₦airaland Forum

chigoizie7:
If u want to be just on ur arguments, why are u re modifying ur posts after sending them?

U write something and when being replied, one sees another thing.


I asked for how long here? And u still went ahead to say it has been happening and will continue till the end of time. Brother?

Actually, after posting, something else may just occur to me which I will like to add. If you notice, I don't change the comments posted, just additions.

chigoizie7:
Was that the only thing I said? In that very post?


I am not not going back on what I said.

For how long are they going to keep pumping ( trying to saturate the fx market to reduce the rates). Because come what may, there must be exchange weda 1$=1N.

I asked why they are pumping and for how long dey intend to do it, and then u went ahead to ask how dollar can be exchanged to naira, show me any correlation in this.

The correlation is that whatever the situation may be, the dollar earnings must be converted to naira to meet local financial needs and it will continue till the end of time as long as naira is not a globally accepted currency.
And this has always been so even when exchange rate was low in favour of the naira.
Same applies to any country all over the world whose currency doesn't not enjoy global acceptance.
Note, the concept of injecting dollars into forex didn't start with this administration, it has always been so, just that this administration has cultivated the habit of always making it public for obvious reasons.
You may go and find out.

chigoizie7:
If u think u are right. Why not quote all my post? Why capitalize on just one line of it?

Even @ that, I still ask again, why are they pumping? I mean "PUMPING" .

Because they want to saturate the market with fx and then it will make the exchange rate reduced?

And then I went ahead to ask, for how long are they going to keep doing it?

The one I quoted is what I had responded to and that is what I emboldened again for emphasis.
It will continue till the end of time and it has always been the case right from time all over the world, go and find out, except countries whose currencies are globbally acceptable.

chigoizie7:
I know u can't answer it.

Because in ur quest to ask questions, you refused to understand that there is a big difference between "EXCHANGING currency " and then, just "PUMPING fx to the market" without checking how our foreign reserve stands at or if it will affect the economy on the long run.


1st of all, if our balance of payments is not on deficit, fx would be equal to our local currency or almost near equal( - or +). But instead of our government doing things to make sure that they balance the payment ( terms of trade) ,they are busy dashing out money.


If the BOP is balanced, trust me, there won't be any need pumping a single dollar to the markets.

But I just showed you the relationship the posts. Check again.
With regards the effect on the economy, the shortage of the dollars in the wake of reduced oil price and output had already affected the economy, the present effort is at reviving it.
If the oil prices and outputs were still same, all this news of dollar pumping etc wouldn't have been noticed.

chigoizie7:
What is the correlation between what U are asking and the subject matter? I mean the body and the topic to which this thread was created for in the 1st place?

Your post

chigoizie7:
For how long are we going to keep pumping?

My response,

nextprince:
Even if 1 dollar = 1 naira, the govt needs to converts it dollar earnings to naira to meet its domestic financial obligations.

Your final post

chigoizie7:
Now FG needs local currency to dispose to the masses while I have it, and at the same time, I have the local currency which I need for my car importation, so, we exchanged . Simple.

The emboldened in the last two quotes explains it all.

Kk

chigoizie7:
That is why I said u should know how import and export works.



Well, in a lay man terms.

We import using foreign currency, we also export to gain foreign currency.


In other words, since all our local dealing are done using the local currency and imports and exports by foreign currency. What we do is to exchange our local curency to that of foreign currency.


If naija exports crude and are paid using foreign currency, and then I want to want to import something like a car, I need a foreign currency to do that but I have my local currency, all I will do is to make a deal with the person with the foreign currency which happens to be the FG in this case for an exchange for my local currency whose exchange rate can be determined by our how our BOP stands.

Now FG needs local currency to dispose to the masses while I have it, and at the same time, I have the local currency which I need for my car importation, so, we exchanged . Simple.

At the end of the day, the dollar was exchanged for naira, so what's the argument?
The importers still get the naira exchanged for the dollars right in Nigeria, so what's the difference?

