IMAliyu2: Yeah, this was caused by the previous administration when they closed off all meaningful official channels to acquiring forex, because they were dead set on maintaining the controlled naira price at the time.
This ended up bolstering the black market, and the artificially enforced naira rate meant some people which might have had access to dollar at the official rates were incentivized to cheat the system and make money off arbitraging further draining our forex reserves.
Well, it's an old problem. It probably started with Abacha who pegged the dollar at N22 throughout his reign. When market realities changed, he refused to budge and a significant difference emerged between the official market and the black market. Arbitrage has been a problem since then. It got worse under the Buhari-Emefiele administration when the difference became so huge and politicians and traditional rulers got involved.
DeLaRue: Now that the banned goods have been restored, the government should now focus on increasing funding to the I & E market/window, so that those who need foreign currency for serious business/purpose are well served.
If people want to exchange naira for dollars at N5000 to $1 on the black market, it is up to them. Government has no control over that market.
I wish it was this simple. It's that black market that impacts you, Mr DeLaRue, the most because every imported thing you buy at the shops comes from it. It is the market that impacts the economy, as that's where the real sector gets dollars from. If you don't believe me, go to GTB or First Bank on Monday to try to purchase $20,000 to import essential items, banned or unbanned.
Daystar7: Did Nigerians protest it either? At least if you say u hate injustice shouldn't you speak against it? Keeping quiet and feigning indifference means you agree so stop with the dumb ass question. Palestine is your problem now but ur head slamming fools kills every day in Benue, southern Kaduna and Jos and you've never come here to condemn the act. It's is paining you now cos ur Muslim head slamming fools are collecting woto woto in Palestine. Show me evidence where Nigerians condemned same crimes committed by soldiers. Trying to be clever by half, super clown
So you have no evidence Nigerians cheered the killings. Just moronic fabrications based on your assumption that nobody spoke up.
Palestine my problem? Head slammer? The way you project things on people you don't know, deploy slur words, and are quick to insult don't show up as smart. Quite the opposite.
Daystar7: You will feign ignorance, like you don't know. Bastard! News that was everywhere on Nairaland. NAF recently used In Jet to drop bombs in Imo and Abia state displacing thousands of people from their homes in the name of killing Ipob. I'm not even against it, if they achieve their aim of killing Ipob terrorist. We don't want terrorism anywhere in the world. Igbos want peaceful resolution/negotiations for either referendum or regional government. Death to all terrorist and their sympathizers worldwide and any innocent that dies in the process should bask in glory in heavens. It's evil here anyways!
I'm against the killing of civilians by the military - even if their objectives are met. It's understandable if it happens because you didn't know civilians are there, but if you know, you abort that mission and restrategize - that's the civilised thing to do.
I'm aware soldiers have burnt people houses in the SE. There have also be reports of civilian deaths - which the military deny. But I wasn't even questioning that - soldiers and atrocities are 5 & 6. My post was for you to produce evidence that "Nigerians applauded" these crimes committed by soldiers. Do you have such evidence? Or are you moronically fabricating things to make some point about Palestine?
EyeCumInPeace: IPOB killed a Nigerian Soldier in SE. Nigeria Army retaliated by burning down villages and killing civilians in that area. Many Nigerians condemned IPOB and applauded the Army.
Now same Nigerians that condemned IPOB are supporting Hamas that committed far worse atrocity of killing hundreds of innocent civilians.
Indeed one man's Terrorist is another man's Freedom Fighter.
Food for Thought!
Soldiers killed civilians in the SE and Nigerians applauded it? You have any news reports or even anecdotal evidence of this?
TMKsouth: President Cyril Ramaphosa says officials were working on an evacuation plan for South Africans who are trapped in the conflict between Israel and Palestine.
Ramaphosa, who was attending the National Executive Committee meeting of the ruling ANC party on Saturday, said they have also received calls from various countries in the Middle East to send humanitarian assistance to Gaza.
Hundreds of thousands of people in Gaza have been without water, food and electricity for almost a week since Israel started bombing Gaza. Israel also cut off the supply of fuel, water and electricity.
But Ramaphosa and the ANC NEC condemned the decision by the Israeli government to force 1.1 million people in northern Gaza to move to southern Gaza.
He said what was happening in Gaza amounted to genocide and the world must stand up for the Palestinians.
South Africa was willing to participate in any peace process to resolve the conflict between Israel and Palestine.
As you know this is an unfolding situation and it changes hour by hour. Our government agencies, our international relations department as well as our intelligence services and our defence intelligence are monitoring the situation on an ongoing basis,” said Ramaphosa.
