₦airaland Forum

The legislators disclosed that they met and spoke to Danjuma who told them that the country’s Armed Forces “are not neutral”, and that they “collude in ethnic cleansing”.

Abeg who knows the meaning of this quote here should help me with the translation. I can't find dictionary

LawLab247:
Ok

I checked your Ok and your Ok is Ok to be Ok

Nigsrdumb:
Oga you have missed the point.

Isn't it clear that the dollar is more valuable than naira?

The point is that with the way Nigeria is structured now, let's assume they even bump up the wages a bit , say another 25 percent increase, the Naira can be as valuable if there's innovation in the country.

I'm talking about real innovation, where we can build our own machines, robot's etc.

We have a leg up. Simple.

bro, whether Nigeria has potential for greatness or not is another topic entirely. This article and this particular thread centers on Naira Is More Valuable Than Dollar And Pound and this premise, claim and the article that followed it is a lie. There's no truth in the claim that Naira is more valuable than Dollar and Pounds. That's my point.

Nigsrdumb:
Forget about the nominal value of the wages, think of it in relative terms.

For example minimum wage in China, south korea etc. How much of a living can you get , now compare with Nigeria.

It'll begin to make sense.

It doesn't make any sense at all, no matter how you look at it. It will only make sense as per deception and we want to be telling a lie and then telling more lies to cover the lie and repeat till infinity. See below, I already did the numbers as per minimum wage within the 2 economies. Nigeria currency is not valuable than dollar in any ramification. If you are telling me it's better then you are saying that you as a person will prefer to live in Nigeria to earn and collect N30,000 per month max. minimum wage than live in America to earn and collect $2,400 per month max. minimum wage. You are telling me that your standard of living with N30,000 in Nigeria is better than the standard of living with $2,400 in America. You are telling me that your N30K per month in Nigeria has more purchasing power and will buy you more goods in Nigeria than the purchasing power of $2,400 in America since you claim Naira is more valuable than Dollar. Is that not a bloody lie?

Openbusiness:
See, don't come up with half intelligent discuss. If you want to talk about wages, then let's talk from a point of total intelligence.

How much is the highest minimum wage in Nigeria? N30,000 per month.

How much is the highest minimum wage in America? $15 per hour. Now average legal working hours = 40 hours per week = 8 hours per day (calculated at five days a week). Therefore, you have it as 40 h/w X 4 weeks a month = 160 hours per month. So highest minimum wage = $15 x 160 = $2,400 per month.

Therefore,

Highest minimum wage Nigeria = N30,000 per month (20 days)
Highest minimum wage America = $2,400 per month (20 days)

As a human being that you are, please be 100% honest, question number
1) where would you rather work for highest minimum wage, Nigeria or America?
2) which country will give you the best quality of life and best value for your money when you spend it, is it Nigeria or America?

Nigsrdumb:
Buck for buck Nigeria wins ( currency) , you know why cost of labour.

Americans will kill to have that cheap labor( skilled).

The truth is we lack the innovative ability to bring things into fruition.

What's missing is the brain power, to manufacture you still have to import machinery, to build infrastructure we must borrow from China and utilise Chinese expertise.

Brain power is what is missing , the economics is the aftermath.

