How To Invest Amidst Exchange Rate Uncertainty

Hey, Welcome on good evening wherever you're listening from, Welcome to another money space with me. My name is carlu Adir and here every week we're talking money, the economy and of course personal finance. We want to talk about the economic topics and how do they make sense to your wallet. That's what

we do here every weekend, making it live for you. So this week we're talking about, of course investing, but we're talking around investing in an environment of unstable or should we say uncertain volatility as to gods see exchangery. That's what we won't talk about, right, We're gonna get straight into it. Not much background we can give apart from this. Of course, if you're in Nigeria, we use a naira, but we also have other currencies

and other means that we transact in. The naira is the official currency. That means, that's a currency that we settle transactions with. It's a legal tender menu. You can pay debts with it for a very very long while, not this year, not last year, for a very very long world. And that has been losing value, right, So we've gone from a point where the nira it's just expensive i e. In the nineteen seventies, it was very expensive. Now it's very very cheap when compared to the dollar.

And we are now the position where one naira extends forgive or take fifteen hundred fourteen hundred. Last week it was about teteen hundred. It will drop to a thousand and one eleven more than ninety. Last week you got very very strong. If you look at elis centrends, it's about one one three five zero, give or take about nasti exchange rate. So the question arises, what should you do if you're in Nigerian and you'd want to invest.

How do you navigate this uncertainty? And of course we don't have questions, So really I want you guys to ask questions. That's really going to be the main focus of the space today. Ask your questions and I will try to give answers to it. But let me just say this, as holding currency, it's not an investment. If you simply hold your nira in your hand, it's not you're not investing at all. Right, So you've got to get that narra into a place, or that dollar or that myira into

a place where it can end a yield for you. That's interest yield. So if you're holding nira, it's going to be in a bank or an investment in stocks where it can earn a yield for you. Sive to the dollar, it's going to be an investment where it can end a yield for you. So the difference is, now, if you want to hold the nira or the dollar currency, what's the opportunity cost. If you hold nira, your opportunity cost is the dollar. If you hold dollar, your opportunity

cost is the nira. So the point I'm making is this, if you hold a dollar bill in your hand, what you are losing is the interest that you would have gotten if you invested that nira. Instead. The safest investment in Nigeria, which is going to be the federal government bond. If you buy a Fed goverment bond, says savings bond round rounds round average to pay about twelve percent paranum. Twelve percent paranum. So if you hold a dollar, you are losing twelve percent paranum in nira. If you hold the

nyra, you are losing if you buy the sitckness investment. The US economy right now, it's going to be the maybe a seedy that is ensured by the Federal Reserve or of ten year US government bond is going to give you average four point five percent APY. So if you hold Nyra, you are losing that four point five percent API in the dollar in dollar terms. But

that's the starting point. The real problem is this, when you hold de nira at twelve percent earnings, you are going to lose thirty one percent their inflation. So if you hold Nira, you end twelve percent risk free. Issue are risk free, but you lose that one percent their inflation. But if you hold the dollar, you get four point five percent or five percent issue are risk free, and you only lose about I would say three percent.

Let's say US invesions three two point five percent. So that's what the problem is. That the Nira pays you more internal returns, but you lose everything the inflation. The dollar pays you less i e APR returns, but you get a real rate of return with the dollar, And that's the problem. So having established that baseline, let's gonna go to the next question. How should an American or how should the nigeria next earning invest in Nigeria?

Even uncertainty now whatever I will place you are, there's going to be three points in your investment journey when you enter, when you in, and when you're leaving. So when you enter, when you're in, and when you're leaving. Let's break it down for if you're a Nigerian. If you're a Nigerian earning nayra and you're investing in Nira, so your entry point is Nira, then you have no problem. You earnira, you invest in Nira.

Your only problem is making a real rate of return. So because you're going to end risk free twelve percent, but inflation minus thirty one percent, so thirty one minus twelve is going to be your return. It's not the real rate of return. It's a difference between twelve which you earn, and thirty one, which you lose. That's nira. So you enter at that, When you stay in, you're being hammered by inflation. When you get out,

you also have no issues. You're getting out Nira to Nyra. Your only problem is that you're going to get out at not at a real rate of return. You might get out with your twelve percent return, but infational's really taxed you ten one percent. So from Nyra to nyira, no problem.

