₦airaland Forum

discusant:
From the tenure of Sanusi Lamido Sanusi who was appointed on quota basis, everything changed. Inflation started to prepare to develop wings. Sanusi was using his office at CBN to tell the world that Goodluck Jonathan's government should not be trusted; as he was playing politics of power must return to the north then.

Sanusi was actually a sound economist and a good CBN governor, but he initiated the politicisation of CBN and this is what got him sacked and replaced by a voodoo economist slash banker who terrorised the country for 9 long and painful years, culminating in the naira redesign debacle.

Onye Ajuju, a policy expert, has provided data which demonstrates that inflation was lower under CBN governors like Soludo and Sanusi, who were economists.

He said,

Question on Nigerian inflation:

Does it matter if the central bank gov is an economist or not?

Green colour: Economists
Other colours: Accountants/Bankers/Wizards

Data:
@tradingeco

Excluded: Sarah Alalade (short tenure)
Disclaimer: This is a hunch not a scientific claim

See the data below:

The textbook definition of Monetary Policy Rate is "the rate at which a central bank lends to commercial banks". By that definition, Nigeria's MPR under Emefiele wasn't 18.5% but 11.5%, & the current MPR isn't 18.75% but 15.75%, which is still low when inflation is 25.8%.

The idea behind using MPR to fight inflation is that when a central bank's MPR is jacked up, banks will lodge more excess funds with the CBN, leading to an automatic mopping up of excess liquidity (money).

It doesn't work in Nigeria because CBN says that they will only pay interest on N2b of excess funds per bank. That has limited the amount of excess naira that banks deposit with the CBN - i.e. the amount of naira that can be mopped up by MPR - to about N50b.

Before the limitation, in 2014, up to N705b was mopped up. So how can mopping up N50b affect inflation in 2023, when Nigerians have N21.7 Trillion naira in their bank accounts and the total money supply M2 is N64.89t?

We will need to mop up several trillions of naira from circulation to see an impact on inflation. If CBN removes the N2b limitation, this will happen and we will see the true effect of our 15.75% effective MPR.

It may need to be done in steps, so that we won't have a situation where the effect of over 1 year of interest hikes will be unleashed on the economy in a single moment. Maybe raise the cap to N50b/bank. Then N100b/bank. Then lift it completely.

So that MPR, the CBN's best anti-inflation tool, will work again. I call it "Unbreaking The MPR". Bankers call it removing the cap on the Standing Deposit Facility (SDF).

It will strengthen the naira and reduce inflation, guaranteed. I hope Dr Yemi Cardoso sees this somehow and takes action.

OMEGA009:
Still waiting for an economist to explain why we have a parallel market

Because the official market cannot serve all the people who want dollars.

wirinet:
That's the greatest tragedy to befall Nigeria since the civil war - floating the naira. The IMF and the World Bank has been edging Nigeria to float the Naira (remove all subsidies and open our ports) since the time of IBB. They achieved this through Tinubu. Once the dollar has crossed the N1000 mark, the next mark is N2000. I predict it to hit that mark within the first term of Tinubu. At the rate the naira is falling, it might make it in 2 years.

Before Tinubu the official market was practically nonexistent. Nobody could access forex. Floating isn't the problem. It's demand and supply.

adisabarber:
You pushed for floating of the Naira, it failed. Now you are saying another thing

The naira floated for just a couple of days. That was when the parallel market rate and the official market were the same. After that, they started intervening both by selling dollars at ridiculous prices and also later, by restricting the bids on the market. So it was just a devaluation in the end.

https://www.youtube.com/watch?v=It2zHSJBZns

During an interview with Arise TV, the IMF rep for Nigeria said that "a lot of the focus" on ending the free fall of the naira "should also happen on the supply of naira, not only on the supply of foreign exchange". He said that there is a need to "tighten monetary policy; to take liquidity out of the system."

He said, "there are too many nairas chasing yet too few dollars. As I have alluded before, in previous conversations.
It is very important to reduce the amount of nairas, reduce the growth rate of money supply domestically in Nigeria."

"In parallel also, fiscal policies should cease to rely on the Ways & Means."

"All the operations of the central bank that are not conducive to reigning in liquidity, phasing out financing of the fiscal deficit of the government, focusing on price stability, tightening monetary policy is going to be needed."

"It's costly - it doesn't come without a price, but it's a price worth paying."

