₦airaland Forum

These are the people making naira depreciate. Return your loots and let's have money in the system.

Once i saw that the first paragraph contained falsehood i simply stopped reading further. Buhari is not your problem OP.
Dollar is like that because lazy folks like you refuse to work and earn enough dollar into the economy. If you become prnductive OP and state exporting let's say, honey, yam or cocoa (yam) to earn dollar it will make it available for those who like to import toothpick, rubber band, and slippers from china have enough dollar to buy and force its price down thereby making the Naira to appreciate.

Ha ha ha! They will rather use salary payment and projects as excuse to borrow in order to have a better looting margin in state finance. The docile masses are begining to think revolution in their closets but too divided to come out fighting. 50 yrs repayment plan is for the unborn generation and some are happy to collect 500MB data for their grand children future.
I suggest we go down to 18 states and save trillion cos it make no sense for lagos house of rep to be debating and making policy same as what Ogun is also doing. Zamfara and Neighbors farm same sugar cane so what are they discusing separately?

malele:
U choose somebody that says 6 + 16 is 22?
Chai

Yes i did based the options available. A mistaken person over a fraudulent person anyday.

I chose her over the one who was told 100 - 50 = 100 and she kept quite. In order words N50 stolen out of N100 gives us N100 because stealing isn't corruption.

I chose her over the one who was told 100 - 50 = 100 and she kept quite. In order words N50 stolen out of N100 gives us N100 because stealing isn't corruption.

lepacious:
Nurdin Temitayo Busari
ECO 101.
10 things to understand before you react to the present economic imbroglio.

8. During the last dispensation, especially during the campaigns, a large amount of dollar came into circulation and are still in circulation. Naira will continue to be worthless if those dollars are allowed to come back into the economy without adequate monitoring and appropriate channeling
9. Nigerian banks benefited from free access to money in the last dispensation. In fact, governments (federal and states) are the most valued customers of banks. Now with TSA and blockage of free money, banks need to sustain their capital base through Forex. Government needs to strengthen Naira by controlling forex then there is a problem. That's why you will receive dollar from the bank at N199 official rate but pay it out via the same bank at N385 or more black market rate
9. Nigerians outside the country or all who transact with dollars via Nigerian banks actually think the problem is from the government. The banks are Hawks.
10. The only way to stop free Naira fall and strengthen our currency is to drastically minimize our dollar spending, reduce our dependency on importation/foreign products and take away the economy from being oil dependent. There is no magic button to be pressed by the government.

TonyeBarcanista come and learn economics behind Naira devaluation. No useless analysis, straight to the point. This baby food for wailers who think Buhari is their P.

LRNZH:
Tonyebarcanista.... Come and learn something and stop blaming Buhari or Emefiele for the current Dollar scarcity and Naira fall.

You hit the nail right.

TonyeBarcanista:
Were you in Afghanistan when this was happening?

www.dailypost.ng/2015/08/02/nigerians-banks-reject-dollar-deposits/

did u even read the article at all? The third paragragh from the end clearly states that it was a temporary measure. Same greedy bankers who cried out while rejoice at the policy to help them stimulate reduction Naira they are now secretly accepting dollars at N198.5 and selling at N370+. Try paying some Dollar out of your dollar linked account and try paying dollar into it and observe the reaction. I am talking reality here not some political tone sounded by some greedy bankers

TonyeBarcanista:
What is responsible for scarcity of the dollar? Where you in Limbo when the CBN implemented policy that made people to do away with the dollar simply because they want to stop dollar circulation? Where do you think all those dollars went to? Can you relate my prediction on August 4, 2015 with the present comatose of the naira that is largely caused by dollar scarcity? www.bloomberg.com/news/articles/2016-02-18/naira-hits-new-low-on-black-market-as-dollar-scarcity-worsens

Barcanista isn't ready to see things differently. Oil has everything to do with Naira value loss. CBN did not try to totally prevent circulation of $ it simply stop augmenting dollar value for importers. Any body who has dollar and wants Naira should simply approch any of the many importers and do business with them. Buhari/Emefiele approach is very OK.

Good idea but the tarrif will sure be increased either now or later. Fashola should think outta da box.

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The way forward
We should start doing everything thats reduces importation and strive to increase exportation plus be self sufficient.
Explanation: whenever we import an item, we transfer part of our wealth in dollar form to the foreigner who produced, and supplied the raw materials thereby reducing the net value of our economy. This is reflected in a reduced or depreciated Naira.
If we produce to be self-sufficient and stop importing or even beat that mark and go on to export, we find out people start having dollar in excess as a result of exportation earnings and as a result of this, they will be willing to sell it at rate close to FG's CBN N198.50. The reason Naira is exchanging to dollar at N400+ is because we are shrinking its value by transfering our wealth to foreign land when we buy foreign goods.
Solution
We should start producing and exporting items whose value can negate the net value of what we lose in importation process. Dangote, Adenuga, Unilever and big industries around are the reason we are still getting Dollar at N400+ today, it could have been N700 and the anger directed at FG and Buhari will not be justified still.

