₦airaland Forum

Another one of these JJCS, person wey dey US and no fit read to know say na auto section he dey.After person land Lagos from village, he run go internet cafe wan make millions come begin dey misyarn. Gerroutaherr

real talk,

preferably a toks but if thats not available
a grade A naija used is ok.[font=Lucida Sans Unicode][/font]

a friend needs a golf 3 with the following features for 400k
factory ac
auto transmission
sun/moon roof
power windows
central lock

has it been used in nigeria?

methinks using cheats makes the game less interesting.
its better to use walkthroughs and that is recommended only wen you're stuck
and cant make futher progress.

God of war I & II are one of the best games i've played after gta san andreas.
guess the new gta would makle me buy either a ps3 or xbox 360

any man that slaps his wife is no better than a lizard
one of the best ways to handle a troublesome/nagging/hot headed woman is
to walk out on her if she refuses to see reason and ignore her till she comes back to beg for mercy

if i might cum in at this time.
mode9 is light yrs ahead of ruggedman.
flava,style,beats,lyrical delivery.just name it.
true, he sounds kinda like an american artist
but we should not take it from him that he is better.
ruggedman cant sound foreign no matter how hard he tries.
there is anoda guy out there who sounds better than mode9
but his inexperience resulted in a mediocre album, OD(OverDose)

apart from that,if i'm to rate my top three rap artist in naija.
it would be
el dee
mode9
OD

biggie is the greatest of all time(G.O.A.T)
pac was a loud mouth whose personality spoke louder than his music
that is why people who are ignorant believe he is the better rapper.

tola babe  Re: Naira To Be Re-Denominated
« #250 on: Today at 12:02:45 PM »  

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I THINK THIS WILL ENCOURAGE FOREIGN INVESTORS THEREBY INCREASING EMPLOYMENT OPPRTUNITY IN OUR ECONOMY, AND AS WE ALREADY KNOW THAT AN ECONOMY WITH LARGE NUMBER OF FOREIGN INVESTORS IS PRONE TO ECONOMIC GROWTH.

SECONDLY, IF THIS POLICY IS EFFECTIVELY IMPLEMENTED, IT MAY LEAD TO PRICE STABILITY I.E. PRICE WILL REMAIN STABLE IN NIGERIA SINCE INCREASE IN FOREIGN INVESTMENT WILL LEAD TO INCREASE IN PRODUCTION OF OUR GOODS AND SERVICES THEREBY CAUSING DOWNFALL IN THE PRICES OF THE PRODUCT PRODUCED.

ANY REFUTATION WITH PROOVE PLEASE!!

my questions to you.
- how will it increase or encourage foreign imvestors?
- how will it lead to price stability?
the reasons why there is decreased production in nigeria is because of factors such as irregular power supply, lack of pipe borne water, official corruption which leads to high cost of production which leads to nigerian products being more expensive than than foreign products of the same quality or even better quality.
chinese currency exchanges for over a 100 to the dollar.recently, the US government was trying to force them to increase the value of their currency so they could sell less products to the western world and they refused threatning to sell all their dollar reserves which could crash the US economy.
china because of their high exportation are being begged to increase the value of their currency.we are not even increasing the value of our currency,we are just removing 2 decimal points.of what use is that?

ebos,
Old boy, if you become the President of this country you will marginalize South East. I did not see dualisation of any road in the South East in your post and you didn’t even add etc to show others remain. Na wah for you o!

abeg no vex, i was taking the roads from the coastal cities to the extreme north. i'm not sure any eastern town is by the coast

a lot have been said up in here about the re-denomination of the naira.
i'm a lay man and not an economist but i'm also a business man who deals with the every day realities of life in the nigerian business environment.

prof soludo has been hailed as a guru and has world wide acclaim for his consolidation of the nigerian banking sector.
that is a good sign but one we should be careful about."tread carefully lest you fall"

if i might ask, of what benefit has the consolidation of the money deposit banks been to the nigerian economy?
1. you can be sure that your deposits are relatively safe as in the banks are not likely to fail with the N25billion. i use the term relatively because    we all know that banks like unity bank is just a sham.recently the board of directors of one of the banks was changed. are you still sure your money is %100 safe there?
2. if you have a proposal to start a fish pond or any other business that will require about N1million and you dont have any collateral.which of the commercial banks will be ready to give you a loan for that amount? what does that tell you about the fate of small & medium scale industries in the country which are necessary for economic growth of any nation?

