According to the 22nd edition of Ethnologue (2019)
Nigeria has about 250 ethnic groups (Hausa, Yoruba, Igala, Itsekiri, Shuwa Arab, Kanuri, Edo, Ebira, Tiv , Angas, Berom, Bachama, Ibibio, Efik, Ijaw, Urhobo, Isoko, Ebira, Idoma, etc). A vast number of the supposed 524 languages listed on that list are a combination of Nigerian indigenous languages and their various DIALECTS. Some of the major dialects of the Yoruba ethnic group are Oyo, Ibadan, Egba, Ijebu, Awori, Ijesa, Ekiti, Ondo, Owo, Kabba, Ketu, etc.
Most of the languages listed for the U.S., UK, Netherlands, Israel, and Canada, etc, are the languages belonging to immigrant groups including the indigenous languages spoken in those countries.
nlfpmod: Those who want the Naira to be N400 to the $ are living in a dream world. Even discounting for the negative impact of speculative attacks on the value of the Naira, the exchange rate will (and should) reflect its market value in reality, not the artificiality that the Emefiele era central bank sought to maintain to please economic illiterates in political power at the time.
That artificiality created room for massive arbitrage by speculators which bled the economy. Nigeria does not (yet) have a productive export economy. That’s the heart of the matter.
And we do not have $100 billion in foreign reserves. So on what basis would the Naira forex rate return to some fantasy land soon? It will also take time to regain or achieve full investor confidence such as we had when we were there (and the rate was N150-165 to the $ 😀).
The sooner we focus on a painstaking creation of vale-added manufacturing export economy that earns forex beyond oil in real and significant terms, the better. Key to this is the electricity conundrum in which we are at less that 4,000 megawatts of generation for a population of 200 million for decades now. Take power to even 20K megawatts (let’s not talk of 50K for South Africa’s 60 million population or Brazil’s 181K megawatts for a population only slightly larger than Nigeria) and you will see what the Nigerian entrepreneurial spirit is capable of.
GAZZUZZ: I just completed this CNG retrofit on a 2009 Ford F150 with a V8 4.6L natural aspirated Engine .
The vehicle is now fitted with 3 CNG tanks with a combined capacity of 165L (48 SCM @210bar)
Vehicle now boasts of 300km Highway travel on 48SCM which is an equivalent of ₦9600 @ ₦200 per SCM. For better description the distance of Lagos to Benin is about 295km.
Now this is nothing new to CNG retrofits as it brings down the cost of fueling most vehicles by 70% in ₦.
What is unique about this vehicle is it's ability to provide Natural Gas for external use for equipment like Generators, and cooking utensils.
This again brings down the cost of powering your petrol powered gen by about 70%.
In place of LPG it is currently 200% cheaper to burn Natural gas as against LPG.
We have an abundance of natural Gas reserves in Nigeria , hopefully we can all tap into this God given free gift to lower our expenses.
MoneyPlotter: Idu, ONELGA, Rivers State, Nigeria - The tranquil waters of Idu, nestled within the heart of ONELGA in Rivers State, recently bore witness to an extraordinary spectacle during the annual fishing festival. Enthusiastic participants and local fishermen were left awe-struck as several massive fish were hauled in, underscoring the bountiful blessings of Ogba Land.
The Fishing Festival, a cherished tradition in the region, turned into an unforgettable affair as nets were cast into the glistening waters, yielding a remarkable harvest.
I warned months earlier that the Russians should disentangle themselves from their recent relationship with Iran under the Shia rulers and other states that threaten others with terror or sponsor Islamist terror groups. Now, these Russian attacks by ISIS members (who practice the strict Wahabi strain of Islam) have occured.
press9jatv: More images from the first phase of Ibadan circular road. Badeku Axis: front of Ife-Ibadan expressway .
Ongoing Project: Construction of Bridges and Interchanges on the East End Wing (32 km) of the 110 km Senator Rashidi Ladoja Circular Road. The Badeku Interchange on the Egbeda End of the project is now completed. More details https://feedbackoysg.com/senator-rashidi-ladoja-circular-road-egbeda-end/
Constructed by Craneburg, a construction company that was founded by Herbert Wigwe's wife in 2016.
naptu2: Mohammed reiterated that social media remained the platform of choice for the purveyors of fake news, anti-state groups, anarchists, secessionists, terrorists, and bandits.
