₦airaland Forum

0m0luabi:
Iran is waiting for coward Israel attack,only a weak military will need the help of 6 nations to defend her against Iranian attacks I still believe that if they leave Israel and Iran one on one Israel will be worse than Gaza within 2 months of serious war with Iran

Haven't you witnessed that scenario when you look for someone's trouble and you neighbour is even trying to defend him so things don't escalate.

The reason US and Jordan hijacked and destroyed those drones were because they know the gravity of attack Israel will hit Iran if those drones hard landed in Israel and US will be dragged into the war, of course on Israel's side.

Only the big boys are being defended, that should tell you how mighty Israel is, for even it's enemy, Saudi and Jordan to defend them.

God1000:
Israel should avoid further escalation that will lead to a wider conflict, they should not retaliate because they started it, the unprovoked attack on Iran's consulate in Syria is against international law.

And the attack of Israel and her assets by Iran proxies is what? Friendly call?

Israel will attack back which is certain, let the worst happen.

garfield1:
Oga,we will go with the government sources which has more resources and info than you.are you not the one that was arguing blindly during the elections that atiku was winning the north ? You have no credibility

I have more credibility that you master Tinubu. Why won't you go with the government of fraud and misinformation.

How is the inflation treating you.

Afamed:
Are you normal?

100% normal than you are.

[quote author=motionarena post=129468926]Ok I understand
But do but do not say dollar depreciation should not also affect prices.


What cause indomie super pack to sell at 18k from 8k?

Understand dollar depreciation is expected to affect the prices of imported goods, but not just immediately.

There are many factors that made indomie price shut up. That is a manufacturing problem,things like price of diesel, labour, logistics are key to increase in the price of indomie.

garfield1:
You are not getting me.i am getting my sources from government and the Internet not referring to people.all sources say fulanis are the largest tribe in adamawa and gombe and my findings corroborate this so don't create confusion here.
Nobody is classifying anyone wrongly.fintiri and bindowo are muslims but no one calls them fulanis.atiku is not a Fulani but he sees himself as fulani

That is the problem, the same why government tell you that the Obadigbo people in Benue are Idoma?

I am talking to you as someone who is based in that locality and knows the tribes more than you.

Quelme:
Thank God your are not the CBN governor with this your Alaba analogy.

I am telling you what your "Alaba" CBN governor did to bring the dollar rate down. Most of you ignorantly support this government policy without knowing shit about what they do.

What do you think it mean to fix a country currency?

Beremx:
Flimsy excuse to justify the rice in cost of bread. Bread no get alternative if not why shouldn't I boycott eating bread? Even if I boycott it, the rest of my family cannot.

Greedy people

Go into the production of bread and reduce your price. Most of you not into business will not understand the amount of loss business people incurs in this economy. At around your environment, how many producers are still afloat, most have closed down.

A 50kg bag of sugar is 95k not to talk of flour, diesel and the price of labour. Blame the government and leave innocent bakers out of this.

otokx:
Which volatility is he talking about when the naira is gaining evey day against the dollar?

You guys are funny, so an importer bought goods when the rate was #1600, and because the rate dropped to #1100 he should drop his price even before buying new stocks?

And who told you the exchange rate is the only determining factor for increase in price of imported goods in the economy. The country is gone, there were many negative policy done at same time, as if this was not enough, electrical tarrif was increased.

garfield1:
The chambas are same as BACHAMA or BWATIYE na.oga,since the people claim Fulani,allow them.

The Chambaa are not same with Bachama, they are clearly different tribe.

The people you call Fulani are not Fulani and did not accept to be called Fulani. Most people you call Fulani are Hausa and other small minor tribes, but because they are Muslims, you call them Fulani.

tollyboy5:
I buy foreign cheaper goods.
They should revert prices back to when dollar was ₦1k and diesel was still ₦1.4k since dollar is back to ₦1k and diesel is lesser than ₦1.4k.

Is that too hard?

I believe you work with one of em manufacturers, ask them to revert price back after probably stocking their warehouses with raw materials of the old dollar rate, or probably paying more logistics cost because of your god (Tinubu) policy.

The high cost of goods and services have come to stay unless Tinubu reverse his policies. Enjoy the high cost.

tollyboy5:
If tinubu policy of removing subsidy from is what is killing their production then we've gone back to buying rice from foreign countries that sells cheaper rice.
Rice in lagos last week was ₦75k
Now foreign rice in Lagos is ₦63k
Some people buying in Ogun state for ₦51k already.

They should keep blaming tinubu, bunch of greedy manufacturers and famers.
https://www.nairaland.com/8062754/bag-rice-now-57k

You can get into manufacturing or farming and bring down the price.

ppogba:
So, as the CBN Governor, you will get the dollars from the tree in your backyard, sell to BDCs and give them a price?

Only on Nairaland!

You are ignorant of how CBN works. How do you think CBN was able to bring down the rate of dollar to naira, magic?

Why do you think CBN got the dollar they sold to BDCs? What do you think has happened to our foreign exchange reserve? What do you think CBN uses those dollars it collected in loans for?

Seems you are very ignorant and only depends on government propaganda.

