Dragonking2's Posts
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 Christianity Etc › Re: Powerful Ebos (sacrifices) At The Back Of My Shrine [picture] by dragonking2: 10:22pm On Jun 04, 2017 |
Babalawos:Nice, i believe seun should dedicate a special day for traditional stuffs like this on nairaland. The muslim have friday, the christains have sunday, maybe the traditionalist should have a wednesday for their stuff. I wish the likes of pagan9ja were still around to promote tradition. 23 Likes 3 Shares |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 10:19pm On Jun 04, 2017 |
FriendNG:You keep on repeating yourself. Come up with something new if you really have a point. I am glad that everyone is viewing. As for the bolded in black, same was said when there was constant light in 2015 buhari was praised but when there was darkness you all blamed GEJ. Abeg, you no get talk. |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 9:50pm On Jun 04, 2017 |
@FriendNG, I understand that your constant repetition of the same statement by you is to save your face but there is nothing you can offer anymore as a counter. Thank you all for viewing. |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 9:48pm On Jun 04, 2017 |
FriendNG:So you are saying that osinbanjo was handed power for just 11 days and he renegaded against buhari? Lol  The difference is that the CBN can act independently unlike the ministers you mention. The CBN doesnt need the presidency before they raised lending rate to 13%. Do they? The Ex CBN governor didnt need the president approval before granting bailout funds to the tune of N640bn. Why? Please tell us. The current CBN governor had previously devalued the naira in 2014 without approval from the president. So why cant he do same now? The CBN can only inform the president and the public about their plans but doesnt "soley" need the president approval before it can be done. See proof again that the CBN had previously announced in May 2016 that it will devalue the naira long before Buhari travelled out or handled power to osinbanjo Governor of the CBN, Mr. Godwin Emefiele Tuesday officially announced the introduction of a flexible foreign exchange rate regime that would effectively devalue the naira against the United States dollar at the official window.https://thewillnigeria.com/news/exclusive-nigeria-to-officially-devalue-naira-to-n250-1/
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| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 8:59pm On Jun 04, 2017 |
Emefile had devalued the naira before in 2014, there was no osinbanjo to blame then. Emefiele Explains Four Reasons Why The CBN Devalued The Naira The CBN Monetary Policy Committee agreed to devalue the naira back in November following massive pressures that have had the naira depreciate at the interbank and the parallel markets. The decision came as no surprise to most analysts as the CBN had little options at its disposal. Whilst the committee communique contained various factors that shaped up their decisions, the CBN Governor still deemed it fit to explain to his fellow bankers why they agreed to devalue. He gave his reasons at the Annual Banker’s Dinner organized by the CIBN as reported by the Nation. These were the key reasons I noted (I highlighted his quotes in blue). 1. Forces of Demand and Supply In explaining the difficulties in managing exchange rate stability, the CBN boss raised a poser: “What then can a Central Bank do to react to such a situation of falling reserves and pressurised exchange rates? One course of action would be to continue to deplete the foreign exchange reserves in trying to keep the official rate at a stable level. But there are several difficulties with this option.” Firstly, he said regardless of its critical nature in an import-dependent country such as Nigeria, the exchange rate operates like any other ‘price’ in the market. The dollar/naira exchange rate is simply the ‘price’ of dollars in naira. The forces of demand and supply, he said, determine its movement. “When demand rises, the price rises. When supply falls, the price also rises as well. In recent times, Nigeria has faced a perfect storm of simultaneous dwindling supply of dollars and rise in demand. Both forces have led to a rise in the price of dollars, that is, significant reduction in supply of dollars to the market, even with constant output of crude oil production,” he said. 2. End of Quantitative Easing in the US The other global factor, which has significantly reduced the supply of dollars in the market, is related to the end of Quantitative Easing by the U.S Federal Reserve. At the height of the programme, the Federal Reserve was supplying a total of about $85 billion into the United States (U.S) economy on a monthly basis, through asset purchases. This programme came to an end in October this year, thereby significantly reducing the supply of U.S dollars in the global economy. 