pizapato:



The issues is not whether the world is done with dollar as a global reserve currency or not. The argument is naira maintaining a fair value against $,€, £ over a period of time.

Whether dollar loses its value as the global reserve currency or not, naira is not appreciating against it any time soon. If I want to keep the value of my money and still experience some appreciation without stress, I will rather keep the money in either $,€, £ instead of investing in Treasury bill or MMF.

If I want to hold naira, I will put it in equities where it can have 50% appreciation if the odds favour me

The Naira won't appreciate so long as we depend on dollars for all international transactions.

China is Nigeria's #1 import partner. Almost 80% of items/gadgets in our homes (from mobile phone to kitchen utensils, TV, window blinds, wall clocks, fabrics, etc) were imported from China, yet you need the US dollar to buy from China. This is the greatest problem. This is why your bank told you that you cannot spend more than $20 a month since everybody needs the dollar.

Dollar scarcity drives inflation. I know the common argument is to say that we do not earn enough Forex dollar but that again does not make sense. The same China, Brazil, the Netherlands, and Spain are our largest export partners. In an ideal setting, we have no business with the U.S. dollars. If the Chinese's Yuan is scarce, people with South Korean currency should be able to travel and bring in their goods without inducing crazy. black market prices of the U.S. dollar.

Like every other economy/currency in the world, the dollar also suffers from inflation, so we are technically struggling in two ways.

chigo4u:

Sorry this will never happen. Dollar will still remain world currency for a long time to come, the propaganda against US and dollars is just emotions, we’ve been hearing for long time. Us will still dominate in our lifetime

Anything can happen. Dollar is #1 because of oil deal.

The developed world will eventually dump oil. Most of these countries plan to dump combustion vehicles before 2030. Countries like the UK and the Netherlands will be placing a ban on combustion vehicles by 2030 to create room for the likes of Tesla.

Mind you, the U.S. has already lost its competitive edge on green energy to China. With more than 40% of electric vehicles, solar energy, and inverter engines in the world coming from China, the power of the U.S. dollar is only going to last a few years.

If green energy won't terminate the U.S. currency hegemony, Bitcoin would.

Acidosis:


Anything can happen. Dollar is #1 because of oil deal.

The developed world will eventually dump oil. Most of these countries plan to dump combustion vehicles before 2030. Countries like the UK, Netherlands, will be placing a ban on combustion vehicles by 2030 to create room for the likes of Tesla.

Mind you, the U.S. has already lost its competitive edge on green energy to China. With more than 40% of electric vehicles, solar energy, and inverter engines in the world coming from China, the power of the U.S. dollar is only going to last a few years.

If green energy won't terminate the U.S. currency hegemony, Bitcoin would.

Who be this one wey dey yearn okpata? Go and read up on how USD became the number one reserve currency of the world before opening your mouth. Or else strong yamayama go nack that your bald head. It has nothing to do with oil

Labadi69:


Who be this one wey dey yearn okpata? Go and read up on how USD became the number one reserve currency of the world before opening your mouth. Or else strong yamayama go nack that your bald head. It has nothing to do with oil

I don't discuss economic matters with motor park touts who found their way to the cyber space. Get the fck off my mention!

emmanuelewumi:



With N100,000 you can buy FGN bond in the secondary market through Stanbic IBTC Stockbroker. With N1 million you can buy in the primary market through Stanbic IBTC Bank

Thank you oga Emma.

Acidosis:


Anything can happen. Dollar is #1 because of oil deal.

The developed world will eventually dump oil. Most of these countries plan to dump combustion vehicles before 2030. Countries like the UK and the Netherlands will be placing a ban on combustion vehicles by 2030 to create room for the likes of Tesla.

Mind you, the U.S. has already lost its competitive edge on green energy to China. With more than 40% of electric vehicles, solar energy, and inverter engines in the world coming from China, the power of the U.S. dollar is only going to last a few years.

