Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,165,304 members, 7,860,751 topics. Date: Friday, 14 June 2024 at 03:34 PM |
Nairaland Forum / Nairaland / General / Business / Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane (19563 Views)
Exchange Rates In Official And Parallel Markets Converge / Bismarck Rewane: Naira Redesign May Cause GDP Fall But Not Increased Inflation / Bismarck Rewane Claims Naira Overvalued By 200%, Begs CBN To Set Currency Free (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Kukutente23: 11:02pm On Jan 17 |
LegendHero:I said 45k not 45m. And I challenge you to show any genuine average rice farmer who is not politically connected who got anything above that. I know all these because I worked directly with farmers until early 2020 in Niger state. So if you're looking for who embezzled billions in the name of rice revolution, go to RIFAN and their colleagues in NIRSAL. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by LegendHero(m): 11:06pm On Jan 17 |
Kukutente23: You said 45k and a knapsack of fertilizer. You don’t even need to do much in looking for the farmers. Just type anchor borrower on either Google, Facebook, or Twitter. Below is another report of a farmer arrested due to defaulting. They have lot of them who gamed the system like that. That you’re online saying nonsense that no genuine farmer got it is a testament to how low Nigerians think and blame government alone for all rot. You are talking as if Nigerians are angel who don’t look for first avenue to steal especially when they know it’s gov’t money. https://www.premiumtimesng.com/agriculture/agric-special-reports-and-investigations/616806-special-report-how-default-on-loans-is-killing-nigerias-anchor-borrowers-programme.html 2 Likes
|
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by TheBillyonaire: 11:08pm On Jan 17 |
Nigeria has lost control of Naira. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Kukutente23: 11:13pm On Jan 17 |
LegendHero:Yes. And how has that changed? 45k, knapsack and a bag of fertilizer. That's what genuine farmers got under your party's ABP. The rest of the money was looted by your APC goons so stop blaming farmers. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Kukutente23: 11:22pm On Jan 17 |
LegendHero:That's the problem. You went and copied a link and to your mind you have found the thieves. Since premium times has fished out the thieves, why don't you forward their names to your govt to arrest and prosecute them after all, they are just greedy, poor farmers who want to run away with loans? I'm sure if premium times mentioned a high ranking APC member in govt, you won't believe the paper. If the previous govt was serious about reaching genuine farmers, they would have keyed into ATASP program started in 2013 and run by international bodies which was well planned and structured. But because they had their own looting agenda, they abandoned ATASP and started spreading money to their cronies. Ask yourself what is the business of central bank with rice farming? The result is Emefiele you're cursing today. Ask yourself how the NSIP and CCT of APC has turned out. You're now cursing Sadiyya and suspending Betta. APC is a party of mismanagement and looting. That's the bottomline. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by LegendHero(m): 11:22pm On Jan 17 |
Kukutente23: It’s obvious you don’t know what you’re talking about. Below is a thread of almost 130 pages on Nairaland detailing how ordinary people are accessing the NYIF loan from the government. https://www.nairaland.com/6407018/nyif-loan-discussion-thread There was lot of threads on Twitter on NISRAL loan recovery and I even created a thread on it on few weeks ago then. https://www.nairaland.com/7957357/wahala-nisral-began-deducting-loan Below is real farmers attending Bayelsa anchor borrower program session. https://www.youtube.com/watch?v=31z0XN4Xz8Q&pp=ygUeRmFybWVyIGFuY2hvciBib3Jyb3dlciBwcm9ncmFt Below is Kwara own. https://www.youtube.com/watch?v=mJ1AQBdoS00&pp=ygUeRmFybWVyIGFuY2hvciBib3Jyb3dlciBwcm9ncmFt Ogun state own; https:///dabiodunmfr/status/1257373581442514944?s=46&t=oGAxjhiGeufNKlYA6fDTyA You don’t just sit on Nairaland and be capping nonsense. 1 Like |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by LegendHero(m): 11:32pm On Jan 17 |