Recall that Sanusi said the same thing and Bismarck Rewane has been calling for monetary tightening for years.

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👉 Venue: ZOOM (link: SUREHOMEONLINE
👉Meeting ID: 839 9969 2719
👉Passcode: SUREHOME
👉 Date: Sunday 24th, September 2023
👉 Time: 6:30pm (Nigerian Time)

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Bump.

oyichi:
It's so unfortunate that this forum has turned to a battleground for tribalists, to clear this mess that this once enjoyable forum has been infested with, I suggest a two months ban on anyone that insults or tend to insult any ethnic group or region in this country, sane minds what do you think?

The supermods told me that they are doing their jobs.

Perhaps drinking a lot of water will help.

Peter Obi has strongly denied accusations that Rufai Oseni supports him because he sponsored the burial of Rufai's late dad.

He said,

Ordinarily, I do not get involved in name-calling and mud-slinging. Neither do I attack people nor try to defame their personalities in the course of my political journey. I have also avoided replying to cheap, wicked or malicious blackmail publicly or privately in the same
irresponsible manner that they are thrown at me. Anyone who has followed my corporate and political life knows that I always stay on issues, with my focus on finding solutions to societal challenges and ameliorating the suffering of the people.

I do however need to clarify a few issues, especially since a third party is involved. There is a recent case where my name has been mentioned in a malicious and cheap blackmail against one of Nigeria's best Television presenters, Mr. Rufai Oseni, who has stood sternly
for what is right and has challenged me fearlessly on some occasions while speaking truth to power. I have recently been mentioned to have bribed Mr. Rufai Oseni by financially sponsoring the burial of his father.

Let me clearly state that this is a categorical lie. It is not true, cannot be true and will never be true. Everyone who understands or follows my approach to things will attest to the fact that I do not give anyone money to promote my name.
I have never and will never monetarily induce any journalist to speak or write in my favour. When I am invited to birthday celebrations or funerals, people know that I do attend. Countless journalists, media personnel, the less privileged, the wealthy etc., have all invited me to their occasions, and they will attest to the fact that I honour such invitations, especially when people are grieving. I have never been to Rufai's village. Even at the point of writing this, I do not know where he is from.

One then wonders why people could decide to tarnish other people's image for no justifiable reason. To those involved in such evil endeavours, I wish them well and pray that God will have mercy on them.

I still maintain that our focus in Nigeria should be on rescuing our dear Nation from the many challenges plaguing it. We should focus more on lifting people out of poverty. Millions of Nigerians do not know where their next meal will come from.

We have millions of unemployed youths in their productive age with very little production going on in Nigeria to create jobs. Finding solutions to these challenges should command our attention, for the progress of our dear nation Nigeria - and that is what I remain committed to. A New Inclusive and Sustainable Nigeria is POssible! -PO

Source: Peter Obi

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👉 Venue: ZOOM (link: SUREHOMEONLINE)
👉Meeting ID: 839 9969 2719
👉Passcode: SUREHOME
👉 Date: Sunday 27th, August 2023
👉 Time: 6:30pm (Nigerian Time)

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Please stay on the topic to avoid getting banned.

Redenomination is a license to print more money. If $ goes from N1000 to N1500, people will scream. If it goes from N1 to N1.5, people may scream less, though it's EXACTLY the same thing, allowing you to continue to debase your currency. SACK the "experts" who suggested this 💩.

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👉 Venue: Facebook https://web.facebook.com/samson.osewa/
👉 Venue: ZOOM (link: /SUREHOMEONLINE)
👉 Meeting ID: 839 9969 2719
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👉 Date: Sunday 30th, July 2023
👉 Time: 6:30pm (Nigerian Time)

Kindly help share with Friends & Families. Trust us it will worth the Tim invested.

It is basic economics, my brother.

Dear Nairalanders,

I regret to inform you that the Central Bank of Nigeria printed an alarming quantity of money electronically in June 2023 (source).