Double

Productivity is our answer. Faith can procure wisdom to help boost productivity. Our focal point should be PRODUCTIVITY.

Emekamex:
If I were president, this is what I will be doing now;

(1) INDEPENDENCE OF STATES ON FG
-Each state should set up large hectares of lands for agriculture. Each should cultivate crops adaptable to their climate and weather eg cocoa to the west, onions and groundnut to the north, cassava and palm kernel to the east etc.
-By setting up huge farms, the problem of unemployment to an extent will be reduced by employing jobless youths.
-Each state should also set up a unique industry capable of transforming resources within them into wealth eg kaduna state could set up textile industries that can use cultivated cotton found within its reach and transforming to marketable finished products.
-States should also go into mining the vast mineral resources abandoned by previous governments and converting them to incomes for the states.

(2) MORE INVESTMENT INTO RENEWABLE ENERGY
-More investments should be made in renewable energy by building more dams. The Kainji dam has been a consistent supplier of about 800MW of power on a daily basis. If more dams of the same or greater power capacity can be constructed in areas near the ocean or water like Lagos, Bayelsa, Rivers etc, the power sector will improve dramatically. The advantages of dams to gas plants in use nowadys is its consistency and reliability. Gas plants rely heavily on gas supply from pipelines, which over the years have been consistently vandalized. If funds used by previous administrations to set up these disappointing gas plants were invested in more dams, the power situation would have been more positive.

(3) MAKE GOVT POSITIONS LESS ATTRACTIVE
-The constitution should be amended in a way that government officials don't have a direct access to state treasury. By doing this, people going into politics to get rich will be greatly discouraged.
-The salaries and entitlements of legislators should be drastically reduced in line with the minimum wages of nigerians. At present their salaries are 275 times higher than the minimum wage.

(4) INVESTMENTS IN REFINERIES
More refineries should be setup, if possible each state having at least one. This will reduce the power of the cabals and oil marketers who have over the years caused nigerians unbearable hardships.

Wisdom in simple terms. Your head dey there bros.

otitokoroleti:
@sibrah, banks sell dollar at the rate of 350-370/$1 to importer but buys at 198/$1 from exporter, how do we define that? if you were charge at the rate of 350-370/$1 I think buying it back at 340/$1 is a fair deal. my brother, 199/$1 is a scam. CBN & commercial banks are the greatest scam of the century, they sold dollars at black market rates bt buys at 'buhari official rate'. forget all the fake stories circulating around.

anyone you see selling to banks at rate pls direct to me i can offer him more. Thanks.

TonyeBarcanista:
Read the second post on this thread. The CBN's policy as at then was counterproductive. No nation can manage dollar saturation by creating artificial surplus. This is the reason we are in this mess. Egypt employed sane path and today they are enjoying it. The short-cut of Buhari cost us the Naira.

I have read ur 2nd post already. I modified my 2nd post. Read it again.

TonyeBarcanista:
1. Shagari lost power through coup and even won re-election. It has nothing to do with oil slump.
2. IBB lost power through demand for democracy. In fact, after devaluating the Naira through SAP, he squandered whatever came of it. It has nothing to do with oil slump.
3. GEJ lost power because people were fed up with his handling of the economy. However, his government Deliberately devaluated Naira from 155 to 167 in 2014, and later to 199 in early 2015. However, the Open market rate didn't exceed 230/$. It has nothing to do with oil slump.
For the record, oil price crashed in 2008 December and 2009 February to $30pb without killing the Naira.
This astronomic fall has nothing to do with dollar...

You are missing it. The picture you paint is that of dollars with no where to spend it, but people are ever ready to buy dollar and go shop with it in Dubai and China, if there was saturation of dollar it would av led to it low exchange value and not what we have today.
What is happening now is that Nigerian now supply dollars to fellow Nigerians for importation and they are giving out high rate because enough dollar isn't in the system. If Nigerians were to be productive and av large dollar deposits from the earnings from in the intl' market, dollar price wouldn't be so high. We are simply net loser of wealth because we pay a foreigner for manufacture, raw materials and producers profit whenever we import any item. Buhari has simply disconnected the dollar reserve acct. from our unending foreign goods cravings. I support him 100%. If the Aba shoe, honey farmers, cocoa farmers, steel makers etc were to earn more than enough dollars into their dollar account and sell it to the importers of rice, flours, dstv, students, the would have been a overall reduction because of excess dollar supply.