3. Combination of QE and Fall in Crude Prices affected most world currencies The third difficulty, which has contributed to the continuing depletion of Nigeria’s foreign reserves, and its capacity to defend the naira is that the combination of a fall in oil prices and the end of the Quantitative Easing programme by the U.S Federal Reserve have led to a depreciation of most currencies in the world against the dollar. Emefiele said an analysis of the year-on-year change in the exchange rate of 26 Emerging Market countries (including Brazil, China, India, South Africa, Turkey, Mexico, and Nigeria) indicates that their currencies have depreciated by about 8.1 per cent on average against the dollar. 4. US Led Sanctions Against Russia Also, he said the current U.S-led sanctions against Russia for its alleged role in the ongoing Ukrainian crisis do not appear to be abating anytime soon. More also, current negotiations between Western powers and Iran could end in a deal that may open up Iranian oil supply lines to more parts of the global economy, a development that is likely to depress prices even further. He explained that it was on the basis of these analyses and realities, the CBN reached the decision that it would be sub-optimal to indefinitely continue to deplete the country’s foreign reserves in defending the naira. http://nairametrics.com/emefiele-explains-four-reasons-why-the-cbn-devalued-the-naira/ cc; FriendNG
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| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 8:56pm On Jun 04, 2017 |
Saying that because it was under osinbanjo watch that the naira was devalued hence he is the one that devalued the naira is laughable as it was under buhari's watch that the padded budget was done and signed. So that mean Buhari padded the budget according to this analogy? What a falacy. |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 8:54pm On Jun 04, 2017 |
@FriendNG Nobody is disputing the fact that it was under osinbajo watch that the naira was devalued but it was done by the cbn. The CBN governor is responsible for the devaluation of the naira not osibanjo. #fact The current CBN governor has previously devalued the naira in 2014 without any approval from the president. Same way he increased the interest rate benchmark from 12 per cent to 13 per cent in 2014. Here is more prove to my claim; The Central Bank of Nigeria, yesterday, devalued the national currency, the Naira, as it moved the midpoint of the official window of the foreign exchange market from N155 to N168 to the one US Dollar. This means that the Naira will exchange between N168 and N174 to the dollar at the foreign exchange market. Official devaluation of the naira became inevitable as a result of reduction in government revenue from oil production and sales. The devaluation will increase the volume of Naira available to the federation account and to various levels of government to prosecute their local programmes.Read more at: http://www.vanguardngr.com/2014/11/cbn-devalues-naira-now-n168-dollar/
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| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 8:34pm On Jun 04, 2017 |
FriendNG:Now, you have resorted to repeating yourself because you cannot counter the fact and points I raised. You are entitled to your own opinion but nobody cares. |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 7:28pm On Jun 04, 2017 |
FriendNG:Here is proof that the CBN can decide whether to devalue the naira without approval of the president. In another interview with Reuters Global Markets Forum, Sanusi ruled out further devaluation of the currency, saying that the apex bank would continue to pursue a stable exchange rate policy as long as the foreign reserves can support.http://www.vanguardngr.com/2014/01/nigerias-economy-danger-without-cbn-autonomy-sanusi/ This shows that the CBN is independent and can act independently too. I ask, how come the ex CBN governor granted bail out funds to the tune of N640bn without approval of the president? How come they can make decisions on MPC without the approval of the president? How come the ex CBN governor refused to devalue the naira despite being pressurized? |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 6:36pm On Jun 04, 2017 |
