Ghost01:
There's no logic behind Nigerian banks not paying customers their USD. None whatsoever. Unless you have a situation where someone with say $10000 in his/her account visits a branch to make a withdrawal of an amount that the branch does not have, physically, at that moment. This is addressed by directing the account holder to a different branch or to check back on a specified day, but no bank would not pay customers their USD.

So why are lots of brothers here having issues with getting their dollars?
The logic is;
The bank will claim that they don't have dollars since CBN isn't selling to them no more whereas they take all they have and sell to aboki and make more money.
Dorm acc. is not a safety deposit box when you can just go and receive dollars anytime you like because you give bank dollars.
There is a cycle and when a part of the cycle breaks,people take advantage to make more money.
If you go to bank now,year in year out they will tell you they don't have dollars and is waiting on CBN.
Will you beat them?
I'm not saying there is a law that is making them not to do it,but are exploiting the loopholes of a broken system.

Desperate times require desperate attention.

Theoretically, the quantitative easing that Trump is doing currently isn't a long term monetary policy. But here we have it, the Feds have been printing dollars non-stop creating a false sense of value for junk stocks. While there are claims that Trump's desperation can be linked to the nearness of the upcoming election, the U.S economy has fully recovered (on paper), but yet to recover in reality.

My point is "devaluation", "depreciation" and all these talks can create an artificial sense of economic safety, but it won't alter the fundamentals: a country that relies on imports, have a large unproductive populace and recycles visionless leaders, is doomed to fail.

Tobex4realTobex234:
Desperate times require desperate attention.

Theoretically, the quantitative easing that Trump is doing currently isn't a long term monetary policy. But here we have it, the Feds have been printing dollars non-stop creating a false sense of value for junk stocks. While there are claims that Trump's desperation can be linked to the nearness of the upcoming election, the U.S economy has fully recovered (on paper), but yet to recover in reality.

My point is "devaluation", "depreciation" and all these talks can create an artificial sense of economic safety, but it won't alter the fundamentals: a country that relies on imports, have a large unproductive populace and recycles visionless leaders, is doomed to fail.

Why do you say Nigeria is unproductive or has an unproductive populace?
What makes you think we aren't producing?
Must we produce Jets,automobiles,machinery and complex medicine before we can be termed productive?

Tobex4realTobex234:


Nigeria is a fucking broke nation dude.
Ghana with a population of 30m is budgeting $15bn,
Kenya with a population of 50 million is budgeting $30bn.
South Africa with a population of 60m is budgeting $100bn+

Nigeria with a population of 200m is budgeting $30bn +.

And this is me using countries in the same continent we pride ourselves as the giant.
I'm intentionally using these African countries because this is where we even get small mouth sef.
We ain't even the giant of West Africa. Nigeria is a broke shit hole, full of a large unproductive populace.

I wont say we are destitute
What I'll say is that we over estimate what we have.
Nigeria is NOT a rich country
We just assume we are

Resource rich does not equate rich country


However when we talk about poor country, what comes to my mind is Burundi/Burkina/Malawi

Nigeria is better than these countries

Theconglomerate:
Why do you say Nigeria is unproductive or has an unproductive populace?
What makes you think we aren't producing?
Must we produce Jets,automobiles,machinery and complex medicine before we can be termed productive?

Tobex has a point
Nigeria is largely an unproductive country

Look to the civil service
That's one of many examples

We have the productive play grounds in Nigeria
But not so many Nigerians fit into that place

Tobex4realTobex234:
The same people that are evading 20% tax in Nigeria are the same people that are gladly (or sadly, who knows?) paying 40%+ in Europe, Canada and co. But do I blame these people? Not totally.

The government has to first lead by example. They need to cut their own spending drastically and make the political positions unattractive. Once politics is like bricklaying. The people going there will know that na work full there, and no financial rewards. So they will mostly go there to serve. Then we can increase tax. And use this to build infrastructure.

We cannot become productive without the needed infrastructure.
We cannot build the needed infrastructure without money.
We cannot make money without taxing the citizens.
We cannot tax the citizens without them being productive.

There you have it "the merry-go-round of our doom".

Interesting stuff

emmanuelewumi:
Not advisable for a young Nigerian who is just starting life to have more than 3 children

Please tell them sir...
They no dey listen

It's not even advisable to start popping kids immediately after marriage without mapping out investment strategy on how to take care of them

LordAdam16:


Actually, our fundamental problem is lack of strategic leadership. Nigeria has no Master Plan.

