Stop deceiving us that naira is gaining value. CBN is just fixing what ever price they like after abandoning the floating policy. Which is a good thing, they should at least take it back to 350 to 1 usd.

Also for a good measure they should ban unnecessary imports through customs. Stop using form M to do the work that customs should do.

t2luv1:


Partner it wasn't an agreement it was based on trust. China tried to impose Yuan that didn't work out because they weren't transparent regarding what was going on with their economy. The US is an open society which is why other countries develop confidence in their economy.

Na Lie.
It's basically backed by military might.
How much is your country owing the Paris club? If they call for that loan because you are a threat, they have themilitart might to seize any of your national assets, including the ones in your own land. And including you, as they did Gaddafi.

This is the first consideration for all countries, followed by economic might, which means that USA can find a convenient reason to place economic sanctions on you once they consider you a threat. And all countries that want to continue doing business with USA will dutifully observe the sanctions, what ever the reason. That's where Iran is today, they can't even sell their own oil freely.

That Tom is a bully, and Tom says he is the leader, so no one wants to challenge Tom. Hence, every one says Tom is the leaders, look he so strong and Reliable, and handsome - is a social effect of being dominated, and is akin to saying Dollar is so reliable and transparent. Transparent, as if USA announces whenever they print more paper money at the expense of everyother country.

Naira is basically reverting back to where Buhari left it, simply because Tinubu has ended his so called floating of the Naira.

CBN is supplying USD and fixing the price via the price at which they sell to BDCs etc. Hence naira is no longer floating viz a viz no longer under free.

Delete this post again and die

DoWhatThouWilt:


https://abcnews.go.com/GMA/Culture/don-lemon-weds-tim-malone-new-york-city/story?id=108963878

This is the reason, why God will allow the destruction of Babylon the Harlot ( Statue of Liberty) ! The deceiver of the whole earth!

One day, by act of commission or omission, Russia, Iran and China and others will reduce the United States to scortched earth due to divine anger against her.

kenny714433:
IPP or solar farm?

But why can't Nigeria manufacture things like solar panels? Nigerian education is a total mess. All talk, nothing to show for it.



Honestly, no! During my curious age, I wanted producing solar panels. After using Fx series of casio calculator, I removed the solar panel to check the secret. I made real research.....

That was when I learnt of stuff like photosensitive materials, electron jump, silicon cell etc.

At such a tender age, I only knew how to improvise to set up all those components. I was haunted by my dad who never wanted to see me "play" but study, my limited knowledge of where to get those materials, my symbian phone which will always reference everything to US and UK.

After years of unsuccessful attempts, I landed in the university and the haunting continued, even worst.

It was an abandoned dream and abandoned hope.
Nevertheless, I was able to produce speakers from scratch. Achieved just by wounding coils around magnetic field and using silver film to reflect the sound.

I failed in:
Solar panels
Generating electricity with motors without battery
Electronic bell
Transistor radio.

In summary, Nigerian education is trash, it buries your aspirations. I later picked Civil Engineering in the University and it's still trash. I can only attribute 95% of the real world knowledge I have now to my Catholic secondary school.

Common,
If you really researched solar panels, at least by now you should have made a silicon wafer. Do not critique too much when you are also guilty.

Solar Panel
First Technical hurdle: Grow a silicon crystal. Chinese can't do this, so they just buy already made from Germany

Second technical hurdle: slice the wafer into micro thick wafers. You need the right machine, its basically a capital investment. Or by already sliced wafers

Third Technical hurdle, map the wafer into microscopic zoned and dope with Boron gas for P type, and Phosphorus gas for P type. Its basically having two templates, one that covers n-type zones and exposes P- type zones to Boron gas, and the second is the revers. This way you get P-N junctions that produce elections when hit by light photons.

Fourt Technical Hurdle:
Deposit metal or conducting matetial on the back at the N type zone to collect electrons as the positive terminal, do same to the p-typ as positive terminal. You have a solar cell.

Aggregate then on parallel and series on quartz glass which does not block any Ray, seal it with EVO sheets, ads a frame and you have a solar panel.


However, you need power for all this so your first hurdle is cost effective power supply. How ironic. Nigeria the Dream killer!!!!!

This is a possibly an indication that MOMAN members have a major stake in the refinery. They are creating a market barrier based on capital power. Who will suffer? Consumers , so stop celebrating things that will hurt you. If fuel cargo is first put on ships, for even a short distance to a tank farm, you Consumers will still pay the shipping cost as if they are imports.

