malcomvee:
"Yes there was killing going on but" and just like that you dismiss the killing.... You ll go to hell fire

PBundles:
I sometimes wonder if people understand what they are actually signing up to. I would love to explain to you the difference between Biafra and Scotland (just one major one, they have their own Parliament, currency and is an actual country) or the UK within EU issue, but something tells me based on your standpoint for IPOB that wont be fruitful, so lets turn this around.

Please explain the following if you can (yarns)

If a referendum were to be held, who would take part? I mean who is part of Biafra? Is the demarcation line before or after Asaba? Which parts of Rivers, Delta. So in short do you even know the people, areas etc involved?

Once you have decided this, if a refendum was held whats the percentage of those that want this?

Um when Jona was president and we were paying ransom to the creek boys, um where were the zoo keepers. I didnt hear about IPOB.

What is the actual ill treatment, so in short what are you be deprived off or is it that you dont have the balls to call out people who stole from that region like Ibori and his cohorts.

Remind us if you may who were the victims of the FIRST coup in Nigeria?

Let me let you in on a historical secret that is always forgotten when ppl talk of the Biafra war and Ojukwu. The main reason (yes there was killing going on and pogroms but.....) Ojukwu had problem with Gowon was seniority. You see after Ironsi was killed in accordance to army procedure the most senior should have taken over which should have been Ojukwu and not Gowon. That was the real beef.

Also becareful taht you dont fight someones ego war, the last time we heard someone say I WILL FIGHT TO THE LAST MAN:

In January 1970, he left in voluntary exile with his family and some close aides on an airliner packed with three tons of luggage and his white Mercedes-Benz. You can check this info it has been documented.

Think about that for one second, its takes planning to take 3 tons of luggage and didnt want to leave his ride, while he sent little kids to the war front and others starved to death.

Be careful what you ask for, you may just get it.

PBundles:


Let me let you in on a historical secret that is always forgotten when ppl talk of the Biafra war and Ojukwu. The main reason (yes there was killing going on and pogroms but.....) Ojukwu had problem with Gowon was seniority. You see after Ironsi was killed in accordance to army procedure the most senior should have taken over which should have been Ojukwu and not Gowon. That was the real beef.

DauraDullardo:
Really? Ojukwu was the most senior and not the cowardly Yoruba man that ran away to London So much for your vast knowledge of history.

months:


That decent society called UK is holding yet another referendum to offer British people the chance to decide if they want to remain in the European Union or Exit.


That same decent British society recently conducted a referendum for the people of Scotland to decide if the want to remain in UK or Exit.


Meanwhile, Biafrans should die in silence. Biafrans will not be tolerated as Buhari says, so he sends the Army to murder thousands or armless protesters.

Can u see why Nnamdi refered to the like of u as Zooogerians and Nigeria a Zoo?

If Im not mistaken didnt the CBN governor brag that they did that.....um how

drnelson:
[size=18pt]our banks are in serious trouble from oil price crash.

they must round trip the dollars to survive.


President is right but he is dealing with seasoned white collar criminals like likes of CEO's of GTB , UBA , FIRSTBANK and rest. [/size]

abuayman:
Hmmmm

PBundles:
Though you have made some valid remarks, the general underlying assumption is not correct and is NOT supported by basic economics. Let me explain if I may.

The first point is where I have the most issue as this is the base problem.

1 The Dollar is not our currency but we have an issue with it and should be wary of its value. Why? We are a net importing (bar oil) country so if it appreciation means goods brought back will be expensive. should I remind you a vital point, we dont have refineries so we are selling oil and buying it back ( guess in what currency, dollar) refined.

Foreign investors will not invest in your country if the official rate and parallel are so far apart as this would cause losses. This will also chase away investors to the capital markets and will limit the government in selling bonds to finance be it Naira or dollar.

2 The Official rate is nice but genuine importers are not getting the total amount the request simply because the government reserves are depleted. If Im not mistaken even Dangote was quoted as having issues source FX at offical rate.

