vaxx:
that is how low you can go

if only u know how low u usually go, u would know I'm very lenient on u.

theenchanter:
if only u know how low u usually go, u would know I'm very lenient on u.

if I mean you go low , I am even playing with words , I should have said , your write up always appear dense or babyish .I mean the kind of silliness associated with a baby

Just look at this level of your ignorance now

theenchanter:
u're very correct sir. but the salient question remains.... Why should demand for dollar be high in Nigeria? We don't spend dollar and only few people engage in import and export. So why the cause?

Don't you think the increased allocations to state Governors may be largely responsible?

There is too much naira in the system held by state Governors and other politicians and some of it probably finds their way in bulk to the parallel market.

So no matter the rate, these guys can buy to save for politics and other things. This is what I suspect.

Naira supply in the economy is huge chasing same amount of dollars as before or even slightly fewer. This is why I don't know what Cardoso can do at the moment.

theenchanter:
u're very correct sir. but the salient question remains.... Why should demand for dollar be high in Nigeria? We don't spend dollar and only few people engage in import and export. So why the cause?

Check this out.

The activities of governments after the disbursement of money by the Federation Account Allocation Committee (FAAC) contributed to the depreciation of the naira, according to data and interviews with people familiar with the matter.

BusinessDay learnt that portions of the funds from FAAC were often changed to dollars by some governments at the parallel market, putting more pressure on the naira.

An analysis shows that from July 2023 to January 2024, the naira depreciated in six months immediately in the black market after the FAAC shared money to the federal, state and local governments.

“With the removal of fuel subsidy, more volumes of naira are being shared by the federal, state and local governments and some of these monies are changed to dollars at the parallel market,” Jude Idimogu, chieftain of the All Progressives Congress (APC), said in an interview with BusinessDay.

“A week to when they want to share money, note the price of the dollar at that time and after collection, you will see that it will increase because they would have more naira and they would use it to buy dollars. We Nigerians are not helping the system,” he added.

The liberalisation of the foreign exchange market by the Central Bank of Nigeria since last June has led to a large depreciation of the naira, which has also increased revenue for Africa’s biggest economy.

Experts say there is a strong correlation between the depreciation of the naira and demand for dollars after FAAC disbursements.

“There is a correlation between the release of FAAC allocation and the depreciation in the exchange rate, especially in the parallel market. That is why we need to be very cautious about this rate unification theory,” Muda Yusuf, chief executive officer of the Centre for Promotion of Private Enterprises (CPPE), said.

Source: BUSINESS DAY NIGERIA.

chrisooblog:
Honestly it beats me that we're still doing d**k measuring contests on top the same time wahala we're in. I [b]would think Ghanaians would be more humble [/b]considering how their country's government have been defaulting on bond payments. Nigeria as bad as we currently are we pay our debts.

Defaulting issues has to do with the depreciation of the local currency against the dollar and that is linked to the country's high indebtedness. Same issues with Nigeria.

You see , Ghana was owing big , hence, the reason the international capital market was closed to the government, we cant subscribe into any loan or bond , the country didn't have foreign exchange to keep the exchange rate low too due to lots of cedis chasing dollars.

This caused high inflation back then in Ghana. We have no option than to join the imf again.


That is the only prudent means for a long time solution, we already enter into gold for oil swap deal with UAE, the imf suggest we abolished the practice

Most developed countries debt also doubled up and even tripled due to the external factors like the covid 19 and Russia/ukraine war, but they did not have the level of inflation Ghana had so they didn't default paying up their debt .

At least ( one very good advantage of having an integreted economy) developing country that trapped into the mess also end up defaulting, zambia and ethiopia are case study .

So Nigeria case might not be exceptional , your debt has doubled up , your inflation has step up further . Infact the scenario is just similar to Ghana.


Nigeria actually need imf support

vaxx:
Defaulting issues has to do with the depreciation of the local currency against the dollar and that is linked to the country's high indebtedness. Same issues with Nigeria.

You see , Ghana was owing big , hence, the international capital market was closed to the government, the country didn't have foreign exchange to keep the exchange rate low. This caused in high inflation back then Ghana. We have no option than to join the imf again.


