

If you read my post again and slowly you will see where I stated the motive to nationalise missionary schools was primarily to check the Vatican . All other churches suffered but the target remained the Catholic church.

nairalanda1:
Which was kind of my point in my original post.



Well, investing in a factory that would create jobs, directly and indrectly , is not a bad decision, anyways

Plus, it's not like I think the beer fectory was a good idea...better he attracts things like more manufacturing self. But then, all our governors.


Says someone who thinks the anglican and methodist and other protestant denominations are run by the Vatican so to speak.

Luther, Wesley, and company would be rolling in their graves...

We now understand Obi philosophy

Take public funds meant for state projects and invest in breweries .

nairalanda1:
Good evening. DO have a good day.

I was not coming in here to fight with you or to abuse you.

Better be calm. Not everyone is here to be abusive.

Anyway, have a good day.

Anambra under Obi did not have money for maintaining , operating or building public schools

Rather there was money to invest in his personal owned brewery and fidelity Bank.

Make sense reach you guys one day

nairalanda1:
Problem is, when the government embarked on mission school takeover in 1973, we had lots of oil money. BY 2006, many of those schools were becoming an albatross on many state government's heads, so many of them started handing them over back to missions

Not just Obi, many governors (I recall Lagos, Ogun, etc) did the same

See, many states cannot afford good quality schools. Check the budget for education for many states, and you would weep. And that is before corruption comes in to eat more of it.

That's why even as far back as the 1980's, many government schools looked wretched. At some point whoever thought taking over too many mission schools was a good idea must have been regretting.

Rubbish

The reason for nationalising missionary schools was because the military govt saw the Vatican as being too influential among the Ibos and also the church being a major ally to the biafran govt.


But Obi had money to invest in his brewery and pandora account but nothing for Anambra children.

This is the Messiah you want to foist own the polity.

Obi should come and dash NNPC and every asset to his Catholic church now that we are broke .


Pathetic rubbish excuse

DatNiggaDaz:


Mob father of good governance

PO matters na real MTN. Everywhere you go.

The most astute talked about politician in Nigeria today.

Deny this, then put your sac down on the table

You can have him as your life President of Biafra

nedu666:
Wailer. No more death to lsreal. From the gutter to the canal, all you will see is Palestine. From river to the sea, all losers like you will see lsreal

Obi will never ever be President.

opamoses1:
Quality education is not cheap and far beyond the reach of the average Anambran. This was basically segregation

This is confirmation of obi's declaration that "education is not for the poor".



Ride on.

Lifestone:
Sorry how is this evil.

When he took Anambra's collective wealth and invested it in his private portfolio it was a good thing abi?

Now it is being revealed he was dashing state built and owned schools to the for profit Catholic church.

The nationalisation of missionary schools was carried out in post war Nigeria by the Gowon or Murtala regime(not sure) who for some reason saw the Vatican as an ally to the rogue biafran rebel government.

This was done not only to Catholic schools but all other missionary schools and it wasn't limited only to the present day SE.

The post war military junta saw the Vatican as a parallel government especially in the SE and the Vatican's staunch support for Biafra during the war was enough reason for the post war military junta to nationalise missionary schools so as to check the influence of the Vatican especially in SE Nigeria. Though the nationalisation of missionary schools was not limited to that of only Catholic owned schools as other churches like Baptist, Presbyterian and Anglican churches had their schools commandeered . Also, the nationalisation policy was being extended to other sectors as well which came to a head during the Murtala and then Obasanjo military juntas.

It was until post 1999 that the federal and state governments began a policy of returning these schools back to their missionaries.

So the process of nationalising missionary schools was not done in secrecy and so there is no excuse why Obi will hand over state property to the Catholic diocese in Anambra .

It makes no sense until you see that Obi was trying to absolve his government from managing public schools

And I dare say this is not an isolated incidence. The current state government must review all the schools handed over by Obi to the Catholic church and reverse those that were not owned by the church and fine the church appropriately.

opamoses1:
Well you have a point.

Obi handed it over when the Anambra government (his government) could not maintain them and they were a mess as confirmed by a lady on a different thread.

As a result, fees were bumped up and some as high as 1million naira per term.

Quality education is not cheap and far beyond the reach of the average Anambran. This was basically segregation

So you hand over public schools to private instution like the Catholic church so they can make money for their church and reverends.