₦airaland Forum

He is at home. The Holy Land of Obidience.

Have fun, my President.

lexylaw40:
And oga the name of my president is BOLA AHMED TINUBU.....not ebola, overstand ?

Nigeriens don't think so...

And we all agree that Ebola was quickly and successfully fought off by Nigerians...

What kind of unpatriotic person made this post?

If I was a mod on NL, I will delete it, wallahi!!

SilverHorse:
Title: Exploring the Pros and Cons of Abandoning the Naira in Favor of the US Dollar: A Solution to Nigeria's Exchange Rate Woes?

Introduction

Nigeria, the economic powerhouse of Africa, has long grappled with a persistent challenge: the instability of its national currency, the Naira. The volatile exchange rate between the Naira and other major currencies has far-reaching consequences, affecting the livelihoods of everyday citizens and breeding opportunities for speculators. In the midst of this economic turbulence, a radical proposal has emerged – abandoning the Naira in favor of adopting the US dollar as the country's official currency. This article delves into the pros and cons of this idea, considering the advantages it may offer in stabilizing the economy while addressing the challenges and implications of such a monumental shift.

Background: The Exchange Rate Conundrum

Nigeria's exchange rate dilemma has cast a shadow over the country's economic growth and stability. The persistent gap between the official exchange rate and the black market rate has created a breeding ground for illicit activities and exploitation. Speculators, positioned between these two rates, have managed to amass considerable profits while exacerbating the struggles of the general population. The resulting impact on the prices of imported commodities, particularly oil, has rippled through the economy, leading to increased costs of living and deepening the divide between the wealthy and the poor.

The Idea of Abandoning the Naira: Advantages

1. **Exchange Rate Stability:** Adopting the US dollar as the official currency could potentially mitigate the exchange rate instability that has plagued the Naira. The dollar's reputation as a stable and globally accepted currency could instill confidence in investors, encouraging foreign direct investment and boosting economic growth.

2. **Inflation Control:** Tying Nigeria's economy to the US dollar could provide a degree of insulation against hyperinflation. The country would effectively outsource its monetary policy to the US Federal Reserve, which has a track record of maintaining a relatively stable inflation rate.

3. **Simplified International Trade:** Utilizing a universally recognized currency like the US dollar could streamline international trade, reducing transaction costs and removing the uncertainty associated with fluctuating exchange rates. This could facilitate smoother business operations and foster stronger international partnerships.

The Challenges and Implications

1. **Loss of Monetary Autonomy:** One of the most significant drawbacks of abandoning the Naira is the relinquishment of control over Nigeria's monetary policy. The country's central bank would no longer have the authority to set interest rates or influence money supply to address specific economic challenges.

2. **Sovereignty Concerns:** Adopting a foreign currency raises legitimate concerns about economic sovereignty. The Naira symbolizes Nigeria's national identity and autonomy, and relinquishing it might trigger debates about the erosion of national pride and control over economic destiny.

3. **Distributional Effects:** Dollarization could disproportionately affect the marginalized segments of society. Accessibility to the US dollar might be limited in areas with weak banking infrastructure, further exacerbating income inequality and financial exclusion.

4. **Transition Costs:** Transitioning to the US dollar would entail substantial logistical and administrative challenges. From updating financial systems to educating the public and recalibrating the entire monetary framework, the process would come with its own set of costs and complexities.

5. **Dependence on External Factors:** Nigeria's economic health would become more intertwined with the economic policies and conditions of the United States. Changes in US monetary policy, economic downturns, or geopolitical shifts could directly impact Nigeria's economy, potentially leading to unintended consequences.

Conclusion

The idea of abandoning the Naira in favor of adopting the US dollar is a bold and contentious proposal that demands careful consideration. While such a move may promise exchange rate stability and control over inflation, it comes with a range of challenges that extend beyond economic dimensions. The impact on sovereignty, inclusivity, and economic resilience must be weighed against the potential benefits. As Nigeria navigates its complex economic landscape, finding a balanced approach that addresses the root causes of exchange rate volatility while safeguarding national interests will be crucial in shaping the country's future.