He recalled that while in government, his ministry uncovered 476 online publications that were dedicated to spreading fake news against the Buhari administration.
Mohammed specifically recalled the fake news that the former president had died while receiving treatment in a London hospital and was replaced by a clone called “Jubril from Sudan.”
According to him, the challenge of fake news continued up to the campaigns leading to the 2023 general elections, where President Bola Tinubu became a target when videos and speeches attributed to him were manipulated and distorted.
LegendHero: Many things led to the civil war Chief Osoba, do you want to say you don’t know history or you’re just trying to be politically correct?
Often many people believed the killing of Saraduana and Balewa are what led to the North uprising against the Ibos in the North but this is half truth. The Unitary decree of Aguiyi Ironsi caused as much harm as the coup. Infact, it was what led to the initial killing of Ibos in the North, and gave the fertile ground for the counter-coup.
I will give timelines of events below, if anyone need proof of any of the point I raise I will provide it.
Besides the killings of other tribesleader by the majorly coupist of Jan 1966 which everyone knows, the below are some other side of the story.
Decree of 1966: --May 1966, Ironsi announced that the regions are dissolved and there will be unification of the Public Service. -- Note: The Ibos have the highest number of civil service candidates then and they are more itinerant than other group, which implies that decree will favor them. --That decree was popular in the East and the Northerners received it as a blow on them and an act of marginalization against them because they have low number of civil servant. Remember Saraduana video that was trendy then. --To crown the fears of the Northerers, General Ironsi announced the unification decree while the constitutional report group he set up under the chairmanship of Chief Rotimi Williams haven't concluded their report yet. So he acted on this own.
Riots due to the Decree: --May 28,1966, A massive demonstration of about 20,000 people held against Ironsi decree in Kano which was organized to present a petition by the military authorities through the Emir of Kano. Slogans used were "Pure Federalism or We Bust", "We denounce abuse of power", We Separate Clearly". Infact that was when the North preached secession. 7 people were reportedly killed that day
Kano, Kaduna, and mining centers of Jos and Bukuru again protested with violence with placards saying "Let there be seccession". Infact over 92 people were killed in that weekend demonstration. They r Southerners quarter, houses and over-turned cars. Ironsi replied to the protest by saying he will declare certain area military areas, replace civil court with military court, and death penalty to anyone causing destruction in the North. He also accused the Arab world of being behind the protesters coz they are friends to Saraduana.
In June 1966, The government declared Dusk to Dawn curfew and these riots and killing still continued with rumors in the North that the Ibos will counter-attack. I don't know if Chief Osoba is referring to this.
--Over 100 emirs and Chiefs in the North gave an ultimatum to the Ironsi government to reject the decree. The resolution was presented by the 65-year old Sultan of Sokoto then who is also the uncle of Saraduana where they demanded Nigeria should stay Federal, and old boundaries should remain as before.
--The progom continues with several Ibos being killed across the North. The North sensed domination of the Ibos because the constitutional study group haven't submitted their report yet but Ironsi still abolished the system. Then the sentiment is that Ironis is running a Ibo regime just like people are talking about Fulani regime now. Gombe, Katsina, Bauchi also joined in the attacks mainly against the Ibos.
Counter Coup: --July 1966, the mutineers arrested Ironsi and later killed him which set the ball rolling for more violent attacks here and there. Brigadier Ogundipe who is the Chief of Staff to Ironsi made a broadcast saying the military is still in control with but what happened in few days after showed that the mutineers want none of Ironsi regime and are all out for revenge. Cut story short, Gowon took power.
--Aug 1966, Gowon took power as a Northerner, first it is decisive, he is a Christian and he is from the minority so he is seen as a great asset not only in Uniting the North as a common force but also to appear to the South as being relatively acceptable. Then he ordered the release of Awolowo, Enahoro and other political prisoners which was a masterstroke, now you have the buy-in of some Awo symphatizers who are by far the vast majority of the Yorubas and some of the Edo areas.
