₦airaland Forum

DahtzFestjayz:
8 and 9

Olodo

Typical Nigerian. Big mouth, but what is he going to do about all the corruption.?!?!?! Bloody id*ot won't even protest if given the chance, just go and pray to his non-existent god.

We have been complaining about these politicians since Fela in the 70's, but Nigerians do not deserve anything better. We and our generations will suffer under the yoke of corruption. Iceland pushed out their PM with one small protest, our people will go and pray in church and enrich their pastor.

Our country is damned and our people have no substance. Those who can get out should GET THE F*K OUT while they still can.

mazzi:
Our wailing wailers ministry is booming more than expected!


Please everybody should contribute their widow's mit for the construction of our wailing wailers permanent site.thank you.

Lmfao

You people panicking... Baba's body language will correct

Guys, no vex. I realize I am being rude and we should just be exchanging ideas here.

@iboboyswag and @Truth234, I apologise. This is just a frustrating issue to be honest, but always good to hear different opinions on how best to resolve the situation.

iboboyswag:
My friend like you said, everybody you know and not all investors in Nigeria.

As to if the economic challenge is global, you are actually contradicting yourself here because in your previous posts you have referred to the devaluation embarked upon by Russia, the closing of trade by China not to talk of the South African challenge etc.

I will still reinstate that the Nigerian Challenge is Unique because of our mono economy(which is the actually reason we are faced with this dilemma) and thus must be tackled as such... We must not conform to popular dictates as we seek out means to sorting the challenge.

And Angola do not also have a "Mono" economy? Oil makes up 80% of their budget so they are facing the same situation but chose to devalue. what is the contradiction?!

There are global economic challenges but we faring much worse than other countries due to inept policies from Emefiele, that is all I am saying. What is the contradiction?!

Here is another article showing that "not just the people I know" are also pulling out billions from the economy:

http://www.bloomberg.com/news/articles/2015-11-30/nigeria-s-stocks-fall-to-three-year-low-as-foreigners-exit

I do not mean to be rude, but everything I am saying is backed up by articles... you are just making baseless suppositions. Do you have a single article or precedent to prove that the current course CBN is taking will work?

iboboyswag:
I have been looking forward to a sane comment and I have found it..... In yours. The hoard of people screaming for devaluation do not know that inspite of our present economic situation, we are far better off than a whole lot of this great economies..... America increased interest rate the Rand caught severe cold as well as currencies of countries in the BRICK. The present economic challenge is global but we must handle it locally, appreciating the uniqueness of our own challenge and proffering tailor made solutions to it..... And to the best of my understanding, that is what the CBN and the Ministry of Finance is trying to do.

We will only appreciate the effort if we look at all the policies from its inception as a whole and not piece them individually.

Everybody I know right now is pulling their naira away from Nigerian banks, converting it to GBP or USD. This includes some companies who have removed up to N75 million in the past two weeks...

Investors lost confidence last year and everyone is losing confidence now. We are not doing better than anybody at all. I live and work in other economies and cannot qualify your statement at all. The present economic challenge IS NOT GLOBAL and our situation is not UNIQUE, we are just reacting to it with greater ineptitude.

Truth234:
And is their economy better than ours at the moment, see Nigeria have one of the best economy currently. All the countries you mentioned are struggling without options, that was why they devalued. South Africa currency, Rand declined 9% today even though its not fixed like Naira, the economy is the most affected among emerging economies. IMF should go and do something about those first, at least their currency is not fixed, how come they are suffering the most?.

Russia didn't devalue, after Angola devalued, Kwanza has slide 40%. Since China yield to pressure August last year and devalued Yuan, it has devalue 5 times after, causing global equity to lose around $4 trillion. The same people that pressured China are the one complaining China policy is responsible for global economic rout. You know what they are doing now? Withdrawing and leaving China to her fate.

Chinese government have stopped trading twice this new year to stop people from withdrawing because of the damage it is causing to the entire economy. It is simply wrong to measure the strength of an economy against the most appreciated currency in the world for the past 12 months. Naira is not the best but trust me we are far from the worst.