This Isiguzoro is not the Ohanaeze Sec-Gen. The APC propagandists use him to pass their agenda, just like they use Apapa in LP.

To all patriotic Nigerians seeing this news, he is better ignored wherever he is mentioned.

favor914:
Na the message catch our attention, what concerns us Nigerians with the internal affairs of Ohanaeze Ipob?

Internal affairs, my foot. APC, their goons and their statements have nothing to do with Ohanaeze.

The mills of God they say, grinds slowly.

Goodnight Native Doctor Apapa. The comic relief you provided was fun while it lasted. But your time is past. Get behind us...

Reeling off fake statistics on SM fools no one. The hunger in the land is palpable. The suffering enormous.

If the drug baron means well for the country, it's time to hand it over to those whom the people actually chose.

In 2006, maybe. 17 years on, I doubt it

On the third Sunday after Snowball's expulsion, the animals were somewhat surprised to hear Napoleon announce that the windmill was
to be built after all. He did not give any reason for having changed his mind, but merely warned the animals that this extra task would mean very hard work, it might even be necessary to reduce their rations. The plans, however, had all been prepared, down to the last detail. A special committee of pigs had been at work upon them for the past three weeks.
The building of the windmill, with various other improvements, was expected to take two years.
That evening Squealer explained privately to the other animals that Napoleon had never in reality been opposed to the windmill. On the contrary, it was he who had advocated it in the beginning, and the plan which Snowball had drawn on the floor of the incubator shed had actually been stolen from among Napoleon's papers. The windmill was,
in fact, Napoleon's own creation. Why, then, asked somebody, had he spoken so strongly against it? Here Squealer looked very sly. That, he said, was Comrade Napoleon's cunning. He had seemed to oppose the windmill, simply as a manoeuvre to get rid of Snowball, who was a dangerous character and a bad influence. Now that Snowball was out of the way, the plan could go forward without his interference. This, said Squealer, was something called tactics. He repeated a number of times, "Tactics, comrades, tactics!" skipping round and whisking his tail with a merry laugh. The animals were not certain what the word meant, but Squealer spoke so persuasively, and the three dogs who happened to be with him growled so threateningly, that they accepted his explanation
without further questions.

Excerpted from George Orwell's ANIMAL FARM.

If you know, you know.

FreeStuffsNG:
Ooni, speaking in Yoruba, said, “The crown presented today to Oba Sharafadeen Babalola is from the Geisi Ruling House, Ile-Ife. It is the grace I enjoy, being the king. The crown will bring peace, harmony and tranquility to Ijagbo.
Aaşe wa!

Congratulations Kabiyesi, congratulations to the kingdom of Ijagbo. This is how most Yoruba Alaiyeluwa and royalty that was started by an Ile Ife Prince like the Yoruba Oba of Benin royalty in Benin etc, got their crown from Ile Ife.

Lies. For the record, the Oba of Benin did not get his crown from Ife.

Stop revising history.

Making rules that are unenforceable. Why don't they beam their searchlight on cement, petrol and diesel?

With all the coordinated machinery on various media platforms, most of which were deployed for PMB, and later used for the 2023 elections, used to mobilize hate for SE and SS, someone now wants to blame the media for the spike in APC's unpopularity?

It is not the media, jare. People are feeling the heat from his unpopular half-baked, not-well-thought-out policies.

They are now seeing him for who he really is. A wonderful tax collector without an atom of compassion for people.

He hit the ground running with what he knows best, removing subsidy and floating the naira. Between the subsidy removal and new exchange rate, there is now a huge amount of money to share.

But this is where the men are separated from the boys. Good governance is not just about raising money. It is more about how the resources are deployed for the common good, and here, he falls flat on his face. Who would believe he even had the temerity to start taxing PMS and AGO immediately?

Lagos State for instance has the highest IGR in Nigeria, yet they also have the highest indebtedness of any state. Yet we in Lagos do for ourselves, everything the government should be doing for us. Name it - Education, primary healthcare, even down to security in our estates. It was all there for all to see.

So you guys should stop complaining. Face it, do an introspection and admit to yourselves, even if never to us - the media is not the problem. Tinubu's lack of what it takes to change people's lives for the better is the problem.