They increased the supply of narrow money aka M1 - which includes cash and money in bank accounts that can be spent immediately, from ₦22.47 trillion to ₦24.49 trillion, which means they printed ₦2.03 trillion, increasing the narrow money supply by a whopping 9.03% in one month - June. 🙆‍♂️

They increased the supply of broad money M3, which includes all money in the country, from ₦55.8 trillion to ₦64.9 trillion, which means they printed ₦9.1 trillion naira, increasing broad money supply by 16.31%, in one month. In other words, what they printed in June is 16.31% of all the money that the CBN had printed since independence. 🙆‍♂️

What does this mean? According to the CBN itself, "there is excess money supply when the amount of money in circulation is higher than the level of total output of the economy. When money supply exceeds the level the economy can efficiently absorb, it dislodges the stability of the price system, leading to inflation or higher prices of goods."

It also impacts the exchange rate; when more of a currency is printed, each unit of the currency becomes less valuable. A source I spoke to said that he suspects that the government has borrowed more money from the CBN. Trillions of naira. Inflation is 📈, naira is 📉.

It's been a pleasure serving all of you since 2005!

jmoore:
How many liters of petrol could have done same job for 20 hours?

Who know?

I stopped because I felt they had started manipulating it again.

https://www.youtube.com/watch?v=o5zD_kq3AjE

Following the receipt of credible intelligence, a Private Security Contractor engaged by NNPC Ltd., Messrs. Tantita Security Services, intercepted a suspicious Vessel with a Cargo of Crude oil on board on July 7, 2023.

The Vessel, MT TURA II (IMO number: 6620462), owned by a Nigerian Registered Company, HOLAB MARITIME SERVICES LIMITED with Registration Number RC813311, was heading to Cameroun with the Cargo on board when it was apprehended at an offshore location (Latitude: 5.8197194477543235°, Longitude: 4.789002723991871°), with the Captain and Crew members on board.

Preliminary investigations revealed that the crude oil cargo onboard was illegally sourced from a well jacket offshore Ondo State, Nigeria. There was no valid documentation for the Vessel or the Crude Oil Cargo onboard at the time of the arrest.

Further investigation into the activities of the vessel at the NNPC Ltd. Command and Control Centre also revealed that the Vessel has been operating in stealth mode for the last twelve (12) years. The last reported location of the Vessel was Tin Can Port in July 2011.

Details of this arrest and the outcomes of the investigations were escalated to the appropriate Government authorities, upon which it was concluded to destroy the Vessel to serve as a strong warning and deterrent to all those participating in such illegal activities to cease and desist.

Destroying vessels involved in transporting stolen crude oil is of paramount importance as a strong deterrent. The illegal trade of stolen crude oil not only inflicts significant economic losses on Nigeria and legitimate stakeholders in the oil industry, but also perpetuates a cycle of corruption, environmental devastation, and social instability.

NNPC Ltd. assures Nigerians that we will sustain the momentum in the war against crude oil theft until it is brought to a halt.

Garba Deen Muhammad
Chief Corporate Communications Officer
NNPC Ltd.
Abuja

10.07.23

PRESS STATEMENT

PRIVATE SECURITY CONTRACTORS INTERCEPT 800,000 LITRE CAPACITY VESSEL WITH STOLEN CRUDE OIL

Following the receipt of credible intelligence, a Private Security Contractor engaged by NNPC Ltd., Messrs. Tantita Security Services, intercepted a suspicious Vessel with… pic.twitter.com/eWGD7XY0au

— NNPC Limited (@nnpclimited) July 10, 2023

I'm so sorry that she lost her job if what she said is true.

I want to thank everyone who responded to this thread. I benefitted from your responses. Shadow died at night on the 6th of June.

During the night of the day I wrote this thread (Friday 2nd), the dog summoned the will power to get up and relieve himself. But that was the last time he ever walked. He had developed the most massive testicle infection that you could imagine. His legs were kind of dried up and limp. The hind legs were kind of black. Vet suggested atrophy but with the orchitis I figured it was some sort of infection. But his core was still strong

On Sunday 4th, he started making efforts to get up to relieve himself. Heartbreaking efforts. I could only clean him after he pissed/shit on himself. He was so weak that he couldn't bark but he made the most heartbreaking sounds. I broke. I asked my vet if he had an assistant who could help me take the dog to a clinic. He said no, that I should get a taxi. A dog that was messy. I did my ugly crying. 2nd time over a dog.

I resolved I'll just continue to take care of him with what I knew. He had stopped eating chicken so on Monday I just force fed him custard and gave him the same medications. Changed from vet-prescribed amoxicillin which clearly wasn't working. (Btw amoxicillin is trash.)

