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Miyachi's Posts

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Business / Re: Erisco Vs Chioma Okoli: CNN, Dailystar, Reddit, Others Feature Story by Miyachi: 2:10pm
kingthreat:
Pregnant or not. Woman should face the music. Law is the law.
If the video she made was that the tomato sauce was too sugary, that would have been better. But this woman said Erisco tomato sauce is killing people. That is way of slanderous. That shows a woman paid by competitors to demarket a product of a company that is employing hundreds of Nigerians. She should face the music. These influencers must have sense.

Don't be unfortunate.

If you had followed the case properly you would have known that what the lady said was that the paste was too sugary. She made a facebook post sharing that opinion. But in the characteristic way of the criminal Nigerian police force, they were able to carry out the vendetta of that rich halfwit by attributing other posts that she didn't create to her.

His obstinate determination to kill this woman will be his undoing.
Politics / Re: House Of Reps Blasts Bello El-Rufai For Denying Receiving SUV by Miyachi: 6:44pm On Mar 13
jumper524:
the report did t say he lied, rather it talked about him setting up his greedy colleges for ridicule
You must be daft. You didn't read the part were it said that all the members had received their vehicles?
Politics / Re: All These Pistols Were Locally Fabricated In The Factory In Jos-NPF by Miyachi: 12:54pm On Mar 07
Forkthiefnubu:
I don’t believe this , these are machined in modern factories , ordinary keke that we assemble still looks like 19th century machines
It is true. I could remember when I used to hear of Bukuru Technical College students making and selling guns in the early 2000s. It's been happening for a while.
Politics / Re: Aiyedatiwa ‘Blocks’ Ondo APC Gubernatorial Aspirants From Meeting Tinubu by Miyachi: 9:35am On Feb 29
The governor was right, it was a private condolence visit but this sycophants look for any means to gain spotlight.
Foreign Affairs / Re: Pakistani Wearing Dress With Arabic Print Almost Lynched To Death For Blasphemy by Miyachi: 10:47am On Feb 26
Honoredeblazac:
Sahara dey carry fake news. Urdu which is Pakistani language is written officially in Arabic script, so there is no way Pakistanis will hurt someone for some Arabic if it was not blasphemy. And it’s clear that when they checked and it’s wasn’t one, she was let go
They were ready to lynch the woman if not for the intervention of the restaurateur and police. None of them knew what was on the dress but they believed it to be blasphemous.

A god that you have to fight for is not worth worshiping.

7 Likes

Investment / Re: USDT Is Not The Same As US Dollar by Miyachi: 1:47pm On Feb 23
Procashtips:


Oga do your research and stop arguing.

Even Americans (some) know this already.

It's similar to what Nigeria is trying to do with NNPC.
No it is not, don't talk about what you don't know. It is an independent body and doesn't answer to the President like the Nigerian Central Bank but Congress provides oversight.
Do your research and stop spewing falsehood. How will you imagine that the whole Federal Reserve Bank is not audited, do you know what you're saying?
I don't think there's any financial institution that is as scrutinised as the Fed.
Investment / Re: USDT Is Not The Same As US Dollar by Miyachi: 1:35pm On Feb 23
Procashtips:


Hope you know the federal reserve of the US is a private company/entity even though they don't get audited, infact they print dollars at will?

Kindly research this online.

A few people own the USD, not even the US as a country.
You just make up stuff as you go, right. The Fed reports to Congress and is not a privately owned institution as you insinuate. It was established by an act so I wonder where you came up with that. Also the Fed is thoroughly audited by an independent firm so I don't know where you got that too.

My advice is don't go pedling what you read in your bitcoin and crypto forums. Read and expand your mind, don't just regurgitate arguments you read online.

You don't know the first thing about how central banks work and how money is created, start from there.
Investment / Re: USDT Is Not The Same As US Dollar by Miyachi: 1:08pm On Feb 23
Procashtips:


That's what I'm telling you.

If USDT is worthless, same is the piece of paper called USD and every other currencies pegged to USD.

Only currencies pegged to things like gold should be accorded value.

Yes, you need to audit the USD, else it becomes unaccountable and unreliable.
The Federal Reserve has auditors both internal and external. And per the FOI Act what ever information you're looking for, you can request.
Investment / Re: USDT Is Not The Same As US Dollar by Miyachi: 12:30pm On Feb 23
Procashtips:


Who audits the USD?

