₦airaland Forum

Rapmoney:
I went to the market to buy Akpu two days ago because I was very hungry for swallow food but the size of 100 Naira Akpu (fufu) has been giving me sleepless nights. This used to be my favourite swallow. I kept turning on the bed restlessly last night each time I remembered the size of Akpu that goes for 100 Naira now.

Abeg, wetin dey happen for Naija? Abi na to migrate to Gambia or Gabon? I don't really know what this country is turning into.

na so the size of 100 Naira Akpu be for una area?

let's be honest, that size of Akpu stayed #50 for a long while even when dollar was 360, the producers really tried to maintain it at that point compared to other business.

In 2009, most federal universities pay an average of 12 to 15k as school fees.
Today that figure has added an extra zeros.
The FG on its part claim ASUU remits less than they consume.
The FG on one 1 hand is responsible for every capital expenditure on federal universities while the universities take charge of recurrent expenditure.
The school fee increment on the students is done by the school to manage those recurrent expenditure yet still FG manages the salaries of Non Academic staffs.
What has ASUU as a body done for anybody it has served.
The standard of education has dropped as sorting of courses has become too easy in govt universities. The standard of graduates are not employable, Their remittance to govt purse hasn't increased either yet they want new salary.
Ogun go kee any lecturer. If your too good to lecture, go to private universities.

tollyboy5:
I just asked for a bag of pure water and the lady told me it's 500 naira.

What is wrong with Nigerian. They want to leverage on inflation to increase price of water for no reason.

What does pure water company use that depends on dollar??


Cold pure water is 3 for hundred naira.

Please note, akure is a place with zero company, no light and no water due to the rocky ground.
But inflation here is crazy, Lagos dey learn.

it's 4 for 50 naira in Kaduna.
Seems you guys tolerate unnecessary increment down south.
The north fit burn your business if you over do

richidinho:
Even when he was Rivers state governor, he thought governance is all about building flyovers where he can get kickbacks

Zero Human capital development

Zero employment

he paid all FCT staff workers 4 months 35k palliatives to ease hardship.
Meanwhile capital projects is the main issue with the FCT.

One thing I've learnt in my life is never to ignore those that work hard and reward opportunist.
She ireti barely campaigned and rode on the back of Peter obi.
Wike today as minister has made his presence felt across the city down to the council area.
If I go out now, you'll see countless road constructions going on.
Many were abandoned before buhari left office and have been revitalized today.
He's shown himself across all council and has been actively working.
Meanwhile ireti on her own part is letting her mouth do the talking.
Wike has moved away from her as she's more about derailing than services.
Wish we had Wike as minister while having hello elrufai as senator.
FCT citizens would have been more respected.

Wike should keep up the good work and ignore this opportunist.

..

Trust me those boys must have been a nuisance to the student community and the ABU academic society at large.
Trust me, if it's ABU Zaria, it's not just an hungry man raid mostly done in some southern school.
The school are very much involved and they are operating very legally.

Wike is most likely playing dirty with those state actors who are hell bent in frustrating the growth of the FCT.
(Enemies from within)

Wike be like, you won't be diplomatic in sabotaging the FCT growth I also won't be diplomatic in making you run from the fight of the greater good.

Disclaimer: This is not reality but figment of my imagination. It could be very much true cos I'm from the FCT.

ShoeGetSize:
This is the latest official exchange rate that the Naira was trading against the dollar as at yesterday.

I'm sorry if you are too dumb to accept the truth

even cbn website already updated official rate to 1489.
Google might take time.

dettolgel:
Go to Amsterdam, Brussels, Antwerp, Rotterdam you will find their equivalent of Mallams.

We have the habit of destroying people's business as a way of punishment.

Government could have simply given them 2 weeks to register and that their representative should bring the list of registered Mallams in their district.

During a raid if an unregistered Mallams are seen government will fine the Mallams in charge of that area 5 million naira for each unregistered Mallam operating there and the fine should be paid within 5 business day or they will be prosecuted and their licence withdraw.

That way the Mallams will also be part of the enforcers no business destroyed no body is being harassed, government is making cool cash and mallams are feeding their children.

APC can use the idea I won't complain as long as it moves the country forward.

I think what you said is what the govt is doing.
They are trying to regulate it to ensure accurate record keeping of it's activities.