All these contributed to other riots, killings, thousand Ibos killed in the North, Ibos retaliated in Port Hacourt killing 25 Hausas, plane evacuating Ibos, and eventually the civil war as the ending game.
Botragelad: Meet Muhammad faizov! This is the same Russia criticizing Israel for defending themselves against Hamas. IDF didn't cut anyone's ear. Lol. Yet everyone keeps wailing on the media. Bloody hypocrites.
Someone below said he has no sympathy for TERRORISTS, can we say the same about Hamas because they did worse than this, still get support from jokers here including the same dude who made the statement. Isn't that hypocrisy?
Botragelad: Below are photos of some of the TERRORISTS Russia forces caught few hours ago. The first shows a guy ear being caught off and fed to him. Maybe don't mess with the Russians, these guys can be barbaric when need be.
Holiness2100: The term ‘ecosexual’ is the state of finding nature sexually appealing, whether that means feeling at one with nature’s ‘energy’ or physically caressing nature.
A sexual health coach on TikTok described ‘ecosexuality’ as an umbrella term for people who ‘treat nature as a sensual partner.’
But stories such as the Toronto woman who embarked on an ‘erotic’ relationship with an oak tree and a clip on the British TV show Naked Attraction in which a cast member calls herself an ecosexual have garnered social media responses like ‘Society is doomed’ and ‘Why aren’t people like this being locked up? Or getting treated?’
The ecosexuality tag on TikTok has been viewed more than 470,000 times, with videos showing people taking freezing cold plunges in creeks, caressing lemons, and rubbing themselves against trees.
nearline: The truth is our government has now failed us. This is why I decided to exclude the political aspect from this post even though it has become obvious that that is not totally ignorable. The point here now is to see what we as citizens can do to help the country. As bad as it is right now in the country there are many billionaires in this country. Most of them live really quiet lives. These category of people can help one way or another. If the government cannot handle implementing and managing infrastructure, like the industrial estates you have mentioned for example, for her people then any aspect of that infrastructure that is legal to be privately owned can be taken up by capable individuals and built and made to work for the people. It is not like they will be doing it for free. To bring a little bit more of politics in to this we also need many politicians with serious self discipline sponsored (or not) by business moguls just like them that want what is best for this country to come up and fight for the rest of us on the political front. That will help a lot too. In fact that is needed. Politics is not child's play. We all know that. But we need people who are ready to go there to do what is best for us. And I must also mention that those set of individuals must not go alone as their enemies are many — more than they can count. Their opponents operate as a team so the ones who will go into politics to fight for the masses must also operate as a more formidable team. We need to face this reality. A man with a great vision is not nearly enough to change anything.
Indeed, you are correct about private-sector initiatives. The business models I stated in my post on the Singapore and the Old Western Region of Nigeria success stories by Lee Kuan Yew and Chief Obafemi Awolowo, GCFR, SAN, were private sector-led. The governments ONLY came in to provide an enabling environment such as huge tracts of land for the industrial estates in Singapore and Nigeria but private individuals and companies were invited to establish high-tech industries, finished garments companies, and more.
So, you're right that private high-networth individuals through different business associations or chambers of industries can come together to do what you've stated. The governments only provide the enabling environment through tax holidays and more. The Lagos State Government since 1999 had a development plan and did something like that by initiating or establishing the Lekki Free Trade Zone (LFTZ) and the Lekki Deep Seaport through the public-private partnerships. High-end industries are already located there with more to follow as as international business hubs. I read of plans for such public-private partnerships in the Niger Delta area as well which will be awesome when it kicks in.
A large-scale Russian missile and drone attack damaged power plants and caused blackouts for more than a million Ukrainians on Friday morning, in what Ukrainian officials said was one of the war’s largest assaults on energy infrastructure.
At least five people were killed in the assault, and 23 others were injured, according to Ukrainian officials.
The strikes came as the Kremlin escalated its rhetoric over the conflict, saying that Russia was “in a state of war” in Ukraine — and moving beyond the euphemism “special military operation” — because of the West’s heavy involvement on the Ukrainian side.
In Kharkiv, Ukraine’s second-largest city, traffic lights were not working and the water supply was disrupted. A fire raged at the country’s largest hydroelectric dam, in the southeastern city of Zaporizhzhia. A few dozen miles to the southwest, a power line supplying a Russian-occupied nuclear power plant was temporarily knocked out.
