hedonido:
So, ndi EFCC, who did this sweet babe defraud? Who petitioned you? Okay, she presented herself on Instagram as bla bla bla as a bitcoin expert (whatever the hell that means) to defraud unsuspecting people. Who are these unsuspecting people?

Look, this approach is not beneficial in any way. Jurisprudentially, it serves no purpose to hunt small time loafers and products of a failed system - and parade them all over the place for what should be considered peccadilloes. I mean, we're not talking about terrorists, bandits, violent criminals and other antisocial elements who represent the real menace to society.

In terms of jurisprudence, hunting and parading people like this smallie serves neither deterrence nor corrective purposes. Even if you were to use primitive systems, this doesn't even serve punitive purposes, because we know that if this 'suspect' had enough money to bribe the retarrded agents who arrested her, she wouldn't be paraded at all. Even now after being shamed with a very annoying mugshot, if she musters a satisfactory bribe, she wouldn't even be charged to court - she would be released instantly. So what's the point of all these? It is just a crass, needless, thoughtless and hopeless merry go round.

You can probably make a good lawyer, why don't you represent her in court?

EastisBae:


Jon Snow, you know nothing!
Why not Google remmitances recipient countries and see how much Nigeria earns from its diaspora population instead of exposing your ignorance?

Nigeria is among the world's largest remmitances receiving countries and it fetches us far more money/forex than agriculture or any other commodity aside crude oil.

Pls show us the data, so we can all benefit. Show us the recipient Nigerian banks with the amount they received as Diaspora remmitance?

Queenlovely:



When in Rome, behave like the Romans.

Unfortunately, those that taught you that phrase "when you are in Rome, behave like Romans" never used it. They met us in Africa with our culture, religions and way of life, they never behaved like Africans, rather they held on to their FOOD, RELIGION and CULTURE, and even brain washed many to follow them blindly in whatever they brought.
I advice you scrutinize and be on a look out for good character and wisdom, and hey jump at it and hold it firmly as if it had always being yours.
My view

Queenlovely:
I pray for the day we Muslims will stop isolating ourselves from other people of different faith.

for example, hausa live by a different set of rules in this country.

They have Sharia court instead of normal ones
they have different banks Islamic bank
they don't circumcise their dick
they don't watch Nollywood with us
they don't go to our school, they go to Muslim school
they don't share their women
they don't learn our language.
they don't wear our clothes
they only read in hausa and Arabic.


Ask any historians, that was why the Jews were the most persecuted people in history, they wanted to form a parallel society where ever the went.

Jews were isolating themselves in somebody's land. they won't learn your language, they spoke Yiddish, that is why they were the most persecuted people in history.

If you attend an event wearing your gold necklace, would you throw it away and replace it with plastic or tin made necklace, just because most of the attendees are using same? Would you through away your top garment when you see most people shirtless?

Queenlovely:
I pray for the day we Muslims will stop isolating ourselves from other people of different faith.

for example, hausa live by a different set of rules in this country.

They have Sharia court instead of normal ones
they have different banks Islamic bank
they don't circumcise their dick
they don't watch Nollywood with us
they don't go to our school, they go to Muslim school
they don't share their women
they don't learn our language.
they don't wear our clothes
they only read in hausa and Arabic.


Ask any historians, that was why the Jews were the most persecuted people in history, they wanted to form a parallel society where ever the went.

Jews were isolating themselves in somebody's land. they won't learn your language, they spoke Yiddish, that is why they were the most persecuted people in history.

If you attend an event wearing your gold necklace, would you throw it away and replace it with plastic or tin made necklace, just because most of the attendees are using same? Would you through away your top garment when you see most people shirtless?

Jerryherd:




Boko Haram are mostly Kanuris, people killed are mostly Kanuris, Kanuri people in Government are silent, so why should I a Yoruba man concern myself with this News



.

HEY! You should be most concerned because of Humanity. Because innocent human beings are being killed not goats. You are first a Human before being of any tribe. Tribe is just for us to identify one another.
You (and all other Humans), should be concerned that sacred human lives are being wasted by terrorist BH.
Irrespective of Gender, Tribe, Race or Religion, WE THE GOOD HUMANS CONDEMN INTATALITY THE KILLING OF OUR FELLOW INNOCENT HUMAN BEINGS ANY WHERE.

BastardWike:
All these quota system billionaires lacks creativity and foresight. You didn't build refineries in the 1970's, 80's, 90's or even early 2000's but now that fuel cars are being phased out and renewable energy is gaining massive boost globally, that is when the craze for refinery got into their head!

You're talking about AFcta but you forgot that heavily subsidized refineries built all over the middle East, Asia and developed world will equally channel their excess capacity to Africa. How can they compete?

Why can't they spend these monies in building power plants considering that Nigeria has a massive deficit in it?

Quarter system billionaires indeed!

