₦airaland Forum

ellguapo:
^^^
Lol. Most times the high positions bestowed on Africans are mere charade, they put them there as puppet in order to have maximum grip on their economical interest in the regions. Normal western shenanigan

abeltolu:
The Nigerian media has been awash of the news of Naira devaluation due to fall in Oil prices, and the consequences it has on our economy. I surfed the internet and found this great masterpiece explaining in layman's method the Naira devaluation, its effects on individuals, e.t.c. Enjoy.

So How Did This All Start?

First thing first, oil price fell. Why? Everyone’s increased their production of oil and no one plans on cutting back. In the US, shale oil’s getting cheaper, so there’s more oil out there…and we all know what happens when you have a lot more of a product — price falls. When price falls, consumers are happy and producers are unhappy. Consequently, nations that are consumers of oil have a lovely time, and oil producer countries …a not so lovely time.

So? What Does This Have to Do With the Naira?

Before we go on, a little info on currency and exchange markets. It’s important to note that our currency doesn’t exist in a vacuum. Essentially, a unit of our currency is exchanged for a unit of another currency. Hence the term, Foreign Exchange or Forex or FX, for short. When we buy products from outside Nigeria, we have to exchange our Naira for Dollars. Your Naira is useless outside of Nigeria. It’s why you convert your Naira to Dollars before you travel. You want to test it? Travel to Dubai with only Naira.

Back to the question you raised. Nigeria is fortunate(?) to be an oil producing nation…when oil prices are high. Presently, oil prices are not high and that’s bad for us. Nigeria’s economy is dependent on oil revenue: about 75% of Government revenue comes from our crude oil sales. So when oil prices fall, oil revenue falls too, and that’s bad for the economy.

In the currency market, exchange rates are often centered on the health of a country’s economy. When the economy of a country is strong, its currency is also strong in the foreign exchange market. When the economy appears to be weak, its currency loses value in the currency exchange rate. Nigeria’s dependent on oil, so when oil prices are weak, so our currency loses value in the foreign exchange market. This loss of value of Naira is called a ‘depreciation’ in currency value.

Here’s a simple example. If we began with a dollar exchange for a Naira, both are in a sense equal. However, once I have to give out 2 of my Naira for just 1 of your dollar then the value of Naira has fallen. In the past months, the exchange rate was $1 dollar to roughly N150. Thanks to depreciation and eventually devaluation (we’ll get to that later), it’s now $1 to N168.

Alright. I Get the Currency Part, But What Does Our External Reserves Have to Do with our Naira Value?

To explain this, we’ll have to look into what the External Reserves is and why it exists. Think of your External Reserves as a Savings account where you put some portion of your salary every month. That money gets saved for something later: paying your children’s university fees, buying a house, or importantly, in case things get bad in the future (perhaps you lose your job).

Likewise, countries keep these reserves, but mainly to safeguard the value of their domestic currency, boost their credit worthiness, protect against external shocks and provide a cushion for a rainy day when national revenue plummets. When Nigeria earns revenue from oil, it gets paid in dollars, so we simply stash a portion of the money in our reserves.

Moreover, the reserves of oil producing countries like Nigeria tend to benefit economically from higher oil prices. The higher the price of oil, the more money oil producing countries like Nigeria get to earn and save.

So if We Have an External Reserve, Why’re We Worried?

Well, having a bank account doesn’t mean you have money. We have a reserve, but our money no plenty. Nigeria has been dancing shoki with its reserves. When oil price was high, we apparently weren’t saving that much into our reserves. In fact, our reserves have been on a downward trend for years. We’ve been using our External Reserves to keep the value of Naira stable for months. When our currency appears to be falling, we take out some dollars from our external reserves and purchase Naira. Increased demand for Naira leads to increased value of Naira, and that’s how we stabilize our currency.

However, we sacrifice a portion of our External Reserves to pull this off. For instance, “while the central bank stepped in Nov. 7 to send the Naira to its biggest one-day gain in three years, intervening in the market has reduced foreign reserves to a four-month low of $37.8 billion.” In the last few months, even Russia with their large reserves had to devalue their currency by 23%.

So is This why Everyone Was Making Noise About CBN Devaluing the Naira?

Yes. Now there’s only so much spending from the reserves that the CBN can do, especially given that we’ve really sucked at growing our reserves when oil price was in the $100 range. It’s like when your office was paying you N100k, you were clubbing every weekend rather than saving some money. Then the minute your office decided to increase your income tax, that’s when your jobless relative comes to live with you too. So now, your salary is not only less, it’s burning faster cause there’s an extra mouth to feed.