But by Monday the 5th, he started aggressively resisting my efforts to feed & pill him. He clenched his teeth so tight. I figured I would respect his decision. If he was going to die, I didn't need to make his last moments a struggle. I would give him peace. I started researching how I could take him out myself without causing any pain. I also wasn't going to let him go out struggling and fighting the vet and me the way Sloane went out.

So on Wednesday the 6th all I did was clean him up. There was food/water but he didn't eat/drink and I didn't force him. I noticed he started shivering & had some nasal discharge. I guessed that the infection was spreading. All I could do was pet him and apologize. I was already in bed that night when he started to breath heavily, then stopped. Then I heard farting sounds. When I woke up the next morning, he was gone.

If I ever have a dog again, it would be a tiny Papillon dog, and I will form a relationship with a vet clinic which has the capacity to conduct tests and base their treatments on the results of those tests. I'll also ensure he gets vaccinated for parvo & distemper and everything else. There's a part of me that allowed him to go because he was too big to handle alone and aggressive to my helper. He still bit him on Saturday the 3rd. 😆

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Join us in this month seminar as we explore The Man, The Husband, The Father & What the Woman can do.

See details of the event below:

👉 Venue: ZOOM (link: SUREHOMEONLINE)
👉 Meeting ID: 839 9969 2719
👉 Passcode: SUREHOME
👉 Date: Sunday 25th, June 2023
👉 Time: 6:30pm (Nigerian Time)

Kindly help share with Friends & Families.

HNICEARTH:
Dey play!
Tinubunomics let the naira breeef

Disturbing.

HNICEARTH:
Dey play!
Tinubunomics let the naira breeef

Hmmm... I need access to that window.

Pease be informed that the naira has officially dropped from ₦756.61 to ₦763.17 during the last 24 hours. The Investors and Exporters FX window, which is the official market for trading the naira, and currently allows free floating of the naira, closed at ₦763.17/$ this evening. You can check it here: https://fmdqgroup.com/exchange/

See the figures for yesterday below:

Seun:
Pls be informed that the naira has appreciated from ₦770.38/$ to ₦756.61/$ during the last 24 hours. The Investors and Exporters FX window, which is the official market for trading the naira, and currently allows free floating of the naira, closed at ₦756.61/$ this evening. You can check it here: https://fmdqgroup.com/exchange/

mediclife1987:
Even abokis would no longer be able to get it at the bank rate they previously got it before sef.

This makes me really wonder how they'll make their profit as bureau de change

Spread. The buying price is usually different from the selling price, and the difference is their profit. So they can buy at 760, sell at 762.

According to Wilson Erumebor, a senior economist at NESG, "the kind of diversification that Nigeria needs is one that increases the actual value of both the oil and the non-oil sectors, but where that of the non-oil sector rises rapidly & faster than that of the oil sector"

In an article titled "Economic Diversification In Nigeria. Why Context Matters" he wrote:

"Many Nigerians have been sold a narrative that the economy is where it is today because of crude oil. Some economists and analysts have argued in support of the resource curse hypothesis. But the fact is this – the problem with the Nigerian economy is not the commodity, because there are countries, whose realities, negate the resource curse argument. The UAE’s creation of Dubai as a major tourism and trade hub is just one example of how oil revenues can spur development in the non-oil sector, provided there is sound economic and institutional management."

"Particularly for Nigeria, we have (1) failed to significantly grow crude oil revenues even when oil prices are high (2) failed to save for the rainy day and (3) failed to use available crude oil revenue to develop critical areas of the economy, as some oil producing countries did or are doing. At the moment, Nigeria is failing to get enough revenue from oil and gas. Crude oil is no longer as important as it used to be for Nigeria and Nigeria keeps losing its relevance in the global oil market. This is not something that we should celebrate, especially because our non-oil sector is not growing fast enough to cover the budget and trade shortfalls, due to a large informal sector and lower productivity, occasioned by a challenging business environment."

https://www.wilsonrume.com/2023/02/16/economic-diversification-in-nigeria-why-context-matters/

So we need to first maximize our oil (& gas) production & then reinvest the revenue from that into other sectors of the economy that can grow quickly & generate high returns. Yes, we all want non-oil revenues to grow, but oil (& gas) revenues must also continue to grow.

chatinent:
"Appreciated from ₦770.38/$ to ₦756.61/$"

🙄

All these virtual card services don't adhere to this.🤦

You can call customer support and show them the link