₦airaland Forum

Emeskhalifa:
THE CURRENCY SITUATION: A MUST READ

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.

You're living in lala land. Lol. Keep dreaming.

Yes

Because what he will do is too much and can't be said out

These useless elite know what Peter Obi is capable of. That's why they're hell bent on preventing him from getting there
It is left for the masses


Obi go change am for everybody. In a good way.

As bad as Atiku is, as terrible as the prospect of another Fulani animal succeeding the calamitous Buhari is, the fact remains that Tinubu is not an option. God forbid. I spit on his useless head. Anything other than Tinubu is better. Even tenure elongation for Buhari is better than a Tinubu presidency.

Insecurity always worsens after these his useless photo-op 'meetings' with these perennially ineffectual idiots they call service chiefs.

When I see idiots like seunmsg and other APC urchins and their PDP counterparts talking rubbish about how Tinubu would win this state or Atiku would win that state I get into a murderous rage. It is sad that they are shamelessly depending on the votes of illiterate, poor, rural dwellers. They know that if the election would be decided by only cosmopolitan, educated, and exposed people, then Peter Obi wouldn't even bother to campaign.

The fact that these animals brag about 'mobilisation' and 'structure' (which means exploiting the poverty, illiteracy, and ignorance of rural dwellers) makes them totally repugnant.

Young man, go and treat malaria and typhoid before it destroys your Central nervous system.

Udoboss:
To evade arrest... He has to go with persons that have diplomatic visa..

Note any time He visits ....He goes with serving Politicians

Don't be foolish. So Diepreye Alamieyeseigha didn't travel to the UK with a so-called 'diplomatic visa' in 2005 when he was arrested there? Let alone an aide.

Some of una dey let ignorance rule over your destiny. You think these western countries care about your pathetic governor position in one shit hole country?

Just imagine. The entire leadership of the security forces, including army and police, in Enugu are northerners... Musa this, Ahmed that, Ibrahim so so. Why? And you expect them to take action against their fellow useless northerners who perpetrate these kidnappings in Igbo land.

I always feel very angry when I hear that Fulani bastards continue to kidnap people in Igbo land or anywhere in the South. It is an insult. Let them retreat to their Zamfara, Katsina or Kaduna to kill themselves for all they care, but not in the South East. Imagine what would happen if a gang of Igbo kidnappers dare to carry out operations anywhere in the North, targeting northerners! It's not even possible, so why are these Fulani animals allowed to operate unchecked in the South East?

Something is fundamentally wrong with this country.

haslaw:
Oseni Rufai lacks decorum and is not mature

He lacks decorum because he invited a presidential candidate to an interview that has been granted by OTHER presidential candidates? What sort of disgusting animal are you?

seunmsg:
“At the heart of our mandate is our manifesto” - Rishi Sunak.

Dear Peter Obi, where is your manifesto?

You're too shameless. Did your useless Tinubu even contribute one word to the useless manifesto that any hungry 'efiko' can write?

I don't blame you. Lazy, unproductive, unimaginative people like you have to be fawning and obsequious to despicable political bandits in order to find your daily bread. Shame on you.

tinsel:
Victor Umeh is the most gated politician in his senatorial zone. Ekwunife is a grassroots politician and knows her way.

Well it is not Victor Umeh's face that would be on the ballot paper on election day. It is the Labour Party logo. And guess what? The election is on the same day as the presidential election. Anybody going there to vote for Peter Obi would hastily look for the Labour Party logo and furiously thumbprint it on all the ballot papers given to him or her. If you underrate the significance of this factor then I reserve my comment.

Even Alusi Okija would win on the Labour Party ballot in most parts of Anambra. This one na '2 sure' bet.

She knows she is gone already. She has zero chance of winning against Labour Party's Victor Umeh, and she knows it.

RoxyBrownAutos:
Mrs Aisha Buhari, your husband should have reappointed them back to their ministerial positions they resigned to contest presidential primary. This would have gone a long way to address the issue.

The fact that they weren't reappointed shows that Buhari has utmost disdain and scorn for these guys. He knew their machinations and how they were being played against each other, giving them false hopes. So in a sense he was using them to catch sadistic cruise.

Crowdsourcing would be the game changer.

Peter no dey give shishi, but smart people would still make a fortune with Peter's name, whilst pushing the Obidient cause. Wealth always arises out of exploited opportunity. The few who know what they're doing would exploit the opportunity without necessarily jeopardising the cause. It is allowed.