...and what is our dear QUATER SYSTEM ECONOMIC ANALYST bringing to the Nigerian table? ..Nothing apart from envy and critism. You always misunderstand your local environment while building analysis that stood on water. For your information, Nigeria will remain a big market for petroleum products for the next 40-50 years irrespective of the renewable energy penetration.
If you can't appreciate our local investors, pls show us your own profitable future proof investment.
Else....

Mgbadike80:
Nnamdi Kanu established the ESN to guard the forests and residents against this type of crime but the southeast governors/Ohanaeze are fighting him because they want to get a vice presidential position from the fulani in 2023.

How are we sure it's not the Nnamdi Kanu's affiliates (ESN,IPOB, BokoHaram, Herdsmen) that re responsible for her woes?

If Nnamdi KANU has the support of ordinary Igbo people, he or his adherents should contest and win elections and go on to change whatever they wish to change. In the absence of that, our security operatives SHOULD DEAL DECISIVELY WITH ANY TROUBLE MAKER.
There are lots of evidence linking Nnamdi Kwano with Criminality and Coercion.

slam7000:
These lawlessness and arson need to be checked. It might snowball into something more sinister.
Police should be called to order but mob attacks at police stations won’t solve the problem.

Oko police station was 100% community effort. No assistance from the federal, state or local government.
Land was donated by the community and building financed 100% by the community. This was at the height of kidnapping that was ravaging Anambra state and Aguata/Orumba local governments at the time.

Why burn it down? Why not sack the police from there? The building could be utilised for something else.

This madness must stop.

This is one sensible man in the midst of many upsidedown thinking men. I salute you and your common sense that will save lives and property

Zzor:
A tour to this man's house won't be a bad idea, I should have thought about this earlier

Hmm..But the Man marries only virgins o!
How will the tour of his house help?

May be this one does not listen to their leader Nnamdi Kwanuu. He preach hate and violence. He acknowledged his members harassed and possibly wanted to kill igbo leaders like Ekweremadu

Freelance363
post=95824071:
Biafran agitators never laid a finger on anyone,never killed anyone,never stolen from anyone,but only asked that,as they are tired of the selfish governance,they want to be recognised as a country of their own.
Now,even cats and mouse calls them terrorist,bandits,peacebreakers,all for what?
Biafra will come,no matter how long it takes.Everyone should be ready to stand by what they said about Biafrans.

If you don't find hoisting Biafran flag offensive, then hoist it only on your property, your land and only your land. Do not ever attempt hoisting offensive flag in other people's domain. That is rascality.
And if you truly believe in your flag, you should await the Nigerian military by it'd side. Have you not seen how the #ENDSARS protesters stood by the Nigerian flag. Iburge you to do same with the IPOB flag in Enugu, Onitsha or Aba.

Dpharisee:
I wish that chairman will have the courage to say the same to the Fulani herdsmen that has murdered so many people in Idoma areas of Benue state.
It seems people are more afraid of people hoisting flags without killing or harming anyone than people who hack others to death in those communities.

Wike even denied his Igboness to claim Benin origin to please Fulani elites, I am wondering why he is yet to change his name from Nyesom Ezenwo to Osaro Igbinedion.
The reality is that many people believe that hoisting Biafra flags anywhere in their state can bring the wrought of Buhari to descend upon them. The Army could be sent to destabilize their area, we are no longer in a democracy, we live in fear of our own military that should not be seen on the streets under normal circumstances.

For me I don't see this as a big deal, if some people draw inspiration from a flag. Why do some Nigerians dread Biafra flag?
Our 'gallant' Army murdered so many people in Oyigbo (Obigbo) because they found Biafra flags in their possession.
It also means that several Idoma youths are beginning to align with their Igbo neighbours and perhaps tired of the Arewa domination and neglect.
Here in the North the Emirs hoist Arewa flags in their communities and their vehicles but no one dare challenge them

Islie:
Kannywood Actress, Zainab Abdullahi, Asks Northerners To Kill Nigerian Activist, Aisha Yesufu



https://saharareporters.com/2020/10/24/kannywood-actress-zainab-abdullahi-asks-northerners-kill-nigerian-activist-aisha-yesufu

May be my eyes are not seeing well. Please, point me to where Kannywood Actress, Zainab Abdullahi, Asks Northerners To Kill Nigerian Activist, Aisha Yesufu Yesufu should be killed in the write up.

courage89:


Subsidizing naira by defending it is a sound economic policy for its current predicament. Floating our currency at this junction will be a recipe for disaster. If we float Naira, It means there is a possibility for Naira to trade at 1000 naira/$1. What would be the economic ramifications of this possibility?

1. Higher inflation
2. Higher MPR rates in an attempt to curb inflation leading to higher interest rates from banks (Higher cost of funds for business owners)
3. Continuous economic and business instabilities due to inability of businesses to predict inflation rate, interest rate, market direction, higher cost of business operations leading to de-industrialization and job losses.
4. As a percentage of Nigeria budget, debt payments will increase significantly overnight with lower funds left for governance. Leading to under-development, increase poverty level, more debt acquisition to fund budget and others.
5. Nigerian businesses with dollar cost, debt exposure will overnight see a double whammy increase threat to their business leading to bankruptcy and extinction.

