₦airaland Forum

Yeah they expect you to pay 150-250k for meter.
No installment plan or anything.

They expect struggling households to cough out that kind of cash at once.

They know that people using proper meter will be the end of their stealing. Bunch of crooks running that industry.

CaptainZubi:
Lagos sir..

I mean which part of lagos?

CaptainZubi:
265k sir .. dm

location?

bentenny:
Who appoints the NCC chairman/president?
What is the role and function of the minister of communication, innovation and technology?

who gives a shit about who appoint what?

We are saying bad thing should stop, this one is worried about who appoint who.

ProjectsCityNG:
Ethnic bigotry has finished your brain so badly you can no longer see clearly or think clearly

typical response of a gaslighting mor0n.

Ethnicity is all this braindead fvcktturd could see from this nice write up by Reno.

Foolish bigot trying to gaslight people.

lexy2014:
is Ndukwe in NCC?

read the post again.

ProjectsCityNG:
Hypocrisy kill you there. You know all this yet consistently lick the butt of Dangote, the HQ of aggressive and oppressive monopoly

why do you people do stupid stuff like this?
Just twisting entire story with absolutely nonsensical false equivalency.

Dangote is not part of any regulatory agency while at the same time running a business.

Is dangote minister of petroleum or minister of trade while at the same building refinery?

Make una dey use brain now. Hian.

Reno is totally right.

No wonder I have reported mtn to ncc several times especially the violation of rollover data rule. Which not only they ignored, they continue the rabbid hole and got even more emboldened.


When you have people in ncc also having big interest in mtn, ofcos they won't do anything.

Until there is law against being part of regulatory at the same time having interests in the company you are supposed to regulate, foolish companies like mtn will continue to take nigerians for a ride.

Obviously manipulated photo or AI generated.

koyeni:
Thanks for your perspective boss

you are welcome bro.

Naira20:
Lol...so writing an opinion requires rigorous thinking?
Okay

nope.

Mostly observation. But you need to be able to think deeply before you understand your observations.

Naira20:
If you read my last reply, you'd see I'm not willing to do that because it's unnecessary and too basic.
The first line was "Guy think, don't expect some else do it for you..."

Everything you saw on this thread including the original post are 100% my personal opinion and thoughts.

Written by me. It's not plagiarized or copied from anywhere or tabloid or from someone else..
You won't see it anywhere else on the Internet unless someone copy it and paste it somewhere else after.

And I was responding to someone on nairaland who asked this question on another thread but I thought the response deserves a thread.

You can see that I tagged the person at the end of the original post.

So yes, I do a lot of thinking, but can't say the same about you that just let the hate for Tinubu erode your objectivity.

Naira20:
Guy think, don't expect some else do it for you.If you can't see how "subsidy is gone" fiat affected the economy and you're oblivious that we import fuel with dollars, and that the hike affected every sector, I'm afraid I can't help you.

You are expecting me to school you on how multinational coys also left and why ?
or the dangote refinery skits... If the CBN refuse to sell dollars to banks or BDCs, I'm sure the naira will appreciate and not dip abi ?

People have projects that require payments in dollars.
So If you have to pay your school fees abroad, or you need to pay for a subscription or japa and most of these happen to fall between 2months, imagine what'd happen if you have fewer dollars available for plenty naira(inflation)?


If you are really interested in knowing what happened instead of swallowing the lies from the government, meet those in search of dollars.

ok dude, lemme know when you are ready to answer the question let me know when you are ready to lecture me like a baby.

successmatters:
Are you a child? The economic activity is that everyone withdrew their monies and converted to dollars, (including your governors) because the naira has been killed by an incompetent Buffon doing try-your-luck with people's lives.

sorry, I won't respond to uncouth people.

I don't want the thread derailed by childish shenanigans.

By the way, governors and politicians have always stolen and laundered their money to offshore accounts in dollars not naira. Most of them don't save their stolen money in naira.

They have always saved it safe currencies like dollars, pounds and euro.

So it didn't start 2 months ago.

Naira20:
We are not talking textbook economics bro.

In a layman's language
It all started on May 29,2023 with the statement "subsidy is gone".
Do you know the effect of that pronouncement on the economy? Try to think of any sector that isn't affected.
I can't type much but add naira floatation without mitigating the effect.Did that not affect the exchange rate too?
To think that they rescinded almost all what was said in secret.
Tinubu is acting as if Nigerians are asking for too much.
What Tinubu is doing is akin to a child taking a clean school uniform and soaking it in water for hours, then washing it.
Apart from time wasting and wasting soap(money), the material is further weakened.
No intelligent person will be clapping for such a person.

