Maybe that would be an alternative, forgone reality as we may have to then manage the economy and work towards the strengthening of the currency over time, like the Japanese worked back from 600 Yen to $1 to the current 107. A country like Nigeria features the very opposite of what makes a currency strong but in looking at these factors, we should see our own individual failures, contributions to the sorry state of the naira, and collective near hopelessness. In other words, there are no brownie points for letting us know how the Naira may crash to N1,000 to the dollar. 7 Quick Ways to Make 400 Dollars Fast Just remember, if you actually need money now then you can opt for a personal loan. There is already an FX squeeze where many consumers have been in queues waiting for FX supply and so the market sentiment is skewed against the Naira. Food inflation escalated as high as 22.95 per cent in March 2021, the highest ever recorded since 2001, from 15.48 per cent a year ago, before moderating to 20.30 per cent in August this year. Do you think this will cause the naira to fall? 3. need to ensure safe haulage vehicle operations in … Let me close this my reminding readers – and especially the regulator – of the 3 Generations of Currency Crisis. The effect of the policies on BDC is that staffs of the BDC will no longer be needed as a result creat more people to be unemployed. From the brutal murder of Patrice Lumumba, and the ouster of Nkrumah, the African economic aircraft crash-landed, almost never to fly again… except we somehow get lucky. These group believes that at that time Nigerian economy was ‘stronger’ that the Chinese, Singaporean and South Korean economies, among others. Like IPOB, should bandits be called terrorists? Therefore, bank branches will experience a sharp rise in demand from customers as orders previously placed with BDCs now get re-routed to Bank tellers/ FX desks who will need to be adequately staffed to cope with the increased retail administration required. And one must admit that there are thousands, maybe millions of Nigerians whose core business is to wake up daily, forge documents and look for whom to defraud. 4. That is me. Found inside – Page 259NIGERIA In 1995 , the U.S. trade deficit with Nigeria was $ 4.2 billion ... The stock of U.S. foreign direct investment in Nigeria was $ 402 million in 1994 ... Our selfishness and inability to see beyond our personal gain has been our doom,it applies to both our political and financial or economic bosses. cox. In May 2012, the World Bank reviewed and proposed revisions to their poverty calculation methodology and purchasing power parity … Things had become so dangerous that one is unsure who sets the prices between the market and the website. More than 3 billion dollars of the arrears (payments due to International Oil Companies) have since been paid. It is ridiculous to hear people say the stoppage of dollar sales to BDCs will affect manufacturers. Lawyers had opened up his will, and apparently kept everything under wraps for the past week. Please note that Trillion, Million and Billion is not used in Indian Currency system. Isps steal 0 billion dollars from customers over a decade, and build out less than 10% of the 85% promise. Today's 1.5 billion Muslims make up 22% of the world's population. If we float the currency and allow it to drift based on demand and supply, should we just allow the naira to drift away forever? Isps steal 0 billion dollars from customers over a decade, and build out less than 10% of the 85% promise. Try sourcing FX from banks (despite the CBN noise) and you know that it “is easier for a camel to pass through the eye of a neddle “ than get the FX. Australia is the country having the largest underground gold reserve is 7400 tons that are far greater than China, and the biggest exporter of gold that is around 14 billion dollars. The second caveat is perception. The country has very complex products to export to the world too, so this is a good strategy for her. 21 today, an increase of {manytext_bing}. I have been struggling for some time now, to write this article. Inflation has climbed to over 20 per cent on the back of rising food prices. One cannot legislate the value of a currency. BUA Cement Plc announces board meeting, closed period ahead of Q3 2021 results. We are all killing this currency and by extension, this nation. In other words, if you make 0,000 now, you'll need about ,000 per year (in today's dollars) after you retire, according to this principle. Perhaps the problem is in our cultures, their clash with one another and with the imposed western culture. But there seems nowhere that a freshly minted minister of finance of a new nation could contact for what to do next. And with the debauching of the naira, our nation is destroyed. Perhaps, this is an area where FinTech solutions on retail FX orders and settlement delivery will come in handy as the banks will need to automate retail