₦airaland Forum

kaboninc:
My response might come off as political and I just do not want to go into such discussions. However, just to be constructive, at a time after the inauguration of this current administration, the truth is that it was only the effort of the CBN that kept us this far. Fiscal and Monetary polices are suppose to complement each other in response to developing economic challenges. However, when the CBN acts alone, it can only do its best.

The delay in appointing Ministers, especially Minister of Finance really made things that bad.

oyinkinola:
[b]..the solution is simple, the inflation is not eat-up all our money get missing in our pocked, we killed it intentionally, no way than to return to them!
If there are 1k, 50kobo,60kobo,70kobo,80kobo,90kobo,100kobo,₦1, ₦2, ₦3, ₦4 in the market today! Nigerian had get rid of the invisible devilish corruption that empty the pocket of poor. The wicked traders with the backing of economist and CBN had tore the pocket of poor to drain the mediocre income to their own purse!...and all blame inflation!
if 1 tom tom is 500k today, it's mean you've slaughtered ₦5 you are only waiting for it's burial, don't blame inflation!
before I accept that any amount is swallowed by inflation...1. it can't buy anything through out any market in Nigeria, 2. it's add-up to any currency in circulation can't buy any thing or used for change, 3. the subtraction of it from other currency can buy or used for change. 4. the division of such a money or used to divide other currency can't buy anything! then I will agree that such an amount is killed by inflation![/b]

KnowAll:
Fela said " Teacher don't Teach me nonsense " Fela saw the duplicity of the Western Nations. They want us to be perpetually be poor. They teach us economic theory which we swallow hook, line and sinker meanwhile they are doing exactly opposite of what they taught us. They are printing money yet they call it some fancy name " Quantitative Easing " yet when African does the same they call you us illiterates and un-enlightened people yet they do it with ignominy.

I have proven tying our currency to commodities is much beneficial to us in Africa than printing worthless paper money. Well after tying our currency to a product for easy dispensing of the accumulated dollar fund into the local economy we can call the " local dollar" whatever name we feel like. In Nigeria's case we call it the Naira.

Now ₦1 = $40 DOLLARS in the raw unadulterated form, we could slash the value by 1/2, 1/4, 1/8, 1/16, 1/32, 1/64 in an effort to localized its value. If we don not have accumulated dollar funds then we should not have business dealing with foreign countries because we do not have the funds. A man that is broke does not spend but it seems those countries giving a broke country un-warrented credit are the ones blame.

Let us spend what we can afford as soon as we do that our currency in Africa will not be all over the place like a yo-yo.

oyinkinola:
...am surprised that Nigerian have been brainwashed to unbelievable F'level by the ineffective theory and jagons!....look at the word INFLATION: the mis-interpretation of the word had cost Nigeria hardship, if there is a sudden hike in price Nigerian blame inflation, although not all high price related to inflation, price high at certain time of the year and come down, the market saboteurs or manipulators can cause hike, certain government decision may cause hike price that's not related to inflation, all this can be check in a shortest time!, some even believe that it's the inflation that murdered ₦1 and pull it out of circulation; but it's all lie! No inflation killed ₦1, it was intentionally killed by Nigerian because they didn't want coins in their pocket!
the way they killed ₦1, ₦5 will be killed soon and move on to ₦10 and so on, all will be blame on inflation:
If an imported item can be bought for ₦1.50kobo, there be no way we can confirmed the murdered of ₦1 by inflation.
If Nigerian economists accept the dead of ₦1, then they were guilty of conspiracy to Nigeria nation! why? when they know ₦1 is dead why deceiving Nigerian by taken dead ₦1 to world market and promised of having equal value with other world life currencies!
I can confirmed that 50kobo, ₦1, ₦2, ₦3, ₦4 were alive, they must be return back to market!
it's another form of corruption traders with complice of economists used to squandered the mediocre income of poor....a pocket tore can't be full forever!
I hereby charge the CBN to inject the abandoned coins into circulation, and the government to use the civil defense to enforce it uses!

tomquest:

Yes, in less than 3 decades from now, Nigerians wouldn't need to keep calling the name of the man (Dullard or whoever) in Aso Rock if we restructure Nigeria now, and devolve power to the 6 recognized geopolitical zones, so as to

1) unlock the economic potentials of each of the 6 regions and bring rapid development to their states;

2) eliminate the do-or-die national politics we see today, where it's an endless struggle between religions,tribes and ethnicities;

3) eliminate laziness in states and governors who generate nada from January to December, parasitically surviving on free crude oil allocation from Abuja;

4) dismantle the bunch of greedy and budget-padding leaches we have in Abuja, whose only interest in the oneness of Nigeria is the billions they can corner for themselves;

5) enable peace and security to reign since every region would have it's own security (policing) outfit and not the current dullard-poo situation where a man from Jalingo is drafted to Bayelsa to "secure" what and where he knows nothing about. A certificate-less dullard who can't even swim.