If small players cannot load directly from Dangote, MOMAN will maximise its margin, which you the consumer will pay whether you like it or not. MOMAN is the Major oil Marketers Association of Nigeria consisting of Mobil now 1 plc or something, AP(formely Otedola's), Oando now part of NNPCL, MRS( owned bay Dangote), Total Nigeria, Sahara, etc. They work together to colonise things like supply of aviation fuel and import licences.

The most basic functionality of the refinery is to produce diesel with atmospheric distillation. As long as the vaccum distillation and catalytic cracking are dysfunctional, for any liter of diesel produced, the refinery will produce about same liter of fuel oil, which they cannot sell at profit. That's what happened to Warri and PH refineries when our business men bribed workers to poison the catalyst around Obasanjos era. So stop tribalizing and politicising a serious technical issue, that is quite embarrassing.

As long as that refinery cannot produce gasoline, it's either operating at a loss or at cost, so do not expect any lowering of price for diesel.

I think you missed the part were the declaration was made in fulfude.

I think its the Fulani Army speaking fulfude that declared the man wanted. Fulfude is not even an official Language in Nigeria.

AyobamiOluwole:
So this girl has been coming to my place, eat the best food and all that. I've asked her if she has a boyfriend and she said no. I do give her money without asking her for anything on return because I could see she is not the lazy type and she is really hardworking. I am very much ok with finances and I see no issues with some of her demands.


Yesterday I called her and told her that I'm not happy and that I need cuddle only and not sex(I lost so much Dollars from futures trading that night). She later called and said she will come to my place for that reason. In my mind I was thinking this will go down as sex and all, but I don't really want sex.

All I just needed is someone to cuddle and get distracted with that's all. This is the only time I am demanding something from her.

So she came during the evening time, and later that night we went to supermarket and I got her something's to eat at home for the night. We got back home and everything was going well. We were both on the bed when I reminded her why she came. This is someone I've been doing quite a lot for without even thinking twice out of pity. She wouldn't give in and wouldn't let me know why she can't just allow me to cuddle her.

Mehn, from the loss I had earlier and all that, I got infuriated and called another girl telling to pls come over for the night. Then I told this girl to leave my house since she can be that selfish. I sent her out of my house around 10pm. She was telling me she doesn't have money to go home, I didn't care and I shut my door against her. Though I was scared letting her out on that road and that time of the night but my anger got the better part of me. It was later after getting over the whole thing I confirmed nothing happened to her from someone else.

Pls is there anything wrong with what I did?

Modified: Anger is a bad thing. I am wrong sending her away at that time of the night. This is probably the judgement I'll get 😔

What a disgusting human being.
You want to turn a girl you have no intention of marrying into a sex worker, because you bought her fish and moi moi? You then leave her for who?

You did not see any of the already messed up ones parading at junctions, with full HIV waiting for you. You just want to add this innocent and morally sound girl to their pool. Are there no brothels in your area?

To you it's a few minutes of pleasure and ejaculated. To her it could be the starting point of a lifetime of responsibilities, raising a child you will deny, or the lifetime trauma of aborting a baby and living with the memory, or life changing sexually transmitted disease since you obviously sleep around. What is the worth of the money you lost, to the future of the young lady, with the minions of ways you could ruin her life with sex? The selfishness of even equating the two is unthinkable. Do you even have a sister?

Whats funny, is that you lack shame, and feel so entitled that you brought your dirtiest to an online forum.
It's one thing to play with morally bankrupt female like yourself, it's an entirely different level of toxicity to pressure a responsible naive girl into sexual relations with you.

The poster was published in Fulfude- so basically published by Fulani Army, for Fulani Country.

So Akpabio is now stupid for not speaking in terms the North will like.

He is defending the innocent people of Okuama, You are not guilty until proven so. He only called for proper investigation, pointing out that mercenaries might be involved.

But some people do not want investigation, so that we do not uncover what unauthorised military men were doing in Okuama, and the innocent civilians reportedly killed to provoke the retaliation that claimed there lives.

Besides, Nobody begged northerners to over fill Nigerian Army to the detriment on others, now they are crying as if its a Northern Army. Out of 17 officers, morethan half are from the North, 1 Igbo and no Yoruba. If any institution should be based on Quotas, its the military.

If the military were balanced, they would have someone that hears local languages, someone that will be aversed to extra judicial killing of his community, someone that will be irreligious in responding to Boko Haram and Co. The day the North hijacked the military, is the day the implosion of Nigeria was determined, its only a question of time.

So Nigerian Military has become a terrorist Organisation. They have done this in obigbo, orlu and so many communities.

Let's not shout when other countries start recognising them as terrorist. Burning down a civilian settlement is nothing but a terrorist strategy!