“To this end we have called on the international community, the United Nations and all other concerned organisations that peace is restored in Palestine and that the Israeli government is directed at withdrawing this command of getting people out of northern part of Gaza because in the end it is going to amount to almost genocide as many people are going to die.
“As we speak now half-a-million people, who are Palestinians, have been displaced. They have been removed from their homes, they live in schools and other areas as well. This is the most tragic situation and almost dangerous situation that the people of Palestine have been exposed to,” said Ramaphosa.
He said humanitarian corridors must be opened to allow for the supply of food, water, fuel and other needs. Electricity must also be restored to the people of Gaza.
Ramaphosa said they were also concerned that the conflict may spill over into the Middle East and drag other countries in the region.
There were already conflicts in Africa and Ukraine, and the world cannot afford to have another conflict.
So the ANC supports the "Palestinian cause". Good to know. How come they were sabotaging Africa and cozying to Morroco on the conflict between Morocco and Western Sahara?
CodeTemplar: What IMF is saying is a good step we are not positioned or ready for. That makes it a bad advise. Production/productivity precedes taxation. Tax is a cut if something donated towards appointed authority for use for the good of all. The level of that something is so low, people are largely surviving and taxing someone for survival is different from taxing them for prospering or remaining prosperous.
caye: May the Most High God render you joyless, at the end of your years on earth. Tell me , which Asian county IMF policies worked?
Philippines : where most of the population turned to garbage scrap collection; till Duterte started a home grown policy. During the last dictator's reign, drug traffickers grew till Duterte came to stamp them out
Vietnam:- that was bombed into oblivion?
Indonesi:- siluffered the effects of sponsored terrorism, a consequence of USA policies of the 70s and 80s , and internal wars
Just tell me, you brood of snakes and scorpions.
Your white race will be ended by Mother Earth. Shebi you have your Agenda 2030? Don't worry, you will all start dying, just like you have both directly and indirectly murdered millions of Ebony skinned folks.
If you had the power to command the MH to do anything, I doubt life would have made you such an angry man. I wish you love and light.
Angelfrost: Bro, I'm always calm... Me and you no get problem.
My problem is with IMF... They never tell these leaders the whole truth.
Nigeria needs to massively increase internal production, and cut down importation, as a matter of urgency... Infact, it has to become a compulsory national project.
But, this can't happen if you don't clear off Insecurity and Corruption.
When UK, Canada, and others massively tax income earners, no one really complains because the tax to income ratio is reasonable for those living simple and prudent lives... In addition, the revenue doesn't get stolen.
treesun: By Farooq A. Kperogi This issue has demonstrated to me in starkly dramatic terms how partisan blinders can distort people's perception of reality. When people so badly want something to be true, but it turns out to be untrue, they choose to hang on to the most absurd apophenic hallucinations (i.e., seeing predetermined patterns from a chaos of unrelated phenomena) they can invoke to validate their preconceptions. I've studied and taught this phenomenon for years but had never seen it manifest on a mass scale like this.
The only new thing that will change the conversation is a foolproof revelation that Tinubu didn't meet graduation requirements and was issued a fraudulent transcript that said he did—after the fact—by dodgy university officials. That would establish the legal basis for forgery. https://www.farooqkperogi.com/2023/10/neither-tinubu-nor-atiku-forged.html
Angelfrost: Who exactly do you intend to tax?!! What is their earning power?!! What is their current living standard?!!
Can you extract water from a stone?!
On what solid foundation do you want to extract taxes and raise revenue?!!
You don't put the cart before the horse.
You guys should learn to read and research before throwing theories about...! You have brains for that.
Camdan. Scroll up. I already made this point in response to another poster. Yes, you can't tax the poor. We must raise productivity and empower our people first if we're to get anywhere to close to optimal taxation.
victory36: worked in which Asian countries? Sri Lanka that is a shadow of itself thanks to IMF? Singapore and south Korea both have a reason why they banned IMF help. Even china hates the IMF more than it hates the US. It's only poor desperate countries that find themselves duped by IMF who then introduce unclear policies to keep them licking the boots of the western corporate giants. No reasonable country goes to IMF for funds that's why chinese loans seem more attractive
I lived through Babangida's SAP and I saw what it did to me, my family and other families. I saw how it wiped out the middle class. So I'm against IMF loans and their conditionalities too (No, I don't have agree they failed everywhere, but that's for another day.). But the issue here is not loans - it's a specific IMF recommendation - increase taxes.
Kukutente23: Should their advice not be geared towards productivity then?
