₦airaland Forum

Kukutente23:
I have
A long while ago

Excellent. What a brilliant fellow you might turn out to be after you proceed to share your evidence which I am sure will be epic

aribisala0:
Excellent. What a brilliant fellow you might turn out to be after you proceed to share your evidence which I am sure will be epic

Why should I share it
Is it for garri, cassava or beans and dodo

Kukutente23:
Why should I share it
Is it for garri, cassava or beans and dodo

Why nor?

Hahaha, so people are still dragging themselves on this thread which I have forgotten about. Lol

aribisala0:
Why nor?

Because you can't ask for what you can't give

Kukutente23:
Because you can't ask for what you can't give

Why not?

aribisala0:
Why not?

Life doesn't work that way
Add that to the words of wisdom you've received from me dear boy

Kukutente23:
You can't blame him though
This claim of subsidised dollars was brought by the Presidency iteslf especially Bayo Onanuga
It is only natural for their followers to believe and parrot it even if out of ignorance
The blame lies at the door of the presidency on this one

Hello

Any evidence for this?

aribisala0:
Hello

Any evidence for this?

Hi

It's a bit too late in the day to ask for evidence

Please ask me by 8:00AM tomorrow

Cheers

Kukutente23:
You can't blame him though
This claim of subsidised dollars was brought by the Presidency iteslf especially Bayo Onanuga
It is only natural for their followers to believe and parrot it even if out of ignorance
The blame lies at the door of the presidency on this one

Good Morning
How was your night
What evidence have you got to show that the Presidency or Onanuga brought the claim of subsidized dollars?

Evidence

Kukutente23:
You can't blame him though
This claim of subsidised dollars was brought by the Presidency iteslf especially Bayo Onanuga
It is only natural for their followers to believe and parrot it even if out of ignorance
The blame lies at the door of the presidency on this one

evidence?

aribisala0:
evidence?

8:00A.M tomorrow morning up and early dear boy

lionshare:
Between DAS and BMatch, which is more transparent? One is automated, the other aggregated. I tend to be generous with my numbers—the rates you're quoting actually show a difference of less than 2%. So, where exactly are the lies?

P.S. You might want to look up the difference between DAS and BMatch before responding. 😄

155 minus 122 is 33, which according to U is 27%, but 1570 minus 1545 which is 25 is 4%, how Una dey calculate this thing?

aribisala0:
It is really sad that Nigeria has come to this

We are so divided along ridiculous lines that people have to resort to such desperation

Those people who think they must support Tinubu at any cost are not helping

On a factual level . The Naira has floated several times in the past. It kinda of stopped under Emefiele and we went back to old habits that existed under the military and Shehu Shagari.

Under Obasanjo and Jonathan there was some degree of Floating

A very important fact to put on the table is that the supply of dollars and other major currency is majorly determined by diaspora remittances and that these are sold in the parallel market which is very efficient with genuine price discovery

So if you are talking about subsidized dollars maybe you are referring to those estates Emefiele was building

On the street, the parallel market there was no subsidy



On Tinubu, This is the sad part we have two major groups those that hate him without even knowing why or maybe because Peter Obi lost

And those who support him without knowing why or maybe for ethnic jingoism

I was never a supporter of Tinubu as a candidate.

Now as president I wish him well. If he does the right thing I will support it and vice versa
I wholly support the removal of subsidy and re floating of the Naira . Unfortunately those things will hurt a lot of people for many more years

I believe even more pain will come when electricity subsidy is removed fully another measure I will endorse

It is important for people to develop the capacity to evaluate policies regardless of who brings them

Tinubu brought in a New Tax law, Student loans and consumer credit

He has opened up the electricity space to state governments and private sector. That is a big deal
Wike is doing well in Abuja
Umahi is up and doing

Performance in security has been shameful

In terms of cushioning the impact of his policies on poor Nigerians and actually showing empathy . So far there has been failure

Politicians are having the time of their lives living in luxury and he has not led by example.
It does not have to be so hard if we can improve performance in the agricultural sector and improve the logistics of distribution.
All that is needed is 2 or 3 consecutive good harvests but even farming is impacted by security

The National security adviser is not performing, The IG police is overdue for retirement, The Minister of Defence and the Minister of agriculture

I would give Tinubu 5/10 and suggest areas for improvement and how to go about it

Coming out to tell us some ridiculous story about dollar subsidy does not help Tinubu

Pleas don't bring Umahi into this convo, I don't.know the juju that guy is doing that people praise him to high heavens.