Anatolia:
As long as the cost of fuel is high, the appreciation of the naira will have minimal effect on things produced inside the country. The cost will only go down if government can reduce petrol to 300 or 400 naira.

Many Nigerians are ignorant of this. What is the relationship between dollar and food being produced in Nigeria. How does dollar affect the price of yam, beans and corn for God sake.

Even the price of imported goods will not reduce just immediately and will need a long term reduction in dollar rate.

PressMyButton:
Please swerve, i am allergic to low reasoning.

It will sound odd to you because you know nothing about exchange rate market.

motionarena:
I think is high time we wage war against greedy and evil distributors and marketers.


A product I use to buy for 2k before Naira depreciation went as high as 3k now the dollar has been steadily decreasing the same product is going for 4.7k

They are the ones suffering Nigerians

When you get into their business, you will understand better. Why do you think manufacturers have shut down? You think they can't just increase price?

Let me give you a good example with local rice. This women who sell local rice in Northern markets, go as buying a bag of paddy at 40k - 45k, use 5k to mill a bag at the end of the day they get not more than 50kg of rice, which at the end of the day a 50kg of rice is sold at 50k in the North. These women will make less than 3k after going through these stress.

The marketer who buy this rice at 50k will spend 7k just to transport to Lagos, and if he wants to use small buses, it will coat 10k, he sells at 63k to 65k, and gets 3k - 5k gross profit.

Marketers,, farmers are now spending, more because of Tinubu policies, and you don't expect them to bear the cost.

Racoon:
Dollar going down but food inflation and insecurity everywhere

Sadly, there is no relationship between dollar and food being produced in Nigeria, if Tinubu wants the price of food to drop,he know what to do.

SoNature:
Just imagine the kinds of reports coming out of this country and someone had the guts to create a Nairaland thread, saying that Nigeria is getting better. I don't know what our problem is, lack of commonsense or being so used a country that doesn't work.

Our problem is that, we are big of a country, the country should be restructured and power should leave the center, you can have your own opinion bury this is where it stand.

In the last 12 years, some sections of the country went against another in the elections, even when it was known to them that their candidate was a failure.

helinues:
Na only government we sabi criticizing, how about the wicked people providing goods and services which refused to lower the price of things even after dollars fallen?

We do not use dollar to buy local rice, beans and corn, even garri and yam. Your papa know the reason why these food items are so expensive, he should do the needful.

Quelme:
Some group of people are in severe pain right now!!!

Cardoso, take your flowers 🌺🌹

If I am made the CBN governor today, and I want the naira to exchange at 500 naira to a dollar, I will comfortably do that.

Just do what he did, get more dollar, sell to BDCs and mandate them to sell at a price, that's all. Its called FIXED exchange rate régime.

EreluRoz:
Let's not lie Tinubu is trying, just that he met a disaster on ground . Things he would have to bear for wanting to be president of a messed up country.

Mark this down Tinubu will leave government as a good president.

Things are hard now but it won't be for long.

Take this from my humble self The Erelu Oodua

Trying for fixing the naira back? Come on.

PressMyButton:
Bro, drop the weed. CBN does not speculate of any kind or fishing for any rates, CBN's rates are determined by trading activities at the foreign exchange market.

Maybe then when the are being floated, the exchange rate have been fixed back, so we expect it to go the way CBN wants.

When the CBN sells dollar to banks and BDCs and determine how much they resell. The naira is now fixed.

Masterstroke4:
https://leadership.ng/just-in-naira-hits-n1000-ahead-of-cbn-sale-to-bdcs/#:~:text=By%20noon%20on%20Monday%2C%20the,the%20naira%20on%20the%20streets.

There is really nothing to be happy about here, the exchange rate have been fixed back. Only those without knowledge of economics or the exchange rate market will not understand this.

garfield1:
1) KANURIS: they dominate Borno and Yobe state and are found in good numbers in jigawa,Kano and as far as nasarawa.the current governor of nasarawa is reportedly of kanuri origin and late Abacha was also kanuri.they also have a good number in Bauchi.they number about six million and are the 5th largest ethnicity.tje current vice president shettima,baba kingibe,late Abba kyari,ex NSA monguno are all Kanuris who founded the defunct kanemi bornu empire.

2) FULANIS: they dominate Gombe state,have the largest number in Adamawa,have a good number in Taraba and bauchi,few are found in Yobe state.they number 4-5 million in the north east.

3) HAUSAS: they are number three.they are the largest group in bauchi with a good presence in yobe. a few of them are found in Yobe,taraba and adamawa and number about 2 million.

4) MUMUYE: they are principally found in Taraba state with a good presence in gombe and adamawa numbering over 1.5 million

5) BACHAMA/BWATIYE: they are found mainly in Adamawa with a good presence in taraba.they number about a million..they are also found in cameroun

Notable mentions are the Tangale,Jukuns,marghi,Kare Kare and Bolewa


Mynd44
Fergie001
Penguin2
Immaculatejoe
Mrvitalis
Saintinoo
Quotasystem
Gaabasky
Efewestern

Where did you leave the Chamba people, notably found in Adamawa, Taraba and Borno state, although you are a bit right with your list but the Fulani does not have the number, most people you call Fulani are not really Fulani, and when you talk about the NE, they are not that much like they are i n the NW.