Kukutente23: Firstly, I don’t work for APC government. I have never been an APC member and infact I don’t have the party card. I’ve left Nigeria almost up to a decade now and I always find it absurd when you guys on here think everyone pro-Nigeria suddenly means they work for the government or anyone is paying their bills. Hear me out, Buhari did disburse out that loan and genuine farmers got part of the money while the cronies in government embezzled some of it too. Both the distributor and the farmers contributed to the failure. That you are absolving the farmers of the blame shows dishonesty. If the previous govt was serious about reaching genuine farmers, they would have keyed into ATASP program started in 2013 and run by international bodies which was well planned and structured. But because they had their own looting agenda, they abandoned ATASP and started spreading money to their cronies.What did the ATASP program lead Nigeria, did it made us sufficientin the production of rice or any crop for that matter? Did it help Nigeria self-dependent on food? Did it solve our deficiency in rice abundance? During Jonathan, we importers most of our rice, the only saving grace is that we have enough money that time to block the shock of forex. Ask yourself what is the business of central bank with rice farming? The result is Emefiele you're cursing today.I agree with you that CBN shouldn’t have intervened by themselves. But that still dosent stop the fact that the farmers did get the money and some of them embezzled it. That you are arguing against this make my stomach turn. Ask yourself how the NSIP and CCT of APC has turned out. You're now cursing Sadiyya and suspending Betta. APC is a party of mismanagement and looting. That's the bottomline.You can call APC anything you want to call it but that is not the bone of our contention on this thread. The premise is that “Do genuine farmers get part of the anchor borrower loan”, yes or no? We can discuss APC governing way later. Aside Tinubu and the Yoruba land itself, I don’t have any interest in APC as a party. If Yorubaland port to another party tomorrow, I’m gone. I am more of a Yoruba patriot than normal party kinda. You don’t seems to understand me. 2 Likes |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Kukutente23: 11:39pm On Jan 17 |
LegendHero:Me? Sit on nairaland? Oga I was in Edozhigi Niger state in 2018-2020 to work with farmers so I know more than you can ever know. The interesting thing is, go through your link. You'll see so many people interviewed by premium times corroborating what I said about most who got the loans not being farmers and the farmers getting only fertilizers and knapsack. You can do video in Bayelsa or wherever. Is Bayelsa even a rice producing state in Nigeria compared to Niger, Kebbi or Anambra? Your Anchor Borrower Program just like NSIP was a farce and avenue for looting. Google ATASP. That's what they should have keyed into instead of doing bonanza |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by LegendHero(m): 11:44pm On Jan 17 |
Kukutente23: Stop capping. Niger state alone is not Nigeria. You can be in Maiduguri or Abakaliki, no one cares about that. What I showed you is korokoro video that we are seeing. That it failed in the locality you are in Niger does not imply someone else don’t get it in Ogun. I don’t need to google ATASP, it’s none of my business and it does not address what we are discussing on here. You want me to discard the info from frontline newspaper and videos to listen to you because you live in Edozhigi Niger to work with farmers? How is that my business? I can as well just tell you that I work with farmer in Ado Ekiti and 5000 of them got it. How do you corroborate my fact? That’s why I usually use newspaper /videos for my sources, so there won’t be doubt. 3 Likes |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by saasala(m): 11:45pm On Jan 17 |
Toosure70: You have too much sense bro. I have copied and saved your comment. But let me ask, do you think Naira will appreciate a little when Dangote start selling petrol? Since we will no longer be buying finished product from overseas 1 Like 1 Share |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Kukutente23: 11:57pm On Jan 17 |
LegendHero:Stop self-deceit. You're not APC yet you're one of the loudest supporter of APC and you've ported from defending Buhari to Tinubu. Is Buhari a Yoruba man? You've left Nigeria a decade ago and you're arguing with someone in Nigeria and accusing me of sitting down on nairaland. I don't even know how that makes sense to you. If you're not conversant with what's going on within the country, why are you arguing with someone who is there if not that you're already sold out on a party agenda. Is ABP a Yoruba agenda? I don't know what you mean by Yoruba Patriot when you don't even stay in the Yorubaland. Neither are you familiar with the challenges apart from fighting tribal wars with Igbos. Your patriotism is more of a caricature. I don't think you're of better outlook than Kanu of IPOB if that's your modus operandi. ATASP got down to the rural areas of the country and provided the right facilities instead of disbursing money like ABP. It was more effective especially in the areas of cassava, wheat, sorghum and rice. You can go to most rural areas of the states that partook in ATASP and you'll find the infrastructure still standing till today but you can't point at one thing that ABP achieved in the farming communities. Learn to read and understand. I said genuine farmers got just 45k. Is it 45k you're complaining about that they're not paying back?! Most of the monies ended up in the hands of non-farmers. Quote me well. Most of the monies. Most of the money did not go into farming. That's what I'm pointing out to you. If a farmer gets 45k and an APC LG youth leader got 300k, is the program working as it's supposed to? That you think farmers will get money to farm and embezzle it shows you don't know how farming works in Nigeria. Most of those who embezzled or diverted the money are not farmers. If I start to tell you how farmers ordinarily get money to farm every farming season in Nigeria, you'll know there's no way any genuine farmer will get that money and not put it into farming. 1 Like |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Kukutente23: 12:04am On Jan 18 |
