Is this the best the 1 billion naira, 37 man commitee can come up with?

That this twitter banter enter punch news with misleading headline just shows how low we have sank.

Nbkay23:
It’s no longer news how Dollar is skyrocketing in our Economy Nigeria Today, and the Devaluation of our Naira, well I’ll like to share my own 2percent on the situation.

Considering the fact that Nigeria only spends naira, But the availability of dollars to some, in the economy is Devastating. These are the Big business corps, BDC’s operators and Particularly the Government. The reason for our currency devaluation, here I’ll tell you now..I’m an economist and a part time forex trader, so believe it what I’m telling is true.

The Cbn exchange dollar thru the Bureau d change to the public, the way they do it, is By releasing Dollars to particular registered BDC traders as they claim, Dollars is released to this Individuals to sell to the General public daily, What these people do is, they sell at a particular rate and increase the rate so as to Have some dollars left in stock, By hoarding them, They come back to the bank next day and deposit naira, Saying Demand of Dollars is High, Next day collecting of dollars take place in the Bank again, the bank doesn’t have a choice than to increase the rate cos the rate of return is Low in Value, Definitely business has been done and profit has been made. The issue is Why can’t the CBN put a stop to Street Trading, Aboki’s calling people dollar, dollar on the streets and Devise a Means of Transaction using the Bank for Transparency while Dealing thru the Accounts of the BDC’s, this way you can avoid Laundering of money, illegal transactions and Consumption of Government funds, Most Politicians in Abuja prefer to use the Bureau d change cos it’s a seamless way of Transaction, No one can hold you, No amount is too much, Infact the bigger the amount the Better they friends with you. Street transaction of Dollars is still the same as Spending dollars in the economy. You won’t see other Countries allowing other currencies to be Transferable in the Streets, We have to put a stop to this Menace if we want to save this Country from Collapsing , Using Debts to hold the naira is not the way, Defunding the Banks of Dollar deposits is not the way, Defunding the crypto holders is not even the way, We have to let Transparency and Records take control of the Exchange system, Not in the streets, But banks. Slots can be made Available for Preferable BDC’s Vendors, And Stop Doing Business with the Economy

Below in this picture is a woman walking Pass the exchange Board in Tokyo Japan, You can Visibly see the chart

You have left the main cause (corruption) to go after someone who is just doing business (BDC operator)

News flash, street bdc operators have been in operation since forever. Even during the military regime.

They are not the root cause or the solution. Gandollar does not go under tree to get dollars.

Even Gandollar nor dey the list. Moving on

I stopped reading at "the claim could not be confirmed"

You cannot allow corruption to go unchecked and be wondering why the math is not mathing

Has he been cloned?

What is the 37 man, 1 billion naira commitee doing?

Only positive thing is opposition is keeping them on their toes.

At the end of the day, Nigeria benefits from the "transparency"

successmatters:
Reno, we are never going to give you any government appointment.

You remain ignored.

Reno is definitely being paid on the side to appear like an unbiased person.


If not how can a sane person claim that the naira stride should be studied in Ivory towers?

Basic law of demand and supply.

Fg stops form A, stops selling and sends everyone to the black market with no restrictions.

Naturally, value of naira depreciated.

FG gets loans, and starts selling to BDC and fixes the markup. Does that look like free market?

We have yet to even get to the initial value.

I'm all for givign credit when due but this is equivalent to you hiring a driver. Driver gets into an accident on the first day and dents your car.

He then takes the car to a panel beater who just fixed part of the dent and has not even resprayed the car.

Driver then comes and says he deserves the best employee award.

Dittodat:
This LOSER should STFU.

Good and bad governance affects everyone including you.

If at the end of the day Tinubu does well to shut up the opposition, it still benefits everyone.

There is nothing wrong in eliminating corruption or reducing waste for the benefit of the nation.

Don't let your dislike for someone make you wish harm on yourself.

Even a broken clock is right twice a day. Learn to see beyond hatred.

This where training comes in.

Those days working offshore, in addition to life jackets being mandatory, you are also trained about the "survival circle" in the survival at sea training.

This is where all the survivors hold themselves together and the people without life jackets climb in the circle.

This way, rescue is easier as they easier to spot from a helicopter, are all together and those without life jackets have a higher chance of survival.

It's a pity.

Rushed to which hospital? The images out there just show him on the ground...no CPR or anything. Just people videoing and shouting.

Its a pity.

Make this guy nor spoil market for James Brown o

Where is Zamfara state governor on the list?

wink2015:
NIGERIA GO AND FACE AGRICULTURE

Crude oil money does not reflect true wealth of Nigeria as it is only the south south region that all the states focus their attention on for resources.

Insecurity is one of the major things affecting agriculture in Nigeria

VeryWickedGoat:
5 years from now Apple will release the iFold and we won't hear word.

Dem dey learn work for where APC dey

Kudos if he keeps this up.

Its time for Nigerians to move beyond seasonal politicians that only show up near election

How does a three month ban save 5bn quaterly?

Is the ban going to be indefinite? Or does he mean it will save 20bn and he just divided it?

Feldie:
you don't need to be tech savy anything. Young people like to overrate themselves. All you need do is download the app and create an account and then you see on the app screen "BUY CRYPTO" click on it and you're half way through. Besides they have children and assistants that will put them through

So you belive Gandollar and Akpabio would have binance account when they can easily have dollars delivered to them?

