₦airaland Forum

Paraman:
naira will keep on falling

Wake up!

When the refineries resume production, you speculators will nearly cry blood

@jmoore

Have you sold your dollars already?

Piigggs will still grunt stupid comments

Dollar is no more subsidized.

The CBN can comfortably sell dollars now without hurting our foreign reserve

What a useless girl!

CountinBlessins:
I was so pained, I had to mention you.

Ntooorr

CountinBlessins:
I am a very stupid fellow for mentioning you

Don't do that again you hear!

AllTheWayUp:
The capital of Nigeria is moving back to Lagos
Tinubu no send anybody papa

Trash!

RIP

We may never hear anything again after this.

IbeOkehie:
LOL at your hopes for Dangote. Hmmm. Anyway I admire how you're coping with the reality of the Nigerian circumstance.

Good Luck to Nigerians.

Dangote has been ignored by all and sundry.

PH refinery is resuming operations in a matter of days according to Mele Kyari.

Other refineries will by the end of the year, God willing.

There is no coping anywhere. We are enjoying ourselves, our freedom, our culture, our religion, our food, our weather, our communal life etc etc.

It's just that over the years we have been used to 'free lunch' i.e. unsustainable subsidies.

Now we are getting used to the new normal

IbeOkehie:
I still advise you to go get informed and stop wallowing in abject ignorance. I see you no longer mention Federal Government revenue. Very good, that bubble has been PERMANENTLY busted.

ALL the rest of what you wrote up there is out-of-context garbage.

It was wrong to make such stupid comparisons ab initio.
A nation is considered rich or poor based on GDP.
Diasporan remittances only favour the direct recipients. So far, it has been useless to our economy and is too miserly to make any impact.

This your electricity thing, care to tell us where in Nigeria you live? There's very few places in Nigeria with reliable electricity supply. Bonny Island, some areas of Jos, some high brow estates in Lagos, Abuja or PH. Altogether, it's not up to 1% of Nigerians that have access to 24hr electricity supply, whether from public mains, generator or solar. They're not up to 1% of the population.

I stay in one of the cities you listed. Didn't I tell you that rural areas even enjoy more electricity than urban areas
In Lagos, my neighbours down my street used to have almost 24 hours yet I wallowed in darkness most of the time before I left for where I am now.
So where did your 1% stat come from

Same thing with your Adenuga, Alakija and co. Why do you keep citing outliers? So if I want to tell you about the everyday lives of Nigerian immigrants in the US/UK, what would you think if I start off using Hakeem Olajuwon as an example? Are you OK? None of such people reflect the reality of an average person in either country. It's actually stupid.

Hakeem Olajuwon is no match for the big boys over here. If he comes over, he will be prostrating here and there.
So you want me to start listing all the who-is-who in the country Where is the time nah
Come on, you guys are at par with our middle class here. No more no less.

Just accept it. The richest and most successful Nigerians are still based in Nigeria. It's the middle/upper middle class that japa abroad only to struggle for years to attain same middle class status abroad. What a shame! Pathetic!!

You don't spend dollars in Nigeria but somehow, the naira/dollar exchange rate is the top of the news everyday. I wonder why?

That's because we still import all our petroleum products.
By the time all our refineries start production, nobody will care about dollar anymore and Naira will appreciate significantly.

Your Nigeria is the Poverty Capital of the World. Nigeria earned the title. Nigeria will remain poor until most of you stop being IGNORANT.

Good Luck to Nigerians.

Our GDP and Stock Market says otherwise. For your information we have the second most performing stock exchange worldwide even as we have crossed the 100,000 points if you know what that means. Dey play!

IbeOkehie:
Doubling down on IGNORANCE, that's the Nigerian way. As you guys have said indeed, una no go gree for anybody this year, but you've actually never been comfortable with truth at ANY time in your national history. Why not calm down and learn? If you're on Nairaland putting in time, reading and typing about Nigeria, you should be grateful for the truth.

Nigerians have an exaggerated opinion of their national wealth. You remind me of this fellow on a thread who claimed Shell made a profit of $20 billion from Nigeria alone in 2021
Here's PART of our exchange:
https://www.nairaland.com/7249943/senate-invite-emefiele-over-naira/9#115156689



My reply to him was -

USD26billion from 20 million Nigerians abroad is no match for what Nigerians here are generating.

