emmanuelewumi:



Seplat paid their dividend last week using $1 to N360.50k as the conversion rate for shareholders in Nigeria, I guess Airtel will also do the same

Well you can't blame them,it's for their own benefit because they would have paid more naira to local investors using the current market realities for fx.
I'm sure you would do the same thing if you were the chairman of their board so as to enrich your company and yourself,abi?

pluto09:



It look to me like a sponsored article from ABCON. It has been circulating since how many days now? ABCON wants dollar from CBN.
The CBN doesn't need to warn anybody, they should just flood the market with dollars and crash the rate.

I wonder who they warned in 2017 February before they crashed rates from 520 to 360 in days.
They are looking for who to come and sell them cheap dollar because of panic.
impossible!
And BDCs resuming still don't mean that much because it all depends on how much fx CBN gives them,which nobody knows till now.
What if CBN gives $10k per BDC?
What will now happen?

Sad,he was a good man.
Onowu Neni.
Such a great loss.

Location,Ada george by pepperoni junction..

ositadima1:


I don't know of any country that his not subsidizing there citizen welfare in some way, why should Nigeria be any different? You rather want politicians to keep looting while you suffer in poverty. You are a very smart man. Good night.

good night.

ositadima1:


What is the government actually doing for this 200m people and the almajiris?

Subsidising dollars for them so that almajiris can continue to see plates to lick.
Because if dollars is sold for it's real naira equivalence,the person that bought the food will first lick the plates before passing it to the almajiri that will lick his spit instead.
This is why they keep politicising naira's real value so that all their child voters up north don't die of starvation at the expense of Nigeria's sane population growth.

ositadima1:


Ok, Angola, Kazakhstan and Qatar to name a few produce less than Nigeria. What excuse do you have these ones?

They don't have 200m people with 40m+ almajiris to worry about na,very simple...
Only our almajiri licking plate,out of school children pass their population

ositadima1:


You are deviating, please stay on point.

Where is the deviation?

ositadima1:


Na only Venezuela they export oil? Why didn't Saudi or Dubai experience depreciation?

Saudi produces 11.3mbpd of oil.
So if oil fall o,rise oo they are good
So why would their currency depreciate because of price crash when they produce so much of oil?
Saudi and Nigeria or Venezuela na mate for oil business?
If you want Nigeria to be like Saudi,abeg go find $50B borrow NNPC for E&P so we can produce at that level to fight depreciation.
Or you think you will just go to an oil field and wave your penis and oil starts jumping out?
It costs money that Nigeria don't even have to produce oil on that level

ositadima1:


So what, he rides bus to work while he is saving up. The point is he can buy the car new in a shorter time than my Nigerian guy who is way ahead qualification wise.

So all cleaners in the US are not qualified or educated?
Is that what you are saying?
If USA is heaven to you go there na.
Small protest and covid 19 they are all homeless and looting stores and you say them be heaven
Who been loot or cry homelessness for UAE abeg.

ositadima1:


Depreciation or Devaluation, Nigeria, Venezuela and Zimbabwe all have the same issues in common and that is corruption and looting of public funds. I bet you didn't read that part while querying google.

If corruption was the problem,why did the economy crash in 2015 when oil fell?It should have happened before that na because corruption has been there for so long.
It's like saying George floyd died of coronavirus rather than asphyxiation caused by Derek chauvin kneeling on his kneck
Corruption was just part of Venezuela's problem,not it's cause for collapse.

ositadima1:


People live on 1000 usd per month, do the math bro.

Who said Toyota is the cheapest sedan in d usa?

Those people that live on $1k a month ride bicycles,definitely not cars.

ositadima1:


I dont tire for you. When Venezuelan and Zimbabwean economy wen to shit did the suddenly started build aeroplanes?

Venezuela and zimbabwe currencies depreciated,they didn't devalue.
Devaluation is a controlled process,something all of you keep missing.
Venezuela ran out of dollars kpam kpam,nothing.
Why?Because they were already having problems producing their major export which is oil.
When oil fell in 2015 their economy collapsed since they don't produce anything else.
Zimbabwe own na sanction cause am.
Now tell me,how is Nigeria's own case similar to these 2 examples?
CBN tell you say e no get fx weh go make its currency depreciate out of control?
Or devaluation will suddenly make Nigeria lose its source of income I guess?
It will just be a strategic adjustment to crush imports,not that naira will suddenly become useless to the point where a truckload of naira will be used to buy bread.
Na wa ooo

ositadima1:


If he lives economically it is very doable in 2 or 3 years. How long do u think it will take 100k naira earner to buy a new Toyota. Mind you, the 100k earner is probably a masters holder o.