"Russia didn't devalue"... Read this article please. My fiance is Russian, I was in Moscow three times last year so I know what I am saying. Not just trying to score cheap points. Russia DID devalue! They devalued three times in fact.

http://www.telegraph.co.uk/finance/currency/11820755/Russian-rouble-hits-new-low-as-oil-prices-plunge-further.html

The best economy currently?!??! @Truth234... are you OBanikoro by any chance? We have one of the worst performing economies on the planet. Here is ANOTHER article to prove it:

http://www.bloomberg.com/news/articles/2015-11-26/buhari-bounce-becomes-bust-as-nigeria-policies-annoy-investors

I didn't mean to insult people in my original post, but 75% of what you are saying here is incorrect, and a simple google search will show that. How your post has got 5 likes is beyond me...

Can't believe how ignorant people are... how is this a good policy?!?!?

How many of you imbeciles have ever received dollars at the official rate? Virtually all of us purchase forex first/second hand via these BDCs. Restricting sales to the BDCs WILL INCREASE PRESSURE ON THE NAIRA. Are you all blind to see what Emefieleconomics is doing to this country?

Devaluation is the only option in this instance and the rest of the world is amazed at the silly and ineffective policies CBN seem to conjure. Don't let anyone fool you, WE HAVE TO DEVALUE THE F***KING NAIRA. Russia, Venezuela, Angola, and most other oil producing nations have done the same, we have a reasonable precedent, what are we waiting for?!?!?!?!

This is at least the 20th policy Emefiele is introducing and none of the predecessors have halted the falling value of the naira. I am moving my money out en masse, any one else with two brain cells between his/her ears will do the same!

If na Sagem person de carry...

FTC

Baba God, thank you for providing this opportunity for me to be FTC.

This is BS!!! Vanguard Nigeria are well known propagandists!

There is no good news here, the Stock Market has not recovered from the lost value. just needs to go!

Xtians are st***pid sheep sha. Not one credible response. smh

Make unaa follow ur shepherd

Ok, here is a scenario.

An investor with $$$ invested in Nigeria when it was N265:£1. Due to significant economic uncertainty, the said investor is so uncomfortable with the situation that he has to convert back at today's rate which is N361:£1 to get his money out, cutting his losses in the process. So someone to chooses to lose ~40% in FX losses, he must have absolutely no hope in a recovery. Therefore, these are not "economic hitmen", these are disillusioned investors who see ABSOLUTELY not hope in a recovery.

Secondly, can you name ONE asset in Nigeria that can be easily monetized AND converted easily back into dollars

InvertedHammer:
/
I stand to be corrected.

Let the wailers name one country outside the G7 countries that has benefited long-term from the Bond market.

Bond is a camouflaged bondage

In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. It is a debt security, under which the issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the maturity date.[1] Interest is usually payable at fixed intervals (semiannual, annual, sometimes monthly). Very often the bond is negotiable, i.e. the ownership of the instrument can be transferred in the secondary market. This means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the second market.[2]


Some people talked about investors pulling out N311bn from the Nigerian economy. How? Because the investors in Nigeria are mostly in areas they can bump and dump, not in infrastructures or capital development. They are invested in assets that can easily be monetized, call it paper money if you want--economic hitmen, they are. They are not investors but vultures looking for countries to devour.

\

ibedun:
Investors! Investors!!! Investors!!!

Oga please who are these your investors? Can you identify 1 investor who is stalling waiting for government policy?

Are you by any chance referring to the friends and associate of Madam puff puff cheeks who has messed up the lives of unborn Nigerians.

"I" am an investor stalling and waiting for government policy. I have also pulled out a significant amount of money from my bank over the past two months, and moved it back here to the UK (cutting my losses on the FX loss). I know two other "investors" who have done the SAME THING. We are all divesting from Nigeria until the liquidity is restored and legitimate business people are allowed to trade freely in whichever currency they see fit.

@Passingshot

I don't know what to say. I have been reading NL for the past decade but never in all my years have I read anything so abysmally ignorant. I almost feel like crying reading such swill.

"...The loss is not Nigeria’s loss but investors. When investors have gained in the past, was the gain given or shared with the country?..."

Are you soft in the head? By this statement alone, I have concluded that you are a bufffffoon at best and at worst, an economic saboteur. Investors pull out N311bn from the economy and you don't see anything wrong with this?

Y didn't your folks use a condom...