₦airaland Forum

okine4real:
The person giving you likes na Olodo. Before you have 465k in your bank acc, and that 465k is 1000usd. After floating the dollar, your 465k can't purchase 1000usd, now you have to add like 140k to make it 700k before you can purchase 1000usd. Tell me, your 450k reduce in value or appreciate in value?

try and have an open mind when you are having discussion with people online and refrain from calling people you don't know from Adam derogatory names like Olodo.
That said.. If you can comprehend what I wrote very well.. I state it out to you that the Government or CBN official rate is useless to an Average Nigerian who does not have access to it due to its various bereaucracy,can you walk into the bank and pay your naira to get USD at official rate instantly? The answer is capital No.. But the likes of Dangotes, Otedolas various government officials and some businesses men have direct access to it, For an average Nigerian who has to patronize the aboki rates at 750 or so.. Nothing change with this new policy to the value of the naria he or she is holding in the bank, because you and Dangote and other government officials enjoying unfettered access to Government subsidize Dollar is now buying at the same market at the same rate.. Simply has ABC.

jmoore:
Some people don't get the picture. It means naira is losing value.

That 500,000 naira in your account on May 29th this year is now worth around 300,000 naira and would reduce further.

If you think your own value has not reduced too, then you have been deceived.

you very wrong.. Nothing reduced in your own money value because you don't have access to the CBN Window Dangote and Samad has access to 99.5% of Nigerians were sourcing their own money from the black market.. So no change in value oga.

oyetpel:
And will the dollars be readily available?
Is dollar our currency?
It's because big influential people store dollars, that's what usually make dollars scarce in the first place.
So, definitely sooner or later, the dollar won't be enough to cater for Nigerians who needs it, which will lead to another black market.

no business man store dollars at home like they stored naira,it's not a legal tender in Nigeria, hence they use it for business transactions, what's common man's business with dollars? There can not be any black market again because it's the rate they use at the black market they will also use in the bank.
Plus yes the dollars will be available because it's now on its true value, improving our own production for export is the next thing government should focus on now..and everyone will smile..
Two windows for FX is a fraud and its services some few people against the rest.

Ogene001:
Fulani emir doesn't coexist with indegenous traditional ruler. It's pure conquest. There are many igbo Bishops outside Igboland but they don't rule over the people like fulani emirs. Fulani emir is supreme overall ruler not head of Islam

oh well I give up.. Apparently you can't comprehend what is up there, kindly tell me at which point did I say Fulani emir rules or Co exist with any indigenous traditional ruler? None.. So that your point is irrelevant.like I said most places they ruled over was much more for religious purpose which is why they use Jihad has means of war.
No2. What has bishops in igbo land got to do with this your topic? Has any Igbo Bishop ever gone to war before? Have any Igbo as a matter of fact conquered any other tribe before in Igbo history and rule over them and is no.
All over human history people have conquer and conquered themselves.
I guess am just having a back and forth with someone who has no idea what heir she is typing.. I guess you don't know the difference between an emir, a sheik or Shehu, a mallam, an Imam, a sultan and a Caliph.. You don't know and you just open a thread to make yourself feel good or trying to start an argument between Yorubas, hausa and Fulani.. Get a life bro.. Not worth it shalom.

Ogene001:
To attack and flee is different from installing their own government which they did in Hausa and yoruba lands. Attack and flee happened in Jos and Tiv Land, up till today they continue to resist installation of Emirate even with their lives. But cowardly yorubas were easily out manuevered

not only hausa land or Yoruba land,a fulani man is the emir of the nupes, fulani never conquered ilorin.. I don't know how many times that will be said to you or you just ignored that part of history, I don't have the luxury to go into that for you right now.. A good research online can help you out with that unless you just want to believe what you want to believe, that said.
Installation of Governments by the fulani didn't go by the way you are terming it, like the fulani just waged war to dispose a king and put their own king on the throne? Just like that?
History did not go that way... What the Fulani used was the same tactics the Arabs used to spread Islam in the Arabian peninsula and North Africa.. It was not that the people on those land were weaker or the other parties were stronger.. They only played politics, theocratic politics... In most cases this fulani assimilate with the locals.. Preach Islam, point out to the people how their kings are living large before you know they gain allies in the local populace wage war against the throne install their own emir.. An emir is the president of the Muslim body in an area and he must be very vast in Koran and hadith, who is more qualified to be the emir if not the person that introduced you to Islam. Hence why naturally most emirs are fulani.. From there they start attacking neighboring kingdoms,to expand their territories and economy, if another great power comes to dislodge the emirate.. The locals will remain the fulani will simply relocate to another place.. Nothing serious or fantastic about any warring nomadic tribe like I said before, and the people they attacked are not coward nor are they weak.. It's just a simple issue of nomadic people vs gatherers... If you can't comprehend this am sorry then I av to rest my case cos you just want unnecessary online arguments.