Which cheap cost of labor When America and UK needed cheap labor to build roads and cities and other infrastructure to move up the ladder of national development they bought slaves from Africa, well the Americans, while the British went on a shopping conquering spree and got all the slaves they wanted. Today, the era of human rights in the West, when cheap labor is required they set up billion dollar manufacturing plants and stations across 2nd & 3rd world countries (Asia, South America etc) where the labor is even CHEAPER than Nigeria. So what labor advantage are you talking about? Are you talking about professional labor of doctors and engineers and architects etc? You have cheap labor options available in that regard too because there a millions of professionals from 3rd world countries migrating to the West daily and willing to take lesser pay for the same job a typical American will do at a higher fee and it has even gotten so bad to the point that native Americans were complaining about foreigners taking up all their jobs and that's one of the core reasons they elected Donald Trump. And aside all that, if professional labor is "cheap" as you suggest in Nigeria, then you are wrong because skilled engineers, doctors, lawyers, accountants, lecturers etc are quite highly paid as per our local economy, and you can only say they are not well paid when you are relatively comparing them to their counterparts in 1st World countries and other 2nd world countries and it is for no other reason that the fact that they have a better economy and by automatic equivalence A BETTER CURRENCY than your naira. That's the idea or FACT that this guy who wrote the article and some others on this thread don't grasp or understand. The strength of a currency is directly proportional to the strength of its economy. Your economy cannot be strong and your currency weak. You cannot say Naira is better than Dollar and Pound, when the local economy of the Naira, that is the performance of the naira in terms of purchasing power within the Nigerian economy doesn't even come close by billions of light years to the purchasing power of the dollar and pounds in their respective local economies. This is 2020, unless maybe for super cars or ultra-luxury cars, there is no single regular luxury car that costs more than $130,000 and that's for fullest options of a regular luxury car like the 2020 LX570. We have Pro-force, we have Innoson, and now we have Nord that all claim to be local car manufacturer, which of them has a regular car that they "manufactured" here within the local Nigerian economy that the purchasing power of our currency and its suppporting economy is so strong that they can sell for N130,000 naira? Which one? Do you think America and UK produces everything too? Don't they import some raw materials from foreign countries to complete their manufacturing processes? Yet they still sell cheaper as per their local economy and the currency amount needed to purchase it. They buy cocoa from abroad from a country like Nigeria and then they produce Milo. How much is tin of Milo in UK and how much is tin of Milo in Nigeria? In UK 400g Milo tin is like £4 (a country that imported cocoa to produce), but in Nigeria, a cocoa producer, the same tin of 400g Milo costs over N1,000, yet they are saying Naira currency is better. Same thing petrol. Petrol costs around 60 cents per liter in America, petrol that they refined and produced from their local shale crude oil. Ok, Nigeria has BLCO crude oil, let's forget about fuel importation and assume our own local refinery is working to produce the petrol from the crude, how much are we buying petrol per liter? Nigeria finance Minister has already made a public announcement on the news (I WATCHED IT LIVE ON NTA last week) that Dangote refinery coming to full operation and refining fuel locally won't make any much difference in the price, that we should expect around the same price at it is now. What's the price now? N160 per liter. So America uses their own local shale crude oil and produces petrol to sell to Americans at 0.60 cents per liter BUT Nigeria uses their own local BLCO and produces petrol to sell to Nigerians at N160 per liter, yet naira is better than dollar. This article is nothing but a properly concocted SCAM that can only fool the ignorant.

May it be pleasing to God that I become wealthy, amen

A highly venomous snake, that has poison in its system and some people are comfortable to eat it. Nawa oh. Sum pipu get mind

They were in their homes, yet calamity came to meet them there. May God continue to have mercy on me

I wish the survivors speedy recovery and may God send them genuine helpers in their time of trouble. May God continue to have mercy on me

Hmmmmm . OP u be real MVP of a father.

pretydiva:
Nice 1. It's high time churches start giving back to the society

They have been giving back to society before you were born

That's good

bishop4life:
I am no prophet, but I can tell you the Fulanis are ready for a takeover of the north knowing very well they are losing grips on Nigeria.

And you think Hausas will be sleeping? Hausas have the biggest population in the North and they are warriors too.

Arab Moneyyyyyyyyyy

maynia:
Yet half of Nigeria population is in extreme poverty, we are the world capital of the poverty

The world capital of Poverty produces more millionaires than the most powerful economy in the World, wawuuuu!!

Kikikiki , like how some people believe this propaganda article baffles me. Maybe up to 40% of Nigerian doctors ran to UK and other places in search of greener pastures during this year alone. How many doctors from US and UK are rushing to Nigeria if our currency and economy was that good? There is massive brain drain every year, and it is in one direction: PEOPLE ARE LEAVING. Go to Lagos airport departure, the crowd dey always full like Oshodi market, people dey escape dis country, dey japa for better life. And i'm not talking of unskilled workers alone. I'm talking of highly skilled qualified people. I have a customer here on Nairaland, the man is an engineer was working with a multinational company in Nigeria, was earning in dollars. His wife was working in a bank, good position. They are both in Canada today. Both wife and husband have relocated with their family. He is enjoying a better life today, better than when he was in Nigeria. A relative of mine that was a Paediatrician, she left Nigeria like 11 years ago, she is now an American citizen, she relocated her son abroad, he has married there and has children. They are enjoying. Till today, she never relocate back to Nigeria. Only comes in once in a few years, spends maybe a week and goes back. If Nigeria currency was better than dollar and pounds, then it automatically means our local economy is better than the local economy of UK and USA. That someone now thinks Nigeria currency visavis our economy is better and posted the DUMBEST economic theory I have ever read in my life as his justification for making such a claim, wallahi, d tin pass shock, I feel like my brain has been raped, violated, molested, assaulted, and in short na attempted murder. Honestly, if not that our Justice System and Courts are compromised, plus I don't have the spare cash to pursue it to a final conclusion, I swear I will have sue the writer of this article for aggravated assault, battery, torment and attempted murder. This article nearly killed me lies

