₦airaland Forum

talktimi: Most people commenting here have no idea how monetary policies work talk less of a country's foreign reserves. This is a very good move if it can be implemented but im aprehensive, the U.S wont take this lying low, not a major economic force in the African continent like Nigeria which has major influence doing this to them, it could spell doom either for the political class or the nation as a whole. I read a report sometime back that the main reason America invaded Iraq wasnt because of WMD's which we all know now never even existed but rather this same move to change foreign reserves from the dollar to Chinese currency. Such a move would have shattered the American economy then because of its domino effects but it can also worry the Americans now. Lets just watch and see. I would prefer gold bullion.

May be you should tell us how "monetary policies work" instead.

Meanwhile, for the second time, it is elementary finance to not put all your eggs in one basket.

The US is in real big time s h i t right now.

Your invasion theory is flawed.

America is in no position to invade even Suriname right now.

Reason(s):

a) The Nobel Peace Prize for Obama was to silence him. Call it "pre-emptive blackmail" if you will. It was an anti - invasion vaccine.

b) Americans are war-weary now than ever before. Except a direct military assault on the homeland or military base abroad, even a tiny Island somewhere can taunt Uncle Sam now.

c) The current democratic leadership prefers what they called "soft power", a euphemism for internal destabilization of enemy/rival countries. The Arab Springs of this world. That's the worst they can do in Nigeria anyways and they have been doing that for eons now, including "predicting" that Nigeria will cease to be in 2015.

d) The deep economic quagmire has led to them desperation and paranoia; phone tapping of even their allies, global internet surveillance programs etc. Desperate people are never stable, they are rattled and hardly have time to think through anything, although they are dangerous.

d) Internal political and civil strive. The battle is just beginning, I would wager that in the coming months, when the Chinese and the EU have got a sort of solution to the "dollar question", America will default on its payment obligation. The so-called "full faith and credit" of the US is gone.

e) We are in the post Wikileaks/Edward Snowden world order. Nations and countries intelligence have at least an idea of what the Super Power's defense look like.

f) Finally, it is all about CASH, when you don't have cash people desert you, it's not their fault that you became foolish with your resources. While it's arguable that human beings can be ingrates sometimes, it is also true that survival/self preservation is the first law of nature.

Meanwhile, America has too many things to think about at this period than invading Nigeria for trying to protect herself from their (America's) profligacy.

What you are seeing here didn't start today

It is what (inter)national leaders and business persons have said for years.

Countries, from France, to Russia, to China, to Australia etc have been divesting their assets from dollar to something else.

To get the background to this, quickly go through the links below.

Angela Merkel in the year 2008 http://www.ft.com/intl/cms/s/0/e361d344-bc0c-11dd-80e9-0000779fd18c.html?nclick_check=1&siteedition=intl#axzz2iSMgPLqq

This is Sarkozy in 2009 http://online.wsj.com/news/articles/SB125131633754761451

Russia 2009 http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ahoIPyEdpHUI

Analysts 2009 http://online.wsj.com/news/articles/SB125122938682957967

This is the United Nations (yes, the UN) in 2010 http://edition.cnn.com/2010/BUSINESS/06/29/un.report.dollar/?hpt=T2

Analyst 2011 http://online.wsj.com/news/articles/SB10001424052748703313304576132170181013248

Australia 2012 http://www.ft.com/intl/cms/s/0/4b6c4ab6-7404-11e1-bcec-00144feab49a.html

Australia 2013 http://online.wsj.com/news/articles/SB10001424127887324874204578441872296832546

Australia 2013 http://usa.chinadaily.com.cn/epaper/2013-04/10/content_16390047.htm

France 2013 http://europe.chinadaily.com.cn/epaper/2013-04/19/content_16422171.htm

Many Nigerians, especially those living in America and Europe, are still fixated about the omnipotence of the Super Power. It is not really a bad thing to be loyal to your hosts, but wake up guys. The world is moving on.

DaLover: Even after mentioning this logical statement, people choose to ignore and still believe the story?
Why cant someone from the Nigerdellta rule this country?
Well, I have nothing else to say to the south west press sha...

We in the nigerdelta are hoping for this constitutional conference for our salvation from the grip of parasitic ingrates

The easiest thing to do in Nigeria is manipulate the masses through the media.

It sucks but everyone does it. Government inclusive.

Plus, you don't need to put up any detail on CORRUPTION story.