While I agree with the professor that shifting our economy from import dependent one to export dependent is the way to go, i disagree with the strategy of Naira floatation.
The best way to do this is; to fix and improve all the factors that affect cost of manufacturing and other economic productivities. Let us focus on reducing cost of manufacturing single product, then we can begin to witness export oriented economic growth.
1. Let us fix power supply. So that businesses will not have power as 50% of their operating cost.
2. Let us fix infrastructure, so that agricultural products can be easily available. Farmers can easily get products from farm to market, so that we can reduce products lost due to bad infrastructure.
3.Let us fix monetary policy rate and bank interest rate, to ensure businesses have access to low cost of funds and longer tenor.
4. Let us improve our education system, so that we do not continue to push out half-baked graduates. Also to ensure we graduate capable hands for our generation.

Fixing these fundamental economic factors and more will not only help businesses in Nigeria thrive locally, will also improve their competitive advantage and opportunities on the global stage.

Thank you very much for this analysis. This your contribution is what I call "being real and relistic'. Not borrowed
deadly economic theories that are so injurious to the nation. If I'm to award, the you are Professor Emiratus of Nigerian Economics.
Let's further disect it for the benefit of those that cannot see the evil Naira devaluation has brought to Nigeria.
(I)/One of the largest portfolio in the country is the pension fund portfolio which stood at N10.8 trillion as @ May 2020. About N7.2 trillion representing 66.7%) was invested in Federal Government’s Securities. Now this quantum of money is worth only half it's USD of 2015 given that the parallel market USD exchange rate is N440/$. Now in converse to this, the FG in it's
2019 Appropriation Act provided for New External Borrowing of N824.82 billion (equivalent of USD2.7 billion at USD/N305). Which literally means we have to source for atbkeast x1.5 more Naira to service this loan than we could've done if it were 2015. So our Naira output has to increase by at least half its current value. Now was that possible for you or your business between 2019 and today? Yet the exchange rate has now shifted even further to $/N380.. thus requiring even more Naira from Nigerians.
So the devaluation make us poorer and uncompetitive compared to our foreign counterparts made richer in our economy through higher $$$ purchasing power.

Yampotatocarrot:


But currencies like Won (South Korea) have very low value against the dollar, yet their economy seem alright.

I don't think it's about the exchange rate against the dollar, whether high or low, there seem to be other more important factors at play here

It's stability, that is hardly achievable in Nigeria. Some people see FOREX as a commodity that they can price at whatever rate they deem fit. Checkout the variation of Won over about 1 year period

Now compare to % Naira devaluation in the last 1 year.

stephanie11:


https://politicsnigeria.com/subsidizing-the-naira-blocks-nigerias-economic-takeoff/

Theories upon theories. Nigeria economy is just beyond mere theory. why? Because theory is based on some assumptions, some ideal parameters which themselves are difficult to achieve in Nigeria. Floating the Naira, with all due respect to Moghalu, is dangrrously suicidal. Do that and see Naira deteriorate to over N1000 to a $ within just 1 year. Take for example areas that are completely unregulated like transport. Transportation cost from Lagos to Ibadan could cost more than than China to Lagos. Some manufacturers will prefer reselling FOREX than going through production and its challenges.
By the way, can somebody tell me where in the UK can I exchange $100k in cash? What of Nigeria, can I exchange N1bn to USD cash? The former will be extremely difficult but the later is doable.

Danzakidakura:
But they will send Boko Haram abroad to study, religion of piss and shit.

Are you not happy he was killed? Are you pained? So many BH, Herdsmen, Militants, Robbers and Kidnappers were killed by the army before now. Why should you be asking questions after elimination of a killer? Reason very well please

Wisdomkosi:
BREAKING!!! SARS Arrest Fully Loaded Bus Carrying Children To Unknown Destination In Abia (Photos)

By Wisdom Nwedene, Umuahia

The officers of the Special Anti-Robbery Squad(SARS) have arrested a fully loaded bus carrying children to an unknown destination in Abia State.

Igbere TV reports that the ugly incident happened at Umuikaa Junction in Abia State.

According to Alfred Prince who shared the report to Igbere TV correspondent, trouble started when the children told the SARS operatives that they have no destination as they don't know where they were being taken to.

According to him, "the driver on being tortured by the men of SARS said he was taking them to a camp because of the corona virus."

He said : "Parents and guardians please be warned. This is what happened at umuikaa by tollgate this morning."

"The men of Nigerian police force SARS, stopped and arrested a moving bus with more than 15 children inside."

"On interrogation the children confirmed that they have no destination as they don't know where they were being taken to. The driver on being tortured by the men of SARS said he was taking them to a camp because of the corona virus."

"Parents has been advised to be careful with their children in this time of trials and temptation."