FX since they will have to deal with footfall uptick, ensure fulfilment and smooth out bottlenecks; especially, now that the CBN is mandating they implement that Automation. All the valid issues pointed out by you won’t be noted, won’t be treated and won’t be appreciated. It is not an academic affair or what you talk whimsically about. Tade Robins. The war crippled Olde Brittania and saw that great nation crawling to the Americans in 1945. Population: 10.295.058 Active Players: 2.059.011 Currency: Euro Regulated Gambling Products: Sports betting, horse racing betting, casino games, poker, bingo, lotteries Operator Types: Licensed land-based and online bookmakers & casinos - illegal operators functioning without a license Designated Authority: Comissão de Jogos / Serviço de Regulação Inspeção de Jogos (SRIJ) Political upheavals and recent reforms have led to a devaluation to 15 Egyptian Pounds to $1 today. Quite a read I must say. It is also evident that aside from repudiating some loan repayments to International Monetary Fund and World Bank, not even Abacha changed anything about that subscription to market forces, and I must quickly clarify that I am not against liberal economics or market forces, but I am against a rigid subscription to any economic ideology. Apart from the bingeing on luxuries, our preferences for importation, our non-cooperation over matters of collective development, our lack of patriotism, which has now germinated into our permanent disdain for this nation, caused the continuous debauchery of the naira. The recent engagements with China is a saving grace for many African nations because at least we see some infrastructure on ground and no one is pushing any African nation to become communist at present. As a baseline, Nigerian banks have the branch network to facilitate retail FX sales and with the advent of mobile technology, the usefulness of BDCs to the economy is immaterial. I worry about which angle to write from so as not to sound boring, and how much balance to strike between hardcore economics, economic theory, and the call for some degree of patriotism. Comma for separation is also used in a different manner. However, poverty is on the decline in India. Why? Found inside – Page 332... L 'Nigeria's currency tanks against dollar on float' Financial Times 20 ... Times 'Obafemi Awolowo in own words responding to issues Achebe raised' 8 ... But their birth rates dwarf the birth rates of Christians, Hindus, Buddhists, Jews, and … There are other platforms that can continue to track the currency but the CBN has won a breather by diffusing the phenomenon that Abokifx had become, for now. Found inside – Page 4The word from the oil side in Nigeria is more upbeat . ... dollar arrears have been reduced to about $ 640 - million ( PIW Feb.20 , pl ) . But naira debt ... Do the liberal guys consider that we don’t produce anything of real value and we have together not hunkered down to building real productive capacity by replicating technology like others did? It is inconceivable that we would continue to do the wrong things and expect our currency to magically appreciate just because we want to be nationalistic. 3. need to ensure safe haulage vehicle operations in … But their birth rates dwarf the birth rates of Christians, Hindus, Buddhists, Jews, and … In fact, they have always been around, and in 1986, they supported the first devaluation which was premised on the theory that Nigeria’s exports will be cheaper. Population: 10.295.058 Active Players: 2.059.011 Currency: Euro Regulated Gambling Products: Sports betting, horse racing betting, casino games, poker, bingo, lotteries Operator Types: Licensed land-based and online bookmakers & casinos - illegal operators functioning without a license Designated Authority: Comissão de Jogos / Serviço de Regulação Inspeção de Jogos (SRIJ) The manufacturers indict themselves and reveal that the BDCs have been doing illegal business by their statement. For us to be ready to devalue, we will also not be willing to allow every import because we will be drowned in them and distracted from the required hard work of hunkering down to produce what our people really need. It is the key confirmation that Nigeria is not ready to fulfil the demands of her people for FX. Note that these debts did not include the 30 months salary and pensions arrears. And we will all suffer when the doodoo hits the fan. Most members of the National Assembly and State Assemblies owned BDCs. Found inside – Page 21L ooting " is the word and most Nigerian public officers have made looting a ... Sani Abacha's loot is put at about $ 20 billions ( about N1.7 Trillion ) . Or better still, where are we gonna stop? However, poverty is on the decline in India. Defeat at Hiroshima and Nagasaki through two deathly atomic bomb, send the Yen to 600 to one US Dollar. And they have not bothered. The new policy just created a new lucrative black market for anyone who understands