The issue comes when you're doing dollars to nyra. So if I take my thousand dollars and I convert that to night er, so that's gonna be about how much if we say even if we say us making round figures, it's there for US twelve hundred if you convert that figure from dollar to nira. So you've gotten some exchange gain when it's innira. But the instance it comes to your hand Innra, the thirty one percent incasion applies to it. The instant you get is in niraor so now you are in Iira at ten

to one percent. If you buy that same bond Niger are ten to one percent and you make your twelve percent, you're made four percent, which is hard on five percent. If you try to convert that twelve percent you've made back to dollar, you've lost money. You've lost because now the exchange rate risk now applies to you in addition to the interest rate and inflation risk,

so you have more risks if you do dollarnyra to invest. Yes, you can buy a forward and hedge, but right now the forward market is not as it should be. Let's just be that way, it's not as you should be. So the risk for you if you're doing dollar tonira is at number one inflation number two, the exchange rate risks. You can convert from dollar from nyira back to dollar, you would lose money in those levels.

So how is the best way for you to invest in this uncertainty is, of course, if you're coming from dollar to nyra, because already you are buying from a high base and buying from a high cost. For a high value base which is a dollar, you are buying an asset that is on the price, which is a nira. When we say that, we mean

nyra, storks or error property, nyra, anything denominated. So if I take a thousand dollars and I convert it to nyra and I buy, say getting go by buying Uba shares, i am buying Uba shares from a higher basy a premium base, so I can buy more Uba shares because I'm coming from the dollar. As long as I do not want to convert that you'll be issues back to dollars. I'm fine if I put that dollarsnira in Nigeria, I'm going to get the return that Uba pays me. The dividends,

the capital growth in naira. Remember the year to dates return for the Nigeria stock market is thirty nine percent year to date. Witness the index. All the stocks in Ninegeria are the good ones, the bad ones. You bought everything, you're going to get thirty nine percent, which is busy inflation of thirty one percent. So as long as you are in naira and staying in naira in certain accid classes, you can beat inflation as long as you do

not convert your money back to dollars. That's the issue. That conversion is a problem. So with me that if you're a foreigner, if you have money that you are borrowing to invest in Nigeria, it might not be a good idea for you because you borrow at that interest rate to convert to Ira. This is not the time to then go from naira back to dollars.

But it's a time where if you have the means to have access to long term capital, yoh, this is this is the best time because you're buying into the largest economy in Africa at a very very low multiple, very very low cost. That's the whole idea. You can say Nigeria is bad. But if we agree with you that Nigeria is bad, then was the next thing after bad good? I would be more worried if Nigeria was good, because next that good is bad. But in Nigeria is bad. I e

economically is distressed. There's got no power, there's got low exports. That's the opportunity that if it is fixed, then you're bought in at this discount. Look at it this way. If Nigeria gets power supply correct, the economy will not even double, it will triple, even if you argue it

will double. That means everything you are buying today with your naira, you are buying it at an under valued price because you're coming in with the dollar to buy a naira asset as long as you're prepared to have that long term horizon and as long as prayer to have the hope that the country will get better. So what's the bad part? What if the country does not get

better and you invest these dollars into Nigeria and it gets worse. Past of life gets towards the baluetry gets worse, then your money is lost because there's no way you're going to take that money back now our dollar is going to be more expensive, so it's the song cost. It's going to remain in naira really forever until a miracle happens. That's the risk that you're going to face. That you're taking good money try need to chase bad money and now

you can't even come out. Just like what the airlines are going through. The airlines invested in Nigeria and when when the things were bad. Now it tells them to be very very good. But the take and get that dos out. So that's the equation for you entry exit, entry, stay exit. If you're doing narn Era, you shouldn't be complaining because narron error, you can still make a real rates of return. If you go to some

sectors. Inflation would affect you. If you have fixed income, it would affect you, but if you have viable income, it might not lea catch up to you. Nar error, you are fine. But dollar nira, as long as you are staying in Nigeria, you are fine. You can't do dollar nira and get your money out in one year or six months, Nope, you can't do that. You're gonna do some money there. So if you're doing dollar to nyra to stay fantastic dollar to nyra to go.