NPFLADMIN:
What 9ja needs na Job creation.(including agriculture)
The private sector no fit do am becausd they are worn out by the economic challenges.

Na some1 tell me ooo I don't know much about economics.

the fact that production is part of our problem doesn't mean if the dollar moves to 15k naira to a dollar we would accept.
Yes lack of production is a problem but don't exploit us beyond our reach.

Trust me if demand and supply was the major player in currency trade crisis killing our naira, there would be absolutely no seller of the dollar available at the moment as many individual would have bought it at the cheaper rate it reduced to in recent times.
But then steady availability and steady decline means speculation has been eliminated and no panic buying at the moment.

The raid was not on bdc but on those Mallam engaged in an already outlawed activities.
BDC operators were only slammed with regulatory policy so as to tighten the loop holes they exploited.
The naira has been on steady gain ever since and today it's 1600.
I'm sure Peter obi was the same person who clearly stated you don't remove a teeth just like that because it aches you.

Corruption, underproduction are part of our problem, we aren't pleased with that but then we don't allow a new problem of negative speculation develope into a critical one because we are fighting a much bigger problem.
Problem in it's self is well managed at an initial stage.

buhari made sure we became self sufficient on rice production which we succesed at, but then saboteurs prefer to export and sell at a cheaper rate to other countries than Nigeria.
evil people full this country.

santaclaws:
Just witnessing this right now... All because of cheap rice that's not even enough to go round 😒

It is believed that people queuing to buy the N10k rice got frustrated when the queue was too much and some of them pulled down the gate of the Nigerian customs. Still, I don't believe this justifies tear-gassing people, some of which were nursing mothers who came with their infants.

Two people have allegedly lost their lives as per news circulating around the customs office.

if they could pull down the custom gate, the next thing is anarchy, looting and stampede if extreme measures is not used to contain it.
so it justifies using teargas.

dopedan:
Ah me dat was shouting it is 500 last week it is now 800? Tinubu why

it's still 500, media Sabi raise speculation.
spaghetti is #800 on the other hand.

UnstableFC:
Another short lived propaganda.
The praise singers will praise ,
It's an eight years plane ride .

be positive in life.

Babangidapikin:
brutality is not acceptable

an eye for an eye is a fair game.

out of 19+1 northern states, obi won just 2 plateau and FCT.
meaning obi was outrightly rejected in the north.
since when did obi supporters starts to care about the activities of the north towards tinubu?
enjoy your hero beer since the dollar doesn't affects your business.

SenecaTheYonger:
if you type ‘what does USDT stand for’ in Google you will never see United States Dollar Tether. So now tell me how a token which is printed from thin air, which you cannot buy oil with, you can’t sell oil and accept USDT as payment. You can’t pay hospital bills abroad, you can’t pay schools fees, you cannot export anything of relevance and collect USDT as payment. But somehow this is supposed to be competing with actual USD that we get from oil export and other trading of goods and services, etc.

USDT has no value outside of being a hedge for crypto coins to avoid the volatility typical of cryptocurrencies while holding funds within the crypto system. It has no real world use. But somehow, we use it as exchange rate for real actual dollars gotten from trading goods and services.

the fact that some people have as much as 100 million usdt should bring some people brain to factory reset.
investing 100million to a coin thats not really feasible and not a legal tender anywhere.

Jflex07:
Go learn simple english first.

I would have been surprised if you were constructive, but then same you as always.

Jflex07:
collecting space to type gibberish as usual.. Keep sucking Tinubu flaccid balls for peanut.

I'm not driven by illogical terms because it suits my I'll driven intention.
I respect and understand the fact that we don't think alike and different things trigger our adreline..
For me, falsehood never triggers me, and I question the intention of a gossiper who brings gossip to me.

Yesterday the naira to euro hit a record low of about 2k plus..
Same yesterday we clearly understood the idea that demand and supply wasn't the real reason for the high rate but rather negative speculation as reported here in this report.
If it traded @2067 yesterday and today traded @1960 what is the record low your talking about then today?
I'm neither pleased at such rates though but then you don't turn a bad situation to a rotten one.
You don't keep speculating negatively.
When platforms are advertising at different rates, you look for the cheapest one and advertise not the highest one in other to trigger out cry.
No sane person except saboteurs are happy about it.