We hardly get up to 6 hours of electricity in my area, and this power only comes at midnight. All these while, never knew we are in the so called band A. I recharged 5k only to get 31 units. What kind of thievery is this, I think it's bye to DISCO and their darkness.

CodeTemplar:
That's why I suggest assisted importation ,neither palliatives nor subsidy of food. Buy or import in bulk and resell at lowest possible profit to beat the middlemen choking end users with prices increase.

Lolz, the politicians who make the policies are the middlemen. So it a long ride bro.

ijustdey:
Hardship: Residents overpower truck driver; loot rice, beans, garri branded in Tinubu’s name in Ondo

“The police should not hesitate to fish out these thieves,” Mr Adelusi said.



https://gazettengr.com/hardship-residents-overpower-truck-driver-loot-rice-beans-garri-branded-in-tinubus-name-in-ondo/

People from the Southwest Nigeria still defend the catastrophe on social media/nairaland, then go back to loot food from trucks. It doesn't matter if it is a government truck, they will still loot it if it were a private truck.

Thank God that they so much hate us not to send those expired food to us in the East. I can't imagine someone looting food in order to survive.

Some people are really learning some political lessons.

BigDawsNet:
When will Nigerians celebrate constant light? I'm not talking bt people living in banana island oh!

You still have hopes in Nigeria?

ayindejimmy:
This FG is confused and irresponsible

Is this the period to increase gas price ?
I thought the whole process had been deregulated before .

Why controlling the price again

People like you are the problem of Nigeria, I don't mean to be harsh, and , I am not saying this from the point of hate.

But, people who still believe anything coming from Nigeria government (be it any), are the real problem of Nigeria, and would at any given chance still vote for the wrong men in the coming elections.

ThierryJay:
Lol, it works even here. You are quite right that only few Nigerians have excess liquidity. However what you should note is that those few Nigerians (politicians, high network business owners/Ceos, multinational directors & senior management, tech investors, etc) hold a significant portion of the total liquidity in the economy.

These interest rate measures will significantly impact this particular group and being a relatively financially aware segment, they tend to react rationally to the changes to maximize their value which is why Government securities are currently oversubscribed despite the apparent poverty in the land. The reaction of this group will have visible macroeconomic impact in the various markets.

Remember couple of years ago when Yahoo boys were the major drivers of sharp house rent increases due to excess cash available in their hands. Now imagine if some investment scheme was available to suck cash from them, then they wouldnt spend so lavishly and of course rental rates would be lower even though Yahoo boys only constitute a small segment of the totality of Nigerians.

The difference is that while most Yahoo boys rarely react rationally to stimulatory measures, investors and HNIs do.

Good explanation from you there, now to counter some of your points.
An economy does not depend only on few players, politicians, banks executives, big businesswoman you mentioned do not bank their money in naira and most have their money stacked i n foreign accounts.

It will surprise you that it is the change from common man in Nigeria that constitute loanable fund in banks.

Inflation in Nigeria has little to do with how much the big boys spend. Inflation in Nigeria is more of a cost push type, prices are raising because it is more expenses to produce and imported goods are increased in price because of poor exchange rate. Now, this MPR increase will also inflation because the businesses who are willing to borrow at a higher interest rate will increase price.

Godwin Emefeile increased MPR, now Cardoso two times in two months, but it has no brought down inflation, rather inflation have increased to over 32%.

Now, let's analyze the inflation problem in Nigeria. The inflation in Nigeria is not as a result of too much money in circulation, you will ask, where is the money?

The inflation problem is as a result of low production and scarcity. Using more of monetary policy will not treat this problem. That is what CBN do not understand.

FG do not want to do the right thing to arrest inflation because it will not allow them to loot the economy the way they intend. Watch how inflation will increase for the month of March and April, then you will understand that the policy will flop, just as it flopped in the month of February.

ThierryJay:
It's a double edged sword. It also means that you stand to receive a higher interest rate gain from Banks and other financial institutions when you save or invest your money with them. This encourages investment and savings which will help to mop up more money in circulation and reduce inflation.

That is the text book economics people are talking about. In US, UK and other developed countries that will work. How many Nigerians have money to save and give as loans in Nigeria?

According to Wale Edun, less than 5% Nigerians have up to #500,000 in their bank account. CBN should use our own Nigeria model to solve our problems and not some western country model.

The policy have not worked and will not work.

adeabimbola700:
Economists in the house, please what does this mean to the Nigerian Economy?

It will discourage investors from taking loans from banks, because with the increase in MPR, banks are now paying 24% interest on loan to CBN instead of 22%, remember, it was 18% two months ago.

It is a monetary policy that discourage the circulation of money in the economy, but with it negative effect of discouraging investment, is that what we need?

Imagine you approach your bank for loan of 1m naira, and your bank ask you to pay 340k interest on loan, because the MPR have been increased and by implication the bank interest rate. Sure you will not take that loan. This brings about decrease in investment, employment and GDP growth.