₦airaland Forum

tatucci:
the fact is we dont take things seriously. we have to understand that we are dealing with a seemingly serious gov't this time around. the FG had said that Nigerians shud be ready to face a period of discomfort before things we stabilise. if to say we take d tok serious we for dn dey ready for some kine tins. before day break, night go come. before plant germinate, the previous seed/fruit must rotten and decompose. so in a way, seeing such signs should actually tell us that things might very likely be on their way to getting better.

if they persist for a longer time however, me I ready take up arms personally. The world is no longer a timid and frightening place. everyone should have a say. Besides, in ph, as at yesterday or so, the dollar was trading for 250. and "pure water" is still 10naira here. some individuals are just wicked.

How can the people be prepare when the government itself is not prepare?

We all understand what the government is trying to do, they want Nigerians to look inward i.e. an export oriented economy and not import oriented one as it is now.

Take the sachet water case as an example; the government would have ensure that, there are viable companies that can fill in the gap and absorb demands before they start clamping down on imports. We still export our crude oil today just like before and the chances of us to start sythentizing that product in Nigeria any time soon is a big fact zero, so why take people through this useless experiments and policies that will soon be reverted because the government fail to be prepare.

Common sense will tell you that, when a man want to ban bottle water at his house, he must ensure that, the tap water supply is constant and purified...we do this everyday at home. Also, remember that, once Nigerians start to adjust e.g. looking at sachet water as a luxury and go with the untreated local water, they not only expose themselves to diseases because the government is unprepared, most of the sachet water companies will close up, leading to more unemployment, increase in crime rate and increase in sicknesses due to drinking contaminated water...is the government prepare for all these?

Just like Uba said, the government is just looking at this on paper and the truth is, it looks good on paper....but they would have simulated it ur do a dry run, so they will see the side effects and make adequate preparations for it.

hakinze00:
ok,so wich of the materials use 2 produce is imported?

Oga, the original story layered it out clearly...let me say it in another way.

Most, Nylon used to package pure water is a processed by product of crude oil...you may say, but we have crude oil in abundance, that it true.

...but we do not process crude oil in this country, everything is exported and we then reimport the by products like nylon, etc..thereby forcing this material to go through Forex exchange.

The truth is, this is only the beginning, petrol, kerosine, transport fare, food, everything will soon go through the roof, including your rent as landlord has to find additional income to cushion the price increase...do you know what will not go up? Yes! your salary, meaning your purchasing power will take a nose dive along with quality of life...millionaires will become thousandnaires, and our society will start minting the poor at a faster rate.

OrlandoOwoh:
Is it the fault of government that some hotels, schools, estate developers, etc in Nigeria now demand to be paid in dollars, rather than naira, our legal tender; thereby making some people buying the dollar at 197 and sell it at 400? Have our people asked ourselves why, for example, in US there are no parallel, not to talk of any person doing business there demanding to be paid in pounds? When will Nigerians realize that we, not the government, are the cause of the current problem we are faced with?

This is the same chicken and egg argument...I don't blame those businesses for demanding dollars instead of Naira.

If Naira was not in a free fall, they would still be accepting Naira. They provide a stable service which was tied to an equivalent Naira amount, now that the value of Naira bounces around like a pendulum every hour of the day, e.g. Hotels will be forced to start watching exchange rates and adjust their prices each hour/day accordingly. This is an unnecessary overhead plus their customers will not be happy with the constant changes, I know you will not be happy if you bought omo eg N500 in the morning and your neighbor who went to that same store bought it for N400 because Naira just appreciated and the store owner who bought that same omo two weeks ago at N600 when Naira was on a free fall is left to leak his/her wound and very soon that store owner will go out of business.

So the problem is on the government and not on people charging dollars in order to run a stable business.

LordAdam:
This man should jor shut up. What does he want Emefiele to do? Does he want Emefiele to print dollar. PMB said he should not devalue the naira. He has done all he can to stabilize Naira with the CBN monetary policies.

What the Nigerian economy needs is good fiscal policy from PMB, Osinbajo and Adeosun. You can't blame Adeosun because she was appointed in November and there are indications that PMB is running a one-man show. Also, the budget has not been passed so there's nothing she can do until the budget is passed and funds are available for constitutional spending.

All the blame should go to the junketeer dullard currently praying for Allah to cure him of his docility and being clueless in Mecca. When the economy was still manageable and he could have swiftly assembled an economic team and enacted good fiscal policies to quickly turn things around, he was busy doing honeymoon by visiting countries he had never had a chance to visit all through his life and romancing with career civil servants. Now he wants his equally clueless, noisome, daft buffoons called ministers to perform magic after creating mess for them.