From Dangote to Globacom to the banks to the oil companies to the insurance companies etc etc

You guys are NO match!!!

Like I said earlier bank workers here may be doing more than this

When we're talking electricity 24hrs, you must be referring to solar systems. True, they exist in Nigeria but VERY FEW have them. There's some people on this forum involved in that business in Nigeria, I bet if they cared to make a comment here they would tell you many of their customers are diasporans. In fact anyone involved in anything to do with building construction and such trades in Nigeria will likely confirm that fact.

Are you saying I don't know the difference between solar and regular electricity

I said we enjoy almost 24 hours in this part of the country. And we have many such areas nationwide.
I switch off my freezer from time to time to be able to remove stuffs.
I don't have a generator!!!

The richest Nigerians are NOT based in Nigeria. I've done a long explanation on how I know. It's simple to figure out. Just one outstanding example is TY Danjuma. He's one of a handful of dollar billionaires in Nigeria. He doesn't live in Nigeria, neither does his daughter who is likely to inherit his businesses.

The day I figured out the thing rich people are doing in Nigeria, I was very pleased. All you have to know is that the UK & Europe is 6 hours flight and USA is 12 hours. These rich people show up for public events and go to their village once in a while and it gives the impression they're in Nigeria. When I was little, I remember you would go by some of these mega mansions, when you talk to the gate man they would always say "Ah, Oga travelled". It was only when I got to be an adult that it dawned on me that Oga travelled ABROAD and LIVES abroad to make money. In an earlier discussion I named such people from my own hometown.

Are you the one who made Danjuma a billionaire

IBB, Obasanjo, Abdul Salam, Gowon etc are based abroad

So Dangote, Adenuga, Rabiu, Otedola, Alakija, Coscharis, Ibeto and co are based abroad

Jim Ovia, Elumelu, Aig, and our bank CEOs are based abroad

Adeboye, Oyedepo, Oyakhilome, Kumuyi etc etc are based abroad

Only our artistes especially the musicians are doing what you described.

The richest Nigerians are STILL BASED in Nigeria

Oh, you must always remember how poor your Federal Government is, their revenue is $15 billion per year. The Federal budget of Nigeria has NEVER been more than $40 billion since the return to democracy. Not only that, the TOTAL REVENUES of ALL STATES plus Federal Government isn't up to $30 billion. That's the ENTIRE FEDERATION revenue, it's about equal to remittances from abroad.

Sorry I had to burst your bubble.

Bottom line - You're IGNORANT. In this you're not alone. My advice to you if you care, is go and get informed. Internet will help you.

Good Luck to Nigerians.

We don't spend dollars in Nigeria.
A country is considered as rich or poor based on GDP. Diaspora remittances doesn't come anywhere near and has never been of help to our economy as a whole.

Stupid news for piigggs to grunt in wild ecstasy about.

The governor is live on Channels

Piigggss will comment without reading the post.

Buhari ruined the economy. How could the official and parallel market be so far apart

Nobody is expecting Tinubu the certificate forger to bring naira down to N400




All we’re saying is he should return it to where Buhari left it



Like can’t believe a day will come when we will all be wishing to return the economy to Buhari era



Tinubu you’ll crumble



You’ll go down the history of Nigeria as the worst thing that has ever happened to Africa at large

It is you and family that will crumble.

God forbid that we return to the Buhari era

YoshihideSuga:
That's a lie, and you know it. Nigeria goes beyond Lagos and Abuja. Nothing like sizeable number

I don't even stay in either of the cities.

Though I stay in a city still, rural areas enjoy the most electricity. Ask anybody.

Again, that's another lie. Many Nigerians, especially in the south, and the Nigerian government depend on remittances from their relatives in the abroad. Many structures and construction projects in Nigeria are financed by diasporans. So, it is a barefaced lie to say diaspora remittances don't help the economy.

Look, as a country, diaspora remittances have not improved our economy at all otherwise our Naira should not be where it is today.

The biggest projects are still being undertaken by Nigerians here.

In fact, the richest Nigerians are STILL based in Nigeria.

Nigerians here generate FAR MORE than the USD26billion coming from abroad on a yearly basis in the name of diaspora remittances.

