₦airaland Forum

Jogs1900:
The fear of Abacha could be among the reasons the dollar rate was stable throughout his tenure.

Dollar rate wasn't stable. With all Abacha did, black market was around 88 naira while he kept the official rate at 22 naira all through (that's times 4 of official rate). Jailing Bankers didn't solve the problem because the opportunity to make 4 fold gain was always there. Markets are stubborn.

AFCON Medal Table

Nigeria the highest with 16 medals.

airsaylongcome:
In simple, non-technical, non-jargon English, what does the bolded mean?

Ways and Means is debt issued to the federal Government by the CBN. The CBN is the bank of the FG but worldwide (including in Nigeria), the Central Banks are only allowed to give a certain percentage to the FG. CBN has access to unlimited naira because they can print it but if you keep printing for the Government there becomes too much naira in the economy not tied down to equal amount of goods and services.

When that happens, you have too much of the currency in the economy not tied down to anything that brings returns for economic growth, so the currency loses value and there is inflation.

America prints more than any other country but because the currency is sought after worldwide, they make up for it.
So Emiefele printed excess naira into the economy like many other nations in the World in 2020, 2021, and 2022 but it was careless and just too much.

Today, there is 78 trillion naira money excess supply that can chase few dollars. This means people (usually politicians and the elites) have enough naira to buy dollars.

sammhi:
None
The worst CBN Gov in history...
Destroying our industry and causing hyper inflation all in the name of floating Naira
How can you float something you don't have
Senselessnness

If you don't float, then you must defend with sufficient dollars else your black market widens.

Jessyjeff:
Olusegun Obasanjo never floated Naira, he did some devaluation of Naira. During his administration the CBN was still defending Naira to a large extent.

Floating a currency means abandoning any form of control mechanism, while currency devaluation means allowing your currency lose some percentage points to other major currencies. Every other administrations in Nigeria since independence has never floated the Naira, except Tinubu's.

Okay fine. He devalued naira but the reason he could defend it was that he was constantly selling 2.2 million bpd of crude oil. At a point, we had an excess crude account of 104 Billion dollars in 2004, it was almost wiped out under same Obasanjo regime. He was also forgiven debts in 2004, so no debt servicing to drain dollars.

hansomb:
this is one reason for food scarcity, because Nigeria now prefer to export to neighboring countries

To make matters worse, they export to countries buying it with CFA not even dollars, euros, or pounds.

Jessyjeff:
Please, just say APC mismanaged the Naira by over borrowing and floating of the currency.

When Obasanjo took over in 1999, Nigeria had around 3 billion dollars in foreign reserve. Nigeria was still then heavily dependent on importation; he didn't float Naira, and he didn't stop subsidy on petrol, diesel and Kerosene.

Yet, Nigeria's inflation rate was under 15% and food was affordable too. He assembled able hands who were able to grow the economy and pay Nigeria's debts or negotiate some debt forgiveness.

Why did everything about Nigeria's economy start deteriorating rapidly immediately APC took over government in 2015? APC has no clue about economic management, especially on federal level.

Obasanjo floated naira. When Abacha died, parallel market was almost 90 naira while he kept official rate at 22 naira (x4 less). Obasanjo floated naira in order to get debt forgiveness amongst other things. So naira went from 22 to 90 and he left it at 150.

ogbonti:
The same Bank Obi was CEO - yet some urchins online will say they want to teach OBI a lesson - man wey don hold money wey Naija fit borrow from - Okwute N'di Igbo N'Ile ---- hmmmmm - now I know OBI is a confirmed billionaire and did not need to take one kobo from Anambra State money as pensions

Obi was CEO of Fidelity Bank as highest shareholder. This is a co-founder of a Bank who built the Bank.

Chicagograduate:
He is currently building a university.What other business does he own?

The company Access Holdings is worth around a Billion dollars and is Nigeria's largest Bank by assets present in several countries.

Chicagograduate:
Are you his account officer? Anyone can buy shares in a bank.

But he is a cofounder and CEO of the Bank.

Chicagograduate:
We don't investigate the source of income of a public servant because we worship wealthy people.This man is a salary earner and not a businessman for FCK sake!
Emefiele would have contested as governor in his state and everyone will worship him.

He is the largest shareholder of Access Holdings which is worth around a Billion dollars. The man is worth at least 50 million dollars.

vaxx:
what is the name ?

Wigwe University (just recently built).

gallivant:
That's a proper home!!

Yeah. Herbert Wigwe founder of Access Bank is a man who has taste for luxury. Even his University in Port Harcourt oozes class.

Unfortunately he just passed away with his wife and child in a helicopter crash in U.S.

I think they said he took time off with his family and was going to watch a game. A huge loss.

predictor1:
Some of us were not born the last time Ghana won afcon. None of the Ghanaians here knows that period.

To make it worse, the likes of Libya and Sudan were top contenders in Africa at the time with just 4 teams and 8 teams attending tournaments 😄😂

Access Bank is Nigeria's largest Bank by assets.

