₦airaland Forum

LandMann:
You think the drama stops at CBN raising MPR to 22.7%?

Do you even understand the chain of reaction that will follow and how it will affect the economy?

Ordinarily raising the MPR should slow down inflation in an economy filled with rational thinking people and in an economy where there is low corruption and very low information asymmetry.

But Nigeria doesn't possess those characteristics. Nigeria, it is tribalism first then religious bigotry second and last.

So what will happen is that banks too will rasie their lending rate, making it more expensive for business to assess loans and capital for their business. This will in turn drive up cost of production which will end up being passed on to the consumer in the form of higher prices of goods and services. The end result for Nigeria is higher inflation.

So, balablu and his economic team have lost control. They should vacate aso rock

To every action, there will surely be an equal and opposite reaction.

The bold is therefore not unexpected.

But in the long run, the economy will find it's equilibrium and things will balance up for good.

delkuf:
words like this make me laugh. You have taken a good policies with a bad money management. How will it work. The president of Argentina fly commercial, while Nigeria budget billions of naira for presidential jet. Tinubu went to new York for a summit and spend a billion naira for hotel and logistics. Bought 160 million naira for each house of representatives and senators. How will your policies work with this level of embezzlement. Tinubu is a bad money spender. You budget 5 billions for president yatch. Tinubu with this level of spending cannot take Nigeria anywhere

I totally agree with you on balablu's reckless spending.

At least he should endeavor to cut government costs and ask law makers to do same .

This will prove to Nigerians that we are in it together.

The yatch, 160m worth of luxury cars for law makers , expensive trips etc are all needless in time like this..

How ever all his brave policies are spot on if wisely implemented and he needs to lead by example.

LandMann:
Go crash the dollar now.

A lot of zombies hear that Nigerian government printed over 21 trillion naira to spend on frivolities yet they still keep expecting the dollar to crash.

You will end up in extreme poverty before you wake up from your slumber

Be calming down

Balablu and his economic team are making frantic efforts to mop up the excess money in circulation.

That is why the interest rate have been increased to 22.7%.

With the interest rate at all time high and with the CBN pumping more dollars to commercial banks which had helped the naira to appreciate a bit in the past few days, people may soon prefer to save their money in naira instead of hoarding dollars.

I am optimistic that the naira will gain more strength of the policy is sustained.

Victory662:
Somebody should explain this to me oo. I'm a lay man on this particular issue. How will this help our depreciating naira?

Lemme try

1. Increase in interest rate will slow down spending thereby reducing the volume of money in circulation.

2. It helps to increase the return (profits) on savings. If you Goan fix your money in the bank, your banks will pay you additional 22.7% of the amount you fixed in the bank after 1 years .
3. It will affect small and medium business aspirants who intend to loan money from the banks to start up their businesses (22.7%) interest rate nobi beans o .

4. It is one of the greatest weapon used by monetary policy makers to fight inflation in any economy.

5. It is beneficiary for those who have enough money to spare (they will be encouraged to save and earn more). But it is big wahala for those who need money to spend ( young business aspirants because they will have to pay more interest for any amount borrowed) and if the business fails, OYO!
In the case of our present economic reality, the aim of jacking up the interest rate is to mop up excess money in circulation by encouraging savings and reducing spendings while beating down inflation as much as possible .
I have mentioned some advantages and disadvantages for you.

Say me thank you

nairalanda1:
Naira will still fall against the dollar, until we start exporting more and more.

What was Nigeria producing when dollar was less than 200/1$ ?

Dollar will crash further when people stop hoarding it.
People will only stop hoarding the dollar when they stop anticipating dollar increment.

I hope this will not lead to job loss?

This is not the time to stay without a job o
Because even those that are working are complaining of hardship talk more of those that are without a means of income.

DanUcheAutos:
The hypocrisy in this country stinks though, Igboho was released but Nnamdi is still kept in prison despite court order to release him.

An Igbo chief in Lagos threatened to bring IPOB to Lagos because of how bad his people were treated during election period and he was hijacked and manhandled like an 18 yrs old boy before being dumped in prison.

But a northern Islamic cleric has called for the head of the president wife for being the head of infidels yet nothing is being done about it and the Imam walking freely today.

And then when this people complain of being treated as 3rd class citizens we tag them victim cryers.