Meanwhile, as at the time of filing this report, efforts to speak with the SARS operatives proved abortive.

Source : http://igberetvnews.com/1345504/breaking-police-arrest-fully-loaded-bus-carrying-children-unknown-destination-abiaphotos/

Are you sure some of these kids are not among those missing kids from the North? Their parents must have been looking for them up and down everywhere..
A beg help me notify them let them come and check this Abia arrest. Please.

I'm not for blame games..
I'm a realist.

* Someone is talking about N500bn social investment, while as you can see below, the quantum of money squandered by previous administrations in the land with very little to show for it was enough to take us to the moon -
https://www.vanguardngr.com/2017/09/nigeria-earned-squandered-n77trn-oil-revenue-17-years/

* They will tell you government has no business in business, but when you spend earnings on infrastructure and social investment they turn around to blame you.

* Where is the private sector investment you people were talking about?

* Non cony local and international investors are having better times now, with even better prospects. Typical of ARLA FOODS -currently backward Integrating milk and diary production.

*We eat our locally grown Rice. If not for the effort of the government, I don't know where you will go to buy rice now with the Corona Virus?

*Ajaokuta resuscitation is ongoing -- that's the backbone of our development, yet they won't see.
*FG has secured funding for Mambilla Power plant
*Dangote fertilizer plant is about to commence production. Same with the refinery and petrochemical.
* Standard gauge Railway is ongoing, Abuja-kaduna, Lagos-Ibadan, Ajaokuta-Warri, if not for the Corona.,...

...why are some of you guys perpetual NAY SAYERS?

...More
https://www.channelstv.com/2020/03/11/we-need-to-take-diversification-of-nigerias-economy-more-seriously-dangote/amp/

https://businessday.ng/business-economy/article/dangote-advocates-made-in-nigeria-products-to-substitute-for-imported-goods/

..and judge for una self how this will happen in the mist of distortions like free floating of the Naira.

PHijo:


You quoted Kingsley Mohgalu. Go and watch his most recent videos!
Devaluation for Nigeria is unavoidable. It is either she takes charge of the process or waste her reserves and still end up having a devalued currency.

That investors prefer portfolio investment is primarily the fault of Buhari. Nobody wants to invest for the long haul in an economy basic human and corporate rights are not respected. A country judges are mistreated. All of these activities help shape the perception of prospective investors.

What is needed is simple, a plan on how the country can embark on import substitution. A start would be deregulation of the downstream sector. Since 2016/2017 the NNPC should have been privatised or restructured. The fact government still holds on to NNPC shows we are not ready to diversify. We could have boosted reserves through both actions. As things are now, we can't get the valuation we would have gotten in 2016 for NNPC in 2020. I am afraid it may even get worse in 2022.

The government should as much as she can, get her hands of business. That's the only way we can deal with many of these issues.

Now it is becoming clearer why you take your line of thought - Buhari is your problem, simple. It may be worthless venture trying to show you that no nation anywhere built vibrant economy by subjecting itself to foreign manipulations. Kingsley Moghalu (with all due respect to him) is a typical western trained economists who by virtue or providence like many of them, became CBN Deputy Governor. I wouldn't take his words as final when it comes to nation economy building. I advice you to listen to the remarks made by Dangote at the CBN event aftermath the oil price crash. Here https://nairametrics.com/2020/03/11/diversification-may-no-longer-be-possible-in-few-years-dangote/ you can pick some of the points. As you can see, it wasn't Buhari's making. He also spoke about the illusion of FDI you guys keep talking about. He said it will not happen. That it is we Nigerians that will build our economy. Aliko Dangote has undoubtedly proved he knows the art of nation economic building.
...But people with preset mindset are difficult or rather impossible to convince with facts. I will have to leave you with your thoughts ..till God know how long.

Corona Virus is real. At least you should believe that from me.

PHijo:


You ended up saying NOTHING!

In 2015 the Buhari government destroyed the Naira by trying to defend it.

What was required was a free float, fiscal strategy on how to reduce imports and petroleum subsidy removal.

Foreign portfolio investors left in droves between 2015 and 2016 because they saw the need to protect their capital in USD terms. Nigeria's failure to manage the concerns of these investors led to capital flights. China for instance can adopt capital control measures because most investments in China are foreign direct investments, SOEs also play an important role in economic development. That's not the case in Nigeria.

You are saying "Buhari regime detoyed Naira by trying to depend it" as if that was not the defacto policy of the CBN. It was rather an attempt to float the Naira that actually eroded most of its value. Portfolio investment in converse
to FDI is being encouraged by people with your like-thinking (Naira should be floated, retain high MPR) who are more for the foreigners tgan for Nigerians, that churned out such monetary policies at the CBN (MPR, CRR etc). And I ask you to pls show me how could high interest rate will attract FDI.

