₦airaland Forum

uniquetechng:
Dangote refinery will spend dollars to import crude, and the refinery will sell at current dollar rates so nothing changes.

Birdbyrde440:
There will be no minimum wage increase.
Imagine a cleaner now receiving 70k.

That means naira is gradually becoming worthless.
70k used to be a huge amount.

safetyInspector:
But Dogote will spend millions of Dollars to buy crude? If Dangote will not buy crude in Naira it will not make much difference. If they sell crude to Dangote in Naira, the inflow of Dollars for that number of barrel will stop.

safetyInspector:
We are deceivingourselves with this Dangote refinery and Dollars on fuel importation.
Will NNPC/Others sell crude to Dangote in Naira? Will Dangote hire the ships that transport the crude in Naira? Will Dangote import spare parts, and pay his foreign workers in Naira? Dangote refinery will barely have impact in Dollar exchange rate.

NaijaphiliaBlog:
PRINTING VS BORROWING: WHY NOT?
Afterall, currency na just pieces of paper!

This is the reason that ordinary citizens, during times of crisis, always wonder why government doesn't simply print more currency.

Economists, however, have always warned against the impulse to print more money.

If government creates too much money, people suddenly end up with a lot more in their hands; Consumers then suddenly demand more goods/ services, whereas supply would be unable to meet the sudden sharp rise in demand.

This sudden higher demand thus pushes prices up, which (in the worst-case scenario) results in hyperinflation.

FOR INSTANCE:
In Zimbabwe in year 2008 alone, inflation increased to 231,000,000% because the government's attempted to solve the country's crisis by printing paper money.

A sweet which previously cost 1 Zimbabwean dollar became 231 million Zimbabwean dollars a year later!

By April 2009, Zimbabwe had to stop printing its currency and started using currencies from other countries.

A. The first photo below shows Zimbabwean banknotes ranging from 10 dollars to 100 billion dollars that were printed within a one-year period (the magnitude of the currency scalars signifies the extent of the hyperinflation).

B. The chart below the photo shows Zimbabwe's inflation of almost 25,000% in 2007.

CodeTemplar:
Ever wondered why that is?

Some choose to print at some point or borrow at other point in time. So why do they borrow what they can print locally?

A Deputy Director in charge of Branch Operations in the Central Bank of Nigeria, Onyeka Ogbu, on Monday, told a Federal Capital Territory High Court sitting in Maitama that he was aware of a $6.2 million payment request for international election observers.

The former governor of the bank, Godwin Emefiele, is standing trial on an amended 20 charges bordering on criminal conspiracy, conferring undue advantage, and breach of trust among others preferred against him by the Economic and Financial Crimes Commission.

He was accused of impersonating the Secretary to the Government of the Federation to illegally obtain a sum of $6.2m.

The anti-graft agency alleged that Emefiele, in January 2023, forged a document titled: “Re: Presidential directive on foreign election observer missions” dated January 26, 2023 with Ref No. SGF.43/L.01/201.

At the resumed proceedings, Ogbu who is the prosecution witness, said the request was made on January 8, 2023.

He noted that he reviewed the documents and subsequently gave approval for disbursement, which was then executed.

Ogbu said, “On January 8, 2023, a request for payment of $6, 230, 000 was brought to my attention by the Banking Services department.


“Ours is to make payment, we don’t have the power to approve.

“Having gone through the documents and satisfied, I minuted on it and sent for processing and disbursement which was complied with.”

All documents were identified, but certain pages were absent.

This led the prosecution counsel, Rotimi Oyedepo (SAN), to request a temporary halt for the issue of the missing pages to be addressed.

The defendant’s counsel, Matthew Burkaa (SAN), however, objected, adding that the prosecution is bound by the evidence presented in the documents.

He said adjournment is better to allow the prosecution to get all the certified true copies and also for the witness to be cross-examined.

After listening to their submissions, Justice Hamza Muazu adjourned till Tuesday for the continuation of trial.