Igbos will forever remain the most outspoken tribe in Nigeria wether suppressed or not. It's just in their DNA they are allergic to injustice, cheating, marginalization and the likes.

Except your Igbo friend is an Ajebo, be sure he won't abandon you in the face of war or conflict.

And as far the government keep marginalizing the igbos they would definitely keep pushing for a sovereign nation and probably exist Nigeria someday.

Something made Nnamdi Kanu to start seeking for Biafra, instead of addressing the issue/message they are fighting the messenger. Pathetic.

The igbos chief in Lagos that threatened to import terrorists to Lagos is largely at fault. There is no moral justification for his actions and he deserves what ever he is facing as consequence.
You can't stay in another man's land and be threatening to import terrorists from your own land to terrorise them and expect the government of that land not to take actions against you.
As for that useless Muslim cleric spewing rubbish against the first lady, he was ignored because he made such comment in the mosque in the north (probably in his state). You don't expect anyone to take him serious.

I can tell you for free that if that igbos chief made such a comments in his own state, he won't be in prison by now.

Akpabio is dangerously corrupt.

The prayer point distributor.

SpartaOfLagos:
They know the truth and already admitting it

South East is blessed by God

Hating on south east is like hating your maker

Who is hating SE pls

Ezeama400:
Imagine someone that is afraid and even defecate on his boxers whenever Nigerian break up is mentioned and equally afraid of having his own country is busy here saying Igbos are coming to SW..

Igbos that are known for buisness don't stay one place to run their deals, they leave their comfort zones, make exploits, establish branches, and take advantage of opportunities you are lazy to take.. It's not a coincidence that they are dominating the major market in your region...
A wise man that wants to succeed should learn, not sleeping on nairaland hatinggg

If this your assertion is true, the poorest igbos alive should be richer than Dangote, Adenuga and Otedola combined.
But you and know that reverse is obviously the case.

But if self delusion is what gives you joy, I urge you to continue therein.

Massiveglory:
The rejected stone has become the chief corner stone. This is marvellous in our eyes.
A new Nigeria is POssible.

He will still say the same thing if he goes to commission a project in another region.

Lumarstone:
Yes, but NMK speaks the truth and have rejected various forms of bribery. Not like you that says one thing during day time and do another thing during night period.

Don't compare or equate yourself with him, both of you shares nothing in common in this let my people go struggles.

I left..!

They honestly don't share anything in common.

While MNK is a known hater of the yorubas and often ask his headless followers not to have anything to do with yorubas and their churches, Mr Sunday Igboho is here calling for the release of kanu.

Didijiji:
WE WILL NEVER FORGET



in 2012, a gang of Pastors, Politicians and Professors occupied Ojota in protest against our future (as at 2012). Now we are reaping the bitter fruits of that evil move. They carried the picture of an innocent man in a coffin because he is from a minority tribe.

Little did we know that a few years later, these class of rogues will be handed power to rule and fix what they protested against. During campaigns, they made banners all over Nigeria asking if $1=#216 is okay? Years later, none of them is able to come out to speak or apologize.

They have all gone deaf and dumb... I remember one of them saying fixing power is not rocket science.. He was made a minister and he ended up messing up his career

All i have to say is that NATURE WILL JUDGE ALL OF YOU. I would have mentioned God but that will be belittling of the Almighty and bringing him into a case of men with NO SHAME AND INTEGRITY. Now you are cautioning against protest.. Where lies your conscience? Are things not 10 times worse than it was in 2012? Why are you not on the street if you have integrity and meant well?

NIGERIAN AND NIGERIANS DESERVE AN APOLOGY

President Jonathan was a coward. Don't blames those old wicked and selfish men protesting against the decisions of a seating president.

Blame the president for his failure to stand his ground and implement his policies.
Jonathan should be the one apologizing to Nigerians for allowing APC to mess up Nigeria.

Pathfinder2090:
Audio!
Believe this at your own peril

You think every governor is like your promise and fail governor?

Let them keep stock piling goods.

They don't want to bring down the price of goods so that people can buy.

Greedy manufacturers

Och77:
They thought they were doing Peter Obi, not knowing they were doing themselves.

Who is peter obi?

Is he the same obi that you all condemned and cursed when he saw through 8 yrs of disastrous maladministration in anambra state?

Forget about him pls.