“The enemy is now launching the largest attack on the Ukrainian energy sector in recent times,” Herman Halushchenko, Ukraine’s energy minister, said on Facebook. “The goal is not just to damage, but to try again, like last year, to cause a large-scale failure of the country’s energy system.”
The Ukrainian Air Force said that Russia had launched 63 Iranian-made “Shahed” attack drones and 88 missiles in the assault, including hypersonic weapons that fly at several times the speed of sound. The air force said it had shot down most of the drones but fewer than half of the missiles, a low interception rate compared with previous assaults that may reflect Ukraine’s dwindling air-defense stocks.
“Russian missiles have no delays, unlike aid packages for Ukraine,” President Volodymyr Zelensky said on social media, an apparent reference to the $60 billion in military assistance for Ukraine that Republicans in the United States Congress have held up for months.
Tbh, this war has taken its toll on the global economy including that of the U.S. and her European allies in ways that were NEVER anticipated only for Russia and her allies such as China to continue growing stronger economically.
It's time for everyone to cut their loses and run because the U.S. economy cannot sustain a full scale war because of hyperinflation, with the country being the biggest debtor country in the world, and more. A peaceful settlement at this point would pull the rug from under Russia's feet and give the U.S. and her allies... and indeed the rest of the world the time to breathe from the global spike in hyperinflation. Period.
sukkot: i totally agree with you however it seems the mass production of anything tech has been globally taken over by china and looks like it will be that way for the next 100 plus years. I believe we need to go into high tech agriculture. I believe that’s the future for Nigeria. High tech agriculture. We can be the food hub of the world
Yup! Sukkot, you made valid points there about high-tech agribusiness. The Netherlands (I'm sure you've visited there as well) is the biggest exporter of some agri-products globally within an arable landmass that is several times smaller than that of Nigeria for example. They've been able to do this through the use of agri-drones, automated tractors, greenhouses, aquaponics, and improved seedlings and the dairy sector based on biotechnology.
The key thing for Nigeria is to decentralize governance to the states and regions from the over-centralized government and NOT reinvent the wheel. Just copy other success stories globally and sustainable success will manifest. I've analysed Nigeria in relation to other developed countries from Asia for years now (since the 1990s) and this is the same conclusion I've arrived at. The other alternative would be to break into different independent countries and success will be easier in that decentralized state because the most successful countries of the world are mono-ethnic or nearly mono-ethnic. Yes, a lot of ethnic groups in Nigeria have very brilliant folks spread all over the world working in high tech, but because of the crab mentality and ethnic rivalries in the over overcentralized Nigeria, the true superpower potentials are NOT being optimally realized. Period.
nearline: I’ll start by saying this is not about politics. Yes the current state of the political atmosphere of the country is affecting a lot of businesses negatively but when it does affect things positively nothing much goes on except that businesses do better financially. For us to really grow in Nigeria we need to be developed technologically and when I say technologically I don’t mean having companies that build native mobile and web apps like Uber and Jumia and co. Those count too but they are still at the bottom of the barrel as far as I’m concerned
And no this is also not about being able to export agricultural produce to other countries. That is, in my own opinion, still very mediocre. What I’m talking about here is that we as a country need to invest heavily in and make serious advances in scientific research and development, and local manufacturing (hi tech and low tech). Anyone with half a brain knows that this single fact is what allowed the white man to be above us blacks in nearly everything. The wealth of knowledge they have gathered over many decades of research is why they are able to develop a great diversity of products that they sell all over the world today and this is what has made them richer than Nigeria (Africa in general) today.
Scientific research and development in any context does not have to mean you need to set up a laboratory worth hundreds or even tens of millions of Naira to be able to discover new knowledge. It may be as simple as mixing a little bit of clay with mortar (cement, water and sand mixture) to see what the effect will be on its adhesive strength so far as the process, tests and results are carefully measured and well documented. And it may be as advanced as literal rocket science. Things as trivial as non-stick cooking pots and non-stick frying pans are products of advanced science research. Manufacturing can also be as simple as making tomato paste and others like that locally and shipping them abroad. Watch making is another thing (one I personally have plans to go into in the future). The possibilities as you know are endless. So by exporting and generating revenue for business owners and Nigeria (if we put aside the political climate of the country) Nigeria (and other African countries if they follow suit) will be come so rich we will be respected by other countries.