Bank workers alone do more than that.

IbeOkehie:
@Donaldoni....Well if Nigerians are so prosperous, how come so many are eager to migrate to WesternEurope & North America?

As for Nigerians being rich, it only applies to a few. Very, very few. The UN or World Bank didn't wake up and crown Nigeria the Poverty Capital of the World. They used data.

In your rich Nigeria only 7% of Lagosians have indoor running water AND flush toilets, not to talk of the rest of Nigeria.

How many Nigerians have access to 24hr electricity?

So it takes a currency crisis to prove how rich Nigerians are? How stupid is that? Those sacks of naira Nigerians were bringing out lost over HALF their value in less than 1 year.

Then you made the craziest comment -



This shows you have an exaggerated view of your country and most Nigerians are just like you. No wonder you think Nigerians are rich.

If you're interested in the Nigerian economy and how it works, you should go familiarize yourself with simple data. That's what the White Man invented the internet for.

BudgIT is likely the most reputable recorder of Government finances in Nigeria. Here's your Federal revenue and spending for 2023.

https://budgit.org/post_infographics/2023-approved-budget/

Total Revenue is ₦10.5 Trillion Using a very generous rate of ₦700/1$, it translates to a total gross Federal Government revenue of $15 billion.

$15 billion is much less than diaspora remittances of $26 billion. Which is why your CBN Governor said remittances are vital for the Nigerian economy. This is one of the reasons migration is so popular, these figures give a real basis for what people feel, why they DO what they do even if they don't know.

I've come across proud Nigerian attitudes like yours so many times. Like the guy who was claiming that Shell made $200 billion profit in Nigeria. I had a long argument here, I simply went on Shell website and pulled the numbers.

You all need to go and get enlightened. Very different from educated. No wonder Nigeria is the Poverty Capital of the World.

Good Luck to Nigerians

I never said Nigerians are rich. I am only saying Nigerians abroad are by no means better off in the contexts of their environment.

The dollars you send home that becomes big money here cannot take you anywhere over there.

Naira is still very valuable despite the devaluation. And when the refineries resume, things will definitely improve significantly.

I have access to almost 24 hours electricity. A sizeable number do.

Indoor running water and all that are no biggie.

World bank stats and the likes HAVE NEVER been accurate. They NEVER consider all the factors.

Diaspora remittances are have NEVER helped our economy!!

IbeOkehie:
That Nigerians spend that amount of money abroad is proof that Nigeria doesn't have basic necessities of middle class life. Poor quality in every sector - education, healthcare, security, energy availability and on and on. You have to go abroad to buy it.

Not necessarily so.

Some of our public and private universities are far better than the mushrooms schools most of our people pay through their noses to attend abroad.

Nobody reckons with those certificates back home in Nigeria. And our people end up doing school cert jobs over there after graduation too.

I don't have a generator at home. That's because I have near 24 hours electricity.

Security is improving and considering the very few security personnel we have, it's a miracle everywhere is this calm. If we compare the stats, we are still doing better.

Politicians prefer to go abroad for healthcare because they are afraid of being vulnerable in our own hospitals.

Our healthcare is fairly okay.

I'm not one of those who denigrate Nigerians at home. I have friends in Nigeria who earn $1K per day. I hope we're all educated here, it about PROBABILITY for everyone, not cherry picked outliers. Nigeria is the official Poverty Capital of the World.

Wrong!

A huge number of Nigerians are earning dollars.

Drivers and security men here are landlords and have their own cars. You will be shocked. Not to talk about the artisans.

During the cash scarcity crisis was when I knew Nigerians had money. See fight in the banking halls and at the ATMs. Was it your money they fighting to access?

I personally saw so-called 'poor' people carrying sacks of old Naira notes to the CBN when Emefiele declared it non-legal tender,

The diaspora remits more money than your entire Federal Government of Nigeria gets in revenue. Think about that. That's a national government with a revenue base of over 150 million people.

How can FG annual revenue be USD26billion for chrissake Maybe Lagos state.

Do the comparison. How many Nigerians earn $1300 per year? That's about ₦200K per month. Hmmm? Data from PWC and other sources are clear...only 0.4% of Nigerians earn over ₦200K per month . That's what diaporans send home as gift to their relatives.

