₦airaland Forum

Some people shaaaa.... NYSC cap inside private jet. Dude you got to be kidding

Obasanjo the wailer.

The older he grows the faster his sense of reasoning drolls

The Xonbis have started wailing

alatbaba1:
I am something., 2019 I will vote for buhari.. WHAT AM I?

A big fool, Xonbi or if a young person NFA

LordAdam16:
In recent days, I've heard lots of predictions about the USD/NGN exchange rate.

Some overzealous believers say it's going down to N200/$1. Some more conservative estimates put it at N350/$1. Others just say less than N400/$1.

The fact is that the rate will hover between N450 and N500 in the short term, pending any drastic action like what happened last week.

The CBN has made it ultimately clear that they would regularly intervene in the market to protect the Naira. Last week's reaction was one of such interventions and highly expected. The government wouldn't let the difference between the parallel and official rate to be more than N200/$1. That is a monetary disaster.

But here's the other fact. There is ABSOLUTELY NOTHING the government can do now to harmonize the exchange rates without severe rattling of the economy.

Nigeria is already selling 2.1m barrels of oil a day (almost close to 2.2m barrels high in 2013). The oil price will not cross the $50-$60 band anytime soon. It means Nigeria is making the most money it can make from our single largest foreign earner (which is why our reserves have been rising) at the moment.

The CBN has been plunging money into the market since the managed float started to the tune of several hundreds of millions of dollars weekly (last week it was over $400m, this week it's already over $100m). There is a limit to which they can go.

And that is why the 41 prohibited list still exists, and Nigerian bank cards (aside GTB and Access) cannot do USD transactions.

Last week, the CBN liberalized accessing Forex for students, travelers, and those in need of medical attention. It is a very welcome policy. These groups of FX buyers have been unfairly targeted by the CBN since Buhari stepped on the brakes. But according to even the most generous estimates, these people only account for 20% of the Forex demand. Meaning the black market still caters to a majority of the Forex demand.

Even travelers at the Airports would not get dollars, unless they apply weeks in advance via their banks. This is because no bank in this recession will open FX outlets in airports, despite the instruction from CBN to do so. The major reason is that it's a short term measure that also hurts their bottom line.

For the parallel market rate to fall permanently, the CBN has to liberalize the FX market completely. The prohibited import list has to be redacted and no one should be barred from buying dollars at the official rate (whether he/she is a student or a blogger buying web hosting on NameCheap with a Naira card).

While the naira will become more valuable at the parallel market (from 450+ to 400 or less), it will lose value at the official market (from <315 to between 350 and 400) in the medium term. But the basic idea is that the difference between the official and parallel market rates will be less than 50 naira. And probably go back to 2012 levels of less than 10 naira. Basically, the divergence will no longer be business-worthy for speculators.

Unfortunately, the FG and CBN do not want to do this currently for obvious reasons. For example, we do not even have a fiscal economic plan at the moment. Osinbajo, the minister of budget and planning, and Adeosun have been assembling it for more than 12 months now, and they're yet to unwrap it. Also, our FDI levels are not that encouraging. We are also in a biting recession and it appears the economy is finally recovering (so there's good reason to hold back). Then there's the issue of price of fuel which will inevitably rise to N200+ (no one wants the blow back this would lead to).

Speculators are business men who make their living off plummeting currencies. They are like undertakers who make their living off dead people. If no body dies, the undertaker goes out of business. If an economy strengthens and the currency follows suit, speculators move on to another currency).

Saying speculators are unpatriotic and enemies of Nigeria is VERY SILLY. If the government didn't create the environment for them to thrive, they wouldn't thrive. Leave a bread for days and fungi would grow on it. You can't say the fungi are unpatriotic. Their only patriotism is to their survival.

I expect the parallel market rate to climb albeit slowly in the coming weeks to 470. N500/$1 seems like a stretch now and I expect the CBN to make another intervention if the rate crosses that resistance point again.

Until the Naira is fully floated, the speculators are going no where and the illusion of a N400 or less exchange rate in the parallel market will remain a pipe dream.

-Lord

Long write up that looks nice but your analysis my friend will do us no go. You can't float any currency in a non-industrialized economy. Full flotation of the naira is not the way my brother

Buhari aint coming back Xonbis can take it to the bank. Place a bond on it. Buhari aint coming back. He has gone with his hardship and failed economic policies. No mercy Buahri, No mercy

Pastors in churches will scare and threaten us with this Touch not my anointed and do my prophet no harm. This just shows Pastors are also flesh and not super-mortals the portray themselves to be. He was even offering a bribe to save face. We are living in an odd world where strange things happen but there's nothing new about the happenings.

Right solution to the party crisis. Jonathan is an expert statesman. Call all aggrieved members and organise a fresh convention. No party will thrive if its divided against itself.

Pledging your loyalty to man who is not gonna come back. - Wailing Xonbis can take it to the bank. Buhari is not gonna come back, Quote me, i am all out for you guys. The catastrophe ignorant juvenile minds brought on us has been taken by the Lord God of Nigeria. The God of Nigeria is not dead, he is definitely alive. He sees the hardship the septuagenarian dawdler brought with his failed promises and policies.