Edit: I strategically set my eyes on watch making because everything required to make a quartz watch can be sourced locally in Nigeria.
I took the time off to first read this insightful thread and the one by Gerrard before giving my feedback here.
First off... Indeed, economic power and respect can ONLY come from being innovative, wealthy and a significant achiever. To gain that status of a high-tech nation, you have to be clearly intentional about active research and you do NOT have to reinvent the wheel. Just copy existing technologies and further tweak them OR localize them to solve the needs in the immediate environment and beyond... Be disruptive with your innovations.
Second, Nigeria would have to delve into fields where she has comparative advantage in terms of abundance of raw materials in all the 774 Local Governments, then add value to those raw materials instead of allowing some Chinese and other foreigners to take them out to make huge profits from the precious raw materials after adding value abroad. I've read about a couple of some Chinese who have been arrested and prosecuted for mining and smuggling Nigerian gold from Osun and Zamfara States, and even crude oil and endangered species like pangolins.
I have a precious copy of the former Singaporean leader, the late Minister Mentor Lee Kuan Yew's book entitled, "From Third World to First" in my home library and when I first read the book in the early 2000s, it literally opened my eyes a lot more to realize how the principles used by Lee Kuan Yew and his economic team can be used to develop any country and even be applied in our personal lives to become multimillionaires and billionaires.
Uncannily, many of the things Lee Kuan Yew and his team used to develop the economically advanced City-state of Singapore of 5 million folks as of today (about 85 percent of Singaporeans are of Chinese descent and Lee's ancestors migrated from Guangdong Province on Mainland China to Singapore) were the same things Chief Jeremiah Obafemi Awolowo, GCFR, SAN, and his Action Group team implemented in the 1950s to the early 1960s before the 1966 military coups and the 30 months (exactly 2 years and 6 months) Nigerian Civil War that claimed not more than 1.5 million lives (both military and civilian) according to credible official estimates from international aid agencies and others (in use since the early 1970s).
Obafemi Awolowo established several industrial estates in some of the towns of the Old Western Region where he was the Prime Minister, such as Ikeja Industrial Estate, Ilupeju Industrial Estate, Iganmu Industrial Estate, Isolo Industrial Estate, Oluyole Industrial Estate in Ibadan, etc, to serve as high-end industrial and export hubs for finished goods. Many innovations and robust actions were introduced by Obafemi Awolowo such as the construction of the first of it's kind 21-storey "Western House" skyscraper belonging to the Western Region on Lagos Island which became the tallest building back then in the 1950s to 1960s on Lagos Island, and then the iconic tallest skyscraper in Nigeria called "Cocoa House" in Ibadan, and the first TV station in Africa. These were done through the power of individual foresight, team work and increased economic wealth. Even the Old Western Region had a diplomatic building in London before 1960, and it was that iconic building that Obafemi Awolowo's Old Western Region government handed over to Nigeria as an independence GIFT in 1960 to be used as her new Nigerian High Commission building in London!
Obafemi Awolowo's innovative and positive actions triggered other Nigerian regions to also compete in a healthy way by setting up Trans-Amadi Industrial Estate in Port Harcourt (and the one in Aba) in the Old Eastern Region, and Kakuri Industrial Estate in Kaduna in the Old Northern Region by the other regional governments.
I write these just to buttress the fact that INNOVATIVE thinking and a DECENTRALIZED system of government to the states and regional levels (instead of the over-centralized system) are the keys that would lead Nigeria to become a global giant that's also respected. Failure to do this by the implementation of a decentralized system of governance would only lead to Nigeria being a significant underachiever.
salford1: In my opinion, wealth (individual or collective) can bring respect but not eradicate racism. It will reduce racism to an extent. Asians and Indians also get discriminated against but not at the level of Africans.
The slave trade, Jim Crow, apartheid era e.t.c. severely reduced the worth of a black person. Coupled with the ongoing corruption and malnutrition in Africa.
