₦airaland Forum

[quote author=Olakunle007 post=43153393]I have make up my mind to patronize Nigerians' services. I have cease the use of Facebook and switch to Nairaland.


Hope I am trying?[/quote
After attending Oduduwa University, u can't even write simple English.

opwa4us:
I sincerely sympathise with your your blindness. When will u stop this your tribalistic reasoning? Its an economic issue not the the matter of wealth or how much u have. I bet he knows nothing about what he is saying. Except we increase our export and reduce the demand for foreign goods. Naira will never have power

You just showed you have limited knowledge concerning this issue.

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
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The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
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Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
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When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
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There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
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So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

What you said is absolutely right. I wish Buhari will come, read and digest this so he'll understand the gravity of the blunder he comitted duri g his campaign when he said in Owerri that he'll make $1 equal to N1.
You remember sometime in d past when Okonjo iweala was warning federal and state govts about the drop in crude oil price and how it will affect foreing reserve so badly in very near future. She den adviced that the extra crude account should not be shared and also adviced governors to focus more on IVR and payment of salaries and drop capital projects but they refused.
Now CBN cannot meet demand for fx because of depleting forex reserve. In a bid to salvage the situation, CBN stoped selling dollars to BDC but asked them to source fx from other means so as to meet the customers demands.
Moreover CBN said they'll give license to travelex to operate in Nigeria to replace BDC. Therefore while the exchange rate is now so high in black market is because CBN only sell fx to commercial banks @ official rate of N199 to $1 and BDCs now have limited amount of fx to sell to their customers.
I can tell you that if BDC operators start getting enough fx from neighbouring countries to sell in Nigeria, naira will begin to appreciate and our foreing reserve also will keep increasing gradually.

What Ifeanyi Uba may want to do is to get approval from the authorities and operate a venture like that of BDC and or travelex. With that he can achieve what he said if he can meet people's demand for dollars.

simplycarro:
If you so much trust that dude, how do you think he can do it.?

In may 2015 when there was massive scarcity of fuel for weeks, hospitals, banks, offices were closing down, a litre of fuel was N600. It was this same Ifeanyi Uba that came out and said he has more than 13million litres of fuel enough to serve Nigeria for 2wks under normal price. Some people said the same thing, how will he do it, but he did it.
Same thing now, becos he's not in APC, he's talking trash.

ubah84:
who stop him?what chance does he want?

He needs to get a chance and approval from govt because what he wants to follow formal procedure and due process. Before someone say such publicly, he already has his blue print. Everybody is not Bubu who just say things anyhow.

fortune1968:
Some people can believe Anything !

Including you who believed Buhari when he said he'll make $1 equal to N1 and voted for him. If they talk if those zombies that believe anything, you are one of them.

Yes he can do it. He is not Bubu that lacks integrity who promised Nigerians heaven and earth including making $1 to N1.
Ifeanyi Uba has saved Nigerians before in May 2015 when artificial fuel scarcity was killing Nigerians. He said he had enough fuel that will serve the whole country for weeks and he did it.
Now he said if given a chance he will make $1 back to N200 within one month, I know they will not want him to save Nigerians because of political selfish interest.
Very soon we’ll start hearing on news headline; How Capital Oil Boss Ifeanyi Uba Diverted $862billion from NNPC in 2014- EFCC

Elosky20:
The CBN has only two options now:
1. Devalue the naira and support the naira from the foreign reserve, but the foreign reserve is low and can only last for 3 months.
2. Restrict importation of certain products, to save the foreign reserve for inevitable imports, which cannot be sourced in nigeria.
.
The second option is clearly the best in the long run, while the first can only work for a short period because the oil price is not rising anytime soon and might go down to even $20. We have to stop this our importation madness and start using what we can produce in nigeria. For how long will Nigeria continue to dodge this bullet, when we can disarm the assasin with a little effort and sacrifice.
"Naira must fall, so nigeria can rise again"
i stand with buhari

3. PMB and his entourage should put a stop to all these unimportant foreign trips to also increase our forex reserve. It's estimated that each presidential foreing trip cost about $1m.

APC, party of wicked fellows

It's quite unfortunate that APC as a party and it's members think Nigerians are fool. Anyway I don't blame them because they deceived Nigerians with their lies from the onset so they know the will always deceive them with lies in their administration.
We do not know who stole the budget and how the budget was padded but I think APC's blame game is getting out of hand.
Linking Saraki's trial with the budget scandal is laughable. I know the minister for Education defended the extra money that was attached the ministry and so many others did.
What ever failure APC and Buhari's govt has, they must look for somebody to hang the blame on. Well it's for the fools they deceive.