If green energy won't terminate the U.S. currency hegemony, Bitcoin would.

Again this would never happen, any shift from oil would also move to tech/electric that will still be dominated by US dollar. Most iPhones today produced in China and yet does not affect dollar dominance. You people should just stop the propaganda, dollar will still dominate in our lifetime. Even bitcoin is traded with dollar

chigo4u:

Again this would never happen, any shift from oil would also move to tech/electric that will still be dominated by US dollar . Most iPhones today produced in China and yet does not affect dollar dominance. You people should just stop the propaganda, dollar will still dominate in our lifetime. Even bitcoin is traded with dollar

What propaganda? That Petrodollar is gradually fading or the fact that some oil producing countries are beginning to trade oil in their own currency?

Even Nigeria considered a currency swap deal with China at the onset of Buhari administration.

Also, the technology market does not operate like the oil sector, where the U.S./OPEC rules.

Acidosis:


I don't discuss economic matters with motor park touts who found their way to the cyber space. Get the fck off my mention!

You too get mouth bro.

Chaiii

Acidosis:


The Naira won't appreciate so long as we depend on dollars for all international transactions.

China is Nigeria's #1 import partner. Almost 80% of items/gadgets in our homes (from mobile phone to kitchen utensils, TV, window blinds, wall clocks, fabrics, etc) were imported from China, yet you need the US dollar to buy from China. This is the greatest problem. This is why your bank told you that you cannot spend more than $20 a month since everybody needs the dollar.

Dollar scarcity drives inflation. I know the common argument is to say that we do not earn enough Forex dollar but that again does not make sense. The same China, Brazil, the Netherlands, and Spain are our largest export partners. In an ideal setting, we have no business with the U.S. dollars. If the Chinese's Yuan is scarce, people with South Korean currency should be able to travel and bring in their goods without inducing crazy. black market prices of the U.S. dollar.

Like every other economy/currency in the world, the dollar also suffers from inflation, so we are technically struggling in two ways.

You are right bro.

Countries dealing with each other will be very complicated because the country nigeria is selling most of it's products to is not the main country we import from. So to make trade less complicated, we all need to have a central currency we all will use among ourselves to balance trade but that shouldn't have been dollars because it is a fiat money (invariable useless and can be printed at anytime). it should have been GOLD.
A natural reliable product that can't be reproduced by anyone. It is just like navigation or sailing, the natural reference point for taking positions in the olden days are both the sun and moon. The are natural, they won't or can't fail you.
Before 1971, dollars and all world currencies were pegged to gold and that was why our naira was so strong. It was 50k to a dollar or #1 to $2 but the american know that if we continue on that trend, it is just a function of time, most countries will overtake them economically and also, they won't have been able to sponsor so many wars and currency manipulations they are doing now.
The use of the dollar as a major reserve is not good for most countries because it makes the US very very powerful and not only powerful but very very dangerous.
As it is, the US doesn't need to force nigerian govt. physically to do their billing, all it takes is freeze their reserve and we all here are totally fvcked. That is too much power in the hand of another country. Basically, most countries balls are in their hand to squeeze at anytime they wish.

emmaodet:


You are right bro.

Countries dealing with each other will be very complicated because the country nigeria is selling most of it's products to is not the main country we import from. So to make trade less complicated, we all need to have a central currency we all will use among ourselves to balance trade but that shouldn't have been dollars because it is a fiat money (invariable useless and can be printed at anytime). it should have been GOLD.
A natural reliable product that can't be reproduced by anyone. It is just like navigation or sailing, the natural reference point for taking positions in the olden days are both the sun and moon. The are natural, they won't or can't fail you.
Before 1971, dollars and all world currencies were pegged to gold and that was why our naira was so strong. It was 50k to a dollar or #1 to $2 but the american know that if we continue on that trend, it is just a function of time, most countries will overtake them economically and also, they won't have been able to sponsor so many wars and currency manipulations they are doing now.
The use of the dollar as a major reserve is not good for most countries because it makes the US very very powerful and not only powerful but very very dangerous.
As it is, the US doesn't need to force nigerian govt. physically to do their billing, all it takes is freeze their reserve and we all here are totally fvcked. That is too much power in the hand of another country. Basically, most countries balls are in their hand to squeeze at anytime they wish.

