₦airaland Forum

naijababe: See contradiction!

Some NLers are among the most confused people I have met in my life.

How can someone contradict themselves in their own sentence like this?

Ogugua88 na woman

shymexx: F.u.ck your life, puss.y!!

Come say it to my face, I live that life you puss.ies in Nigeria are trying to mimic....

I did all that gangstar shyte, and I'll blow your noodles off if I need to, prick....

Why are you trying to make yet another thread about you rather than the topic

agent22: aluu 4 uniport 0

damn

Where are the police in all of this?

Talina is a good choice. Nice, fair, even-keeled chick.

Henrychris: Dat community desrves to be wiped off frm d surface of d earth

The solution to jungle justice is jungle justice, abi?

In the name of the Father, the Son, and the Holy Spirit, I rebuke this confusionist thread

Frosbel, you basically seem to align more with the Jehovah's Witnesses.

No big deal...no wahala.

Nobody is beefing you

But let those of us who believe that Jesus is also God keep our belief.

After all, it doesn't really matter much practically, does it?

ijawkid: The truth is one cannot worship 3 Gods.....

No Christian who believes in the Holy Trinity thinks that they are 3 separate Gods.

They are 1 God, but with three different aspects/persons, if you will.

I don't think Christianity is supposed to completely make sense.

If it did, then wouldn't everyone be a Christian?

There would be no faith element involved.

But Christianity, you simply have to take things on faith.

The one I don't understand is the praying to Mary or saints.

But even that one, I think God will be understanding of.

Look, Jesus, God the Father, and the Holy Spirit are all on the same team.

So why are we so obsessed about this stuff anyways?

I feel like there are bigger, more important issues Christians should worry about.

If you pray only to Jesus, or pray only to God the Father, I think your prayers will be heard anyway.

The trinity stuff is really, really weird lol.

I consider myself a Trinitarian.

But, do you have to believe that Jesus is equal to God the Father or something to be a Christian?

I don't necessarily think so.

Do you have to think that Jesus is actually God, rather than the Son of God?

I don't know...

All I know is, Jesus is really important, and you have to live as he lived, follow his example.

"I am the way and the truth and the life. No one comes to the Father except through me."

To me, this suggests that even if you don't think Jesus is actually God, he is #2 in the hierarchy and you definitely need to align with him too.

cheikh for the non-Nigerians?

I'm not even convinced that Kilode likes the ACN. Let alone is a goon for them.

He is/was mostly anti-PDP.

frosbel: Brilliant !!

Some of the ardent Trinitarians , especially the catholics will be cast into the lake of FIRE for preventing multitudes from entering the kingdom through their peaching of this 3-god LIE.

I don't think that this is how God works.

If it turns out that the Trinity is fake, and Jesus is only an angel as Jehovah's Witnesses believe, I don't think God will send you to hell for praying to Jesus or something.

If you serve God whole-heartedly, whether you are a Protestant, Catholic, Jehovah's Witness, even Mormon, I believe that you will go to heaven.

The heart is what matters, not spending all your time analyzing minutae.

Katsumoto: Was that meant for me?

Indeed, it was. I didn't realize your post was still being edited at the time I responded.

The issue I have with Awolowo's policy, is that the 20 pounds he gave them when it actually made no sense for him to do so, they actually use to mock him.

I personally don't mind stretching my neck out for someone a bit. But if you do so, and then they actually use it against you?

Your generosity and kindness taken for granted like that?

That sort of thing would make me angry.

It would have been better if Awo had done nothing at all. Or taken the money and built physical infrastructure with it.

Don't forget the money the Biafra army looted from the Midwest Region's bank.

PointB: The NORSEF Chairman, Evangelist Mathew Owojaiye

Is he from Kwara or Kogi?

At the end of the civil war there was a critical shortage of the new Nigerian currency, which retarded efforts to replace the currency in circulation in the east. The Central Bank began recalling the Biafran currency and the old Nigerian currency in the war-torn region but, because of the shortage of new Nigerian notes, only receipts were issued to those who surrendered the notes; although during this period of recall it was unclear what rate of exchange would be made for the Biafran notes. Rumours as to what value the Central Bank of Nigeria would place on the Biafran notes became widespread, with many believing one rumour that twenty Biafran pounds would be given the value of one Nigerian pound. Many impatient people surrendered their Biafran notes to speculators who were purchasing them at fifty Biafran pounds to one Nigerian pound. Ultimately the speculators got ‘burnt’, as the Central bank decided that there would be no exchange of Biafran currency for Nigerian currency, deciding instead to pay a flat rate of twenty Nigerian pounds to each depositor of Biafran or old Nigerian currency with the Central Bank.

http://pjsymes.com.au/articles/biafra.htm

So imagine a hypothetical speculator in that day. He takes 100,000 Nigerian pounds, buys 5,000,000 Biafran pounds, hoping to use this to buy 250,000 Nigerian pounds from the Nigerian government.