BaddieKay:
They just want to cast them away...No tangible evidence.Thank Goodness d courts ain't dancing 2 their tunes

Because they don't have any case against them. Buhari's govt is govt with no vission but with mission to silence opposition.
Metu was arrested for embezzling N400m but when he was charged to court, the N400m issue why he was arrested was not included in the charges against him. Now I ask what does this govt mean in the so called fight against corruption.

GudluckIBB:
What does Fayose a fake HND holder knows?

Ali Mordu Sheriff's Emergence is bringing down PDP and he's asking Buhari who doesn't even knows he exist to devalue Naira!

Its a pity!

How much does your Kunu drinking President spend on each foreign trip, who are members of his economic team?

Good

henryhemon:
I pity you sha,say he's the greatest man to you don't generalize for others,don't sit in your room and decide for people. He's in that prison and am sure others are doing their business and some will be laughing at him. What has he achieved compared to Peter Obi? Compared to Obiano? Compared to Sulivan Chime? Compared to Donald duke or Akpabio? If you get Biafra as a nation that's an achievement? It won't be developed? Your choice of greatness is skewed. God help you folks.

When children talk we dey always know.

Madam I pray that jobs will locate your husband. That money and resources he will use to take care of you and the family shall never depart from his hands. Sometimes biz can be bad but after a while it will pick up. Just like wat somebody suggested, he can as well try a side biz to support.

wasiudvd:
And its still the same southeast people that want to import everything at the detriment of the economy.
seems you have not live in other region of Nigeria apart from SE.
Other regions house companies that produce locally too. You are talking of tummy tummy, is indomie imported? You talk of Hero, is star imported? When you go to Osun you will see a fine locally produce beer too (Trophy). Either a foreign company or indigenous company, the bottom line should be it is made in Nigeria. Regions where products such as cements (which we export), regions with ore should be have been boasting like this. I have live in the north, southwest, south south, currently in the east. so when I see thread like this, I can't help but laugh at over bloated ego.
Yes, its only Igbos that can save Nigeria economy, that is if they stop import at all cost culture.

What is this one saying, Trophy? Does that drink have taste? Which ore are you talking about? You people's hatred will not allow you to grow. What you southwest produce, that people build factories in your land does not make you the owner of the factory.

obailala:
All I am trying to point out is this, "it is not much about what you say, but rather it is about how you say it," this is common sense but its sad that many do not understand this. Just in case you are still wondering why just about every other ethnic group in Nigeria do not really like Igbos, it is exactly because of the very attitude you just displayed in your opening post, nobody likes an arrogant person (and do not try to mistake pride for arrogance). If I wasnt an Igbo person and I read your post, I would feel very discouraged buying any indigenous product from an Igbo man. Hopefully you get my point this time.

You people should leave tribal sentiments so you can get what you want. There is nothing wrong in wat op. You can get a different meaning from his post because of your state of mind and your perception about igbos. Igbos are not begging for anybody's patronage , their products sell well within southeast and other African countries so accept the truth as it is. They don't need north and south West's patronage to succeed.

phantom:
Wike and his people are as usual vomitting rubbish for their gullible followers to swallow.
The punk should explain to Rivers people what he did with the billions he borrowed within his first 4 months in office because what we see on ground no reach at all.
Let him explain how completing projects which amaechi left at almost 90%,gulped more then 50billion he has borrowed so far.
Mr wike,please leave amaechi alone and work.2019 no far o!!! You better hit the ground and bring in NEW and INNOVATIVE developments.
A word is..............

Another Zombie spoted on nairaland

olajizz01:
For those criticising the president,can they do it better,had it been they havent be at the helms of affair before,it would have been better,but now we know their antecedent,they have been borrowing to pay worker's salaries when crude oil was still at 65 dollars per barrel before they left and now is less than 30 dollars per barrel and present govt havent borrow to pay salaries and they are criticising without proffering any solution to the economic situation,the problem on ground is because we have mono-economy,had it been their thin god has diversified our economy from mono to multi within that good six yrs,we wont find ourself in this pathetic economic situation.

When the youths of this country reason and talk the way u just did, then we know Nigeria has greater problems ahead.

UrbanMystique:
We know that.

If Boko haram is holding any territory, I'm sure credible media houses like sahara reporter would have investigate and breabrea it by now..

Only hungry wailers spreads crappy rumours on twitters etc and wishing you fail at all cost. They forgot if you fail to tame Boko harm, it's their family from Biafra that will suffer the aftermath of Boko onslaughts the most not your family.. Dead brain people .

Lol... Abi o.

brainpulse:
Good luck Jonathan, you are cursed in every area of your life. You shall know no peace, you and your family.

You see your life, may it be to you as you wish your fellow man in Jesus name.... Amen!

Paragon311:
Anyone still defending the previous administration...... May all your hard earn money and business dynasty built be controlled and doomed as GEJ did to Nigeria.... AMEN!!!