If it takes the cleaner 3 years to do this,call ne bastard.
Who do you think is looting all this stores in the US in this current protest?
Someone earning 100k in Nigeria that isn't married and works in a credible place can get to save 2m for 3 years to buy brand new Innoson fox for 3.8m and get financing for extra 1.8m to clear the whole debt,a privilege his US cleaner counterpart clearly lacks.
The problem is that everybody want drive benz at the expense of the CBN.

ositadima1:


If we already had enough exports, low corruption, yeah, maybe.

We already have the local demand,devaluation will make our people buy our produce and encourage our sleeping lions that it is time to export and forget import.
If dollar gets to 500 and stays there,what do you think all these current importers will be doing with all that idle naira in their hands,when they know If they export and bring forex they'll have so much money?
I was looking for seedless cotton last year for an indian client and the whole of Gombe to get machine that removes seeds from cotton as white people want it was a problem
Because imports is too easy and favourable that's why they all abandoned export na,because CBN dey sell cheap dollar.

ositadima1:


Come on, I said after saving for 15 years an average office worker can not buy a new toyota.

An average cleaner earns 24k USD a year. Howmuch is a new Toyota?

He earns around 24k a year.
Minus his rent,food,tax,money for olosho and tell me what will be left to finance a new toyota.
Any cleaner that drives a new toyota in the US either have supportive parents or sells drugs.
People weh dey drive 25 year old Ford bronco steady

ositadima1:


Even in the USA all their glorious development was not achieved in a year, it was compounded over several years. I bet you that no country can afford to move from a close to zero position to developed status.

Like I have pointed before with an example, you can start a business with a meager 20k and build it up to a multimillion naira business, obviously you won't be able to do that in one year.

Devaluation would have been a shortcut in Nigeria's own case.
But since you all seem to be comfortable in it then let's keep waiting na

ositadima1:


A Toyota sedan will be valued about the same anywhere in the world. A cleaner in the USA will comfortably buy a new toyota sedan after one or two years, while ur office worker will not be able to even after 15 years of savings. Why is tokunbo prevalent, like 95 percent of the market?

A cleaner will buy brand new toyota in the US in his dreams I guess.
You sure say you don go US so?
People that I know don't buy 15 years tokunbo.
I don't drive one so I wouldn't know about that statistic.

ositadima1:


Yet again u miss the point. Our lack of infrastructure is not because we lack funds, rather, the monies that were supposed to be used to setup these infrastructure have been systematically squandered. Subjecting people to even more hardships will not make corruption and looting disappear.

Squandered indeed.
Who says Nigeria don't lack funds?
Go and look at what Nigeria needs to be sound infrastructure wise,get its value in hard currency and compare it to what Nigeria have made from oil so far and see for yourself.
Yes there has been looting,but it isn't the major reason Nigeria is still backwards.
We don't make enough money to keep 200m people afloat and take care of infrastructure too.

ositadima1:


So you devalue ur currency to raise your middle class according to you, yet all other countries have middle class and upper class without devaluing their currency. Funny thing is in those countries their lower class, I mean an entry level worker, earns far more that your so called middle class. Oya continue na.

Money is not defined by nominal value but purchasing power.
That is why someone in Nigeria making 10m naira a year will live an equivalent lifestyle with some other guy making $60k a year in the U.S
A toyota sedan that cost $40k in the US might cost $100k in Singapore.
These are the reasons you shouldn't compare money by nominal value.
Classic mistake a lot of you keep making.

ositadima1:


My question to u is why is the imported version cheaper? Could it be that their is no sufficient power to run machinery and so the need to spend extra on fuel? Could it be that the necessary infrastructure to ease businesses are not available? I am pretty sure labour is cheaper in Nigeria.