That space can take two plastic product production line. There are many plastics to choose from depending on your capital. Ceiling panels, wall panels, recycling, pvc pipes, injection moulding,

The first two can be accomplished with 20,000 usd each, the last two cost more than your ware house.

Before thinking about manufacturing, think of affordable energy source, gas, inreliable grid power. Factories running on diesel these days make a loss.

TrustTheProcess:
You may be wondering what madness drove me to this but it isn't madness but a deep rooted depression that built up for over 15 years.

I'm 31 going on 32. A lot went wrong for me in my life. Some were mistakes of my doing while others were largely financial constraints for my family. I attended a primary school and secondary schools that would be the envy of many parents. I first realised something was wrong when I was sent home from school for inability to pay school fees. I was 16 and in SS3 in a full boarding school. My fees in 2008 was about 600k+ a term. My father rallied and got it paid so I could graduate. Parents tend to shield their children when there are financial problems so I was oblivious of it. I saw that whenever I brought brochures of schools abroad to my father, he'd ignore them. I had anticipated like many of my mates in school to further our education in the US, UK or Canada. It was when i came back to school to get my WAEC results that my dad informed the principal that I'd be applying to Yaba College of Technology. I was devastated but not deterred. I believed I could still achieve a lot there because I was bright and had a super result. I didn't write SAT or IGCSE but I thought I might write either a year after or do A levels.
That year, I wrote Poly JAMB before it was merged with regular university JAMB. I passed my Poly JAMB and was admitted into Yaba College of Technology. This is where my problems started. My now late p
maternal uncle was a student there back then and was told to monitor when the list of admitted students were posted. For some reason, he said my name didn't come out in the first, second, third and supplementary admission lists. After much probing, it was found out that my name was in the first list and the time it was discovered was well into the 1st semester so the admission was forfeited. I tried again the next year for UNILAG but I didn't get admitted for whatever reason UNILAG knows because I passed JAMB and Post JAMB. By this time, we could barely pay our rent and were barely getting by. I grew up a butter kid so I didn't have that hustle spirit. I just felt things would get better but I got a job at a business centre as a typist. Years passed doing one odd job to the other. School wasn't an option for me at this point mabecause we simply couldn't afford it and my siblings were still in secondary school. It was private but affordable. I desperately needed to up my game and I honestly believed it was up to me to uplift my family again.
I got so depressed because I wasn't heading anywhere. I owed more than half my salary before it was paid so saving was never really an option. I was just getting by. By this time, I was working at a petrol station as a fuel attendant. I strived not to cheat people and this made me the most hated amongst my colleagues. We were from vastly different backgrounds and upbringing and it showed. I couldn't hide it even if I tried. If I took a break, someone would sell from my pump to ensure I got shortages. My shortages piled up to about 50k and I cried bitterly. I later got admitted into a maritime school but couldn't complete my studies because of finances. I took up shift jobs and all my dreams and aspirations disappeared at this point cos all I wanted was to survive. I begun smoking cannabis which at the time seemed a great help to me at the time as it helped me accept my life condition. I was introduced to Yahoo but I despised the idea of scamming people. I just wasn't brought up like that. I instead took up selling cannabis as it seemed like an honest hustle even though I was aware of its illegality. This also didn't work for me because I just wasn't cut out for that kind of life.
At 29, with only WASSCE to my name. I wasn't getting any reasonable job offers. I hated my self and my life. In all of this, things didn't get better for my family either. We were a shadow of ourselves. Friends and family who would literally mob us daily were no where to be found. This was worse because both my parents were kind of breadwinners in their respective families. I would usually see my former schoolmates on social media living the dream, my dream. 90% of my mates were abroad and working. Some had married oyinbo and started cute families. The ones that didn't school there went to private unis here in Naija and are doing well. They travel whenever they please. I've seen two of my mates making front page on Nairaland for being outstanding in their respective fields. It made me bitter and want to die.
I've been harbouring this suicidal thought for about 3 years now. Why I hadn't tried was because I knew my family can't afford a funeral and it would literally kill my mom whose health had deteriorated. What triggered me was this past Christmas/New year. We barely had anything to eat. I am currently unemployed and live with my parents in a one bedroom apartment. You can imagine the drama that comes along with that. I always wonder when I see other youth doing well and ask myself if I'm being punished for something. This year is worse because of the inflation. I barely eat even though you can hardly tell by my physique.
Long story short, I found half a bottle of sniper at a public toilet and stole it. I mixed it with a bowl of okra soup and drank it. I didn't die. I guess God still has a plan for me. I've literally been waiting to die but today, I figured I'm not going to die just yet because the effect of sniper is almost instant. I decided to do it because I reached out to one of my mates abroad and he totally bullshited me. I felt I had nothing going on for me anymore. I can go for months and nobody would call my line except the occasional wrong number and immediate family. I never felt so alone in my life. My circle is literally made up of only my family members. Family is great but I still felt terribly empty. I figured people would rather donate to help bury a person rather than help when the person is alive so the burden of my funeral wouldn't weigh on my family. Two days after drinking the sniper I looked at my mother and cried bitterly. She wondered why but I told her not to worry. She said things would get better. I can only imagine the hurt I would have caused her even though I ensured nobody knew how I died because I disposed the Sniper bottle well. I currently don't feel any discomfort. I have passed urine and poo multiple times since I drank it. I guess I'm not dying soon, at least not by killing myself.