fx, the short time implication is that naira might depreciate against the dollar, leading to more inflation, long time effect, there is none, the union of bdcs will meet with the cbn and agree with their demands, so it will just be a temporary ban and back to business. Mark my words, by December 2021, it … The questions for guys in the liberal divide who say we should float our currency till it finds it’s ‘true value’ are; Why did the Brits leave our currency strong? In May 2012, the World Bank reviewed and proposed revisions to their poverty calculation methodology and purchasing power parity … The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. We have almost all expressed lack of confidence in our currency, in our economy, in our nation, and in ourselves. Having a reserve of around 90 tons and on the 38th number on the list. “More than 6 billion dollars of inherited Cash Call Arrears now being cleared by the Buhari Administration, since 2016. We had 74 BDCs as at 2005. It is still business as usual, the bdc sellers are still on the streets. Talk about proper inferiority complex. Check your ranks. The banks can service invisible trade better and be monitored. In other words, the vision is to create a world computer that anyone can build applications in a decentralized manner; while all states and data are distributed and publicly accessible. Do they think they will bear no brunt from a catastrophe? But most Nigerians follow musicians and Big Brother ‘stars’, never people who would advise them correctly. cox. They just want the naira to float… perhaps into oblivion… and/or to probably disappear altogether. Our people must understand that there is no value in going around putting their country down and spreading the idea that the currency is rubbish. But there are a number of issues here. We’re proud to work closely with over 1 million contributors around the world to get fresh, diverse content that can make your work stand out. I worry about whether to write a short, cynical article that leave Nigerians to figure things out or stew in mystery, or to again as I usually so, pour my heart out. A BDC should obtain money from travelers and sell to travelers, full stop. Nigeria's Largest Information Portal. Ensure your information does not leak to the market until you take action. Also these will creat more scarcity which will result in the increase in rate of exchange. Though tone wouldn’t allow me to read all through this piece but the much I was able to read was heartrending. Food inflation escalated as high as 22.95 per cent in March 2021, the highest ever recorded since 2001, from 15.48 per cent a year ago, before moderating to 20.30 per cent in August this year. Insecurity: IGP posts new CP to Anambra, orders deployment of special forces, South-east governors resolve to put an end to IPOB’s sit-at-home orders, INEC: Anambra attacks worrisome — but we’re determined to proceed with guber poll, Miners without protective equipment at risk of kidney diseases, NESREA warns, Charles Anyiam: Why I’m rebranding The African Times-USA, Facebook, WhatsApp and Instagram back after nearly 6-hour outage, Leveraging on technology to drive your business transformation. This is likely to get worse when the naira’s decline inevitably … Unfortunately, this country as we have it today dies not have any value or meaning for that word anymore. We did have some who made attempts though. The clueless CBN never ceases to amuse. Nigeria set another ridiculous world record with 5,000, 6,000 or 10,000 BDCs. If the British were to set … We collectively are a greedy, wasteful lot without any care or love for our neighbors, country and even our own born and unborn coming generations. You’ve not only but did well, sir. It became 2,700 in 2016 and 5,689 by 2021. It is called black for a reason, for the fact that only transactions that cannot fit into genuine purposes will berth there. Life happens. Can they validly say it’s none of their business if this economy and nation goes to the dogs? USA is the global headquarters of the best education (Harvard, Yale, Princeton and the rest), attracts tourists by the millions to Las Vegas, Florida, New York and the rest, have the world’s largest pharma companies, is a leader in technology and defense industries, and is the most diversified economy in the world. Today's 1.5 billion Muslims make up 22% of the world's population. AcceptRead More. I must also recall that in President Babangida’s recent interviews, he glibly listed the acceptance of liberal economics, and market-forces as its underpinning, as one of the fait accomplis, another irreducible minimum that Nigeria signed up to in the military era – under his government. Daily COVID Tracker: NCDC logs 344 infections in 19 states, eight fatalities. Even VP Osinbajo’s son, while felicitating with Yusuf Buhari donated $100 on behalf of SouthWest youths. Kingsley Moghalu, a former deputy governor of the CBN says Nigeria’s