₦airaland Forum

The level of misinformation in the land is just too much. The other day stacks of Naira in a bank was labeled “in somebody’s house”. People hiding behind their phones to incite others with misinformation

As per the second paragraph, Nigeria could have asked for Naira for its crude oil long ago even without Dangote refineries. Crude oil is the major foreign exchange earner of Nigeria ( about 90%), if it sells its only saviour in Naira, how will it earn forex for its numerous foreign obligations?

Dangote refinery buys crude oil for refining in dollars (because it’s priced in $ per barrel earning Nigeria forex) and will also sell in dollars as well. Remember there are foreign loans taken out by refinery which have to be paid back , its major raw material is bought in foreign currency. Why would Dangote refineries sell its output to Nigeria in Naira?

Even if Nigeria pays Dangote refineries in Naira, it’ll still need to exchange same for dollars to settle these obligations.

The refinery will save Nigeria forex rather earn forex.

KEY QUESTIONS ARE:

-What is the daily capacity of the refinery vs the daily local demand ( to determine what will be left for possible export and forex earnings by Dangote)

- What is Nigeria’s crude oil production capacity vs the refinery’s capacity ( to determine what will be left for possible export and forex earnings by Nigeria)


Can currencies appreciate sustainably against the dollar? Sure

Can Naira appreciate sustainably against the dollar? Near impossible with the status quo

It’s all about supply and demand. Anything that can increase the demand for naira, increase the supply of dollars and or reduce the demand for dollars and supply of Naira will cause the Naira to appreciate in a sustainable fashion. With poor financing, insecurity, decaying infrastructure, deplorable educational system, rent seeking, no rule of law etc how can the business environment be conducive for export industries ?

darthv:
Dangote refinery is set to start operation mid next year, which would drastically add value to our naira.

Oil is priced in USD, the government can mandate the sell of crude product in USD but if the crude is paid in naira a percentage discount would be applied.
This would make foreign countries to start holding the naira esp African countries within.

The CBN would also limit the printing of naira and activate the Enaira digital currency in phases, starting from big cities.
A scarce and sort after naira, increases currency value.

Any profit we get from crude sells should be channeled in improving our gold reserve instead of stock pilling dollars that can be printed at will by the US.

Our debt should be paid with the dollars received from exports.

While improving other sectors.
Economist is this logical?

After all the analysis what happens when the torrent of demand for dollars for comes (school, importation including those excluded list, travels etc) and the supply remains as bad as it is today?

angelEmade:
I checked some of your points with Google and some financial analysis tools online. You are so so on point!
.
.
You are definitely a professional fin. Analyst More grease sir.

Your assumption is that abokis need cash to trade. Abokis don't need to withdraw the new notes to continue their forex business. Forex transactions are usually done in banks. I give Aboki dollars inside bank and he transfers Naira into my account. There’s no need to withdraw the new note for the trade.

Lastly production of goods and services that other countries need is the ultimate determinant of the strength of any currency. Cosmetic solutions will soon wear off. If this policy was so sound why wasn’t it implemented long ago, why is it now?

Rilwayne001:
@SEUN Osewa, I see you have been going all about twitter trying really hard to play down the possible positive effect that we can eventually gained from the naira redesign.


But here is another PoV as I await your reply:

1). So many Nigerians have stacked Naira notes in their closets and are cut up with this policy of the CBN. There is a rush by ignorant Nigerians to convert their Naira to Dollars. Naira is at all time low against dollar and it's going to go even lower. For example a man converts #10m to 12,500 USD at the current exchange rate. It's easier to keep it with himself than to deposit in a Domiciliary account with a DMB because of the stringent policies around FX cash deposits. He hopes that by December when the new Nigeria is floated, he'd have his FX converted back to Naira from the Aboki guys he bought his USD from.

2)The Aboki man who sold FX to his customers at exorbitant rate excitedly goes to the DMB to deposit the millions of Naira he got the the FX swap he did. He knows he is getting richer in geometric proportion by this new policy by the CBN. He awaits the printing of the new Naira notes so as to reconvert the Naira he has in his account today USD and continue making more money.