As it stands, Peter is the 'new Buhari' In a sense. He is the only politician now with a cult following, just like Buhari had in the buld up to 2015. Thankfully, the cult following isn't made up of illiterate almajiri like in Buhari's case. It is made up of very enlightened youths and older people across Nigeria who have had enough. Eventually something has to give, positively.

Ranting like a true poverty stricken idiot.

Rather than fix your attention on dubious thieves like Tinubu and Atiku who miraculously accumulated great wealth while purportedly working as mere salaried employees in Mobil and Customs respectively, you're asking stupid questions about how a lifelong entrepreneur entrepreneur made his money. Some of you don't have sense.

Seems the abnormal is always normalised in Nigeria. You think it is normal for an ordinary salaried employee in one mumu company or government agency or the other to become rich, but you're wondering how a private trader/hustler/businessman with no cap on earnings became rich.

Princedapace:
Make una dey decieve una selves. Russia is fighting NATO here bro. The USA and her allies provide weapons and intelligence to Ukrain. In war, Intelligence plays the greater part. Russia stood her ground with all NATO intelligence gathering and heavy sanctions.

When America went to war in Afginistan, she went with her allies o. She didnt go there alone and there were no sanctions againt America, yet, America lost the war.
Here, Russia is fighting without an allies, does her intelligence gathering alone, fighting against another country that gets intelligence gathering from NATO and USA, weapons plus heavy sanctions. Russia has tried. No country can sustain that.
That is why none of NATO countries can fight Russia alone. They have to and must be a team to fight Russia.

You just said a lot without saying anything.

The US/NATO are not supporting Ukraine to attack Russia. They are supporting Ukraine to DEFEND Ukraine! It is not Ukraine's objective to invade and conquer Moscow. It is their objective to stand their ground, defend their own territory, and repel the overrated Russian invaders!

If you would read to understand you would drop this your foolish point of view immediately and take correction rather than argue blindly like the typical ITK Naija ignoramus.

This kind obidient cake go sweet well well. Where I fit see am buy for Abuja?

Loud.

inoki247:
Leave dem dey don't understand music most Music DJ Khaled feature big artist are we going to say na the artist get am cos na dem write am...

It's not about who get am. It is about the agreement and fair sharing formula.

When I was a student union leader. Lol. Highest achievement. The need to feel accomplished.

Give Sowore power and see unspeakable ugliness unleashed.

There's a reason Peter Obi is the alternative, not this pretender.

If you must be a prejudiced ethnic bigot with a penchant for publicly defending the indefensible, then you'd better be equipped with the necessary mental and oratorial skills for it: A quick wit and a glib tongue, like FFK and Keyamo... Insufferable bastards who would say rubbish, twist and turn around the hard facts, and shout you down with their bare faced lies.

Mayeldah:
So a professor don't have another source of income? What then is he teaching his students if he can't apply the knowledged he has to better his life?

If you are a salary earner and you don't have another stream of income in this country you are on a long thing. At least open a shop for Madam so that the family can depend on that if salary is withheld for a while, Buy a bus, open business center, anything that could also support your salary no matter how small.

For Buhari and APC, may thunder that was just manufactured last week strike you people for killing our lecturers indirectly.

Lol. Most lecturers and many salary earners in Nigeria are just incompetent opportunists.

I've since realized that in Nigeria specifically, anyone who can't earn money from their own mental, social or physical exertions outside of government jobs or organised employment is a bumbling, inferior idiot. Forget high sounding, vainglorious titles and the corresponding over-inflated egos.... Professor this, General that my foot.

If you get sense true true, figure out a way to kolombi your daily bread without salary or platform to loot/exploit from.

The objective part of the OP's brain is always at war with the 'survival'/reward part of his brain. Most human beings are guilty of this.

Thank God I don't make money from political shenanigans, otherwise I'll probably be in a worse psycho-mental conundrum than this eminent OP.

That said, I think we are underestimating the power of orgamized vote buying. My only desperate hope is that the 'point men' in the. Various states, local governments, wards and polling units who the desperate BAT and to a lesser extent Atiku nominate to buy the votes would simply divert the bulk of the hundreds of thousands, millions, multi millions and billions to their private uses and bring out only a fraction to entice voters who wouldn't be swayed by that.

PROUDIGBO:
You think they don’t know this? This is why they’re prepared to do everything possible, both legal and illegal, to see Peter Obi doesn’t emerge winner in 2023! Doing another ‘Abiola’ on Peter Obi would be too obvious…and besides, they know the int’l community wouldn’t tolerate that! So just know they’re going to do the needful BEFORE and DURING elections to ensure that if not Atiku, then a less preferred option of a Tinubu emerge winner. The hegemony would prefer to work with a infirm Tinubu than any strong and agile Igbo man….for obvious reasons!