That's where I'm gonna have a problem. Guys, let me stop talking here. I think I've talked about eleven minutes. Let's go straight to guys that want to have a question, or guys, I want to have the DMS. This is your time to shine. Stop giving the floor back. The mic is open to the main bodies. Let me go to my DMS real quick and read yes, I need this question? Is gonna come up? Calu? What's gonna happen to the dollar to Narrah exchange? I want you

to answer me plainly. Is Neira going to go up? Is not going to fall? I want a simple answer, giving an answer, So let me I knowed this question is going to come up in many ways in the space today. Right. The Nyira, the nira that you see today right, is a derivative. It's a derivative of crude oil. What I mean is this, if crude oil price goes up, the nira will gain value

because that is foreign exchange flowing back into Nigeria. So when you see the Nile, the crude oil, the price of crude oil going up, or the volume of crude oil goes going up. That is volume of dollars flowing into Nigeria. With me, the Center Bank of Nigeria has more dollars to defend the currency. Right now, you see the narra getting value, it's because the center bank has dollars right now from foreign portfolio investments, from remittances,

from loans, from fallign portfolio investments to defend the narra. That's why narra has gained strength from fifteen hundred to thirteen hundred. The question is how long crude oil provides a more durable income flow than foreign portful investments. So when you see Coude oil price going up, the nira is going to go up. If you see could oil price is staying stagnant or not falling, the Nana will fall. FPI's are short term. You can only defend for

a limited period before it to go up. So the point is is the dollar is the exchange Sorry, the exports of crude oil should be your focus, not the exchange rate. Watch the exports of crudal and the reports also published by the Niger regulators. If they start to go up, that is your signal that the nirat is going to stay durable, staying, not just the short term durable stain. Let me get a city boy, A city boy, how are you doing? Go ahead my vision. You gotta go

ahead, City board, You've got the floor. Go ahead. Okay, We'll take auto. Auto, please go ahead, auto. You gotta flow, go ahead, Okay, thank you. Sorry I didn't join at the beginning of this piece, but I'm guessing this is just a general space about investing and what screen on with. That's what we try to achieve. We try to achieve that general platform for about the economy Niger are personal finance, go for it? Okay, okay, okay, mine. I have about

two questions. First of all, the obvious question is you should you should do it by dollar and keep oh do you think even even in the short versus six months, do you think the these currents the currents exchanger it? Then? And that's a coond question is is there is there a bottom so how bad it can go? Can it? Because I've seen a lot of projections, is it really possible, even as bad as to the new things eye in the country, can it for some reason get to five thousand to

the dollar? What I'm busicus is there like limits to how bad it can go? You know with what the country is right now? Okay, yeah, two questions. So you're asking the first question, should you go buy dollars today? The answer is going to be, what's your objective? If you have followed this space. I mean, if you follow me on Twitter and we do the space, I think for three years now, if you follow this space, we've always said number one twenty twenty. I think I

twenty twenty. That's four years ago. As I keep your dollars close. Why because the experts were falling and the Nira was being debased by printing. Keep your dollars close means you have to die pacify away from dollars from Ira. If you follow me again, a middle statement I've said, if you are not spending that Ira in the next ninety days, don't keep it in Ira. With MESR, you have to keep it in the bank. Don't keep it in cash. I mean you can keep that money in the bank

and at least end something on that currency, even though there's inflation. If you put the money in the bank, at least driving in something, or you diversify your currency. Twenty twenty three we give our list of what to do because every year we give out a list of what to do twenty three. We said, diversify away from one currency, dipacify away from one economy,

one commodity, even geography. We said that. So in financial planning terms, you should not have just one currency, even if it's a dollar. Talkers, with a naira. You can't simply have your entire budget, your entire savings in the innira. It doesn't make any sense for you. It's very dangerous for you because in the year, like I said this year, once you hold a narrow notes in your hand, you've lost thirty one percent. The instant you hold a narrow notes in your hand thirty one percent.

Yesterday I tweeted out the returns for the naira two dollar over a ten year period. And if you saw that I did ten years, five years, two years, one year. The returns that you are seeing now are just for one month or one month, d nira has gained value. But go back two years, go back five years and all that. What has an era done? And this is not to say when we're just giving you

facts and figures and numbers. So for one month the nira has gained thirteen percent thirteen percent, But for one year, it's lost one ninety seven percent, one year dred ninety seven percent, five years two hundred and seventy seven percent, ten years, seven and twenty eight percent. That's what it's lost. So your first question, should you Buynira? You should buy. You should buy dollars to diversify because the Nira is being inflated away. It doesn't

matter the interest rate. I hear pool saying if I buy at one thousand today and I sell at five nt tomorrow, but why are you worried about that? One dollar is one dollar. If you buy one dollar, it's still one dollar. It's what you change it to that you're worried about. You are really exchange it converression. But you are buying the dollar in your portfolio to hedge against inflation, to protect your ARA portfolio from losing value from