3). All customers who deposited their Naira notes, those depositing and those who would be depositing are eagerly waiting for December 15. The DMBs are also waiting for the said date. Meanwhile there is a cashless policy waiting to hit all Nigerians by January 2023. On December 15th, customers would rush to the DMBs for new notes so as to withdraw as much as they can before January when the cashless policy would be effected 100%. The DMBS would rush to the central bank branches to withdraw new notes. The branches would go to the H/O for new notes. H/O would release just a little to branches based on cash management policies. CBN Branches would release in trinkets to DMB branches and tell them to go manage their customers. DMBs would revert back to their customers based on the low available new cash notes. There would be slight panicking as customers who deposited old naira notes cannot retrieve same notes from the DMBs anymore because of unavailability. Remember, digital money and paper money is still money and so customers would be advised to use electronic channels to make payments.

4) The Aboki guy who kept millions of Naira is also a victim of the shortage of new notes and so he cannot buy back FX from his customers who were hoping to return the ones the got earlier ones the new notes are in place. Aboki begins to panick as well. Those who have FX and need naira notes begin to sell their FX to people who have naira whether old or new just to cash in before January. In doing so, USD begins to crash as rapidly as it rose. Much of the FX becomes deposited in DMBs as carrying the raw cash isn't useful anymore. The CBN is happy because there is more FX in the banking system to give for Forms A, M and Q. Naira begins to gain rapidly against the dollar.

5). In January, cashless policy takes effect. So even if the CBN makes available more new notes to DMBs, customers cannot withdraw above the stipulated across-the-counter limit to avoid heavy charges. Customers are forced to use electronic payments, FX policy and transfer and withdrawal is so stiff that swapping FX and Naira is no more a gain. USD parallel and black market prices crash all the way down to CBN rate. Inflation based on importation of goods and services is checked as Naira becomes strong against dollar. People who have physical dollars would lose. There would be limited access to naira notes as electronic transfers become prevalent. Enaira purchases also become more as Nigerians look for most seamless methods to do payments. By June, whoever takes over power would have a soft landing as this policy by the CBN has controlled a whole lot of inflation, corruption and economic degradation.

6). If you have Naira notes stashed with you, return them back to the bank through your account. Don't try to play smart trying to beat the system, you may become the architect of your own loss. Your 12,500 USD may fall from #10,000,000 to #5,000,000 in June, 2023. Meanwhile if you put same #10,000,000 in Treasury Bills at the current 14.5%, you should be gaining about #725,000 at the same period.

Let's try and look at the bright side of things, Nigeria shall be great by God's grace

.

L

Despite all you’ve mentioned about the price and your focus on price price price (and not half as much energy on the merits of the project)

Isn’t it troubling that the average trading volume is less than it’s price. Less than 1 unit sold in 24hrs

“By 2021 everyone in Nigeria and by 2022 everyone on Africa…..”. These are careless statements from one who’s very naive

We are still waiting to be enlightened on the the project itself and how it plans to solve the problem (if any) it’s been designed to remedy. Talk more about the fundamentals that will drive all these lofty claims you’ve made here

Gnosticstudent:
ZUGACOIN like any other Cryptocurrency is a democracy money. Money of the people, for the people and by the people. Everything about cryptocurrency is people driven, not an individual affair.

I took time, monitored and policed ZUGACOIN because, I entered into cryptocurrency to redefine, redirect and reform it, which I have succeeded and many other Cryptocurrencies across the globe are copying my style now.

Cryptocurrency has been anonymous all through and complicated. But I jumped in with a name, a face and I simplified the operation. It was meant only for the learned but I made it user friendly even for villagers. I put measures in place to safeguard the investors as ZUGACOIN can only fluctuate but cannot crash like other Cryptocurrencies.