The first thing to do is earn Trust(unfortunately this will be difficult because of his antecedent)
Be transparent with what you are doing or intend to do.

you still didn't answer the question.

What economic activities occured that made demand for dollars so high that local currency dipped by close to 100% in just 2 months?

How did saying subsidy is gone suddenly start making everyone demand for dollars so much so that naira lost its value by close to 100% 8 months after the statement was made?



I think you will be able to see what I'm saying is not textbook but what actually happened if you can for a minute resist the urge to blame Tinubu for everything you can think off. 😂

I'm sure next thing is to call me apc now.

Because it means you are annoying as fvck.

Would you want to listen too if we are having conversations like normal human then suddenly I want to talk to you about orumila because you sang a song from koto orun?


Over 3000 religion, but only you annoying Christian wants to talk about your religion all the time but don't want to listen to others.

Naira20:
Don't sweat it.
Naira had no reason to rise to N1900 in the first place.A careless policy and cluelessness caused it.
Tinubu is eating his vomit with policy summersaults.Don't be deceived by the junior Lai Mohammed laundering their clueless behaviours.

If Tinubu was the people's choice and not seen as a pretender, by now the dollar against naira exchange would have been lower than 300naira.

Imagine what the increase in diasporan remittances would have been.
Imagine what would have happened if people are safe to return to their farms and travel at night.
Imagine how many Nigerians would have returned to invest.
Imagine what NNPCL would have been if Tinubu has zero tolerance for corruption.

This is why I laugh when naive people compare PO with Tinubu.

What policy made it rise?

What changes in economic activities made the demand for dollars so high that the value of local currency dipped by 100% in just 2 months?

Did we start importing uranium from Pluto or something?

onez:
The only reason is the last one. The floating of naira policy failed miserably. We have reverted back to defending the naira. That's all. And nothing more.

Not exactly defending. you cannot successfully defend something that you are not in control of.
Like 2nd goal keeper trying to defend goal post from
the bench in a match.

They are not defending because that would mean emefiele situation all over again. Where they fix certain amount they sell dollars and defend that position with billions of dollars even when it gave rise to round tripping because they cannot meet demand.

Cbn is not telling what dollars is worth anymore like they use to, the market does. Cbn had to force itself to sell lower to its bdc operators just last week for them to make profit.

When you will know that Cbn is defending is when Black market is selling dollars at 1500 naira tomorrow but Cbn is still selling at 1100.
That means the demand for dollars has increased but Cbn couldn't meet up but defending the value of naira so it won't fall.


There is currently dollar glut in the market due to reforms by Cbn. So there is no reason to defend naira like that.

Firstly, the value of both currencies was a result of wild speculations because there really isn't any major shift in economic activities to cause such a major shift. (Although the value of the naira was never really 450 like Emefiele wanted us to believe.)

Secondly, the demand for dollars dropped significantly because people are not buying imported products like they used to. Their purchasing power for foreign goods dropped. Imagine trying to buy a Chinese phone that used to cost 30k, now going for 80k when your salary still remains 50k.

Thirdly, exports increased in that period, including oil (our major source of forex income).

Fourthly, importation of petroleum products reduced by close to 15-30% because there was no subsidy anymore. We aren't subsidizing the entire West Africa like we used to.


Fifthly, CBN reforms (which is the major driver that brought dollars to its knees).
- First, they went after the number 1, the speculators; the BDCs and Binance people.
- Then forced forex to pass through the system (the Nigerian banks) instead of Flutterwave and Binance, who just store dollars in offshore accounts while they put more pressure on the naira when diasporans send money.
-
-then forced forex to pass through the system, (the Nigerian banks) when diasporans send money home, you are not to collect the dollars so you can hoard it and wait for it to increase so you can sell the same money for profit without any ecomomic activities from your end.

-He then payed the backlogs of dollars to investors to restore their confidence.

-Lastly, they started the speculations of their own through the media by selling dollars at a certain amount to some selected BDC operators to make it look like that's the value of dollars.
This then sent panic into the market (especially those hoarding the dollars or betting against the naira to quickly dump their dollars before they make a huge loss).

That's why you have a situation whereby the black market rate is lower than the official rate now. (Something that rarely ever happens.)




CC: koyeni

PusssyLord:
Na IBADAN people full here

IBEDC is serving more than 5 states.

yhellow:
Ibedc is the worst distribution company in nigeria. He should revoke their license.

totally.