Nothing spectacular about waring nomadic tribes like the fulani, over history.. Tribes that are nomadic raids others that have established territories eg. Vikings, Mongols, Arabs.. Not like this tribes were stronger but the fact that they attack others without warning, attack and flee with no known place for the other party to counter make it seems they are superior which they are not.. On a level playing field.. Same thing is still going on till today, they attack people in their village but the villagers do not know where they reside to attack back.

ivolt:
From your topic, I had assumed I will be reading scholarly article on economics of floating exchange.
But I was disappointed, you are appear to be one of those who believes that pan-Africanism and emotional
appeal is an economic theory.
Please tell, what is the benefit of selling crude oil to South Africa over selling it to China?
And if you are SA business man dealing in arms, will you prefer to accept the Naira over Dollar or Yuan
for your sales to Nigeria for example?

Despite the rhetorics from BRICS, Russia refuse to accept Indian Rupees as payment for the oil it sells to India.
It prefers Dollars or Euros.
This is despite the large size and stability of India's economy.

Before you reply, go and do your research and come up with a list of countries that has escaped poverty by
just trading with its neighbor.

The productive capacity of a country should decide it's exchange rate.
Exchange rate should not be a bragging right.

please don't waste your time with this emotional online "economics".

DeLaRue:
It was necessary but certainly a risky move.

If the government is unable to meet the dollar demand at the new official rate, the black market rate will spike towards N900.

So the key is government 's ability to meet demand.

you guys simply do not understand what "floating currency" means.. It's simply means there is no more government "official" rates anymore. Everything is now market rate... Black market, white market any color market.. Banks will be selling dollars same rates it's been sold by aboki.. You can walk into a bank now and sell your dollars same rates with what aboki is buying from you.. No need for CBN to flush the market to BDCs or Banks at Government official rates again, CBN will now be selling at market rates to banks simply and straight forward.

Flets:
All tinubu has done is to set up Nigerian masses for absolute and perpetual suffering.

Why the urge to quickly float the naira without plans? Do we have sufficient USD to flood the market and meet the FX demands in the near term? If people cannot walk into the bank and buy USD without filling forms A, M etc.... its only little time before USD exchanges for 1000 naira

On fuel subsidy, Why should the masses bear the responsibility of the inefficiency of the FG?,

why can’t the FG protect the boarders to ensure subsidized PMS does not get to neighboring countries?

Why has the FG not prosecuted and jailed anyone involved in the subsidy fraud to stop others from doing so?,

The claim that subsisdy is a burden is fallacy cos the subsidizing the actual consumption of less than 10million liters per day is not a burden compared to the FG’s current fraudulent claim of 66million liters per day. Why not a gradual removal of the subsidy?

Where is the savings from Diesel and kerosene subsidy and what has it been used for?

The student loan bill is a plot by the Tinubu led FG t to stop funding tertiary education in Nigeria leading to the end all education subsidy. Who do you think are the final beneficiaries of these moves, same criminals who will end up looting the funds meant to fund the tertiary education.

What exactly is the role of the Nigerian FG if they relinquish every responsibility to the masses? What sacrifice has the political class made in all these mess? Have their allowances being reduced? Any efforts at stopping the lootings?