Home of Herbert Wigwe (CEO and Founder of Access Holdings) in Ikoyi Lagos.

Rest in peace legend.

vankelvin:
But countries like CAR and Guinea can score you

Those type of countries don't knock us out in major tournaments.

ProblemChild1:
Last AFCON you were booted out of group stage with only 1 point

Nigeria even at her worst state, don't get booted out by the likes of Comoros or Mauritania in major tournaments 😄😂

All round (in all competitions), Nigeria is by far the most successful footballing nation (male and female) in Africa.
Ghana is not even close. Cameroon is our closest African rival in football in terms of medals won.

vankelvin:
And I have also tasted under 20 World Cup win before

Lol, small nyansh dey shake. I have tasted not one but three under 17 world cup wins (2007, 2013, 2015) as well as an Olympic gold win (1996) before. Oya talk your own.

At least I have seen Nigeria win the cup in my lifetime (even twice as I was a child in the first one). No Ghanaian here can boast of that.

samorobo:
Acccra don baff 😂😂

The inner (street) roads of Abuja are truly like those of Kigali. It's definitely a more beautiful city than any other in West Africa.

😄😂

Junior1212:
Well this forum is still here, in the next 6-8 months we will see how far, I told some people few months earlier when subsidy was removed and till now nothing to show for it only hardship. Govt is rich, banks are rich but the common Nigerian s can't feel it, to me it's useless. It's so unfortunate majority of those money from subsidy is used to finance government. I still refused to accept there's any policy that can help without government creating an enabling environment for investors and empowering Nigerian s to start up businesses, factories etc, at least let's start with us producing what we can consume after sometime we will be big enough to export. If the govt is serious they should do this, shutting down BDC will create more scarcity because CBN and banks cannot meet with the demand now, floating or devaluing naira when we don't have goods and services to give out, any attempt to discourage remittance from diaspora would be disastrous I think it's the only supply of forex now ( which is poor for Nigeria as the giant of Africa). It's so unfortunate no policy has been implemented intelligently so far, I think we should go and prepare for more hardship and suffering. In Economics matter there's no magic, voodoo or prayers.

But this policy doesn't discourage remittances. It just ensures the Banks benefit from the remittances.
Also, do you really believe there's no subsidy on PMS today? I believe there's subsidy but unlike Buhari who printed trillions of naira for the subsidy and allowed subsidy affect our budget, this Government is subsidising directly with dollars instead and this may be part of the reason for the depreciation of the naira. But it's better than subsidising with naira budget because all we just have to do to turn the tide is increase crude oil production but with less budget deficit and less naira printing.

Junior1212:
Any policy by CBN and Govt that will not increase production and export will lead to more crisis later, it's like someone is sick of malaria and u are giving the person Panadol to take which will only kill the symptoms but the malaria is still there, am yet to see a strong policy to help increase the supply of forex. I studied Economic s this is another policy that may lead to more problem s at the long run.

So what policy do you expect from the CBN that would increase the supply of forex?

mrvitalis:
It's obviously you have deficiency in economics

Obi has always been clear how to go about floating

How do you float a currency?

mrvitalis:
Do you even know how to float a currency?

You APC guys are hopeless

Is this things APC are doing how to float a currency?

What school did you guys even go float...

How do you float a currency?
This is Obi speaking with both sides of his mouth. First one in 2022 and the next in 2023.

If Buhari didn't become president in 2015, his followers would be having these delusions today of how he would have killed corruption and solved insecurity because he did it before.

Nickelodeon93:
Interesting… well let’s be going… right now what Nigeria needs is more production/exportation.. not a drug dealer who knows only how to broaden the tax net

After giving you that explanation, is this all you could come up with?

YourMrBoo:
I guess so

The situation of the country is too bad that no one is safe. If Nigerian and her roads are safe wetyn concern man with Heli

It happened in the U.S.

Nickelodeon93:
how please

I don't know if it would help the naira but what I'm sure of is that if maintained for some time, it would reduce fast depreciation or appreciation of the naira. That is to say it would ensure three things:

a) Reduction of the power of the black market and closing of the gap between rates

b) Stability of naira

c) Liquidity in the official market.

Earthquakes:
Who told you that?
I live in India for 2yrs and never had Indian accent but my dom accent card that I used to pay everywhere, same in China.

If you want to fight because sellers you go to the bank and they know it. Who bought all the dollars released by cbn? Banks and they will now resell at their own profit. If you doubt me ask bankers.
However what cbn says is if I send dollars to my account they will convert it for me and send me naira equivalent, it doesn’t make sense

You must understand that India and China do not have a huge black market industry that is bigger than their official market. CBN's target is not folks like you although it unfortunately affects you. CBN's target is channelling of diaspora remittances back to the official channels. If this works out as planned, black market can't contend with it because diaspora remittances are the second biggest source of FX inflow after crude oil at 20 Billion dollars annually.