I left out quite a lot in this story trying to be as brief as possible. Suicide is never the answer. If you kill yourself life will not stop for you. Thanks for reading.

I am pushed to respond to you in my spirit. Let me point out a few things.

1. You lack hope. You are not investing your effort in any thing with the potential to become successfully rewarding.

2. You are putting too much emphasis on formal education and getting formal employment. That boat sailed from Nigeria a long time ago. You could have gone to univlag and graduate and still be jobless.

3. You parents lost their livelihood and are still struggling to live in Lagos. They should have moved to a more affordable environment, instead of relying on your odd jobs.

4. You think nothing can work, but all you have been doing are odd jobs. This is same reason I tell people never relocate abroad just for odd jobs, they can never meet your needs.



Answers.
No matter who you are there is always something in your hands.

1. Did you know you can study parttime, or distance learning, or through the open university and get properly educated. 32 is sufficiently young to achieve whatever you want. But a certificate may not get you a job.

2.Rather than thinking of certificates. Think if utilitarian Education. Software and Tech, oil and gas welding, Art and Music. Get yourself these by looking for people to volunteer to, so you do not pay fees. Yes, you need to leave home and head to where your desired opportunity lies. You need to think of your future, not just helping your parents. Look for oil and gas welding companies and volunteer eg. Oilserve, Ennikom.

3. If you are not keen on formal sector, the informal sector is there. That's where Igbos survived the war. What does your parents have? A piece of land in rural setting is great. Head there start a poultry farm, start small with very little and work to expand it. Or farm vegetables or rear fish or goat. Any form of farming is better than working as a fuel attendant cause you have the potential to grow and expand. Sit down and think about what you have in your hands and start something with it.

4. Stop living other peoples life or dreaming of it, we all have our paths and challenges. You are very lucky but you are not aware. You have good health, there are people with so much resources, but cannot even eat a single meal without pains. The only thing wrong is that you are not investing your efforts well. Your are investing in short term solutions -odd jobs

horsepower102:
This is for igbos to think about. Since EEDC power distribution company was purchased by Emeka offor, the power situation in the south east has not improved.

The company frustrated and bankrupted geometric in court. If not Geometric would have started power supply to Aba years ago.

The owner of the company is not patriotic to Ndiigbo and not willing to make the needed investments needed to improve power supply to the south east.

This is why I propose that we should finance geometric to purchase EEDC.

If geometric purchases EEDC, they can build power plants and distribute locally to different municipalities in the south east.

Think about it.

I hope your are not writing this out of hatred. Sounds more like take and give it to my kinsman, with the usual indigenes Non Indigene sentiments we know Enugu peeps for.

We all know power is unbundled, Why can't you start a generation company, like so many others and sell power to EEDC. After all the price is still regulated?

Is it really the owner Emeka Offor, that is your problem or the fact that Technical distribution was not separated from Commercial Distribution. Why give it to Geometric, how do you know they will operate efficiently, it's an untested outfit. And will also become a monopoly under the current structure of unbundling.

Besides, this model of unbundling is the handwork of both Prof. Barth Nnaji as Minister and Prof. Iloeje as Special adviser to Obasanjo. It has proven quite a failure all across the country.


The bottle neck lies in concessioning commercial retailing to a single company like EEDC, it should be open to multiple small players who compete, they buy power from Gencos into the Grid, and sell to end users. Just like the transmission, the hardware distribution should be given to a Technical concern, who should maintain the network and serve the Multiple Non Technical retailers.


The way out is simple. The power grid in the south East was built mostly through self-help community contributions, So does not belong to the Federal Government. State Government can challenge the Federal Government Concessioning in court by identifying the specific funding sources for the grid in 1980s and 1990s. If they win, the FG will have to refund EEDC. Each state can appoint its own Technical Management Company for its grid. And Open retail to Multiple smaller companies who will pay for using the grid to connect their clients.