He should hastily come back and pack his sh*t. Na im want presidency. Let him do his work or resign and go back to daura to drink kunu.

As for Osinbajo, I don't know if I should blame him or let him be. He is jor a mere commissioner. At least when Sambo was there we know he was occupying space to pacify the North and GEJ was doing both work of President and Vice President (after all he had experience with the latter). Osinbajo is worse. A professor, SAN, minister, and erudite technocrat reduced to messenger and Minister of State of Information, assisting Lai to spread lies and propaganda.

-Lord

lol, to add to that; passing a budget will not make things any better, because any economic activities experienced currently has been discounted for a year ahead..

If a share of Nestle is selling for e.g. N350.00, that price is influenced by the worth of Nestle in about a year from now and not base on Nestle current worth.

So, any corrective measures by this Administration will take time before they start reflecting positively...

Investors have gauge this government policies so far and have anticipated what will happen, hence they are leaving. If you are in their shoes, you will do the same...what this government is telling investors is; we want you to bring your money in, invest in our economy, pour in a lot of money, but we will make it difficult or near impossible for you to get your money out, we will restrict and may even deny your request, when you want to use part of your profit to buy raw materials abroad or do some services abroad by not giving you the Forex to do that...so the investor who changed his/her dollars to startup a business in Nigeria is stuck with pills of Naira notes that he can't rechannel into his/her business the way they want.

I am of the opinion that, the Naira should be devalued, but if PMB cannot do that, at least do not restrict and ration Forex to a few, give investors the confident that, their money is their money and they can cash out anytime they want and they wil not be restricted in mundane things like exchanging their money.

I love Nigerians sha, they can drink panadol for another man pain one hand, without asking or knowing if the pain is headache or malaria or zika virus sickness...I beg park well make I pass.

ijustdey:
.... Femi Joseph, said that before detectives could get to the scene of the crime, the killer had buried the victim.

The Police slow sha, even if na keke marwa dey use, how him go take bury a whole human being finish, before Police reach there?

Fabzgrace:
thanks rob. Its just we dnt have evidence. No one wants to talk.

And you want to do this yourself? Why not report it to the police, this way they can do all the investigations and evidence gathering.

Oche211:
Ultimate protection comes fro God.
Except the Lord watch over the city, the watchmem watch in vain.

A great paraphrased contrapositive to that is: "Faith without work is dead...what does it profit my brethren, if someone says he has faith but does not have works?"

I think I have seen this Ghana movie before...when are you going to transcribe the part two?

where are the new clothes?

adewaletb3:
If Jesus follow this thing talk I swear he don_fuck up.

If God can speak through a donkey or to Balaam the son of Beor, who was a witch Doctor/herbalist on his way to curse the children of Israel or to Saul of Damascus who have been chasing down and murdering his disciples or to Zaccjaeus a sinner and tax collector or use people like Rahab a prostitute or Mary Magdalene from whom 7 demons were cast out, etc, etc, etc....he can speak through or use anyone.

DropShot:
Femi Aribisala is an old foool.

If not, how does a sane man canvass for the return of a finance minister who failed woefully in managing bounty harvest to come and mange austere period?

The overhyped economist who couldn't diversify the economy during surplus earnings is the person the lunatic Aribisala is asking us to bring back!

And talking about the revelations in the budget, it is actually a credit to Buhari that we're getting to know the existence of bloated figures contained therein. In the past, the presidency would have done a deal with the NASS such that the budget is not fully discussed to reveal those padding before it's passed. But because we have a president who will not do a deal to shortchange Nigeria, we're able to know how the budget cabals have been stealing us blind.

Yes, the presidency made some mistakes by not being very deligent with the budget, but the fact that heads have rolled and more will still roll for the budget padding is a testament to the president's readiness to take actions to correct mistakes.

To hell with Femi Aribisala and his unpatriotic cohorts.

So if we take your words that, the President was/is sincere and only got to know about the padding in the budget now and the issue has been corrected plus, according to you; heads has rolled and more will rolled, then why is it that when the budget was returned, it still had the original figures as total.

Common sense will tell everyone that, if Nkechi put pads in her booby which make then size 30 and she excuse herself to go in private to remove paddingd the size should go down....I guess if Nkechi reappear and her booby is still size 30, people like you will believe that, she has actually removed the paddings.

sonnie10:
Can't believe someone just said this, and a lady for that matter.

The must have been referring to the demand for police report before commencement of treatment by the doctor.