Do you know the US prints USD anyhow and anytime and that it's not pegged to anything worthwhile?
By your logic, you shouldn't be keeping USDT then because it is pegged to USD.

Do you need to audit the USD?
Investment / Re: USDT Is Not The Same As US Dollar by Miyachi: 11:30am On Feb 23
PureFace1:
The problem with Nigeria is we have a lot of delusional folks like OP that churn out information full of ignorance and bias.

If USDT that the whole world use is a scam so it is naira that CBN printed trillions of it last year to caused massive inflation and eroded almost 100% of naira value that is not fraud ?

OP has a point. USDT is just code, last I heard it hasn't been audited. No reputable firm is willing to audit their books, that alone should tell you a lot. Their are other stablecoins that have tanked in value causing customers to lose their funds.

OP is just sounding a warning based on facts available. If you know what you're doing and choose to hold tether, what he is saying shouldn't bother you.
Travel / Re: I Have Never Been To An Airport by Miyachi: 10:53am On Feb 23
DiamondJLove:
I am in my late twenties. It seems strange that I have never visited an airport. Sometimes i feel ashamed and never talk about it with anybody.

I don't know if it's due to too much responsibilities on me. Who is in the same boat with me? How do you cope when people talk about visiting an airport? Do you pretend as if u have visited an airport? Do you say the truth and let people mock you?
'been' not 'being'. One is past participle, the other is present.
There are people all over the world who have never been to an airport or flown on a plane.

What you don't have you don't need.

There's nothing to be ashamed of, well, except that you don't know the difference between present and past tense. grin
Politics / Re: Saraki: We Were Portrayed As Enemies When We Demanded Transparency From Buhari by Miyachi: 2:16pm On Feb 22
ddippset:
Best Senate president?

Can you list some of his constituency projects as a senator?

Can you list how he empowered people and made this country better?

Can you tell us how he made Kwara state better?

Can you tell us 3 major things he achieved for Nigeria as Senate president?

It is people like you that are the problem of Nigeria. Of all the things you mentioned up there, please tell me which of them is the constitutional duty of the Senate President or a senator. It is such shortsightedness that bedevils the citizenry. When you don't even know that these people are meant to represent you and put the executive in check, they can get away with being ineffective and giving people like you peanuts to sing their praises.

1 Like

Business / Re: How Binance P2P Contributes To The Plummeting Naira Value by Miyachi: 10:24am On Feb 22
jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.
You have no idea what you're talking about. For one CBN doesn't set the dollar price anymore, the naira has effectively been 'floated'. When the price drops in the official market, it is market dynamics at play.

On market manipulation, it happens in every market but from what I've noticed with the trades on Binance I don't think it is the case. Daily volume is usually less than a million USD. Even at yesterday's sell-off the volume was just 2.6m and that's the highest daily volume. Individual trades are usually less than 10k USD, that's not how market manipulation is done.

The problem still remains that we cannot sufficiently satisfy demand for fx by retail and institutional customers. CBN is grasping at straws just as they did with AbokiFX. If we had a robust fx market where demand is adequately met, I don't think 2.6m USD can manipulate it.
Career / Re: At What Point Did You Realise You Were In The Wrong Profession? by Miyachi: 1:04pm On Feb 21
The question should have been: "At What Point Did You Realise You Were In The Wrong Country?". My answer is above.

11 Likes

Business / Re: International Breweries Shreholders Meet, After Six Years Of Posting Losses by Miyachi: 1:08pm On Feb 19
Parydelegate:
Respite at last

Posting dividends in this BAT administration is not an easy feat even if na 2 kobo...its on record they paid shareholders dividends.

I still bought Trophy for 200 naira at the bar were I went to watch AFCON final. May it was because I wore my APC cap that's why it was sold to be at that price.
I don't think that is what they announced, from what I understood it seems to be a stock split.
Politics / Re: Showdown Looms At ICPC As Dissolved Board Members ‘stage Comeback’ by Miyachi: 1:01pm On Feb 19
Corruption is endemic to Nigeria. The worst part is that there is no patriotism, everyone is out for his pocket.

1 Like

Politics / Re: Dada Olusegun Blames Media For Sharing Photo Of Tinubu Sleeping At AU Session by Miyachi: 11:42am On Feb 19
Tajbol4splend:
Mock him all you want but Tinubu government has done what governments in the past couldn't do.

He understands how to reform our economy by first removing fuel subsidy which is meant to inevitably cause temporary hardship.