That's what they're geared towards. In a way. We have a revenue crisis, which hampers government's ability to provide electricity and roads - which are critical for productivity. Increasing taxation should also help curb importation (fewer Champaign bottles will be demanded if you tax the rich), tame inflation, and firm up the naira.
You need to understand that their is a global politics to keep some region rich and some poor. Unfortunately, Africa has been programmed to remain poor for cheap access to raw materials and labor.
To break out of this plan, African needs to look inward just like the Chinnes and Indian to solve her problem.
No foreigner or god would save Africa. You have to save yourself.
High taxation is NOT a bad policy - I'm not sure why people think it is. The European countries our people run to have high taxes. The problem is that the vast majority of our people are poor and you can't tax the poor. So we have to find another route to economic growth and development so that our people can be empowered. Oil is our natural route but that has failed, partly due to massive corruption.
That means we must increase productivity by removing the bottlenecks that hamper industry. Yes, we must look inwards. But if someone is trying to keep us poor, this advice doesn't necessarily amount to that.
abhosts: As if higher cost of living is not bad enough. Now I understand why a bible says: "Just as the rich rule the poor, so the borrower is servant to the lender". IMF is dictating cruel policies to nations that go to them for help.
They're not "cruel". These policies have actually worked in Asian countries. Africa is a different matter because of low productivity.
Ayodeoba: you will also face this kind of thing either now or in future time, there won’t anyone to vindicate you
Lol. No, I won't face this sort of thing. Well, no one can tell the future - and it can happen to anyone, me or you. I wasn't supporting anyone with my statement, just pointing out a logical flaw in your post.
seborrhic: Trust this African military ruler to believe this and sell it to his equally gullible countrymen,if at all the story is true. So Russia that is not even in a position to build one for itself now will leave many Arab countries of the same ilk with money to spare,leave Belarus and its core neighbours and go site a nuclear power plant in poor Burkina Faso? The next logical question any person with commonsense would then ask is this:assuming the story itself is true,assuming Russia has the resources to build one and Burkina Faso can maintain one without disastrous consequences,to what purpose? Will Burkina Faso immediate neighbours and distant ones in West Africa even accept to have such risky facility sited in a poor country without the means,resources and technical know-how to run one,knowing the disaster that awaits not only Burkina Faso but the subregion if anything goes wrong? Russia be deceiving gullible African rulers since the days of Mobutu Sese Seko. Which African country that Russia has imprints in is doing well?Zilch!! If there is any element of truth in the story,I can only assume is a sweet proposal Russia has put before the not so intellectually sound burkinabe ruler to not only allow Russia to have another footprint in another African country,but to mine it's reach resources at almost free in the guise of building a nuclear plant they neither have the resources or actual plan to build. By the time they tell them that the "nuclear plant is still under construction and will be ready soon",over 20 years,Russia would have effectively carved out a state out of Burkina Faso and mined out majority of its resources.
The BBC has reported it. People are enchanted when they "Russia" these days. Our gullibility will keep us at the bottom of the pile.
President Bukele has been after these bandits from day one. Legislation has been enacted. Succeses have been recorded. I wish him well. Haiti, Ecuador and Venezuela should learn from El Salvador.
This one is looking for friendship with a touch of sex and romance while sitting on the fence. There are no free lunches in Freetown. Apply for this and be doomed.
Go and be friends with your fellow gender or if you insist on being friends with a female, get married.
TheRealOwner: No be new format for ritualism be this?? Abeg ooo. We've seen too many 'missing girl/daughter' posts this year
Go and join the choir of a big church and get married fast
Someone once told me that "Nigerians are mean!"
Zero questions. Zero effort to try to UNDERSTAND the man, so zero empathy. "New format for ritualism". That one got me.
In civilised countries (a.k.a. "saner climes" ), they recognise loneliness as a problem. While nerdy, neurodivergent or socially inept people are still generally left to suffer and carry their burden alone, there are institutes and NGOs that make decent effort to educate people about them, so you will never see them ridiculed like this. It is, as they say, what it is.
GrassrootReport: ... I'm Happy I Married My Wife's Kid Sister - Husband
Mary Obeten Peter, a woman from Cross River State, Nigeria, has been left devastated after her husband, Peter Obeten, married her younger sister, Hannah.
Mary and Peter tied the knot in 2021 and have a child together.
GRASSROOT REPORTERS gathered that Hannah came to Lagos to assist Mary with house chores when she gave birth. However, she ended up having an affair with Peter, who is a plumber.
The affair culminated in a wedding ceremony that took place yesterday, October 11.
Mary expressed her pain on Facebook, writing: "My kid sister has finally succeeded in taking my husband as her husband may God judge you amen"
She also confirmed that her sister and her husband are now living together.