FriendNG:Lol, I have shown you evidences that the CBN can act independently, so all these your merry go round is becoming pathetic. You talk about Buhari refusing to devalue the naira, meaning that the CBN wanted to devalue the naira, and it can which was done. So how come sanusi as CBN governor could bail out banks to the tune of N640bn without approval of the president? How come he refused devaluation even when pressurized as CBN governor ? It is obvious that it is your opinion since you are pained, and you are entitled to your opinion. |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 6:04pm On Jun 04, 2017 |
FriendNG:Said by you and only you. You are entitled to your pathetic opinion but that doesn't make it true or right. |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 6:01pm On Jun 04, 2017 |
FriendNG:Which history? The one you want to falsely create? Lol, abi you want to change stance again. Provide the proof that Osinbajo approved and signed for the devaluation of the naira when we have an independent Central Bank. So Buhari getting angry with the CBN was in order. You know nothing. |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 5:59pm On Jun 04, 2017 |
More to show that the CBN can act and has acted independently even in the past For example, although the CBN has been widely praised for its decisive handling of Nigeria's 2008‑09 banking crisis, many of its actions to rescue ailing banks and restore financial stability drew criticism from different quarters in the country. Nigeria's lawmakers were furious that the regulator bailed out nine undercapitalised banks with a total of N620bn (US$4.2bn) without first seeking parliament's approvalhttp://country.eiu.com/article.aspx?articleid=591606243&Country=Nigeria&topic=Economy |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 5:45pm On Jun 04, 2017 |
FriendNG:According to this link which I have provided before http://www.vanguardngr.com/2016/06/economy-buhari-angry-cbn-naira-devaluation-says-policy-not-helpful/ "The Central Bank of Nigeria (CBN) Wednesday announced what it termed the “automatic adjustment mechanism of the exchange rate” in a flexible foreign exchange regime aimed at reducing the pressure on the Naira.Now, when the CBN proceeds to restore the flexible exchange rate market as explained above, why then is Osinbajo blamed for the "devaluation" when it's the fiscal and executive authorities working with the monetary authorities? I hope you know that exchange rates are maintained by an independent Central Bank? I also hope you Note that the CBN can also act independently. In an interview with Bloomberg Television Africa, on the sidelines of the World Economic Forum in Davos, Switzerland, Sanusi said maintaining the independence of the bank will be a major challenge that his successor will have to contend with, saying that it is important for a strong individual to be appointed to head the bank, due to the critical role it plays in the development of the country.This is enough to let you know that the CBN can also act independently. Now here is sanusi stating categorically that he refuses to devalue the naira which shows that he can if he wanted to as CBN governor. In another interview with Reuters Global Markets Forum, Sanusi ruled out further devaluation of the currency, saying that the apex bank would continue to pursue a stable exchange rate policy as long as the foreign reserves can support.http://www.vanguardngr.com/2014/01/nigerias-economy-danger-without-cbn-autonomy-sanusi/ This shows that the CBN is independent and can act independently too. |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 5:09pm On Jun 04, 2017 |
FriendNG:It didn't change the fact that he signed a padded budget. QED. So, buhari is the one who padded the budget according to you. Simple. You saw the part I provided calling for buhari to resign over it because he signed a padded budget. We don't need any article. Wasn't he incharge of the Economy as well as the Acting President when the Naira was devalued ? The CBN is answerable to Hus office and must communicate to the Presidency before they can devalue it.Of course you don't need any article, same way buhari padded the budget. You can't use a pattern for someone and then change the pattern for another. Buhari signed a padded budget, hence he is the one who padded the budget? His hands are involved in the budget padding. |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 2:05pm On Jun 04, 2017*. Modified: 2:21pm On Jun 04, 2017 |