Buhari is on the right track as regards devaluation. No devaluation is needed. Let the dollar account of all exporter fund the import needs of importers. What we have had is a case of govt giving out dollars from oil sales to importers who add no value to the system but help promote capital and employement flight. Nigerians have been net consumers for too long, if you are truely productive and reasonably competitive, sell your products and services to the dollar market and buy what you need with the dollar earned, not you going to govt for dollars. Buhari can't subsidize every toothpick, mascara, toothpaste, noodle, DSTV subscription with non-existent Dollar that isn't his fault. Importation of those things means a foreigner is employed for its production and the wealth generated in Nigeria has been transferred to the foreigners hand for the forseeable future. For even offering to give hard earned Dollar out at a low rate to importers of certain items is a plus

Dude is just trying to whip up sentiment against Buhari admin.
Buhari is on the right track here. No devaluation is needed. Let the dollar account of all exporter fund the import needs of importers. What we have had is a case of govt giving out dollars from oil sales to importers who add no value to the system but help promote capital and employement flight. Nigerians have been net consumers for too long, if you are truely productive and reasonably competitive, sell your products and services to the dollar market and buy what you need with the dollar earned, not you going to govt for dollars. Buhari can't subsidize every toothpick, mascara, toothpaste, noodle, DSTV subscription with non-existent Dollar that isn't his fault. Importation of those things means a foreigner is employed for its production and the wealth generated in Nigeria has been transferred to the foreigners hand for the forseeable future. For even offering to give hard earned Dollar out at a low rate to importers of certain items is a plus

mnairaland:
I don't believe this.

I am mobile(opera mini s40) if not i would av searched it out for you. He claims to reside in PH and sampled over 400 sites he has on his portfolio.

There is 2,500 per site guy in webmaster section Nairaland.

Though true, it looks like a copied and pasted work.

dukie25:
Obasanjo recently said he wanted NOI to be Buhari's deputy. If you Ieave tribe outta it, you'd realise Kemi is poor man's Iweala.

Wealth management is scientific and therefore answers to principle, not personality. I chose the principled, morally upright one, Kemi, who is honest, human(prone to mistakes). Imagine the other one, NOI, managing a rich man's (Nigerias) wealth the way she did for another two years.

HiddenShadow:
Define True federalism and ask yourself if the oil producing states have control over their oil.
What of solid minerals states? Show me in the constitution where they are backed by the law to retain a reasonable amount of their wealth.

Your ignorance is Legendary. The law applies to all and therefore discriminates against none.

HiddenShadow:
Yorubas and lies are birds of the same feather Which True Federalism is in existence. Do you know what True Federalism means.?

Your ignorance is legendary.

anonimi:
Please define the characteristics and parametres of the AVERAGE Nigeria with reference to a cinema,
Thanks.




www.nairaland.com/attachments/3043814_facebook20151105005801_jpeg1027baba4e35e791f3661e85d47d5487

You mean the average Nigerians can afford N800 popcorn? Your reasoning ehn . . . Na waa

HiddenShadow:
Though I believe Buhari is a failure, I agree with his refusal to devalue if only he takes the bull by the horn by enshrining true federalism
With true federalism, Nigeria will export diverse products which will increase the inflow of dollars

There is already true federalism in existence, though partially. Osun state and Abia state for example have all the proceeds of state owned business accruing to them.

HiddenShadow:
Everyone knows that SW people are socialists minded. That's why you guys can't do without government.
That 2x2 shops when properly managed, becomes that industry that employs your socialists people eg Erico Tomatoes paste industry owned by an Igboman in NoMansLand.
Since the beginning of this mess created by Buhari, mention one Yoruba industrialist that have being approached

Tomato is a soft target begging to be processed. What about electronics, machines, housing, petroleum, rice, flour, clothing(shelter) etc you guys love to go buy finished article of in foreign land? Stop being stubborn and grow in knowledge and understanding of your real situation.
The dollar account of all exporters is suppose to fund the import needs of importers. What we have had is a case of govt giving out dollars from oil sales to importers(largely SEners) who add no value to the system but help promote capital and employement flight. Nigerians have been net consumers for too long, if you are truely productive and reasonably competitive, sell your products and services to the dollar market and buy what you need with the dollar earned, not you going to govt for dollars. Buhari can't subsidize every toothpick, mascara, toothpaste, noodle, DSTV subscription with non-existent Dollar that isn't his fault. Importation of those things means a foreigner is employed for its production and the wealth generated in Nigeria has been transferred to the foreigners hand for the forseeable future. For even offering to give hard earned Dollar out at a low rate to importers of certain items is a plus from govt.