Foreign terrorists and bandits are tired of riding cows in and out of this country. So their Godfather wants to build them a special train for easier movement

May God bless us Fathers

TheFacelessMan:
Many years back, in the forests of Bordeaux, I was attacked by a pack of wolves.....

https://thumbs.gfycat.com/DifficultMeanAngora-size_restricted.gif

And the idiot bison ended up knocking down its own calf it was rushing to protect and sacrifice it to those wolves and still ran away

Go to 1004, you go see so many Olosho wey dey rent flat. Do you know how expensive 1004 is? Some of them even combine to rent expensive duplexes on the Island and na olosho work dem dey do to catch the big boys in business, politics and govt. Social media has really being a blessing to the Olosho industry. Instagram, Twitter, Facebook, Snapchat, Badoo, Insta message etc na their workshop. Nairaland sef don dey join small small. Una no dey c dat Rozz girl wey dey advertise herself upandan dey show ass pictures upandan looking for billionaire maga to catch. Her type full Lekki. Motivational speakers dem

Mtchwwwwwww

tensazangetsu20:
Bro you are even trying to reply them. This past few years has really let me know that we have extremely foolish people in Nigeria Including the ones who speak big grammar. God forbid that my children will see Nigeria. You think we are bad now, things are going to be much worse in the future at the rate we are going if something drastic isn't done.

The article is obviously a paid propaganda to defend the economic failure of this current regime that has further bastardized the naira from the $1 = N220 they claimed was a disaster under the GEJ govt that pushed it from 180. But all na wash. All through my primary school and up to form 2, my brother na coins I dey spend, I never know what it's like to hold paper money. Rich men children of those days they come to school with N5. I went to school with 50kobo, and it's not as if I was from an extremely poor family that lived under the bridge. That 50 kobo sef, we still dey ball and chop life on top. Do the generation of today even.know what coins look like? Maybe if they read text book sha, it might be there. But till today, they are still spending coins in America and Europe, cents and pennies are still part of their purchasing economy and there are things you can buy that cost less than a dollar and pound. Yet one mumu that doesn't know he is a mumu and was probably paid to write a mumu article that will create more mumus like him is now telling us that Naira has more value than Dollar and Pounds. Mtchwwwwwww. Dis kain lie dey provoke person. It means these politicians view majority of Nigerians as idiots. Chaiii! Dey don see Nigerians finish. Na c finish dey cause am. After all, we have around 80 million or more eligible voters, out of which probably 30 million are accredited every election cycle and then 98% of the actual voters queue behind APC OR PDP, 2 certifiable useless evil corrupt parties with nothing to offer other than looting and stealing and oppressing the public to death with taxes and guns. Yet, people cannot say enough is enough, 2023, all of us will queue behind another vibrant party with neutral candidates, not people that are stooges and boys of the political godfathers holding this country to ransom. NO, the voting public are already shouting Atikulation 2023, Jagaban 2023 etc the same PDP and APC. D baba wey tie the minds of 180 million Nigerians and put it inside empty pot and bury it under Aso Rock, na GOD go judge you

Kpomosauce:
Bro the dumbness of most Nigerians is appalling. I no even dey reply mentions again

Don't mind dem, dey just make my head spark dis morning.

$1,000,000 = N460,000,000

It is easier for an average American to make $1m dollars than for an average Nigerian to make N460m in a life time under the 2 economies separately and independently.

nzube89:
please do you know the duty rate for wear , like jeans ,polo , shirts and ladies wears

Used clothes are a CONTRABAND product under Nigeria Customs importation. For new ready made clothes, I don't know the rate. You can ask a custom's person to find out for you. Some of their rates are not straightforward or declared to the public

Someone should tell Regina Daniels mama whose pikin is the 6th wife and she's crying that ladies should leave the man alone, that she will knack any 7th wife wannabe with juju....... Kikikiki! End shall never wonders

seanblaise:
You don't trade with people you don't benefit from. Iran has stringent government policies that scare away foreign investors. A case study is UAE. Of all the 7 Emirates that make up the UAE, Dubai is the most liberal and that is why they are prosperous. Apart from buying and selling of crude oil, countries seek other trade corridors within their trade partners. Its almost certain that if you want to invest in consumer products and services in Africa, you first come to Lagos, Nigeria. These days, trade has gone beyond buying and selling, it is now about forging alliances. Yes, green energy is a new development but it has not been developed to the point of powering heavy engines. In Africa, the only thing we have is our natural resources that is why whenever western media wants to refer to Africa, they always paint the picture of natural resources. The united States were buying crude oil from Nigeria as a way of supporting our local economy, not necessarily because they need it. They target densely populated areas to form economic alliances and saturate their local economies with dollars thereby making them dependent.
Oil is still very important to world trade. If Nigeria wants to get it right, we need a president with the heart of Obasanjo, the mind of Jonathan and the brain of soludo.