Cut the company and give it to serious people.

I hope that means IBEDC will finally get canned.

Ownrs of IBEDC need to face firing squad without trial for outright abuse of customers.
Horrible company don't even bother anymore.

They just give you 20minutes light per month and bring their usual estimated bill.

IBEDC Is the company they need to focus on.


They will restore power for like 10hrs a month so they can justify their estimated billing of almost 10k minimum.

They know they can't bring bill if they don't supply power for entire month so they quickly resore for like 2hrs a week.

They spread peace to the woman.

If not police, the woman would have been at peace resting in peace.


They will shout islamophobia while they support things like this and then wonder why people hate their horrible cultists religion.

Hahaha. This is the tech toilet some political jobbers stay night and day to be dishing out stupid and unbelievable fake news every seconds.

No wonder they always lose.

Abunu minister.

Nigeria must continue to subsidize power.

We are already paying for darkness. Let them pay the remaining half of the darkness.

Useless minister.

Validated:
So, investors are now flooding SW?
Tinubu is a Buffonish President

everything Tinubu Tinubu Tinubu. It's almost like a curse.

Can't you people use your brain for second?

DIVINEEVIDENCE:
TermsAC
Read this.

it's hard to read sentimental posts.


Tag me in more sensible posts please.
Thank you.

DIVINEEVIDENCE:
You are turning economic principles upside down.

Government rather needs to curb inflation and encourage local production to increase people's purchasing power.

I pointed you to Zimbabwe where currency notes are minted in denominations of billions and trillions.
That is your idea of increasing purchasing power until the currency becomes useless.

Keep increasing minimum wage until the average worker now earns one million Naira per month.

Oga try think abeg.
This convo done tire me sef.

🤦‍♂️🤦‍♂️

Read this previous reply again. I'm not speaking French na.

1. Stabilize naira
2, increase minimum wage.

Zimbabwe did number 2 without doing number 1 first. And it was their downfall.

Like how is my post no clear enough na.

DIVINEEVIDENCE:
There are three state-owned refineries in Nigeria gulping billions every year in the name of Turn around maintenance.
The same government that refuses to revamp and set them in production motion tells you that the hope lies in the functionality of a private refinery and you believe them?

Fall in currency is depreciation which ultimately leads to inflation.

Either you're ignorant of basic economics/fiscal policy or you're simply hiding your head in the sand.

you are mixing emotion with simple economics.
Let me guess, you are anti Tinubu right?

My point is clear and simple, government needs to stabilize naira for inflation to drop.
Government also needs to increase people's purchasing power to lift people that are falling into poverty due to inflation out of poverty.

How they tend to do it is non of my business and why people elect them to be there in the first place.

Do you agree or disagree with these points? Point to what you agree with.

All these stories about government failures doesn't disprove any of points do they?

If you believe the government cannot do the points I raised, that's your problem and it has nothing to do with the points I raised.

DIVINEEVIDENCE:
And what do you call a fall in the value of any currency?

Mostly debt.
Nigeria fx is being used to service debt because Nigerian crude that brings in most fx has been sold in advance and the money used to pay for either subsidy or defend naira or looted.

To stabilize naira, they need to make dangote refinery and every other refineries come online as soon as possible. Since petroleum products are the biggest drain on our fx.

DIVINEEVIDENCE:
When you increase purchasing power without a corresponding increase in production/productivity, you get inflation.

How exactly do you advise the government to increase purchasing power?
By dishing out excess Naira notes which is the same thing as printing excess Naira and pushing it into the system.

The result?

Since production of goods and services remain at the same level as they initially were, you will have too much cash pursuing limited goods.

Prices will simply go up to achieve economic equilibrium, that is inflation for you.

Before you know it, a loaf of bread will now be selling at ₦2, 500.

There were days when ₦3, 000 could buy a brand new car in Nigeria.

Today, it can barely scratch a market purchase.

In those days, there were no ₦1000, ₦500, ₦200 even ₦100 notes.

If government follows the idea you're suggesting, in a few years we might be minting ₦10, 000 notes.

Zimbabwe has notes of one million and 100 trillion.
That's a useless economy ravaged by hyperinflation.

Please go read up on inflation.
Its not too hard a concept to grasp.

like I said, the current inflation is not caused by output but fall in the value of naira.

Once the naira stabilizes, the inflation will ho away.

Go and check the statistics of Nigeria's output in 2023 interms of export, it's biggest in the last 20 years.
That's why the economy is still growing at 1-3% despite the inflation.