Politics › Re: Wike Appoints Graham-Douglas As Special Assistant On Traffic Lights by Standing5(m): 3:25am On Sep 26, 2016 |
Assistant on Traffic Light of all post. |
Politics › Re: Enough Is Enough!!! by Standing5(m): 11:02pm On Sep 25, 2016 |
worldmoney: Noted Stop saying money will be shared. What baffles me is how they are so sure of getting buyers. |
Politics › Re: 22 Boko Haram Members Killed Today By Troops In Logomani by Standing5(m): 10:13pm On Sep 25, 2016 |
Welldone |
Politics › Re: Subsidy Removal,sale Of National Assets by Standing5(m): 9:30pm On Sep 25, 2016 |
Hiploko: shhhhh and go to bed. We have trusted you and allowed you remove subsidy. What have we gotten in return? Where is the money sef ? Same politics ynu played and lost 2015 woefully. Keep it up. |
Politics › Re: Subsidy Removal,sale Of National Assets by Standing5(m): 9:10pm On Sep 25, 2016 |
Wailing is 99.9999% emotion driven. Record shows that PDP between 2002 and 2014 expended $217B in defending the Naira. How do you trust a people that can't impact live positively with that extra amount to utilize subsidy savings? Wailer are just emotional about power play and nothing more. |
Politics › Re: Abdicate The Throne And Go Into Politics, Senator Owie Tells Sanusi by Standing5(m): 6:22pm On Sep 25, 2016 |
Paperwhite: This man have been a political critic right from time so you can't shut him up.Sanusi & Shehu Sani are two highly cerebral northerners who will never chose to be sycophants of AGIP.Other northerners should emulate them.The "Sai Baba" is always right zombies are already at work.SMH! are you real bros? Stop being blinded by outlook. SLS is always advicing when things, according to him, have gond wrong. Why advice after the 'damage'? Is that how he was governing CBN as governor? |
Politics › Re: Abdicate The Throne And Go Into Politics, Senator Owie Tells Sanusi by Standing5(m): 6:15pm On Sep 25, 2016 |
bejeiodus: Well...he owns the right to air his opinions on national issues whenever he deems it fit. Sanusi is analytical, he doesn't jump on the bandwagon just to be heard. Are you for real? He is analytical when he things have, according to him, gone wrong. That's not analysis but low form of politics. |
Politics › Re: Abdicate The Throne And Go Into Politics, Senator Owie Tells Sanusi by Standing5(m): 5:48pm On Sep 25, 2016 |
bejeiodus: Emir Sanusi still has the right to air his views regardless of his position in the society. Before he became an Emir, Sanusi was known as a man who does not mince his words. He obviously has not changed. He has a knack for watching things he claims to understand go 'wrong' before giving his opinion. What kind of freedom is that if not a political manoeuvre? |
Politics › Re: Abdicate The Throne And Go Into Politics, Senator Owie Tells Sanusi by Standing5(m): 5:35pm On Sep 25, 2016 |
Boleyndynasty2:
allow Sanusi to talk oh, he still has his freedom of speech and as a Nigerian his free to say his mind when he believes things ain't done the right way. You can't shut him up cause you don't like what he says If SLS truly understands the economy and has the key to our problems why does he wait for govt to make policies before advicing. Here is a man under whose watch as CBN govt BDCs grew astronomically. Nigeria spent $217B defending the Naira between 2012 and 2014. Why didn't he raise alarm? |
Politics › Re: Abdicate The Throne And Go Into Politics, Senator Owie Tells Sanusi by Standing5(m): 5:26pm On Sep 25, 2016*. Modified: 7:19pm On Sep 25, 2016 |
I am with owie on this. Sanusi should go into politics instead of his carefully timed public speeches. As an ex-CBN governor he is a statesman and has access to the presidency. How come People like SLS and Soludo who claim to know the way out of our economic woes never take a stance when needed but wait until the govt makes move then they criticize from their comfort? It is obvious these men are being political. |
Politics › Re: UK Anti-corruption Police In Nigeria To Interrogate Oil Dealers On Diezani Loot by Standing5(m): 12:55pm On Sep 25, 2016 |
Intl witch-hunting. Dullardino burukutu sipping man and his party . |
Politics › Re: Princess Eliana Godswill-Edward's Birthday Party (Photos) by Standing5(m): 12:44pm On Sep 25, 2016 |
erico2k2: Howmuch everything you see o n the Pic cost?? How much is $25m to you? |
Politics › Re: Princess Eliana Godswill-Edward's Birthday Party (Photos) by Standing5(m): 11:27am On Sep 25, 2016 |
Geniro: Your hatred will kill you. I have seen ordinary Nigerians throw massive parties to celebrate their children and here you are frothing in the mouth.
