₦airaland Forum

Bamibor:
Hmm! I'm not conversant with this quote, still trying to internalize the thoughts of the author vis a vis our own polity in Nigeria

The matrix of lies that keep Nigerians enslaved to Nigeria

centboy123456:
hello sir can you pls tell me who is back for more blood

The blood transfusion baboon general of zombies and almajiris

Oshiomole and Buhari should go and die!

Bamibor:
Anyone who is averse to truth, is signing up for bondage and slavery (in our case, political, intellectual, economic, religious (etc.) bondage)...After all the Holy writ says "It is the truth that sets free".

"The system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it"

- Morpheus

Bamibor:
True to your latter assertion, many of us or perhaps I should say some of us can often discern the truth but ever so often, allow the veils of religious, ethnic, or political sentiments and bigotry to cloud our judgements, and we indirectly help the irresposible leaders to keep our nation in limbo...what we need is to be truthful to ourselves and to publicly own up to the truth

The truth will kill these zombies that's why they avoid it like vampires avoid bright sunlight.

OP, the zombies that are jumping upandan are like fans of a shit-tier club who just won a relegation match keeping them in the division.

The ab0kis up north are satisfied that Buhari came back so that they can still remain in the corridors of power.

These dead weights from up north are just interested in being in power without knowing what to do with it which reminds me of the saying that "money and power in the wrong hands is dangerous".

Nigerians are ruled by idiots

More...

No wonder this country is sh1t

Jobless yoruba Muslims trolling 9ja cyberspace from BMC Utako

Take the damn test and post your score.
http://test.mensa.no/
Anything below 100 stands for retardation

Average Nigerian IQ stands at 75 compared to a Chimp known koko who scored 80.

I scored 121 and I have had a very stressful week.

Buhari Media Centre at work

Buharimustgo:
Their strategy is to bring people down so that they will get upliftment,this is how he has been exposing his illiteracy

Correct.

I know some idiots like oshiomole who have nothing to offer but think the only way to elevate themselves is to pull others down.

BMC staff have started their lies again.

kropotkin2:
John the Baptist enjoying watery zoo beans in the cage? No problem

Kanu looks better than that stock fish wey breeze dey blow

So this oko ashewoe has found his voice again?

May every agent and anybody who wants to make you a minister die of severe chronic pile

State funeral loading

I made a thread on this last week but the BMC mod deleted it

musicwriter:
Since the then minister of education, Mr. Nyesom Wike warned them in advance not to sit for the exam in Borno state, the Borno state governor, Shettima should be held responsible for the abduction. From all indication, the abduction would not have happened, if Shettima obeyed the instruction of the minister of education. In a clean country he should have been grilled by the state security services to tell them what he know, because he certainly know something about the missing girls.

Shettima announced a week before the boko haram video came out that he had received a video from Boko Haram of the purported abducted girls.

Those girls shown in that boko haram video were not the chibok girls but wives of Boko haram.

Shettima is the chief coordinator of Boko Haram

Only a fool will not see that boko haram is the militia wing of the APC

[s]

obailala:
A huge pile of partisan crap. When more desperate attention is given to politicise the argument, you end up contradicting yourself and and rubbishing your own supposed intelligence.

I stopped paying attention to the rest of your writeup when you asserted that statements by buhari and fear of violence from Buhari is what led to the Naira devaluing to N199 and N210 to $1 and investors leaving Nigeria. Of course your beautiful nonsense narrative would sit very well with a lot of folk in your divide, so good job!

[/s]

Zombie rantings

jarkbauer:
Oh oh oh oh

Oga you are not being sincere. Nigeria wasnt ripe for flotation when all was well but the recipe is now flotation when all is not well.. haba


We did not float when OBJ Yaradua and GEJ were there but you want Buhari to float haba

Stop defending the gross foolishness and incompetence of this APC govt under Buhari.

Every reputable economic forum has laid the blame squarely on Buhari's incompetence.


Secondly, for all Goodluck's short comings, the state of the economy was never in doubt under his watch.

Now it should be abundantly clear with an economy in recession that Buhari and his team are gross failures.

jarkbauer:
Why did the CBN defend the Naira with $100billion? Why not allow market forces to determine the real value of the Naira during the surplus times. Kindly explain why

Because at that time FDI inflows were not yet sufficient.