Know this and know peace.

😳😐

He was not rude, neither was he insultive.

He made a demand that normally, should be applauded.

Victimizing him on account of that is horrible.

No nation grows, that feeds on its best brains.

SledgeHammerer:
The LP polling unit agents suppose get am na. They're supposed to have their own copy.

No polling agent keeps the white copy of the Form EC8A.

Only INEC keeps it. INEC says that based on their collation, APC won the election.
The PEPT subpoenaed them to produce the copies. They refused. In the absence of evidence that they have a copy of these forms, the PEPT would have to accept the IREV copies certified by INEC.

The case is clear - if INEC produces those white top copies, Obi will be returned as elected by the PEPT. So they are choosing to let the PEPT declare the election significantly non-compliant and order a rerun.

But Obi is also holding APC by the jugular as their candidate stands to be disqualified for various reasons. If he escapes LP, there's PDP, and there's APM, all coming at BAT with different issues.

Infact, there's no hiding place for APC now. They just want to resort to threats and arm-twisting tactics.

tinsel:
Akuko

Lol, no response. There really is no response. Truth is truth.

tinsel:
Don't mind the ignorant people. Those 18000 copies have hard copies. They assumed that INEC rely on what the corpers snapped and uploaded to calculate their results. The problem is some don't even know

If INEC provided the "top copies", Obi would provide his agent's copies and show that the results were modified and that he won. But they didn't so as to frustrate the petition, and in so doing, their own CTC of results from IREV is now enough to show that they didn't comply substantially with the guidelines.

Over 7m votes are under question now.

If the court determines that BAT is not qualified to run, then they have to force a rerun without him. If they don't, then there will be a rerun with him in it. Whatever the case, there is a big question mark on the process.

SledgeHammerer:
LP didn't show us who got what in the blurred results. Are there no hard copies of the polling unit results from those 18k blurred results?

INEC was subpoenaed to produce them. They didn't. So as far as the tribunal is concerned, they do not exist. Speeches can not displace evidence.

Lotanna2:
And forfeiture is money judgments

Lol, you do not even know what MONEY judgements mean.

If the petition was intended to recover a judgement sum against the respondent, then it has to be registered. This however, is a case where the petitioner simply intends to rely on the judgement of a foreign court.

A party who intends to rely on the judgement of a foreign court has to do one of two things:
a. Seal the judgement with the seal of the foreign court (which is what Obi's legal team did)
b. produce a copy certified by the legal keeper with a certificate or of a notary or of a consul or or a diplomatic agent stating that the copy is duly certified by the officer.

It is that simple, please.

Philgafauto:
Taaaa, comot there. Without strong institutions rooted in the rule of law, Tinubu will chew and spit out Obi in any city in the world.

Tinubu no be Obi mate at all. Obi is a very soft and small man to Tinubu.

Confirmed. You were never Obidient.

Lemme ask, did Tinubu even win any of Nigeria's major cities? Last I checked, Obi chewed and spit him out in most. Atiku did same in the rest .

Philgafauto:
What happened to LP's copy of all the Form EC8As?

That is why we former Obidients were worried about the lack of LP polling agents in the almost 800k PUs across the length and breath of Nigeria.

I guess this is what APC and their minions meant when they said LP doesnt have "structure"?

Well, if you are arguing on points of law, that doesn't apply.

INEC refused to provide the "top copies" they used in collation despite being subpoenaed to do so. They also affirmed the copies submitted by the petitioners as CTCs. That automatically raises questions on 18088 PU results. Your argument would have applied if INEC provided them and they were up for analysis. Even at that, the reply addressed the issue of mutilation and rewriting of the PU results.
There are also 39546 PUs without results on IREV with over 5m votes for whom INEC refused to provide "top copies" of results used in collation of votes.

They specified that it is settled law that counsel's address, no matter how fanciful or eloquent cannot substitute for evidence of record.

So clearly, the respondents that had PU agents all over the place have to evidence to prove their own points 🤣🤣.

These are from the document, not just my opinion.