Africa has always been resources dependent and that's why they are at the bottom of the food chain in this world. Then Nigeria has been crude oil dependent for the last half a century. Honestly it's not a bad thing. We had an OIL BOOM era. BUT the problem is successive Governments FAILED to harness and capitalize on the oil boom era to build critical economic development in Nigeria. Rather they squandered and looted the bulk of the common wealth among govt officials and some private pockets that don't even make up to 2% of the population. Like they say, all things must come to an end, good or bad. And whether we like it or not, the OIL BOOM era is coming to an end. Now you see the govt trying to find the next mineral resources to jump on that can fill the oil gap but that cannot work in the long run. Whether we like it or not, TRADE is what creates wealth in this world. The earliest form was Trade by Barter as economics teaches and this is the foundation for the global economy and the root for national wealth. You have to have something that someone else needs to get what you want from someone who has what you need. And this is the basic principle. What we have is the Naira in our economy, and crude oil is the major commodity people look for the naira to make an exchange. If a Ghana man wants to buy Ijebu garri for example, he needs to change his Cedis to Naira. So because of garrri, he is looking for Naira. So the truth is, the more commodity you have available for sale, the more people look for your currency to exchange. And the more people look for your currency for exchange (aka the higher the demand for your currency), the higher the value of your currency among other currencies in the global currency exchange market. Nigerians are always importing, hence looking for other economies currencies because they want those commodities in other countries. So your currency value is directly tied to your local manufacturing capacity and then the quality of the goods produced. We cannot have a strong economy when we produce little and we cannot have a strong economy when we produce inferior quality products. Look at the local rice they are making, it is full of stones. Which foreign country or buyers or consumers in the global market will want to buy that rubbish for the price they are selling it. Even the local consumers here, if not for govt forcing it on us to buy, if they open the market to foreign competition, many local consumers will rather buy a stone free imported rice than buy stony local rice that sell at about the same amount. So until we start telling ourselves the truth, this country will continue dancing in circles and heading towards economic doom. But what I have seen it that our people will rather hear sweet lies like this story the OP posted, than hear the bitter truth. So let's just (excluding me) continue lying to ourselves that we are the giant of Africa, that Naira is better than dollar. And let's keep lying to ourselves that Nigeria is an eldorado. One day one day, the bubble will burst.

ethicallyright:
It's a shame you don't understand economics. Next time.

But at least, i still understand it better than you.

ethicallyright:
The writer is not a liar although he did not pass his information effectively, maybe because of limited knowledge.
You are clearly not knowledgeable by comparing $5 to 5 naira. You do not compare currencies like a kindergarten pupil head for head or digit for digit. To achieve a good comparison of currencies, you compare their purchasing power parity.
If flour , sugar, nylons , wheat , barley, milk to produce bread were all produced in Nigeria with very limited imports, bread would definitely be cheaper and of more quality than that produced in America because of the purchasing power of the naira when compared with the low cost of living in 85% of Nigerian towns.

The broom you buy 50 or 100 naira in Nigeria goes for 10 British pounds in Amazon UK because the materials used to complete its production are palm fronds, 95% imported.

Does it then mean that the broom is cheaper in UK than Nigeria because it goes for €10 in the UK (almost 6000 naira) and 100 naira in Nigeria (less than €0.50)?

wwwtortoise my guy.

You're the one that is not knowledgeable. If you want to compare purchasing power, then you compare purchasing power of a currency within its local economy. in UK economy, ok, you saw advert of broom at £11. Mr man, can you buy broom at N11 in Nigeria? Tell me na. After all, broom = 100% locally manufactured product. So nothing like FX issue here. A broom manufactured in Nigeria is how much in naira? A broom manufactured in UK is how much in UK? Going by this your broom example, it further shows you how useless your local economy is. Because I don't think there's anywhere in this country, even in the North where things are cheaper, than you will buy broom for N11

