₦airaland Forum

High denomination currency and its negative impact on the nation's economy:

It weakens formal economy and encourages parallel economy.
It encourages tax evasion.
It enables corruption.
It encourages non-traceable transactions. E.g. funding of terror plots - a social security risk.
It has adverse effects on banking system.
It slows GDP growth.
It affects capital formation.
It leads to poor credit and high import costs.
It makes trading uncompetitive and capital expensive.
It increases fake currency in the nation's economy. It costs more than #10 to print a fake #10 note. It costs more than #20 to print a fake #20 note. However, it is very profitable to print fake #5000 notes.

In Britain, the highest denomination is 50 pounds sterling and many Britons, if not most, have never seen it. And, this is an economy with 40, 000 dollars income per head.





Country -- Per Capita Income [A] --- HighestDenomination[B] --- A÷B


USA ----- --- $48,000 ------- $100 ------- 480


UK ---------- £ 40,000 ---------- £ 50 --- 800


Japan -------------- ¥ 40,00,000 --------- ¥10,000 ----400


NIGERIA ---------- #439, 680 ----------- #5,000 --------88




The main benefit of high denomination currency is that it makes transactions involving large amounts easy.

more about high denomination currency:
http://www.arthakranti.org/analysis/economic-reality/effects-of-taxation-system-and-high-denomination-currency

I will be in here tomorrow. Night, ppls

In most cases, it's because the girls are desperate for obodo Oyinbo. They don't just do it in absentsia, the also do it without any prior physical meeting with obodo Oyinbo guys.

I know a girl who did it but she's still in Naija. With her 2nd husband lol


Effing desperadoes.

dayokanu: How is trucking different? In both cases both of them are not working in their field, and experiences gathered are completely useless to their field in future

What use is an Engineering Graduate teaching JS1 Social Studies or chasing deposits all over town in the name of banking?

Well, you have a point. But, in Nigeria, the talent pool for trucking can't be compared to that of teaching. There are many graduate teachers in primary schools abroad. Many with MSc. Teaching is teaching and it will forever be a noble profession, financial reward notwithstanding.

dayokanu: So if an Engineer who spends 2yrs teaching in a private school or as a teller decides to look for an engineering job wont the same apply?

No. There is a big difference here. Trucking is completely different!


We all know that many of the so-called sales reps are drivers with sales experience. But, they are called sales reps and they don't drive HGVs. However, trucking, the world over, isn't for graduates! It is just about pickup, dispatch and delivery.

[quote author=since_1914]It will count if he is looking for another driving job at lets say, Golden Penny Flours or BUA Group.[/quote]Or RCC

dayokanu: easily lift and carry more than 50 pounds. (Meaning I chop belefull and strong)

Where I come from, they call this manual handling offence. Employers are liable!

dayokanu: So what makes drivers demeaning and not Tellers especially for Graduates. The driver too can embelish his CV to reflect Logistics manager. Dont you think. By the time I design a Driver resume for you, You sef would be confused if he was a driver or a World bank MD

-Competence

Offer 2+ years of experience transporting product and hazardous materials for various industries. (A safety professional?)

Ensuring quick and efficient delivery to meet customer expectation (Meaning a good messenger)

Performed a ruotine inventory of Goods in Transit to guide against pilferage (Meaning I am checking the goods as security man)

Complied with Ministry of Transportation and Industry guidelines to ensure safety of Goods and human life (Meaning kept to speed limit)

Ability to perform basic mechanical work on Mack CW 2003-2008 Model which includes Oil change, ... ..etc (Meaning I can also do mechanic work)

Personable and professional with a strong customer service orientation and problem solving skills. (Customer service skills)

Accustomed to working under harsh weather conditions; easily lift and carry more than 50 pounds. (Meaning I chop belefull and strong)

You got jokes

dayokanu: But what difference does it really make if he stated BSc or SSCE? He wanted ppl who are intelligent. The work of the drivers with him might involve filling log books, Keeping track of inventory they are carrying etc. that was why he needed people above SSCE level. The average Nigerian SSCE holder is nothing to write home about. I have taught SSCE students who couldnt write their names properly.

Almost every nigerian Youth including those Agberos, Area Boys etc finished SSCE but they can not give the level of delivery Dangote requires

If you are a man and you have family to feed I am sure the last thing on your mind would be the dignity of the Job.

I have a friend whose elder brother a manager at oceanic Bank got laid off. This was a very big boy who used to go for vacation in London and Dubai regularly. They guy now teaches in a private school around Lekki for 50K

Again, you have talked about financially demeaning jobs. For God's sake, teaching is a good profession. Very very fulfilling.

And, about your first point, many graduates are nothing to write home about as well. And, these days, you don't even need graduates to perform roles such as filling logs, tracking inventory, etc.