He has nothing to offer.

Like obi like balablu...

E sheh sheh bereh

You guys have just started .

God is causing confusion in their midst.

It shall be well in Jesus name.

PressMyButton:
When did FG lincense street traders?. How do they get such huge dollars they sell few meters across the banks?. Stop supporting nonsense.

In as much as I don't support the activities of the BDC operators.

I must say that the BDC operators were actually licensed by the apex bank.
There activities were not really monitored by the CBN and the financial intelligent unit of the efcc . The banks CEO s and top politicians took advantage and hijack the BDC for their self gains.

I can tell you for free that most of the BDC points you are seeing in Lagos,kano,PH, kaduna and Abuja are owned by top bank officials, corrupt CBN officials, governors and politicians.
Those malams you are seeing are not the owners of those money, they are a only working for these people I mentioned.
The CBN are beginning to work on regulating the BDC, there are reports that the capital base of any registered BDC would be increased to 2 billion naira soon.

Let me speak the minds of most obidients.

This must be a fake news or balablu must have bribed them to enable him come over for a business meeting.

NairalandForumo:
This is video and news links of your Yoruba Sister begging Igbos to come back from Christmas holiday January 2024 that hunger is dealing with them because Igbos are not around to sell food stuffs to your people, some of you guys just lie and talk anyhow sometimes, what exactly is wrong with some of you?

https://www.legit.ng/people/1571915-pls-yoruba-lady-begs-igbo-traders-emotional-video-christmas-over/?fbclid=IwAR0d3RGQS9vAHv1zBsQg4Urjzrc7KkatyZwbhp7xmf8RG_HVSK3Nks6pimA


https://www.nairaland.com/7959440/yorubas-lagos-beg-igbos-come

You should be wise enough to know that the lady in that video was only making mockery of the igbos.

The same way fasola was insulting your fore fathers the other day and you guys were clapping for him.

This is 2024, you guys should know when a statement is sarcastic

kettykin:
People who once used hunger as a weapon of warfare are now victims, karma is a real bitch

Keep quiet.

The hunger and hardship is everywhere in the country. Tell us it doesn't reach your side so that we can define your level of self delusion.

Ebi n pawa means 'hungry is killing us' . It doesn't exempt other region , people or tribes.

The protest is louder in the SW because their son whom many of them supported is the one in power and they don't expect things to get this bad.

Localemperor:
Oga choose one

Chai!

Nairalanders are so funny.

You need to see the way I am laughing at this your comment all alone like someone that is possessed 🤣🤣😂😅

The question is, if the current balablu in power is from another region will this man ask yorubas not go out and protest against his maladministration?


The answer is obviously NO! 😔

People are suffering and you are asking them not to protest, it's like flogging a child and telling the child not to cry.

How is that possible?

If Tinubu doesn't want the people to protest, let him sit up and remedy the mess his economic clueless policies have created or he should resign honorably.

Strafudeen:
I just saw a thread where his excellency Peter Obi was expressing disapproval on actions taken to reign in the bureau de changes in nigeria.

I hope I misread him, but if he is against the reforms implemented to curb the racketeering going on at those BDCs and their banking and black market allies, then I disagree.

I even advocate a total suspension of all BDC activity in nigeria.

Mpa nnukwu...onye nna...Peter obi...senior man.

This one no follow.

Our economy has been far too much dollarised, desperate times demand desperate measures.

We have to save the country at any cost.

Bureau de changes are a major part of the problem because as long as they freely do as they like, people who steal dollars know exactly where to run and clean it up in a few minutes.


They have to go.

If tinubu doesn't want to end them, then let him regulate them out of this their Criminal conspiracy with our thieving bankers and the touts on the streets with dollars and naira notes wrecking the economy.


Thanks onye mpa Peter obi, you're still the man though.

😃 😊

This one that you are criticising your Messiah , I hope your tribes men whose brains have been conditioned to accept everything obi said will not come after you?

crossfm:
Hehehe.

Pa Adebanjo is an IPOB man,his father is from the east,so says APC supporters .

Once you say the truth,you are now an enemy of the country.

Baba,you have done your best. I remember all your warnings during campaign. They called you names,today all you said have come to pass.

They will still not take your advice, instead they will continue to use propaganda and fire brigade approach to run Nigeria.