6) instigate the rapid diversification of Nigeria's economy away from Crude oil, building of needed infrastructures across states and the establishment of strong institutions that are closely knitted with the people. Not the ones we see today only on NTA.


So why do some of us still prefer this Egypt when we have Canaan waiting for us?

oyinkinola:
Nigerian love to blame anything for their woe!
be sincere to yourself, have you ever been cheated in the market because of lack of 50kobo ₦1,₦2,₦3,₦4 change or not?
have you ever been given 3 items for ₦5 or not?
if you killed ₦5 you will move-up to ₦10 isn't it? and later blame it on inflation?
this is the dead theory believed by Nigerian that is killing Nigeria, to cheat you ₦4 Nigerian will sale an item worth ₦5 for you in ₦6 and when you give him ₦10 he will sit on your ₦4 with excuse of "No change pls" only God knows how many time you wil be cheated daily? is this the best way our economy should be run?
...if it's true ₦1 is murdered by inflation as you claimed, tell us what happened to ₦2.₦3.₦4? were they also swallowed by inflation?

PresVA:
What's wrong with GPH if I may ask?

oyinkinola:
I totally disagree with you, it is not inflation that removed ₦1 from circulation as many economists like you believe! ₦1 is intentionally killed by Nigerian, if ₦5 can give you 3 imported goods, how can you proof that ₦1 is worthless, even if there is 50k in circulation, 3x50k=₦1.50k will buy 1 tomtom, poly bag etc, not to talk of the cheating with, excuse of "NO CHANGE"

CELEE:
Not atall, i asked very well to keep of greater portharcourt area.

The project is at Eneka far way from Greater portharcourt area.

KnowAll:
[size=28pt]1 ₦ = [/size] https://www.google.co.uk/search?q=picture+of+a+barrel+of+oil&ie=utf-8&oe=utf-8&gws_rd=cr&ei=bvWyV-nRD6C9gAaSxpHIDA

[size=28pt]Which means 1 ₦ = $40 dollars[/size]

[size=28pt]
A Barrel of oil is a univesal world currency = $40.00[/size]

Ttalk:
I think that is the intention of FG with all her assistance making dollar available to Dangote at the expense of other indigenous competitor who felt cheated. The only explanation to government continual search for crude oil in North East at this trying period is that government wanted to leverage on the downstream potentials and ensure uninterrupted supply of crude from other parts of the region to local refineries when the supply from NDelta is reduced.
What i dont know is how the recent devaluation will affect the outcome of government support for indigenous refining companies. Will it eventually bring down the price of refined products apart from fetching the economy extra dollar and reducing the dollar demand on importation of refined products?.

Ttalk:
I think that is the intention of FG with all her assistance making dollar available to Dangote at the expense of other indigenous competitor who felt cheated. The only explanation to government continual search for crude oil in North East at this trying period is that government wanted to leverage on the downstream potentials and ensure uninterrupted supply of crude from other parts of the region to local refineries when the supply from NDelta is reduced.
What i dont know is how the recent devaluation will affect the outcome of government support for indigenous refining companies. Will it eventually bring down the price of refined products apart from fetching the economy extra dollar and reducing the dollar demand on importation of refined products?.

shadeyinka:
If you know what realy goes into our budget, you will almost weep.
Disjointed proposals of interests required to be funded by the FG. If you ask me, I feel that our budget should be done in reverse of the way it is being done now.

The FG should set up a commitee to decide the priority focus of Government. The money should be allocated to each parastatal and then based on the available fund, each parastatal should work out the implementation to the limit of the allocated funds.

The way our budget function now is that the FG asks the parastatals to submit their budget of activity for the comming year usually with no recourse to the priorities of the FG. So each DG/Directrors will draw up a budget that favours their pet projects...and overall, the money goes doen the drain when/if it is eventually released.

That is why we have so many unfinished projects.

shadeyinka:
I believe that our economics experts are operating what I call an indirect economic control.

Example:
Aim- Reduce importation and Encourage local production.
Economic Experts: Devalue the Naira
Implication: When Nigerians suffer, they will find local alternatives.