That is the only prudent means for a long time solution, we already enter into gold for oil swap deal with UAE, the imf suggest we abolished the practice

Most developed countries debt doubled and even tripled but due to the external factors like the covid 19 and Russia/ukraine war but they did not have the level of inflation Ghana had so they didn't default paying up their debt . Country that trapped into the mess also end up defaulting, zambia and ethiopia care case study . So Nigeria case might not be exceptional , your debt has doubled up , your inflation has step up further . Infact the scenario is just similar like Ghana.


Nigeria actually need imf support

But IMF recently expressed confidence in Nigeria's ability to pay her debts.

This is IMF's recent review on Nigeria.

GeneralDae:

But IMF recently expressed confidence in Nigeria's ability to pay her debts.

Nigeria is spending more than it earn . It is crystal clear . Your major dollar earning (the crude oil" the output has even reduced.

GeneralDae:
This is IMF's recent review on Nigeria.

The subsidy is back and you are even paying more .


Ghana those not subsidized oil

Ghana 🇬🇭 is the 2nd biggest oil producer in West Africa, behind Nigeria 🇳🇬.

Ghana 🇬🇭 produces about 200,000 barrels of crude per day, whiles Nigeria 🇳🇬 produces about 1 million barrels per day.


This figure is falling sharply

#Source: https://energycapitalpower.com/biggest-oil-producer-in-africa-in-2022/

GeneralDae:

Well I don't know what they can do about the naira again for now except they monitor the increased allocations to Governors since fuel subsidy removal to see if they find their way to the parallel market for exchange of dollars.

But even that is the job of the media and EFCC to investigate. Who or what can save the naira at this rate? I simply don't know.

I warned against floating the naira even when Buhari was president because I know that while floating was good, there are structural issues and foreign investors wouldn't just rush in immediately because you floated.

People just propose these liberal policies without looking at the issues in totality.

So yeah you are right. Tinubu should take some of the blame for the fast decisions but slow planning.

Can they just stop the floatation of the naira?

This is Tema interchange ....

Below is some residential in accra

GeneralDae:
The activities of governments after the disbursement of money by the Federation Account Allocation Committee (FAAC) contributed to the depreciation of the naira, according to data and interviews with people familiar with the matter.

BusinessDay learnt that portions of the funds from FAAC were often changed to dollars by some governments at the parallel market, putting more pressure on the naira.

An analysis shows that from July 2023 to January 2024, the naira depreciated in six months immediately in the black market after the FAAC shared money to the federal, state and local governments.

“With the removal of fuel subsidy, more volumes of naira are being shared by the federal, state and local governments and some of these monies are changed to dollars at the parallel market,” Jude Idimogu, chieftain of the All Progressives Congress (APC), said in an interview with BusinessDay.

“A week to when they want to share money, note the price of the dollar at that time and after collection, you will see that it will increase because they would have more naira and they would use it to buy dollars. We Nigerians are not helping the system,” he added.

The liberalisation of the foreign exchange market by the Central Bank of Nigeria since last June has led to a large depreciation of the naira, which has also increased revenue for Africa’s biggest economy.

Experts say there is a strong correlation between the depreciation of the naira and demand for dollars after FAAC disbursements.

“There is a correlation between the release of FAAC allocation and the depreciation in the exchange rate, especially in the parallel market. That is why we need to be very cautious about this rate unification theory,” Muda Yusuf, chief executive officer of the Centre for Promotion of Private Enterprises (CPPE), said.

Source: BUSINESS DAY NIGERIA.

hmmmn, this is an eye opener.

This is a mini stadium, with seating capacity of 10,000 constructed by mining company Goldfields Ghana Ltd at a cost of US$13 million for the people of Tarkwa in the Western Region of Ghana 🇬🇭.



A FREE DONATION TO THIER HOST TOWN

ProblemChild1:
During goodluck time petrol is 160 naira. Now in Tinubu regime petrol is 700 going to 1000

160 naira was 1 dollar

700 naira is less than a dollar

ProblemChild1:
I see, burst the bubble indeed. You don't know what's going on in Nigeria now. I swear you don't.