The drop in oil price does not only send our currency downwards, it also makes it difficult for the CBN to defend our currency. It’s a double whammy. Essentially, if the CBN keeps trying to defend the rate at N150, it’ll burn through the reserves pretty fast and then we’ll be screwed. So relaxing this currency threshold to N168 means they can relax a bit. They don’t have to keep using as much of the reserves to prop up the Naira. If you’re still curious on how it all works, Feyi goes into the intricacies of devaluation in his fantastic post here.

Okayyy! I Think I Understand Now, But How Does This Affect Me?

Like many other economic events, devalution creates winners and losers. Let’s start with the losers. If you generate revenue in Naira and incur costs in dollars, this is a bad time for you. Any activity that has you converting Naira for Dollars will hurt you way more than a few months ago.

Let’s have a moment of silence for our Igbo brother who will be ‘importing containers’ this christmas. Life just got harder for them. Given that importers have to pay for their imported goods in dollars…and dollars just got more expensive, the cost of their goods have increased overnight.

Same thing happens to those Behind parents who’ve got their kids in Nigerian schools that only accept their fees in dollars or Nigerians that have children schooling abroad. If you like flying, shopping or doing anything abroad, your cost of doing so has risen. On the contrary, if you earn in dollars and pay in Naira, life is looking pretty good at the moment.

Exporters also benefit. The fall in value of Naira means more exports because our exports have gotten cheaper. But ermm…what exactly are we exporting?

Phew. So It Doesn’t Affect Me Like That

Don’t be so sure. Nigeria’s an import-dependent nation, which means that most of what you purchase is produced abroad. I heard we import our toothpick too. If the prices of imports have risen, trust your Nigerian brothers and sisters to increase their prices too…leading to what’s popularly known as inflation.

I Was Hearing All These Oversabies Saying CRR, MPR. What Does This Mean?

CRR stands for Cash Reserve Ratio. It’s the proportion of what a bank can lend, to what it has in its coffers. So if the bank has N1000 and its ratio is 50%, can only use 50% of that money (N500) for business. Given that awon banks do not mess around with profit making, they will make sure that N500 brings back maximum profit. Banks are like the servant in Jesus’ parable that got 10 talents from his master, not the lazy one that got 1 talent. So to make max profit off the N500, they will raise interest rate if you want to borrow their money.

MPR stands for Monetary Policy Rate. The Central Bank uses the MPR to control base interest rate. The higher the rate, the less money in circulation. How? If interest rate is higher, will you borrow money from the bank knowing that you’ll pay much more later on? Nope. Instead, you’ll take your money from your pocket and give it to the bank, so they’ll make you more money.

Remember that thanks to devaluation, awon boys will be increasing prices left and right. General price increase in a given period leads to inflation. To tackle this, CBN increases CRR and MPR to reduce demand for money. This way, they prevent inflationary rise.

Okayy. I think I Understand That Part, So What’s This Austerity Thing Aunt Ngozi was Talking About?

That one is another long story. So, we’ve all been in situations when we’re broke. Ok, maybe just some of us. We adjust our lifestyle around the middle of the month when our salary hasn’t been paid. You go from eating jollof rice to drinking garri. When friends tell you to come out and party, you form ‘I’m very busy’.

Nigeria’s proposed austerity measures are similar…except on a grander scale. To cushion the effect of the falling crude oil prices, we have to cut back on spending and quite literally tighten our belts. The Government is cutting back on wastage (less government traveling and all that sort). The Government’s also raising taxes on luxury goods such as private jets, yachts and champagne. Somewhere in this luxury tax is the amusing observation that the revenue from taxes on the rich will still go back to the rich.

For the proletariat, the sweet subsidy you enjoy when you fuel your car will also get cut. Prepare to pay more for fuel. This is a good thing. Subsidy has to go anyways.

Wow. That was Long. So, Any Lesson to Learn from All This?

Yes. First lesson: Nigeria is the most reactive and least proactive nation you could’ve been born into. This isn’t the first time oil prices have fallen. Government should’ve gotten used to fluctuating oil price and prepared accordingly. And, since oil is the figurative oil in Nigeria’s economic engine, judicious and prudent management of oil revenue should’ve been practiced. However, we largely mismanaged our wealth during the time of booms and we’re now trying to behave ourselves in the time of slump. Let’s see how that goes.

The second lesson to be learnt is that we should’ve diversified our economic sources of revenue a long time ago to prevent price shock of primary products from affecting us drastically. Also, State Governments should’ve been pressured to increase their internally generated revenue much sooner. We can’t keep reacting to every economic shock that hits us.