Exactly. People don't want to see or rather acknowledge the truth. In their defence, they would rather have the U.S. hold so much power than have China, Russia, or any of these Middle East countries become the world power. The fact is that no country should be allowed to hold too much power at the detriment of others, whether it is China or the U.S.

It's funny how people think that the term "absolute power corrupts absolutely" does not apply to the U.S.

The U.S. definition of human rights is restricted to same-sex marriage. It excludes any economic fundamentals that will give other countries an edge over the U.S.

Acidosis:



Exactly. People don't want to see or rather acknowledge the truth. In their defence, they would rather have the U.S. hold so much power than have China, Russia, or any of these Middle East countries become the world power. The fact is that no country should be allowed to hold too much power at the detriment of others, whether it is China or the U.S.

It's funny how people think that the term "absolute power corrupts absolutely" does not apply to the U.S.

The U.S. definition of human rights is restricted to same-sex marriage. It excludes any economic fundamentals that will give other countries an edge over the U.S.

Totally agree with you bro.

The US is holding too much power for one country.

The good news is that the rest of world is beginning to realise how much they have been deceived by USA and their hypocritical foreign policies. It is only a matter of time before the table turns.

Many countries are already getting rid of American influence on their economy and politics. But this is still very difficult for Nigeria and other African countries because we have been so deeply messed up and dependent on US dollars/aids.

emmaodet:


Totally agree with you bro.

The US is holding too much power for one country.

Donbrig:
The good news is that the rest of world is beginning to realise how much they have been deceived by USA and their hypocritical foreign policies. It is only a matter of time before the table turns.

Many countries are already getting rid of American influence on their economy and politics. But this is still very difficult for Nigeria and other African countries because we have been so deeply messed up and dependent on US dollars/aids.

Not only that, our hands and heads are neck deep in their usd loans.
It is a deliberate action to keep giving us loans we can't pay or question the project to use the loan for.

From my experience collecting loans from banks, they will ask for my business plan, collateral, 2 surties/guarantors and with all these they still regularly send their representatives to come and see if what you collected the money for is what you are using it for and make sure you don't default.
Now, how come massive organisations like IMF, world bank, the paris club and co will release billions and billions of dollars regularly fully knowing the 3rd world countries politicians will squander it, come back again for more without clearing the former and keep giving them.
They are not stupid. They know we can't pay back nor are we using it for tangible projects like railway, sea port that will generate the money back. Who collects loans to pay salaries? will any of the politicians do that to their own business? will any bank give them such loans? Even the mega projects we collect loans for like railway, it is so bogus that any reasonable person knows that it is a lie but these international banks still give them just to mortgage their future.
The advance nations know the cost of setting up a good railway, sea port, airport because they have done that to their own countries yet will approve loans for a substandard port here going for 10x what they will build it in europe.
They know all these but wants us to sell our future, our right, our negotiation power for a pot of beans.
That is why whatever they tell us we will do without questioning because they have really fvcked us up.

Acidosis:


What propaganda? That Petrodollar is gradually fading or the fact that some oil producing countries are beginning to trade oil in their own currency?

Even Nigeria considered a currency swap deal with China at the onset of Buhari administration.

Also, the technology market does not operate like the oil sector, where the U.S./OPEC rules.

So since the petrodollar is fading like you said why hasn’t it affected the dollar? Why didn’t the Nigeria swap deal with Buhari go through, by next year Buhari will be done

Acidosis:


Anything can happen. Dollar is #1 because of oil deal.