The Nigerian government refused to exchange. So, what is the value of the 5,000,000 Biafran pounds in his possession, my dear ACM10? Can you ask your village economist to come up with an economic theory for the value of that money? Perhaps tell us the exchange rate between it and Swiss Francs?

No doubt Swiss currency traders would be very keen on exchanging our speculator's 5 million Biafran pounds for Francs at whatever rate your village economist says.

Lwkmd

ACM10: Speculators of that era knew the value of Biafran currency such that they were prepared to make a kill. Now you are pronouncing Biafran currency "worthless" from the comfort of your home. Armchair economist. Put up a data to prove that Biafran currency was worthless.

It is funny that you mention this. The article I've read on the subject suggests that speculators bought @ at a 50:1 rate hoping to sell to the Nigerian government at a 20:1 rate.

Unfortunately, the Nigerian government refused to exchange at this rate (declaring the Biafran currency worthless to them), and these speculators lost their shirts

Since the Biafran pound was worth so much, after the Nigerian government refused to buy, why didn't the speculators sell their Biafran pounds to Yankee or the Swiss?

After all, the money is quite valuable in your mind, right? So the speculators shouldn't have felt sad that the Nigerian government didn't want to buy.

ACM10: Pls can you define "legal tender"?

Currency introduced by the government of country Y, mandated by law to be used/accepted for transations.

Don't get it twisted. Economist can determine the exchange rate after putting major economic indices into consideration. Economists do not peg the exchange rate by fiat like politician Awolowo. Mr. Ekt-bear, how does economists determine the value of a currency of a group of people who are about to adopt a new legal tender?

The value of a currency has absolutely nothing to do with economists. They don't set it. A government has the following two choices:

1. Fixed exchange rate. E.g. the gold standard of old.
2. Let supply and demand determine the value of the currency. Of course, a government has various tools to affect supply and demand (and thus value/price), such as interest rates.

It isn't like somebody calls up some economists and says, "hey, how much should our currency be worth?"

Why are you troubling yourself? I agree with you. My question is, can you calculate th value of a foreign currency on a macroeconomics level from the market movement?

Market movement? Movement of what part of the market? Interest rates? Demand? Supply? One could no doubt come up with some econometric model to PREDICT price movements. But...this is irrelevant for information I already know, such as YESTERDAY's price.

Just as you don't need to ask a weather man to tell you the weather from yesterday, you don't need an economist to find out what the current or past exchange rates are/were.

Don't get emotional my dear.





You are debating with yourself. Pls attend to my question as an economist.


No need get emotional over this debate. You can't escape my shackle without attending to my question


I think that you should feel bad for yourself for disgracing your lecturer on the public forum.


I challenge you, Awoists and economists of that era to prove that Biafran pounds was worthless. I've attended to that question. Awo is not an economist. He is just a politician trying to justify his punitive measures against those who lost the war. Speculators of that era knew the value of Biafran currency such that they were prepared to make a kill. Now you are pronouncing Biafran currency "worthless" from the comfort of your home. Armchair economist. Put up a data to prove that Biafran currency was worthless.

I take it that you claim that Biafran currency had value independent of that given to it by the Nigerian government.

Is this your claim? Note that this is different from saying that the Biafran currency had value, full stop.

Which exactly are you claiming?

ACM10: Can I conclude that Naira is worthless because there is a zero demand for it outside Nigeria?


Really! What a dull student. Your lecturer must be ashamed of you.

Since there was zero demand for Biafran currency shortly after capitulation (temporarily ignoring the demand from the Nigerian FG), then yes, it has zero value. What is controversial about this?

I've learnt not to be surprised here. Are you not the one who wrote about the law of demad and supply? What else do you want me to say here?

You are the one claiming that the price of currencies is set by economists.