Anyways, this is getting too long and no one probably got to the end, so no need for a witty or wise ending. But, if you reached this point, congrats! After spending all that time reading this, make sure you show off your new macroeconomic knowledge to your friends. And please, stop abusing econ-nerds. We have feelings too. Selah.

Source: http://naijanomics.me/2014/11/26/the-bricklayers-explanation-to-oil-price-fall-naira-devaluation-everything-else/

sammieguze:
So wake me up when this is over..... Am wiser though.


Assuming both stove and wonder pack costs the same, cost of production per unit is 9200000000/768000=11979. Approx 12,000.

Now i wonder what a barely literate rural woman wants with such a stove when some could barely even afford a meal.

Anyway... People like my grandmother will catalogue it is her antique wardrobe for her grandsons yet unborn.


And again, i wonder whats rocket science in stove development that design can't be given to undergraduates while development outsourced to local fabricators.

Anyway, A leopard doesn't shed its spots.

Once clueless, always clueless until Jesus comes back again.

Mrkuvuki:
Una don hear bah?
SUMMARY-
EAT foods such as beans, apples, lettuce, carrots, and walnuts – which are the highest in plant omega-3s; as well as dark green vegetables that are rich in vitamins C, E, and A; and calcium; while they’re also loaded with magnesium and potassium. B vitamin-rich foods

EAT folate-rich foods such as green vegetables like spinach, and foods such as pulses, potatoes, oranges, bananas, pawpaw, beans, avocado, okro, avocado, corn, carrots, etc.”

EAT zinc, selenium-rich foods Foods such as sardine, mutton, egg, chicken, oats and onion are sources of selenium; while pork meat, beef, yoghurt and cashew are sources of zinc,

DriNK tea “With one sip of tea, you get two potent phytochemicals – anthocyanin and pro anthocyanin, which are antioxidants that help fight inflammation. “Green tea, in particular, contributes many other protective phytochemicals.

AVOID ALCOHOL-In men, excessive long-term alcohol consumption can result in testosterone deficiency and shrink the testicles. This can lead to impotence, sterility, growth of bosoms, loss of facial and body hair, and growth around the hips.”

“Alcohol affects the way the liver functions and it ultimately disturbs hormonal levels by affecting the way your body produces sperm. “This is how it works: Vitamin A is needed for sperm to develop, but alcohol can damage the quality, structure and movement of sperm by stopping the liver from properly metabolising this vitamin.

uglyogre:
Just to debunk what a poster wrote above.It is never normal for a womanliness to smell. i mean never!
Once you start to notice any smell from mild to pungent,then something is definitely wrong in your vagina, cervix or any part of your reproductive organ and urgent test and treatment is required. Symptoms of Vaginal Infections include mild to pungent odour, discharges, abdominal and pelvic pains,womanly scratching, boils, blisters, pains/wounds while urinating and sometimes fever and mouth blisters/ulcers. I will advise that your friend goes to a good laboratory and conduct Urine MCS-HVS Test. She would be given the right antibiotics to treat her womanly odour. she should also carry out pelvic scan, hiv and hepatitis tests.
A normal womanliness is odourless, painless and dry

tspun:
It is normal and healthy for you to have
some womanly odor. However, strong
womanly odor can be the result of
douching, excessive washing, wearing
clothes that are too tight and certain
chemicals in your soaps, among other
things. This strong odor can be
embarrassing. If you personally feel that
the smell is too strong, here are some tips
on how to eliminate womanly odor.

1- Identify any infections.

If you want to
stop womanly ordor in its tracks, you need
to figure out what's causing it first. The
most common source of womanly odor is
an infection. This can range from yeast
infections, to bacterial infections, to STDs/
STIs. The best practice to make sure that
this is not the case is to go to the doctor
and have them check you out. That said,
there are a few different ways you can
gauge if this is your problem:
If you have a lot of chunky white
discharge, you probably have a yeast
infection. Medicine for this can be found
easily at any drugstore and many grocery
stores.
You might contract a bacteria infection if
you don't practice proper toilet etiquette.
Do you wipe front to back or back to
front? Wiping back to front introduces
bacteria into your womanliness and can
cause infections.
If you think you might have contracted an
STD/STI, just go to the doctor to get tested.
This is the kind of thing you need to know
for sure, for your own safety and that of
those around you.

2- Check for imbalances.

