₦airaland Forum

Validated:
How is that Bola Tinubu cannot stem the downwards slide of the Naira against other currencies? One would have expected that Tinubu would deploy his First Class degree to reverse the colossal failure brought on us by Buhari, a Pry 6 certificate holder..

With the way Naira is falling, if nothing is done quickly, $1 will hit N4000 before end of 2024. The painful thing is that whatever goes up in Nigeria does not come down. By then Nigerians will begin to eat from ....

When some of us were warning against the duo of devaluation and petroleum subsidy removal, naysayers called us wailers. Today, some of them have gone mute. One of them even said that CBN would flood the market with $ "to run us streets". Up till now, from N750, the rates have doubled, yet BMC abi TMC stipends remained N50k a month.

When Tinubu finishes with Nigeria, many would carry bags to run to Ghana, by then Ghanians will start "Nigeria must Go" protest.

nairalanda1:
LIke I said, I don't answer people whose jobs is to put down those who disagree with them

We disagree. That is fine. But putting me down because I don't agree with you is not good.

Good evening. You can do better.

(FIN).

Agboriotejoye:
There's corn in my pocket
l am eating it with my own mouth
And I am hallucinating that you are an APC supporter
Peace ✌️

nairalanda1:
I really can't help you son.

You can call me APC supporter, but subsidy has to go, and things have to be sold at a profit.

If it makes you go gaga, so be it

Peace, TInubu worshipper. One day, APC and PDP would be kicked out...

Agboriotejoye:
You're the only one left in your chorus
Even Tinubu has done an about turn
Nobody is arguing about subsidy going or not
My stand is on subsidy removal
As long as no local production, no subsidy removal
It's simple as ABC except for cornfused souls

Artscollection:
Printing money is never the problem, just those dumb thieves in charge. Go and check How much America printed last year and still had single-digit inflation, I don't want to talk about China.

nairalanda1:
I really can't help you son.

You can call me APC supporter, but subsidy has to go, and things have to be sold at a profit.

If it makes you go gaga, so be it

Peace, TInubu worshipper. One day, APC and PDP would be kicked out...

4Play:
Subsidy has not gone though.

thesolutions:
The dollar or naira doesn't rise and fall. The only thing that rises and falls is the demand for those pieces of paper and the general cost of production.
In the US for instance, the cost of bottled water doesn't suddenly increase. As long as the production cost remain the same, the price will remain the same. That is economics.
But in Nigeria, everything is tied to the dollar as if the dollar has become our national currency. The demand for dollars by japa candidates and politicians that loots our treasury and business owners who are import based businesses makes individuals that earn dollars to sell to the highest bidder. If aboki fx announce that they will buy dollar for N1,500 tomorrow, it doesn't mean that dollar is N1,500. It means that someone has offered to pay Aboki fx maybe N1,550 to a dollar. It doesn't mean that the value of dollar is put to be N1,500. It is just Aboki fx offering rate to make people sell the dollar to them instead of taking it to bank.
The banks capitalized on these and sell the dollar they receive from customers to these black marketers of dollar without letting it pass through approved regulated channels. This is what forced CBN to push up exchange rate to dollar and even offer extra 5naira to any dollar received but these guys at black market always tends to offer more.
Because the demand for dollars is still high, you can only expect upward exchange rate because most of those that pay these huge amount for a dollar gets the naira fraudulently and cheaply.
The only way out is for government to work on cost of production but it seems they are just short sighted like every other government.
The power sector is dealing with Nigerians. Instead of government to improve power and reduce tariffs charge on power to the minimum, they chose to sell it to money mongers who only care about profits and not results. Dangote refinery has taken off and is producing Diesel which should be celebrated, but it is all for profit and not to reduce cost of production. Though it will reduce demand for dollars to import the product he will be producing, but if the price is not brought down to max of N200, it will not change a thing in the prices of goods and services. The worst is, government is planning on selling it own refinery. So it means no checks to dangote refinery. He will determine what price he sells his product just like they have done to cement.
An economy that government doesn't have industries that act as check and balance to private businesses, the masses suffers.

The cost of production is extremely high, the cost of transport is extremely high. The cost of storage and preservation is extremely high. And now, the cost of security has to be factored in again. Everything will continue to be on the upward rise.

nairalanda1:
Well, as you see...I can't help you.

Agboriotejoye:
Help yourself
Save yourself from the damned corn

MadamExcellency:
Ignorance is not bliss. If it's not a problem, make provision for the thieves. Print enough to include the billions that will be stolen. Problem solved.

When you don't understand economics and don't know the capability of your country, you begin to compare yourself to destruction.

mightyhaze:
Nice little epistle..,

So whose job is it to stop or curb all these ?