The developed world will eventually dump oil. Most of these countries plan to dump combustion vehicles before 2030. Countries like the UK and the Netherlands will be placing a ban on combustion vehicles by 2030 to create room for the likes of Tesla.

Mind you, the U.S. has already lost its competitive edge on green energy to China. With more than 40% of electric vehicles, solar energy, and inverter engines in the world coming from China, the power of the U.S. dollar is only going to last a few years.

If green energy won't terminate the U.S. currency hegemony, Bitcoin would.

I don't think combustion engine is going anywhere soon. The west thought the could achieve that in 2030 but current reality shows it is impossible.
Electric cars need high voltage to be charged, that is largely obtainable through hydrocarbon powered energy sources (oil, gas or coal).
The west who are advocates of clean energy have all reverted back to dirty energy (coal) in the wake of Russian-Ukraine crisis.

The global financial system is rigged. Dollar, pounds and Euro are designed to repress other currencies. UK and I think Germany have refused to pay Russia in Rubles. And even if they do, Russia will still have to spend any of the three major currencies to trade with most countries.

May be cryptocurrency will break the hegemony, time will tell

emmanuelewumi:



Where is the branch? They get money from customers running to billions of Naira which they use to bid for them.


Send a mail to the head office

Ladipo branch

Acidosis:



Exactly. People don't want to see or rather acknowledge the truth. In their defence, they would rather have the U.S. hold so much power than have China, Russia, or any of these Middle East countries become the world power. The fact is that no country should be allowed to hold too much power at the detriment of others, whether it is China or the U.S.

It's funny how people think that the term "absolute power corrupts absolutely" does not apply to the U.S.

The U.S. definition of human rights is restricted to same-sex marriage. It excludes any economic fundamentals that will give other countries an edge over the U.S.

Like I said, it’s more of emotions than logic. Why should US hold that much power. Why won’t they when they are the richest in the world and will always remain so. We saw how China was nearly crippled by trump policies restoring US manufacturing to US. The propaganda of dollar being replaced has been on for as long as we can remember but has not happened and will remain so in our lifetime

mickky22:



Ladipo branch

Esther.onyeacholem@stanbicibtc.com, send a mail to her and copy your account officer

When I see CBN offering 7 to 8 percent on Savings bond, and 13 percent on FgN bonds, it seems funny.

Real time Inflation has hit 50 percent and they keep offering peanut interest rates, you're better off stocking bags of rice, beverages etc with that money than give it to the government at thesz terrible rates. Dollar is already N600 by year end na like N780, that will be total wipeout of anything denominated in Naira cash investment.

pizapato:


Real estate is good.
Like Pa emma always adviced, cash flow is the most important thing. Having properties bringing continuous cashflow while the properties appreciate in value is also a good way to beat devaluation.

The only challenge with real estate is getting tenants who will be reasonable and won't default on payment.

This is where the challenge lies, some tenants are ready to send you back to the village. But then, every money-making venture has its own risks. Choose your risk wisely!

JavaSQL:
When I see CBN offering 7 to 8 percent on Savings bond, and 13 percent on FgN bonds, it seems funny.

Real time Inflation has hit 50 percent and they keep offering peanut interest rates, you're better off stocking bags of rice, beverages etc with that money than give it to the government at thesz terrible rates. Dollar is already N600 by year end na like N780, that will be total wipeout of anything denominated in Naira cash investment.

The CBN using the naira to chase the dollar would only compound the issue in the longterm if nothing is done in real terms to prop up the economy.
Also, the extra naira being used to prop up the interest rates would need to come from somewhere. If that extra naira is printed just for that purpose, then it may make things worse in the future.

Crypto exchange Binance among investors to bail out victims of $615 million heist

https://www.reuters.com/business/finance/crypto-exchange-binance-among-investors-bail-out-victims-615-mln-heist-2022-04-06/

Be careful with your crypto investments.