Wailers now

chigoizie7:
B4 u go to this direction, please educate urself on what is called balance of payments means and then u can take another trip to know how our foreign reserve works. With this u can now know the importance of import and export in our economy. U can't just open ur mouth and ask questions that has no meaning( economic meanings) if u don't know the basics.

Pls explain to me in plain language how dollar earnings are converted to meet up with local financial obligations. Forget all these economic terms.
As in, the monthly allocations to states which is mostly from oil proceeds (in dollars), how did it get converted to naira other than through forex?

When you are done with this, I will also want an explanation on how the govt officials, importers, students abroad and PTA dollar requirements are met without selling dollars through the forex.

chigoizie7:
Can u please explain this to me?

Like, I want to understand what u exactly meant.

The govt main income comes from crude oil which is in dollars. Are you expecting the govt to start paying salaries and meeting other financial commitments in dollars?
Meaning, the dollars earned must be converted to naira through forex to meet the local financial obligations.

Billyonaire:
First off, it is not government's responsibility to sell forex. The responsibility lies with our commercial banks. This fraud called 'Quantitative Easing' started in the US when they ditched the gold-back legal tender to a fiat currency, a piece of paper given value by pronouncements from Federal Reserve and now Central banks.

Now, our politicians are so ignorant and our accountants so silly that they think our inflation is caused by excessive liquidity by pegging our interest rate at over 19% and injecting more $$ into the FX system. Who does that if not mor0ns.

The Standard methodology is to reduce import dependency and launch a campaign for FDIs, the best way to get $$ into your country is to bring in foreign money, via foreign investors and every other sectors that bring foreign money, not by changing naira into dollars and sharing into the system. This is MADNESS.

Our musicians are bringing in Foreign Money, our Yahoo Yahoo boys are bringing in foreign money, foreign investors are bringing in foreign money, drug dealers are bringing in foreign money and exporters are bringing in foreign money. Encourage every harmless and legal means of bringing in foreign money instead of depleting our foreign reserves.

I am trying to use common terms here cos if I want to use fiscla registers many will get lost in the grammar. So my dear, we have ignorant people in government that can not think.

To bring in foreign money, you create environments for people to come in, tourism, opening up businesses, bring down taxes on foreign investors that bringing in cash. Do not make it easy for foreign investors to generate internal loan here to avoid fraud that happened in Etisalat, just make sure you design a fiscal system that works.

There is no way we can continue to inject oil dollars into the economy to give our money fake value for ever. Soon we would go broke, very very sopn.

Bro, your explanation is very sound but you still didn't answer the question.
The question is; suggest alternative means through which the govt dollar earnings can be converted to naira to meet domestic financial obligations.

chigoizie7:
For how long are we going to keep pumping?


@ 364 it is still not good, I expect prices of imported goods to start falling in 2 months time that is if this 364 is stable or is going down as well to maybe 300 or so.

But if FG can't sustain this injection for the next one year till we proffer solutions on how to boast our foreign reserve , then all these is a waste of time and money.


Because these money would have been given out as soft loans to serious minded investors with no or little profits to be monitored by the Cbn and other government agencies ( I know they can do it. They also have resources to determine not giving it out to politicians using some yeye companies as fronts.

Even if 1 dollar = 1 naira, the govt needs to converts it dollar earnings to naira to meet its domestic financial obligations.

Billyonaire:
Our Fulani powered FG is just releasing millions of dollars every day to their brothers at BDCs.

They never recover the money back, just sharing is all they do in the name of 'stabilizing' the naira.

When will this fraud end ?

Without selling dollars at the forex, pls suggest alternative ways the govt can convert its dollar earnings to naira to meet its domestic financial obligations.

StarPlayer:
Instead of shoring up our foreign reserves and building infrastructure for more local production, we busy pumping dollars into the market. Are we cursed in this country?

So you mean financial obligations shouldn't be met because you want to shore up foreign reserve?
Are you by any chance assuming the hard currency is given out free? Or how do you expect the govt to convert its dollar earnings to meet local financial obligations which is in Naira?
Or what exactly is your understanding of "cbn sells dollars"?

Very good.