If that tempo was maintained, for the next 5yrs we would have reached that point where commercial banks would have been able to meet up with forex demand.

But thanks to just one year of Buhari foolishness we have been take back 30yrs!

jarkbauer:
floating the Naira will not make Naira sell at N200 to the dollar from all permutations then they said the real value of the Naira was around N350-400 to the dollar. So I ask again would any president support flotation that will see Naira fall from N200 to N400/$?

As long as incompetent political appointees and corrupt civil servants are in charge of our economy through direct control of forex then we will have this lingering problem.


Get rid of govt monopoly on the economy and see how our economy will flourish.

jarkbauer:
It seems you are partisan but thats your issue.I will ask why didn't we float the Naira during these times of surplus? Why was it that Gurus like you never mentioned flotation then? Naira stabilized at N197 due to availability of the dollars not due some ingenuity by Jonathan.

Thank God you know that under GEJ, high crude earnings were used to buoy the naira

jarkbauer:
It seems you are partisan but thats your issue.I will ask why didn't we float the Naira during these times of surplus? Why was it that Gurus like you never mentioned flotation then? Naira stabilized at N197 due to availability of the dollars not due some ingenuity by Jonathan.

The GEJ administration recorded the highest inflow of FDI funding into our economy.

All the gains recorded from 1999 - May, 2015 especially in the area of direct foreign investments were eroded in just one year under Buhari.

As FDI were running away they cashed out all their investments dumping our economy and putting serious strain on the naira.

This is how Buhari destroyed our economy by destroying foreign investors confidence on our economy.

jarkbauer:
so complicated

Here is a simplified version of how Buhari through both gross incompetence and corruption destroyed the naira:


For 6yrs, the Jonathan administration was able to maintain a stable forex rate for the naira which hovered at around 156 to the USD.

This feat was achieved through a steady supply of forex sales into the local economy by the CBN .

The last immediate Governor of the CBN, by estimation, provided $100bn to local businesses during his 5yr stint.

This huge amount was made possible due to high oil receipts to govt coffers buoyed by a strong and growing confidence in our economy.

The naira began its decline through a deliberate and well thought out policy move by the CBN to devalue it on the heels of lowering oil prices.

The naira then saw a dip to 178 naira during the twilight years of the past administration in the closing quater of 2014. This policy was borne out of both necessity and commonsense.

Further decline in the naira was recorded in the buildup to the 2015 general elections not out of fiscal constraints but owing largely to an unstable political atmosphere. Investors being rightfully wary of the careless rhetrioc and threats of unleashing violence by the opposition party and it's candidate (just as Buhari promised and executed in 2011 after he lost out), led to most investors fleeing for safety. The stock market was heavily hit and the naira was not spared as well which saw the naira dipping to as low as 210 to the USD.

After the vagabonds secured their mandate in May, 2015 the naira gradually regained some value to 199. This wasn't out of any economic masterstoke by the Buhari adminstration but merely due to the fact that Nigeria had survived one of her most tense political situations in her history.

This value remained stubbornly and artificially stagnant for over one year leading to the greatest disparity between the official rates to that of the parallel market.

https://cdn.tradingeconomics.com/charts/nigeria-currency.png?s=usdngn&v=201608191105n&d1=20110101&d2=20141231&area
Fig 1: Naira trend from Jan 2011 to May, 2015


The politics of the naira had now taken precedence over the economics of its true value

Despite several calls to float the naira, the arrogating mediocre at the helms refused to do the needful.




The naira took several hits further when the man at the helms refused to announce a cabinet and issue any economic road map. Rather, the man in charge went on a global pilgrimage tour prophesying his mythical Puritan sainthood while denouncing his fellow country men as indisciplined criminals and preaching to whoever had time to waste that Nigeria was broke. If there was ever a worst demarketing agent, here came Buhari to out shadow him at the task of rubbishing our nation to which he was elected to promote.

The Buhari govt will then set out to try old and discarded rubbish fiscal policies that have never worked and will never work in trying to buoy his artificial currency. He introduced import restrictions on items without providing insentives to promote alternatives within our local manufacturing sector. He isolated our economy from the rest of the world by introducing silly restrictions on individual consumption and use of their ATMs while abroad and on the net. He favored his cronies and family members with subsidized forex gotten from the CBN with a note from him which they dumped on the parallel market to get huge returns. He then decided to stop all ongoing govt projects and payments to contractors in order to keep our foreign reserves hovering at $26bn (down from $30bn he inherited on May,29).