Yes import is cheaper because they have infrastructure that we lack.
But what do you want us to do since it is taking eternity for us to have infrastructure?
Is it not better we devalue more and suffer the masses for 10 years than to wait till eternity and probably never have this infrastructure the west has?
Because if we keep subsidising fx to please the masses,we will never build that much funds needed to fix infrastructure.
Power alone would gulp $50B.
Now you see.

ositadima1:


There was no corporate society in the 70s and 80s, really? People were not building in the 50s and 60s abi?

Would you compare corporate society of the 70s and that of today?
Asides 1004 and festac that were built by government,show me another estate built by private sector na.
But today you have real estate developers everywhere building and selling estates all over because there is the demand for it,not some beautification project.
All this people that are buying 18m naira flats,don't that yell you these are the Nigeria lower middle class buying these houses?
Where did they make the money from if not private corporate employment.

A perfect case study of the damages an artificial naira can cause is the dissaperance of textile industry in Nigeria.
It is clear to everyone the damages smuggling can cause and the ineffectiveness of bans and high tariffs.

ositadima1:


Do u just argue for the sake of it? Since the 1980, Naira has been devalued several times, are we better now? You argue that it is because it was done very slowly, so according to ur rants it all should have been done at a go, like 41900% in one go abi?

If we have done it several times in the past and it is not working, why should it work today? Why? Are we now less corrupt than yesterday? Are we smarter now? If you keep doing the same old stuff that never worked for is that not dumb?

Why do you say it never worked?
There is now the existence of "corporate society" now in Nigeria because of what?
In the past,all the people having white collar jobs were civil servants(government employees).
Now a lot of these people are making a good living from private enterprise and you say it has not been working?
All those houses in Lekki where people are paying 3m rent and those mini duplex and giant estates they keep building,isn't it for the bubbling middle class,most of who are bankers,private firm employees,etc...
Is everyone close to you jobless that you say it has not been working?

ositadima1:



Pringles for sure.

We have chips,minimie and all sorts of variety
Devaluation wouldn't make pringles disappear,no.
You will still see it in shopping marts,just more expensive.
So if one can't afford pringles,buy minimie na.
Person weh no chop pringles dey die?

AMINDA:

Can you kindly name a country where devaluation worked as an economic model? The IMF and co who are the drivers of such policies never recommend it to themselves when in similar position, only to African and poorer south east Asian countries. When Italy and Greece faced financial crisis, the EU quickly bailed it with several billions of dollars but curiously, there was no recommendation for devaluation, subsidy removal and other conditionalities that comes with such loans when Africa is involved.

In 2016, the then President of the IMF, Christine Lagarde was in Nigeria to personally pressurize Buhari to devalue the naira, Buhari kept resisting until he could no longer resist anymore. The result? Immediately he devalued, Nigeria went into full scale recession. Why hasn't devaluation worked for countries like Zimbabwe and now Venezuela? At a point in Zimbabwe, it was cheaper to use the Zimbabwean dollar to plaster your house than to buy a bucket of paint. One piece of egg cost more than five thousand Zimbabwean dollars. Zimbabwe became the only country in history where everyone was a millionaire but still poorer than a church rat. I would leave you to research what Venezuela is currently going through.

Nigeria has been devaluing since the 1980s and apart of putting less money in our pockets and reducing our purchasing power, nothing has changed. It is one of the greatest weapon of neo-colonialists and it is only designed to make the poor countries poorer. Sad thing is they now sell some of these policies through our foreign trained sons and daughters in form of Ngozi Okonjo Iweala and co. People like Adesina of the AFDB who are pro Africa are blackmailed and removed from their spots when they do not conform. Open your eyes!

The same West that tells us to stop all forms of subsidy still provide subsidies to their farmers as seen in America and the EU. Excess products are sold to Africa at a rate where our local markets cannot compete.
Our solutions must come from within and must be locally tailored, not text book based! Devaluation has not and will never work in Nigeria, at least for now.

Shalom!

