₦airaland Forum

The biggest enemy of Nigeria economy is those saying we should float the naira, if we dare do that dollar may be 2k, it is the duty of government to defend it's economy, floating the naira is like opening your borders for everything and anybody to enter and leave at anytime

LordBaelish:
This is tantamount to what football lovers have seen with Clubs spending big just to maintain growth e.g Man City.

The fact is as long as the demand still outweighs the supply, the price would still return back and with a fervor. It's better such monies are used to facilitate structural development.

A leaking bucket is a leaking bucket no matter the amount of water poured in..

you think the dollars was just given free. Nigeria needs naira to run the economy and it earns dollars so for the nation to be runned the dollars must be changed to naira.

This is as simple as ABC but some people are painting as if the dollar was just given free of charge, what do we do with the dollars earned via crude sales? Keep it in the bank to fallow? It must be exchanged to get naira to run the nation

We wish baba good health, but I hope he didn't just return to satisfy some political jobbers, hope he is really well and good to continue the vigour with which Osinbajo has been leading since his absence

We are Africans, second wife is allowed

I have an honest question to all this wannabe financial experts, if the CBN does not pump earnings in dollars into the Nigerian economy how does it spent the earning on the nation?

Nigeria sells crude oil in dollars and the revenue from it is used to run the country so the CBN must sell it dollars earning to Nigerians that have naira in exchange so that the government can use the naira to run the nation or do you want federal allocations to be paid in dollars.? Or do do want the dollar to just be kept in account.

Only a wicked father will leave money in his account while his children are starving

Abike was right afterall

2stv and ortb are all showing dortmund benfica game, where can we get the barcelona-Psg game?

2stv and ortb are all showing dortmund benfica , where can we get the barcelona-Psg game?

logonlaredo:
kk. but ur dish will be facing the sky slightly. u can try dstv frequencies @36e, if u get it then u can get 38e. just a suggestion

thanks I will surely give it a try, I will call m installer, I will give you feedback

logonlaredo:
try use it in tracking ptv sports and ptv national, as we have been made to believe it is receivable in some places with 2.4m

thanks, but I heard this ptv is facing east where 68.5e is and I don't have space for that a there is a story building blocking it but the west where sportse4 was is very clear

softwerk:
GTBank has entered one-chance with Etisalat!

Their golden goose has suddenly started laying rotten eggs

Loan syndication can be so messy (See how a bank's biggest customer suddenly becomes their biggest headache)!!!

Now they realize their Foreign Backed Guaranty Bond was just a mere paper (Etisalat Abu Dhabi, UAE will never come to their rescue in this pathetic business climate)

This may just be the end of the bank's romance with Etisalat on their epileptic Retail Banking platforms such as *737* mobile transfers and Easysavers 100% powered by Etisalat

Soon all GTBank staff will start selling Etisalat recharge cards with monthly targets

You started making sense , but your last two paragraph shows signs of envy, probably gtbank is your competitor

Please Please based in Kaduna am based my 2.4 dish that i Used for sport24 is idling away what can I use it for facing west, I also have a 1.8 dish I that I used for Sony espn so that ha been taken care of, whatelse can I use use 2.4m dish for facing west

Mumu lawyer, instead of looking for a way of settling amicably they are making gragra, even powerful politician were humbled by saharareporters

SuperPanther:
Please what line of business do you do now?

agribusiness, real estate and I have a bakery, my future plant is being a big time industrialist with focus on flour mill

Banking hmmn, my only advice to bankers is always have an exit plan.

Not everyone will AGM Gm etc, at a time a level will be saturated and rationalisation becomes inevitable, those that will survive are super performers, ass lickers, and owners family.

Banking is a good foundation for for young person as it will teach you resilience, know when to say is ok and please save save and save.

To your question on when to throw in the towel when you stay for about 4 years without promotion or any new challenge unless you are no ambitious

By the way I was a banker and now a proud entrepreneur

[quote author=sunene1 post=54341447][/quote]sad, cos tne new channel Sony bbc earth will be there unlike it sisters like Sony espn or Sony six are on 68.5e, is it possible sign that even Sony espn and Sony six may be soon reloca to asiasat 105.5e as the took Sony bbc earth there?

jd1986:
100k... Then 75k after tax... Lagos State

then that 100k salary will be an assistant directors salary in some states

Most girls looking down on salary of 100k are still living in school illusions

It seem people are living in fools paradise I doubt if if level 10 civil servant in most civil service earn 100k salary monthly.

This are businesses to be done not only in recession but at every other time, though I have issues with things li blogging and consultancy

He will appeal the case and will keep on dragging on, Nigeria lawyers again

Can one get asiasat 105e anyhere in Nigeria. On what dish size?

How old is he to be the youngest commissioner?

asensoelec:
They are FTA's

in that case no need to waste money, they won't last, they are probably on test transmission

Oya where can I get models of decoder that get this skysports.

Am always an early bird before it spreads and get blocked

But wait are they free or enrypted if they free I won't waste my time cos it may get blocked soon, but if encrypted it may last till it becomes so popular

Good news, by God grace all pessimist and prophets of doom will b shamed.

Nigeria will be great again

Baba Obasanjo, Father to all

plaetton:
No doubts, you have misunderstood my post.
My vituperations were against the government's monetary policies, not your support of it.
I apologize if you feel offended.

