₦airaland Forum

Lolz
quid, so you need to log out and log in with your other monikers to like your meaningless picture comments

quid:
Like these your friends begging for Igbo votes in Yorubaland
aposhe = akwa oche

Lmao keep scouting for pictures all over Internet for people wearing your native dressing to make your head swell like garri ijebu.
Don't worry, you will see them again in that in 2019, that is if you have not all been chased away to your new country

quid:
Yes like massaging Fashola's ego here

Your brain is not properly developed, you bore me with these endless meaningless pictures
Fashola or Ambode wearing your thick aposhe dressing is nothing but trying to massage your ego

OBAFEMIawolowo:
stopping trying to redeem yourself, go to bed

Stop crying on your own thread and splashing dirty nostril droppings all over here.
That your head must be reshape on this thread.
Foolishness is when you think you know what you know nothing about.

quid:
Yeah right

The easiest way to get a group of people high on emotion is to massage their ego.

OBAFEMIawolowo:
stop trying hard to be miserable, we already have dams and your minister of power is yet to award any contract for new dams.

He is just there doing nothing

How some of you end up on NL with your crass ignorance and foolish bigotry is quite befuddling.
Only on NL do one get to read this level of foolish minds

quid:
^^ Ok.
This is how you console yourself
You will soon begin to beg both Fulani and Igbo masters gabadaya

Ok. For your phantom 50% population, that is a huge achievement, while the Yorubas with less than 20 have every other political post and control every level of governance and political establishment of the state
The joke is in you

OBAFEMIawolowo:
stop being foolish at defending failure, you are the person sounding uneducated by trying to defend a succesful failure of a government.

If you are educated like you claim then look beyond Igbo/Yoruba and APC/PDP to face reality, sometimes most of you behave like programmed robots.

You are one sounding pathetically foolish here! Show me a country that build an hydro dam from the scratch to completion in a year
Tell me what he could have spend the one year in office doing that he is not doing.
Your tribal bigotry has made you so stupid that common logic is alien to you.

quid:
Good insight.
That is how Lagos became no mans land and over 50% Igbo

Lagos has three senatorial districts like all others states, tell me the senatorial district with verifiable evidence that Igbos are more than 10%
Ashafa - West
Tinubu - Central
Yayi - East

OBAFEMIawolowo:
and yet I can't boast of 2hours daily power supply.

You probably don't have a meter.
Keeping clapping for the avengers to keep bombing gas pipelines and expect Fashola to use his piss to supply you electricity

OBAFEMIawolowo:
that's why he's the minister of power, if he cannot set it up, he should resign and stop giving flimsy excuses.

Your ignorance is high up there. You think setting up such is such that you pick the parts off the shelves ?
Stop exhibiting so much crass ignorance, you give the impression that you guys are either badly educated or you are just uneccesssrily being mischevious

quid:
Ahhhhh

Just like these brave Fulani and Yoruba soldiers were rushing to worship the coffin of the great Ikemba

and the coward died , draped and buried in a Nigeria flag after contesting for political position in Nigeria while perishing millions of your fathers and mothers in a senseless ego war.

OBAFEMIawolowo:
What happened to alternative power generation?

Let's even forget about solar because of it's cost intensiveness, how about hydro source? Is this also dependent on gas pipeline?

Fashola should get to work, he's becoming so useless by the day.

How many megawatts was added to the national grid by hydro source in 16 years of PDP. You think hydro electric is something you just wake up one morning and set up like you set up a kitchen.

mikaelzX:
that's one of their claims.

Where is it stated in the report that their Housing Allowance is still outstanding?

mikaelzX:
If madam is getting allowance, others should get their own measure as well

That would make sense if they are protesting non payment of their own Housing Allowance.

We have to know the nature of the allowance they are talking about! When you hear some of the allowances some of these government parastatals like NIMASA collect, you will want to puke over your meal.
In NIMASA, you will hear allowance like Independece day allowance and all ridiculous allowance that even the staff will ask questions only when they receive bank alerts

codeME:
There you go again, please be soft and gentle you are too beautiful for this.
Our ranting on Nairaland may not add any value to the naira or make N1 = 1$. It is a new policy lets be optimistic and give it some time. please Nigerians.

Sometimes it's good be hard on these people wishing the worst economic crises in our dear nation. They are not propagating any tangible way forward, all they expresses is pessimism about the effort of the govt.

StoneLucifer:
It is obvious your skull is filled with saw dust

Did I hit a raw nerve with the post your quoted? Are you an enemy of my country Nigeria? Why are you pained at the comment ?

Ogetogeo:
The topic said Naira quoted at 253 right?
I want facts of where its sold at the quoted rates, if you have that info that is what I need from u nothing more.

Cheers

My discussion here is solely based on the constantly updated rate posted by Bloomberg.

TheGoodJoe:

I am saying, President Buhari opposed devaluation due to the effect on the black market. This idea is accepted because it has a reverse effect on the black market.

It is different from devaluation. That is why it is going ahead.

I get your point about the reverse effect of this as against devaluation and still pegging the the rate

TheGoodJoe:

I do not think it is just a case of President Buhari. President Buhari reused to devalue the currency. He never refused floating.

Few economists actually stressed floating. They mostly talked of devaluation which the President opposes. Devaluation does not restrict the Black Market from going up.

So this system is acceptable and the President did not oppose it. It was a novel approach and it tackles the black market problem which President Buhari fought.