Lots of people die on a daily bases because of that nonsense and it is high time they change it.

Instead of demanding for police report, obligate doctors and hospitals to call police within 5 minutes of receiving a wounded individual.

banmee:
Best comment so far. I had an argument with holmes07 and luciferlove, two members who believe whole heartedly that witches and wizards exist. I guarantee you they would be jumping up and down saying "yes the girl did kill michael jackson" because they exist. The problem with this kind of mentality is that it gives rise to the psychos of this world.

My only confusion is, I thought they say illuminati people are rich and famous...all the names of the people they have been telling us belong to illuminati are famous and a Google of their name, you will see their commanding riches.

But why is she not rich, since she is a member? I do not even know her name, talk less of googling it.

This is what too much browsing the Internet with lack of adequate education & knowledge to decipher the junk from the good does to one's brain cells and mental health.

My people why is it that I can't seem to place the face of that illuminati lady 'confessing'?

I thought that, the word on the street is, when you join them, you will be rich and famous overnight and it appear that she have been a 'member' for long, at least as far back as when MJ was still alive.

All the other names she mentioned both in Nigeria and abroad are household names but not her?...what is her name by the way?

The stamp duty represent 5% of your deposit...

So next time someone pay you N1k or above, with check, remember to ask them to add 5% of the original/agreed amount to the check to the amount or else, you will be short.

She is confuse, she started her rant with 'Nigeria middle age men' and ended it with 'old Nigeria men'

She better go look for her dad, at least to hear his side of the story...it might be very different from the one-sided story, she have been told all these years.

ndcide:
They bring in dollars and earn naira. Are they going to spend the naira? Does not add up.

The key is the line in the original article...

"....Foreigners are taking advantage of the naira situation. We have 18 countries within the continent where the naira is accepted. The speculators are coming in because of the huge gap between official and parallel market rates....Gwadabe said exporters, mainly from Dubai, have agents in Nigeria, who accept naira from importers at agreed dollar rates.

The importers travel with certified invoice to bring in the goods, a practice, he said, reduced pressure on the naira."

They either take the Naira back to their country to spend it, or they can use it to pay dubai resident exporters on behalf of their clients in order to import goods from dubai.

.

OBAGADAFFI:

Duh, why would married couples complain about these issues when, they can relax for a while and probably call their doctors.

Most cheating fellas don't have the time and liberty to relax due to fear and anxiety


Read: Can couples really get stuck together during sex?http://www.bbc.com/news/magazine-25827175

The science is clear and off course a very rare few have experience phenomena like this and on a very real occasion due to muscle spasm.

The truth is, when it occurs from the reported cases and Doctors comments, it does not last as long as been depicted here or in many of the 'rumored' occurrence in Africa.

For God seek, it is muscles collapsing and will last for at most 2-3 minutes, plus you can widgle yourself out of it like the few that it have happened to testify to.

If you are a nonvirgin, you will clearly know that, your thing cannot be lodged in a woman while standing as depicted on those pictures, the picture is just a movie re-enactment.

I am waiting for the part two of this movie to be released.

Nonsense, only virgins who do not know the Mechanics of bleeping will swallow this hook, sinker and line.

Look at their waist line and the way they are standing erect; any nonvirgin knows that, you cannot have access to the goodies of a lady by having her stand like that and you standing that way...From that position, you have to access the goodies from below, then upwards and not from front to back as depicted.

Another red flag is, from that position, the guy equipment must be at least about 20 inches long to still be wedged inside the lady's goodies while standing like that and the last time I checked, the guy who claimed to have the world longest equipment, came in at about 18 inches and funny enough, he is not an African and can't even use his equipment articulately.

This is just a movie re-enactment.

dunkem21:
OK, let me ask my people ..

If you stand with Buhari and don't want the Naira devalued, click *Like ..


If you share Fayose's view that Naira should be devalued, *$hare ..

It is surprising how many people clicked like here, not knowing that Naira is already devalued.

For the common man, most importers and most middle income earners, they can only access Naira exchange through the black market at the devalued rate.

However, the rich and highly connected have access to Naira at the official rate of $199.00, these should been the people opposed to Naira devaluation because it will stop their abilities to profit from the dual exchange rate on its track.

Devaluing Naira levels the playing field for everyone and I dare say to even 100% of all those who have clicked liked.

Also devaluing Naira will reduce the current hyper demand for dollar, thereby increasing the value of Naira...This is because, there will be no more incentive for the rich and highly connected to keep demanding for dollars at the official rate only to turn around and sell it the next second at the black market rate.