If you cannot achieve some exchange stability, the best you can attract is portfolio investment. So it's a vicious cycle. FDI will flow with stable exchange rate.I don't know if you are awre what led to the exit of Etisalat from Nigeria. You people keep looking at the problem as if it has single variable, but the reality is it is multi-variable.

Floating a currency requires substantial local production, foreign market and huge foreign reserve to support undue distortions. None of these applies to Nigeria, why then are you hell bent on given adult prescription to a minor? The least you can is to allow him grow or change his prescription. It is that simple.

grandstar:


I noticed you keep using the phrase "when you devalue the Naira", as though it is the government that "devalues the currency". The depreciation isn't the work of the CBN but of the market. The market has the final word. The best Central Banks can do is to influence the markets but at a point, they too throw in the towel.

The Swiss Central Bank spent $30bn trying to prevent the Swiss Francs from appreciating (opposite of depreciating) because it would hurt its export competitiveness. Then investors were fleeing the dollar and other currencies and were putting money into the Swiss Francs which made it appreciate.

Eventually, the Central Bank could no longer afford to stop the appreciation and threw in the towel.

In 1992, the Bank of England, the Central Bank of the then 4th largest economy of the world was powerless to stop the Pound Sterling from devaluing when the market went against it.

The Naira started depreciating on its own and the Central Bank too seems powerless to stop it. It could fight it but it would mean running down the foreign reserves. It is going to lose with nothing to show for its effort.

When Buhari came in 2015, the first thing he did was to fix the Naira at 197 to a $1. He did so to stop the Naira from depreciating further. The Naira had started depreciating from August 2014 when the price of oil started coming down. It went from about 160 to 197 or so by May 29, 2015, when Buhari took over. The price of oil had been falling and with it, the Naira. It fell from about $100 in August 2014 to around $50 by May 29, 2015 when Buhari assumed office.

Buhari immediately pegged it at 197 as he does not believe in devaluation. Yes, it stayed ay 197 at the official rate but what happened at the parallel market? When the government could not supply enough dollars at 197, buyers turned to the parallel market and the rate there hit 300 by December. It was the fastest depreciation ever seen. By May, 2016, it had touched 360. So, the official rate was 197 while at the black market it was 360.

Roundtripping ruled the day. People simply bought forex at the official rate and sold at the black market rate. Sanusi, Soludo and the organised private sector urged government to make the exchange rate flexible again, just the way Buhari met it before he messed it up. Currencies are commodities and they will always go up or down. No currency is immune.

In the mid 1990's, the US$1 could buy 1.30 Euros
By Mid 2000's, 1 Euro could buy $1.30
That means the US Dollar lost about 50% of its value over 10 years.

It is better to accept a devaluation. It is the lesser or even far lesser of 2 evils. Many times, it isn't even considered an evil as it helps the productive side of the economy. It is consumption that suffers as it cuts the spending power of of the people. A weaker currency helps to reduce imports and makes locally made products more competitive to locals and foreigners.

Buhari's bad forex policies led to severe forex scarcity as no one in his right mind wanted to sell dollars at 197 when the parallel rate is 360. Supply dried up from the private sector. Buhari said that despite the forex shortage, there was $19bn in private dormiciallary accounts in the country.

Eventually, the policy was discarded with the introduction of 2 exchange rates. The official window at 305 and the import-export window of 360 which is the real exchange rate. Buhari was advised to ditch a dual exchange rate policy put he won't listen. This simply helps roundtripping. If you believe any good you buy outside is priced at 305, you're on your own. Maybe petrol.

The same rhetorics. You have not explain how devaluation will ever help the consumption based Nigerian economy. How?? More costly machinery, more costly raw materials and labor agitation for more pay. Inflation will abound and the economy will slow down leading to more poverty and deprivation, which in turn fuels insecurity...this will be the end result.
I'm not expecting fixed value for the Naira for a 50 year period! No. what I expect is for the economy to have resilience to keep exchange variations within acceptable limits. There will always be transients with every natural system model. But you don't allow transients to define your rates, because they are temporary. Rather, you protect against them till you reach convergence.

What happened with the Naira in 2015 was due to some people in government that heeded to the advice of some of you (advocates of free floating the Naira), that was what saw the Naira crashing to about N500/$ in the parallel market. If not for the quick reversal and depending, it could've reached N1000/$. Why, because you cannot satisfy the round-trippers who are non productive lot surviving only on speculations. They are aide in Nigeria by some economists that want us to wear an overcoat in a hot sun.
Already some of them are speculating the Naira as over valued. The likes of Kingsley Moghalu, said it should have a value of about N400/$. Then the parallel market value should be how much,.....? Fill in the gap pls.

We have to operate within peculiarities of our environment, and not be relating our case to a case study of entirely different environment.
We've never had a single exhange rate in Nigeria, not for as long as I can remenber. There is always PARALLEL market rate. It is mainly these parallel operators that fuels speculations leading to uneven devaluations. Actions of such speculators in the climes you mentioned above could have earned them jail terms and wealth confiscation, for their role as economic saboteurs.
But here we allow people who cannot play by the rules, to trade in our currency at our detriment.
Can you buy Pound Sterling at rate other than the market rate in the UK just because you are desperate? Or can you sell it at any rate you wish?