Bros, I'm not going to do semantics with you, but technically speaking the Naira has been devalued, whether by forces of demand and supply or by an act of proclamation, it doesn't matter. What matters is that your One Million Naira of last Friday is no longer having the same official value of N1M today in term of forex conversion.
Anytime our major source of Forex (oil) loses value, our currency losses value, and unfortunately we couldn't defend the currency because we simply don't have the means (reserve)

crazymommy:
My sister we are saying the same thing...go and look and read my earlier comment to that guy,read it critically and you will understand we are on the Same point..or maybe because I added sarcasm to my post so you felt I disagree with you..

Ok mommy.

grandstar:
Stop politicizing a very serious issue. This is not an IPOD or Wailer issue. Buhari messed up big time by pegging the exchange rate upon assuming power. Despite strong evidence from thye start, he stuck to his guns leading to chronic scarcity of forex and eventually to a recession.

For your indormation, the CBN is an autonomus institution and the presidency has no business dictating the exchange rate. His statements such as I don't believe in devaluation showed where the problem came from.

Soludo, Sanusi and Utomi all condemned his policies.

He was forced to capitulate when it was clearly obvious it was unworkable and especially when the airlines when threatening to pack and go. They had the equivalent of $600m trapped in Nigeria and this was hurting their operations.

The policy also plunged the country into a recession.

Secondly, a float will lead to a depreciation of the currency from 197 where Buhari had uneconomically pegged it. So it is still a devaluation no matter which way you look at it. Only benefit is that the balck market rate will appreciate and there will be a convergence between the official and black market rate. There will also be enough dollars in the market.

This was however the scenario before Buhari pegged the currency at a rate he could not defend.

I completely aligned with your position. The President inadvertently caused this recession by preventing the CBN to go this route long time ago.

Ogetogeo:
You still did not answer the questions I asked. Please, answer them. I want facts not projections.
Thank you

You want facts of something that is going to happen in the future? Then you need to go and meet God for an answer. We can only project to the future and hoping ceteris paribus, our projections won't be far off target.

crazymommy:
Alright ma'am...

Floating because there is relative laissez-faire of the market by the regulators and not because a spot rate cannot be determined at any particular point in time of the day.
I can give you spot of 260/usd now and in two hours time give you a different spot of 270/usd.

crazymommy:
How do you expect an exact spot rate in a floating market

Sorry ma'am, I don't quite get your point.

Ogetogeo:
Are you a banker?
Have you been able to buy at that rate? If yes, which bank?
If yes to the above, how di you buy?

Can you give us live update from banking hall not from online quotes.

As long as your transaction is eligible, the bank will surely give you a rate.
In the inter bank market, the bank actually plays with various sources of supply including among themselves, where they give their quotes, if they succeed, they buy and then give you their own rates (with their own margin of course).
You only give your own quote in a Retail Dutch Auction System (RDAS) and not in a system like Wholesale Dutch Auction System (WDAS) which is the closest to what we are trying to operate now.

crazymommy:
You guys do not understand the banking sector...let me analyze it for you in a way a common man on the street will understand....Iya Bisi bids on 5bags of beans at 12000 Naira per bag,the beans seller which is Iya Basira is the seller of the beans and she and Iya Bisi agreed on that price...Iya Bisi is to collect her 5bags of beans on Monday...now on Monday the general price of a bag of beans is now 11000 Naira,so you expect Iya basira to collect 11000naira per bag after she and Iya basira already agreed on 12000 per bag during the order?agreement is agreement.......so you people were expecting banks in nigeria to just immediately adjust the rate when market has not even close??you people must be joking...

This your analogy applies more to FORWARD CONTRACT and not SPOT RATE. They can't definitely be the same rate.

Ogetogeo:
Just spoke with my account officer now. She said, I would need to apply to the bank stating the quantity of dollar I want to buy and at what rate am willing to buy, the bank would then call me if my proposed rate meets their rate. That they won't tell me what their rate is, I just quote what am willing to buy.

When i probed futtyershe said today rate at their bank is 319 for $.

What kind of Yeye policy is this? So I would need to keep writing letter like am writing a contract proposal for something I need to pay my cash to buy?

I don't get this kind stree

Tell your banking officer that someone say she is either playing games with you or her bank don't know what they are doing.
The thing works more like WDAS and not like RDAS.

uncleu:
I think the problem is that a lot of people are so ignorant of how these things work. The amount quoted are not fake. Look at how it works. The banks are bidding on behalf of customers who have already fulfilled certain requirements. This include filling proforma involve and all the rest. The need for the foreign currency must also be for items included in the foreign exchange regimen. Since you haven't gone through that process, the banks are giving you black market rates.
My problem is with the disparity between this rate and the black market rate. We know our immediate problem started with the exclusion of those 14 items from the foreign exchange regimen. They still haven't been included. They still will put undue pressure on the black narket.

41 Items actually.

If there is improvement of supply at the Inter-bank, it would definitely have a positive impact on the parallel. Many Items that were eligible for the inter-bank too were actually patronizing the parallel market as the supply drain up from the inter bank.
Lot of people with forex that have been dissatisfied with being forced to sell at a small margin at the inter bank will now have reasons to bring in their inflow through the inter bank window.
I think with the current forex supply realities on ground, this is not just the easiest way out, but the only way to put a brake on the free fall of the Naira.
My only reservation is that this is coming way too late when the Naira have suffered so much damage.

adams009:
I think we have to be offering solutions no to criticize any attempt to correct things. When CBN & buhari are fixed the rate you cry foul & now with floating you are still not comfortable. What will you do if are in there shoe.

You are talking to unreasonable devilish folks. These guys are not interested in proffering any solution to these economics crises, they are indeed happy that things are not working. The more the economy hit crises the more they can taunt you and I and say **yes we warned you people not to vote a certificate-less dullard***