So in Summary, I agree to removing current discos, but without causing EEDC abrupt losses. I disagree with appointing Geometric, the have no track record apart from building a power plant. Grid involves much more. And thirdly, their should be Multiple players, not monopolies like Geometric ring fencing Aba, or EEDC.

blazer2018:
Hi guys, please I really need your help.

I have a twelve years old son who is very lanky, he looks d*mn too malnourished for comfort. He was very robust from birth till around the age of 8, when all of a sudden he started depreciating, initially, we thought it was a normal thing, as he was growing taller too, but now, I can't even bring myself to post his pictures on my status. He looks just like 7up's Fido Dido.

Now, this is a boy who eats whatever he wants, he's well fed, and lacks nothing. But with his looks, you will doubt that he's even fed at all. Although he looks far from being healthy, but he rarely falls sick. He's so skiny that whoever sees him, asks us what's wrong with him. Another thing, he always leaves his mouth opened, something that has now affected his teeth. We tried every tricks in the book to stop this, but to no avail, he can hardly keep his lips shut for more than 30 seconds.

Now, he's is a very hyperactive boy and finds it difficult concentrating atimes, but he's well above average in school.

Kindly help with solutions to this problem, it brings tears to my eyes as we have done everything we can think of to reverse this. Recently, a doctor suggested we place him on egg regimen, he now eats 3 eggs daily, but there seems to be no changes whatsoever.
Recommended medications, specialist or hospital we can take him to, preferably in the South West would be highly appreciated.

He's my only child, please help a desperate father!!!🥺

Hello, Frankly, nairaland is not a hospital. Take your son to a teaching hospital for evaluation.

Your description points to two contrary things.
1. He being thin, could be pointing to some sort of anaemia. Which means his blood is not transporting enough of what he eats to the cells for what ever reason. Anaemia has many possible causes including genetics.

2. He breaths opening his mouth, which points to a partially blocked airway. For this, he should be adding weight, not loosing, as his body should not be able to burn up already stored fat. This second one is more of a problem to adults, not children.


That's why I said the two things are contradicting. But either way, take him to TH for medical screening. The medical profs will atleast check to rule out certain things. He very well can outgrow the issue, but do not assume so.

They are looking for political distraction.
Targeting LP chairman is meant as distraction from ongoing dollar mismanagement hardship.

The real question is can you distract a hungry man

matify83:
It's splendid!

I use a 3.5kva 12v kartel inverter and 4 220AH tubular batteries I connected in parallel to make 880AH.

I power virtually every thing in the house including an lg inverter AC for most of the afternoons , an lg inverter fridge/freezer and a bona solar chest freezer.

I've been fully off grid for going to 6 years by May and I don't have any regrets at all.

The installation was done DIY with little touch by my electrician.

This your claim get as I be.
Most times a 300 watt rated panel will give you 50 to 100w effective power. So your 10 panels will give you 500W to 1Kw instant power. That's 1 pass my neighbour generator at best. More often your effective power is about 700W. AC is at least 1 hp, solar chest freezer is 100w, inverter fridge is 200w. Plus lighting ,TV, fan etc. There is no way 10 solar panels can power everything in your house. You are either supplementing from grid or running your home appliances one at a time.

Do not give peeps false expectation. Your effective power will be 10 to 20% of your installed capacity.

onatisi:
nobody will buy Naija oil in naira, oil is in abundance worldwide, and many countries are even boycotting naija oil . so we have to make trading easy for our buyers and that is in dollars. lets wait and see what BRICS will do in a couple of months.

This is not true. Buying oil in naira is simply asking your bank to buy naira from a Nigerian bank and pay. It does not add any hurdle to buyers, but allows us to have foreign demand and negotiation for naira. Instead of CBN doing it at the back door and screwing all of us up.

It's just like when you want to buy usd, aboki or bank wants to make some money off you, so will add a spread or margin of say N5. They keep trying to get more on that spread. Which is what weakens the naira. If foreigner wants to buy Naira, the bank will also add a spread on USD, and that's what will try to weaken the USD. The two trends will cancel each other to create an equilibrium exchange rate. When one weakening trend is missing, the other will go into free fall, which is what is happening to naira today.

SoNature:


As far as the oil industry is concerned, our major problem is the NNPC. NNPC is more like an administrative organisation that lacks the technical expertise to run its area of speciality. NNPC is a cash cow for politicians.

For instance, if you prevent upstream IOCs from sending their earnings to their headquarters, like you suggested, they will be forced to exit Nigeria. This is something we have been dealing with for years now - mass exodus of foreign investments. It has enormous economic implications.