WE MUST PROTECT OUR NAIRA AGAINST THESE UN-NATURAL FORCES.

grandstar:


It is a disgrace when the IMF or Bloomberg have to spell out the obvious in the first place. How will the Naira not eventually devalue when it suffers from inflationary rates? How won't it eventual depreciate when there's persistent excess money in circulation? Why won't it depreciate when the government spends 70% of the budget on debt servicing? The oil price crash just sped up the process.

Commonsense should inform one that the oil price crash will lead to a devaluation. That has always been the scenario.

Hmmn... Some people think IMF have an almighty formula to economic woes. There is no fixed way of solving scientific problems, please. Economics is a Science, treat it as such.
For instance, In 2018 according to World Bank, Nigeria imports about $43bn with a trade surplus of about $20bn. We can effectively say that our average monthly imports is about $3.58bn per month. Now our Foreign reserve stood at $36.69bn as at 25th February 2020. So at the rate of import above, assuming no further Forex inflow into the country, we can finance trade for only 10 months, but with some restrictions, this can fund over 1 year of imports.
Now, what happen to our exports? Oil being at 90% of our Forex earner is forecast to generate about 0.5*52.9*0.9 or about $23.8bn while the non oil will account for about (10%) or $5.2bn this will give us a Forex inflow of about $29bn in 2019.
What of capital inflow from portfolio investors, FDi, Diaspora remmitances etc? So you can see it's not a doom as you guys are painting it. Moreover we do not expect the oil prices to remein so low for more than 20 months. So we are not doomed economically, but some people want to rob us of our hard earned Naira.

Now, when you devalue the Naira, you completely distort the market prices - inflation will follow and the economy will take further 2-3 years to converge again. Possibly by then another shock could happen - increase or decrease in oil price. Relatively Stable Naira is critical to our development as a nation.
I firmly submit that Nigeria has what it takes to support and maintain the current exhange rate (360-365) for the next 24 months. This is far better than devaluating the Naira impoverishing further the already poor Nigerians.

grandstar:


I read in-depth what you wrote and it can be summed up in 1 word: devaluation

You don't want a devaluation of the currency. It is going to happen anyway. The fundamentals say so. Anyone who says the Naira will depreciate or must depreciate is considered your enemy such as Bloomberg or the IMF. Anyone who tells you the Naira won't depreciate is a liar.The only way the government can prevent that is to defend the rate by supplying the forex market all the dollars it needs. This will run down the reserves. It is unsustainable.

If the CBN refuses an official devaluation, a wide gap may open between the parallel market rate and the official rate in the event if the government isn't able to provide enough forex demanded by the market.

Stable currency? What is a stable currency? if the Naira remains at 360 to a $1 for the next 10 years, does that make it a stable currency?

I acknowledge that if the low oil prices continued for long and coupled with the skewed way International economy is run, the Naira will suffer devaluation. But what of if things begun to turn around sooner than expected? Can you reverse the damage to the purchasing power of Nigerians courtesy of your prescription? The point is very clear, devaluation will worsen the economic fortunes of the nation, weaken the purchasing power of the people and send inflation to the roofs. The twix is that, either way - High or low oil prices, there will be turbulence for Nigeria's economy any time the oil prices fluctuates.
For me, economics remains a science, as such there are varying ways to solve every problem it poses. The agents of the west will perpetually prescribe those solutions that will make you weaker against them. The Chinese for example realized that early enough, but hey, they were branded currency manipulators by the US. But truly speaking that's the only way to win back your hard labor from the west - using unconventional ways to solve economic challenges. The Forex restriction policy was very successful as it formed the convergence to about N360/$ else give the free floating of the Naira some of you were suggesting then, the exchange would've reached N1000/$ or more.
So why are you posing DEVALUATION as our only option, when we can equally restrict imports, continue with our backward integration and import substitution policies to tame the high Forex demand.
Have Nigerians no other option that to give FOREIGNERS MORE OF THEIR HARD EARNED NAIRA FOR FEWER DOLLARS?

grandstar:


Oga, 1+1 =2 whether it comes from the IMF or from a local mathematician. You condemning Bloomberg is akin to condemning a mathematician for saying 1+1=2.

I want to ask you a question? If you take N1,000,000 to the market to buy $1,000,000, what will the rate be? probably N1 for $1

What if you bring the same 1m next week and they say it is only $500,000 they have, will they sell it to you at the same rate of N1 to $1?

Oil price has collapsed from $55 to $25 per barrel and that automatically means our dollar inflows will drop by half. How will the exchange rate remain the same? You don't need an aboki to tell you the obvious.

Please note that forex is always entering and leaving the foreign reserves. It only grows when more money comes in than goes out. The foreign reserves is now the lowest since 2017. That means more money is going out than coming in. If for instance, the government is supplying $7b to the market yearly when only $5b is coming in, the reserves will reduce.