Anyway your Central Bank Governor has already admitted that diaspora remittances are a major pillar of the Nigerian economy. Go and argue with him.

NGN200k in Nigeria is chicken change. Many Nigerians earn far more than NGN200k per month. NGN200k may only be a big deal to SOME private school teachers/drivers/gatemen.
Even those earning less in salaries do other runs to make more money.
Nigerians NEVER depend on salary alone. NEVER!!!

Diaspora remittances are NO pillar of the Nigerian economy and has NEVER helped our Naira.
Most of the remittances are for the senders' personal projects back home and not necessarily gifts.

Good Luck to Nigerians.

Goodluck to us all.

IbeOkehie:
Actually it works that way for some. I know a few people who've paid cash for brand new cars. Even houses.

By the way, "when Nigeria was good", buying car on "hire purchase" was common. So it seems the availability of credit is actually a sign of a good economy. Credit is given when employment rates are high, people tend to borrow when interest rates are low. Enough said, use your tongue to count your teeth.

The usual payment period for a new car in the USA is 5 years. Not bad at all, a car at that level with a 15% down payment is likely ≈ $600 per month. Not a big problem for a nurse earning at least $32/hr. How many Nigerians earn $600/mo or ₦800K/mo? The husband is lucky she didn't decide to send the money home to Nigeria.

That house behind them is likely on payment too. In 30 years it will be paid off and the value would have risen by a huge amount during that time. In my area houses bought in 1994 have tripled in value.

The real comparative for those of you who continually denigrate Nigerians abroad - what percentage of 50 year old university graduates in Nigeria own a car ? How many own a luxury car?

How many 50 year olds university graduates in Nigeria own the home from which they go to work every day? How many own a home of similar quality or better than the one pictured? Looking at that picture the neighborhood is as good as VGC Lagos.

I've written many times that I want some recent home ownership data for Nigeria. The data I know dating back to 2011 was that 80% of urban families in Nigeria were renters. I can count many, many 50 year olds working in Nigerian cities that are renting. I know many 50 year olds in Nigeria who are majorly dependent on diaspora remittances to maintain their living standards.

Oga MT we're enjoying ourselves here. It's a wonderful life. That's the reality. Try and be happy for us. Wetin we do you sef

God Bless this lady and her husband and family.

God Bless the USA & UK

Good Luck to Nigerians.

For every successful Nigerian out there we have 100 back home doing equally well.

Most of the people doing well over there were already made here.

Last week a report came out that 20million Nigerians out there repatriated 26billion dollars back home in 2023.

That's an average of $1,300 per individual.

Very poor!!!

Nigerians send far more abroad than that in terms of school fees, holidays, medical tourism etc

Miracle!

khattab02:
Trial and error economic approach.



Na the renewed hope he promised us be this

Just shut up already

The strategy was to get the naira to a value they could easily defend without hurting our foreign reserves.

Today there is a convergence between the official and parallel market rates

Johncuppa:
If it's natural, then, what happened to fuel subsidy has happened to dollar floatation.
But the government is not making this reality known and there's no how we can know since no one even knows how much government mkyae and how much is being spent.
It's a nation of deception.

What you should bother about is the state of our foreign reserves.

It is increasing.

CBN cannot eat dollars after all.

tnerro1:
This one they are begging “ currency manipulators “ to sell of their dollars, something tells me that this is artificial and they can’t keep it up for long. We go wait and see sha.

Wait till the refineries resume.

Some people will cry blood.

femi4:
It won't, this is Nigeria. Cosmetic approach no dey last.

We all know that the fall isn't a natural one, nature will soon take its place

You better dump your dollars before the refineries begin production in some weeks' time.

You guys will smell pepper

JASONjnr:
Tinubu met dollar at N700 to a single dollar and right before his eyes, it went up to N1,900. But we're praising his incompetence for subsidizing it to fall to N1,400.


Buhari met dollar at N200 and he left it at N700.

APC is all about noise and lies.

Nonsense!

Tinubu met it at NGN800 or thereabout.

The gap between the official market and parallel market was almost NGN400. Round tripping was the order of the day.

Today, there is a convergence.

CBN is selling dollars yet our foreign reserve is increasing.

Use your sense!!

Why?

Piiigggs have started grunting

Stark illiterate! What a topic!!