We have a ruling elite that has held on snugly to the reins for 50+ years without charting a course. Qatar, Singapore, Malaysia, South Korea, UAE, China, Vietnam are national ads about the importance of strategic leadership.

We have a ruling elite that is mentally ret*rded. Corruption, greed, wickedness alone do not account for this crapshoot.

It's why it appears we can't make judicious use of the little we have, much more come up with a scheme to boost funding. Or why our huge population feels like a weight tied to the ankles rather than an asset.

They are simply content with plundering and couldn't be concerned about building a society that works. I'm convinced they're unable to. Explains why their contemporaries outside of Sub-Saharan Africa have ZERO respect for them. A thieving buff**n is still a buff**n!

-Lord

Well said


But you missed something


The lack of strategic planning and leadership permeates all levels of the Nigerian society


From the family unit
Up to businesses
Organisations
All the way to the govt

It's the same damn thing

pluto09:



SAP was actually misunderstood by the general populace.
I am of the opinion that if SAP was properly done then, Nigeria by now should have been a better country.
Most of what the people were against are what we are doing now.
Imaging if we had privatised Nitel, NEPA ,airports, refineries etc in the late 80s and streamline our ineffective civil service.

I agree 100%

Structural Adjustment Program in itself was not a bad policy

But the Nigerian factor will always spoil good policies.
We had a corrupt leadership
And a populace that was not ready to cooperate

chigo4u:

This is just the truth. Nigerian Education is mostly useless. People only care about paper certificates and not knowledge, sometimes when you discuss with the average Nigerian graduate, you can’t but just be surprised. No difference between the average “educated” Nigerian and the uneducated ones.
People comparing China and Nigeria forget China has a very productive population, that was why many countries outsourced labor to them which led to the economic explosion there.

What we have here is an unproductive, consuming population growing rapidly by the second! The leaders are not the only problem of Nigeria

Well said

ojesymsym:
So the argument that local production and competition will drive down prices does not really hold in Nigeria. I think you mentioned one time that of the so called competition in the telecoms industry, their prices for voice and data are really not that different from each other.

Nigerian economics are not solvable with MIT and Cambridge solutions, only customized solutions can work like what Soludo did with the consolidation formula of Nigerian banks many years ago. Not many young people know that not too long ago, one bank owner could just literary make his bank bankrupt and take all the funds for himself.

We are a perculiar people, foreign solutions without factoring in the people involved cannot work here and this is a fact

We are a peculiar people

That's just the fact.......

And the problem

ojesymsym:
You can imagine...
If someone does not know some of these challenges, you will just sit down in your Geneva Ova office and think that the solution to the problem is to increase the number of farms without knowing that the scarcity is an artificial one.
Harvard Textbook solution different from real life solution abeg.

Harvard solutions that work in dozens of countries but fail in Nigeria

What does that say about Nigeria and Nigerians?


South Korea and co. Picked a leaf from western models and it paid off.

Nigerians being the head strong stubborn people that they are will scuttle every effort to change things

ahiboilandgas:
the union chairman of this particular markets brought a filling station from rackets last time ...meanwhile the rural farmer in jos is poor while the union executive that have never been to the farm ..are busy building houses ....cos they SELL TO THE RICH....without been in the farms

Just imagine

Theconglomerate:
That chairman is a liar.
Who will have his truck of perishable goods such as irish potato stand in line to wait for you in the market in a queue because you are doing cartel nonsense,especially in high demand season such as fasting?
Cartels will purchase all the products and hoard it,not instruct middlemen to wait.
Irish potato is very movable and must not be sold in a market,especially during fasting when people are looking for it.
So what stops a middleman to move his truck from union controlled market to a good corner and start selling from the truck?
In my time as an importer,I use to bring apples and grapes from France,egypt(grape) and SA to sell in Ikeja Arena market.
During fasting,apple becomes very scarce because muslims worldwide rush it and products get scarce from the source.
When product leave Apapa to Arena,in that traffic from Oshodi clients start buying apple in traffic and trans load to small buses.
Before truck reach Arena goods don finish,all paid cash.
So how does union cartel stop control this,especially for desperate periods as fasting?

