₦airaland Forum

htdot:
Most nigerians are greedy.. they will go to the bank buy the dollar and then deposit it into their dom account. This put more pressure to the naira. What the cbn should do is to allow withdrawing but ban all local deposit of dollar and only those through moneygram or worldremit should be allow to put into the dom account.

And what happens if I deposit Naira into my account - effectively putting it out of circulation? Am I also greedy? I mean by your logic, the money is locked in my account and should also put pressure on the remaining Naira in circulation. People should be allowed to hold/hoard whatever they find valuable, whether it's real estate, gold, or dollars. It's not people's fault that the government cannot find other ways to earn dollars except by selling oil.

Three large economies with foreign currency (aka domiciliary) accounts:

USA: https://www.pnc.com/en/corporate-and-institutional/international-services/multicurrency-accounts.html
Japan: https://www.smbctb.co.jp/en/product/foreigncurrency/
UK: https://www.expat.hsbc.com/multi-currency-accounts/

Not all banks, and not all countries, but there are many places where you can deposit foreign currency. Dom accounts are not our problem - a non-productive natural-resource-exporting economy is the problem.

Nice... meanwhile bandits are travelling in and out of the country, driving cars, trucks, and bikes, making phone calls without any issue. The only people to be negatively impacted are law-abiding citizens, as usual.

YorubaKinging:
the end is near

the last kingdom of the Dragon is now in overdrive
the fuel scarcity in the UK is not unconnected to make people and the government to adopt all electric cars before 2023.
Also, many countries are now adopting the use of Central bank Digital Currencies
we are already in the end

People like you would have said the same thing when the world was transitioning from horses to gasoline cars merely 120 years ago.
Or when the world transitioned from trading with gold and precious materials, to fiat currency.

I bet you 30,000 years from now, the world will still be spinning, and some people will still be writing "end times"

People are only civilized when there's enough resources to go around. Just a few days of fuel scarcity (or the impression of it), and UK citizens are already degenerating.

Remind yourself of this when you see Nigerians fighting over food or fuel, or jumping queue. It's not the people, it's the circumstances.

MrSamsung:
Alas they are nepostic that they are even building a naval base in the desert.

Can you imagine? Anyways, it's dawning upon them that Buhari has really damaged the chances of a Northern candidate for many cycles, and they may be looking at 12-16 years out of power. When Buhari was threatening baboons and blood, where were the Northern Elders?

I wonder how much our elites give to America on a yearly basis? Buying American jets, real estate, luxury goods, and airfare... instead of developing their own country?

Uriel, my spec (at least before sha), while we are very thankful for no more cysts, and that the weight loss was necessary, please darling, get back to your formal self. Just eat healthy, reduce salt and sugar, and drink lots of water. Fine gyal.

dasparrow:
Very good! Next time, the management team of this polytechnic will sit up. Say no to mediocrity. That is why Nigeria is where its at today.

Right... because budgetary allocations to build and maintain facilities come from the pocket of management team of state polytechnics.
He's the governor, the poly is under his purview... why have he and previous governors - and the commissioners for education - not done their own jobs to make sure the labs are adequately funded and monies used appropriately?

Na wah... shutting down telecommunications - so now people can't even reach police, or loved ones, or conduct business.

It's amazing how they keep circling around the problem without actually tackling it.

And do you know that bandits and their sponsors will simply move to walkie talkies that bypass cell towers? Abi they should jam those frequencies too?

Danosophe:
The owner, managers, and operators of AbokiFx are criminals. They are the cause of the Inflation in the currency vis-a-vis economy. How does someone who is not a staff of the CBN or any other official financial operating body in Nigeria unscrupulously determine the rate of the Naira to other currencies of the world?
Where is his or their office located in Nigeria?

Er... most countries has various players (banks, money transfer, forex people, even internet collators) that publish exchange rates that they bid/accept. Even I, as a person, can decide to to exchange a dollar for any rate I choose. If I bid too high, I won't get customers. That's how market economies work.

Congrats to our able CBN governor, for his sound policies.
And congrats to all those who blamed AbokiFX for manipulating forex.
You see, the naira has recovered to 2015 levels

Awon were. Instead of pursuing sound polices, PMB and co are there blaming everybody else, from flour millers to exchange rate publishers. So let me guess, Nairaland will be the next place to blame, for even talking about this new

Oh God... why are some people so daft?

So a brown-skinned Igbo guy has more in common with the olive-skinned Jewish guy, than with a brown-skinned Yoruba or Edo person? All the way to Israel kwa? Bypassing Cameroon, Chad, Sudan, or even Ethiopia o'kwa ya?

I just shake my head for anybody buying into this claptrap.

And not a single Igbo artifact or remnant of Igbo society in Israel to provide some clue?

"Pia gi ezigbo itali"
My sister dropping correct yarn. But I have to disagree with one point:

"It's high time you guys stop telling people sh*t on how to live, on how to act, on how to eat and how to react", she added.

We have to tell people, oh, especially the young ones... we have to tell them not to lust after these things so they don't turn to crime. Love of material things is a major reason for death in this country.

oyejideogunjumo:
To me, the pilot hasn't professional enough.
Sensitive job like his needs young men with matured heart.
Even if the delay wasn't intentional he should have handled the situation better

Let her go and insult a pilot in the US, and see if she won't be deplaned ASAP, with FAA waiting to slap a fine on her.