Who told you devaluation crippled Venezuela?
It's like a lot of you can't differentiate devaluation from depreciation and it's very shameful.
Venezuela prior 2015 had already started having problems in producing oil due to poor maintenance of oil facilities and no new investments in that sector for them.
So their oil production capacity was on a decline and then low oil prices in 2015 tore it to pieces.
They lost almost all their fx earning capacity and their currency depreciated out of control.Was that caused by devaluation?
Also Zimbabwe is a poor country that survives on foreign aid.
The sanctions the US put on them and IMF too made their currency also depreciate and economy tumble.
So how did you come up with the whole "devaluation killed them" talk?
Devaluation is a controlled process,strategically put in place and controlled not that tou go and fold your hands because you have devalued

ositadima1:


You have got to open ur eyes and mind too, think a little deeper.

Even if Naira is devalued a hundred times over it will make no substantial difference.
Why is this so?

a.) Government mismanagement in the form of looting and corruption.

b.) Unproductive work force.

c.) Nepotism and Ethnicism.

d.) Weak analysis and vision in the form of misplaced priorities.

These are like dead weights, you will never be able to stand straight while strapped.

Why do you say Nigeria has an unproductive workforce?
Also,why does a lot of you say Nigeria don't produce?
Can you tell me that thing we import that we don't have at home?
Asides fuel,complex electicals,machinery,some special medicine and automobiles.

ositadima1:


This is someone advocating for buy made in Nigeria, why don't you sit on that your couch and eat a bowl of garden eggs and oseoji, lol

I never said imports are bad or that I don't use them.
But we should stop subsidising imports at the expense of our future.
It's like eating your one week pocket allowance in a 2 days just because you want to eat and satisfy every craving you have,forgetting the future.
If you want to buy imported products,pay the real price for it.That's all.

freeman67:


Bring Investment ideas which would have been a better alternative since TB is too low now we won't see. The same too much talk that has not yielded anything in this country is what some of you unnecessarily litter this place with. @ Dreamflyin above was a practical problem that was brought for practical solution. What was your answer there again? Also be reminded that cars are imported too and it also comes the same way other imported items comes through agents. Anything that is easy for me I do not go on internet looking for solutions to it.

You guys will come here and be bragging and talking anyhow as usual..Na una trade mark.

No one argued about the existence of unions.
We were talking about times of scarcity.
From what you posted,you clearly see that union powers end only in those markets.They can't do nothing to you outside that market.
Now in time of scarcity,there is demand but little or no supply.This forces your customers to be desperate and can go out of their way to get goods,so you arrange with them at the place you will offload to sell to them there so that you can dodge union fees,offload fees,marching ground boys and coldroom rent that is expensive as you won't need it because customers for it are already present with cash and their small buses so no need for storage.
The only reason we use to hide from union is that scarcity won't last forever like I said.
Fasting will end and everything will return to normal and you will no longer be able to corner clients again because everyone now has goods to sell and they will prefer going to the market because it is cheaper for them.
Now if you have pissed off union in the time of scarcity,they can manipulate and make you not be able to sell again in that market,that is where their power ends.In the market,finish.Not that union will come and hold you while offloading bla bla bla...trash.
His irish potato talk is not true about how they hoard potato to hike price in trucks.
How do you hoard potato in trucks that can get rotten at anytime
If at all you want to hoard,the owner will ask you to pay him upfront so he can escape the thing spoiling under his custody else he moves his produce to another market and union has lost commission from here.

Dreamflyin:


Lol.. He makes container import sound like Harvard course. In Onitsha, most guys that does imports already have solid tested and trusted clearing agents in the market. Hand over your document and go sleep. It will be delivered to your warehouse. From the agent warehouse in china, he already started his work.

Na so we dey take know people weh never do business before na
E think say na to dey shout oil and gas here all the time.
So far as you don't import contraband,you and port no get business.
People that go to port are people that smuggle contraband so that they can bribe custom live and direct personally on inspection day.
You go get agent still dey go port?
The guy is really daft.

Focusingmore:


I'm done arguing. You are clueless.

Let them devalue it, i will buy your entire tomato farm with peanuts and you won't still have enough to expand your business competitively enough to compete with external markets.

You'll never get , experience will teach you .

Adiós enjoyed your childlike arguments.

If you buy all my farm produce at the naira price that is okay for me,I will be happy na.
I don't care whether you go and make all the money in the world with my product.
So long as you give me enough naira to pay all my boys and expand my farm,I will be glad selling to you.