That is the former President grandchild for God sake. Poverty na bastard i swear.  ordinary Nigerians with $30m unexplained in accounts abi. |
Politics › Re: I Can’t Complain Of The Mess I Inherited—buhari by Standing5(m): 3:47am On Sep 25, 2016 |
We understand sir. |
Business › Re: The CBN Has Sold $217.2billion Between 2002 and 2014 ‘Defending the Naira’ by Standing5(op): 3:03am On Sep 25, 2016 |
Vilshow: And yet the exchange rate is still 400 naira+ That N400+ is a result of the years and years of continual subsidy of the Naira. It could av easily been N800 - N1000. |
Business › Re: The CBN Has Sold $217.2billion Between 2002 and 2014 ‘Defending the Naira’ by Standing5(op): 1:45am On Sep 25, 2016*. Modified: 2:37am On Sep 25, 2016 |
The Exporters' Nightmare It is a well known fact in dynamics of economics that net exporter of goods strengthen their local currency as they earn forex. So someone viewing this thread might be wondering what the CBN did in this regard.
Well, exporters who weren't favoured by the continued subsidy of dollar A.K.A. defending the Naira were at some point in time given export incentive to encourage them. The process got abused to the extent that people started exporting stones just to have the FG pay them some money. The scheme was stopped as expected of a responsible govt. (I thank the much bashed GEJ for this), but the continued subsidy of dollar meant our true exporters of non-oil produce were still being shortchanged.
Let me try to explain this. Picture an exporter of cocoa or palm oil or cashew nut or charcoal who export produce or even our bloggers who export their services and earn in dollars. Now let's say they get $1000 quarterly (every 3 months), when the dollar sold for N165 that would be N165,000. The problem with this money is that the actual rate the dollar is going for ought to be much higher but it has been subsidized to appeal to majority of the populace who are consumers of imported goods. The actual value of the Naira could be as high as say N450 but due to subsidy it is now selling for N165. An exporter who is suppose to earn N450,000 will now be earning less than N165,000 Naira. They earn below N165,000 for $1000 because the blackmarketters they are trying to sell to need to buy below the selling price of N165,000 to make profit. It could be as low as N150/$. |
Business › Re: The CBN Has Sold $217.2billion Between 2002 and 2014 ‘Defending the Naira’ by Standing5(op): 1:39am On Sep 25, 2016*. Modified: 3:01am On Sep 25, 2016 |
What Dollar Subsidy Entails
Some persons viewing might be wondering what defending the naira is all about. Well, simply put, it is a full blown subsidy scheme like the famous petrol subsidy scheme.
The way it works: The CBN auctions off dollar (petrodollar) regularly (weekly) at a cheap rate in the FX market. This auction helps drive the dollar rate down as people with their own dollar (the real blackmarketters) won't want be able to sell at a much higher rate based on the natural demand and supply forces. This drives the price down for all buyers on the average. A continuation of the dollar auction ensures a chaep and steady dollar rate that inspires confidence in investors as well as help importer get cheap dollar compared to what it would have been under pure market forces of demand and supply. The populace too aren't left out as they get their much preferred imported goods at a very cheap rate. This means every single imported item like Brazillian hair, shoe, electronic, rice, flour, tomato, toothpick, machinery, milk, fish, turkey, oil, and the well known PETROL are/were under some level of subsidy. PETROL was being subsidized twice technically. |
Business › Re: The CBN Has Sold $217.2billion Between 2002 and 2014 ‘Defending the Naira’ by Standing5(op): 1:33am On Sep 25, 2016*. Modified: 3:01am On Sep 25, 2016 |