Davash222:
Okada riders will fight you
Danfo drivers will fight you
Uber drivers will fight you
Pilots will fight you.
It's very hard to be a Nigerian

Passengers are the cause 99.999% of the time. Have you seen the way passengers will heap insult insult on these people over small disagreement or discomfort?
I've never fought with any of them because I maintain a cool head. I always have their change, comport myself jejely, and don't start abusing them if something's not going right.

Customer is not always right abeg... I hate that nonsense. Respect is reciprocal, and if you disagree with something, you can bring it up in a civilized manner and we can see how to resolve it. Off my plane please.

You want us to die of heat stroke? You think cycling in 35 degree weather with 90% humidity and a scorching sun is good for anybody?

All these places you see cycling are in temperate places. How many people you see cycling in Florida or Texas, places with similar climate to Lagos? It's only in cooler places like Idaho, Colorado, New York.

Also you need clean air to breathe... you want people to be inhaling car exhaust while straining their lungs?

You want to ride bike during rainy season?

I've not even mentioned traffic and bad roads.

Please, leave those with the right conditions to ride their bikes. Why must we suffer because we want to "be among?"

They should also include landlords, restaurants, and mechanics for enabling fraudsters too. They should even go and invade CBN for issuing the money fraudsters use. Ndi ara

SmartPolician:
Those purveyors of fake news on social media and other platforms keep giving this government a reason to regulate those channels. Freedom is good, but let no man abuse it.

I dunno... anything is possible. Till January 2021, no one could imagine CBN would insist remittances could be only done in dollars, no matter the country of origin. Banks nor money transfer companies could no longer issue naira when somebody sends forex. For a CBN touting cashless society, it seemed awful weird that one had to physically withdraw dollars from the bank, find an informal BDC (i.e. aboki), then come back to the bank to deposit naira, hopefully without being waylaid by people eyeing your ghana-must-go bag.

In spite of this absolute "brilliance" and all the "learned, educated justfication" which most Nigerians knew was bunk, Naira has sunk from 380 in January to 550 in September.

I won't surprise me at all if the brains at CBN are mulling over another harebrained scheme to convert dom accounts to naira because it would give them liquidity. Next they will say, "to receive money from abroad, the sender has to physically travel to Nigeria and bring the cash on them - no more money transfer"

nextstep:
Atomic Energy Commission? Does Nigeria even have a single gram of refined uranium or plutonium? Do we even mine the stuff? We can't refine iron ore at Ajaokuta, but we have atomic commission? Headed by a guy who's never been close to a reactor? An unserious country, aping the West but not really doing the work.

mapet:
Dumb question, Google is your friend.

Nigeria does not have refined uranium or plutonium. There are deposits, but there is no Nigerian know-how about refining the stuff, creating the equipment, or safely using it. Any and all of that was done by foreigners (in Nigeria). When China (with US and UK funding) transported out highly enriched uranium from a research reactor in Kaduna (2018), that was the last we had. And guess who refined it for us in the first place? Total Compagnie Minière.

Please show me Nigerian researchers building and refining nuclear anything, and I will take back my statement.

No need for long story, my own talk will be titled:

"Banditry: e choke".
Abstract: President M. Buhari, has allowed this issue to fester to the point where nobody is safe. Maybe till they start kidnapping his daughters, he may care to pay attention. Until then, we are on a loooong thing.
Thank you.

Atomic Energy Commission? Does Nigeria even have a single gram of refined uranium or plutonium? Do we even mine the stuff? We can't refine iron ore at Ajaokuta, but we have atomic commission? Headed by a guy who's never been close to a reactor? An unserious country, aping the West but not really doing the work.

What's really sad is that this kind of nonsense is making it hard for legit groups to raise money.
There are lots of legitimate business opportunities in Nigeria; you don't have to start a ponzi scheme.

But it seems no matter how much due diligence we do, and how much trust investors have, there's always some k-leg. I just don't understand why. Is it not reasonable to collect 10M - 100M, reap 10% annual profit, keep 3% for yourself, return 7% to investors. Why be greedy and steal it all?

And Nigerian investors need to be very careful. Anybody promising over 30% annual profit should be suspect. Forget 30% over 3 month.

I used to have faith in youth politicians, then I saw this:

Hrm... the guy don enter am. Any small argument now she will be talking "ye ye man, can't even buy yourself your own car"...

That is, if the money she used was actually hers, and not his. For this is Naija.

Arewalegend:
Something must kill a man

Dying because of woman mata? No thank you.

goody234:
The CBN economic policies are sound there are smart people in there.. but they fail to realise the human factor and how people react to thier policies...some polices dont need to be announced and just done on a low ,openly telling the country that BDC will not be supplied with foreign currency caused a panic ...

A smart economist that does not consider the human factor - what do we call that? Economics is 90% human factor: by definition it's a social science that studies how people interact with value, focusing on the behavior and interactions of economic agents (i.e. people and businesses (run by people))

Hrm... I would have really liked N216 naira per dollar. It was very OK.

Bubu will make dollar equal 1000 naira before he leaves. Just prepare yourselves. Maybe we can redominate the naira so that the current 1k will become 1 naira. Bring back kobo too

Lexus. It's way more reliable, has decent luxury, more availability of parts. I've driven a 2005 RX for over 7 years now, and no issues, apart from the usual maintenance and servicing. When it finally dies, I'm getting another RX.

The benz is way flashier, and a higher status car. But the only person who will really appreciate it is your mechanic, since you have to fix it all the time.

kayfra:
STFU

What I'm advocating for is equality. Why shut somebody up for expressing what (I think) is a balanced opinion?

DarlingtonC:
Tonto's story will make best selling movie series

I dey tell you... so much drama, twists, and turns.