₦airaland Forum

oyinkinola:
...you didn't offend me is all about our life and incoming! if american left $ in our hand to handle inflation will kill the same $ in just a week! blame our self, not inflation!

you can't print smaller denomination because of inflation!

you can't print big note because of inflation!

people cry of no money, you said there is much money in circulation!

and you want to proof that because the price of bag of rice cost ₦20,000 that our 100k, ₦1,₦2,₦3,₦4 worth removed from our pocket(circulation), are you people know the real meaning of inflation?

nabiz:
... T[b]here is a lot of hiden money in this country that if allow to circulate things will get better, it's just that our curupt politians are afraid of bringing them out for the fear of been arrested. Some of this politicians are very financilly powerful that they can sabortage the government effort.[/b]

MY ADVICE
(1)Buhari should give amnesty to all current corrupt politians, but pass a new bill(deaath sentence) for anybody found guilty on curruption, so that this country can move ahead.

(2) Put polices in place that will encourage all the corrupt politician to invest the looted money in nigeria

(3)Set a round table for peace and national dialogue so that everybody key into national developmental policy.

orunto27:
Denomination Weapon is the Singular most Powerful Instrument of a CBN Governor to control Inflation. Soludo understood this and had free hand under OBJ to use it. Lamido confused it and Emefiele is too wavery and ambiguous to fathom. PMB is surrounded by nonchallant sycophants and he himself doesn't care about Democracy. [s]Once the Forex Inflow, that is, money from oil into the Foregn Reserves or the CBN; money from sales of all exports of Goods and forex and commissions earned from services rendered with and without the Country are known and controlled by CBN, INFLATION AND DIVERSIFICATION will be controllable by CBN.[/s] So let all forex go into our foreign reserves and DMBs and the DMBs make regular returns weekly to CBN. Let BDCs source all Forex from DMBs at the official rate and sell to end-users at not more than 2% commission already allowed them by CBN.

kaboninc:
LOL...did you really write this post?

nabiz:
why did u ask?

kaboninc:
Because its very funny!

nabiz:
How? I beg tell me

oyinkinola:
...I totally disagree to you people point of views, why? because all of you shy away of the true! how can you proof that coins were nuisance and cannot purchase anything, why you buy 3 items for N5! it means 1 of such an item cost N1.66k! why killing coins then?
have you ever heard a country where coins sold at precious metal markets! what a silly? and that's why I said Nigerian must be forced to use coins!
and don't forget we have 100kobo in our monetary system, how many kobo killed by inflation? how many left?
If there are... 50kobo,60kobo,70kobo,80kobo,90kobo,100kobo,₦1, ₦2, ₦3, ₦4 in market today! Nigerian had get rid of the invisible devilish corruption that empty the pocket of poor. The wicked traders with the backing of economist and CBN had tore the pocket of poor to drain the mediocre income to their own purse!
if 1 tom tom is 500k today, it's mean you've slaughtered ₦5 you are only waiting for it's burial, don't blame inflation!

kaboninc:
The analysis you guys give here are just so funny.

I just do not want to sound political but truth is the failure was as a result of little or no action from the present administration.

kaboninc:
LOOL!!!

Government is not suppose to make money from exportation of raw materials? You guys are funny. You and trillville, I don't know the difference because you two think alike..

kaboninc:
So what is your solution to curb this inflation?

oyinkinola:
a point of correction pls, if the government didn't get anything from exportation of raw materials including oil! we are no longer a country!

trillville:
Does the united states government earn income from sales of raw materials or from taxing it's citizens. Does Israel make money from raw materials.

kaboninc:
Lol. This is funny as usual.

orunto27:
Denomination Weapon is the Singular most Powerful Instrument of a CBN Governor to control Inflation. Soludo understood this and had free hand under OBJ to use it. Lamido confused it and Emefiele is too wavery and ambiguous to fathom. PMB is surrounded by nonchallant sycophants and he himself doesn't care about Democracy. Once the Forex Inflow, that is, money from oil into the Foregn Reserves or the CBN; money from sales of all exports of Goods and forex and commissions earned from services rendered with and without the Country are known and controlled by CBN, INFLATION AND DIVERSIFICATION will be controllable by CBN. So let all forex go into our foreign reserves and DMBs and the DMBs make regular returns weekly to CBN. Let BDCs source all Forex from DMBs at the official rate and sell to end-users at not more than 2% commission already allowed them by CBN.

oyinkinola:
...you didn't offend me is all about our life and incoming! if american left $ in our hand to handle inflation will kill the same $ in just a week! blame our self, not inflation!
you can't print smaller denomination because of inflation!
you can't print big note because of inflation!
people cry of no money, you said there is much money in circulation!
and you want to proof that because the price of bag of rice cost ₦20,000 that our 100k, ₦1,₦2,₦3,₦4 worth removed from our pocket(circulation), are you people know the real meaning of inflation?

nabiz:
... There is a lot of hiden money in this country that if allow to circulate things will get better, it's just that our curupt politians are afraid of bringing them out for the fear of been arrested. Some of this politicians are very financilly powerful that they can sabortage the government effort.