A bogus headline will do the trick.

ochukoccna: The Americans are the one's digging the greenback's grave with their endless political squabbling
I'd have said good move by the CBN but anyone with a little economic knowledge knows the Chinese heavily manipulate their currency
Because of the economic troubles of Europe, the Euro is a no no
Can't we hold some of our reserves in gold, silver and other precious metals


Yes,China is becoming a heavy hiter but can they dominate like America has this century?
Militarily they still lag behind Russia in spending and resources
Economically, do they have/can they match the finance America has spent over the years globally?
Recall also that their economy and economics still has heavy goverment control and manipulation
Like I said, they are a heavy hitter but can they dominate like America has done so far?

The dollar is gone.

What they are doing right now is to manage the requiem so as to prevent catastrophic loss to the US bond holders

http://online.wsj.com/news/articles/SB10001424052748703313304576132170181013248

http://www.zerohedge.com/news/2013-09-17/canadian-billionaire-predicts-end-dollar-reserve-currency-warns-its-likely-get-ugly

http://au.finance.yahoo.com/news/rba-invest-chinese-yuan-062511606.html

If Nigeria is not strategic, people will question the skills of our economic managers.

Ugosample: Bad move! China is a known currency manipulator. Your foreign reserves will lose value. But if it's say 10% of your foreign reserves, it's okay. Afterall, the USA keeps foreign reserves of Pounds and Euros too.

The article says it's not clear what percentage they are looking at.

Orji was headhunted from one of the best financial institutions in the world.

You can read his profile here.

http://www.ventures-africa.com/2012/09/meet-uche-orji-ceo-of-nigerias-sovereign-wealth-fund/

BTW, it's elementary finance to not keep one's eggs in a basket.

2ndOGA: My thoughts exactly. The Remnibi has been allowed to float since 2005 (around a margin referenced from a basket of other currencies).

Every country manipulates its currency one way or another these days.

America has been printing billions of dollars every month for over two years now.

That's a form of currency manipulation.

Chinese currency management is opaque but dollar's is not better.

omenka: Leave that thing. Much as I don't understand your english, I would say the consequences of "pulling out" could be dire!

[s]Most african countries survive hugely on aids from the US and EU[/s] and understand they can't bite the finger that feeds them lest they starve to death.

In the distant future, this could be possible but given the ongoing dynamics we have in the continent, from corruption to socio political unrest, and bad leaderships, it would be nearly impossible to attain the kind of independence you are suggesting.

Nigeria does not survive and will never survive on US and EU aids.

They've partly been surviving on loots from Nigeria.

Rajosh: she's not paying a dime, she's got a diplomatic passport.

Did you sight her passport bros?

Nonso23: Wonderful! It shows perfect distribution of power!
Can this happen in Nigeria?

Assuming it happens.

The same Nigerians will question the motive and timing.

"We are not saying our laws should not be enforced but..."

"Why is it happening when Hilary is visiting Chatam House APC secretariat"?

"How come it is now when 2015 elections are near"?

"I smell deceit"

"I see distractions"

"Hilary carries a diplomatic passport, government is giving us a bad name" Even if she's just a mere overrated American politician.

"etc..."

[quote author=Immune#1]Unfortunately our credit system isn't the main bane;buyers' attitude in Nigeria has so evolved!BRT Ashok leyland are assembled because there is a demand for it;automobile manufacturing isn't child's play. [s]FG should be careful about throwing money around.[/s] Lack of innovation killed our automobile industry and now government is trying to jump-start another breed of 'comfortable investors'.like I said;I am folding my arms and watching.......[/quote]Explain the part of government throwing money around in this context.

[quote author=A-ZeD]South Africa, Brazil and China have a very good credit system. India has a credit system though it's not robust. Nigeria on the other hand does not have a credit system.[/quote]Are you talking of consumer credit system?

Relax!

Financial products could be either supply leading or demand push.

The infrastructure is already there. There's the credit bureau already in existence.

And consumer credit system is picking up and will soon spread like wild fire.

Standard Chartered Bank is all over the media with their product.

Trust Nigerians, others bank will follow soon.

An advise for you though.

Get something doing and stop being pessimistic.

This is Nigeria's moment.

This Nigeria you see today, you won't recognize it again in the next 5 - 10 years.

Very smart people would position themselves for the inevitable booms so they won't have to regret not doing anything when they had the opportunity.

