₦airaland Forum

Fujiyama:
^^^
So...what you are saying in essence is that this is a short term intervention to defend the currency for...3 weeks? 3 months? 12 months?

But are you correct?

We have heard elsewhere that this intervention is being sought to...settle prior fx obligations?

So which is it?

The efficacy of this move cannot carry this economy beyond a few weeks.
I would say 1 month,but for allowance maybe 2 months.
If the only arrow in your quiver is defending the naira,dear ministry of finance,you are screwed because if you miss. Game Over.
Or maybe we should borrow against the future earnings of the Nigerian Ports.

gfelo:
The wages of sin is death

NotoriousBiggyS:
I stays in an apartment that has five 5flat , each flat occupied with 5 different tenants including myself. Before we uses direct electricity which we collectively pays monthly but recently got change to prepaid meter. With each fat with it own prepaid meter. The landlord refuse to bring another prepaid separately for the compound water Pumping Machine.
However the tenants come to dialogue and agreed to tap electricity from my own prepaid meter to the pumping machine in agreement that each tenant will be paying me 1000naira monthly. So I want to know if 5k can be enough to run pumping machine for a month?

princemillla:
Naawa oooo


I need someone who can fix front loader washing machine

aviara:
But it was profitable all the while before Tinubu scattered everything. Bolt is mostly taken for convenience but with a tough economy like ours everybody is cutting cost. Consequently, patronage of bolt has reduced. For instance, many car owners no longer drive their personal car to work but use public transport. Many people who usually run generator to power their homes have either reduced and even stopped for a long while Fact check my claims

donbenie:
The Bible is a big pile of made up story..
A god that cannot give his people a land larger than some of the smallest states in Nigeria ,is not serious..
A god that all his influence and power was concentrated on a land no bigger than Anambra is a joke of a deity.
god's own people and they are busy murdering Palestinians over a tiny bit of land.

alasane:
Without US intervention only Hezbollah will suffocate Israel..
U be small pikin.. why do the Israel withdraws from southern Lebanon?
War na marathon only independence Palestine will guarantee the Zionist people people.

Bliss52:




Lebanon, Syria, Egypt, Palestine

Isreal is on its last kick suicide mission

The best part is Joe Biden and Rishi Sunak won't join



Death toll

Palestine 400, Isreal 700

Naso Ukraine Started in SouthEast and Donbass region, Putin talk, they signed agreement at Minsk, Jewish Zelensky still went to war thinking as usual US will lift a finger

Isreali are throwing missiles recklessly at Civilians target, building with family sleeping, airport with travellers , pilot and staffs

Hypocrite should not call Anyone terrorist when a response is giving

Go and read up what Adolf Hitler and Germany did to Jews during Holocaust, 5 million Jews wasted

1: Jews in Labor camp under Adolf Hitler Germany Nazi

2: How Jews arrived Middle East Palestinian land

3: how Isreali Army now treat their host

Nobody can wipe out Israel,those that know this fact align with Israel.
This is not common sense,this is fact anchored on God's sovereign plan.
All those bursting an artery over what is going on are only wasting their time.
He who watches over Israel neither slumbers nor sleeps.
.

9gerian:
The genesis is the thinking that Nigeria has a foreign reserve of 33 billion USD as at the change of government only to later find out that the actual available is 3 billion USD. It turns out the previous government had artificially defended the Naira in a manner that completely depleted the foreign reserves on the one hand, and equally subsidized PMS consumption on the other hand all through foreign debts. Serious double whammy of exponential proportions that could have led to a Sri Lanka economic collapse kind of experience if continued.

The manner this was realized compounded issues, especially when the international banks declared a counter position against an initially corrected figure that the foreign reserves was about 18-20 billion (down from 33 billion) after adjusting for the declared foreign intervention debts of about 13 billion usd. As a result, currency Speculators (confident that the government can’t intervene much) doubled down to consistently buy up available dollar once made available through any government interventions. They know there is not enough reserve for the government to intervene or adequately supply the market. They are fully in charge controlling the market.

The other underlying cause is stolen crude oil that prevents Nigeria from meeting its daily opec quota. This one is a major cause in addition to the discovery that Some major oil wells were producing zero crude, hence the need for new major investments for finding and developing new wells. The inefficiencies and corruption (including the just removed fuel subsidy) in the oil/energy sector are actually the biggest undoing of the Nigerian economy. The close second undoing is the pervasive corruption in the land fueled by corrupt politicians and the even more corrupt civil service that constantly sabotage the people and economy for personal benefits. A very worrying development indeed.

It does appear that corporate governance was at its lowest ever during the last government.


The short term solution may be to stop the physical importation and use of dollar and other hard currency notes and taking such needs and transactions online for needed traceability and control.

Another solution (short to medium term) is to increase crude production intentionally through every possible means including stopping crude oil theft and the injection of new investments for starting new oil wells.

Angelfrost:
The way forward, the right way forward lies in the hands of the Parliament (The Senate)... Nothing you or I can do at this point.

The Senate is supposed to call the Executive to order, and if nothing changes, should begin Impeachment proceedings without delay.

Sadly, we don't have that kind of Parliament... Honestly, we don't have a Parliament.

So, there is really no way forward at this point... Except an Act of God, which I firmly believe will never happen. God won't meddle or intervene, no matter how many prayers we send on behalf of this nation.

This is why it seems like Democracy is not really working in Nigeria and most parts of Africa.

Angelfrost:
Your brain can do better than this... Don't disappoint those that raised you with such limited reasoning.

Even a child born yesterday knew precisely the level of rot in the economy long before Tinubu started campaigning.

Anyone campaigning or vying for such an office ought to have familiarized himself with every detail of the state of the nation, and laid down a clear action plan/blueprint to tackle the issues head on.

I keep telling you guys to quit electing people whose brains can't reason beyond winning elections, but you don't listen... You did it in 2015, repeated it in 2019, now did it again in 2023 (8 years of suffering down the road)!

You guys don't learn...

sedIoyol:
stop making excuses for him. If he doesn't no the solution, let him quit.

Jay16:
Leaving Nigeria will be the end of Guinness.

One state consumption of Guinness product in Nigeria is more than some countries.

Just like multi choice leaving Nigeria

castro2468:
.

TheNewAgeFarmer:
Never borrow money to relocate abroad so there won’t be pressure on you to send money home when you have not settled.
But if you have a house, car, gold please sell them all and relocate legally abroad. Don’t mind this fake storyline.
The man can work 12 hours shift and the woman can get a remote job.

I feel so sorry for this mindset.
Time will definitely tell who was right and who was wrong. Nigerians, pls don't turn frustration into desperation. Turn your frustration into creativity and let God open the good of this land to you.


For those of you lying to get likes and comments your bad days are near.

DodadaKoKigbe:
Yes, he got his start up funds from his apartheid daddy!

No, Elon Musk does not know how to code. I probably know more about coding than him and I never even claim to be a coder.

All these companies where not his ideas. He just bought them up and really made a mess of most of them. And I predicted he would also crash twitter, and you can see for yourself if you're not blind.

Now, go and sleep. Your brain needs re-charging.

DodadaKoKigbe:
The seed money he used in investing in paypal was from his apartheid daddy! Look it up. You're the ignorant/uninformed m0r0n here.

DodadaKoKigbe:
Elon Musk is one of the dumbest people on this planet. Thank God he comes from a wealthy family of Apartheid profiteers, otherwise he would be living in the gutters of Europe.