MY ADVICE
(1)Buhari should give amnesty to all current corrupt politians, but pass a new bill(deaath sentence) for anybody found guilty on curruption, so that this country can move ahead.

(2) Put polices in place that will encourage all the corrupt politician to invest the looted money in nigeria

(3)Set a round table for peace and national dialogue so that everybody key into national developmental policy.

oyinkinola:
...am surprised that Nigerian have been brainwashed to unbelievable F'level by the ineffective theory and jagons!....look at the word INFLATION: the mis-interpretation of the word had cost Nigeria hardship, if there is a sudden hike in price Nigerian blame inflation, although not all high price related to inflation, price high at certain time of the year and come down, the market saboteurs or manipulators can cause hike, certain government decision may cause hike price that's not related to inflation, all this can be check in a shortest time!, some even believe that it's the inflation that murdered ₦1 and pull it out of circulation; but it's all lie! No inflation killed ₦1, it was intentionally killed by Nigerian because they didn't want coins in their pocket!
the way they killed ₦1, ₦5 will be killed soon and move on to ₦10 and so on, all will be blame on inflation:
If an imported item can be bought for ₦1.50kobo, there be no way we can confirmed the murdered of ₦1 by inflation.
If Nigerian economists accept the dead of ₦1, then they were guilty of conspiracy to Nigeria nation! why? when they know ₦1 is dead why deceiving Nigerian by taken dead ₦1 to world market and promised of having equal value with other world life currencies!
I can confirmed that 50kobo, ₦1, ₦2, ₦3, ₦4 were alive, they must be return back to market!
it's another form of corruption traders with complice of economists used to squandered the mediocre income of poor....a pocket tore can't be full forever!
I hereby charge the CBN to inject the abandoned coins into circulation, and the government to use the civil defense to enforce it uses!

KnowAll:
Fela said " Teacher don't Teach me nonsense " Fela saw the duplicity of the Western Nations. They want us to be perpetually be poor. They teach us economic theory which we swallow hook, line and sinker meanwhile they are doing exactly opposite of what they taught us. They are printing money yet they call it some fancy name " Quantitative Easing " yet when African does the same they call you us illiterates and un-enlightened people yet they do it with ignominy.

I have proven tying our currency to commodities is much beneficial to us in Africa than printing worthless paper money. Well after tying our currency to a product for easy dispensing of the accumulated dollar fund into the local economy we can call the " local dollar" whatever name we feel like. In Nigeria's case we call it the Naira.

Now ₦1 = $40 DOLLARS in the raw unadulterated form, we could slash the value by 1/2, 1/4, 1/8, 1/16, 1/32, 1/64 in an effort to localized its value. If we don not have accumulated dollar funds then we should not have business dealing with foreign countries because we do not have the funds. A man that is broke does not spend but it seems those countries giving a broke country un-warrented credit are the ones blame.

Let us spend what we can afford as soon as we do that our currency in Africa will not be all over the place like a yo-yo.

oyinkinola:
[b]..the solution is simple, the inflation is not eat-up all our money get missing in our pocked, we killed it intentionally, no way than to return to them!
If there are 1k, 50kobo,60kobo,70kobo,80kobo,90kobo,100kobo,₦1, ₦2, ₦3, ₦4 in the market today! Nigerian had get rid of the invisible devilish corruption that empty the pocket of poor. The wicked traders with the backing of economist and CBN had tore the pocket of poor to drain the mediocre income to their own purse!...and all blame inflation!
if 1 tom tom is 500k today, it's mean you've slaughtered ₦5 you are only waiting for it's burial, don't blame inflation!
before I accept that any amount is swallowed by inflation...1. it can't buy anything through out any market in Nigeria, 2. it's add-up to any currency in circulation can't buy any thing or used for change, 3. the subtraction of it from other currency can buy or used for change. 4. the division of such a money or used to divide other currency can't buy anything! then I will agree that such an amount is killed by inflation![/b]

kaboninc:
My response might come off as political and I just do not want to go into such discussions. However, just to be constructive, at a time after the inauguration of this current administration, the truth is that it was only the effort of the CBN that kept us this far. Fiscal and Monetary polices are suppose to complement each other in response to developing economic challenges. However, when the CBN acts alone, it can only do its best.