I assume you are smart, just that you are genuinely concern.

If my assumption is right, then bend down and start doing something.

Five years ago, Nigeria could only boast of 1 or 2 confirmed billionaires, today, they are 20 confirmed. (I believe they are more)

There are more to come and you can be one of them.

You just have to stop seeing the negatives.

Start seeing those "perceived" negatives as needs to be satisfied, as gaps to be filled.

The danger of not thinking that way is that when others begin to satisfy those needs, you are likely to come up with another complaint and then you grow very frustratingly old doing just nothing.

zenopee: I really don't understand your problem. What's the bone of contention here? It was a spelling error, and you knew quite well that it was because you understood what I was trying to pass across. I didn't even notice the error, not until you called my attention to it. At least correct me, instead of firing salvos at me Mr. Well Educated.

Ha ha ha ha ha !!!

You were caught in your own web.

Now you are on the defensive.

Meanwhile, this is just an informal online anonymous written (not even spoken) setting.

Think of a real life situation man.

But the president can certainly do more than that.

His handlers should focus on getting him out more frequently.

His confidence level has improved more than the previous chat(s) though.

And his grasp of some issues are well okay.

His diction should be brushed up.

He should avoid some phrases like "we are trying..."

A president should be authoritative, without being dictatorial, especially on the issue of security.

And since Boko Haram is doing more than "trying..."

Expertise is built on frequency, let him do this at least every six weeks if he can't do it monthly.

Too much of talking too will bore people.

By and large, Presidential Television and Radio chats, just like political debates appeal to the intellectuals and the more older population.

The "new media" or social media appeals more to the younger people, he seems to be doing fine there.

Score - 59%

The Channels TV lady tried to be assertive.

However, it was almost turning to insolence at a point.

You don't interrupt a president abruptly.

You don't use words like "... I am coming" to the president of a country.

You allow him to interject if he wanted to and make his point then you can ask your question again or re-frame it.

She dares not try that with John Momoh even.

One of the team on Sunrise Daily who have done it many times would have been better.

They can't even take responsibility for their citizen's action?

Since there's no way they can change the color of this White British Islamic Terrorist, they must find a way to disown her and lump Nigeria into what we practically do not know anything about.

There's no mention of her radicalization inside Britain but they have to somehow shift the responsibility of arresting their Terrorist Citizen on Nigeria.

Grow up Brits, Samantha Lewthwaite is White, she very British and she's an Islamic Terrorist committing mass murder.

He looks frail but would be okay.

He still needs enormous rest and less distractions from politicians.

APC is looking similar to the defunct ACN though.

A one man party!

The opposition should build a party that relies less on just one individual no matter how effective and versatile such person may be.

It leaves them too vulnerable and causing so much anxiety if/when such an individual/owner falls sick like this.

Get well soon Mr Bola Tinubu.

Inova: You are very correct. On a normal day[b] my speed limit is always maintained at 120km/h.[/b]
The snap shot of that speed I was doing was taken by a friend in the car while I was trying to evade car robbers who couldn't keep up with the speed.

Your speed limit is higher than the statutory 100km/h maximum speed limit for private cars in Nigeria.

Enforcement is ongoing.

Symphony007: hey, mr post graduate, [b]do you realise that rivers state university of science and technology is the only university in nigeria not affected by ASUU strike? [/b]The effects of ameachi's restructuring has stamped out ASUU, and today while other students fallow at home, rust students are still learning. Shame of you and your myopism.

Did you mean the only state university in Nigeria?

University of Ilorin is not on strike and they've not been on strike for over a decade.

All the private universities in Nigeria are not currently on strike.

confusion247: Soon or later Amaechi will hear the echo of his words. He have allowed his personal ambition to override his ability to think and reason like a hu
man.

My brother!!!

The guy is extreme naive.

Can you imagine that the Petroleum Industry Bill has stall in the National Assembly just because everybody is not looking at it from the same perspective?

Is he saying that he so much believe in this his Nigeria before region/state concept that his people's interest should be jettison on that bill?

When leaders talk, they should be careful to know repercussion of their utterances. What you feel you are saying is not what some other people are hearing.

You preach nationalism on one hand and you use the other hand to collect more money than others and you say where you come from doesn't matter?

ifebosco: 14%derivation is for oil, next time read your post before you send them

Do you mean 13% sir?

Did you even read the comment?