I just hope you won't turn around and insult this old man if he criticize your choice of leaders in the near future?

PA Adebanjo always criticize bad leaders no matter where the person comes from.
Baba criticism OBJ too when he was pushing for third terms in office.

Although he is not tribalistic, he is also not daft and stupid.

Massiveglory:
Respect to this great father of the nation.
It is a great privilege for tge yoruba people and the nation of Nigeria at large to have you alive.

Pa Adebanjo is one of the very few fathers that saw beyond tribe, religion and all that to stand and speak boldly against the evils of the last elections.

He was insulted and called all sorts of names by some of his people but today EBBINPAWA has shown them renewed shege and now tgey wish they had listened to this great father of the nation.

Pa Adebanjo I greet and salute you sir.
You are a great and gracious assest this generation.

It is not only PA Adebanjo, it biggest critics of this administration are the yorubas.
The ebi n pawa slogan by the yorubas was made to send a message to the president that things are not alright with the people (every body) .

But some bitter ignorant miscreants are now claiming that only the SW are feeling the negative effects of balablu's maladministration whereas the hardship cuts across every nook and cranny of the federation.

Yorubas generally don't support you when you are doing wrong even if you are their own brother.

That is what distinguish them from the igbos and the hausas/fulanis.

It seems these so called leaders only regain their consciousness when they are out of power.

It's like they usually submit the functioning parts of their brains to the gods once they become president.

This man was president for good 8 yrs, he didn't made mention of devolution of power .

Eriokanmi:
Form Q and bidding system via SME Wholesale and SME Retail windows are all gone, likewise L/C.

Floating of the naira is the greatest mistake any reasonable leader wouldn't want to make. Did you see any country in africa protesting over hunger as Nigeria is doing right now? It would never happen. Let me shock you. I have a friend and business partner in Niger Republic. He told me one secret nobody has ever told me in recent times, which was one of the reasons there's so much hunger in the land.

Niger Republic are known farmers. A large percentage of the food we eat in Nigeria comes from Niger, including cows, goat and ram. Most of our beans, tomatoes, onions, water melons,.just name it...are being imported into Nigeria via the land borders inside trucks in hundreds weekly from Niger. Recall the ECOWAS placed some sanctions on the 3 countries where the military overthrew government including Niger? That sanction took a heavy toll on Nigeria, who imports agric produce from them daily. Lots of Nigeria-bound food are stuck in Niger.

Recently,the 3 countries wanted to form a Tri-state such that food from Niger can easily be transported through other countries to other African regions, boycotting the ecowas. The purpose was also to promote economic development among the 3 member states. Some people were just clapping for Tinubu for suspending border closure and other sanctions without knowing the major reason. Tinubu caused the current woes, after announcing subsidy removal , floating of the naira and closure of Niger border to other african countries...the most stupid decisions ever.

I hope with the suspension of sanctions, truck load of food items can now enter Nigeria to discharge goods ,hoping the Nigerien military leader too won't retaliate by stopping trucks from entering Nigeria.

You friend is not telling you the truth. Try and do your own research by yourself instead of relying and believing on what your friend told you.

See, one of the reason for the high cost of foods at the moment is because Nigerians are exporting food to Niger Republic through our porous boarders in the north to make more gains.
Just last week, about 50 trucks of grains bound for Niger Republic were intercepted .

Nigerians used to import foods from Niger before, but now reverse is the case.
Tinubu messed up by floating the naira without putting proper measures in place to avoid the current situation we now find ourselves.

I wonder who is advising that old man sef.
Just like buhari, Tinubu thought everything will just begin to fall in place as soon as he assumes power. These men don't seem to exermine the complexity of our economic and security challenges before contesting.

Maybe it's because there is no room for accountability in Nigeria system.

Buhari would have spent his second term on jailed if Nigeria is a country that enforces accountability. We rather enforce mediocrity in this part of the world.

Most state governors are responsible for the dollar scarcity.

They usually take part of the monthly allocation to BDC and convert it to dollars.

That is why naira always depreciate further by the end of every month.

Very useless, lazy and unpatriotic governors.

keymatt:
That's how Agbadorians roll

Who coined that word 'agbadorian' sef .
Me I don't even know where I belong...

Anytime I criticize balablu, some miscreants call me obedient.

When I criticize Peter Obi, his headless mob followers tag me agbadorian .