3 Sorry to tell you this but its not what you say the value is of a product, but what the market has determined, thats how economics worsk, basic supply and demand and at equilibrium a price is determined. And at this moment the market is saying its 350 to 1. The president or CBN can proclaim all they want, the market determines. Just because they say its a certain value doesnt make it such.

4. I dont think that luxury goods ( you can always place a high import tax/rate if you wanted to curb it) or any goods for that matter are the issue, the main problem is as you pointed out we dont produce enough whereas we can. In such an instance a higher dollar is actually a great thing as your products become cheaper compared to the international competitors. The main issue for the ban was indeed to curb this and start internal production, but also simply WE DONT HAVE ENOUGH USD RESERVES and sighting the oil price and projections, this will be the case for the coming 18+/- months.

Aufbauh post=43264657:
DOLLAR = N197

Please let me explain to those of us who don't understand Economic terms. Dollar has not increased since Buhari became president

1. Dollar is not our currency so dollar should not be our business

2. Our problem is not d government but
our problem is our importers and consumers

3. Naira has remained at 197 naira to 1 dollar since Buhari became president

4. Buhari has promised not to devalue the Naira and he has maintained that promise

5. Both at CBN and at interbank rates,
dollar has remained 197

6. However because we are too lazy to produce what we use in Nigeria we import even toothpicks and matches

7. Buhari does not like d importation of luxury goods because luxury goods is d reason for most corruption, that is why he banned 41 products from having access to forex

8. However when Nigerian importers insisted on importing those 41
products, FG asked them to find their dollar at d BDCs parallel market also known as black market

9. And to discourage the pressure Nigerians are mounting on the Naira just to get dollars for importation, CBN banned DMBs from selling dollars to BDCs

10. To survive the pressure of excess
dollar demands, BDCs resorted to sourcing for dollars from neighbouring countries through illicit money laundering routes

11. Because of the risks faced by BDCs to source for dollars, and because of the increase in demand for dollars by importers because China just resumed from their business holidays, BDCs keep increasing the price at which they exchange dollars to naira and now it is 400 Naira to 1 dollars

12. However that does not mean
that govt has changed the exchange rate because if our genuine importers go to CBN and fill Form M to import raw materials for local production, they will get dollars at 197 naira each

13. So the problem is that we love to consume luxury foreign products yet we are too lazy to manufacture them here.

14. For example u will see a dull girl using
iPhone 5 without even knowing simple physics and computer engineering part of how that phone was produced

15. I want Buhari to ban every foreign
product from Nigeria until Nigerians learn to produce and use Made in Nigeria products

16. Let us stop complaining about dollar as if dollar has become Nigeria's currency

17. It is even bad enough that most of those complaining about the high exchange rate of dollar do not have 1 single dollar in their purse.

#Copied.

simtosul:



http://www.ngrguardiannews.com/2016/02/cbn-claims-responsibility-for-parallel-market-crash/