[quote author=wwwkaycom][/quote]Oga, there's no historic analogy to what Amaechi is doing to Jonathan.

Osoba, and other AD governors you cited are Obasanjo's political enemies. In fact, they didn't vote for him in 1999 because they felt he betrayed Awolowo in the '70s.

Yoruba dislike treachery.

When Akintola fell out with Awolowo and was romancing Ahmadu Bello, Yoruba didn't take it kindly.

Whether you like it or not, everybody has come from somewhere.

President Jonathan and Governor Amaechi are not - well until now - known to be political enemies. They are in the same party, the PDP, the president got the highest vote from Rivers State in the last election.

People like you urging him on have your own agenda. Amaechi is naive, and that is sad. He should see through this sudden outside love.

He won't take this kind treatment from any local government chairman in his state, even those in opposition would he?

Ahhh!!!

This is treacheryyyyy!!!

Don't this guy have any older person he's looking up to assist him with his public utterances?

Have the northern and southwestern leaders urging him on seen from his own perspective on regionalism?

This is a very sad development.

Does he know that the 4billion naira 'left-over' of his state's July allocation is the total figure for the some states in those regions?

How would Gov Amaechi react when other regions start to clamour for equal share of the national resources, will he still maintain this myopic stance?

And he was even teaching this young minds the art of treachery?

This is sad! Someone must talk to this guy. It's getting out of hand.

This is not stubbornness, it isn't heroism, it's pure inexperience. Nigeria is too complex for this type of his thinking.

It was people from that region and many from the South West region that fought for the revenue derivation principle which enables Mr Amaechi to have access to 19b naira in July alone with only 6m people, while states like Lagos and Kano do not have access to half of that.

Does he know more than these people?

Why didn't they so much talk about being just Nigerian and not regions as he's saying here?

Or does he think you can on one hand be bothered about being Nigerian in terms of leadership at the centre and on the other hand being a SS or Rivers State when it comes to revenue allocation?

Both are contradictory.

What is he going to say to his friends and current admirers when they began to demand for more share of the revenue from his state? After all, we should all be equal.

Governor Amaechi, there are millions and millions of people who also think that Nigeria should just jettison these regional structure and focus on general developmental thinking.

But there are also millions and millions of people who feel otherwise. If you are doing this to your people today, what do you think people should do when they start paying you in your own coin?

Congrats! Now the biggest challenge after this feat is application. How to apply this to real life problems especially affecting Africa. That's what matters most really.

This Pope will say anything to make the liberals accept him as one of theirs.

PEStyOFlife: Jonathan had better learned from history coup started this way oooo.....

#team i pity Nigeria

How old are you?

HAH: I dare Goodluck Jonathan and the IGP to try this with Rabiu Kwankwaso of kanoor Wammako of Sokoto then we will see if they really have balls.

Balls?

You must be a joker.

Three states, Yobe, Borno and Adamawa are under a state of emergency with heavy military presence.

If I were you, I would downplay the "balls" aspect.

Blocking a governor from entering his government house, without his consent, is condemnable though.

Pribo: Pls the media shud not be seen as a ready tool in the hands of political jobers. Amaechi has earlier in the day thru his COS opened a parallel PDP office on Forces Avenue about three streets away from the Govt House back gate. The Police had stopped that lawlessness and had sealed off the office (which was Amaechi's former campaign office) and the adjoining streets.
The Gov'nor was going to the GH thro this blocked forces avenue and was barred from passing thro that road. He eventually went thro the main gate. Pls the facts shud be put straight. IF YOU BRING ANTS INFESTED FIREWOOD. ....

They shouldn't have prevented him from going to the government through any route without his knowledge/consent.

It is insane!

idu1: This issue really convince me that many nigerian so call graduates are slowspokes. For the fact that many doesn't understand what the bill said. smh for nigerian future leaders.

This your un-slowpoke comment get as e be.

hollandis: Nigeria of course
Dean of pharmacy said he had a vaccine to AIDS,He was told to shut up
[b]Abalaka said similar thing,[/b]he was told to shut up

Abalaka's wife reportedly died of AIDS.

What do you have to say to that?

