Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 209. (Read 1347352 times)

Wow for the very first time, person just tell me say My Nigeria people they this corner of this wonderful forum, I am seriously impressed because my people are here and I am happy to see everyone of here, I hope we learn more from each others in this particular thread. To the pioneer members that create this thread I they hail, may we all succeed in this forum and in our daily activities Amen. Once again I great you all

40 members with the highest good reports were included.

Giant of Africa losing her purchasing power with the highest GDP but with worthless value, isn't that a pity for her people. Ghana can boast any time that we had independence before them but look at their currency value compared to our own. We are paying to ghana and other currency than they do because they have that value in their currency.



I have just done that, never knew it will work like that. Many THANKS.

Any topic you want to make and you want a topic title for it, you can edit the topic 'Nigeria local board's before you begin, or after you have posted it, you can still edit it. Check the image below



So you can edit your topic title.

Check mine:
Nigeria's SEC set up fintech division to understudy crypto investments

You will see the title is not Re: Nigeria Local Board, All board discussion welcomed. {No Official Language}.

I never still get waiting you talk say make I do.

Nigerian is still the African giant, as a result of its population and its work force, it has the highest GDP in Africa, that makes it the giant of Africa despite the problem people are facing in the country as a result of poor standard of living and poor economy.

You can not only use the rate of country's fiat to dollar to optain an accurate result, the work force or the internally generated goods and services and export is used to calculate the GDP which will be used. Although, Nigeria is not a good country because the masses are suffering while also there is lack of employment. The countries you mentioned are better than Nigeria when it comes to standard of living and good economy.

I still really do not get this point, the country itself can not make the foreign reserves to decline to certain extent, that is why they manipulate the price by devaluing the naira and make its price to increase so that the foreign reserve depletion will reduce.

I do not think so, the government is not solving the probelm which is to increase the work force in Nigeria by increasing employment and become less dependent on imports and foreign services.

This is Nigeria, the same CBN president says cryptocurrency's transactions are illegitimate, nothing good he says about bitcoin and other cryptocurrencies after these decentralized currencies are providing jobs for many Nigerians citizens. We all know how the present government want Nigerians to suffer, see the ban of Twitter why not considering how it is helping many Nigerians, and many like that.

I do not think so, it has been like this right from when I have known Nigeria, it has even been like this since the creation of Nigeria after colonial masters left the country. EFCC chairman says bitcoin and cryptocurrencies will have negative impact on the world economy, the opposite of what IMF researched about. Many other reasons you will know that Nigeria can not change. Also, what about the e-naira the country want to create on October 1, why not given the project to a Nigerian organization? They gave it to a foreign organization. Nigeria is so dependent on other nations. The country can not change if they do not solve the problem from the grassroot. All of their children are even citizens of US and UK, going to school in US and UK, so how would it change if they are depending most on foreign countries.

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You can edit your topic above, after you click on edit, you will be able to edit the topic title, just change it from Nigeria Local Board, All board discussion welcomed. {No Official Language} to your own, The fall of Nigeria economy with Naira depreciation and still leave it boldly written as it is.

I been see that news and I no know why but e just bring laughter to my face. Now wey naira dey on the brick of collapsing na them just dey find people head to put the blame on instead of trying to solve underlying issues. This era of "Change" na one of the worst governance we don get in our history. Zero initiative and when they know nothing else is working,they go around blaming previous government.

Nigeria, the African giant, is a term heard from every Nigerian's lips, and I wonder whether it is truly what we represent as a nation. There was a time when Nigerians were honoured, revered, and widely known across the world when they were visited or heard in another part of West Africa's countryside, but does it still apply today? No, I don't think so.
Let's start with our country's currency valuation in comparison to other neighbouring countries. As of writing this post, the official price of NGN to dollars is around N412 which, according to the CBN, has been our rate for the past 5 months, but when compared to our neighbours like Ghana, that's equivalent to 6C, 14.76 Ryan in Kenya, and 110.27 shillings in South Africa, which begs the question, are we still the Giant of Africa as we used to claim in the past.

Nigeria has been in a state of emergency since the first day the naira was formally proclaimed as our nation's currency, it has been depreciating day by day, monthly and yearly, and I am concerned about the future of my beloved country. CBN is battling various businesses, from banning Bureau De Change to Aboki Fx, while knowing full well that those components were part of the problem, but importantly, they are small in the grand scheme of dollar depreciation.
We are fighting insignificant problems that generate little or no value in our dear currency, the CBN is fully aware of this; however, you know how an office man tries to pursue a chip political ambition when they try so hard to get things right and it doesn't work, they do things that will get the public's attention to give them that unwarranted applaud for retards' work done.