Yesterday gazzeth papers was publishing how pure water bag sold for 630 in ijebu ode( my mama village)?
While a piece of pure water sold for #30.
Do the maths if we have 20 pieces, It's not logical at all.
I put a call through to my aunt there and she told me they are complaining bitterly how it moved from 250 to 300naira.
Bit gazeth said 600 and nairaland posted on from page
Same thing with rice.
Until a Twitter user started selling for 65k in Lagos, the rice was even getting to 100k by speculators.
Julius abure even said 120k from no where.
Imagine the gap difference 65k to 120k.
We need to stop giving platforms that advertise exorbitant rates publicity while we trend those selling much cheaper.

Deogratiasfx:
A country that knows what is doing can even rely on Crypto to beautify their economy. Huge hard currency that is would even give u more than oil wells and gold reserves.
Was so shocked that the world is going crypto, Buhari was banning Crypto.

us, UK and china don't know what they are doing..oga talk reality cos top countries in the world are banning them.

Greattha:
Continue.

This government that has continued looting and living lavishly despite the current situation isn't a saboteur abi?

Dey play...jus dey play.

the looting didn't start today neither any policy would end it soonest.
Even before we were born, political office holders have always looted us, the problem is we now sabotaging our selves cos we want to spite govt.
A new problem can be managed early, but because you are among the saboteurs, you want the govt to focus on old problem while letting you continue growing stronger and immune to the new problem you create.

babasolution:
Gowon as never ever spoken about the killings in his state,he is always used to rally support for any government in charge.He presents himself as a humble masses friendly man but
he never ever says anything against the elites, at least some of his colleagues like general danjuma had spoken.

He acts like he is such a Christian godly man but he always supports every government no matter what they do even when they commit evil acts.

The atrocities in plateau state doesn't seem to move him one bit atleast publicly.

Moreso he seems to always talk down and deride the masses anytime he speaks publicly.

He never for once spoke against buhari,despite buhari supervising a clean swipe of violence of his state folk.

A former president like Obasanjo had severally spoken against buhari.

Though his time as a president was relatively good,he supervised a genocidal war.

There's something awkward about the MAN ,I can't place my finger on it but he is strange.

that's what most head of state do except Obasanjo.
Jonathan, ibb, abdulsalam and now buhari all tend to support the govt in power.
They know just how difficult Nigerians are to manage.

The economic saboteurs are about to open a new chapter from this week since their currency sabotage has casted.
The next is sponsored protest.
They started with heavy kidnapping in Abuja tinubu match them, moved to banditry in the north and west, tinubu again matched them, moved to negative price speculation on foods, demands and supply hit them too hard.
They continued sabotaging our currency on a daily, now they've been matched once more.
Next is to trigger protest and the DSS is not smiling with anyone.
The reason I supported tinubu is his ability to deal with those saboteurs.

The thing is majority of obidients aren't like you, hence your opinion matters less, some obidients would most likely insult you for wanting positive growth for the country..
Imagine if such people leads you in the future, I'm sure no one dares to criticize their falls.

See this one, make FG Siddon dey look as negative spectators bury our economy?
Una go dey all right soonest..

Zxcvbnmghtr:
May Almighty God bless you. Do you see the bolded in your comment. That's the solution. But Nigerians are not ready, we want short cut to success. When Naira was so strong in the 70s and 80s there was local production every where. It's simple economics. God bless you once again

are you trying to tell me that our importation has almost trippled in the last 3 months when we know subsidy removal has reduced our petrol importation by over 20%
The major consumer of our forex?

RepoMan007:
This robbery. N620 when it sellls for as low as N250 in abuja and environs. It even cost more get raw material to the north than ijebu.

you dey mind gazxeth, these ones has never hidden their hatred for tinubu and the economy even when it affects the common Nigerian most.
If a bag is 620 as claimed why would anyone sell a piece of water for 30 naira? When 20 piece in the bag would give you 600 naira.
Their lies are not even properly arranged.

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.


Update: It appears the Nairaland moderators in business section do not like this post because they banned my alternate Moniker for 4 days after making this post there.

bros god go bless you for this post.
You just explain the negative speculative fraud hoe it happens.
How on earth would you choose to buy higher than parralel market but peg the minimum transaction at 5million.
Those with 5million that are honest business men won't take that risk which in the end is not even a valid deal.