The cement plastering roads he is doing is nothing to write home about.

Coal tar road can easily be maintained but U see that cement road, it's a disaster when it fails.

I passed thru ebonyi the other day, I counter more than 3 flyovers that were not needed.
Building a flyover on a road just to score cheap points...

Kukutente23:
You can't blame him though
This claim of subsidised dollars was brought by the Presidency iteslf especially Bayo Onanuga
It is only natural for their followers to believe and parrot it even if out of ignorance
The blame lies at the door of the presidency on this one

Where is the evidence

aribisala0:
Where is the evidence

You're 55minutes late
Try and be punctual tomorrow

Kukutente23:
You can't blame him though
This claim of subsidised dollars was brought by the Presidency iteslf especially Bayo Onanuga
It is only natural for their followers to believe and parrot it even if out of ignorance
The blame lies at the door of the presidency on this one

Where is the evidence?

aribisala0:
Where is the evidence?

Why are you late

Kukutente23:
You can't blame him though
This claim of subsidised dollars was brought by the Presidency iteslf especially Bayo Onanuga
It is only natural for their followers to believe and parrot it even if out of ignorance
The blame lies at the door of the presidency on this one

Do you have any evidence

Kukutente23:
You can't blame him though
This claim of subsidised dollars was brought by the Presidency iteslf especially Bayo Onanuga
It is only natural for their followers to believe and parrot it even if out of ignorance
The blame lies at the door of the presidency on this one

Have you got evidence?

KaLuCh:
Uhm? So the government should never subsidise commodities for its citizens? You do understand that's part of the government's reasonable duties?

To be cntd

.Until we learn in Nigeria, that the real role of the Government is to do what citizens can't or what citizens aren't suitable to do for themselves, we would continue to face disappointments from political office holders

It is not the responsibility of the Government to subsidise dollar for the citizens, to be able to import whatever catches their fancies, including human hairs or toothpicks

SalamRushdie:
You have come to embarrass yourself self again on the altar of needless sycophancy, since dollars wasn't 150 in 2010 why do t you tell us what it was and and how much was being used to subsidized one dollar ? There is nothing like currency subsidy , Central banks have a mandate to manage the demand and supply of foreign currency, it's called currency defense , even the Tinubu govt is heavily doing it today if not the the price of the Naira should be 1950 as we speak ... if Jonathan was subsidizing the Naira was he also subsidizing the GDP per Capita which was 3400 dollars ? But today under Tinubu it's a miserable $800..Was Jonathan also subsidized FDI which was the highest is Africa through our his tenure but today Tinubu can't even attract 1.2 billion dollars..

If Tinubu had his policies right . the naira will be nowhere near 1600 it is now ..the man in a bid to rapidly enhance Oando made a huge miscalculation of moving Petro price to 590 not realizing that would trigger attendant inflation and also affect the demand for forex ...The man knows nothing about economics and even you will agree at the end of his tenure because he will have no result anywhere

Go back to Mama Nkechi beer parlour.


Economics is not your forte

aribisala0:
Not everything is politics
I really do not know what you mean by subsidized dollar
Maybe you can define that and also state clearly the extent or percentage subsidy

My understanding is that the The Forex market is one of the most efficient with price discovery governed by demand and supply
By Forex market I am referring to what Nigerians call black market i.e Aboki/ BDC


The main discrepancy is the spread between the official rate i.e what the CBN sold at and what was happening on the street

A large spread is more indicative of what you might be referring to as SUBSIDY though Subsidy is not an accurate description

That spread widened under Buhari

Now at the time when it was 1 to 150 Emefiele was not in office
He came into office in June 2014 by which time the cracks had started to appear it was about 165 and on the the street it was approaching 200

Your claim that WE WERE BORROWING to sustain exchange rate is ridiculous.

What does that mean in practice ? That we were borrowing dollars and then underselling?