The government is pricing the Naira has though the oil price is still $55. It is delusional and counterproductive. It will either drain the foreign reserves or cause a severe recession.

You don't need Bloomberg or the IMF to tell you this. A forex trader dealing in fundamental analysis can tell you the same. My brother who trades forex turned 500pounds to 4,000 pounds in 8 months. It is fundamental analysis.

Read how a forex trader made $1b profit by betting against the pound and forcing it to devalue https://www.thebalance.com/black-wednesday-george-soros-bet-against-britain-1978944

Do you think it is only poor countries that their currencies lose value? Study the exchange rate of the pound over the last 3 months https://www.thebalance.com/black-wednesday-george-soros-bet-against-britain-1978944

Voodoo economics if I may say. The fact that oil is @ $25 a barrel does not implies automatic devaluation of the Naira. Our demand for forex is also reduce. What are our major imports?... Refined petroluem products account for about 29.7% or $10.8bn in 2018. Are you guys suggesting this will remain static after the oil crash? ...No It will also crash! So we don't need $10bn to import petrol, diesel etc, may be about $6bn or less. And Dangote refinery is about taking off to completely remove that import component. Similarly, all other import sectors will slow down naturally or by fiscal policies on close scrutiny. Why then do we need to accept devaluation which will do a permanent damage to our economy? By creating panic and speculation, it give rooms for unwarranted devaluation of the Naira. The explanation of N 1,000,000 against $500,000 does not flow with me, because $$ is not a commodity it is currency. Even with commodities, if you get to a car showroom and want to buy 20 units of a particular brand and they have only 5 available, would they just hike their price because they don't have enough quantity? What these prophets of doom like Blomberg are asuggesting, cannot be accepted in any Western nations - UK, USA, France etc. In fact they will slam those currency speculators, sellers and buyers with charges of economic sabotage.
From the picture you are painting, countries like Nigeria will never have stable currency nor develop it's production base, because there a thousand and one tools available to the US for example, to set the economy tumbling -like sanctions, tariff etc
So our home grown solution will see us scale this once again. Don't fuel more speculation by lending support to Blomberg analysis.

Those speculators of doom on Nigeria's economy will fail. Economics is a science but the west use media and propaganda to deceive semi-literates into believing sword has only one edge. How much rise in inflation has occurred in the UK and US due to Corona Virus? Or is their economy immune from supplies from other countries? Why is panic not driving them pay more for less? The Naira you've earned as Nigerian, why should you part with it for exchange of less US dollars? It's foolishness to create panic and use that to drive $$ prices up. $$$ is not a commodity, so CBN as a should insist it's exchange at approved rates only. Anything on the contrary is economic sabotage. How do you expect Nigerians to now subsidise to foreigners by given them more Naira for less $$$? Compare the size of our economy viz-aviz our imports, which one is higher?
We Africans need to learn some sense from the Chinese.

Overlordship:
Hello all, I got married to my wife 9 months ago and it has been a wonderful experience all through until her friend showed up two months ago. That was actually the first time I was meeting her as she wasn’t around for our wedding as she was doing her masters programme in South Africa. I knew she and my wife were closed as she was always talking about her best friend while we were courting.

She showed up at our house and I thought she came to visit and catch up with old times with my wife so I gladly welcome her. Later in the night, my wife told me she will be staying with us for sometimes while she gets a job. I was upset because we never discussed it before and I made my feeling known. Nevertheless, I had to give in since she said the friend also accommodated her in her room back at school for a session. So, I accepted her living with us and I felt it was only for a short time. We gave her the visitor’s room.

The first trouble started when I noticed her night gown barely covered her bum and sometimes were transparent with her boobs showing whenever she comes to the sitting room. I expressed my reservations about it to my wife and she dismissed it playfully that it was nothing and that what were my eyes wandering there for, so I let it go. Sometimes, she will enter her bedroom without knocking saying she wants to gist with her friend. And I will just stay on my side of the bed playing with my phone while the both talked. I noticed my wife doesn’t care, but I don’t want any issue with her so I accepted it with the hope her friend will soon leave the house.

I must admit that the friend was a bit useful in the house. My wife closes late than I, and her friend stays home when she’s not job hunting, so sometimes she would have cooked before we arrived. Though, I complained about this also, but wifey believe it was trivial. Her friend was intelligent and as times goes on, we talked on a wide range of topic while waiting for wife to come back from home so I stopped complaining about her to my wife.

It became so normal about her dressing that I accepted it like that. There was a day she came to our room to gist with my wife and playfully, my wife hit me with a pillow and before you know it, the three of us were throwing pillows about and playing like kids. They were both jumping on me and incidentally, I had a hard on as we were playin. I noticed her friend was slightly brushing her hand on me. I had to quickly stop and stylishly use the pillow to cover myself until I came down. I was really uncomfortable with the whole situation, but I didn’t complain to my wife again since I know what she will say. What I just keep asking my wife is when her friend was leaving.