Klass99: Hah egbami o! You people have made a mountain out of a mole hill from my deletion of posts, just lookatchu and what you are saying.
What I do here is not different from what I do in real life. I don't keep messages or emails once read, except important ones with useful information I may need to refer to in future.
I like clean slates, fresh starts and just decluttering. There's an inner joy and peace I feel from cleaning out my inboxes, decluttering spaces and pulling down posts. I think only neat people can relate to this. It's like get rid of the junk in your trunk and make space for new things.
Additionally, have you seen the front page thread about Shade Ladipo who says she doesn't want kids? Are you seeing the level of bile, nonsense and stupidity being displayed by users/commenters? I can totally relate and perfectly understand her, but idiots are spinning a tale about abortions, damaged womb and more, without knowing her, like my trolls did.
How's it going Klass99? You're back online... I didn't realize you would be back so soon.
Yeah! Simplicity is key... Less is more through the decluttering of all aspects of one's life... especially the bedroom.
Read my first post of today to you on this thread. I actually re-edited it before seeing your reply to me and mentioned you on the Sade Ladipo interview with Freeze on the NL frontpage. I gave some of my personal opinion about a woman's choice of NOT wanting to have kids in the re-edited post on this thread.
Some of the responses on that frontpage thread of today were on the level of insanity and came from the uninitiated who haven't learned to respect other people's perspectives. There are women who truly just don't want pain on the subconscious level OR they didn't bond well with their parents while growing up, so, they too just don't wanna have biological children and it's not that they don't love kids.
Klass99: At the bolded, I delete because people who know me in real life can read some of my posts and figure out this is Klass99, if they are really paying attention.
I also delete because there are a number of vicious trolls on these streets who weave a believable web of lies from your posts, aimed at publicly insulting and humiliating you.
You see this topic and issue of being childfree bah? I have been vocal about it here and people who are familiar with my posts, know I am not interested in having kids of my own. Two guys on this platform twisted the narrative several times, claiming that through abortions I damaged my womb and I can't have children.
One claimed that he knew me with my old moniker from years back when I was aborting babies and being advised against by other forum users. Each time he was asked to name my old moniker and I would do the same to verify his claims, he would hem and haw, then claim that I deactivated it.
The other guy is a self confessed baby daddy of three, from three different women. He also began a smear campaign of his own along the same narrative of abortions and damaged womb, after I ignored his DM and public request for us to talk off the forum. I ignored his request because my first encounter with him ever, he insulted me and another female user, without cause, provocation or justification.
At the time he was making requests to chat privately, I didn't even know he was a baby daddy of 3, that came out much later, but you see, it was his rude and disrespectful attitude, that put me off enough to decide that I didn't want to deal or engage with him beyond NL.
When the guy started coming after me, then revealed that he had 3 kids from 3 different women, I thought to myself, that who people are online is a strong indicator of what they are really like in real life.
Klass99, I originally saw and read this thread post weeks back and wanted to say here that... "I NOW have a better understanding of your reasons for deleting."
I originally suspected you were under some kind of spell as a result of being hexed, or a prophetess induced you to do these deletings. I just couldn't wrap my head around why you would write with deep insights here on NL and then BOOM... delete. It just didn't make sense to me.
I mentioned you on the 'Sade Ladipo thread on the front page today 'cos I remembered reading this post of yours here weeks back.
My quick takes on this issue of a woman not wanting to have a biological child is that a woman perfectly has a right of choice to not want one. Let me add more meat to this: YOU see, most men are wired to want to have a child from a woman they love as it triggers a stronger bonding. Even if a man is in his 50s, 60s, or early 70s... (at least most men), he would still want to at least a child or two from his spouse if she's still within the child bearing age.
So, that's something you or any other woman has to factor into consideration when intending to get married. I understand that we live in a CONFLICTING world and some folks don't want any additional stress levels, but then that is the way the planet has been configured for thousands of years of human existence. So, we have to deal with the challenges and issues as they evolve 'cos they actually lead to personal growth.
If you and I were to get married to each other for instance, I would want to have children (with any woman of childbearing age in her early 40s) while still in my 50s right up to my early 60s though. Money and emotional intelligence will NOT be a problem with regards to taking care of them till early adulthood.