Trust me, if politicians are involved, the service would still be running. After all, they changed the law concerning age of marriage to protect Senator Yerima.

Feldie:
those top 100 users will still be govt officials and politicians

What % of them are tech savy to deal in crypto without proxies?

Gandollar we know, Betta Edu we know..why are we leaving the obvious to chase shadows?

Goalnaldo:
we just started dating not upto a week. It's my desire to date girls between 22-26 but God keeps sending these 19-20 year olds my way.

Same thing Ned Nwoko will say

This achievement comes amidst challenging economic conditions stemming from the Naira redesign policy.

Propaganda on fleek

As long as there is no fight against corruption, and the largese of 1 billion for 37 man panel continues, the theives would continue to mop up any dollar in circulation

DSS1335:
A very good young woman whom her husband abandoned last year lost her 1 year old child this morning. They jovial baby was very healthy on Sunday, by Monday morning, the baby was suffering from diarrhea and vomiting. According to the mum, she was prescribed pediatric antibiotic Amoxicillin along with antimalarial (Lonart susp), paracetamol syrup and Rophegan. I was alarmed on why she gave her child Rophegan 5ml, normally this antiemetic drug is not recommended for children under 2 years of age. Unfortunately this early morning the child was gasping for breath while crying loudly and died few hours later.

The issue now is that she is from far away east. She doesn't want to travel home. I have a very large space in my compound, and want to bury the child there. I consulted my kins, they objected it that I should never allow such to happen that it's against our tradition. That a child should be buried in his father's home or public cemetery. This tenant have already made up her mind to Park out few months after her rent expires due to the scandals of separating from her husband. Should I go ahead and allow her or alternatively raise funds for her to travel to the east to bury the child there. Though she isn't forthcoming with my alternative.

N/B
I am of Rivers state, Ikwerre to be precise, the lady from Umuahia

Update:
The mother of the lady came late in the afternoon from Abia state and pleaded I should allow them bury the baby in my compound. After considering some notable advice from here coupled with the warning from my kinsmen, I declined. The lady's mother contacted their branch pastor and they made arrangements to bury her in a place provided by their church. Later this evening the woman came back insulting my family that we are very wicked for not allowing their baby to be buried in my compound.
If not for the sympathy I had for the mother mourning her loss, I would have lost my cool.
This was the same woman responsible for the breakdown of her daughter's marriage. After marriage, she came to live with the new couple who parked into my apartment newly. Instigating her daughter against her husband. Using her daughter as a proxy to siphon off her husband's wealth, a Dubai-based businessman. Controlling the man forcefully, preventing him from socializing with others because of her insecurity complexes. The last straw that broke the marriage was when the lady and her mother teamed up to lock the husband indoors for 4 days and transferred all his money to the wife's account. That whenever he needs his own money, he should tell the wife. In short, the marriage broke down irreconcilably and the husband relocated to another state and never came back, he was neither interested in the child that was born 3 months after nor care to inquire about their wellbeing

The bolded and the update no correlate at all.

That's why there are two sides to every story

PARADIZEPRIEST:
you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

When the person in charge had boasted of being the one who installed the person responsible for the damage, and in the midst of this carnage still approves 1 billion for 37 person commitee, assigns 5 billion for student loan and 24billion for religious tourism, let me not mention the private foreign trips, etc , where do you draw positivism from?

olisaEze:
N24 billion for Hajj.

N5 billion for a yacht.

N70 billion for house renovation.

N57 billion for legislators' SUVs.

AWOL (uncostitutional private vacation) for no reason on Nigeria's expense.

Bag of rice N80k.

Bag of beans N120k.

Bag of cement N10k.

"What would Peter Obi have done differently?"

You missed 1billion for 37 man committee

DeOTR:

See the mentality of an average Nigerian and you wonder why we have bad leaders?
So if selling a bag of rice yesterday at 30k is profitable and people prices in the market has changed, why not wait till you restock and put the right price tag on the goods instead of changing the price while the tag on the shelf is lower?
Must you sell it for 70k up from 30k even though doing that amount to selling more than 100% of the cost?

If you read my post well, you will see that the question you asked, was the same thing I asked the guy and the reply he gave. I even added another example using price of fuel.


To answer your question plainly, waiting to buy at the new price means you get less inventory as all your profit from the old stock has been eroded. Person may even go out of business.

Using your bag of rice example, assuming the inventory is 10 bags, he buys at 28k, sells at 30 and makes profit of 2k per bag.

Thats 20k profit for all 10. Inventory cost is 280k.

If price of rice is now 70k for one, and he waits to buy at that rate, he can only restock 4 bags (no longer 10) from the 280k..and the process goes until he is out of business.

Britishpea:



The management of the supermarket was accused of shortchanging customers by charging prices other than the price tag at the shelves.


You shouldn’t be writing that long jargons without reading this

To be fair, the rate at which prices are changing daily, its hard to keep up with updating tags for every single product on the shelf.

When something similar happend some years back, I asked the seller if he already had profit at the old price. Why add price increase for something that was bought at old rate?

He then explained to me that where will the additional fund come for him to restock?

Similar to when Tinubu said subsidy is gone speech and prices jumped up before he dropped mic.

A tanker of 33000 litres at 3.3m to restock @ 100naira/litre, turned to close to 20m to restock. Anyone who does not have that is out of business.

Another 1 billion commitee loading

Very poor but you can "start with #500 million first" for 37 people...continue