A Ghanaian knows 😂

We've lived it, Nigeria is an entrepreneur country. Everyone can adjust prices and their base line will remain the same.

Except for formal sector workers

GeneralDae:

I said it from when the naira was floated, that I support the subsidy removal but not the floating of the naira at the time but it's not a problem we cannot handle.

the naira is only finding it natural value

If Kenya does same thing today, their kshs will be doing like 500 kshs to a dollar

Shma2022:

Show us clear evidence refuting Problemkid's point. He said Accra is not at the level of Dakar and Abidjan, prove him wrong. And as for Nairobi or Lagos, you need to stop dreaming.

Accra is above both Nairobi, Lagos Abidjan and Dakar in the 2923 Africa development index

You can refer to it to see where all of your shit hole countries and mini towns rank.

Development is in the actuals and none of your towns match Accra in the actuals

Nigeria is fast becoming a failed nation like Congo.

No amount of sugar coating will hide the truth .

The number one issue in Nigeria is Insecurity , Farmers are unable to go to farm either due to Bandits or Herdsmen all across Nigeria .thereby eroding purchasing capacity of average Nigerians as food becomes costly .

Nigeria as nation of 200 million people generate 4500 MW and suffer repeated grid collapse and say we are giants of a continent .

Nigeria is a joke of a nation ,filled with brain washed ,religious and tribalistic people .

Thank god to my father ,who emigrated from shit@le nation in 2000 .

EKONGKING:
Nigeria is fast becoming a failed nation like Congo.

No amount of sugar coating will hide the truth .

The number one issue in Nigeria is Insecurity , Farmers are unable to go to farm either due to Bandits or Herdsmen all across Nigeria .thereby eroding purchasing capacity of average Nigerians as food becomes costly .

Nigeria as nation of 200 million people generate 4500 MW and suffer repeated grid collapse and say we are giants of a continent .

Nigeria is a joke of a nation ,filled with brain washed ,religious and tribalistic people .

Thank god to my father ,who emigrated from shit@le nation in 2000 .

Don't mind those people, they should continue decieving themselves.

See even Sowore don blast Tinubu



https://www.youtube.com/watch?v=yY-P4Hrr5HE

See who wan rule 200 million people abeg chaii Nigerians don see shege

ProblemChild1:
See who wan rule 200 million people abeg chaii Nigerians don see shege

ProblemChild1:
Don't mind those people, they should continue decieving themselves.

See even Sowore don blast Tinubu



https://www.youtube.com/watch?v=yY-P4Hrr5HE

To be fair the African Union as its current iteration is pretty irrelevant and boring especially outside of the East.

Sowore himself is a massive joke so the pot calling the kettle black is meaningless.😂

..

vaxx:
strawmam argument, I dodged it


Open a space for it and let vaxx reply you, if you want vaxx opinion

having a convo with you is one luxury I can't afford.

But to my question,take it or leave it, Ghana is just as poor as Nigeria, if not poorer.

IGpro1:
having a convo with you is one luxury I can't afford.

But to my question,take it or leave it, Ghana is just as poor as Nigeria, if not poorer.

I said opinion not convo .Are you telling me you don't know the difference ?.

Both country are poor but one has a better governance and a good democratic process which make the later appear more progressive than the former .

His name is not Spartacus Man. His name is Peter Mensah. He is a Ghanian-British actor who has appeared in several Hollywood movies like Avatar, The Incredible Hulk, Spartacus, Devils Conspiracy, 300, Scorpion King, Tears of the Sun, Hildago, etc

Just30:

Accra is above both Nairobi, Lagos Abidjan and Dakar in the 2923 Africa development index

You can refer to it to see where all of your shit hole countries and mini towns rank.