Below are few out of many attributes to the uniqueness of ZUGACOIN:

ZUGACOIN is the most valuable and the most expensive cryptocurrency in the world today. The current price is fluctuating between $235,000 to $180,000. It is projected to hit $1,000,000 before the end of 2021; and will reach $1bn before 2025.

ZUGACOIN is the first Cryptocurrency in Africa and the first Cryptocurrency in the world to have physical offices, name and face of the person behind it.

ZUGACOIN is the only cryptocurrency in the world that have a physical person you can call to complain when you have a challenge in transaction.

Samzuga ecosystem have ZUGACOIN, Samzuga wallet, a signal tracker called African coin market cap, a spot exchange, Blockchain Main Net amongst others

ZUGACOIN is a currency like Naira, Dollar, pounds etc. You can use it to buy land, house, car, school fees, you can use it for shopping etc.

ZUGACOIN is also a commodity like Land, House etc. You can keep it to appreciate in value and sell it in future.

Before the end of 2021, everyone in Nigeria will be using ZUGACOIN to buy things and everyone will be accepting ZUGACOIN as a means of transaction. By 2022, everywhere in Africa and before the beginning of 2023, the whole world will be accepting ZUGACOIN as a means of transaction.

Even now, you can swap ZUGACOIN with Bitcoin, Ethereum, USDT, BNB and withdraw it to your local bank account in any part of the world.

The only thing remaining about ZUGACOIN now is for people who have it to take their time to explain it to their neighbors and sell it to them. When everyone have a fraction of ZUGACOIN, that is when you will know the value of ZUGACOIN.

You cannot use the currency of your country anywhere you go in the world because different countries have different currencies. But you can use ZUGACOIN in any part of the world.

The activities that will make ZUGACOIN acceptable as a means of transaction everywhere are going on speedily. In a very short while all ZUGACOIN holders will be dancing all over the place.

Zoe

Obviously you care about my opinion. Don’t contradict yourself in an attempt to give a savage response. Don’t flee to your comfort zone at the mere sight of an intelligent conversation.

gimakon:
Like wait, you think I give a fuck_ about whatever your so called opinions are? Mxm. Get a life Abeg. It's nice knowing you, you can leave, you have been duly noticed.
Mxm

It wasn’t a prayer. Simply saying what gives her joy. Doesn’t make sense to me and neither does your response

gimakon:
The stupid prayer does it make sense to you?

And your non-licking brain says your response is appropriate?

NiklauseFred:
Ur brain is licking.
Didn't you see her comment?

Are you God?

gimakon:
Same prayer goes to you. You would even roast in Hell.
Stupid human being.

Are you God?

NiklauseFred:
I guess you don't know because a reasonable person wouldn't make such comment on another person's death and you even made such comment with so much joy.

I wish same fate to you.

Peace

Silly teen

Bash20bash:
Hi

Una no dey tire?

Aloysius10:
out of the 2k you'll be receiving 5% profit daily if you're ready reach out and get started I can help with that

Another victim loading…..

yomifola:
Or better still.. Make I join with 2k and u go help me add up to do like 10k plan or so

I was expecting these stories. My only surprise is that it’s coming late. Fear bloggers, anything to trend and elicit reactions

These are the kind of insignificant, bland and illogical stories that dumbs down our people. Every narrative here is unitelligent yet it trends

The things we say to avoid responsibility and grabbing the bull by the horn

aysnoopy:
Something must still kill a man.
Cause he's going for good diet doesn't guarantee him long life.
May we all live long

These are the kind of headlines that mock our intelligence. Banal discussions that dumb down the populace.

This is my response to this

Baba if you devote the same energy researching ways to be productive as you do swearing and bringing curses upon yourself, you would have surpassed your current level. Baba go find hustle, this one is sh*t

LifeSolutionsTV:
Woe unto you.

May this post of yours bring back So much Miseries and Woes into Your Life.

All that you do will not prosper and as much as you continue to live on earth, may you never be happy with your LIFE and DOINGS because you only derive pleasure in casting and putting people down.

Your life will continue to be Worsened with The Miseries of Your Delusion.