coming around to the issue at hand now.so many people are being sentimental about how life was in 1985, some are carried away by the accolades given to soludo world wide so are ready to jump into the band wagon of N1.26 TO $1.00
1. The Japanese yen exchanges for 118yen to the US dollar and the Naira at N126 to $1.00 which country has a stronger,better economy?
2. have you heard of power outage in japan? how many hours of electricity do you have in nigeria at any given day?
3. do we manufacture cars in nigeria? mitsubishi,honda,toyota,suzuki,mazda,subaru,yamasaki etc are from which country?
4. do we have any made in nigeria(not assembled in nigeria) computer or electronics firm? think sony,sharp,panasonic etc no be japan?
i can go on and on and we all know the answers.why isn't japan re-denominating the yen so it would be at 1.18yen to $1.00?

coming back home to what effect the re-denomination would have on the nigerian economy which i believe is what is paramount and not sentimentality as expressed by the estemmed CBN governor and a lot of nigerians as expressed by the poll carried out here.
1. will it reduce inflation?
2. will it increase the value of the naira against that of the dollar or other world currencies?
3. will it bring about employment or reduce unemployment?
4. some said it will increase the standard of living.my question is how?
5. will it build refineries,make NEPA mor efficient,repair our roads or bring back the rail way?
6. will it increase agricultural imput?
7. will it increase exportation of nigerian goods and reduce importation of foreign goods?

like some one said, what soludo is doing is superficial or i think a better term to use is cosmetic.
he would certainly recieve accolades from the international community(IMF,Paris club,world bank) again if he succeeds because they know he is not adding value to the nigerian economy. instead he is adding value to their own economies by spending millions of dollar printing our currency anew in their countries after spending billions of naira on the new 5,10,20 & 50 Naira notes  and coins early this year. i dont think the N1,000 notes is up to 3 years old.

what should be the focus of president yar'adua now is how to industrialize nigeria. provide an enabling environment for industries to thrive in the country. build refineries so we dont use our foreign reserves in importing petroleum but even make more money exporting not just crude oil but refined petroleum. he should work on the power sector and even if we have to build a nuclear power plant, lets go ahead. lack of electricity is what has killed most of our industries. he should dualise our road network.from lagos to maiduguri, calabar to kano, benin to sokoto.we should have auto bahns in nigeria. he should revive the railway sector that was killed by dangote.
and something very urgent, he should get rid of soludo who is likely to cause more chaos in the country if he is left as CBN governor.

what soludo is seeking now is another term as governor and is prepared to make as much noise as possible to look relevant. recently he has been trying to sell his fss2020 program to the country and went as far as printing a special edition on the program and giving it out for free in tell magazine(how much was spent on that?)

the problem with the naira is not the value of the notes.
it is the weight it carries in the international market.
what use is a naira that exchanges for N1.25 to $1.00 when we have an import dependent economy?
what depletes our foreign reserve?
apart from looting by govt officials is it not when importers buy dollars with naira?
like someone rightly said.the value of the japanese yen is 118 yen to the dollar
japan is a highly industrialised country why dont they redenominate the yen to equal the dollar?
redenominating the naira will not reduce the price of goods in the market
it will not increase the value of the naira compared to dollars,pounds,euro or even the SA rand
it will not reduce unemployment neither will it create jobs
so what use is it to our economy?[/color][color=#990000][color=#990000][/color]

Experts pick holes in CBN reforms
By Ayo Olesin and Yemi Kolapo

Published: Wednesday, 15 Aug 2007

The planned redenomination of the national currency, the naira, which since its introduction in 1973, has seen a decline in its exchange rate from 65kobo per dollar to $127 at present, is another milestone in the transition of the nation’s economy from a rudimentary stage to hopefully, one of the world’s top 20 by 2020.

While this move may not have any real effect on its current value, it could at least serve as a physiological boost to those who, with the benefit of hindsight and memories of shopping sprees to London in the oil boom 70s, feel that the naira/dollar exchange rate is scandalous.

Conversely, it would come as a shock to some of those whose assets are valued in millions, but which will now be measured in the thousands. It could also be seen as a reversal of the recent redenominations, of the national currency, which saw the introduction of the N100, N200, N500 and N1,000 notes amid unfounded fears that this would spur inflation.

In the new scenario, N1m would translate to a mere N10,000 while a bank balance of N20,000, would now read N200, much closer of the current dollar equivalent.

