₦airaland Forum

1 US Dollar is going for 817 naira, but that is using the official bank rate... in the black market it is going for N1,260. I think last monday or sunday it was going for 765 naira or so. So that means N1 million naira means virtually nothing in the FX market. What are your thoughts on this? Now graduates are roaming the streets unemployed or as danfo drivers. In my father's time, he used school cert (SSCE) to work in Central Bank. You can't try that now in our time. Are you dreaming?! Even with your Masters and PhD. Unless you have connection or God is on your side. Go to market to buy something and they will tell you that what you bought for so and so amount is now double the price. And when you go next time, they will tell you it has increased again. Endless wows... At this rate, I wonder if US dollar can reach N2000/$1 before the end of next year 2024

FreeIgboho:
Well, answer me this:
Where was his spirit all those billions of years before he was born Mohbad in a country called Nigeria, on an extremely tiny, microscopic portion of the Milky Way, called earth??

His spirit, soul and body came into existence, 9 months after his parents met each other in the other room

FreeIgboho:
I think Mohbad is in that new coffin they bought and reburried him in

Very creative answer. We are actually talking about his spirit and not his physical body

RIP to Mohbad and respect. Today we are going to prove whether Mohbad went to heaven or hell. Let me start by saying Mohbad wasn't a godly person. I remember that song they sang, "normal normal pomo sweet... pomo no bitter". On social media he wasn't a churchy kind of person, who liked to talk about God. He wasn't a bad person either, from the physical angle or non-religious angle. But people are saved through grace and not by their works. So nicety doesn't get people into heaven. I don't mean any disrespect to him but I will say that there is a very very high chance that Mohbad is in hell fire. What do you think?

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Thanks for the information. So is it advisable for a bus driver or keke driver to close by 10pm?

If you have ever trekked on wire road by 10pm sharp, because the only bus you saw was going to New Benin market then you can relate. Why is Benin like this? What is the reason and history behind this? Every store is locked, no single soul is on the road. You can't even get pure water to buy, except for Aboki that are doing indomie. Some of them even close around 10 or 11 am. If someone should happen to rape or rob somebody, no one will be there to save the victim. And are other states like this? Let me hear your thoughts

UnknownT:
You rushed and devalued the Naira without the attendant indices to make it stable at that price. You never made any attempt to increase our export but you rushed and removed the peg. Same way you rushed to remove subsidy instead of first tackling the corruption in the subsidy regime to get the accurate number of liters we consume daily.
These 2 acts are just to show how lazy and wicked our leaders can be. Because it is only a lazy and wicked person seeking for an easy way out will carry such actions without thinking about the adverse effect they will have on its citizens

Tinubu didn't devalue the naira. There is a formula that determines the power of every currency. The currency of a country is a certificate of the amount of wealth that is available in the foreign reserves of the said country. So if the amount of wealth in the foreign reserves of a nation is low, subsequently their currency will be weak

They won't see this one, they are busy struggling over Mohbad. Somebody who doesn't even know what is going on, on planet Earth anymore. Do you know what it means for bundles and bundles of naira notes to be equal to just one single piece of paper? Your sweat. You hold N76,000 in your hand and for your mind you get money... you dey feel like Obasanjo. You will go to ATM to withdraw the said N76,000 with 2 ATM cards, up to 7 times at the rate of N10,000 per withdrawal limit. You will use 2 ATM cards, because the current daily withdrawal limit is N40,000/daily. Somebody that sees you and doesn't completely understand what is going on, will think you want to finish all the money in the ATM machine. Go and convert the N76,000 to dollars, it is equal to one single piece of paper... $100 note

correctguy101:
As you can see, very few even understands the situation...

No be juju be that...

True talk, very few understand. You are saying things as they are. Anyway my take from the whole thing sha with the help I have received so far from some of the kind responses above me is as follow:
In the olden days, money used to have the value of the material that was used in making it. In the olden days, money was made of gold, silver, bronze, copper and so on. So if a coin which was used in buying and selling in the market had the equivalent value of $500 in today's money, even if you decided to melt it at the blast furnace and wear it as a wedding ring, it would still have the exact same market value of $500. But today's money is made of paper and not gold (for example you can't eat money if you are hungry). So the worth/value/purchasing power of the currency of any country is a certificate of ownership of the quantity of wealth stored in the country's foreign reserves (whatever that means). So the more a country continues to import from other countries the more their currency continues to lose value. So the reason why Naira keeps losing value is because Nigeria is broke. US Dollar is very strong, because USA are not broke

Thanks for all the replies. I will go through all of them. I stumbled across this just now:

https://www.santander.com/en/stories/devaluation
"When money used to be gold, silver or bronze coins, it was worth the value of the metal it was made of. But as those precious metals became scarce, money needed to be made from paper, copper, aluminium, tin and other cheaper materials. Because money no longer had the same worth as precious metals, it derived its value from the wealth of the country that issued it. In other words, a euro, dollar or peso is a certificate of ownership of some of the wealth stored in a central bank."