Omoawoke: Men should be men! Most especially African men!
Don’t let the foolishness of this generation to get to you as a man. Na this generation African men begin dey cry on top woman matter, man go dey kneel down to propose, or man go they use the word “cheating” Cheating does not apply to men, you are a man and free to own as many women as your mind and capacity can carry. Even in the animal kingdom, the same rule applies, you will see a male dominating a territory amid abundant females.
Go and tell Ooni of Ife cheating, abi tell Ned Nwoko about cheating. Even king Solomon the wisest man had them in abundance…. As a man, we are the prize, the ultimate, we are kings and can even get a woman pregnant in our old age.
Biodun556: *Local currency trades at discount on street market
Naira may be on track to regaining N1,300/$ as the dumping of hard currencies warehoused by speculators turns the foreign exchange (FX) into a buyer’s market.
The sluggish recovery of the local currency seems to have gained more speed in the past two days, with the dollar tanking to N1,400/$ on Wednesday.
As at press time, the greenback was quoted at between N1,450/$ and N1,350/$. But The Guardian learnt most traders are more interested in offloading their holdings even as end users are restrained transacting, believing there is still room for appreciation of the local currency.
Some dealers who spoke with our correspondent in Lagos said the dollar could hit N1200/$ in a matter of days even as N1,300/$ is in sight. At the current rate, naira is trading at a discount on the parallel market – exchange for a dollar at a higher rate than at the official Nigerian Autonomous Foreign Exchange Market (NAFEM).
Naira closed at N1492.61/$ at NAFEM yesterday. The rate was lower than the monthly moving average (MA). It is the first time in close to a year the official-parallel market spread would narrow to zero.
Days after the market was liberalised last year, similar parity was achieved but the arbitrage started a gradual formation that saw it reaching 50 per cent at some point.
On peer-to-peer (P2P) platforms, which the federal government blamed partly for the woes of the local currency, naira traded yesterday around N1200 for usdt, stable coin pegged on dollar at an exchange rate of one-for-one.
Binance, the global digital currency exchange, shut down its P2P after a faceoff with the government. But traders have long embraced other platforms, such as Gate.io and Kucoin.
Meanwhile, CBN may have lifted the restrictions on the importation of milk and dairy products. On February 11, 2020, the CBN added milk and dairy products to the list of items not eligible for forex.
In a notice to customers, Zenith Bank Plc said the regulator had provided an update on eligible items for foreign exchange in a notice to commercial banks dated March 12, 2024.
“Please be informed that the CBN, through its circular Ref No. TED/FEM/PUB/FPC/001/010, dated March 12, 2024, has provided an update on eligible items for foreign exchange (Non-Valid for FX).
“In light of the foregoing, please note that the restriction on foreign exchange for the importation of dairy products and its derivatives to all entities except selected companies has been lifted,” the mail read.
The Bank said any entity that meets the “necessary extant regulation requirements is allowed to source for FX at NAFEM for the transactions”.
On October 12, 2023, the apex bank lifted the ban on 43 items previously restricted from accessing forex.
“Importers of all the 43 items previously restricted by the 2015 Circular with ‘TED/FEM/FPC/GEN/01/010’ as reference are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.
Rebuker: A man showcases an entire empty estate filled with luxurious mansions abandoned in the heart of Abuja. In the short video, several houses are seen in a dilapidated state, prompting many to ask why such beautiful houses or mansions are left abandoned and in such a pitiful state.
We're not discussing ordinary houses or buildings here, but rather mansions in a very large estate occupying vast land in the heart of Abuja. From this video, it's evident that this estate is expansive, containing several beautiful buildings abandoned to decay.
What do you believe is the reason behind the abandonment of these beautiful buildings?
oglalasioux: If it's the BUA estate at Kado then the reason for it being empty is simply because of the price. It's one of the most luxurious estates in Abuja and located in a very strategic area.
Family › Re: US Based Nurse Gifts Her Husband Who Brought Her To America A New Mercedes Benz by Konquest: 11:06pm On Mar 24, 2024
You're back online... I didn't realize you would be back so soon.
Meet Muhammad faizov!