Chart of the day: The CBN Has Sold $217.2billion Between 2002 and 2014 ‘Defending the Naira’https://i2.wp.com/nairametrics.com/wp-content/uploads/2015/01/Forex-Sales-2002-to-2014.png?w=750 The Dollar Subsidy Story Captured In a Chart SourceThe chart immediately above again suggest no. Nigeria has depreciated against the dollar continuously no matter how much is spent defending it. It’s either we import way too much stuff or we rely too heavily on foreign portfolio investments to drive the economy. Either way, they both result in enormous dollar outflows and if not balanced with larger export proceeds will result in a depreciation of the local currency. This perhaps is what has happened. The chart also shows a steep climb between 2009 and 2014 which coincides with when the we sold the most dollars. So, whether the money was squandered or well spent it is left for history to judge as pundits on either side of the argument will defend their stance. However, based on the data we have before us and the recent devaluation of the naira, its obvious we haven’t don’t a good job at ‘defending the naira’ despite all the money spent. Please note:The original article was modified and amended to provide more details and clarity to the data. Whilst defending the naira may not be the singular reason for dollar sales, the fact is that, if the CBN fails to sell dollars or cannot meet up official dollar demand the naira depreciates. Therefore, every time it sells dollars or forex for that matter it is in essense defending the currency from depreciating. |
Business › The CBN Has Sold $217.2billion Between 2002 and 2014 ‘Defending the Naira’ by Standing5(op): 1:06am On Sep 25, 2016*. Modified: 4:41am On Sep 25, 2016 |
In this thread I will try to explain the evil that is Dollar Subsidy A. K. A. Defending The NairaFirst lets see some pictures to spice things up and 'ease' us into the depressing statistics ahead. Below are pictures for earning from oil betweeen 2010 and 2014. For those us who may be thinking it is targetted at GEJ, it isn't in anyway neither is it a targetted at the present administration. Source of Data
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Politics › Re: Princess Eliana Godswill-Edward's Birthday Party (Photos) by Standing5(m): 10:21pm On Sep 24, 2016 |
Geniro: See them, brainless zombies on rampage. See as small pikin birthday dey pepper these ediots. LMAO. Small pikin is not my problem here but people like you who will never question the source of the wealth at display for a second. |
Politics › Re: Princess Eliana Godswill-Edward's Birthday Party (Photos) by Standing5(m): 10:00pm On Sep 24, 2016 |
See affluence . . . |
Politics › Re: Princess Eliana Godswill-Edward's Birthday Party (Photos) by Standing5(m): 9:56pm On Sep 24, 2016 |
Some wailers who lack MegaByte to open the pictures uploaded will soon jump into the thread to defend. Just watch. |
Politics › Re: N2.2tn Debt In One Year: Buhari’s Government Under Attack by Standing5(m): 5:34pm On Sep 24, 2016 |
MONITZ: .
A very typical response that only a zombie would give, I said it before that zombies re ready to go down with their "benefactor" come rain, come sun.No constructive criticism, everything Bubu does is 100 percent ok.
Well we re in this mess together, we go to the same markets to get our needs, so everybody is feeling the pang of this zombie fiscal policy.
Where re all those folks from a certain part of this country who championed the emergence of Bubu together with their press, they be suddenly lost their voices and gone quiet. They said the "Messiah" was the best thing that would happen to Nigeria in a very king while.
Everything this dick head government accused her predecessor of doing ve already been surpassed by them just after a year of being in the saddle of leadership, we can only guess Wat would happen by the time they re done with their term in office, they would ve sold our collective patrimony.
They re already planning to sell some of the country's assets at knock off prices.
I know a large chunk of the supposedly borrowed amount is for oil exploration in the north-east so that they can always tag it with the Niger Delta region because to them anywhere oil is found is a "Niger Delta".So oil discovery must be discovered in this area and to them it's a must.
Bubu seems to be so obsessed with oil exploration in the north east because it was during his time as minister of petroleum that he started this his "goose chase",and now as president he has continued from where he stopped some years back.