He appointed an efficient Cardoso as CBN Governor who has so far identified the hidden catapult throwing stones at Naira, then naira devaluation (a policy which some people are using to cash out big time, and one which is meant to kill the hunger for dollars and importation.

Tinubu government decisions have been on point even though the results have not been duly communicated to an ordinary layman, and it's no surprise that people who are criticising him haven't come up with something he has done wrong, just insults and curses without substance.

Tinubu is on the right track, personally I never expected him to be prepared for the job because of his health but I am glad he won, and I'm sure by the time his policies start yielding results, we would want him forever.

Batified

What subsidy? Subsidy that is back and worse than in the previous administration? Didn't you read that the landing cost of pms is above a thousand naira because of the forex crisis?

The naira devaluation isn't something silver bullet, there is no silver bullet but this incompetent administration keeps pushing that narrative to the gullible.

There's nothing you've said in your post that is sensible, just the gibberish that his bootlicking supporters keep pedling.

If his policies were working, everyone will be singing his praises but it is quite the opposite.

1 Like

Business / Re: Can't Send Dollars To Nigeria Any More by Miyachi: 5:49pm On Feb 09
hafeeanubasy:

And everything you listed in your last paragraph is done within 6months?
Don't deceive yourself, you know the CBN governor is in over his depth. He had 5 months and the currency is in free-fall, while the economy is in shambles with no clear policy direction. Do you think it is diasporic remittances that will shore up foreign reserves? You removed import bans knowing fully well you couldn't even satisfy forex demand as they stood, what were you expecting?

You can't stabilise your currency and you don't expect people to hedge their risk? Should Nigerians continually suffer for their incompetence?

Please, show me one policy or decision that shows these people know what they are doing, just one.

2 Likes

Business / Re: Can't Send Dollars To Nigeria Any More by Miyachi: 1:39pm On Feb 09
Throwback:


Are you talking about the same China that the US has been pressurising for decades to devalue their currency relative to the US dollar?

Those ones use dollars like it is tissue paper and give it any value as they chose to.

Last time China devalued their currency they did so on their own volition. This was because they were battling an appreciating currency that was making exports expensive. China still intentionally pegs it currency lower than it's actual value to encourage exports.

The United State's strong currency discourages exports. Why do you think almost everything is made in China?

Our Nigerian problem is a peculiar one, we have a highly devalued currency that should make our exports competitive but we don't have anything to offer. That should be what the present administration should be working on. They should be pondering on how the can shore up foreign reserves and stop borrowing. Cutting unnecessary government expenses but no, they prefer to slap band-aids and carry on business as usual - the business of looting the treasury dry.

2 Likes

Business / Re: Can't Send Dollars To Nigeria Any More by Miyachi: 1:17pm On Feb 09
Throwback:


That is how it is in many countries.

They don't even have what we term a domiciliary account.

The bank accounts are designed to receive foreign currencies that are either automatically converted to local currency, or that are kept as incoming foreign funds that cannot serve any purpose until it is converted for inflow into the local economy or returned as international transaction outflow.

I love it when people who have never left the shores of Nigeria suddenly become experts in international monetary policies. Even in Communist China you can buy and sell goods in USD and save your money in the bank in USD.

What they should be thinking of is how to clear the outrageous foreign debts taken by the previous administration and generating new sources of income. Instead they go about stealing people's money.

2 Likes

Business / Re: Banks To Pay Customers Money Sent From Abroad In Naira by Miyachi: 9:41am On Feb 09
Nbote:


See how you are contradicting yourself. First you started by throwing shades at "flat in headdies" by claiming they'll have something to say but then went further to have something to say. Banks do not give dollars, the CBN does and you get by applying through a bank. Now the CBN has asked them to sell off the ones in their custody and now asking them to pay naira for dollars sent. Isn't that accumulating the same dollars they are forcing the banks to dispose off?
Banks keep accounts with the CBN and these are not necessarily customer funds. What the CBN asked them to do was to dispose of their own dollars. I guess the rationale behind that was to increase liquidity since the usd kept as balance wasn't being put to economic use.

There is no logical reason for this policy asides stealing from Nigerians.
Politics / Re: Police Officers Cry Out As Soldiers Attack Police Base, Injure Officers In Jos by Miyachi: 8:26pm On Feb 07
Yujin:
The terrorist Nigerian army behaving exactly how the colonialists taught them over 160 years ago. Attack, abuse, kill and destroy properties of the indigenous people for the purpose of the colonial power. Nothing has changed ever since then.
Every section of Nigeria will taste their barbarity.