Me: This policy above just succeeded in causing unnecessary hardship for Nigerians.

Why not build a manufacturing base and then progressively reduce importation?

KnowAll:
[size=18pt]Make 1 Naira = 1 Barrel of oi[/size]l - https://www.google.co.uk/search?q=barrel+of+oil&espv=2&biw=1920&bih=979&tbm=isch&tbo=u&source=univ&sa=X&ved=0ahUKEwjOzIHft8TOAhUD1hoKHai_DKQQsAQISA#imgrc=79raWYsDuX8G_M%3A

shadeyinka:
Downstream sector is a big economic grammer! Its too generalized!
How do we get there?

shadeyinka:
We all use mobile phones and computers(we even repair them) yet as far as technology is concerned, we are yet to begin.

shadeyinka:
Are you sure? I guess what the Nigerian Companies will do I'd to SUB-CONTRACT the job to a foreign firm!

shadeyinka:
Are you sure? I guess what the Nigerian Companies will do I'd to SUB-CONTRACT the job to a foreign firm!

Please don't go there, local fabrication and production of industrial chillers, electric power alternators, conveyors, grinding systems, extruders, mixers and stamper are admirable technology.

DIKEnaWAR:
I have been watching events since Buhari took over and the attendant conspiracy of silence is worrisome.

About America keeping quiet; I just believe it is due to Obama's limited knowledge of foreign affairs or lack of interest in Africa and her affairs. I am very sure that should Clinton win, America would make more pronouncements concerning us and people like Obj will find his voice. He can't say anything now cos he knows Buhari will hunt him down.

Hillary is a friend of Nigeria and well versed in Nigeria affairs. It is a pity that with the silence of voices like Prof Wole Soyinka and his cohorts, we the ordinary people that have been shouting, have to pray foreign governments join us in liberating us from this self- imposed retrogression and dictatorship.

shadeyinka:
The traditional way a bank is supposed to make money is by lending businesses and individuals at an interest. However, our Banks in Nigeria make their money mainly from money laundering and charges on deposits especially from government parastatas.

No wonder, nearly all Banks in Nigeria went broke immediately the TSA was introduced and governors could not transfer stolen funds with ease out of the county.

Its a shame!

shadeyinka:
Till today after more than 50 years of oil companies services in Nigeria, not one indigenous oil company can
1. Prospect for oil
2. Drill for oil

Its a shame. Common building of the third Niger bridge, the government will call Julius Berger!

trillville:
Please explain. Who failed to act? Jonathan not saving or buhari not employing ministers?

MadamExcellency:
You just gave me an assignment. I just got the reply thus:

The technology they were exposed to include transmission/distribution systems, chemical reactors, furnace, plodder, hydrants, stamping machines, chillers and high-pressure mixers among others

plaetton:
I repeat, you don't cut your to spite your face.
There are no rooms for sentiments in managing an economy, especially medieval mindsets.

In case you didn't know, the CBN sets interest rates, not the banks.
The CBN sets monetary policy, not the banks.
The federal government sets the agenda of where investments should flow, not the banks.

In case you didn't also know, high interest rates are almost the norm in third world economies, and not peculiar to Nigeria.
Banks are in the business of risk management, and cannot afford to throw money at every John D. Public that walks into their halls.

There is nothing to gloat about in draining the life force from an ailing economy.
Not matter how much you loathe the banks, every one is paying the price for this financial misadventure.

oyinkinola:
people just rush into post without understanding, I've said the same thing,several times as if people were deaf.
all the ideas you people post here had been implemented several times by the various past regimes, why it didn't yield the desire result!
my opinion have nothing to do with re-denomination of Naira, re-decimal of Naira or devalue of Naira!
Naira is powerful, and it worth what it deserve in the market today.
if Naira is powerful why reform it; reform is necessary because, there is a lot of cheating in the market that dry-up the little amount of money in the pocket of poor, if you have N20 in your pocket and you lost 4% of it, it too heavy for poor to carry, during this time of recession the poor can't afford been cheated of there mediocre income!
look: 1kobo to 100k have gone! N1 to N4 had followed, now we are killing N5 gradually, if it dead it will be abandoned and we will take-on on N10! also no coins in circulation, N1 that is Nigeria exchange currency is not in market, how N1 will compete with $1 active dollar and win!
all these lead to inflation and hardship of poor!

shadeyinka:
Well said! How do we go about this?
I know that Nairalanders are not as clueless as those who represent us