If IOCs leave Nigeria, they will sell off their assets. Guess what, the NNPC doesn't have the technical knowledge to do what they do. If the NNPC had it, Nigeria would have used policies to send them back to their countries and grow our NNPC.

I am in no way suggesting that foreign investors are prevented from repatriating profits. Am saying its should not be done monthly and at will. It should be done once or twice a year without limits. That way, the profits stay in Nigeria for a while.


Also note, that IOCs are more like colonial investors, most have recovered their investments long before you were even born. Everything they are taking out now is pure profit, with insignificant royalty tax.

Hope you are aware that other industries in Nigeria cannot repatriate profit at will.

SoNature:

Source: https://nairametrics.com/2024/02/15/cbn-stops-international-oil-companies-from-remitting-100-of-forex-proceeds-abroad/

I have been saying this since, but this is a half measure. Maybe the CBN governor is testing the concepts.

Instead of calling it delay in remitting usd, Demand that all exports be paid for 50% in naira as a start.
90 days is too short a delay. Investors should repatriate funds once or twice in the year. The impact of those funds circulating in banks for 6 month is huge for the naira.

Instead of the bureaucracy of approving cash pooling every months. Export are paid for 50% in naira( which means a bank would have sold the naira and recieved the USD), banks to process investor repatriation twice in a year, no need for CBN oversight as bank will not err and loose their licence. This also means all oil companies will not be repatriating profits at same time, rather banks will have to schedule them based on availability of USD.

Also note that most of the oil companies export to their own refineries. Exporting in naira means they will start accumulating naira with their parent company to be able to by crude from them selves.

Paraman:


https://punchng.com/dangote-refinery-to-export-two-fuel-cargoes-report/?amp

For those who do not understand.
Dangote Refinery at this moment is nothing but same topping refinery you find in Niger Delta bushes doing atmospheric distillation of crude. We call the topping refineries. They produce basically,
LPG, naptha, diesel, kerosene and fuel oil.

Naphtha is incomplete petrol, it has low octane. Only those old 1980s engines might get away with running naphtha or straight run gasoline. They have no choice but to export it to another refinery that will finish the processing. They cannot sell it to the public, many engines will knock.

Then, about 40 to 60% of the out put is fuel oil. Modern refineries will normally convert more of the fuel oil to light components ike petrol through vacuum distillation. They go further to crack the last residue in a Fluid Catalytic cracker to get even more petrol, diesel and kerosene. So the Current Dangote Refinery is no different from those defunct refineries in Warri, and PH. Where "you know who" got rich by bribing people to go and poison the FCC catalyst, so the Refinery produces only base oil or fuel oil, which they then use political power to get govt awards to export at paltry sums. Exporting Base oil or fuel oil is almost as good exporting crude oil.

So the reason Dangote is exporting is not for money. The refinery is simply not functional.

coleon:

You sound so knowledgeable about the subject , can you break it down further pls.
Are there macroeconomic theories backing this . Perhaps you can cite examples of countries doing what you proposed.

That's the issue, it's such a basic concept that's why they are getting it wrong, looking for a high and mighty concept for solution. It's secondary school economics concept called or titled "Free Market" and "Pricing Mechanisim, the elasticity of demand and supply".

1. Float the naira simply means you want the exchange price determined by a free market.

2. Is that a free market is an idealisation and does not really exist for any product. But markets come closets its pricing mechanism.

3. Currencies are a strange product. They have no intrinsic value as they are all paper. Dollar, naira, pounds are all paper. Hence, they are have no demand in themselves, but do relative to an exchange, either for goods and services or for another currency, indirectly for goods and services. Which is the modern international trade. This is why you trade currency in pairs, not just on their own.
If you are into forex trading, trading platforms will offer you currency pairs, not just naira or usd. They will offer you usd/jpy pair for example.

5. Back to issue of floating the currency. Paper currencies are easy to manipulate, since they have no intrinsic value. USD and GBP are not floating in a free market. USD is backed by political power as the apex currency. USGovernment literarily prints as much usd as they want. The GBP is fixed as per British Monarchy pride. This is why the it's even a bad idea for developing economies to be using paper currencies rather than commodity backed currencies such as gold. They are all referencing USD because of the political consequences if doing otherwise.


6. IMF is behind the idea that floating your currency is good. Only the EURO is a major currency that is in a Relatively free Market. Chinese Yuan is not, it actually under valued. IMF serves the interest of OECD countries who primarily import raw materials from third world, and mostly do not float their currencies.

7.So let's say you have other reasons to float the naira other than getting a fair value, which may not be the case. For example to over come corruption St CBN. How should you do it?