Can you imagine this fuckery?
So Nigeria borders is so porous that foreign thieves will comfortably
1. come in,
2. strategies,
3. snatch cars,
4. move it out
5. start again from 1?
Pls, what exactly is the job of immigration services? Is it just about issuing passports?

Test result is the only situation were negative is preferred to positive.

greatiyk4u:
This is the major reason they want Buhari dead or incapacitated since He is the only Nigerian alive that can touch any culprit of crime no matter how highly placed you are



Once Buhari is gone, we are going backto business as usual and the lazy, morally bankrupt, corruption benefactors Nairalanders who are using the social media to force those with weaker minds into believing that Buhari doesn't mean well to us



When I read some comments from some Nlander here, I feel like weeping, some are bore out of ignorance from poor education, others are deliberate due to their level of moral damaged value systems

Gbam.
But unfortunately, we the masses that don't stand to benefit from that "business as usual" are even the noisiest. Just look at how some of the so-called youths even on nairaland have dumped their brains in the toilet and seriously praying for his death.
Honestly, this country has a very long way to go, almost everybody is interested in stealing.

LastSurvivor11:
Bunch of trash as usual..

I have said it, the distance between ipork fools and reasoning is just like double the distance between Earth and the farthest star in the the galaxy.
Now, in your mind you are fully convinced you have said something reasonable.

Chukwuka Boniface Okoro, 27
Dozie Frank Obiora, 33, na our hardworking jewts.

That is why they desperately want Magu out?

LastSurvivor11:
Aboki and fla da nunu sense sef..
Is it not the same north that fought civil war just to make sure Igbos are part of Nigeria?
Are you really this daft?
Same north that almost got mad st a peaceful sit at home rally..

Pit on ur bald head.. I think ur brother need ur help 1st
http://www.trezzyhelm.com/2017/07/the-pathetic-story-of-how-boko-haram.html?m=1

Ipobs and inverted reasoning are just two sides of the same coin. Is it that inverters are always connected with the brains of ipobs whenever they relate with human beings or their brains are naturally inverted against logic?
Now according to akpu logic, the positions of eastern governors, lawmakers, Ndigbo and some other igbo leaders/elders do not reflect the views of average ibos but the decision of a group and few leaders of northern extraction is exactly the true position of an average northerner. How many northerners did you see on the streets with placards because some jobless yoots decided to remain in their houses?
Honestly, I have this feeling that if the brain of a bird is replaced with that of an ipork jewt, the bird will fly backward.
Fyi, an average northerner is more concerned with how to meet up with his daily requirements than the criminal activities of some jobless miscreants under the leadership of one goat called kanu in far away east.
Also, what is the business of an average northerner if a power hungry bearded coward later realised his foolishness having sacrificed over 3 million jews and taking to his heels in woman dress to self exile?

OP, I really enjoyed reading your well researched write-up and I agree with you 100%.
But, I personally don't have problem with the bees because even before this write up, everyone knows we get honey from bees and honey is very important. This is in addition to the fact that they always mind their business unless disturbed by man.

Op, my problem is snakes, I really want to know what exactly will also disappear if those deadly creatures are out of existence.

tit:
all snakes but the mamba would run away.
the mamba has been known to attack unprovoked.
it can come out from the bush and strike a person on the footpath.

To be on the safe side, it is better to assume all snakes are dangerous and they all attack.
Or will the snake be waiting for you to identify I if is a mamba or python before taking any "necessary" action?

dingbang:
Why not this topic should be typed as..

Ways to know If he is a stupid guy...

Because only a stupid guy will pay bills for broke girls who havnt eaten what their fathers can't afford to buy..

Gbam.

So what are the simple ways to know if the lady is a broke and hungry b!tch?

Hmmm

No doubt about that.

YEAST

Correct responses, serves the white monkey right.
But funny enough, some Nigerians (some on nairaland) suffering from complex see the Whites as gods, hence they never see anything wrong with their utterances & actions/inactions.
This impression of infallibility of the Whites partly accounts for a lot of dehumanising activities visited on Blacks by the Whites.

I still don't understand how people/cars get involved in train accidents despite preventive measures always put in place whenever trains pass through towns.
Nawao!