The person u quoted is right

He is not the first person I am hearing this cartel palava from.

ahiboilandgas:
i know get strengths to type ...u dont know the state or markets...and i will not tell u...really people buy thing on truck in Lagos from Apapa to oshodi ....how old are u ? ...i been around those location for 14 years....u must be a clown ...even plantain cartels in boundary markets olodi apapa will not allow truck discharge....only via market union arrangmeents

I know what you are saying

This racket has been going on for a while

OgogoroFreak:
It's like stanbic mutual fund interest is currently at 4% which even lower than interest on HIDA account with diamond access.

4%

Huh?

Gander:

Yes, Atiku got more votes than Buhari in southeast!
You can make Atiku your president in south east!
Looks like you’re high on Butukuru .
Nonsense!

This is uncalled for
This behaviour is unacceptable
You better rid yourself of it

XiaoLi:
Why so much bitter against the SE, you don't even know where he came from and you have concluded that he is from the SE just by sharing his thought. Ridiculous!

Very ridiculous I tell you.
Why did he assume SE?

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!

Devaluation works
When added with other policy measures

Devaluation is a good step, but does not work in isolation.


Greece and Italy are using the EUR
There is no way they will devalue the EUR because a few member countries mismanaged their countries


South Korea picked the IMF model and succeeded
Singapore picked the same model and succeeded as well

The Japanese Currency is weak as f**k but is backed by a solid economy.

The SAP failing in Africa is solely on Africa
We refused to do the right thing

And as for your talk on subsidies

What proportion of the income of western countries are used for subsidies?

Compare that with the heavy burden Nigeria and indeed other countries bear in subsidy

You cannot compare both


Not everything is about neo colonialism

If you as a people refuse to do what's right and use your brain, you'll pay dearly for it

AMINDA:


This is exactly the point I'm trying to make. You have to see the hypocrisy behind this. Once upon a time in Nigeria, everything was almost free for the citizens, Healthcare, Education, Water, Government freebies, the naira was strong, everywhere soft. Then came some white men but this time, not in uniforms but with suit and tie. They told our leaders to stop those handouts, remove subsidy, devalue the naira, privatize everything, etc, in exchange for loan. They called it Structural Adjustment Programme ( SAP).

Shagari who was the President was about to sign on it when General Buhari overthrew his government and refused to sign. After a few years, Buhari was ousted in a coup in what some analysts say was foreign sponsored.
In came IBB, the Evil Genius. The white men in suit approached Nigeria again. To give his decision some semblance of approval, he threw the floor open to the populace through townhall meetings and despite a greater percentage of Nigerians being against the policy, he went ahead to sign. Nigeria was never the same again after that.

The hypocrisy is that, when it suits them, the White men still provide food stamps to the poor, bail out their failing industries and subsidize their farmers. The very same thing which they say we must never do. Instead, they keep telling us that the only solution lies in devaluing our naira. And we've been forced to do that on several occasions making them richer in the process, but things keep getting worse for us. "Devalue further " they say. Sadly, some of us still believe them.


https://punchng.com/nigeriansll-pay-higher-electricity-tariffs-fg-promises-imf/

When the oil price crashed in the 80s
U really think the govt of the day would have been able to sustain the freebies that they were given ?

That generation squandered a golden opportunity to invest in what mattered
But they were busy financing freebies and propping up an artificial naira, when our mates were investing in what mattered

Now we are paying for their foolishness.

Such windfalls should have been invested in mass education (not the fraud we called education since we gained independence) and even expansion on infrastructure nationwide
But no

It's to be financing freebies


The western countries you look at today
When they were heading up the development curve, were they doling out freebies or investing?


Let's try to look at this thing from multiple perspectives
@emmanuelewumi

odimbannamdi:


This is an organized crime. I wonder why it is it yet to be reported to higher authorities.

The authorities are in on the racket too

pluto09:



Some of what you highlighted here are reasons the country is where it is today.
Why I don't believe that devaluation will solve all our problems, I think it is wrong to ascribe devaluation to IMF and white people.
What options do we have when we don't produce anything that can be sold for us to earn dollars. Devaluation is an economic issue and not a sentimental one. It is not the west that made us to rely solely on oil for our fx earnings..
OBJ privatised refineries before he left but it was cancelled by his successor.
How much have we wasted on those refineries since then? And why are they still not working? Is it IMF that is not making it to work?