Please what is the rate for 90 or 182 days for GT Bank? Thanks

Guys, check your investment with UC Plc. It's showing 0.0 here. Is that a system glitch or what

skydiver01:
Crypt0 exchange Binaz among investors to bail out victims of $615 million heist

https://www.reuters.com/business/finance/crypto-exchange-binance-among-investors-bail-out-victims-615-mln-heist-2022-04-06/

Be careful with your crypt0 investments.

Like all investments, crypt0 comes with its risks. Being digital, it has added risks and benefits those getting in should be aware of. First is where whatever assets one owns are custodied. The second is what assets to own

Not too long ago, the US president signed an executive order mandating all agencies to work together towards providing a ckear framework on crypt0 that'd ensure advancement in the space.

The UK has taken theirs a step forward and are actively inviting crypt0 businesses, looking at tax incentives and the UK mint looking to issue a crypt0 based asset this year. https://www.gov.uk/government/news/government-sets-out-plan-to-make-uk-a-global-cryptoasset-technology-hub

China on the other hand took an agressive step to ban crypt0 and this was so they could aggressively push for the adoption of their e-cny.. So far, they've made good progress with that.

Our local regulations are neither here nor there. They have stopped the government from generating revenue thru the space, have also not been effective in stopping local crypt0 trade and the e-Naira so far has been a waste both in adoption and usecase

Dem don Cash out and japa

Allboiz:
Guys, check your investment with UC Plc. It's showing 0.0 here. Is that a system glitch or what

JavaSQL:
Dem don Cash out and japa

Aaaah... It won't be funny o

Acidosis:


Anything can happen. Dollar is #1 because of oil deal.

The developed world will eventually dump oil. Most of these countries plan to dump combustion vehicles before 2030. Countries like the UK and the Netherlands will be placing a ban on combustion vehicles by 2030 to create room for the likes of Tesla.

Mind you, the U.S. has already lost its competitive edge on green energy to China. With more than 40% of electric vehicles, solar energy, and inverter engines in the world coming from China, the power of the U.S. dollar is only going to last a few years.

If green energy won't terminate the U.S. currency hegemony, Bitcoin would.

Nobody is dumping oil anytime soon, what would power all those Telsa vehicles that hit the market if there's a surge in demand? Saliva?

LNG is the cheapest source of energy in the world and is also a transition fuel.

So called green energy sources are no where near efficient and dependable to replace fossil fuels.

emmanuelewumi:



Esther.onyeacholem@stanbicibtc.com, send a mail to her and copy your account officer

Thank you sir

jedisco:


The CBN using the naira to chase the dollar would only compound the issue in the longterm if nothing is done in real terms to prop up the economy.
Also, the extra naira being used to prop up the interest rates would need to come from somewhere. If that extra naira is printed just for that purpose, then it may make things worse in the future.

Nigeria's macro economic situation is like between the devil and the deep blue sea.

Not only do we have an inflation problem, we also suffer slow GPD growth.

so CBN raising interest rates would help to slow down inflation, but it would further worsen the growth problem.

The CBN and the FG are the major cause of inflation.

The CBN when the were printing Nairas and throwing them around to stimulate growth after the lockdown

And FG when the protectionist government closed the borders resulting in worsening food inflation which before the border closure was in a downward trend.

now MPC members are stuck with the same fundamentals after the end of ever meeting because they are scared of the repercussions of raising figures

I was almost beginning to believe that the dependency on oil will really end or reduce soon until this Russia Ukraine war started then I realized that the west is still very far from heavy reliance on fossil fuel. Even if they remove the vehicular need, there are many other areas that guzzle fossil fuel.

lebuhsi:


Nobody is dumping oil anytime soon, what would power all those Telsa vehicles that hit the market if there's a surge in demand? Saliva?

LNG is the cheapest source of energy in the world and is also a transition fuel.

So called green energy sources are no where near efficient and dependable to replace fossil fuels.