"We mustn’t confuse it with depreciation, even though both mean one currency loses value against another. On the one hand, devaluation happens when a government makes monetary policy to reduce a currency’s value; on the other hand, depreciation happens as a result of supply and demand in a free foreign exchange market."

If you google it, they will keep confusing people with different definitions here and there. And apart from that, their explanations are half baked, with no real life examples. I believe definitions are good but many of the people making these write-ups honestly don't know what causes a currency to lose value themselves. They just copy and paste what they saw from another person's write-up. If you ask your friend why he parked out of his former house, he should tell you:
1. His rent expired and he didn't have enough money to pay
2. The compound didn't always have light
3. He doesn't like passage houses but prefers self contained houses, because his neighbours don't always flush the toilet when they use it, there is no privacy among other inconveniences...
Something concrete that you can hold on to. Is not when you ask him why he parked out from his former house, that he will start defining things here and there. So in simple terms can somebody tell me what makes a currency to keep losing value, using Naira as a case study. Even if it is not in simple terms, anybody with concrete answers regarding what is going on can explain. President Obasanjo left it at N130/$1 after 8 years, President Jonathan left it at N160/$1 after 5 or 6 years, President Buhari left it at N460/$1 after 8 years while President Tinubu has taken it to N746/$1 after 5 or 6 months

God punish Bet9ja. Them no want make boys win abi. Later dem go use our money wey we lose for Visual, take sponsor big brother naija. Na only dem sabi chop abi? Na only dem sabi win abi?

Succezcard:
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nicho450:
Are you ok?

I'm sorry for the way I coined the whole story, maybe it was starting to sound like a curse by saying they will meet snake but it's true bro. It's a pity there are no pictures to verify my claims because of the trauma as at the time

While it is true that snakes are supposedly "deaf" and can only sense sound as vibrations, I just found out today that certain kinds of songs can attract snakes to your compound. Besides, the scientists that made this claim are not snake themselves so it cannot be proved beyond reasonable doubt that it is true. I was listening to this song over and over for about 1 hour, when I met a big snake at my front door. The snake went on to run into my house maybe because of the song, when I opened the door and tried to pour petrol on it (petrol was meant to kill it). The snake was calm all through and didn't try to attack me. If I remember correctly, it even looked at me for some seconds before looking away, without trying to bite me. If you think I am lying, let's try a little experiment... try playing the song tonight or tomorrow morning with a Bluetooth Radio and increase the volume to 70% or 80%. You should see a snake listening to the song at your front door, when you try to go outside. If you don't see any snake, it means there are no snakes living near your house:
https://www.youtube.com/watch?v=b_KULRDtSv4

That's the problem with obedients, we are too arrogant on social media... and that is why we lost. Arrogant is ambiguous... we talk too much and can insult anyone. We are supposed to be humble, talk less and be very respectful. Secondly Datti didn't have much influence on the voters. Obi should have used somebody like Kwankwaso as his vice president, or Goodluck Jonathan (it's an example, so please nobody should take me up on these 2 people). Obi would have had like 2 million extra votes, if he chose such kinds of people as his vice. Thirdly Obi didn't have a structure

“Na we get Lagos, Na we get Nigeria, free announcement for those at the back. Sanwoolu is going to be elected for a second term if you like to go and pack everyone in your village to come and vote. There’s no promo during the governorship elections. For those of you that attended Tunde Ednut school of politics, you can choose to remain ignorant to the fact that politics is not for the faint hearted. Obi is a boy, I am even smarter than him.”

Septagon:
Shouting nansense cos of 600 naira stake?

My betSlip ID on betbonanza.com: 230221078435

I have always known that forebet.com is not a fantastic website when it comes to football predictions... but their performance in Round 3 of FA Cup 2nd leg this season, made me to have second thoughts. Almost all their predictions were correct, including their jaw dropping halftime/full-time reversal or popularly known as HT/FT: 1/2 prediction which usually goes for around at 30.00 odds (which they were able to predict correctly). Today they gave me dirty predictions in the Europa League and Conference League and have cost me my hard earned money: B944RCCTETZPZR-7920061. I still played the game again in betbonanza.com and lost 3K there. The formula I used was, if Forebet can predict something successfully in the 1st leg, they might get it in the 2nd leg if they predict it again. So they said Lazio would win in the 1st leg... and in the 2nd leg they said Lazio would win again tonight but they drew. They also said the same thing about Partizan Belgrade (after winning 1st leg), but they lost to Sherrif tonight. They said Fiorentina would win the 1st leg... and tonight again they said they would win (after winning the first leg 4-0) but they are losing to Braga right now. I swear to God almighty, today is the last day I will ever use Forebet or any other free football prediction website in my life. God punish Forebet yansh!!! The people that created Forebet... is like they just created it because of Google AdSense and not because they want anybody to win. Their predictions are basically worthless. If Forebet were good, they would be collecting money from people for their predictions

N107,000 naira is nothing oh... thanks to buhari's government. Just try converting that money to pounds sterling Nd you will see what I am saying. If you have N1 million self, is just as if you don't have money. Better hold that your money well oh

https://www.youtube.com/watch?v=lP7TgFlNptw#bottom-sheet

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