DMerciful:
He did! If 2027 wont be compulsory electronic transmission, we gonna give the govt the Sri Lanka treatment. We ain't going to court again. Any attempt to rig Obi again would be resisted.

DMerciful:
Even with PDP structure, he got only 800k above Obi inspite of the rigging against Obi. Atiku win North with very narrow margin. Infact Atiku was very disappointing

Ibadanpikin:
Atiku won in the north east,he also wins 11 states.He his the only one who can challenge Tinubu and APC in the north.While an igbo vice can win the election in the south.POLITICS IS A GAME.

SojWORLDWIDE:
A Nigerian whose identity was not known x-rayed the living standard of Nigerians in Nigeria with what is obtainable in the United States.

Full Text

DON'T EVER CURSE YOUR COUNTRY
1. If you don't know how you are blessed, you will think your father's farm is worse than your friend father's farm.
2. $1 is ₦1.500 and so what?
3. Let me elucidate from my little experience. Can anyone in the US use $1 for breakfast? No!

4. But in Nigeria, ₦1.500 will give you breakfast and lunch.
5.Majority of people's monthly house rent (self contained apartment) in the USA is $1,000 and above... and that is your own 2 year's rent!
6. Have you ever paid for insurance before? Insurance in the US is $280 and that is almost ₦100,000 monthly.
7. When last did you pay monthly phone bills? I pay almost ₦40,000 monthly and if I don't, they are going to block my SIM. Your own MTN can be there for months without recharge.
8. When last did you work on Saturday and Sunday?
9. This I do compulsorily and on regular basis.
10. Don't get me wrong, the US is better than Nigeria, depending on which angle you are viewing it.
11. Do you want to hear the truth?
12. Many people in Nigeria live a more fulfilling life compared to their counterparts abroad.


13. Forget about all the packaging on social media and give credit to the good life you are living.
14. Do you know why Nigerians living in the US always rush back quickly whenever they come home visiting?
15. Because bills are counting and elongated absence (freedom) will put their lives in jeopardy.
16. If you, as a black person, attempt to emulate the whites, they will kneel on your neck.
17. Apart from Congo, no citizens in the entire universe enjoy life to the fullest than Nigerians.

18. You are abundantly blessed but you don't know until you get visa and relocate abroad, that is when you will know that your 8-hour job in Nigeria with free weekend is awoof.
19. With 11-hour job abroad, you can only pay bills, you need other 6 to 8 hours jobs to save for the future and plan your life.
20. The truth is that the grass is green everywhere, it's lack of vision greed of our leaders/politicians and the skewed religious practices (which placed emphasis on miracles) that ascended Nigeria onto a myopic tentacle of complete standstill.
21. Always thank God wherever you may find yourself. Nigeria is good and will be better.
22. God bless Federal Republic of Nigeria.

CLICK FOR MORE:
https://www.sojworldnews.com/nigerian-based-in-the-united-states-compares-living-standards-in-nigeria-and-the-usa/

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Davidblen:
India government has established over 100 rice mills and agro manufacturing factories to subsidize food prices

Despite sanctions from the West, The russian populace is still standing because they plant and produce the grains they eat and the Russian government still subsidized the grains for its citizens and the European union is still suffering the after effect ever since Russia banned food exports

Why cant a country like Nigeria have the same? , Nigeria has more population than Russia or are they people holding down this country as a result of sabotage

The IMOTA rice mill has been sabotaged to not produce its full capacity, they barely produce enough to sell

We need revolution

LagosFirstSon:
This is what happens When your president is not respected and seen as a coward who only barks barks and barks

Tinubu is a disgrace

Franklyspeakin:
Insult done come because of this presido

Odin13:
Tinubu Na clueless loud mouth fool...


You wan invade Niger ?

Common sense is not common..

See as Niger the mess with Nigeria President... e never happen before in history

The clueless fool has not only mess the citizens .. but the country also

.... Yoruba media has gone to sleep .

Bliztzer:
You dey believe apc chief con man. I no dey hope in tinubu, for we can see with our eyes the things that are unfolding. Is it when dollar hit 3k before we go know that we don enter.