For example, in the West, most accountancy firms, companies, banks and other financial institutions have stopped giving jobs such as accounts receivable/payable clerks, data entry assistants, bookkeepers, etc to graduates. Reason being that these days, we have various accounting softwares such as Sage . You only have to make one entry and the rest gets completed automatically. Tell me, why use accountancy graduates for such roles?

May be he needs to consider technology instead. And, have you thought about staff motivation. How do you pick these boys up? You simply can't! Good salaries wouldn't perform this miracle.

dayokanu: I dont know if banks have stopped that practice now, but previously it was only UBA and GTB who employed anything less than a graduate into any role in the bank. So dont you think a Mechanical Engineer working as a teller for 50-60k a month is in a financial and career alley?

With the tsunami in the banking sector, Do you know how many Graduates are teachers in private schools for 10-25k a month? Is that a career and financial breakthrough?

You only think about cul de sac because you have parents and families to pick your bills. In the West immediately after College or High School your parents kick you out and you need to find your footing. So at the end of the month when bills need to be paid. I am sure your landlord doesnt know the colour of money that came from Dangote driver

What is demeaning about this if it is the going rate in the industry. After all, they are all bankers and you can easily embellish your CV to airbrush the teller part out.

dayokanu: So that throws the argument of field of study away.

One of my uncles a Medical Doctor works in a top Investment bank in Nigeria.

Making ends meet is the first thing in Life. Its because most Nigerian graduates have families to support them thats why they think a kind of job is beneath them.

I knw one African American girl who after college worked as a waitress at Dave n Busters. Later she switched jobs to work as a Teller in a bank. I knw another one who 3yrs after her degree works as a barber before she went back to grad sch.

Because they dont have families who would pay their rents, or feed them for free after College

The examples you mentioned are self-informed. Those vacancies did not ask for graduates. It is now left to these jobless graduates to think holistically and take a step forward.

Many in Nigeria as well hide their degrees and apply for jobs like you stated in your examples. Mr Dangote didn't have to do this. Some graduates wouldn't mind, anyway. An SSCE is okay enough for this job.

dayokanu: To work in most Nigerian Banks you need a BSc right? As at when I was in the job markets some Banks were paying 50-70k per month

They employ you to work as tellers. I can tell you the responsibility of a teller in a Bank can be performed by Someone with a JS3 certificate

How come we are not saying that is demeaning.

Banks would employ pretty Graduate girls and tell them to chase deposits around (most of the time using their body) is that not demeaning?

When I finished NYSC before I got a Job 3months later, i was trekking to teach in UME and GCE center guess for how much? 100Naira per hour

Tell me something about demeaning!!!

You have only stated financially demeaning jobs. Even banks have stopped employing graduates for these roles.

Dangote's offer is demeaning from all angles - financially and career-wise. It is nothing but a cul-de-sac for any discerning graduates out there.

dayokanu: Do you think the field of study still count in many cases? Go to banks and consulting companies the majority of people there are Engineering and Science grads.

Go to Wall street, its also filled with Engineers and Scientists.

The MD of a Bank in Nigeria is a petroleum Engineer.

The first thing in life is making ends meet. After that you can start talking about field.

i graduated as a Chemical Engineer and I can tell you less than 20% of my graduating class work as Chemical Engineers right now almost a decade after graduation

I think you have to state categorically that there is a conscious effort to employ science/engineering graduates because most are quite good in numerate subjects. It is a common practice among investment banks.

dayokanu: Bleep yeah. Isnt it the same thing every billionaire does? Bill gates gather all the smart geeks from Harvard and MIT and lump them into one room and they make millions for me Bill fuking Gates a murderfreaking Drop out.

Like its said Most of top 5-10 richest men in thw world are not even college grads and they would tell you to work for them you need a 4.0 GPA.

I heard Elumelu had a 3rd class but he might tell you to work for him you need a 2-1.

Thats the way the world is. If I am rich I can tell you that I need an Ivy League MBA to be my cleaner for $200,000 ayr If you dont like it skip over

Well, you are right. It is not compulsory to take it up.
However, I am sure you know that Bill Gates example is different. BSC for trucking work. C'mon, guys. It is demeaning. Would you have considered it?

product: Don't mind him , why can't he just stay put here in Nigeria and farm , after all some farmers are graduates . Unwarranted advice

He made references to what he did as a student on restrictions (visa). How many of his course mates are now content with slogging it out at taxi ranks in the US today after graduation? Even at that, from the tone of his writeup, he wasn't happy with the landscaping job. Thus, he left in a jiffy when another opportunity beckoned. High turnover for the business owner after training him from scratch. The poor businessman probably had to place another ad in the papers. Thus adding to the costs of running the business. Next time, one would expect him to be more wary of desperate students like mr Bello.