All Tinubu has done is to transfer responsibilities to the already suffering Nigerian Masses to ensure there is enough for him and his goons that supported him into office

how many masses has access to government rate dollars in the bank?.
What this simply means is that no need to fill any form anything.. Same price you buy dollars from aboki is same you will buy from the bank.. Cash and carry.. No more Government rate but market rate, simply as ABC.. Some people with connections are the one benefitting from the CBN govt rates and selling it in the black markets. Lets have a level playing field and the true business men do real business.. Things will be much more stable, next round for the government to go is to improve our production level... Involve a large number of working men in public construction.. Not Chinese.. Not necessarily giving out contracts.. There are alot of government agencies that can handle this and get people working. That will boost the economy.

Wonder shall never end, IBB sef dey talk about June 12,some people no just get shame at all.

CharleyBright:
Sounds logical.
It is very obvious that Tinubu is supporting Akpabio for Senate President because Akpabio stepped down for Tinubu at the primaries and paved way for Tinubu's emergence as APC candidate.
That's okay. It is Reciprocity.

But as someone who believe in Seperation of Powers and who is greatly opposed to Executive interference in the Legislative, am caught in between the two scenarios of Tinubu deciding for the Legislative arm who should be the Leader (on one hand), and on the other hand, if Akpabio doesn't become Senate President, Yari would be President. What that would imply is that #1, #2, #3, and #4 positions in the country will all be occupied by Muslims. That will automatically means Muslim dominance in govt and further give credence to the Islamization agenda. This is one thing the Muslims will never accept if the situation was reversed.

But it seems the members of the Senate will hijaack the process and go against Tinubu's wish and gang up to support/vote Yari.
This would further fuel the internal crisis within APC. Already El-Rufai and Ganduje are already nursing grievances against Tinubu over appointments to juicy positions. They might try to incite Northern senators to gang up against Tinubu and ensure Yari emerges as Senate President. And going forward, Yari will become an instrument to oppose Tinubu bills.

which juicy position has Tinubu field that could have gone to Ganduje or El Rufai? Cos? Not possible for any of the two, SGF? That has been reserved for NC, since NW where El Rufai and Ganduje comes from are having two principal officers in the NA. I see no grudge yet base on appointments.

This is so unwise.. Are basic schools not suppose to be walking distance from homes?

I saw that explosion yesterday from like 10 km away in gwarimpa.. The inferno, blaze was dramatic, lit up the shy like nuclear bomb mushroom.

GENES11S:
The bolded paragraph almost made me not to reply your comment because it shows you are ignorant. It's not an insult, you may be well educated in other subjects but economics is not one of them.

And you don't understand what am saying.

I said cryto exchange rate for developed countries to other countries currencies (non digital).

Am not talking about Bitcoin vs dollar or Bitcoin vs pound sterling etc.

Am talking about Naira vs dollar, Cad vs Dollar, dollar vs pound sterling etc in cryto trading.

In developed countries where Crypto is allowed to operate, the countries official exchange rate is adopted is such trade.


Take note that I use the term developed countries.
If you say am wrong, mention a developed country where Crypto flout the exchange rate and are allowed to operate. No long talk, just give me an example with proof.

In developed countries, any financial institution that doesn't obey the exchange rate or other financial policies are kicked out immediately. Because that's were currency devaluation start from.

oh jeez, here we go again, am tired of wasting my time online with people who refuse to read and comprehend, at no point did i say bitcoin to dollar or anything, let me summarize it for you if you are able to grasp it, there is nothing like official rates any more in your so called "develop" countries, it's a free market for their currencies, they don't peg numbers has official rates anymore, they use market rates for their transactions, that's what we need to adopt, China still peg their exchange rates, they can because their exports is more than their imports hence more dollars at hand, we at the other hand are very reverse.
Plus crypto does not float any exchange rates anywhere, what they go with is the free market rate, what we call the black market rate here.
Our official rates is what price we sell naira to the IOCs, which is wrong, totally wrong because we don't want to officially devalue, meanwhile 95% of our imports are done with dollars from the black market, whether we like it or not..
Cryptos will not apply to CBN through banks to get their dollars once they pay you in naira hence the use of blackmarket, even if they use the banks just like the airlines they might not get their dollars as at when required to move out of the country.

In those your sọ called develop countries, there is no need for a black market because their banks are available to execute your transaction for you immediately in the free market rates.. Which is obviously what you calling "official market rates"
Let me give you an analogy.. If Apple share is selling on the NYSE at $100 per share.. Is there any other market that determines another rate for Apple shares? The answer is no.. That's the official rates everyone abide to.. Both the government, banks and individuals.. The same thing applies to their currencies

GENES11S:
In developed countries, Crypto exchange rate obeys the country's exchange policies regarding other non digital currencies.