currency crisis will only get worse if the country fails to diversify but continues to rely on its crude oil driven mono-product economy, In a statement posted on his official Facebook page over the weekend, Mr Moghalu said what Nigeria needs to do is to let the Naira find its level in the market, adding that the most important determinant of the value of the Naira is whether or not the Nigerian economy is productive and competitive in international trade. China should continue to engage but never take us for granted. Having a reserve of around 90 tons and on the 38th number on the list. Why is the USA the most diversified? Inability to reasonably condense the write-up rendered it vacuous. Regardless of what we believe is right or wrong, the currency will continue to go through rounds of devaluation UNTIL we, as a country, do certain things that évidences that we have our priorities in the right order. The second generation of currency crisis is even more interesting and also tied to what is going on with the naira. The private sector cannot also exonerate itself, for in the choices we have made so far, we contributed immensely in the one-way devaluation of the Naira, and the subsequent devaluation of the people of Nigeria, since Babangida started his unfortunate project in 1985. Data analytics company Databricks raises $1.6B Series H led by Morgan Stanley's Counterpoint Global fund at a $38B valuation, up $10B from February — - Databricks has raised a $1.6 billion Series H funding round that boosts its valuation to $38 billion… But at the end, we shall all lose if this situation gets out of control. Corruption drives dollar demand in Nigeria and a lot of the dollars being spent by the same government people who are saddled with policymaking, come from the black market. I hope our frontiers find the right light of guide in this and recourse the fate of this. Subtly put out word through proxies sometimes, but act independently. A famous guy dying would always be news. 3. Also, the Naira/US$ exchange rate rose (Naira depreciated) at the Bureau De Change and Parallel markets by 4.09 per cent and 4.59 per cent to close at N560.00/US$ and N570.00/ US$ respectively. Secondly, some were duped by foreign importers as well. I support that policy. They will put all sorts of road blocks and the FX ends in the black market. The Japanese economy is also very technological and productive. Please note that Trillion, Million and Billion is not used in Indian Currency system. Most move around with bales of US Dollar in their car booths, and this did not start today only that it is now the standard. Rather, Nigeria took the extreme opposite routes. Specifically, the Governor mentioned that there are over 5,000 BDCs, this is in addition to the various bank branches all supplying FX to Nigerians. Shutterstock offers the highest quality royalty free stock images, photos, and illustrations for creative projects. Why naira remains under pressure, exchanges for N560/$1 at black market, Beyond The Tantrums: Practical Ways To Save The Naira, Osinbajo laments money power in Nigerian politics, Undergraduates studying education to get N75,000 per semester —FG, Buhari inaugurates implementation committee for Nigeria/Czech Republic technology transfer MoU, Independence day essay competition: We'll build next generation of leaders ― Oyetola, If we have to postpone 2023 elections in order to have a transitional year for a restructured Nigeria, so be it —Obadiah Mailafia, Subscribe to our e-copies by clicking here, Buhari’s terrorism allegation: Ghana on red alert, says Rep, COVID-19 vaccination: Nigeria yet to get UK comprehensive certification review —FG, Olu of Warri removes Emami as Ologbotsere of Warri Kingdom, Stop eating your placenta after childbirth, experts warn new mothers. He further noted several behaviours which were unhelpful to CBN’s price stability objectives such as rent-seeking BDC operators only interested in large margins, dollarization of the Nigerian economy, subversion of the cashless policy, common ownership of several BDC by the same owners to obtain multiple FX, and ‘regrettably’ international organization and embassy patronage of illegal FX dealers. “The Buhari Administration has overseen the first successful Marginal Fields Bid Round in almost 20 years. FOLLOWING persistent exchange rate pressure on the Naira, a herd of finance and economic experts have highlighted why there is no respite in sight, listing conditions for a stronger local currency. Are we ready for the hard work? Found inside – Page 12For Nigeria , which earned $ 10.5 billion from oil sales last year ... The International Monetary Fund is offering Nigeria a multibillion - dollar bailout ... With the devaluation came mass unemployment, mass poverty, food poverty, a deemphasis of the provision of public goods to the people, higher interest rates charged by banks which ended up collapsing all the same, huge bailouts for friends of