Development is in the actuals and none of your towns match Accra in the actuals

What I asked of you is: PROVIDE CLEAR EVIDENCE REFUTING THAT ACCRA AIN'T TO THE LEVEL OF DAKAR & ABIDJAN.
I mean, show us something you're basing on: pictures, links, videos... Etc. During my entire stay at Nairaland, no picture or video from Ghana has ever passed the AESTHETIC or DEVELOPMENT test. The links saying Accra is better than Nairobi or Lagos have never been shown either. What I always hear is a perpetual hobbitopic drivel & constant chest beating.
For starters:
If you want to go QOL way, Ghana is not anywhere in top 85. Accra is not anywhere in top 200.
To give you some perspective. South Africa is position 39, Kenya 69, Egypt 79 then Nigeria at 85. This is purely based on Healthcare index, purchasing Power, safety, property price and of course infrastructure.
Wealthiest cities:
Johannesburg
Cairo
Cape town
Lagos
Nairobi
Casablanca
Pretoria
.... The rest.
What about GDP:
Johannesburg
Cape town
Cairo
Lagos
Nairobi
Durban
Casablanca
Pretoria
The rest.
Skyscrapers:
Cairo
Johannesburg
Nairobi
Lagos.
Cities with the best health care
Cape town
Pretoria
Nairobi
Johannesburg
Durban
Algiers
Tunis
Lagos
Cairo
Casablanca.
Cities with the best startups/ fintech ecosystem:
Nairobi
Lagos
Cape town

Boy.. I can go on and on.

vaxx:
An epileptic patient selling epilepsy cure, and you expect the readers to buy. You are a fool You are indulging in maladaptive daydreaming, ragging continue is singular verb here , meaning your stupidity continue , the ragging there is a verb . You shouldn't be stupid not to know the difference . And if the "s" makes you seems stupid, add it to it, it doesn't change the fact that you don't know .

You now see why I am challenging you to point out the error yourself , I know you don't have anything up in that you puny brain. Toddler behavior.


the ~illustration of the words matter most in a sentence , the keep there is an action word that signify your ranting, so in such sentence, you look at the conclusion and not this jargons like a a primary school kid.


It is pierced idiot , that is why I told you subject matter matter more in grammer , I said pierced not pissed . It is not the same as pissed .your own invented word Don't be stupid



it is not applicable

from a stupid boy

there is nothing wrong with the words used therein. Try again and confused us the reader it is wrong by showing the grammatical blunder instead of foolishly rewriting it erroneously .

" Evidence can be singular , ""shma writing exhibit his foolishness " what other evidence do you need to substantiate it again? In regards to foolishness .

You are stupid , focus on the grammar you said you know and stop jumping around like a toddler .

you are not making any meaningful sense before and this is not an exception.. only you understand what you mean



fact that are difficult to digest , you are disturbing the internet space with your wack way of reasoning

idiot , I am now part of your thoughts. you must rassle up with vaxx to show you owned up something even though , your grammar prowess has been wanting and even you need to be corrected yourself .


Just some few blunder I can highlights, see you in the next class.


You are dense and the stupid thing about is your confident about it.

English please, I can't read Twi. I see You are now pleading to be unhooked. Before I unchain you from the torture chamber, please repeat these words after me: THANK YOU SHMA FOR YOUR FREE TUTION.

Let's go. 1, 2 3...

vaxx:
I said opinion not convo .Are you telling me you don't know the difference ?.

Both country are poor but one has a better governance and a good democratic process which make the later appear more progressive than the former .

lol..alright bro,
Lol..Democracy that has left your peaceful country bankrupt and underdeveloped
Stop playing bro, are you telling me about the English which you have a very poor command of?

ProblemChild1:
See the people wey wan teach Peter Obi and igbos lessons una belle go bend well



https://www.youtube.com/watch?v=YuPZ7FnP9VY

Dude jst shut up.
Your own region that have turn to gaza, y'all always blind to that but will have erection on other region matter

Looking for company in misery corner mad man. Kenya shillings is the least manipulated currency in Africa n after we dealt with debt..it's just gained ground from 160 to 140 in 3 days..this week it's goes to 120.

Just30:
the naira is only finding it natural value

If Kenya does same thing today, their kshs will be doing like 500 kshs to a dollar