Whose table does this buck stop?

thesolutions:
The dollar or naira doesn't rise and fall. The only thing that rises and falls is the demand for those pieces of paper and the general cost of production.
In the US for instance, the cost of bottled water doesn't suddenly increase. As long as the production cost remain the same, the price will remain the same. That is economics.
But in Nigeria, everything is tied to the dollar as if the dollar has become our national currency. The demand for dollars by japa candidates and politicians that loots our treasury and business owners who are import based businesses makes individuals that earn dollars to sell to the highest bidder. If aboki fx announce that they will buy dollar for N1,500 tomorrow, it doesn't mean that dollar is N1,500. It means that someone has offered to pay Aboki fx maybe N1,550 to a dollar. It doesn't mean that the value of dollar is put to be N1,500. It is just Aboki fx offering rate to make people sell the dollar to them instead of taking it to bank.
The banks capitalized on these and sell the dollar they receive from customers to these black marketers of dollar without letting it pass through approved regulated channels. This is what forced CBN to push up exchange rate to dollar and even offer extra 5naira to any dollar received but these guys at black market always tends to offer more.
Because the demand for dollars is still high, you can only expect upward exchange rate because most of those that pay these huge amount for a dollar gets the naira fraudulently and cheaply.
The only way out is for government to work on cost of production but it seems they are just short sighted like every other government.
The power sector is dealing with Nigerians. Instead of government to improve power and reduce tariffs charge on power to the minimum, they chose to sell it to money mongers who only care about profits and not results. Dangote refinery has taken off and is producing Diesel which should be celebrated, but it is all for profit and not to reduce cost of production. Though it will reduce demand for dollars to import the product he will be producing, but if the price is not brought down to max of N200, it will not change a thing in the prices of goods and services. The worst is, government is planning on selling it own refinery. So it means no checks to dangote refinery. He will determine what price he sells his product just like they have done to cement.
An economy that government doesn't have industries that act as check and balance to private businesses, the masses suffers.

The cost of production is extremely high, the cost of transport is extremely high. The cost of storage and preservation is extremely high. And now, the cost of security has to be factored in again. Everything will continue to be on the upward rise.

thesolutions:
It takes being human. It is a collective responsibility. Every policy that the government may push forward requires human effort for it to work. But the Nigeria mentality is that any office you are appointed to head is your settlement. Where man dey work na there he dey chop is the reason nothing is working. We are our own problem.

Yes, I agree that the president is to be held accountable for the direction the country has headed, but I have seen him take genuine steps that should make things work but he has to obey quota so that regions and states are represented in his government. So the performance of the country's economy is dependent on the performance of his appointees and their deliveries on the economic policies.

mightyhaze:
Nice little epistle..,

So whose job is it to stop or curb all these ?

Whose table does this buck stop?

Agboriotejoye:
You're the only one left in your chorus
Even Tinubu has done an about turn
Nobody is arguing about subsidy going or not
My stand is on subsidy removal
As long as no local production, no subsidy removal
It's simple as ABC except for cornfused souls

Otunbakayce:
Oga shut and stop writing long list of bullshit.
Buhari Government left a huge debt and
Nigeria is broke and doesn't have any forex to finance it's economy and service it's huge debt.
The two borrowings that this present Government is responsible for the free fall of the naira.

thesolutions:
Yes, I agree that the president is to be held accountable for the direction the country has headed, but I have seen him take genuine steps that should make things work but he has to obey quota so that regions and states are represented in his government. So the performance of the country's economy is dependent on the performance of his appointees and their deliveries on the economic policies.

Agboriotejoye:
I'm not hanging my hat on anyone.
I'm simply enlightening you.
There's nothing like subsidising currency in real terms.
One of the core functions of CBN is defending the naira when needed and devaluing it when expedient.
I already gave you clear links especially under PDP presidents that I know of who floated the naira. So your claim that every govt before Tinubu controlled the value of the naira is simply false. You have to take an education when it is offered and accept when you're wrong.
Nobody left things worse for Tinubu. You guys are just making that claim to deflect from his incompetence.
If 700 exchange rate was worse, how do you now call sinking it to 1400 correcting that wrong? Are we progressing or retrogressing?

BrodaBenad:
Surprised?


Who the fvck float thier currency? Its just like throwing a lamb into a den of lions

Ttalk:
At what time under PDP government was the naira floated.?

Which year was that?

aribisala0:
Ok no production no subsidy removal

Where does the subsidy money come from
It has to come from somewhere

There is no escaping that. More borrowing? Or tax?

Will you pay extra tax for subsidy?

thesolutions:
Government doesn't pay salaries with forex so how can it be broke. If government make use of local contractors, there wouldn't be pressure on the forex we earn. It is lack of foresight and will that is the problem and not just borrowing. The way out of debt is not accumulating more debt. It is not offering your creditors crude oil worth 12 billion dollars for a loan of 3.3billion dollars. There is a lot going on wrong because of fear of failing. The government needs to face it fears and not try to cover it with cosmetics.

Agboriotejoye:
There is already enough money to pay for subsidy. The govt is simply lying to escape responsibility. They are a bunch of unserious people

aribisala0:
How much money does subsidy cost each month?

blacknp:
Lazy minded Man, Charity they say begins @ home, can you tell us how much foreign exchange your state & Local Government made in the last 3 years from export of commodities based on their comparative advantages?

Oh sorry, or in your fickle mindedness you think foreign exchange generation is the exclusive jurisdiction of the Federal government for lazy people that don’t add any value to society and have failed to behave with any innovation?

You go wait tire, rest assured 10 years from now you will still be where you are today.

Agboriotejoye:
That question is the exact reason why the narrative that we can't afford subsidy is being pushed. No one really knows
All we know is different figures being bandied by different agencies

Agboriotejoye:
There is already enough money to pay for subsidy.