Whatever the case, what the CBN is planning to do is not new. Since 1960, governments of developing and transition economies have redenominated their currencies on approximately 70 occasions. These redenominations generally involved reducing the value of the currency by a factor of 10.

Economists and political scientists conclude that such currency redenominations are usually due to a combination of economic and political factors, including inflation, governments’ concerns about its credibility, and the effect of currencies on national identity.

However, the most usual reasons are when an economy has witnessed hyperinflation to the extent that its currency exchange rate is in units that are far higher relative to a convertible currency such as the United States dollar. This is because calculation, in such situations, becomes a clumsy affair.

In January 2005, Turkey replaced its currency (the Lira) with the “New Turkish Lira”, with a conversion rate of one million old lira to one new lira. In July of the same year, Romania introduced a new “heavy” version of its currency, the leu, with four fewer zeros. In both cases, governments noted that redenomination would send a signal to citizens, as well as to the international community, that economic policy mistakes were in the past.

Currency redenomination, also came as part of a broad package of economic and political reforms in Afghanistan in 2002 , with the introduction of a new afghani with three zeros removed.; following years of decline in the currency’s value.

Venezuala is also currently undergoing a similar process and the re-denomination of the Venezuelan bolivar is to take effect on January 1, 2008. On that date 1,000 current bolivar will be equivalent one “bolivar fuerte” or strong bolivar, which will be legal tender for a transition period during which a new family of banknotes and coins will be introduced and the current bolivar demonetised.

The Venezuelan government said that the general purpose of its currency redenomination was to contribute to the consolidation of its currency and to affirm the objective of economic stability, as part of a group of policies aimed to foster growth and socio-economic development. Key also is the more efficient pricing of goods and services as high value coins will allow easier rounding.

The CBN explanation for its latest policy move is similar. The redenomination is to facilitate price stability, reduce inflation rate and make the recently reintroduced coins, which are yet to circulate on account of their negligible value, feature prominently in everyday transactions.

The CBN also said the redonmination and introduction of a new currency structure would strengthen public confidence in the naira and make for easier conversion to other currencies.

However, Chief Executive, Economic Associates, a private think tank, Dr. Ayo Teriba, says what the CBN is doing is redecimalisation, not redenomination, and questions the rationale behind the decision.

“If you are knocking out two zeros, such that N100 becomes N1, that is redecimalisation. There is no reason why it should have any impact on the economy. It is like measuring your cloth with centimeters. 100 centimetres makes one metre. So, if you choose to measure it in metres and not centimetres, why should anything change? They are just playing with zeros; It is of no consequence to anything.”

“Even as regards the quantum of money in circulation? It is in your mind that two zeros have been knocked off. It has not changed anything.

What does the Federal Government hope to achieve with this? What do they want to achieve that Japan has not achieved with its yen. What they are doing is inconsequential; they are just playing with zeros.

“It would have made sense if we were like Ghana or Germany or like France; If we had gone through hyperinflation, like in the CFA zone, where they measure their currency relative to other currencies in millions. Redecimalisation makes sense then. At 125, it makes no sense; it is uncalled for and a waste of time.”

Teriba also argues that the CBN does not need to redenominate the naira to make it easily convertible, pointing to the case of the Japanese yen, which exchanges at 118 yen per dollar.

“If you want to go for convertibility, there is no need to redecimalise. If you want to push for convertibility, go ahead and push for convertibility. Redecimalisation is not a prerequisite to convertibility. They could have gone ahead to achieve convertibility with the current N125 to a dollar. There is nothing they want to achieve that Japan has not achieved and they did not redecimalise.”

The Chief Executive Officer, Financial Derivatives Company, Mr. Bismarck Rewane agrees that the naira redenomination, to a large extent, has no major effect on any economic activity.

“It is just making the currency more portable and you will be dealing with less units of currency. Usually, it is a measure that is adopted by countries that are facing runaway inflation, where the currency has lost its value completely. But Nigeria does not particularly fall in that category.

As far as I am concerned, you don’t need 12 months to redenominate the currency, you need just about one month. When we decimalised our currency in 1973, in two months, it was all over and that was a major profound change because we were going from pound, shillings and pence to decimal currency. Not only were we changing the currency, we were also changing the units and we did it in two months.”

On the CBN push for naira convertibility, Rewane noted that the convertibility of the currency in 2009 was for current account purposes, not for capital account transactions, which was “no big deal because to all intent and purposes, current account transactions are virtually liberalised right now.”

For Teriba, however, the achievement of exchage rate stability has little to do with the current reserves.