LegendHero:That's your business. You think I'm here to impress you? Did your even read the newspaper link you pasted? No!! If you did, your won't be arguing that most of the money went to farmers because the link clearly spells the opposite. It's obvious you don't know anything about farming. You can believe your videos since they match with your agenda of what you want to hear. The truth is thick though. A million videos can't change the reality of ABP. Sit down in the US and be scouting the internet for videos. If it doesn't sound ridiculous to you, I don't know what else will. Sebi video will farm and harvest during wet and dry season. Video |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Artscollection: 12:11am On Jan 18 |
mrvitalis: Wait oo, after devaluing to 1700 then you will start defending it again what exactly will you be depending. 1 Like |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by LegendHero(m): 12:13am On Jan 18 |
Kukutente23: I might dey where I dey and still have more info you know. Wetin dey the Niger wey you go with your farmers? Na Niger be whole Nigeria? I might as well just make up bull stories of how I know 200 farmers that got the loan. If a video we are both seeing can’t be accepted as a source of truth, she na your one man location for Niger we go come use as the sample size for the whole Nigeria? You probably think you’re arguing with a primary 2 kid here. 1 Like |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by t2luv1: 12:15am On Jan 18 |
"He said Nigeria has had over three decades of deficit budget" Well FYI the last time the USA had a balanced budget was in 1996. So running a deficit might not be the root cause of why Naira is undervalued. The root cause is very easy removing monetary support for the naira played a major role. When an entity like JP Morgan advocates for the free float of your currency and the same entity has been taking a short position against the Naira something ain't kosher (Yiddish for not right). Japan supported the yen to the tune of $10B last Quarter of 2023, but a country like Nigeria does not support its currency go figure out the logic behind that reasoning. The US treasury supports the dollar indirectly by increasing the yield on the treasury bond. This forces major FX institutions to pour money into the Treasury by buying US treasury bonds which let's face is an IOU. I predict by March the US treasury will be cutting the yield rate by 0.25% by March. Why March because April 15 is the tax filing date when the population has to pay their taxes. More money coming into Treasury meaning no need for outside funding. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by LegendHero(m): 12:23am On Jan 18 |
Kukutente23: Lol bold of you to think I don’t frequent back Naija. The joke is on you. I can be a patriot from anywhere, if I like I can be in Brazil so far I contribute to Yoruba progress either in my immediate locality or the larger family. Don’t compare me to that lewnatic Kanu abeg, that one is a terrorist. I don’t think I’ve sponsored your killing yet so equating me to terrorists shows the level of your intellect. Stop saying nonsense. How can all farmers get 45k each? Is it for ewa and dodo? That you know a farmer that got 45k in the village in Niger you went does not imply everyone got 45k. That is the nonsense I’m arguing against. In your bid to condemn the government which you have the right to, you are showcasing your naivety or let me say your willful ignorance. Below is one farmer for example. You can clearly see a check of 210k and at that event you have lot of farmers there. State governors are not Buhari so I don’t know the rubbish you’re talking about. 1 Like
|
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Fidecoo(m): 12:24am On Jan 18 |
FreeStuffsNG:, I talk am. Na you go be the number 1 applauder👏 on this kind topic. Wish you can tell me how much your are been paid to always paint the wrong doings of this government as right. Smh. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Artscollection: 12:28am On Jan 18 |