Good questions you asked
Please refer to my responses to him as well on this page

I'll like to hear your thought

[quote author=pluto09 post=90454073]


In Nigeria, the oil sector contributes about 95% of foreign exchange earnings.
This is the major reason why the country is always in trouble whenever the price of oil falls at the international market.

Yes, Africa accounts for a good percentage of global cocoa production.
However we all know that the money is in the value you can add to the raw materials.
The question is this, who is stopping us from adding value to what we are producing?[/quote]

Good question

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.

Well said

@Theconglomerate

He is right

emmanuelewumi:
I pray things won't get to a stage whereby people can't get the money in their domiciliary accounts.

We are at that bus stop already

It was a pleasure reading through the dozens of pages.

A lot of great insights gained
Arguments made
And counter arguments too

At the end of the day
Financial security is all we seek

Random post. I just spoke to a medical doctor from Nigeria. He has been in Canada for only 3 years so I asked him where he got his medical degree from. Guess where: Nigeria. Our very own Nigerian graduate practicing medicine in Canada with a degree from Nigeria (okay maybe he had to take a one year course since he's from another country, especially a third world country like Nigeria). If you are reading this right now and have plans and hopes and aspiration of going overseas to work, I am here to tell you that you will not go to that country (at least not Canada) to sweep roads or drive taxis or do some other menial jobs. If someone can practice medicine in Canada with a degree from Nigeria (a shithole country if we are to call a spade a spade), then believe me that you can travel overseas with your degree and be anything you want. And as for those saying they know Mr. A who left his managerial job in Nigeria or medical job in Syria only to go overseas to drive a cab, please check with this person and get their story straight. Once again, we have Nigerian doctors here (though I've only just met one) with degrees from Nigeria practicing medicine here so don't be discouraged by the naysayers.

CBN to Auction N90.9bn Treasury Bills Today
https://businesspost.ng/economy/cbn-to-auction-n90-9bn-treasury-bills-today/

Nnamz:
Random post. I just spoke to a medical doctor from Nigeria. He has been in Canada for only 3 years so I asked him where he got his medical degree from. Guess where: Nigeria. Our very own Nigerian graduate practicing medicine in Canada with a degree from Nigeria (okay maybe he had to take a one year course since he's from another country, especially a third world country like Nigeria). If you are reading this right now and have plans and hopes and aspiration of going overseas to work, I am here to tell you that you will not go to that country (at least not Canada) to sweep roads or drive taxis or do some other menial jobs. If someone can practice medicine in Canada with a degree from Nigeria (a shithole country if we are to call a spade a spade), then believe me that you can travel overseas with your degree and be anything you want. And as for those saying they know Mr. A who left his managerial job in Nigeria or medical job in Syria only to go overseas to drive a cab, please check with this person and get their story straight. Once again, we have Nigerian doctors here (though I've only just met one) with degrees from Nigeria practicing medicine here so don't be discouraged by the naysayers.

You cannot practice medicine in Canada directly with Nigeria certificate.
There are processes you have to go through and it is a bit complicated.
Canada is not like UK where with your medical certificate from Nigeria, all you need do is write exams and passed to be qualified.

Grupo:


Sorry that I'm asking too many questions.

How long did it take for the recipient to get the money?

Asking because gtb is frustrating my efforts to transfer fx to someone.

Is it local or offshore transfer?

Nnamz:
Random post. I just spoke to a medical doctor from Nigeria. He has been in Canada for only 3 years so I asked him where he got his medical degree from. Guess where: Nigeria. Our very own Nigerian graduate practicing medicine in Canada with a degree from Nigeria (okay maybe he had to take a one year course since he's from another country, especially a third world country like Nigeria). If you are reading this right now and have plans and hopes and aspiration of going overseas to work, I am here to tell you that you will not go to that country (at least not Canada) to sweep roads or drive taxis or do some other menial jobs. If someone can practice medicine in Canada with a degree from Nigeria (a shithole country if we are to call a spade a spade), then believe me that you can travel overseas with your degree and be anything you want. And as for those saying they know Mr. A who left his managerial job in Nigeria or medical job in Syria only to go overseas to drive a cab, please check with this person and get their story straight. Once again, we have Nigerian doctors here (though I've only just met one) with degrees from Nigeria practicing medicine here so don't be discouraged by the naysayers.

I think your intention is to start an argument here on immigration to Canada. Kindly take this post to the various Canadian travelling threads where your advice will be much more useful.
I hope you understand my point?.
Thank you.