If Peter Obi emerges winner next year, even i would be surprised!

You know how the organic, groundswell movement forced the hand of the authorities to ban SARS...and even scared the police enough to abandon their stations and even Area commands to the untameable mob....

Same thing that happened in the Arab Spring.... Even solid 30 years + regimes like Gaddafi and Hosni Mubarak gave way. Even the ones that refused to give way led the country into unending crisis (Syria).

The Obidient Movement cannot afford to be 'civil' or 'well behaved', especially when the die is cast. They have to have the critical numbers and the unflinching resolve to scatter everything if the old guard insist on perpetuating the obnoxious status quo. And they do. And they will.

As it stands there are only two options. A free and fair election that reflects the will of the people, or ANARCHY. Or ANARCHY, bears repeating.

Your BAT of a morbid creature isn't even in the reckoning, so the anarchy would be even more potent if that despicable thing tries to use his illicit billions of dollars to do rubbish.

It boils down to Fulani/core North voting for their 'brother'/fellow Muslim, Yoruba Muslims and other very ethnocentric Yorubas voting for their BAT, some Igbos voting for their 'son' Peter Obi, and the rest of NEUTRAL AND OBJECTIVE Nigerians (who are in the vast, obidient majority) making an informed choice, expecting that their votes must count. It is really as simple as that.

All these fly by night, dusty ass packagers and pretenders wey full Abuja. King of Abuja my foot.

These fools are clutching at straws. It is impossible to conduct a presidential campaign without private planes.

mysticwarrior:
get the police involve, if he changes his phone numbers a special team of police will do a voice analysis forensics to get his new phone number and track him down, but it would cost you money.

So they sabi do all this one, yet Fulani bandits and kidnappers are operating all over the country with impunity? Calling victims' relatives on the phone to negotiate ransoms?

Nigerians and over packaging /over feeling important. See as the nonentity keep body like say he get anything remotely important wey he fit follow Bill Gates discuss.

All huff and puff. No substance. The Nigerian for you.

Nemanja Vidić suppose dey there

etrouble:
No interview. Americans are not voting in Nigeria's election, so Tinubu is not doing interview with CNN and he will still WIN. Yes, he will at all cost. You want to hear stories? He has none to tell you because his works speak more than bullion words Go and meet Peter Giringori Pandora Obituary the fake Statistician. Emilokan Tinubu's works and antecedents speak for him. We are not interested in a talkative, we want a doer who can show us, not just tell us, but show us what he has done in the past

So shut the fucck up.

He will win at all cost? The audacity. The insult on the collectivity of Nigerians!

Okay, we are waiting. Since he owns Nigeria, we will all be alive to see where the desperate bastard's megalomania would land him.

These kinds of dubiousness make me laugh. It's similar to how some fools castigate the UK and other colonial powers for colonialism, or America for its so-called neo-imperialism, yet same fools are ready to dominate those who they are more powerful than in their various real life circumstances.

When they chance you, na ojoro, but when you chance others, you will find new grammar to justify it.

There is nothing like the presidency coming to the 'south'. Which South? It has to come to the South East specifically, because everyone else has had it. If it doesn't come to the South East, then it can go to the North East.

Let's quit fooling ourselves with rubbish.

shogsman:
You're really ignorant, like extremely ignorant, if that is how debt works why tf would we be indebted in the first place,you think you can just print notes if you need money like it's a video game without worrying about your currency becoming useless. You need to read up and beef up your knowledge of basic economics.
You really cracked me up this morning

Partial education is worse than no education. I didn't deem it fit to reply you earlier but it is necessary to correct some idiocy, lest gullible people here swallow the nonsensical disinformation.

The concept of debt in this particular case of the so-called US indebtedness to China DOES NOT MEAN THAT THE US BORROWED MONEY FROM CHINA, as your useless Buhari/Nigeria and other African shit holes do. The fact that China pegs its Yuan to the dollar in order to make its exports (its lifeblood) cheaper for the US to continue importing, is the only reason for the superficial debt. If the US doesn't import Chinese goods, your China will be essentially a goner. The complex dynamics of currency pegging, balance of payments, etc relative to external debt isn't what we will be discussing on Nairaland. There are enough resources on Google for that

https://www.investopedia.com/articles/investing/080615/china-owns-us-debt-how-much.asp

That said, it needs to be reiterated that there's no basis for comparison between the US and China, or any other country for that matter... Economically, militarily and otherwise. Africa isn't in the picture. Don't even go there.