mrvitalis: Printing of money is never a problem if you know your onion, money is just an instrument. you all should throw away all those wack economic theory. America,China are printing trilliions yet their inflation rate are well under double digit. Our leaders should use their common sense or go to onitsha business school n get a crash course on buying n selling first. Trying n error is not gonna work |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Kukutente23: 12:29am On Jan 18 |
LegendHero:Let's get it straight. The two videos you posted and making it look as if you covered all of Nigeria is from TVC, a propaganda station of APC and owned by the current president. Secondly, the Kwara video is showing fertilizer sale to farmers at discount. Simple question. If ABP is selling fertilizers at discount, how exactly will that particular money be recovered since it's not a loan or ate they expecting the farmers to pay back the discount after farming? Again, how can sale of fertilizers which farmers actually got for free under ATASP be a good thing to brag about? The Bayelsa own is the funniest. So you actually believe all those seated in that hall are fish farmers in Bayelsa according to the video? You're really a joke You're not even watching the videos!! You're just dumping them and arguing aimlessly on what you know nothing about. TVC for that matter!! And you claim to be a Yoruba Patriot whatever that means. If you have worked with 5000 farmers in Ado Ekiti who got the money and refuse to refund it, forward their names to the authorities. That's what Patriots do instead it's brandishing empty videos about. You use videos and newspaper as your sources because you're not on ground not so to eliminate all doubt. If you want to eliminate doubts, you'll use a better source than TVC for your videos. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Kukutente23: 12:32am On Jan 18 |
LegendHero:Oga your videos did not show anyone getting any loan. Go back and watch them. At least I'm the communities I worked with in Niger, I know people who got the loan. You don't know anyone. You're just relying on videos you didn't even bother to watch. You just googled Anchor Borrower Program and started posting videos that came out. You're a joke. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by mrvitalis(m): 12:35am On Jan 18 |
Artscollection:America can print dollars because there is demand for it .... Naira is a secondary money to start with You obviously don't know economics We should throw away policies that made the biggest economies in the world |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by mrvitalis(m): 12:40am On Jan 18 |
Artscollection: If you continue like this naira would get to #2500 before 2027 Currency is all about confidence, it really doesn't matter what you exchange at... Let just be stable If I keep 50000 naira in a bank for 6 months and come back and it's worth 30000 naira worth of dollars... I would not want to save in naira again... I would look for dollars to save this drives deman in dollars which in turns makes the naira more unstable ... The circle keeps repeating itself But if 50000 is worth 50000 with of dollars after 6 months... I can trust naira to save with it, which reduces the demand for dollars with stabilize the naira So pick a point u can defend and defend it well for 18 months 2 Likes |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by LegendHero(m): 12:41am On Jan 18 |
Kukutente23: What is the population of Nigeria and why should we believe you instead of frontline media. Does your sample size in Niger village you stayed represent the whole Nigeria? This argument is even nauseating. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Kukutente23: 12:46am On Jan 18 |
LegendHero:The funny thing is you're showing a picture of a lady holding a dud cheque of 210k as evidence that all the farmers in Ogun got money under ABP but your think my one man in one locality is not enough to prove my claim. You see how irrational you are? That cheque does not show she's a farmer and the cheque is showing wema bank not NIRSAL through whom ABP was disbursed. But you believe it anyway since you got it on Twitter. You're a joke abeg. Where are the lots of farmers? How many are they? You're simply doin propaganda. I'm telling you what farmers got and you're showing me pictures. Does that woman even look like a farmer? You think most farmers in Nigeria are educated? Oga shift and stop typing nonsense. ABP's main focus was rice. Even your Lagos had to link with Kebbi for Lake rice. Since Dapo Abiodun had empowered Ogun farmers, why didn't Lagos link up with them but had to go all the way to Kebbi? Farmers in Niger got 45k. You can call it money for akara that's your business. Go back and read your link that's mostly about Kebbi farmers and get the right info instead of fishing for rubbish tales on the internet. E-farmer. When next you visit Nigeria, go to Bayelsa and ask for the fish farmers who benefitted from ABP. Kanu sees himself as an Igbo Patriot He spreads propaganda on the internet Your see yourself as a Yoruba Patriot You spread propaganda on the Internet What's the difference? |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Kukutente23: 1:02am On Jan 18 |