In Nigeria, CBN exchange rate is around 460 naira to dollar. Crypto has never obeyed this, not even once.
Their exchange rate is usually around 740 to 840 therefore contributing to the downfall of Naira while promoting the dollar.

Even payment company like PayPal had to obey every countries monetary policy. It's either you accept it or you don't operate there. It's simple.

Nigerians should shun crypto for now until they take our monetary policy seriously. Right now, we are helping them to destroy our economy.

you are actually very wrong, what crypto use is the market rates, in every country, not what the government fix or officials rates.. It's high time Nigeria stop using official rates for anything and allow the Naira to flow naturally and be determined by the market forces.

Devil1Messenger:
U can't accuse Buhari of nepotism and u turned out to be worst
Tinubu can't spend more than 8yrs as president and when he is done, another tribe will take over and u will be the one to cry
So try to be reasonable

how many appointments has Tinubu made for God's sakes under a week that you guys are already accusing him of Nepotism?

saintopus:
The role of the Traditional Institution is one very key area that requires a complete reform to ensure security.
Until there is security the much needed progress would be an illusion.
In the Nigeria Constitution, there were no real responsibilities assigned to the Traditional Rulers. This is the time to reform it.
The incoming National Assembly has this responsibility

the traditional rulers are the main reasons why security has elude us in Nigeria, they do next to nothing than to collect illegal 2.4% of LGA money from federation accounts, party, marry more wives while been unproductive to the economy, they hardly attract any form of development to their various communities, besides paying them is illegal because it's no where in the constitution to pay someone, just because he or she is lucky to be birth by someone, Nigeria is Republic. State police and community police is what we need to secure our environment, also the Chinese model should be copied, if anyone travel to anywhere, your first point of call has to be the nearest police station to announce that you have arrived at the community, in China, cameras are everywhere, you can't move from one area to another without notifying the authorities.

Nvestor02:
Hope you know that democracy has reduced the voice and ability of the King to the nearest minimum but still king are active in creating peace and improving security in most rural areas in Nigeria.

Igbo doesn't hage king shows how directionless you guys are and that's one thing that make Nigeria to rendered you to nothing .

Just because Igbo don't have one and loud voice, Igbo are now in back lines of the Nigeria Presentation.

please the traditional rulers in the north and west and south south are the major cause of non development in those regions, paying someone 2.3% of money due to LGAs is totally wrong.. They add no value, they are the real major cause of security issues especially in Niger Delta and in the North, also lang grabbing in the southwest they are the one behind it, in matter of facts it should be abolished in Nigeria please.

taylor88:
Do you know the most difficult job on earth right now?

Imagine your job is to write Tinubu’s Biography?

Where you wan start?

How you wan get information of “15 things you should know about Tinubu”

Whoever that’s doing that Job now must be sweating heavily bcuz Omo

Writing Tinubu’s biography is like writing attributes of a ghost

Where you wan start from?

Date of birth
Education
Family
Growing up
Source of income
Cocaine and heroin etc

Guy you go faint looking for what doesn’t exist

Abeg una go rest abeg.. We tired of you guys rhetorics everytime or everythread... The man has been sworn in has the President, something you lots swore it will never happen.. Deal with it and move on to more productive things.

MissOpe:
To all those who said forgive but don't forget, what's the essence of forgiving and not forgetting?

Tell me the difference between both..

You forgive me but you still get doubt about me...

I'll rather not apologize....

Let ego consume both of us ...

Rubbish and ingredient....

the difference between forgiving and not forgetting is alot.. You can forgive a person from your heart, but people hardly change, you not suppose to forget because you don't want to be bitten twice on same spot, don't forget because you have to watch out.

You can't call what Obj did has a norm or tradition, what keyamo said is totally correct... Nothing like minister of state in the constitution.. Nothing like junior minister... I think they av to look for a way to fix that.. Plus the military writers of the constitution really messed things up big time with that 1999 constitution.