Not stopping there, he squandered much needed forex in compensating his theiving governors who supported him in the last election. I know you will say that both APC and PDP controlled states got a bailout but why should Osun state get a bailout of 40bn naira - an amount 400% higher than the next highest state recipient! The osun bailout was nothing but anavenue to compensate Bola Ahmed Tinubu since the rascal governor of osun did not use the huge sum - which amounted to a year's earnigs for the state to offset owed civil servants' salaries.

https://cdn.tradingeconomics.com/charts/nigeria-currency.png?s=usdngn&v=201608191105n&d1=20110101&d2=20160801&area

Fig 2: the Dullard's voodoo tricks effect on the naira

Not only did he squander the LNG funds in compensating his theiving accomplices, he forced banks through his bailout agreement to reschedule debts owed by states. This led to a huge shortfall in liquidity flows to banks since the states where their biggest debtors. The antecedents were shaky banks that led to a lot of branch closures, staff retrenchment and a spike in interests rates further contracting the economy.

The dullard will later apply for a 2 trillion naira supplementary budget based on loans in late November , 2015 claiming the inherited budget he met "was no more feasible in light of harsh economic realities". Now what exactly did he do with the 4.5 trillion budget and the additional 2trillion naira supplementary budget for 2015? Not a damn thing!

It gets worse. In early 2016, the dullard issued another draconian decree on our economy restricting forex sales to local manufacturers; declaring they "source forex from other sources" - the black market to be precise which his cronies where now supplying forex to. This saw the naira crashing at well over 320 to a dollar.

So who exactly is our forex for since Buhari has restricted virtually every one but himself, his cronies, family members , political jobbers and newly acquired business affiliates to forex access ?

As things stand now our foreign reserves is just sitting fallow in foriegn bank accounts servicing foreign interests and businesses.

So who in God's holy name does our foriegn reserves epp?

jarkbauer:
Most analysts believe the real value Of the Naira is N800/$


Why from 200/usd?

The current administration never helped matters as they scared foreign investors away who by the way were a major source of foreign exchange into the economy.

There is also the several forex scams by the CBN and high placed Aso Rock officials which led to well over 20 different exchange rates. This is where the round-tripping began.

We must not also forget the fact that the Ministry of Finance withdrew all waivers to exporters and the CBN barred them from accessing forex at the official rate.

This led to a situation where some exporters were forced to patronise the black market for forex to fund their import requirements but at the same time will get their foreign proceeds paid to them by the CBN at the ridiculously low official rate.

This is what led to most companies shutting down operations and moving to neighbouring countries.

jarkbauer:
Really?I may be a novice but really comparing Nigeria to USA? really? The local currency in US is dollars so no need for Feds to supply forex(dollars) to banks. Dollars is easily interchangeable to any currency so?

Besides you did not answer my questions,floating the Naira will make it exchange at close to N1000 to the dollar due to manipulators speculators and profit takers, so of what benefit is N1000/USD to me

The naira is just a rebased form of currency which the FG sets it's value based on forex reserves held by the CBN. Even the FG budget takes into consideration a benchmark value for the naira in their annual budget.

Relax forex regulations and see if the naira won't strengthen.. as things stand only the FG is accounting for virtually all forex supply.

geekybabe:
Agreed. But Is he south african? No. Did he assault a south african? No. Is the show a south african show? No. Is he bound my south african laws? Nope.

So you think foreigners are automatically immune from criminal prosecution?

jarkbauer:
i have question. So many of these articles aim at one thing, Devaluation of the Naira. So I ask how would a Naira at N1000/USD help the economy and the common man on the street?

Devaluation only comes about when a currency is artificially being floated.

Get rid of any useless regulation especially forex control. The US feds do not supply forex to banks. Banks and depositors can choose to invest their wealth in any currency of their choice. This is what the Chinese have introduced knowing fully well the Chinese central bank can never meet up on china's forex demand.

The naira remains a non convertable currency that is only accepted in Nigeria

Papykush:
Sex is overated to me...Not something that I will even give a thought if I were in any guy's shoes on BBN.

The world is watching bro

Without sex we won't be having this discussion in the first place.

We won't have been born and kemen won't have got disqualified if he could control his dik