First realise where the market is. A market is a place where suppliers and consumers come to exchange goods or services. The market for any currency exchange exists among importers and exporters. Not investors, etc. So the CBN exchange windows is only a tiny bit of the market, and is not the market.
Creating a platform for willing buyers and willing sellers is so much not a free market, its appalling for so many reasons.
a. A regulator owns the so called platform
b. Access to the market is limited
C. The real market players are not even on this platform
It's literarily how not to float your currency.
The real market exists on the Street, in the bank, at the BDC.

8. The real market. A market should have buyers and suppliers. For currency pairs, the buyers of one currency are the sellers of the other. So in real sense of it, banks, bdcs, abokis are not the sellers or suppliers, but what you call middle men performing the function of providing a platform for exchange.

Let's look at Naira/USD currency pairs.
The Buyers of USD, who are also the suppliers of Naira are local Nigerians who want to import items from other countries, who insist they must be paid in either their own currencies or USD. They are the Importers.

Who are the sellers of USD and Buyers of Naira. Ideally, they should be all the people in other countries who want to buy something from Nigeria. Basically, buyers if Nigerian crude, palm oil, charcoal, Coacoa, gold, etc in other countries.

The first problem with this market is that due to aberrations and misdirection especially from IMF, they do not exist in Nigeria. Because, Nigeria does not sell her exports in naira but in USD. So there are no buyers on naira and sellers of USD in the market. Oil companies only exchange as much of their earnings as they need to pay local salaries. Investors and travellers are relatively insignificant to the size of the market. CBN literarily collects are export earnings and starts selling or issuing them as firm M, form A, to government officials etc.

In summary, the two reason why you cannot say naira is gloating in a relatively free market are
A. No export demand to buy naira
B. Overcentralization of forex disbursement in the hands of CBN.


9. What should be the nature of a floating naira exchange. Just copy the Euro.
A. Both market forces of buyers and sellers must be in the market. Now we only have sellers of naira, and pseudo buyers of naira cloaked as banks and bdcs. The real buyers of naira should be exporters approaching Nigerian banks through their own banks to help them secure naira to buy cashew nuts, charcoal, cacao, crude oil.

B . Forex trade should happen at the banks, and BDCs, they are reported to CBN, not CBN actually collecting forex inflows from exports.

The exchange rate should reflect Nigerias trade balance export/import. If you do not know how to do this, just copy the Euro policies. All European exports are in Euro, not USD. This was a primary discussion in the 1990s (I use to listen on BBC focus on Africa then) when they introduced the Euro with the primary objectiive of countering the USD and protecting European trade balance. There are so many government and political prodings on currency, including dumping by China, so much that its literarily impossible to have a free floating currency market. But, at least, if we need to do it, we do it right like the Europeans.

I know I wrote this before, when the started touting floating naira as if they knew what it meant.

A free market has opposing market forces. So a floating naira must have two opposing forces. But because these olodos do not understand that currency' trade in pairs,
They think the opposing market forces are willing buyers and willing sellers. This is totally wrong. The market pricing opposing forces for currency are import demand and export demand.



For those moaning about how we must increase out export and production, this is not about trade balance. Nigeria's trade balance us not bad because oil price has been at 100 usd for a while.
For those talking about clamping down and converting people's forex accounts, that will actually have the opposite effect. The more you centralise and regulate, the more you are telling the market that usd is prime and naira us useless. The a third force, government is forcing devaluation of naira indirectly.

The truth is that I cannot believe either, that whole Central Bank does not grasp common secondary school economics concepts of demand and supply.

Import in (demand for) foreign currency and export in (demand for) local currency. Which we do not have.
In Nigeria the corrupt system makes it the worst, since the time of military theives to the civilian theives, we import in foreign currency, and export also in foreign currency. Naira is not even internationally exchangable by law following Awolowo's wisdom from the Biafran war.

As long as this is the case, there is no role for naira in the international trade, so floating it will put it under free fall. To float the naira, Nigeria's crude oil and other exports must be sold in naira. If you cannot do this, simply peg the exchange rate like the military theives did and stop deceiving yourselves!

It's not Akin. It is same slave raiding, only now they do so for ransome.

Fulani and other desert tribes are simply cultural maruders! They plunder destroy and steal to survive. It was the Jukuns in Benue that stopped them by matching them in aggressiveness. Today they have found a Trojan horse in so called Nigeria Government. I can't even imagine that this whole campaign was ushered in by an elected Nigerian Leader in the name of dipping Koran in the Atlantic.

BoldBrainz:


Stop misinforming the public! A burial is not a religious affair. So those they cremate in crematoria have no religions?