FriendNG:To the bolded, now how can you prove that Osinbajo approved the devaluation of the naira? This article below shows clearly that Buhari was angry with the CBN over the devaluation as I have always pointed out. http://www.vanguardngr.com/2016/06/economy-buhari-angry-cbn-naira-devaluation-says-policy-not-helpful/ FriendNG:How I take catch myself. You are the one kicking yourself. The problem with you is that you are trying so hard to absolve Buhari of any blame while shifting the whole blame on osinbanjo. The budget wasn't padded against the order of the President rather the padded budget was adjusted due to udoma who raised alarm about the padded budget that lead to the recall of the signed budget before making some minor adjustments to the padded budget. The sack of 20 persons involved is just to save face. At the end of the day, the budget was still padded with minor adjustments. However as calls continue to mount for the resignation of the speaker, a section of Nigerians have also accused the presidency of culpability in the budget scandal.https://www.naij.com/926442-budget-padding-controversy-buhari-implicated.html Buhari due to his crass ignorance had already signed the padded budget before withdrawing it to save face due to the controversies that emanated from it. http://mobile.reuters.com/article/idUSKCN0UV11K https://www.thecable.ng/buhari-writes-senate-on-withdrawal-of-budget-2016 Now, can you provide any evidence or proof that Osinbajo signed and approved the devaluation of the naira which was carried out by the CBN which eventually lead to the devaluation of the naira ? We need that to move to the next point and don't bring that useless screenshot of Buhari hands over, we need atleast an article saying that Osinbajo approved the devaluation of the naira |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 12:50pm On Jun 04, 2017 |
FriendNG:Good, this is what i want. Now, back to the main point of your claim to osibanjo as the one who devalued the naira. Osibanjo wasnt the one who appointed the cbn governor yet you accuse him of devaluing the naira. Yes, it is agreed that it was under his watch that the naira was devalued but it was also under buhari watch that the budget was padded which is my point. As for your lame excuse of the the cbn governor being appointed by the president, you forgot that the officials from the budget office whom padded the 2016 budget are also appointed by president buhari. So your claim of appointment is totally baseless and flawed. See here; https://www.naij.com/760106-breaking-buhari-kicks-184-top-officials-budget-padding.html https://www.naij.com/997565-president-buhari-fires-22-top-federal-officials-budget-padding-drama.html Now, I ask again, according to your analogy, Osibanjo was the one who devauled the naira because it was done under his watch and also because the CBN governor is an appointee of the president. If thats so, is Buhari responsible for the budget padding of 2016 as it was also done under his watch and was carried out by his appointees in the budget office? Yes or No? |
| Politics › Re: "The Goals They Want To Achieve With New Biafra" - Tanko Yaksai by dragonking2: 10:06am On Jun 04, 2017 |
Wiseandtrue:You are truely wise as only you have seen the way this aboki is trying to cause disunity amongst the south. I thought I was the only one that noticed he claimed Niger delta don't want igbos, igbos don't want yoruba and yorubas don't want igbos but claimed that they all want hausas. He is just being mischievous and trying to cause disunity amongst southern Nigeria. 5 Likes |
| Politics › Re: "The Goals They Want To Achieve With New Biafra" - Tanko Yaksai by dragonking2: 9:59am On Jun 04, 2017 |
koning:Go and sleep, you guys also claim to be igbos and Jews at the same time. How can your tribe be igbo and jewish 1 Like |
| Politics › Re: "The Goals They Want To Achieve With New Biafra" - Tanko Yaksai by dragonking2: 9:56am On Jun 04, 2017 |
By nature, the Yoruba man likes the Hausa man more than the Igbo man and the Igbo man likes the Hausa man more than the Yoruba man, yet the Yoruba are now trying to convince the Igbo to forget aganist the HausaTo all those yorubas supporting this man as usual ,here is a part of his statement that shows how treacherous the Yoruba people can be. 4 Likes |
| Sports › Re: Sergio Ramos Wearing A Nigerian Flag? Twitter Users Ask (Photos) by dragonking2: 9:43am On Jun 04, 2017 |
Nma27:I wasn't the one who made the statement but he is right, Nigeria is a filthy country that sinks of corruption and useless leaders. 1 Like |
| Politics › Re: "The Goals They Want To Achieve With New Biafra" - Tanko Yaksai by dragonking2: 9:41am On Jun 04, 2017 |