ABDamola:
Please let me explain to those of us who don't
understand Economic terms
Dollar has not increased since Buhari became
president
1. Dollar is not our currency so dollar should not
be our business
2. Our problem is not d government but our
problem is our importers and consumers
3. Naira has remained at 197 naira to 1 dollar
since Buhari became president
4. Buhari has promised not to devalue the Naira
and he has maintained that promise
5. Both at CBN and at interbank rates, dollar has
remained 197
6. However because we are too lazy to produce
what we use in Nigeria we import even toothpicks
and matches
7. Buhari does not like d importation of luxury
goods because luxury goods is d reason for most
corruption, that is why he banned 41 products
from having access to forex
8. However when Nigerian importers insisted on
importing those 41 products, FG asked them to
find their dollar at d BDCs parallel market also
known as black market
9. And to discourage the pressure Nigerians are
mounting on the Naira just to get dollars for
importation, CBN banned DMBs from selling
dollars to BDCs
10. To survive the pressure of excess dollar
demands, BDCs resorted to sourcing for dollars
from neighbouring countries through illicit money
laundering routes
11. Because of the risks faced by BDCs to source
for dollars, and because of the increase in
demand for dollars by importers because China
just resumed from their business holidays, BDCs
keep increasing the price at which they exchange
dollars to naira and now it is 400 naira to 1 dollars
12. However that does not mean that govt has
changed the exchange rate because if our
genuine importers go to CBN and fill Form M to
import raw materials for local production, they
will get dollars at 197 naira each
13. So the problem is that we love to consume
luxury foreign products yet we are too lazy to
manufacture them here.
14. For example u will see a dull girl using iPhone
5 without even knowing simple physics and
computer engineering part of how that phone
was produced
15. I want Buhari to ban every foreign product
from Nigeria until Nigerians learn to produce and
use Made in Nigeria products
16. Let us stop complaining about dollar as if
dollar has become Nigeria's currency
17. It is even bad enough that most of those
complaining about the high exchange rate of
dollar do not have 1 single dollar in their purse.

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

Reference:


Exactly in sorts. Buhari says we export nothing and import everything. Then he adopts and hugs a policy that favours importers and punishes exporters. This is baffling. Adopts a policy that promotes corruption in currency round tripping. Adopts a policy that de-industrializes. Adopts a policy that discourages influx of investment. Just so that he won't look bad to the people he governs. With all the goodwill and great political capital gained at election it is so disappointing that we cannot bite the bullet and get it right once and for all.

PBundles:
Though I understand his argument, its not based on economics, like most of the comments on this forum. Doing what feels right is not alwys correct. The Nairas values has already been valued on the parellel market and just because you dont want to devalue it doesnt mean much.

Yes he is correct we are a net importing country so there would be an some adverse affect, but on the whole it would certainly ease tensions and render some positives. Does he also realise that he is indirectly subsidsing the difference. What he is speaking about we are a long way from getting there, because we never stimulated it and frankly there is no more funds to stimulate these activities especially now that thet government themselves are running short due to the collapse of oil. Also when this picks ups as he says, exporting, how will the rate help exporters? IT WONT. So they need to make a choice, you cant eat you cake and have it.

Does he realise that it will lead to back door transactions (any dollar distributed will find its way to the black market as they can gain on the difference).

Either you say NO dvaluation, restriction of dollars leaving and transactions, no exportation of goods that are needed in the country, stop of ALL products being imported for a period of say 2-3 years, now we are talking. Painful, but a chance to succeed. Thing is our entire economy is dependent on import, form fertilizer to the oil we export, we import refined back..............so good luck with that.

This is simply an delay of execution. The prisioner that has been sentenced to death will die, no mater how many times the delay it. The delay is what is most painful, just get the damn thing over with so ppl know what they are dealing with.

Elosky20:
The way naira is going down, hope one day i wont sleep in nigeria and wake up in zimbabwe.

nouvelle:
Sometimes you don't have it all and favour makes up for the rest. Looking at her closely, she isn't the prettiest girl on the block. Many 'finer' babes are still would-be models and hustling but obviously her time has come. Enjoy

jeffizy:
She's a hundred times more sensible than the idiots that strapped the vest on her.

I suggest the government should use her as part of a campaign to let other gullible girls know that they have a choice.

Ishilove:
When living things age, they either age gracefully or age badly.

My 13 year old Bingo, Ruggedman belongs to the latter category. He will be 14 in November, but he might be stoneblind before then.

Ruggedman is already 90% deaf and the only way we can get his attention is by tapping him. He has cataracts in one eye, and it is already spreading to the second.

Now, my question to the house is this: is there something we can do to prevent the cataract overtaking the remaining the good eye? *sob*

Also, he is always coughing. He spends most of the day coughing. The vet in my area is incompetent (he collected big money to treat our Innocent, but the poor thing still died) so we are afraid of taking him there. Most of the dogs handled by this quack end up dying and we don't wanna hasten Ruggedman's imminent demise by handing him to the executioner.