Lordlexy: @lastpage. A carefuly made analysis ladden with emotions. I wouldn't be surprised if you are not paid to sell this propaganda jagon. To start with, western power will intervene in cases of dictatorship that treat its ppl with impunity, and to say U.S interest in syria is to further aid Isreal expand its territorial basis and supremacy, is not baseless but a fallacy. If territorial supremacy is israeli cocerns over the arab dominated region, tell me why would Saudi and turkey being an arab nation support the west on this conquest to weaken syria and iran like you deduced for israeli sake since their actions will backfired at them? Israel had proven over again that independently, it can take on any nation or nations successful. The interest of the western nation in the arab affairs is not so much for israeli sake but to institute democracy base on the yearning of the ppl and contain the posibility or tendency of any ligitimate govt with the potential to support or fund terrorism. The likes of libya and currently syria and later iran perfectly portray nations with inordinate desire to spread terrorism. I will advice you to get your facts right b4 coming to the public to speculate tales thriven emotions.

The bold suggests you do not have deep understanding of the Middle East dynamics.

1) Iranians are not Arabs, they are Persians

2) Iran and Saudi Arabia are embroiled in a very serious supremacy battle in the region.

3) A majority of Saudi Arabians practice the Sunni brand of Islam while Iranians are predominantly Shiites.

4) The west is strategically aligned with Saudi Arabian leadership because of OIL.

5) Israel is protected by the US, therefore Saudi Arabia tolerates Israel (at least presently).

6) Iran's quest to dominate the region with its own brand of Islam is fueling its ambition to go for the ultimate weapon, NUKE.

7) Iran's major targets if/when it acquires the weapon is not only Israel but also Saudi Arabia and then they take things up from there.

It is these dynamics that are determining the alliances in the region.

9) Presently, Saudi Arabia is aligned with the regions most monarchies while Iran is aligned with the so-called fundamentalists and non-state groups like Hezbollah and perhaps Al-Qaeda.

10) It's looking like every step the west has taken so far has been to Iran's advantage so far.

11) The so-called Arab Spring started in Iran in 2009 after the elections, it was violently suppressed.

12) Much earlier, they took out Saddam Hussain, Iran's arch-enemy; neutralized Hosni Mubarak, a moderate force in the region and an ally of the west.

12) Libya's Ghadaffi was taken out by elements working with Iran but armed with western weapons; ironically they used those same weapons to whack the US Ambassador in Benghazi, (he actually went there to buy-back those weapons from them but things went out of hands).

13) Fortunately for Iran, Russia and China are so riled-up by the west that they have so-far prevented any action against Syria other than some small arms passing to the "insurgents".

14) Partly because Assad's father was a close ally of the Kremlin.

15) So, Iran's part seems pretty limited to just providing logistics support while concentrating on their nuclear program.

16) You may want to google the number one source of funding for terrorism and see who really has "inordinate desire to spread terrorism".

Toktee: Mr assad iz not wanted by hiz people oldman,was it the west that started the uprising against mr assad regime?

You are simple minded.

The CIA has been inciting other countries citizens against their governments for decades.

Uprising don't just happen, in fact hardly happens, without external influence.

This is what they did to Iran 60 years ago http://www.theguardian.com/world/2013/aug/19/cia-admits-role-1953-iranian-coup

Skirmishes of demonstration do occur regularly in any society, but they are often resolved without leading to uprising.

There have been violent demonstrations in France and Britain against government policies, yet no one armed the "insurgents" in those countries.

Van snickers: The Comments here are so disappointing! Does this mean that Nigerians can't comprehend the Beauty of this finding?! What is happening? Science is the way forward, Africa can't develop without it.

So what's the beauty?

Global warming?

igbo2011: It is our slave mentality. We need the white man's stamp of approval. If we can make the white man happy then we have made it. When we win the Nobel Peace Prize or other European awards then we are happy. It is through hundreds of years of conditioning. You ca bomb Japan and they wake up. but if you colonize a mind then they will be enslaved as well as their offspring.

I agree, they have done a serious damage to the black's psyche.

Imagine that some people hailing this "master oyinbo" were so irritated by President Jonathan's African attire a few weeks ago.

If the same "master Piers Morgan" start his diatribes like "nonsense" "stupid" bla bla (commonly used on his show) about African culture, governments and leaders, you bet some of our "I am so happy Piers tweeted in Yoruba" brothers and sisters would still suck up to him.

Instead of these APC guys to talk about their core area of strength, i.e. flyovers, traffic maintenance and environmental sanitation (apology to Labaran Maku)they are mentioning 40,000mw.

What did they learn from the Enron (mis)adventure?

More than 10 years have passed and no single watt was generated from that.