The delay in appointing Ministers, especially Minister of Finance really made things that bad.

orunto27:
Denomination Weapon is the Singular most Powerful Instrument of a CBN Governor to control Inflation. Soludo understood this and had free hand under OBJ to use it. Lamido confused it and Emefiele is too wavery and ambiguous to fathom. PMB is surrounded by nonchallant sycophants and he himself doesn't care about Democracy. Once the Forex Inflow, that is, money from oil into the Foregn Reserves or the CBN; money from sales of all exports of Goods and forex and commissions earned from services rendered with and without the Country are known and controlled by CBN, INFLATION AND DIVERSIFICATION will be controllable by CBN. So let all forex go into our foreign reserves and DMBs and the DMBs make regular returns weekly to CBN. Let BDCs source all Forex from DMBs at the official rate and sell to end-users at not more than 2% commission already allowed them by CBN.

shadeyinka:
What does the following countries export?
USA
Japan
China
UK
Germany

Does any one of the export raw materials?

jpphilips:
Immediately i read this, i told myself that this joke can only come from Kabnonic, not surprised though.
Now listen attentively, since August 2014, a disaster befell Nigeria and that disaster was low export revenue. By 2015 when this Government came in, it has become worse now let us go to the basics.

Forex control falls under the Monetary policy strictly under the CBN Governor, so what will Fiscal policy contribute to Forex shortages? Hoping you know that Fiscal policy is strictly about Government spending, funny enough, the CBN and MOF hardly operate the same account, so what do you expect from the minister? You said Fiscal and monetary policies should complement each other but refused to tell us how in terms of boosting export earnings. How exactly do you want the Finance Minister to help the CBN Governor to boost export earnings which is the real challenge of the CBN?

I told you sometime ago that why people blamed Iweala for Jonathan's financial misdemeanor was not because they didn't know that Iweala was not culpable but she accepted a position that puts her in charge as a coordinator of the economy, that is where she became culpable, You argued on the contrary at the time, so why do you think the absence of a finance minister makes a difference in the CBN's woes?
Aren't you speaking from both compass of your mouth?

shadeyinka:
Simple
1. Reduce importation through building of private sector owned industries

2. Use oil money to develop business friendly infrastructures.

3. Facilitate the export of Nigerian skills, sweats, labour etc

4. Ban exportation of mineral resources but mine them for home industrial use

5. Develop, Steal, Purchase or clone technologies
etc.

shadeyinka:
Exportation of raw material lead to inflation. That is why a developed country like Russia is having economic problem.

Government is supposed to make money from taxes from the businesses it has helped to build

shadeyinka:
I guess you are not aware that we are afficted with the same disease. Which part of the county is really bouyant economically. Every state depend on OIL money and monthly Federal allocation.

By the way, one of the greatest asset we have now as a country is our population. If we break up, the best of us will be like the small African countries like Togo, Benin republic and Gambia.

We shall not scatter!


Cc Seun, lalasticlala, farano, rocktation

jpphilips:
I really didn't want to respond further but since you have mentioned Tom Tom, I am equally a fan of Cadbury so let us take this discussion to the streets,
Make a list of items that sell 3 pieces for 5 naira, use major cities in Nigeria like PH, ABJ and Lagos (they are the drivers of the economy) as a case study shall we!!

jpphilips:
You seem to forget that most of the coins you claim Nigerians refuse to utilize were once notes, why were they abandoned afterwards??
They don't give you cents in a US grocery store because the store has some, they give it to you because the volume of currency in circulation vs the quantity of goods, are in tandem or close to it, hence every currency counts including the cents.
Conversely, in an inflated economy like ours, more money are chasing few goods and services hence there is a disproportion, the goods are competing for more money leaving behind its real value.
This is my last response to you, life does not run on personal feelings, you need to grasp the fundamentals before you can string cause and effects together.
You have a good observation however, you misplaced culpability. Have a nice day!!

jpphilips:
Some Nigerian companies have some oil and gas solutions, they don't necessarily subcontract anything from start to finish, A Nigerian company can do simple designs, integrated Pipeline solutions, fabrication, procurement, construction, process change adaptation, marine services, inspection and certifications, drilling fluid manufacture and implementation etc.