In a previous birthday message to Hannah in 2022, Mary had called her "my favorite sister".
Peter, on the other hand, showed no remorse for his actions. He posted on Facebook: "I'm so happy that I finally succeeded in taking my wife's kid sister as my new wife".
patriotic007: I used to support Palestine growing up until I did my own unbiased research and found out that Israel is not the bad guys after all. Before 1948 the UN offered Isreal and Palestine the two state solution. Two countries living peacefully side by side building their futures. Israel agreed but Palestine refused the offer and started attacking Israel brutally until Israel understood the game and also took up arms to defend themselves. Palestine has always thought the only solution to the whole land issue was to wipe out Israel and they went into war in 1948 thinking it would be possible to do it. Israel defeated Palestine and it's Arabs friends and Israel got their country. Israel quickly started building a very prosperous and technologically advanced nation and gradually the two state solution started vanishing. Now Palestine are now begging for the same two state solution that they where given free before 1948. They are begging for a two state solution not because they want peace with Israel but because they have now realized that the only way to defeat Israel is to have a country that has a very formidable military that can wipe out Isreal . Palestine want the two state solution inorder to build an army and weapons to drive Israel into the sea and Israel knows this hence the continued expansion of Israel and it's settlements. Palestine can never live in peace with Israel and to them the only way to have peace is for Israel to be wiped out completely. For this reason the world must never allow Palestine to have its own state because it will lead to a massacre that will make the Holo look like a child's play.
So the current situation where Palestinians are held in an open prison with occassional bloodletting between both sides is the way to go?
aycorporat: You wonder on their behalf or for yourself?
Logically, I'd not need to wonder for myself because I'd know already. Now, I really doubt you have enough sense to process this response since what you asked is all you could think of as if it matters.
Vinnie2000: I saw an IJAW Girl Recently, who came from her VILLAGE to Warri in 2020, Got Pregnant for an Urhobo Boy whose Mother is IJAW.
She Gave Birth to a Girl and Fast-forward to 2023, I discover that that She and her IJAW Mother-in-law was speaking English to her Daughter! 😯😒😕
I Painfully Asked Her 'You when be Thick IJAW Girl dey Speak English to your daughter?'. She now Replied 'I want my Daughter to Sabi Speak Correct English o. For their School, Any Wrong English, Dem go FLOG you'.
I was WEAK Instantly!
See how PRIVATE Schools are Unknowingly DESTROYING and OBLITERATING our Local Languages in Nigeria!😒
By 2040,2050, ALL NIGERIAN LANGUAGES will go EXTINCT, plus the ever Popular Yoruba Language.
Now, Every Nigerian PARENTS is Teaching their Children 'Correct English' Because they wants to IMPRESS the Schools their Children Attend.🙁
PRIVATE Schools too, Put Pressure on Children to speak 'Correct English' and even Phonetics to IMPRESS PARENTS!
TWO GROUPS Trying to Impress Eachother, to the Detriment of our LOCAL LANGUAGES.
So I ask, IS THIS TREND GOOD THING?
IS THERE ANY BENEFITS IN BECOMING EXPERT ENGLISH SPEAKERS, WHILE ABANDONING OUR NATIVE LANGUAGES? 🤔🤨
Yoruba will survive. You see those small small languages from the South South? They're doomed! No hope for them - unless something is done.
Earlier today, the presidential candidate of the Labour Party in the 2023 Presidential Election, Mr Peter Obi, held a surprise World Press Conference where he reacted to the outcome of Bola Tinubu’s certificate saga in Chicago State University.
Addressing the press, Obi charged Tinubu to personally reintroduce himself to the nation and tell Nigerians his real name, where he’s from, schools attended and certificates obtained.
Obi decried the fact that Tinubu’s certificate saga has in the US has caused the world to now see every Nigerian as either a forger, a fraudster or an identity thief.
For those who have been following Mr Peter Obi since he declared for the presidency in 2022, they would testify that this is the most direct he has come at a person as he constantly mentioned Tinubu’s name and challenged him to save Nigeria further embarrassment.
One thing that stood out is that he refused to address Tinubu as “president” throughout his address.
Safe to say that Peter Obi does not recognize Tinubu as president. But should anyone?
Use a poor currency to buy a stable coin, convert to a costly coin and sell to fiat. Thank me later.
With N2M this morning, I estimated 295k profit. I have screenshot...nairaland won't permit.
Sounds interesting. I wish Nigeria was a normal place where two strangers could come together and do business like normal human beings without worrying about getting scammed. Is it something one could start with a smaller amount?
Business › Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by JuanDeDios: 8:45pm On Oct 14, 2023