Oga, how you bury your dead is a religious affair
For moslems,
Christians, Traditional, Worshippers etc.
Whether you choose to wrap in mat, use or not use the mortuary, cremate, bury in white cloth, cry for two weeks, not cry, have masqurades or not are based on religious affiliations.

A responsible government should have more impactful problems to face, not a null and void law.

Burial is a Religious affair.
A law on Burial contravenes the Feedom of Religion enshrined in the constitution and UN Charter on Human Rights.

The law is Null and Void.
You can make law on use of mortuary, but not on Burial. Even a Professor of Economics should know that.

What is the mandate of JAMB?
To make 50 billion or to provide access to quality education for Nigeria's young population who are currently not finding Jobs.

A vice president is celebrating the indirect taxing of minors and their parents for the benefit of an incompetence government regime. How much more stupid can we get in this country!

nairalanda1:


India also has nuclear tech as well. And nucelar weapons...they even exploded nuclear weapons before Pakistan, which is why Pakistan went on to develop nukes.

Also, the information to make nukes is available. Train enough people with knowledge in nukes, and you have the answer.



Iran has had nuclear tech for a while, and gets much of its ideas and materiel from Russia . Sanctions don't apply to the Russians



Maybe.



NIgeria's problem is simple. Fulanis and farmers do not modernise their farming, but keep doing things as their ancestors did, forgetting that their ancestors lived in an area where the population was much much less than now, and when the Sahara was miles away.

We could solve this problem by setting up ranches in the North for fulanis to settle and do modern dairy farming that does not allow for cattle roaming around, railways that would be used to transport agric produce well well, and mechanzied farming, and also stopping the advance of the SAHARA desert.

MI5 is only interested in keeping NIgeria peaceful, because a destablised NIgeria is bad for British business interests. When all yer potential customers are refugees, and crisis is preventing new brit investment...and you expect MI5 to contribute to that (Plus MI5 deals with domestic intelligence, it's MI6 that deals with foreign intelligence)

Mazi Kanu's kidnap was a NIA operation...plus he should not have gone in person to the Kenya meeting. Ekpa sensibly stays in FInland where he cannot be caught. Kanu went to Kenya, and in the process fell into an NIA trap.

Do not be a simpleton. Pakistan is to India in the hands of Britain, what Northern Nigeria is to the South in the hands of Britain.
Simply because the British colonial psychology believes Islamic societies are always under theocratic monarchies and are easiest to manipulate. So they elevate them as tools to control others in classic divide and rule tactics.

You think concentrating a nuclear isotope that occur naturally at less than 1% is a feat you just put people together to achieve? You have no idea. US gave nuclear technology to Pakistan, same as Osama Bin Laden is a US production. Pakistan engineers (US traced the documents back to well known Pakistan engineers) sold to Iran the design of enrichment centrifuges. Iran is still struggling with it though.

Your NIA is not capable of operating from UK to Kenya, only MI5 ( Viz aViz Boris Johson Government) controls both Governments.
MI5/Britain has only been interested in the offspin of 1960s 220 million pounds Britain invested in Niger Delta oil, they really think of us all as a bunch of stupid monkeys who can not decide what's good for them ( more like three chickens with one of each two legs tied in a single bunch, they are going no where but fight).

Russia is not as careless as US when it comes to nuclear tech. So no, Russia at that point in the 1990s was backing India, had no reason to aid Iran.

The Fulanis, are the Maruders of the Sahara. Its their culture to isolate and invade small communities and then interweave and rule then, as an expansion strategy. They are also the slave raiders that sold black people as slaves to the Arabians peninsular. That Arabs raided each other for food shelter and women is well known historically. So this trend is not just about Fulanis, but a host of dersert tribes right even in the Arabian peninsular make a living as maruders and kidnappers. Stop deceiving yourself about farmer header crisis. Its is simply the return of slave raiding culture, this time for ransome. The hijab to hide the woman, and buildings with one entrance found in Nothern Nigeria are adaptations to centuries of this menace.

The biggest failure, this history is hardly ever mentioned or taught in schools. Rather we hear of Usaman Dan fodio the conqueror, who is nothing but a religious Fulani Maruder.

I have a question.
What are Nnamdi Kanu's Lawyers waiting for before sueing Buhari and Malami at the ICC for kidnapping and Abduction. Buhari no longer has Immunity for almost 1 year now, why is he free and at rest? Once you drag him to ICC in his personal capacity, he must appear for defence or interpol must arrest him or he convicts himself to prison like your super cop.

Once you start dragging Buhari for Kidnapping, Tinubu and his Supreme Court will stop defending an international crime, because they can become culpable.