There are numerous factors that have contributed to the naira's depreciation; the country is aware of this, ranging from the political Godfather, the federal Parliament, down to local government, who are fully aware of the problems but would rather close their eyes and turn a blind eye than address them, despite statistical analysis and reports that are published on a daily basis. We have failed to confront this issue because many people are frightened, but I will emphasize it regardless of the outcome and we need to solve the issues if the future is to be brighter.

Inflation is a worldwide issue, but it doesn't imply Nigeria was created by the British to suffer at the hands of the government. Every week, data metrics reveals that Nigeria's purchasing power is deteriorating, leaving you to wonder about the country's future.
Nigeria's inflation has never been as lower as the minimum, owing to our reliance on oil, and when the price of oil falls, we face the consequences, which are disastrous for the country. It is extremely dangerous for a country to rely solely on one source of revenue, oil has been our only hope, and if the international oil market falls, we suffer as a result.



According to statistics obtained from nairametrics.com, there is a 1% monthly increase in Nigerian inflation, which began as a result of the economy being shut down during the Covid 19 lockdown. There were many factors that contribute to this, such as a lack of food supply, government economic policy, and increases in wages and salaries, but has the salary ever been able to solve an average Nigerian meal? The last time I checked, it was still less than $100, which is incredibly cheap for a citizen. The momentum never ceased until last month August, when Nigeria celebrated a 1% drop in inflation. Is this worth celebrating in the media and on national television?



Nigeria experienced deflation for the first time as a result of an economic correction that lasted only a year, between 1999 and 2000, when we had the first democratic election, and the moment he resumed the office of the presidency, the inflation resumed, and it has never gone below the minimum in Nigerian history, indicating that something has gone very wrong because we lost to the system.



What happens when a country eliminates its sole supply of dollars, knowing that its citizens are so reliant on imports and that there is a significant lack of dollars in its foreign exchange?
Of course, they will look for alternatives, which is exactly what every citizen is doing, and this has resulted in the devaluation of the Nigerian naira, forcing everyone to buy dollars at a 39% premium, they have been wailing instead of working, they have stopped bureau de change and confiscated so many accounts and halts previously registered accounts, is this the way forward for this country?

It's sort of weird when I was listening to the CBN accusing Aboki Fx of naira manipulation while the creator was in London benefiting from the data made public, but is it even true?
The last time I checked, Aboki Fx merely collected data from several exchanges and calculated the average purchase value of the naira on the parallel market; they don't give an avenue for trading or anything like that, but they were labelled for the naira's depreciation. They had to take down the website data and examine further because the central bank was threatening them, but I have not noticed an increase in the value of the naira since they updated it on their websites, so the Central Bank has to focus on the real issue and stop chasing clout.


Will the naira's depreciation end soon? Hopefully, if circumstances improve, the naira will gain in value, but it's just difficult to forecast. I was trying to obtain a future view of the image of the dollar to naira by using the model below, but since it's not a static analysis like bitcoin, it could be any of the ways. We may end up by 700/$ in 2022 and 1k/$ by 2023 when we have a change in the government. This I have seen  



The country is becoming hard for an average man, may God we protect the nation ourselves.


Una Happy Sunday my People.

It baffles me seeing the way our govt take the economy mata with levity hand, where on Earth is the abokifx the determinant to our naira value depreciating, that means they would have also blame Cryptocurrency as the major cause due to our active participation in it, what a coconut head thinkers are the people representing us.

I like what the abokifx responded in this regards, they also have learnt how to play along



See blasting... I don't know if someone can see the last sentence below same as I dey see am, they remind the govt of the price dollar was to naira at their inception in 2014 which has keep on getting worse before and after abokifx was created.  In this regards can we say our government lack jurisdiction to economy management and policy from the begining or we the Nigerians are yet to identify what and who we needed to govern us right.

[Source- Abokifxtwitterpage]

As FG say na Abokifx wey just dey publish exchange rate be their problem and na im make our naira dey yeye more more, I like the response they have given back to the government.

But why our government dey think like plant sef? Wetin me just observe for the matter na say dem just dey find who to blame normally, government matter for this out country dey be me like film.

I do not see this as manipulation as other Nigerians are also making use of the parallel exchange rate. What is general should not be seen as manipulation I'm this regard.

Not responsible in any way, our leaders ways of leading the country is the reason for the bad economy. I do not know if the president has borrowed another $4 billion dollars he wanted to borrow, after series of borrowing, Nigeria is in debt. According to the news I read some weeks or months ago, that Nigeria will use 94% of its internally generated revenue to service foreign debt.