[quote author=Ioannes post=54185121][/quote]Take it to the bank brother, you are also ignorant of the constitution of Nigeria, The president can not be out of the country for more than 60days, after 90days it can be fully ascertained he is not physically fit for the Job. In no time, it going to be 60days, then you will see our reps and senators spring into action either by fight or will. Buhari is going to be impeached. You can take it to the bank. You and the North can do whatever you like. Bomb yourselves and kill all you can. Nigeria will stand. Buhari incapacitated for the Job. Place a bond on that

MrMontella:
god you are dense!

read up the meaning of "acting "

Truth Hurts brother. Take it to the bank, the catastrophe ignoramuses and feeble juvenile minds forced on us is out. God be praised.

Take it to the bank again. Buhari is not coming back

Ioannes:
He doesn't need you to accept him.

First off, Buhari is not dead.

Second, Buhari hasn't resigned.

Third, your acceptance of him doesn't do anything for him neither does your rejection of him.

First Buhari is not gonna come back, you can take it to the bank

Second Buhari is rather the ex-president. You can place a bond on that

Third, Osinbajo approvl ratings is higher than that of Buhari

When i was growing up i used to think that thing called scholarship was a big issue. I used to think its sending me to school abroad with all expense paid.

But today, that word scholarship has been so bastardized, that people use it as a show-off to portray fake philanthropic gestures. An example is Tonto dikeh handing out scholarship from a travelling bag. Nowadays N10 is a scholarship. As long as they have paid part of someone's fees, they say its scholarship. Hmmmmm.....

Celebrity, scam and fake life are three of a kind

pauljumbo:
I hope you know Nigerian where driven first from ghana
There businesses and properties where seized
Before nigeria did same to them

No Ghanaians retaliated. Nigeria was first to kick the Ghanaians out. Every tom and harry knows this

Osinbajo needs to prove something before i will accept him as the right replacement for Buhari.

Obey and Honor the rule and court of law.
Let Nnamdi Kanu go

Sex sells brother ... Sex sells.

Why is the kardashain family making so much money for contributing nothing beneficial to life? They make money just being sexy and going courageously nude.

You can't cheat nature.

Age is catching up with this woman faster than she can imagine.

Dino buries his in Luxury cars and Houses.

We Forgot so soon..

Nigeria is more Xenophobic than South Africa.

Where did the word "GHANA MUST GO" emanate from or the word xenophobia was not in the dictionary then.
Its Karma paying us back our own coin. Nigerians in South Africa please come back home. Lets build our motherland together

Punch please stop lying. Stop it.

Speechless. Is this an award! for being the wife of a governor

sarrki:
N what are you celebrating?

I can't join issues with you bro

You are always credited with a blind and one sided comments conceived from a mentally retarded mind on Nairaland

Nigerias problem is bigger than your support for PMB and hatered for Jonathan

Despite the economic hardship and failed economic policies you will vehemently come here to support PMB and heap blames on Jonathan
Please are you paid to do this
Don't be part of this failed generation be the change

adonbilivit:
at least, we are getting there bro. It means a whole lot to me and other well meaning Nigerians that dollar has been dropping rapidly for almost a week. To us, naira is winning. We will get there but not with this ur mindset; not seeing anything good in Nigeria no matter how GOOD it is

Keep celebrating mediocrity

adonbilivit:
Good one. Dollar is still shocked. Naira is winning, so we Nigerians are winning. Zone Bs and WAYlas should be happy. Meanwhile check my profile and click on my signature.

Is that what you called winning.

In a football match Dollar Vs Nigeria,

Dollar has scored 52goals and Nigeria manages to pull 5 back, you call that a shock. Shame on the young generation in this country. Retirees will continue to rule us with this mentality as this

Same they said about Korede Bello.

This Government is a disgrace. Nigerians and celebration of mediocrity. Dollar to naira is N435 and many persons chanting good times are here

Mediocre!

No better word describes the video

REDshouse:
stop wailing

we voted buhari to reduce corruption and bokoharam and in two years he has done far better than stealing is not corruption...
his NEPA certificate is still far better than otuoke certificate that can't provide common water for people in his community but one diezani can have more than 35b in his account and one yakubu can house a country's budget in his house ... If Tinubu shld contest against otuoke I will still vote tinubu over otuoke ..
because tinubu has a better team than Jonathan..

He has reduced corruption. Dreamer!
He has reduced Boko Haram! Keep living in fantasies

madridguy:
JAGABAN of Africa.

Shaking my head at the young generation Nd the so called future of Nigeria

Mynd44:
This is the type of silly reporting we expect from Vanguard not Thisday.

Oh well, for the love sales sha

In other words, vanguard is not a credible source of national information.

What is amazing to me is people throw support this guy called Tinubu. It's a catastrophical disgrace to the young generation that a man with no moral values, a power-intoxicated mafia expresses his ambition to run as president of this great nation. A man who in a sane cline should be languishing in jail. For how long will the wrong set of cursed leaders continue to rule us. Democracy has failed us, we need a new system of government. Democracy is not working for us

It baffles me when people say Tinubu made lagos. For your education, Lagos has been the economic capital of Nigeria even before Tinubu. In the history of Nigeria, there has never been a state more relevant in national and economic affairs as Lagos. With all the IGR gets, it's mediocre achievement we celebrate. The things money can do. It's high time we need to wake up in this country and stop celebrating mediocrity. Compare Lagos to any prominent economic city of other countries in Africa, you will know we are far back.

Amazingly, some gullible NFAs who call themselves young people and leaders of tomorrow will chant and hull placards around the streets come 2019 in support of Tinubu. The same eejits that voted a man with an untraceable educational history as president in the 21st century. If there's any justice in the world, tell me in just mind, can it be well with Nigeria? Young people should wake up, our time is now. Enough of government by retirees.