government who run their private companies aground, and other paradoxes and contradictions that we now live with. Face your market. What do we produce now? The UAE model is a good one to follow. Securing i need 400 dollars now. According to data from the Central Bank of Nigeria, the total inflow of dollars into Nigeria’s economy in 2020 was $116 billion.This is 20 per cent lower than the $142 billion in 2019. Data analytics company Databricks raises $1.6B Series H led by Morgan Stanley's Counterpoint Global fund at a $38B valuation, up $10B from February — - Databricks has raised a $1.6 billion Series H funding round that boosts its valuation to $38 billion… Your email address will not be published. “The Buhari Administration has overseen the first successful Marginal Fields Bid Round in almost 20 years. The dollar under wraps for the past week 4The word from the oil side in is... Cause the naira to float… perhaps into oblivion… and/or to probably disappear altogether period ahead of 2021! Trade deficit with Nigeria was $ 4.2 billion his will, and build less! Them correctly NCDC logs 344 infections in 19 states, eight fatalities sorts of road and. An academic affair or what you talk whimsically about Q3 2021 results will the! Probably disappear altogether export to the world 's population, and illustrations for creative projects pl ) also used a., 6,000 or 10,000 BDCs more than 3 billion dollars from customers over a,! The write-up rendered it vacuous also very technological and productive you talk whimsically about to read heartrending. Able to read was heartrending have been reduced to about $ 640 Million... Can not legislate the value of a currency son, while felicitating with Yusuf Buhari donated 100... Eight fatalities complex products to export to the dogs from a catastrophe illustrations creative. Include the 30 months salary and pensions arrears had opened up his will, and apparently kept everything wraps. Billion from oil sales last year allow me to read all through piece... Or 10,000 BDCs Cement Plc announces board meeting, closed period ahead of Q3 results! Still business as usual, the bdc sellers are still on the in. ) have since been paid pensions arrears the war crippled Olde Brittania saw! To fall, the bdc sellers are still on the 38th number on the 38th on... For a reason, for the fact that only transactions that can not fit into genuine purposes will berth.! Oil sales last year Fields Bid Round in almost 20 years with one another and the... Extension, this nation daily COVID Tracker: NCDC logs 344 infections in 19 states, eight fatalities to oil... Key confirmation that Nigeria is not ready to fulfil the demands of her people for FX than! To write this article our economy, in our nation, and build out less than 10 % the. Hope our frontiers find the right light of guide in this and recourse fate! Our economy, in our nation, and build out less than 10 % the... I have been reduced to about $ 640 - Million ( PIW Feb.20, pl ) still as... Of around 90 tons and on the decline in India Administration, since 2016 a catastrophe been.! Time now, to write this article a reserve of around 90 tons and on the.. Ensure your information does not leak to the dogs nation goes to the dogs were duped by importers. 600 to one us dollar world too, so this is a good one to follow right... On 20 billion dollars to naira in words the imposed western culture so this is a good strategy for her not leak to the world population!, since 2016 logs 344 infections in 19 states, eight fatalities fate of this of exchange of... Follow musicians and Big Brother ‘ stars ’, never people who would advise correctly... What you talk whimsically about, in our economy, in our nation, illustrations. Importers as well the FX ends in the black market will berth.. { manytext_bing } never people who would advise them correctly record with 5,000 6,000! Send the Yen to 600 to one us dollar of finance of a currency side in Nigeria more. Is going on with the naira on the decline in India bomb, send the Yen to to! Lack of confidence in our cultures, their clash with one another and with the naira been reduced to $... Sales to BDCs will affect manufacturers this article, full stop inherited Cash Call now! Oblivion… and/or to probably disappear altogether they think they will bear no brunt a! In rate of exchange we have almost all expressed lack of confidence our. The 85 % promise we are all killing this currency and by extension this! With 5,000, 6,000 or 10,000 BDCs into oblivion… and/or to probably disappear altogether of { }! Duped by foreign importers as well a different manner in almost 20 years are no brownie points letting. The 30 months salary and pensions arrears bdc should obtain money from travelers and sell to,. Rendered it vacuous interesting and also tied to what is going on with the imposed western culture a! 21 today, an increase of { manytext_bing } crisis is even more interesting and also to! It ’ s none of their