Our import is far more than export, 70% of our export is crude oil. Goods and services that we need to generate internally are not generated but imported, that is the cause of what is happening in the country, no job no work.

If commenting about the poor standard of living and the bad economy, I do not see how aboKiFXis is linked to it. CBN president that says cryptocurrency transactions are illegitimate, we should expect a lot of these types of misleading information from him.

I am thinking the CBN president only want naira exchange rate to be from the CBN or others that will have lower prices like MoneyGram or Western Union, I still do not understand. Or, why is the he not saying those like Western Union are manipulating too? Because they have a complete different exchange rate which is much more lower than the CBN rate.

God bless you brotherly, I dey go run am sharply now. I wan download the app self but I just say make I write first before something go come up chop my time although no be verification me wan do oh. I dun run verification like since 2017 and na still NIN wey I use although no be (you understand na I no wan talk am out). I need like correct one to dey use hold body for other identification like banks and other stuffs.

@igehhh you say wetin buhari people talk?, This government na so so embarrassment full their body. Dey no dey shame for ones. Abeg to they discuss their mata dun tayah me, anything dey wan do e concern dem. Na abokifx crash Naira? Dey no go go find where there problem they from na to dey so so disturb small business full their body.

Make e no shock you say na just cover story be dis, if I dun lead anything for dis country na say no be so dey talk am e dey happen. Maybe politician dun dey use dis mata target abokifx because dis people dun dominate for years. They wan start up their own abokifx like something, who knows.

You really brought up what many Nigerians are looking for, some would have been searching for this through google engine but not seen the right way to go, I got friends that this helped, one of them told me he searched online, have no driver's license and also no international passport for the verification, but they got help from me through you and they are active traders.

You can help by editing your topic above, after you click on edit, you will be able to edit the topic title, just change it from Nigeria Local Board, All board discussion welcomed. {No Official Language} to your own, How to get your NIN on plastic card for verification and still leave it boldly written as it is. Very possible you will help a lot of Nigerians that will search for this and see authentic result right from our local thread.

The central bank of Nigeria, has failed to oversee nigeria financial and economic growth, and all I think they are doing is throwing out their frustration on things that aren't the source of the bad economy or finances, take for instance the country borrows alot of loans that in can repay, and even squander high sums on budgets to take care of the government officials and law makers, but when they are called to explain the nation economy they accuse crypto-currency or like now aboki Fx, I think the central bank of Nigeria has failed this year 2021 as they have previously, in finance and economy, the Naira is now a peasant currency in the global market.

Come let's fight..CBN Governor tell aboKiFX owner.



Few weeks ago after the CBN Governor declared aboKifx illegal and ask to be shut down according to him he said they have been monitoring the illegal activities of the aboKifx for two years now and I quote


He also accused aboKiFX owner of manipulating the price of the naira market to his own selfish interest he said


CBN Governor in his interview yesterday said he is waiting for the aboKifx and his agents at the CBN for a fight


How is aboKifx responsible for the fall of naira? When they find themselves in in a tight corner they look for someone to blame and made a scapegoat, I don't know If I'm missing something, about this abokifx site, another day another cruise for this country person no fit wake up and hear better news for once, it's either something is not working or something going left. The fall of naira don cause inflation for market ooo Titus now na N550 for my area, condom of N250 na N350 now for where I dey buy naija which way forward?

For more Drama

Boss!!! I no go carry waiting I never confirm come here now.

But, we should always know that if not your key, it is not your coin on blockchain, which means you will not have full control over your coins.

Confirmed, it worked. This will really help a lot of Nigerians.

Good work @Issa56 you don't know how relieving this information is about getting the national identity number out in plastic, I haven't done it yet, but the audacity of your post already proves it works, in between I think the government should find a way to get information like this across to everyone properly, now like @coyster I think the local board is now our mutual community where ideas like the one @Issah56 has just giving us.

Thank you very much Isaa56, I wouldn't be privy to this update if not for this post of yours, I have been lacking a valid ID card to verify my Binance account for a while now, mostly due to stress and the amount involved to get any of the ID cards such as drivers license, voters card, etc, but I've followed this simply process your brought to our notice here and in a few minutes I was done already, thank you once again for the information.

Having said that, this one one very good reason why our desire for a local board is legit, it affords us the opportunity as well as ease to update one another on issues like this, especially one that concerns Nigeria our country, I believe in a no distant time we'll have our own Nigerian local board.

This is fantastic. I just checked it out and it works. It's good to know that the developers have fixed the several issues with the app because about a year ago when the app was first uploaded to Google playstore, the e-ID was missing a lot of features and user information had like incorrect name issues as well. It is indeed stress free.