FIrst of all who was the WE that was doing that? The Federal Government or the CBN. That is a fundamental question you need to answer to demonstrate you have a clue what you are talking about

For the record this business of "FLOATING" the Naira is not new
The dollar was very stable at 80 Naira under Abacha it was the REAL rate

The reason is simple He was able to Stifle DEMAND for imports

The exchange rate ultimately depends on the balance between imports and exports

Again between 1999 and 2014 . The exchange rate was very stable at close to 150

This was based on very healthy Foreign reserves, higher oil prices

And the fact that Obasanjo had been able to clear debt



Much of the borrowing that happened after that purportedly for rail and other infrastructure projects,as well as for balancing the budget put pressure on the exchange rate because the ability to repay and service debt as well as consume imports at the same rate became more difficult when oil prices crashed in 2014

After Buhari came in it was clear the Naira needed to be devalued and this happened but it did not go far enough, was not transparent and then corruption set in at the CBN leading to a widening of the spread between street and official rate

This is not new we have seen this several times before in the late 80s and 90s


SO Whilst I agree with the decision to let the Naira find its value. It is not new we have done that before also your understanding and analysis is wrong.

There never was any borrowing to support the Naira . That is silly honestly

The use of the word subsidy is wrong.

The CBN is not the only player in the the Forex market. Over $20 billion of diasporan remittance enter the market each year and that money is traded VERY EFFICIENTLY . There is nothing like subsidy there. There is genuine price discovery

If the CBN start that exchanging 20 Naira for one dollar , knowing fully well that this is below market value, then the exchange rate HEAVILY SUBSIDIZED.

However, if the CBN sell dollars to anyone based on auction, it is market value.

oyatz:
If the CBN start that exchanging 20 Naira for one dollar , knowing fully well that this is below market value, then the exchange rate HEAVILY SUBSIDIZED.

However, if the CBN sell dollars to anyone based on auction, it is market value.

Subsidy by definition is available to everyone if is just friends and cronies that is corruption
Your 20 example is extreme and I get it you are just illustrating but let us be even more extreme

What if it was zero naira ? Is that a subsidy?
How many people would be ?served
Zero naira? Is that possible
Ask Emefiele

I think one needs to look at the big picture
We know that for many years diaspora remittances have been around $20 billion or more
So in terms of proportion how much does the CBN contribute to the market

I do not think the CBN contributed more than diaspora and is not in a position to determine rates. It does not have the firepower

the diaspora dollars are exchanged at a rate determined by market forces. It is a very efficient market

If truly the. CBN had those so called Subsidy dollars whywere we talking about billions in trapped funds for airlines and others
Why was BUA chief going to lobby for dollars?

When the fuel Subsidy was in place everyone paid the same price

The previous system was not a subsidy system
It was stealing and corruption

oyatz:
Go back to Mama Nkechi beer parlour.


Economics is not your forte

Economics is not a trained economist forte ?😅😅

These Tinubu boys will not cease to amaze me ...well the horrendous economic result are there to testify for me

Kukutente23:
You can't blame him though
This claim of subsidised dollars was brought by the Presidency iteslf especially Bayo Onanuga
It is only natural for their followers to believe and parrot it even if out of ignorance
The blame lies at the door of the presidency on this one

Where is your evidence?

aribisala0:
Where is your evidence?

31 minutes late dear boy
See you tomorrow

Kukutente23:
31 minutes late dear boy
See you tomorrow

won't work

Where is your evidence?

Kukutente23:
You can't blame him though
This claim of subsidised dollars was brought by the Presidency iteslf especially Bayo Onanuga
It is only natural for their followers to believe and parrot it even if out of ignorance
The blame lies at the door of the presidency on this one

Where is your evidence? Have got any yet?

aribisala0:
won't work

Where is your evidence?

It seems to be working for me though

Try harder!!

Kukutente23:
You can't blame him though
This claim of subsidised dollars was brought by the Presidency iteslf especially Bayo Onanuga
It is only natural for their followers to believe and parrot it even if out of ignorance
The blame lies at the door of the presidency on this one

Where is the evidence?

Kukutente23:
You can't blame him though
This claim of subsidised dollars was brought by the Presidency iteslf especially Bayo Onanuga
It is only natural for their followers to believe and parrot it even if out of ignorance
The blame lies at the door of the presidency on this one

You need to provide evidence