The above will also save the government lots of revenue for the mere fact that the rate at which the government request for Forex to keep up with demands will reduce after eliminating/reducing round-trippers demands.

The need to artificially hold on to dollar in the hope of it raising against the Naira will also reduce.

The fact is, whether we like it or not, Naira is already devalued..the current gap between the official rate and black marker rate is not sustainable, very soon something will have to give.

...but can she fly?

Based on the second picture, the story is not true....

You can not stand casually and without caution, also letting your guards down and turning your back towards someone who just used a club to break your head a moment ago, especially when that person is standing right beside you, with no one in between; and you had sworn to annihilate that person a few moments ago, but for the intervention of people.

Plus, the recipient of your previous annihilation threats and who had broken your head, does not even care about you or looked concerned that you might carry out your threats to annihilate her, but instead she completely ignored you, while focusing absentmindedly on something else.

HungerBAD:
Kini big deal?

So what does the Election Poster say exactly? that the Naira has been on a free fall from Jonathan's time. Jonathan and his minions mopped up all the Dollars that was in Circulation in Nigeria, when it became clear the PDP will lose the election. And the one that was not mopped up, was stolen by Dasuki in the Billions.

It is this artificial scarcity of the Dollars, created by ALLI BABA(Jonathan) and his 40 Thieves, that is giving us problems now. As i have repeatedly said, things in Nigeria will first get a little worse, before it gets better.

Nigeria's economic woe did not start today, it started from Goodluck Jonathan's time.

I guess, the shortage of Forex is not due to the fall oil from about $70/barrel to $30, thereby erasing more than 50% of dollar revenues to the government almost overnight.

lordizak:
If you by any means pass Ur weac, and pass through secondary school, did you offer economics and principle of economics?. You are a Shame to the institution that certified you. Go and blow up.

Resulting to insults is cheap and does not add value to the discussion, it only reveals your vile and uncultured nature.

If you think that your position is worth anything, defending it does more and add value to the conversation.

I even studied micro and macro economies at the university level and know as much that, the forces of demand and supply will always determine the prices of goods and service, the naira inclusive and that government policies like devaluation are a means to take advantage of that equilibrium price faster and in an orderly fashion, thus preventing untold hardish that will result from prolonging an inevitable outcome.

Nigeria does not have the foreign reserve nor the export volume to maintain PMB's current stance, we are a consuming economy, thus a dumping ground for all things foreign..decrees, laws and restriction against import only create artificial barriers; you have to start exporting to balance it out, otherwise those restrictions will begin to backfire. PMB is just buying time, hoping that things will turn around soon and main while the country is experiencing a steady stream of capital flight and businesses are finding it harder to operate because they do not have access to Forex...it is so bad now that, the government and banks are choosing businesses who survives vs which ones are starved out of existence...Government and Banks that also taken advantage of the dual exchange rates, where they flip dollars within a blinking of an eye and they makes more than 100% profit.

The funny thing is, PMB's stubbornness would not change the downward slide. Agreed, he indicated that, if he become President, $1 will exchange for N1; we understand that he was naive when he made that statements and only fools will beat him over the head, if he now reverse course and devalue the naira.

lordizak:
The rate of illiteracy in Nigeria is going high by the day. The rise in dollar is affecting many economies in the world, it's not restricted to naira alone. Many countries however, have devalued their currencies. PMB does not want to do same. He has concrete reasons, you can check the effects of currency devaluation. I just have more reasons to love pmb for his resilience. Wailers wake up everyday wanting to hear bad news, and they just keep getting heartache. God bless Nigeria.

So, can you tell us the advantages of PMB non-devaluation policy? Because, as it seem despite, his stance non-devaluation, the naira is devaluing itself on a daily basis and there nothing anyone can do.

We are going to hit rock bottom regardless, devaluation would speed up things and help spring growth more quickly...being stubborn regarding devaluations drags this for an extended period of time so is the pain and it will keep affecting Nigeria exports for an extending period of time.

Even the almighty US devalued it's currency and set interest rate at zero after the decline in 2008. At a point the $1.6 was exchanging for 1 Euro and people start saying that, the 'euro will soon replace dollars as major foreign reserve currency', well, recently the fed for the first in about 8yrs increased interest rate to a range of 0.25% to 0.5% and the euro took a nose dive and is projected to start trading below the dollar by at most dec.

Video of him/them doing the push-ups and the number of push done, else I donbelevit...