seanblaise:
In actual sense, this is just a spill over of the effect of covid 19 and the trade war between Russia and Saudi Arabia. This is how the oil market works. Opec has divided the production capacity of crude oil among its member states. This means that each oil producing country has a specific amount of crude oil it is expected to produce per day. As it stands, Saudi Arabia has the highest shares of crude oil production. Countries like Quatar, Venezuela, USA Russia Nigeria, Angola, Lybia etc all have a specific amount of crude oil they are expected to produce. This does not mean that they cannot exceed their production capacity, it means that if everyone sticks to his quota, then the oil market will not be saturated and hence they can maintain the price. ( noted that they do this to fight the forces of demand and supply). Nigeria produces 2.2 million barrels of crude oil daily, at this production capacity, they are able to sale off those barrels every day. If Nigeria decides to produce 3million barrels everyday(although our capacity is not up to that yet) they will have 800,000 barrels of crude oil without any buyer and may receive sanctions from OPEC.
So during the pandemic, countries kept on producing their daily capacity but 90 percent of the worlds industries were not working during the lockdown and hence there were many Ships loaded with crude oil on the seas without buyers and this made the crude oil prices to drop drastically. There was a day in April when crude oil traded for zero dollars. Now that industries and factories are beginning to reopen, the price of crude is gradually coming up. When there are no more ships waiting on the seas for buyers then we will return to full production again, this inturn will lead to an increase in the price of crude oil and an equivalent increase in forex for an oil dependent economy such as ours.

COVID 19 or not, the DEMAND for Nigeri's crude oil had gone down and not business as usual again as before, even before COVID happened. US is not only now a manufacturer of crude oil but has also become the largest exporter of crude oil. USA demand for Nigeria BLCO has gone down drastically and will continue to decline to ZERO. The fact that Nigeria is sti producing 2.2m bpd doesn't mean they are selling the product like that. Now they have to beg for buyers in Asia and Europe, a very competitive market dominated by Russia and Saudi and they are fighting for more Buyer's share of the market. Iran that is another major player is suffering from int'l embargo by US, once that is out of the way, they will be in the Buyer's market fully. As it is now, Nigeria's major buyer is India and China, and because the business is no longer is Nigeria's favor, Nigeria govt was already doing BUY NOW PAY LATER for selling crude oil to some customers to retain its market share. Then when Iran is back in the market fully, Nigeria buyer share will further reduce. Then the world is moving away towards green energy, which will further reduce demand from the top world economies who are your major buyers. So whether Nigeria likes it or not, the crude oil boom era is gradually moving to an end. And unfortunately, crude oil sector is the biggest exchange corridor for the naira. Outside of crude oil, how many economies are looking for the Naira to buy? That's when you will know that without crude oil, if the naira currency is opened to the global free market to determine the value of the currency, I swear what happened to Zimbabwe currency will be child's play compared to what will happen to the Naira. Without crude oil, it might even be $1 = N25,000

seanblaise:
You still miss the point. Strength of a currency does not lie in the digit number but in the value of such currency in the international market. Value is the watch word and not digit. High school in the US is the same as Secondary school here in Nigeria. College degree in the US is the same as University degree in Nigeria. Where the disparity comes is when you begin to measure the value of education offered abroad as compared with what is obtainable here in Nigeria.
This simply means that you should not focus on the digits of a currency but on the strength of the currency. Here is what it means; if the federal minimum wage in America is 1000 dollars per month, and the federal minimum wage in Nigeria is 480k per month, then it means people in both countries earn exactly the same amount of money irrespective of the fact that the amount in Naira is way higher than the amount in dollars but the value is equal( if the exchange rate is 480 naira per dollar).
P. S. The minimum wage values I used are not real. Its just an analogy.

Forget about FX. Look at 100% local production with local materials, and compare between the 2 countries, your country Nigeria cannot measure up to America is any SINGLE way as per local content value, and the naira currency is BENEATH the dollar as per local purchasing power within the 2 local economies, let's not even look at purchasing power outside the local economies. If you put a degree from the best Universities in USA (Yale, Princeton, Harvard, MIT, UCLA etc) on the table and then place a degree from the best Universities in Nigeria (UI, OAU, UNN, Unilag, Covenant etc) on the table as per 100% locally produced content, please tell me, in the eyes of the world, that is in the WORLD'S FREE MARKET, which countries degree has a better value as per local manufacturing content? Which country's locally manufactured degree has better acceptance in the global market of employment? Or do you want to say that since $1 = N500, so therefore, we should measure the degree value of the certificate as MIT BSc First Class should not be compared with UI BSc First Class but a UI PhD? Does that logic make sense? Because you people are saying we shouldn't compare $1 to N1. Lol, issokay