Apology accepted, that is the spirit,let have constructive discussion that we learn from each other. Cheers

papiforreal:
Don't be naive, the real value of the naira (something called the Real Exchange Rate) is between 300-350 ₦ per $ and that's exactly why the CBN is holding out at that rate. The present rate is only down to the insidious activities of speculators and once the CBN demonstrates an ability to meet $ demand for a few weeks (which they now can as they've miraculously built up the reserves to about $29b), speculators will pack their bags and leave the Naira alone, then, we'll see the naira settle at its true rate.
Everything now depends on how patient currency hoarders are and how long the CBN can nourish the market, the first to blink losses. If speculators blink first, then the Naira will appreciate further as hoarders offload their stock leading to an oversupply but if the CBN blinks first, something that's sure to happen if the reserves begin to plunge below $25-20billion, then expect the naira to depreciate to at least ₦600 as speculators become enboldened seeing nothing but a hapless Central Bank.
The funniest part of all these is seeing Nigerians curse and cry because the Naira is making gains and they're about to suffer marginal losses! Which way my people? Some are already praying the intervention fails and have already resorted to hoarding, anticipating the CBN's failure. I ask again, which way my people? I thought a stronger Naira is desirable? Have you guys thought of the knock-on effects of a sudden fall in the exchange rate to the wider economy? It might take some time but trust me, a healthier overall economy is way more beneficial than the extra ₦50 you'll make per $.

is people like you I like having discourse with making your point without abuses, kudos

plaetton:
I am sorry for your naivety in thinking that it is the government's job to sustain the value of the Naira with commensurate dollar supply. Nothing could be more foolish, and guaranteed always fail.

The government's job is providing and maintaining policy initiatives that stimulates local productivity and that boosts confidence im the economy and the Naira. A nation's currency is a default measure of per capita productivity, not how much dollars it can sell to banks per week.

Haven't you heard of the forces of demand and supply ?
If it was as simple as you paint it for the government to sustain the value of the Naira through forex sales, then from what they have sold over the years, the dollar and naira should be at parity.

I don't understand why some of you who should know better choose to continually cast blames on invisible speculators ?
Who are these invisible speculators that you conveniently scapegoat for ad-hoc policy failures of the government ?

First of all, there are speculators in every currency.
That's why it is call the Forex MARKET. Duuuhhhh !!
It is a $6tr daily market that every country and every financial institution participates in.

Now, in the case of Nigeria, the government's haphazard, flip flop, schizophrenic policies create huge GAPS that inevitably attract and invite currency arbitrage, from the street malams, the businessman, the government officials and Banks, all seeking profit and self-preservation. That is the rule of the marketplace.

I thought I was having a matured discourse with responsible person, the words you used has made me place you low, not anyone you see here is a nonentity or a teenager, you should stay in your lane and I stay In mine we belong to different worlds

plaetton:
The government should be trying to curb fx demand, not matching it.
You can't eat your cake and still have it.

Curbing fx demand and the demand for foreign manufactured goods, and at the same time boosting exports should be the economic policy imperatives, not ad-hoc measures to match fx demand, that has ZERO long term economic value.

I support that users of forex should source their forex at market- determined prices whenever and wherever, not through wasteful government interventions, another word for dollar subsidy.

the government is not matching dollar demand but just supplying it because it earns in dollars, if it matches all dollar demand then dollar can be one naira, the government is not in any way subsidizing dollars but giving it at a true rate not rate set by economic saboteurs and speculators cos as it is even if government give dollars at 500 naira they will start selling theirs for 700 because of the demand and supply mismatch.

The government has no choice but to sell dollars to banks since the government needs naira equivalent to spend for local expenses, so selling a portion of what it earns weekly to banks inorder meet its local obligation is a very welcome idea.

My only problem is the supply-demand mismatch cos as it is only the government supply fx into the market, our other exports apart from oil is not good enough to even satisfy 10% of demand, but what the government is doing is good, commendable and can be sustain as long as we sell oil in dollars

plaetton:
But why do you reasonably think that CBN should roll out $350 per week to defend the Naira( more like SUBSIDIZING dollar purchases for a 'SELECT' group of Nigerians ) ?

For who's benefits, and at what economic costs ?
If our non-oil exports are ramping up as a result of the weak Naira, why do we want CBN to spoil that show ?

If the broad economic policy is to curb imports and boost exports, then a weaker currency is imperative, a sin qua non.
That's economics 101.

Ad-hocism , and the woeful inability to think long term is what kills this country.

Why do we have the reserve? Is it just for fashion, a wise man will keep a percentage of his earning in his account and some to spend for his family day to day needs, this is what the FG is doing now, not everything earned is being used to match fx demand other are saved,

At $55 a barrel Nigeria earns and at production quota of 2M daily we make $110M daily from oil alone less about 40% for the JV, that will leave the nations with about $70M daily which can be split between savings and expenditure.

Nigeria earn it's money in dollars how does it spend it if not by pumping some through the banks in exchange for Naira in order to pay salaries and works.

To me the only people that are not ok with the current measure of pumping some percentage fx earning weekly are pessimist and fx speculators that want te green back to remain high in order to make supernormal profits

There will be new addition to IS68.5 e tomorrow Sony BBC earth, hope we overcome it like other Sony channels on that frequency