LegendHero:1. Your frontline media is a well known propaganda machine of APC. No sane Nigerian will argue that not even the most deluded APC supporter and since you claim you don't support APC I expect you to be more rational. 2. None of your videos show loan disbursement to farmers. We're talking about loan disbursement you're posting video of fertilizer sales and fish farming lecture 3. ABP was done throughout Nigeria by Central bank and their main claim of success was in rice not fish. Neither Ogun nor Kwara nor Bayelsa can lay claim to being a major rice producing state unlike Niger. I worked directly with farmers for two years. Your premium times link actually corroborated my claims. You can't read it because you're only after lies. These are excerpts from your premium times link Interestingly, the All Farmers’ Association of Nigeria (AFAN) seemed to tilt towards the IMF when, in December 2022, it said the CBN was having difficulties recovering the loans because most beneficiaries of the ABP were not Nigerian farmers. PREMIUM TIMES understands that many people who collected the loan invested in other projects outside farming which is why it is difficult to ensure repayment. Some farmers told PREMIUM TIMES that some of the beneficiaries of the loan are not ‘real farmers’ and they did not understand the farming business. “I have more than 300 hectares of farmland but I didn’t get any support from the government. They don’t like us to say it but that programme was abused seriously,” he added. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by LegendHero(m): 1:08am On Jan 18 |
Kukutente23: You are affecting my brain cell. Check the below? What did Dapo call it? Anchor Borrowers program disbursed by the CBN. Who told you it was only the woman that got the cheque? Would he have snapped with all more than 2000 farmers that got it in one Tweet? It’s just a case of me presenting proof while you have no proof for the jargons you’ve been spewing. Okay show me evidence of the farmer(s) that got 45k you are talking about. I’m waiting. 1 Like
|
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Kukutente23: 1:17am On Jan 18 |
LegendHero:Dapo Abiodun is a well known failure of a gov. He claimed cenbank disbursed the money yet he's holding a wema back cheque and giving to a woman. Is he a CBN official? Is Wema bank doing ABP? Anyone who knows anything at all knows ABP was disbursed through NIRSAL and not commercial banks. Or have you heard any commercial back being hounded in relation with ABP? He should have snapped with all 2000. He's a politician. That's what they do. I already gave you excerpts from your own link to corroborate my point. And it's from Kebbi not even Niger. Go back and read Online frontline source seeker. You're a joke dude. And your brain cells need an upgrade. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by LegendHero(m): 1:34am On Jan 18 |
Kukutente23: The excerpt from the link that claim some of the borrowers are not farmers is normal as with most loan disbursed by the Nigerian government and even private enterprise. That is not negating my fact here that genuine farmers also got the money. Even for my MFB I co-own, you have people that genuinely come to us as traders who lie to borrow loan only to use the loan on something else. It is a Nigerian problem. Even with all the vetting, people will still go ahead and do them either ways. Below screenshots are genuine farmers that got it from the premium times report. That is the crux of our argument. Even within those links, you can see some genuine farmer still got it and some of them wasted it. You are the one that initially came here to say genuine farmers only got 45k and what I simply asked is for you to provide evidence of that. You said you were with some farmers in Edozhigi Niger right? Can you provide the proof that they got 45k? I am waiting. 1 Like
|
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by eldoradoxx: 1:46am On Jan 18 |
Never trust anything Bismarck Rewane says, he isa an APC economist and nothing more. His type is only good at generating fake data. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by emmyclassic(m): 1:59am On Jan 18 |
RingRoadCartel:I wish I could like your post 1000 times, You know their game. The OP thinks everyone is stupid 1 Like 1 Share |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by defcon4: 2:10am On Jan 18 |
On point, this is what Japan does and China, that has the west screening currency manipulation. If I were president I would devalue the Naira. This will discourage imports and encourage exports closing trade gaps. Secondly low cost of Labour will see an influx of FDI. mrvitalis: |
How To Survive And Win During This Economic Recession / What Challenges Did You Experience When Starting A Business? / Filling Station In Nnewi Gutted By Fire This Morning (photos)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 163 |