“It has very little to do with the level of reserve that we have. I think that it is an illusion that you can fix the naira. You cannot fix the naira against currencies that are not yours. The naira has been stable against the dollar but it has been weakening against the sterling and the euro.

“The naira is a weak currency and redecimalising will not make it a strong currency. It is the strength of the economy that determines whether your currency is weak or strong. If the underlying strength of the economy does not change, no matter what gimmicks you try to play, the reality is that with a weak economy, your economy will remain weak.

“We have $40m in external reserves. China has about $1tn. So many other emerging markets have much more reserves and they are not trying games with their currency. So, if you want to float, you can float. The pressure is on the Central Bank’s interest rate policy. With the appropriate policy, if you take the pressure off the currency, you can take the pressure off the reserves.”

In further comments on the new measures, Rewane said the adoption of inflation targeting as a methodology for managing money supply and managing CBN’s operations was not new but noted that the decision to share part of federal revenues in dollars could pose new challenges.

“The main thing here is the fact that they said state governments will now get their state allocations in US dollars. This is where there will be some major implications.

One, the framework for allowing 36 state governments, which barely able to manage a naira treasury to now have a foreign currency component is a major challenge.

However, the advantages are quite phenomenal in the sense that you would have every month, 36 institutions selling foreign exchange to banks. There will be one rate.

What it means is that the state governments will have to convert their money. Also, it means that the state governments can now borrow internationally. The state governments can issue a dollar bond and use the dollar to pay.

“The management of the treasury of the state governments is going to be a major challenge. It has very wide implications. It will deepen the foreign exchange market and broaden it in terms of the number of players. So, it won’t just be the CBN.

For example, if this month, N400bn was shared, let us assume that it was in dollar, that will be like almost $3bn. If 50 per cent of this was paid in dollars, it would mean that $1.5bn would have been available in the market. The total IFEM in a month is about $800m. So, that allocation alone is more than the total IFEM in a month. The banks may not go to the IFEM in six month; they will be buying directly from the states. So, the market will be much more vibrant and mush more efficient. That is a major move in the right direction. You cannot have optimal growth in an inefficient market.

It is not a sufficient condition to do this to make people benefit, but it is a necessary condition that the market should be efficient. When there is efficient market, you will see the difference between a state that is well-managed and a state that is badly managed. “

How 42 companies crashed in five years
By John Ameh, Onitsha
Published: Monday, 13 Aug 2007
A total of 42 industries folded up in Anambra State between 1998 and 2003 due to tough operating environment, investigations have shown.

Our correspondent gathered on Monday, that the industries closed operations in the major towns of Awka, Onitsha and Nnewi, due to a number of factors, the foremost of which was “irregular power supply.”[/color][color=#990000]
The hardest hit town was Onitsha, where 21 factories folded up.

In Nnewi, the second largest commercial town in the state, six factories shut their operations, while in Awka, 15 did within the period.

According to the 2007 Anambra State Economic Empowerment and Development Strategy document, which our correspondent obtained on Monday, manufacturing companies blamed their inability to survive on other factors.

These included lack of pipe-borne water, official corruption, low patronage as well as poor management and cultural influences.

“Access to credit is also a problem but was not ranked high and could be taken care of by them if the appropriate authorities handled the other major problems”, the document revealed.

The collapse of the industries reportedly came to light following a study conducted on 115 manufacturing industries in the state in 2004 by the state’s Ministry of Commerce, Industry and Tourism.

It was learnt that as at January 1998, there were 28 factories in Awka, but by 2003, 15 of them had folded up, leaving only 13 surviving.

In the case of Onitsha, the state’s largest commercial base, the number of factories in 1998 was 143. By 2003, 21 of them had shut down their operations leaving 122.

In Nnewi, there were 42 factories operating in 1998, but the figure dropped to 36 in 2003 after six of them folded up.

The three towns had a total of 213 industries in 1998, 42 of which collapsed, leaving only 171 surviving five years later in 2003.

The collapse of the industries expectedly led to job losses and further worsened the unemployment crisis.

The document noted that government and its officials were under increased pressure to address the factors that led to the closure of the industries.

“The problems hindering the industrial sector needs to be addressed to enable the sector perform its role optimally to alleviate the sufferings of the people.

“The youths mostly affected are school leavers at all levels, who are roaming the streets seeking jobs that are non-existent”, it added.

habibat,
b4 i can advice you,how you take sabi the smell of mary jane?

but is it possible to jazz a guy and he would still talk reasonably?