The womanliness
is kind of like a rich ecosystem. Everything
has to exist in perfect balance, and that
balance can be really easily upset. If you
use soap, antibacterial, take baths that are
too hot, go in pools frequently, use
scented pads, use lotion too close to your
womanliness, don't change your
underwear often enough or use
underwear of the wrong material, or a
large number of other things, you can
cause your little ecosystem to get totally
out of whack. Basically, avoid using those
things and just be very careful about
washing every day with water (no soap!)
and wearing clean clothes.

3- Embrace your natural odor.

Lots of
women don't like the way that their
womanliness smells, but if you ask their
boyfriends those guys will say they love it!
Don't underestimate your natural odor.
You might associate it with being unclean,
but....do I really have to tell you what guys
associate that smell with? They don't want
you to smell like flowers down there, they
want you to smell like...er....well...you. If
you've figured out that your smell isn't
caused by an imbalance or an infection
and that it's really just how YOU smell, you
should probably consider coming to live
with it and embrace it.

4 - Consider that maybe it's him!

Certain
sexual practices can also cause womanly
odor, either from his bacteria colonizing
your body or just the smell of sex itself.
Nevermind if you're taking the sexual
practices outside of Missionary 101.
Consider if this is the reason you smell
different and take whatever measures you
believe are warranted.
Just going to put it out there: putting it in
your butt and then putting it in your
womanliness is a TERRIBLE idea. At least
switch condoms between these activities.

5 - Check for foreign objects.

You know, it
happens: sometimes you just forget you
have a tampon in there. Sometimes the
occasional condom (or piece of) gets left
behind. These things can cause an odor as
your body tries to get rid of the object.
Check for objects and get them out!
Leaving tampons and pads on for too long
can also cause smells, even after they've
finally been changed. Change them
frequently to avoid that.

www.nairaland.com/1562470/how-eliminate-womanly-odor

tempem:
LOL. tell her the facts,
1. Ask her if she's here for marriage in view or sex?
2. Tell her to be honest when answering that first question.
3. She'll obviously choose marriage, though... And you too will sure like that pretence, 'cause you had picked sex right after setting your eyes on her, and you sure want that to be oblivious to her.
4. Tell her you know where to draw the lines if she cunningly demand for sex, too often..... And you might end up not getting married to her but dump her
5. Tell her, if you find her amazing, mehn!! You'll stay forever, she won't be the one to force you stay,
6. No exorbitant demands, 'cause you are not doing that in exchange for sex, and if she wants it that way, you'll enjoy the time being too... Finally you discharge her like a spoil. Demands aren't bad, but she should know the limit.
Lol...you might not necessarily say these in the first date. ... Just be firm and kind.. But use your power of reasoning in discerning what I meant.

modextus: NO thanks! I want both nigeria and egypt to be at the world cup.

Kristty: 1.I cannot date a guy who drinks, smokes,
2. who has pride,
3. I cannot date a rascal or who has rascals as friends.
4. I can't date a lazy guy
5. I can't date a guy who uses chain like bingo, if he has to use one it must a small one.
6. I can't date a guy who bleaches.

No offence

deandavid: bros abeg, forgive my ignorance wats d difference? Are they 2 different countries or do they have different flags. My brother, the world is waiting for the rise of Nigeria. Until Nigeria becomes what she ought to be, the world will never be balance. Even if not in our time, but it must happen. Nigeria have replaced isreal in terms of being d chosen nation, so fly the Nigerian flag, its beautiful.

fellis: ^That isn't just a theory. Black people are actually covertly being taught to believe that they are inferior mostly through the use of mass media. How many times have you actually seen any of these major foreign television stations potray Africa in a good light? It is always one depressing story or another. If they are not broadcasting news about the wars in some African countries then they are showing images or footage of starving and dying poor Africans.
Even when it comes to giving awards for literary work, you would notice that it is mostly the African authors that write on the darker sides of their countries that get international renown ( Chimamanda for instance). There are deliberate attempts to keep Africans down by downplaying their successes and highlighting their failures, that is the truth it is not a theory.

sexkillz: [color=#000030]Having a very good piss after you have been pressed for long. . .
[/color]

Richfella: Men are biologically programmed to respond to a woman's looks (hardware). While women are programmed to respond to a man's behaviour (software).

Your girlfriend will leave you for a man like Obasanjo in a flash (barring any external societal pressure - slut, old man, etc).

A man like OBJ has several of the attributes that will make a woman chase you down. Forget money. Dominance, status, a very strong sense of reality, leadership, doggedness, drive, humour & playfulness etc.

Forget your looks as a man - it counts for little. It's just like being attracted to a girl because of her shoes.