*weep*

What can we do to help my darling Ruggedman? The perennial cough and fast approaching blindness is breaking my heart...

*wail*

kokoA:
No military officer earns up to 800k monthly. I wonder why most of the very senior officers are usually stinkingly rich.

PBundles:


Good points and yes you are correct, however the issue now is the 'fixed rate' which we all know is not market conform.

What you eluded is very correct, the so called official rate could be purchased under conditions you mentioned, however the historic rates will show you that the official rate and the parallel (grey) weren't that far off (with the latter always being slightly more expensive).

What we are seeing now is a fixed rate that is not being allowed to float causing a huge discrepancy between it and the grey market. When you see that happen, the market is simply confirming the obvious. In simple terms, the currency is being subsidized and how long can it do that. Note a small but VERY important issue, its not only the private sector that needs $, but the government, so its also costing them money too.

Clone2020:
Not to compare apples to oranges but the job of a sanitation worker is physically intense and health hazardous. If Nigeria were in par with most western nations, they would be paying their sanitation workers far more than this. The starting annual salary for a New York city sanitation worker is about $60,000 but in reality they take home well over $100,000 while even more experienced workers can pull in over $150,000 and we haven't even talked about what the supervisors make nor have we included the extra overtime money they make on snow days. They have the best health insurance money can buy and are allowed almost unlimited FULL PAY sick time.

In other words a sanitation worker in New York City is taking home about $8333 or N 2.7 million every month.

NiGeRianTr0ll:
Olodo Op and the idiott that wrote this thrash should be castrated...there's nothing like "Penis_ Captuvitus"...It's VAGINISMUS, a contraction of the female Vaginal muscles...more prominent in women that have tight pvssys but refuse to exercise properly or those that can't control their own pvsssys or clench the Divk too tight.

If you are wondering how I know this, my frat roomate last year had one last year...menh we were all sweating, a building of over 30 people and 0 science disciplines or doctors(Coalition of Olodos)

Had to rush the Nigga to the hospital...since then, if I see female athletes, no disrespect but I tend to swerve...If not for that Nasty thing the doctor told us, I would have fvcked every pvssy on my Track team...Phat asses

Datanet:



Your points are well noted. Your 20 years experience should come in handy.

I will only elaborate on the Foreign Exchange and Free Float. The CBN will actually tell you that we run a Free Float Forex System or Hybrid (since the CBN still holds an "official rate" at N199/$1. They will claim that 70% or more of our Forex transactions occur in the parallel market (free float). Most of us that need forex cannot and shouldn't access the N199 rate which is exclusive for some critical projects or needs. (Of course we all know this is not working).

The CBN perspective is this, and they have maintained this since 1986. CBN will provide the dollars at N199 for "Priority/Critical public sector transactions" such as Manufacturing, Debt Servicing, Joint Venture Cash Calls, Infrastructure Development, Embassies/High Commissions etc. This is basically a subsidy to these "priority sectors". Though, in the 1986 CBN policy, the priority sectors were also made to cover BTA, PTA, Medical bills, Mortgage repayment, School fees, Utility bills, Life insurance for those that have transactions abroad. In my opinion, these last segment should buy at open market rate/ parallel. The idea by CBN is that those who access USD at N199 should be few. Majority of Nigerians should buy at parallel market rates.

PBundles:
This article is more a patriotic call to arms then it is about economics. Yes some points are valid, ..................but these are not the main reasons why we are seeing the Naira fall. All these things she mentioned, were they not taking place, last year, the year before etc etc. I concur, your knowledge on economics is lacking, but there are valid PATRIOTIC points, not ECONOMIC.

cana882:
well from your comment, I can say you have vast knowledge in economics, probably your specialization. I would like to know why you said this is not the cause because last year we exported oil and oil alone as major export, and same last year, the price dropped.