₦airaland Forum

Can a person steal what belongs to him?
A son of oyel land can't steal his own oyel. Leave GEJ alone and let bring back corruption.

[MODIFIED]
Na joke I dey oh.
That's what Jonathanians used in defending their heroes and the likes of dizeani during 2012 subsidy scam saga.

If they ever succeed with coal power plants, I hope coal vandals don't spring up one day.

easzypeaszy:
dey push u n u go

? ? ?

seguno2:
Do you mean the one distributed at Teslim Balogun stadium in December 2014 to secure Buhari's APC nomination?

? ? ?

FagsamPHP:
Buhari has run this country aground, the bomboclat idiotic President has no solution to this country's problem...... More people getting unemployed day by day cos of the Bomboclat called Buhari's policies

Toothpasteater.

BrutalJab:
Brethren, let's blame GEJ.

Imagine just one of those $250k bundle used for election going to Erisco foods.

The blame Buhari crew

The same set of people who joined hand to loot us constitutionally now pretending to be analysts. This man couldn't manage a govt asset, mismanaged his own asset and is trying to analyse for us.

Suicide mission for the unproductive. You tell me, If as a web developer or a farmer, I do good jobs and earn dollar, isn't the devaluation sure to favour me?
People with low paying salary job or uncompetitive businesses will feel it most.

Nobody hears the voice(s) of SLS and Soludo in times like this, instead they wait for the govt take a stance and then they come out to criticise the govt for taking the wrong path.

Good news

Africans and slave mentality. Some people who can work in cafeteria here will trek through desert and swim through sea to go do menial jobs there.

Spidermon:
Most of the people you mentioned had to get outside this country before they achieved.
Nigeria of today is designed to defeacate on your dreams.

Buhari just improved his own security's welfare because he knows he no longer has the masses support.
Nigeria na like blue film. All sorts of fhuckery.

Political reasoning.

FagsamPHP:
And the Idiot Bomboclat President is claimming to be cutting cost... Buhari is a Colossal Failure & he's 100% worst than Jonathan, Buhari is the real Clueless one

Stop eating toothpaste.

Pharmoscandy:
Mere propaganda

Palmwine joint politics.

mrvitalis:
Indomie and yale import wheat.. . Do t we have wheat here?? They are more expensive thats y

You partially right. At some point in time it will be cheap to get these raw materials locally due to high dollar rate. It will make more peopld go into wheat farming.

vectoh:
pls,i would lyk to knw more on this naira/p4dollar tin...pls,can u break t down futher with simple terms?

It is long explanation, so I will summarize sum n explain others.
In economics generally speaking countries strengthen their currency as they make profit as net exporters i.e earn more from export than they spend importing.
In Nigeria, we r net importers and thus our currency is constantly losing value and strength. This loss in currency value is being masked by the FG. The FG does this by taking excess petro-dollar ($ earned from oil sales) and offer it at a cheap rate in the forex market to mostly investors and importers.
If dollar was suppose to go for say N400/$, govts steps in and flood the market with same dollar at N165/$. This practice brings both the black market priced dollar and interbank rate down to around N165/$.
As a matter of fact our CBN sold off total of $217B to defend the Naira between 2002 and 2014 (12 years period).
This practice has created a wide gap between the real value of Dollar/Naira and the one we are used to today.
The EU in advicing us to devalue completely are telling us to take the Naira to it true value of about N1,000/$. If this is done it will make the exchange rate stable and inspire confidence in investors who want to come in to our system and do business. If we devalue, since the $ value won't flunctuate anytime soon, they are guaranteed to repartriate the profit in good value when they are ready in the nearest future.
I hope I explained it simpler this time.


[ADDITIONAL EXPLANATION]
had to add this.
The ideal situation in most nation is that as exporters of products and labour earn dollar or the relevant forex in those nations into their system, they sell it to importers who need to go out and buy things. A balanced supply off forex between earners (exporters) and spenders (importers) is suppose to create a stable exchange rate value. But here in Nigeria, we hardly produce any export-able thing of quality in significant quantity. Oil is the only thing of value we export so there aren't any alternative forex ($) earners when oil price goes down.

Booked

Jamb questions.

$17b?

Chubhie:
1 dollar to 1,000 Naira is the estimated true value.

People hardly understand this fact. The true value of the Naira to Dollar is around N1,000/$.
Someone reading might be wondering why haven't we be paying N1,000.00/$ then? The answer lies in our subtle subsidy of Dollar. The govt simple takes excess dollar earned via crude oil and sell it cheap in FX market through BDCs and commercial banks. This hides the true value of the dollar from the populace. If we should devalue completely today, then the worse is over as regard entry of investors.

.

Soreza:
GIVE IGBO MAN ECONOMY SO HE CAN DO WHAT THEY ARE NATURALLY BORN TO DO,HAUSA SAY NO NA A CATTLE REARER KNOWS THE BEST, WORST THAN RECESSION IS COMING 4 U.

He should have said this during the last admin too. I would have helped alot.

Splinz:
What the hell is wrong with you? Is the economy of Nigeria not in recession under the watchful eyes of Buhari? Is the said money not injected to bring the economy out of recession? Then what the Bleep then is "hate speech" when asking salient questions?

No tangible support.

Don't tell me you missed the bold part I highlighted.

plaetton:
I beg your pardon ?

Tell us what the falsehood is, and of course, correct me with the truth.

plaetton:
These guys are so funny.
He says that they have injected $2.4b into the economy this year, but failed to mention when this year.

And he ignorantly thinks injecting $2.4b in capita projects will get the economy out recession ?

By the way, who says Nigeria is in a recession ?
Recession is cyclical.
What we are entering is a period of depression, marked by Zero net inflows of investments, very few job creating tendencies, great pessimism, fear and structural dislocations at every level.

And when I tell that TSA implementation is the culprit, you will tell me that TSA is in the Constitution.

Well, economic realities don't give a rat's bottom about the Constitution.

Irrelevant detail have no place when summarizing economic figures. Get it.

owobokiri:
Can somebody drill it into this herdmans skull that Dangotes pocket is not the same as Nigerias economy. Or is this the Republic of Dangote? They are scamming the country silly with the sharp practices going on with the forex sells. One mans business gets over 10% of total forex sold and we are not up in arms in this country. . Everyday we hear of billions injected into the economy, yet poverty is entrenched. . Who is foolong who?

Another falsehood peddled.

Splinz:
Okay. The question is, why did you have to wait till the economy slip into recession before injecting money into it? Is it not said that "prevention is better than cure?". SMH for this kind government.

Can u backup the bold with the appropriate section of the article or it just another blind hate speech?

plaetton:
These guys are so funny.
He says that they have injected $2.4b into the economy this year, but failed to mention when this year.

And he ignorantly thinks injecting $2.4b in capita projects will get the economy out recession ?

By the way, who says Nigeria is in a recession ?
Recession is cyclical.
What we are entering is a period of depression, marked by Zero net inflows of investments, very few job creating tendencies, great pessimism, fear and structural dislocations at every level.

And when I tell that TSA implementation is the culprit, you will tell me that TSA is in the Constitution.

Well, economic realities don't give a rat's bottom about the Constitution.

Stop imagining falsehood brother. Did he say injection of $2.4b is suppose to end recession?

Good to hear

OP, in order words you want spiritual help.

Guy doesn't look like a minister at all.