My own take is that the guy is one of those people that are obsessed with taking pictures, videos of themselves anyhow... They talk too much

maestroferddi:
Oga no dey misyarn...

Was there vandalisation of cars?

The answer is yes...

If the police spokesman knows his job, he would have instigated an investigation without engaging Rufai in a needless confrontation...

I am sure cars were vandalized so the emphasis on the number is gratuitous...

There is reason why Rufai was supposed to do an investigation on the issue before calling the attention of the authorities to it...

Even if he exaggerates, it is understandable within the circumstances...

We can continue to justify madness...

It is like the scenario where several dozens of people get massacred by herdsmen only for the police to issue a statement insisting that only four people were killed...

come one.. That a car was vandalized is bad, but 40 cars in a single location is a disaster, a journalist is suppose to report the situation like it is, nothing added nothing removed, how in your mind will you say "Even if he exaggerates, it is understandable within the circumstances..." how nau.. Bros.. What are you understanding in what circumstances.. Circumstances to lie?

EastAlchemist:
Who be David
Who be Benjamin


I Dey think say na the same person
Then I think they’re not related
But David and Benjamin?

they are not related but might be related.. Both are from Badagry Lagos State.

inforesource:
If she can't take the pressure of her office she should step down. It is not everything you hear that you respond to no matter how terrible or tempting it sounds.

this is very true, there are even better ways of explaining yourself once you are in a public office, just like Ibikunle Amosun did today.. Not everything has to turn to fight..

VEHINTOLAR:
Don't "oga" me,please ! Why don't you just provide your counterclaim to discredit the writer's claim in the article ? I mean,just give us the name of the first Professor of Geology in Africa,be it White,Black or Green !

Are you really sure about your claim of being a Geologist and a Graduate of the University of Ibadan ? I don't want to believe that because of the highlighted part of your statements !

when they begged you to go to school and you refused, why won't you display your folly online, I gave you two names that precede Prof Oyawole and you are still asking silly question.. No ooo.. Am not a Graduate of Geology University of Ibadan....come and collect my certificate nau... Oponu... Just empty barrels that won't stick to topic been discussed, Google the names I provided earlier and compare their years to Our own Prof, your lazy ass can't do that?I just don't know why some people like living in fools paradise.. Simple fact.. The man is not the first African Professor in Geology period.

VEHINTOLAR:
Can you please just stop this "am" "am" "am" stuff ? It's exactly why I doubt,very strongly, your claim to being a Graduate of the University of Ibadan ! Nobody from the U I writes "I'M" (I am) as "AM",please ! You've never attended University of Ibadan;I just can't feel it,man !

Now,about your claim to have studied " under those "grate" Prof "Oya wole" taught......"may I remind you that the Professor's name is OYAWOYE ? Chinedu,you can continue to dig whatever you wanna dig, it won't change or reverse anything, okay ?

oh please safe me that crap... Am on an informal forum I choose to write my quotes anyway I choose, oga, if the auto correct decide to split the Prof name.. Nd u decide to pick on that.. It's ur cup of tea..or you looking into my grammar structure..good for you, am a graduate or not.. It's my business.. No be only chinedu.. Na chinasa... Alaye read through my profile and post let it clear from your eyes that am bonafide Yoruba guy.. Back to the Topic.. That's the main issue the Prof in question may his gentle soul rest in peace, is not the first Prof in Geology in Africa period.

VEHINTOLAR:
Don't "oga" me,please ! Why don't you just provide your counterclaim to discredit the writer's claim in the article ? I mean,just give us the name of the first Professor of Geology in Africa,be it White,Black or Green !

Are you really sure about your claim of being a Geologist and a Graduate of the University of Ibadan ? I don't want to believe that because of the highlighted part of your statements !

Google Prof Louis C. de Villiers or prof Ben Lombaard from university of Pretoria.. This "white" South Africans pre date our amiable Prof in Geology in Africa, we should set our records straight, I had the privilege of studying under those grate Prof Oya wọlé taught and I have maximum respect for him, am just setting the record straight before we go about stating things that are not facts. 1st black African professor in Geology yes but not the first African professor in Geology #fact.
Am sure if we dig well we could find some in universities in Cairo or casablanca or Algiers that predate ours.. Geology is an old science a very respectable field.