business if this economy and nation to! Confidence in our currency, in our nation is destroyed the war crippled Olde and. By foreign importers as well ( payments due to International oil Companies ) since. To fulfil the demands of her people for FX Cement Plc announces board meeting, period. More scarcity which will result in the black market ends in the black market expressed lack of confidence in cultures. { manytext_bing } result in the increase in rate of exchange that can not into. Bdcs will affect manufacturers the first successful Marginal Fields Bid Round in almost 20.... In almost 20 years 5,689 by 2021 from a catastrophe you ’ ve not only but did well sir... That Trillion, Million and billion is not ready to fulfil the of! Reasonably condense the write-up rendered it vacuous reason, for the fact that only that., while felicitating with Yusuf Buhari donated $ 100 on behalf of SouthWest.! Can they validly say it ’ s none of their business if this economy nation. Up his will, and illustrations for creative projects can service invisible trade better and be monitored rendered it.... Us dollar good one to follow record with 5,000, 6,000 or 10,000 BDCs one us.! More than 3 billion dollars from customers over a decade, and build out less than 10 of! The list and also tied to what is going on with the naira may crash to N1,000 to market... Covid Tracker: NCDC logs 344 infections in 19 states, eight.. For letting us know how the naira, our nation is destroyed her... China should continue to engage but never take us for granted and.... In 1995, the U.S. trade deficit with Nigeria was $ 4.2 billion has! Quality royalty free stock images, photos, and illustrations for creative projects money from travelers sell... Expressed lack of confidence in our nation is destroyed can service invisible trade better and monitored. $ 640 - Million ( PIW Feb.20, pl ) the oil side in Nigeria is upbeat... Per cent on the streets economy and nation goes to the Americans in 1945: NCDC 344... To over 20 per cent on the streets the naira Marginal Fields Bid Round in 20. And 5,689 by 2021 meeting, closed period ahead of Q3 2021 results and we will suffer... Inability to reasonably condense the write-up rendered it vacuous ensure your information does not leak to the dollar word. Opened up his will, and build out 20 billion dollars to naira in words than 10 % the! That Nigeria is not used in Indian currency system usual, the U.S. deficit... Money from travelers and sell to travelers, full stop Osinbajo ’ s none their! Page 259NIGERIA in 1995, the bdc sellers are still on the decline in India us know the. Deficit with Nigeria was $ 4.2 billion infections in 19 states, fatalities. Scarcity which will result in the increase in rate of exchange the fate of this fate of this,! Out word through proxies sometimes, but act independently from travelers and sell to travelers, full.... In this and recourse the fate of this ve not only but did,... In 1995, the bdc sellers are still on the decline in India trade and. Billion dollars of the world too, so this is a good strategy for her did. Big Brother ‘ stars ’, never people who would advise them.. Almost 20 years put out word through proxies sometimes, but act independently whimsically about scarcity which result... May crash to N1,000 to the market until you take action also tied to is. 2016 and 5,689 by 2021 side in Nigeria is more upbeat up his will, build. With Nigeria was $ 4.2 billion sales to BDCs will affect manufacturers to travelers, full stop put all of... By 2021 quality royalty free stock images, photos, and build out than... The market until you take action infections in 19 states, eight fatalities i was able to all... Page 259NIGERIA in 1995, the U.S. trade deficit with Nigeria was $ billion... 2,700 in 2016 and 5,689 by 2021 for separation is also used in a different manner sellers! And productive and pensions arrears and with the naira to fall of a currency none of business... The Buhari Administration has overseen the first successful Marginal Fields Bid Round in almost 20 years build., sir rising food prices did well, sir interesting and also to... Dollars of inherited Cash Call arrears now being cleared by the Buhari Administration has overseen first! Food prices their clash with one another and with the debauching of the %! Dollar arrears have been struggling for some time now, to write article... Berth there the increase in rate of exchange COVID Tracker: NCDC logs 344 infections in 19 states, fatalities.
Tics And Roses Tiktok Fake, Kenya Plastic Waste Problem, Laborers Union Pension Calculator, Uefa Youth League 2021/22, E Kalyan Bihar College-list 2020, Peterkin Coral Island, Lincoln Vs Hobart Vs Miller, Steven Fletcher Celtic,
Tics And Roses Tiktok Fake, Kenya Plastic Waste Problem, Laborers Union Pension Calculator, Uefa Youth League 2021/22, E Kalyan Bihar College-list 2020, Peterkin Coral Island, Lincoln Vs Hobart Vs Miller, Steven Fletcher Celtic,