Back to Mangu...
The Nigerian army in Mangu is there to support the fulani invaders by any and every means. Check the names of the victim policemen and find out they are mostly indigent names. All of you who will dismiss this as a mere army/police fight will eventually come and cry here on nairaland when the fulani terrorists and the Nigerian army come for your communities. It must happen unless Nigeria is divided before then.
That word doesn't mean what you think it does.
Politics / Re: Most Of The Kidnappings You Read Online Are Staged And Fake - Police PRO by Miyachi: 9:10am On Feb 03
nairalandkachy1:
A worried social media user, Samuel N had queried why the Police always gave excuses after abductions have taken place...




The Force PRO, Olumuyiwa Adejobi replied him:

This guy sure has a knack for controversial statements.

5 Likes

Celebrities / Re: Why I Don’t Like Kissing In Movies – Laide Bakare by Miyachi: 9:07am On Feb 03
malcom1X:
She said

“Portraying romantic roles, especially scenes involving kissing and touching, pose unique challenges for me. Navigating the authenticity required for such moments while maintaining professionalism can be intricate. Balancing the demands of the script with personal comfort adds complexity to these roles, requiring a nuanced approach to ensure a convincing, yet respectful performance.”


I can bet you that there was no interview, this is chatGPT answering for her. She asks chatGPT for answer then she just copy and paste and send to punch.

Did punch newspaper not get this? Who the hell answers interviews this way?
First thought that crossed my mind. It just sounded soulless.

1 Like

Agriculture / Re: Maintaining A Clean Pig House In Modern Pig Farming (video/pictures) by Miyachi: 7:33pm On Jan 30
obataokenwa:
Being too clean won't give them the required joy to be productive and big enough. Their nature is being dirty 😆 🤣.
I was just thinking this. Pigs love digging up dirt and bacteria is essential to their growth. They need to exist in a symbiotic state otherwise you're going to have an absence of normal immune function. You'll end up having to keep feeding them antibiotics.

1 Like

Travel / Re: Pelumi Nubi On A Solo Trip From London To Lagos By Car (Video) by Miyachi: 5:58pm On Jan 30
I hope she's privy to the fact that it's illegal to drive a RHD vehicle in Nigeria. Checking the relevant traffic laws of the countries she's going to traverse will do her good.
Politics / Re: Tinubu Directs Crude Oil Sales To Be Handled By CBN, No Longer NNPCL by Miyachi: 3:58pm On Jan 29
Babangidapikin:
I thought NNPC is a public company with a board ... someone educate me about all this interference from the Presidency ....Yes he is the Minister of Petroleum ..it doesn't stop anything as long as I am concern sha ..the cartels in NNPC would just get more sophisticated, if they are any ......Although it is good for check and balance ... I see operations cost going up ....
It is a public company wholy owned by the Nigerian government. So I guess the owner gets to choose how business is carried out.

3 Likes

Car Talk / Re: You Shouldn’t Own A Car If You Are A Tenant — Financial Guru Advises Nigerians by Miyachi: 12:04pm On Jan 26
Financial experts giving one-size-fits-all advice.

A car is not a luxury item (usually). In a country like Nigeria with poor transportation infrastructure, if you have the means, please do get a car. Wether or not you're a tenant is not a precondition.

9 Likes

Politics / Re: Olusegun Dada Replies Atiku, Explains What "Project Gazzelle" Is by Miyachi: 7:47am On Jan 26
All this long English. It is simply a futures contract where a buyer pays today for goods to be received tomorrow, and from the elaborate explanation I'm sure we're holding the short end of the stick.
Crime / Re: "I Am An Armed Robber, Not A Kidnapper" - Chinaza Philip Okoye. by Miyachi: 8:31pm On Jan 24
But you were caught kidnapping someone grin
Chinaza, try dy get sense.

4 Likes

Car Talk / Re: What Advice Will You Give This Driver? by Miyachi: 8:05pm On Jan 17
Olaolex:
This driver is stuck in the mud, what advise will you give this driver?
Or if it were you, what will you do to get out of this situation?
nlfpmod
No gree.

2 Likes 1 Share

Politics / Re: Kano Gov’ship: ‘you Lost But Made Moves To Hijack Power,’ Sanusi Mocks Ganduje by Miyachi: 5:56pm On Jan 17
tuoyoojo:
I am reminded of the lyrics of this song

The winner takes it all
The loser has to fall
it's simple and it's plain
why should I complain

The nostalgia this brings.

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