Wat about how Buhari and his ministers stole 2016 Budget and inflated all the figures to tunes of billions of naira untill Senate caught them. Anybody supporting PMB may you loose all your belongings in this world including your life to thieves.

JustHere2Observ:
Take your bile far far far away....if you want to correct someone, you do it without insults or using derogatory words.

No vex, sorry. I go modify the post.

Rolings:
I know why you IPod guys are here defending Ben Murray Bruce ,you have your eyes on their oil so that's why you want the rest of Nigerians cut off from it so you can colonize the south southerners and steal their oil. Imposing yourself in ijaws,itsekiris,urhobos and other tribes in the South south because of their oil .shame on you

Shatap you fool! Do you understand English? You are here replying every post with insults and hate speech. Congo meat like you, read my post and tell me what your South West and North are doing to sustain your region. Go get a life Zombie.

Iroh88:
I wonder if this one is a human being. Dude, I don't need handouts from any politician to sustain myself. If you do, too bad then.

And for your info, Fayose is owing salaries since November, how does that make him different from the people you've mentioned.

So sad poverty has eroded the capacity of folks to see things through from a rational perspective.

Go and hide your face in shame you son of a poor man, you are even still in school, no wonder your arguement so baseless. Go and read your books, you are not supposed to be here.

Rolings:
Biggest hipocrate in Nigeria. This man and other PDP guys are trying to hijack the Change of APC . One wonders where the Twitter senator has been all this while or did Aba just came into existence in 2015 or why the grandstanding with made in Aba goods. Now he is donating his galleria as if he just built it yesterday .

Yes he is a great man. As for where he was before, he was a business man minding his business. Now he is a public servant duly elected by his people to be their mouth piece in govt that's why you are hearing him now.
Anambra is busy developing their state without waiting for fed govt bail out, Aba in Abia is busy developing their industry to be self sufficient, Innoson in Anambra state too manufacturing vehicles so we can have and drive our own cars, south south is busy securing their land and oil from the impostors. Tell me what are North and South West doing to make their region independent atleast from foreing products.

JustHere2Observ:
He wrote a referral letter? I laugh in Greek.... Are you a doctor referring a patient? Best you can do is give him money for the surgery and drugs.

Your brain dey work so? A govenor of a state gave you a referral letter duly signed by him and you're asking if he's a doctor? That you are in opposition doesn't make you to loose you mind.

Iroh88:
This guy would have made a perfect politician in ancient Rome: dazzle the people with epic public display of drama and they forget about what your actual responsibilities are.

All he's doing is preparing/psychologically recruiting the ignorant folks who would be willing to put their lives on the line to protect him when the time is due for him to answer to his crimes. People like this young man would be the ones staring down the barrels of guns while his children would be somewhere hundreds, if not thousands, of miles away from the epicentre of his confrontation with security operatives.

They would die and be forgotten in the blink of an eye. Fayose would be arrested and prosecuted and life would go on.

Let those who've got brains make use of them. Never stake your lives for the sake of any politician. Encourage them to use their children to defend themselves.

My friend shatap! Wat have Oshimole, Amosun, Aregbe, Okoroausa done for their people? Instead they owe salaries here and there. You think APC's dubious plan to unseat Fayose will work, better go get a life.

fitzmayowa:
I hope the military will not be tagged as IPOB/IPOD/Wailers/Ekpas by our beloved APC e warrior...


Oya APC e warriors over to you, "lying liar mohammed" has been exposed, lets see how you defend him...

Or they will say that Olise Metuh gave the military N75million from the N400m he collected from Dasuki for the to claim their weapons are standard. Chai! U can't cover pregnancy with your bare hands.

uchedydy:
I was taken aback by the hash tag...‪#‎iamnigeriannotacriminal‬....and I ask, for all those who used the hashtag. Who are the Nigerians that;

1. Give bribe to policemen when caught in traffic offence?
2. Bypass Nepa metres?
3.Reconnect Nepa light without paying for reconnection fee?
3. Inflate contract prices?
4. Cheat their company when asked to make procurement?
5. Take subsidy on petrol and still sell at 140 per litre?
6. Exceed the number of days approved for them in their abroad VISA?
7. Use credit cards abroad and not pay?
.....The list goes on and on.....

Before we use hash tags, check yourself, and purge yourself, if need be!!!

Also check;

*who are the Nigerians that stole Nigerian Budget from senate
*who are the Nigerians that lied that Boko Haram has been defeated technically
*who are the Nigerians that promised to find Chibok girls in 3months from 30th May 2015
*who are the Nigerians that promised to regulate crude oil price and make one dollar to one naira
*who are the Nigeriams that collect or/and pay rent to&from Aso Rock

ekeneidiagbor:
Gov. Fayose and Sen. Ben Bruce are temporarily doing the job.. and very well at that...

So this govt is a govt that can't contain opposition. They do everything possible to silence opposition. Is that democracy?