Philgafauto:
Did they talk about the non-registration of the US judgment in Nigeria as stipulated in the Registration of Judgment (Reciprocal Enforcement) Act?

I dey wait abeg.

They talked about it, tore it to shreds. Only MONEY judgements require registration.

helinues:
Of course, protest, picketing, assembly of people are all enshrined in our constitution but there is a condition, it's must be peaceful and unarmed.

The question is can Nigeria have a peaceful protest without being hijacked, the answer is aimply No

Lies. There were protests when GEJ attempted to remove fuel subsidy. They were not hijacked by hoodlums because GEJ was sincere. The only reason any protest against APC gets hijacked is that APC has no value for life...

helinues:
Which body or bottom? Would it be different from all those ANAP poll analysis before the election?

🤣🤣🤣🤣

Bye to tribal politics. Bye to State capture.

Isn't God wonderful?

Numan - Jalingo road

Garkida - Biu road

Try these two before you consider nominating Lagos - Abeokuta road as the worst in Nigeria.

The problem is lots like you that want to tell the man what he MUST do be happy. In all his actions, he has never forced himself on May, neither has he forced himself on Judy, nor on you.

May has taken her own decision, he has accepted it and moved on, yet here you are vituperating.

You just want him miserable, but he isn't, so you are. Stay so, please.

IconicR:
Narcissist and manipulative man. Imagine how low he can get so as to achieve his aim of painting the ex wife bad. I'm glad people are seeing him for who he truly is. He intends to tarnish the image of his wife since she refused to accept his dirty ass back into her life, if he's truly a polygamous man and not some adultery gone wrong then he should quickly marry another woman to make his wife two and also marry more, the idiot is just deceiving the few gullible ones. Same man few years ago.

All those sycophants that hailed PMB as a messiah until the twilight of his administration have started the same with BAT.

We are not surprised. We only feel pity for those they've been able to control using their tribalism and ethno-religious politics.

One of them helinues couldn't even help showing his disdain for the poor, showing clearly the kind of people they are.

The first sentence in your comment can't be overemphasized...

christejames:
APC is evil...



That party with their cohort in chief; Eye Neck, have eroded the little gains our forefathers made in fostering National Unity in the country.



The Judiciary should be objective for once and make the country smile for once; everywhere is currently gloomy 😔!

So the new agenda given to you dolts in your whatsapp group is to create monikers, pose as Ebonyi State and Anambra indigenes, and start an online fight among them?

APC is evil, truly.

codemaniacs:
Cocoa is cheap, there's no need to add anything, the exported cocoa seeds already have too much value despite how cheap they are.

It's Nigerians that don't want to go into processing cocoa and saturate the market, its the same issues with processing Palm kernel seeds and getting Palm products gotten from it.

Only thing they add is too much sugar. And that can be controlled by regulatory authorities in Nigeria.

You have a good point here.

codemaniacs:
Cadbury processes cocoa into chocolate in Nigeria.

Nestle also processes cocoa into chocolate in Nigeria.

There are other companies too that process cocoa into chocolate in Nigeria.

That's the way for us to go then.

In addition, rather than encourage a few billion naira companies, we need to have plenty cottage facilities processing the product. Competition will thus lead to quality improvements and better pricing.
In that case, when the Governor of Osun State for instance, is negotiating trade deals, he can be talking about biscuit makers in UK buying their chocolate powder from Osun traders. I believe such a deliberate policy will have more impact on their middle class.

Slurity:
Just a faculty in UI has more achievement than the whole Unizik

When someone says his mom is the best, it is not a slight on your own mom, please.

Allow people to rep their alma mater happily 🙏

While you may be right about the statistics, have you considered that it could be attributed to the socioeconomic status of these students' families?

hyzich:
I beg to disagree on this.. I attended federal University and I can tell you for free that covenant University grads are doing well especially in finance related courses, I may not be privy to other departments but finance or accounting those dudes are doing well. Go and check the big 4s, investment banks, big 3 in consulting and you will see them in loads. Despite the school is still young they boost with good numbers of CFA chartered. Let's leave sentiment apart and be real

fergie001:
How?

You won't understand.