The incident that happened two weeks really changed things. My wife took one week leave and decided to visit her parents outside the state we reside. I wasn’t okay with it leaving her friend alone with me, but she said I will just do fine. I tried to come home late for the first three days so I can completely avoid her, until the fourth day when she came into my room. I didn’t want to be rude by asking her to leave, so I asked her to sit down on the sofa in the bedroom. We first spoke about football, politics and other things. I can’t really say what happened, but in a lapse of judgement, we started kissing and then I had sex with her. I felt regret immediately and started apologizing to her for taking advantage of her. What she said really dazzled me. She said I shouldn’t be sorry as my wife never keep talking of our big I am and how sex was so great. And how she wishes her friend can experience what she was talking about.

My regrets turned to anger immediately and I asked her if she and my wife planned this whole episode just to confirm what my wife was boasting about. She denied being in cohort with my wife, but said something that devastated me. She said my wife wouldn’t mind as they sometimes share things together as they are besties for life right from their school days. I had to quickly exit the room to the balcony. We barely talked again until wife came back, though she tried to initiate some conversation, which I rebuffed. My wife further heightened my apprehension when wife asked if her friend really took care of me and that I couldn’t have missed her much since her friend was around. The dilemma now is that I can’t confront my wife about the incident as I will be admitting I slept with her friend. Her friend is also acting normal and I am afraid if she will inform her “bestie for life”. I have been thinking, what if they had been “Sex partners” before and I married a bisexual cos of the way they do play together. I had just been asking her when her friend was leaving and I don’t want to be forceful because of what happened between us.

Note, my wife has been a good wife. All my family member love her like she’s part of them and she is so comfortable with them. We never had any issues except this. I need advice on how to go on so I don’t destroy my marriage.

Why is OP wasting his time writing long grammar. This matter is simple. Ask your wife if she will kindly accept her friend into your matrimonial home as a co-wife. There is LOVE in sharing. She should accept her friend as second wife, so they can complement each other.
If you are successful with stage 1, then you can now the friend if she will like to stay permanently in your house.
That's it. Very simple.

OP and The Nation newspaper should please change the title to "ICPC charges..........." and not "FG charges........"
Tge last time I check, ICPC is an independent organization pls. Don't bring in FG to color the story to suit your desire.

Kwanza:

https://thenationonlineng.net/breaking-fg-charges-surveyors-councils-president-agbenla-with-abuse-of-office/

Why didn't you ask the question "What Do I Do" when you started feeling that morning palava?
I don't really know what you can do now.

enshi:
Pls guys help me with the right words actions and steps to go about this..

Yes I was caught in the act.
She had traveled to her village to see her parents and she was to come back 2nd January. She left 24th ..

I was on this antibiotics since two weeks now and it really made me experience extra morning sicknesses (guys will understand) so we kept communication every now and then while she was away.

Today I met a lady in the morning while I went to buy my dog feed.. So I invited her to the house she came and we had little alcohol and one thing led to another we were on the bed pants down.. To my greatest surprise my window were flipped open all of a sudden low and behold it was my gf peeping through.. Omg

She had tried to come through the front door but it was locked . she probably had knocked but I didn't hear due to the generator that was on..
She called me my love and asked for how long I have been doing this then she left.. I was agog likewise the naked lady on my bed...

The lady left just immediately... I have not called my gf up till now.. I am confused don't know what to say or do.. Pls guys.. I love her and I have never cheated on her in a year and four months now.

What do I do

..just Imagine the pain.
On the other hand, just imagine the feelings of HE who provided you with everything to make you live comfortably on earth - Air, food, wealth, health etc, and clearly warned YOU and those before YOU, to never associate partners with HIM. But alas..here you are saying 'there are other GODs equal to Him and HE has a begotten SON.?
The heaven shakes due to such bad words.

But in any case, the woman shouldn't have collected your chicken in the first instance.
Sorry about that my brother.

Charleys:
I have a small poultry,
My chicken had grown to an enormous size because I fed them well.

Come 24th of December. I sold some and decided to give some to my neighbour because I thought I will be a greedy person if I don't do so.

I felt something when I gave a particular neighbour. She accepted but the happiness wasn't genuine because I saw it in her eyes.

Fast forward to the afternoon, I suspected.

Later went to the dustbin to see my lovely chicken dead and thrown in the dustbin. My mind just told me.

At least she should have thrown it elsewhere not the general dustbin

The chicken that I would have sold for #7000 and make money from it.

Why didn't she kindly reject it, rather than take my Christmas chicken, kill and throw it into the dustbin.

Ooh, I am so angry right now.

I don't know what to do if I should confront her or I should just foam in anger just like that.

If I knew I would have sold it and take my girl out this Christmas,

oliverjiad:
950k

Jaid

The price looks high. Is that inclusive of duty? Because we were told there is no duty on Tractor.