Since all that you've had to offer on a Free Sensitization Thread is Nothingness but cause Bitterness, then Bitterness will always be your portion.

As This post goes Live on Air, So shall it be to you without Reversal.

Amen.

The media will milk every story and headline possible from this Twitter ban to its death.

If there’s one story of a plane crash, over the next few days na so plane go dey crash everywhere or how somebody ( or a friend of a friend) predicted it or was saved.

Abi na kidnapping? For the next 2 weeks na so kidnapping go just full every social media

You couldn’t just resist the urge to market.

Your first sentence and “advice” is the reason the op opened this thread. He needs a name and not “advice” to go find a name.

gbengalite:
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You are delusional and confused (probably from low blood sugar brought on by hunger). How one manages to cram so much nothingness in a single post is beyond me.

MessiahMARLIANS:
Good morning Nairalanders,

Yesterday, we started with This Sensitization Discussion Thread on how to Earn Money from Zero-Money.


And yesterday, we began with the Sensitization on "DROPSERVICING" as the Number 1 Avenue to Utilize in Earning Money from Zero-Money.

This thread was birthed from The "TIME Is MONEY Everyday" thread which started yesterday : https://www.nairaland.com/6578959/time-money-everyday-davido-entertainment#102215788


You should tread through the thread to have a flow of what we are doing already on this thread.



As it is, Today's Tuesday and I do visit my farm on Tuesday Mornings. So, I will be continuing with this Sensitization Thread when I get back from the farm.

When I get back; We will continue with Our "DROPSERVICING" Webinar.


For those who have questions, you can drop them on here so that they will be treated.



Best Regards.


See You Soon.

Human beings, the supposed higher animals. Could it be greed, ignorance or both?

How much do you make every month?

arkbricksHomes:
One more day.

The negative side to social media. Rapid spread of fear, uncertainty and doubt. Bad habits are the easiest to imbibe. I’m all for freedom of speech but with great power comes great responsibility.

You are confused, bored and looking for attention. First your girlfriend is “virtually impaired” (visually you meant to say) and here you are blind. Next you are sending invitation to a sex party and calling for girls to come “audition”.

Dimejimichael:
I finally got my own share of what Nigerian banks have to offer persons with disabilities. Although,it’s been countless times I’ve seen or even heard cases of some physically challenged being denied the privilege of opening bank accounts . its is bad enough that the country doesn’t even recognize the existence of Persons with disabilities
Nigeria is too backward to realize that the world has changed ,and is now livable for all. Imagine trying to get to bank as early as possible,even with visual impairment,and the best you hear from bank workers is to tell you to struggle for space . Even though they were more blind to see that a blind person like me needed a special attention, I felt calling their attention would solve my problem as I don’t Nd have the physical capacity to push through the crowd just like every other person was doing. The most surprising part was when a rich woman came in shouting and in less thank three minutes,she was allowed into the bsnk to do whatsoever she Came for , even BRT bus drivers know that there is a part of the constitution that protects the right of persons with disabilities to jump the queue . At the end of the day after spending over 4hours in access bank ,I had to raise my voice like the rich woman ,before attention was finally drifted towards me. It’s so sad that everyone has to go crazy to get things done in this bleeped up country
Imagine a learned person telling a blind person to struggle for space ,it was bad enough that I was made to sit under the sun for about two hours trying to get one nonsense number just to be able to withdraw my own money. The approach by their workers and security is so bad enough to make people not want to keep their money in banks
Imagine people they pay with our own money ,and I wonder why everyone is quiet about it . On my way back home one agbero helped me to cross the road and another one helped me to get on bus ,these were non educated people who have common sense in abundance.


Mod plz push this post to the front page .

Some words in quotes with pictures beside them, doesn’t mean these words were ever uttered.
No references, nothing. Truth is even a kid could do same.

PerfectlyPerfect:
Food for thought

The same way you will report a non relative

Hajjsay:
Help!A relative of mine refused to share out the will that was left, squandering the wealth to himself and no one dare's talk to him...so how do i report him to any organization?