₦airaland Forum

Hi guyz, i saw this somewhere and i thought i should share with u.
Happy reading


Yesterday the currency was re-denominated by removing 2 zeros. Thus N,1000 is now N10 but the policy takes effect on 1 Aug 2008. Theoretically a dollar becomes N1.25 at current rates. Yes O and all of us wey dey earn million don become thousandnaire.

if prices adjust by the same rate all will be well. But you know say Nigeria no be like that. However, I believe that the key part of our inflation problem is exchange rate valuation issues. There is an attempt to address this problem.

As part of the re-denomination (and effective end of this month), State allocation from FAAC will be paid in dollars into an account of the States choice to be maintained in any commercial bank of its choice in Nigeria . However, the States cannot withdraw dollar. The commercial bank is obliged to monetise the dollars at prevailing exchange rates and avail them funds in Naira.This has distinct advantages as it makes foreign exchange available to the commercial banks and thus, ensures supply of foreign exchange to the interbank foreign exchange market. This is expected to have a positive impact on the short run stability of exchange rates and if proceeds from oil continues to grow, the naira might actually appreciate against the major convertible currencies. Since this part of the policy is effective immediately, there is one year period (till 1 August 2008) to tweak and improve upon it.

Some people may express fear that the policy of letting the commercial banks keep the foreign exchange proceeds may lead to rent seeking (commonly referred to as round tripping). However, I believe this is unlikely for the following reasons and thus, the temptation for round tripping is greatly reduced;

the rent between the official rate and the black market rate is virtually gone
the banks report every month on all foreign exchange receipts and payments to the CBN and with, the CBN should be able to monitor the banks
the banks are better capitalised and actually very liquid now and most have re-focussed (hopefully) on the business of banking,
But more importantly, the re-denomination exercise and the subsequent exchange of the old notes for the new ones will mean that at last the CBN will have a near accurate (if not completely accurate and reliable) measure of money supply (particularly currency in circulation). This is a key input in ensuring monetary and price stability, a key objective of the CBN as stated in the new CBN Act.

On the whole, the policy appears to be one in the right direction, however good policies have never been the problem of Nigeria , implementation has always been. Note that these policies are hinged on the success of following and thus the promised land is still far though there is a now a light at the end of the tunnel.

sustained institutional reforms against corruption, money laundering, etc
harmonisation of fiscal policy with monetary policy. This is imperative
Effective monitoring of the banks to forestall round tripping.
Development of the real sector to reduce dependence on import and thus reduce the demand for foreign exchange
I believe the time is right for these changes but we must demonstrate the will and commitment to greater transparency in implementation of the changes enumerated in the Governor's speech, ongoing reforms and those still to be unveiled. May God bless Nigeria

I am sorry about your girl ! i saw this two days ago but couldnt reply then.
I want you to take note of these things :

She was never your girl.
Forget about her and thank God she was sincere enough to say the truth by not claiming the preg is yours
Broken relationship is better than a broken marriage ! what if this type of thing happen when u guys are married?
Forge ahead and thank God.
Shit happens but the truth is, life goes on.

Once again, i am so sorry.
Best of luck in all your other endeavours.
Cheers

It sure cant be lost for real and you are still going to get those packages but, it might take about 5- 6months before it gets here. Some significant improvements has been notice inthe way Nipost handles things. Its just that, it takes forever for your packages to get here. I got mine after 5 months ! i thought it was stolen and or diverted until Nipost brought a slip to my office to come and claim my packages. The First took about 5 months while the second took about 6 months. The funniest thing is that, they cant explain why things are like that.

The KOKo is, your packages are sure going to come. Try and go to the post office in your hood and lay your claims. Be close to someone there, exchange phone numbers and give the person the track number and i can bet that, your packages would come.

Cheers

congrats

well, its still MAN U forever !

yeah, good one.
Cheers

cool

yeah, very funny indeed

cheers

This is so Interesting !
Nice topic and responses.

God Bless " YORUBA (S)"
Cheers

han han !
Very funny joke for real.
Cheers

Not a bad joke for real. Have seen it before and it still made me laugh.
Cheers

thats nice davidylan ! i wish that would help her !
For real gem87, getting confused wont help,okay ! u have someone else and yet, u wanna keep the guy incase the new guy turns SOUR. why dont u help urself by making amends for all the shortcomings u might be experiecing with ur guy? no relationship is hitch free my dear ! just go and resolve ur issues with u guy .

Fine, the freedom of a girl of 20 cant be compromised ! and anygirl in that age bracket would want to explore and groove that, any guy that is trying to show them love is seen as " MR CAGER" funny huh ? but thats the truth !!! my dear, concentrate on how to make things work out first and if its not working out then, back out and take a long break for like 70 years !

Just think every over and probe yourself, know what u want and go for it. keep the guy and forgo the "new guy" or forgo ur guy and go for the " new guy"

I really do wish u best of luck.
Cheers

break up? i have been trying to justify ur reason(s) for wanting to do that ! i guess, u are just fed up with the relationship and u wanna use that as a smart way to free urself from him.

My lil advice is this, if u still love him, dont even try to break up, OKAY ! look for other ways to resolve the whatever issues u might be having with him .
If i were in that guy's shoes, i might not want to consider "our" coming back together ! But, if u are fed up, why not ! take as much break as u want my dear.

The main point is, if u really do and if u still " gbadun" the guy, dont gamble with the love of your life !

Best of luck
cheers

oh yeah !!!

hun ?
cool

this is funny !
I give it to u guyz
cheers

good one

big talk !

Whuaooooo ! so funny !
Cheers

great !

omogenaija:
very funny, ki lomode mo ?

cool

This na serious issue and thats the truth !

I am not being trabalistic here. the truth is, its a problem especially if a non -ibo guy is trying to marry an ibo girl ! it happened to me so, i know what i am saying !

I will rather say, we should always give love a chance and where i come from shouldnt necessarily be a problem as tribe is not the problem but how much they love they've got for each other.

Help us to talk to the apostles of tribalism that, they should give love a chance !
Cheers

hey bro, u REALLY do not need any trick for real ! the sistas aint vampires ! they aint got fangs,okay ! just be yourself and introduce a lil bit of composture, then start flowing from there. Ofcourse, u must be calculative as to what to say and what time. it might be distratrous to say the right thing at the wrong time or even the wrong thing at the right time.
Just be cool.

Cheers

Yeah, we really do need to "love"

Love , what a very wonderful feeling ! however u want to look at it, its good to fall in love atleast once !
As for me, i am gonna fall in love even more.
Being in love doesnt mean u are in captivity! u only need to be matured about how u go about it ! FYI, love doesnt work alone, love needs some other things to effectively work e.g undersatnding, compatibility,maturity e.t.c Once the much needed condiments are in place, Love becomes the sweetest and greatest thing that can happen to anybody in the world !

Cheers

:d

yeah, cool
cheers

what a tragedy ! a very bad timing indeed !

Imagine that !
Funny stuff that was.