So, suppose an economist sets an exchange rate to X. But in reality, the day to day rate people trade at is Y.

How do we explain this discrepancy between your theory and reality?

ACM10: Thought you should know that as an economist. BTW, did I say that macroeconomics can be used to set the price of retail goods in the market? Chineke me! Who taught you economics, let alone macroeconomics? That lecturer should be shot. I know a little on how to determine an exchange rate between two countries on macroeconomics level. But I wont disclose it to you.

If macroeconomics cannot be used to set the price of retail goods at a market, then what makes you believe that it can be used to set the price of currency?

Isn't currency something that I can purchase at a market?

This is serious! What is the work of central bank? At this stage, I'm convinced that you are truly dumb and ignorant! Pls call Katsumoto. I'm wasting my time with you.

Interest rate policy, Monetary policy, controlling how much of a currency is printed, among other tasks.

But, if I want to buy X units of currency Y today...is this price going to be set by the central bank (well, temporarily ignoring from a few countries which attempt to fix their exchange rates)....?

Will I talk to the central bank, or visit consult the markets to make this purchase?

If you value your goods more than its street value, then you have every right to hold on to it. But immediately you decides to sell your goods, its value can appreciate, depreciate or remain the same . The price of your watch and phone can never be pegged at a certain immovable value.


Do you really understand the concept of "legal tender"? Mention anywhere in the world where Naira is accepted apart from Nigeria?

What laws would govern the currency of a defunct country like Biafra? Where can Biafran money be legal tender after Biafra has expired?

Where do you have demand for Nigerian Naira outside Nigeria? Mention one. . .

Every country on earth where Nigerians are and which they send money back home. In each and every one of these countries, local currency is being exchanged for Naira.....

Can I conclude that Naira is worthless because there is a zero demand for it outside Nigeria?

See above.

gulfer: icme was here this morning.

that is one month ago

ACM10: My question is, how can you calculate the exchage rate between Haitian currency and foreign currency? I'm disappointed that an economist failed to attend to this basic question.

Of what relevance is this for an economist? It is a market, some buying and selling. Do you STILLLLLLLLL not get this point, despite me saying it over and over again?

Do you think some economist in Washington or Haiti is sitting there calculating things? Of course, you can affect future exchanges rates through different policies...say, raising interest rates in your country, etc. But that is not relevant for the price TODAY.

But the people were willing to use their currency. Wont it be wise to hash out a fair currency exchange before retiring the old currency?

The only sensible way to hash out a fair exchange rate is using supply and demand. Otherwise, the Nigerian side would have felt cheated.

Anyways, this didn't happen....Awolowo for some reason ended up giving Biafrans way more than their money was worth.

Again you are are dull student of economics for making the above assertion. Why should economics are sidelined when the issue of adopting a new currency is involved in favour of politicians?

What on earth are you talking about?

This is a dumb question! Does anyone accept Nigerian Naira outside Nigeria?

Let me restate so your feeble brain can understand.

Nigerian Naira today, I can exchange today for dollars. I can even do that here in the US...visit my bank and tell them to exchange for me.

There was no such market at that time for Biafran currency. Nobody can visit their bank to trade dollars for Biafran pounds. Nobody could visit the currency exchanges in London to swap dollars for Biafra pounds.

The analogy is silly because you failed to explain how they affect foreign currency exchange.

You are the dumbestttttttttttt guy I have ever met.

Lord Jesus, help me.

OK.

Let's pretend that today, 1 USD = 150 Naira. 1 year from now, 1 USD = 200 Naira. In other words, Naira has depreciated to 75% of its previous value from (1/150th of a dollar to 1/200th of a dollar).

I could also have decided to spend that 1 USD and buy Hewlett Packard stock. Or units of potatoes. Or US government bonds. Or any other investment/asset.

All of these assets I have listed (Naira, HP stock, potatoes, government bonds) all have the potential to appreciate or depreciate.

So, those Nigerians turned Biafrans who lost lots of money...they are no different from me who decided to convert his USD into Hewlett Packard stock, and then watched this investment fall in value.

There is no reason for them to expect any special protection against decreased value of their investment from the Nigerian government (which they even abandoned, mind you!) than I should expect protection from Obama for my bad H-P investment.

Is the point crystal clear to you now, my dimwitted student?

Prof Corruption: Some of these politicians are dull, slow and daft. What if Cameroon simply refuse to sell?

You can still make an offer, though.