The fact is there are many SSCE holders who are equally jobless, give the job to them, mr Dangote. At least, the job doesn't require special skill set possessed only by graduates.

To me, it's just a way of saying "Yeah . . look at me . . I am not even a graduate . . . And I am a bloody billionaire. Well, the so-called graduates are the one driving my trucks. Bloody clueless boys and girls with paper certificates that certify them as clueless fucktards. I am so fuc.king blessed."

Ufeolorun: You laid it down like a serious employer.Why should I employ people who see my job offer as a stepping stone or a stop gap measure.I think this whole graduate driver thing is just a ploy by Dangote to either be in the news or kiss up to the public,it further questions his business acumen.

Nice one. It will be nothing but a stop-gap measure for these boys. And, while in his employment, they will curse him under their breath.

fstranger: Even in the West, graduates from Ivy-leagues occasionally have to leave their comfort zones and travel to far-flung places like Africa under grueling and demeaning condition to do work, teach and interract with boring and retardedd souls like the many you have here just to build up their resume and eke out some of their most interesting periods in poverty and poverty-stricken environments. They do it because they understand that there is dignity in work. What is wrong in a graduate driving, if that is what t takes to keep body and mind together?

Bill gate said it best:

Come on, how many of those burger-flipping Oyinbos are graduates? How many truck drivers in your NY are graduates?

And, those gap year students DO NOT go to Africa in order to "eke out a living"? They do it because they like adventure . . they do it in order to have real-life experience.




Let me use your usual style whenever you want to rile EktBear up here: STRANGERRRRRRRRRRRRRRR, stop. Stop NOW, Stranger!

^^^^ It is a job. But, let graduates who are desperate for income apply with their SSCE. He should stay clear of this. The move is full of spikes

AjanleKoko: Almost like you read my mind.
I had someone ask me the past week, why do we hire graduates to work in call centers? Because of so many soft issues, there are always going to be challenges with motivating them, keeping them focused on the job, etc. Better to hire and train someone who can give you a much better ROI over time. That's the same reason why banks started hiring OND grads as tellers and front office staff.

Exactly, even in Western countries, you hardly see graduates in banks' front offices. Why employ graduates when SSCE holders are more than capable of doing the job well?


Motivation is a crucial factor in management

fstranger: Total BS. No one is going to pay a driver that much money anywhere in the world.




Yeah, thats capitalism for you. If there is a better package out there, let us know. If not, STFU



Is that true? Why is he doing that when he should be enlarging your father's pocket? Dangote, the owner of Dangote Inc., is trying to enlarge Dangote's pocket . . . what an abomination! What he is doing is totally evil, totally out of place.




He does not . . . so who does?

Your govt? Hmm why didnt the govt provide you better jobs?

Your parents? Why didnt they provide you better jobs?

Your Teachers, why didnt they provide you better jobs.


Why are Nigerians so entitled like this? I mean, why should Dangote give a shyt about your retardedd arse. Is he your father?

Stranger, so, you've been on NL since 2007?



********************************************************

Forum Stranger, firing broadsides at NLanders since 2007.

hononyx: So far I can see that those promulgating this job for graduates are working with oil and gas firms...or business moguls...I don't have a job and I won't drive the truck...lets continue to demean ourselves in the name of bad economy while some of us sit back behind our laptops with beautiful jobs pretending this idea is genius...we will get there...oya Bsc, B.eng, HND, OND, SSCE, no cert apply now...rubbish....

Imagine this: you are a driver and your logistics manager/personnel manager/etc are not better qualified. How morale-boosting is that?

Utterly anti-productivity

AjanleKoko: If I was Dangote, I would go for SSCE holders, and not graduates.

Abi. Why employ graduates who will spend hours every day moaning about their fate? They will never settle into the job.


The only driving force will be nothing but pecuniary.

And, the labour turnover will be very high. He should have a rethink.

Vicjustice: as well as English people accusing the Irish of racism towards them

Wrong!

Bittyend

miky: lol and she sends u money to waste on cyber cafes u ode FREE LOADER!! what did she study family practise lol...more props to her though, u still aint Sh1t!!

Tolani, enough, please

Hey, Bittyend, let it slide, please.

Remember, this is a woman.

Money money money . . . just let me do it . . . . I'm all man . . . let's practise what NIKE says

http://www.dailymail.co.uk/sport/football/article-2190950/Chelsea-Academy-players-dance-John-Terry-Ashley-Cole-Frank-Lampard-annual-competition.html







No guns in sight, Ashley? He shot one last year.



Watch d video

segeb1980: hi

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