Well all I can say is to wish him a happy discovery in his quest for the "black gold". Waiting for this shit to get a like before replying it content. |
Politics › Re: N2.2tn Debt In One Year: Buhari’s Government Under Attack by Standing5(m): 12:05pm On Sep 24, 2016 |
NairaMaster1: Ok simple algebra.. 200b + 300b =4tr? You people are blindly supporting corruption. We are in a tactitical era of corruption. Corruption with wisdom I assume the part where N175B of salary and recurrent bill of FG is multiplied by the Number of months is too complex for you to calculate. |
Politics › Re: N2.2tn Debt In One Year: Buhari’s Government Under Attack by Standing5(m): 12:00pm On Sep 24, 2016 |
SuperBlack: NawaoO. The doctors always advise anyone that's sick to take madication and also have some rest. Noted. |
Politics › Re: Kemi Adeosun: A ‘zuwo’ Or A Nero? by Standing5(m): 8:51am On Sep 24, 2016*. Modified: 1:19pm On Sep 24, 2016 |
magicminister: hahaha! Ngozi outclasses and outshines Adeosun in all ramfications. Adeosun is only POORLY consolidating policies initiated by NOI. TSI that was supposed to be a gradual process was hastened by Adeosun in order to score cheap points. Look where it got us! Even the necessity fuel subsidy removal was something NOI saw as far back as 2012. Nigerians protested and blatantly rejected the subsidy removal. What about the youwin iniative that empowered thousands of youths. It was one of the most transparent empowerment program in the history of Nigeria... Please stop comparing NOI to adeosun Adeosun is not even close to being a poor man's Ngozi okonjo iweala. While Ngozi was busy flipping through textbooks and pulling out theories beyond her practical abilities Adeosun was practicing what she preached in Ogun. If TSA can't be implemented why did she initiate it at all? Why did't she start the so called gradual implementation? Remember this same Iweala demanded she be paid in dollar under OBJ only to turn around and claim dollarization of our economy is bad when things became hard under GEJ. This pattern is consistent with someone gradually flipping through textbook while learning on the job. |
Politics › Re: Jonathan Could Have Given $20m To Patience, Says Lawyer by Standing5(m): 8:26am On Sep 24, 2016 |
midolian: Beht if your GEJ had done a one-sided fight too, with Buhari doing his now, everything for don balance now 
Stop speaking dogon turenchi, my brother  If Jona had to resort to stealing arms fund to hire Dokpesi to blackmail opposition, doesn't that prove there was a one-sided prosecution persecution in the past? Let the wailers wail. Wailing is emotional stuff. You don't tell a theif who lost his loot not to wail when he is sad. |
Politics › Re: N2.2tn Debt In One Year: Buhari’s Government Under Attack by Standing5(m): 8:17am On Sep 24, 2016 |
Wailing crew at it again. Buhari has been paying salaries, injecting funds into the system; N300B+ here and N200B+ there, yet wailers who were fradulently employed into civil service and did contracts under GEJ claim they can't see it impact. Wailing is emotional breakdown so I expect it. |
Politics › Re: Governors Endorse Sale Of National Assets Over Recession by Standing5(m): 7:59am On Sep 24, 2016 |
mikolo80: govt cannot run business How has the assets been run until this moment? Please do reply maturely as I still remember this moniker very well. |
Politics › Re: Buhari Takes Nigeria Back 20 Years - The Economist by Standing5(m): 7:22pm On Sep 23, 2016 |
cuteboy2: Yes, and that mismanagement and dependence on oil alone, or what is called monocultural economy, or a single-commodity-driven economy and the devastating effect of that on the Nigeria's external reserves is aptly amplified in another thread:
https://www.nairaland.com/3365622/external-reserves-drop-24bn
Regardless, Obasanjo has come out to say that he met just $3billion in the national reserves when he took over from General Abdulsalami Abubakar, whereas Buhari inherited $30billion.
Today, as reported by CBN that reserve has dwindled to $24 billion. That is a drop of $6billion under 18months of Buhari's government with absolutely nothing to show for it. In addition to this, this government claims to have recovered almost $500m (N78b, $185m, £3.5m, Euro 11,250 = $452m) from looted funds.
Nigerians are beginning to ask the troubling question. Where has all the money gone?. Considering no infrastructure project in power, rail, aviation, road refinery, LNG, fertilizer or ports facilities has been implemented by this government. In fact the government is actually looking up to Dangote to provide some of these industrial facilities. Yet workers are being owed months of salary arrears.
On top of this it has gone on massive borrowing campaign to IMF and China. All the funds injectected into the economy is nothing to you. Keep it up. |
Politics › Re: Why Buhari Can’t Stop Blaming PDP For Nigeria’s Problems – Fashola by Standing5(m): 4:07pm On Sep 23, 2016 |
SenatePresdo: When Buhari overthrew the civilian government of Shehu shagari in the 1980s, and steered us into recession, was PDP the ruling party?
APC should just shut it. Nonsense! Are you okay? |
Politics › Re: Why Buhari Can’t Stop Blaming PDP For Nigeria’s Problems – Fashola by Standing5(m): 4:07pm On Sep 23, 2016 |
SenatePresdo: When Buhari overthrew the civilian government of Shehu shagari in the 1980s, and steered us into recession, was PDP the ruling party?
APC should just shut it. Nonsense! |