They just put their hands on the floor and ask the cameraman to start snapping pictures they will use to pose...mteech

I guess OP frowns at gay, but still keep his whatsapp's subscriptions going; contributing his little token to the propagation of the same messaging he pretend to hate...

grandstar:
Wrong.. The dollars that will be shared out will be what is earned monthly by government. They won't be given actual dollars but dollar certificates something akin to travellers cheques which are fully convertible to naira when presented to the CBN or perhaps banks.

This policy will create an export boom. Since cost of funds will collapse to single digits. Companies can now borrow boldly and import worldbeating machinery. This will make them very competitive. As they grow in size, these companies will eventually outgrow the local market and start a massive focus on the export market.

I still do not see where the boom you speaks of will come from...merely replacing bulk conversion of dollar to Naira by CBN to retail/individual conversion (or dollar certificates as you call them) by each state will not create any boom. Due to economy of scale, CBN will get more bang for the buck by continuing to exchange their dollar reserve for Naira at the bulk level and redistribute the Naira to States, than for each state to exchange dollar (or dollar certificates) individually in retail fashion...you see why, I do not see the advantage in the dollar certificate, at best case scenario, it is wash.

The government earns those dollars in foreign reserves as a result of their daily trade activities and foreign reserves serve a vital stabilizing role for our economy. The government cannot just deplete them in order to attend to monthly state expenditure items like salaries or state allocation, that is a suicidal mission.

Foreign Reserves serves as buffers against external shocks, they also serve as a fall back for rainy days, they serve to boost the country's credit worthiness, they are also use as a safeguard for the value of the circulating domestic currency (since gold standard was done away with).

Also, CBN will not be foolish enough to deplete those foreign reserves on a monthly bases in order to meet state allocations, they risk running into a down trend, from which Nigeria may never recover...Also that move will further lead to the devaluation of Naira as other foreign Countries that holds Naira; seeing that, the CBN is depleting their dollar reserves and fearing that, the value safeguide for their reserve Naira is gone, will rush to liquidity their Naira reserves, thereby increasing the supply of Naira and reduction in value.

cornoil:
OP try to investigate things b4 u raise issue. These buses are not owned by the School management, they are own and run by individuals, who can also use it for anything they want to use it to carry outside the school campus.

Thanks for bringing some sanity into this...your point make sense die!

grandstar:
What you have written unknownly is an economic masterpiece.

what you said has the support of Charles Soludo and a fervent campaigner of it, Henry Boyo. Please read the latters write up about it at the back of Punch at least 1 in 2 weeks.

Soludo tried such in 2007 but with a tweak. The 3 tiers of government would be paid in dollar certificates. However the governors did not like it and complained to Yar'Adua who had it quashed by even promulgating a law against it.

Paying in dollars would answer 2 of the most pressing pronlems in Nigeria today: the high cost of credit and its scarcity.

Every month, the government substitutes the dollars into naira and pays the 3 tiers of government. This increases the money supply greatly forcing government to increase lending rates. That is why we borrow at 25%.

If they however paid in dollars, there would be no excess liquidity. This will lead to a crash in lending rates to between 5-8%.

Also because dollars will ne chasing naira, the naira will appreciated greatly in value.

Beautiful scenario, but you left out the most important aspect...where will the government get those dollars from? CBN does not print dollars, our foreign reserve had dwindle, oil no longer commands the price tag, it use to...even if we want to foolishly empty all out oil wells and want to produce hands over feet in order to earn more foreign reserves, OPEC quota limitation will save us from such self-destruction.

This is exactly what happens, when a lady who did not find it necessary to cultivate other talents but felts that her beauty is enough to carry her through life and for a while, she appear to be right, all manner of men flock to her solely on account of her beauty and she did well, but as age, stress and time takes their tolls, her beauty starts fading away and the men not seeing any other talents or reason to stay behind flock to the next beauty on the block leaving her to her miseries...at her old age, she start struggling to go back to school to learn some trade and acquire other talents....that is the story of Nigeria, we neglected virtually every other sector and rode our economy on oil and now that the suitors have taken a hike, we want to develop agriculture, commodity, etc...as if 'na beans'...how many mechanism farms do we have in Nigeria, how many international agricultural trade alliances have we formed? How many supply treaties have we signed? What about meeting international agricultural standards, etc?

The bitter truth is, we have not reached rock bottom yet, brace up for the ride downward, because it is going to be a bubby ride...we have to hit that supply and demand equilibrium for the Naira and our economy to start looking attractive again.

Government initiatives and policies just provides a cushion for the ride downward, they do not solve the underlying problem, which is..we do not have enough items to supply that will attract foreign reserve at the moment to completely replace oil..