martineverest:You are a Yoruba so how do you know that nigerdeltans don't like igbos? I am from delta state and majority of my friends are igbos, I even followed them to do their sit at home on 30th of May. Nigeria is a dead country and everyone wants out 27 Likes 2 Shares |
| Politics › Re: "The Goals They Want To Achieve With New Biafra" - Tanko Yaksai by dragonking2: 9:39am On Jun 04, 2017 |
raker300:Stop being shallow minded. The agitation for Niger delta Republic has there before biafra which proves that even the nigerdeltans wanted to leave. The aboki is a confirmed unity beggar who is ready to tell lies. 6 Likes |
| Politics › Re: "The Goals They Want To Achieve With New Biafra" - Tanko Yaksai by dragonking2: 9:38am On Jun 04, 2017 |
Lol, this aboki is funny. Was it only the igbos that wanted secession? Wasn't there clamour for Niger delta Republic before biafra? So they know that they will die of starvation once the south separates yet na dem wan rule forever. 17 Likes |
| Sports › Re: Sergio Ramos Wearing A Nigerian Flag? Twitter Users Ask (Photos) by dragonking2: 9:31am On Jun 04, 2017 |
martineverest:This is from Wikipedia so I don't know where you are getting your own facts from. The predecessor of Andalusian nationalism is the peasant anarchism which was quite active during the 19th century. During the reign of Isabella II of Spain, Andalusia was a hotbed of anarchist insurgency. Later, these anarchist cores became protagonists in conflicts between local people and Madrid. |
| Sports › Re: Sergio Ramos Wearing A Nigerian Flag? Twitter Users Ask (Photos) by dragonking2: 9:29am On Jun 04, 2017 |
From the twitter comments and even from this thread, it is obvious that many Nigerians are just naturally daft who don't know how their flag looks like. That's how they foolishly voted for an old illiterate to rule us. Useless country with a lot of foolish people  3 Likes |
| Sports › Re: Sergio Ramos Wearing A Nigerian Flag? Twitter Users Ask (Photos) by dragonking2: 9:26am On Jun 04, 2017 |
Nma27: phreakabit: |
| Sports › Re: Sergio Ramos Wearing A Nigerian Flag? Twitter Users Ask (Photos) by dragonking2: 9:20am On Jun 04, 2017 |
martineverest: Dycaptain:Lol.. You be confirmed Unity beggar. He is calling for the separation of his own country from spain just like biafra or Niger delta Republic https://en.m.wikipedia.org/wiki/Andalusian_nationalism 1 Like |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 8:48am On Jun 04, 2017 |
FriendNG:Provide the source for this, and stop posting what you don't know. I have posted the CBN decree and even post stating that if the president sacks the CBN governor it is against the law. Post your reference here for all to see. GEJ wanted to much to sack the CBN governor called sanusi, all he could do was to suspend him, nothing more. The suspension was almost irrelevant because sanusi has spent close to his tenure. |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 3:09am On Jun 04, 2017 |
FriendNG:You are the one who needs schooling about constitution and meaning of words. Investigations revealed that, the Attorney General of the Federation and Minister of Justice had pointed out to the President that, although the CBN Governor is an appointee of the President, his removal may be very cumbersome, and attempting to do so, may fall foul of the laws and may not enjoy the blessings of the relevant agencies involved in the processhttp://nationaltrailonline.com.ng/why-buhari-cannot-sack-emefiele-cbn-gov/ Sacking the CBN governor is against the law of you don't know. Here is the Cbn decree. You think Buhari can just wake up and sack him like that http://www.nigeria-law.org/CentralBankOfNigeriaDecree.htm As for GEJ, he suspended sanusi, he didn't sack him. Big difference so take note |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 2:43am On Jun 04, 2017 |
FriendNG:Yes the president appoints but cannot sack him. Same with the Senate as he can't sack any of them. So what's your point? Don't worry since this is your mindset then Buhari padded the budget. |
| Politics › Re: The Marginalization; The Lies And The APC Culprit by dragonking2(op): 2:41am On Jun 04, 2017 |
FriendNG:If you don't know better know now that even Buhari cannot sack the CBN governor. Why is this not so? Same thing applies for the Senate you are trying so hard to use as an escape route. So according to your analogy, Osinbanjo devalued the naira even if it was done by the CBN but Buhari is not the one who padded the budget despite it being signed by him. Lol |
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