inflation. That's what you're buying it for. It's not the entire portfolio, but you have to have a portfolio that exposes you to the dollar so that you can get that stability becomes your shot cups over. It's like saying, because there's no there's no more arm robbery, don't buy in home insurance. That's what you're saying, no, you've got to buy some insurance. You've got to have on your port for you some dollars. And even in Nigeria, we allow you to open up dollar accounts. We allow you to open

up dollars savings accounts. Nigeria as a country buys dollars and saves in dollars, are following yourselves are in dollars. So what's the point of you saying I will not buy How don't do it patriotism? You've got to have a portfolio that is diagnastified, that protects you communfication. That's your first question and your first answer there to the second question where you say how bad can it get? It can get very very bad, very very quickly if oil supplies.

If we don't export crude oil and five that was exporting two points in no brows a day today now just exporting one point five one points in no browse a day. That's why things are bad today because of the exports of crude oil. Remember you don't hear me talking about exports of cocoa or any other non oil exports. Because oil and gas exports are eighty nine percent of

Nigeria's exports. Eighty nine percent. So if you have a shop paying you eighty nine percent, you focus on that shop and you say I want this shop, this shop, and it won't do it ten percent increasing sales. I've made my target. Eighty nine percent of our foreign revenues come from crudon gas eight nine. So that's your answer the auto did I? I just tried to give you some color to that. How two yes, yes,

thank you? Just a quick why I add this circumd question is I've been living in years for the first Yeah, about Nigeria falling into this situation like Zimbabwe where one day we'll be using mammas will full of monol to fight bread or something like that. You know it has happened before. You know it happened before in Nigeria. I don't know how old you are, but the older guys on this space will tell it. I grew up in Nigeria where

my parents were lining up to buy sugar milk. We call it essential commodities the world I gots are exposed to tell you there was a time in Nigeria where you go to the store, you will line up to buy sugar milk. It was called essential commodities. Will go to school, my mom will pivo us from school, then would go to the store and she will line up with a voucher, voucher and thatcher allowed to buy a packet of Saint Louis sugar. It's happened in Niger before, It's happened here before. So

every economy can crumble very very quick. Look at Lebanon. Look at Lebanon. Lebanon. Lebanese guys are here in Nigeria. We know how wealthy in quote they are. But look at the economy today. So any economy can turn on its head very quickly if you take very very bad decisions and it goes faster down and it goes slower up. So I don't think it can happen on both. I think Nigeria is a bit more Our economy is a bit bigger, wider today than when we were in nineteeny three, and it

happened now back then. What is doing crude oil right? And I think we have lots of me chances that we didn't have back then that would maybe shore up the economy. But that's what I will say. We won't get to see in Babwe. But things can get bad very quickly. That's that's what we'll say. Chucks, Chris Chucks, Chris Chiku. The butter flowsir Olim, they welcome Chris Chik. Go ahead, Chris chi taking this tribal Benjamin, mister shrib Benjamin, how are you doing, sir shrivel? Go

ahead? I think you're obvious, bad Olim Day. I had a question for you since since I have you here o the banks nigerm banks have been told to recapitalize someone. Someone is asking me here if it should buy your favorite bank, Fidelity. What should I answer him? I've got a question from n n s is asking me should I buy dirty bank? Because can I buy banking stuff at this time? What's your what's your answer? Okay? So, first of all, for you know, since the Neker came

on board, there was actly any year. Because I've been tracking come Bank and a manifested a bank to most banks especially, I could tell you for free that she has had performed most of her pays. And you know she started with exposure with city companies and you know required whoman room for a very systemic growing picking capital projects. Despite the raining that you have, banks don't

really look forward investing instructal project. I think it helped and she has been able to grow the bank and she became so ambitious as some point that you

know, people argue that it's a ta oe bank. Well, he looks for people as their own bank because they already had international exposure the position of the Union Bank Corporation in London. But when you look at it, which the new rules come with the Apex bank seems that they needed down great back to the National banknizers for safety reas just because they they have to raise over

three hundred billion. And when you look at the fact that all the banks will rais over to you three on there and you're looking at big disposable comming o market and looking at that financing, it's quite difficult. But you can't pat against us just based on market. Just about Carl swears one thing you

know you're seeing on the narrow efforts thing. I think the bank to factoring on the exchange with somehow because a lot of things are not looking at if you look at what happened this year, for example, one of the cars did that. A lot of people are a lot of ways that he ensure the presidency and do that an empathy issue. So they have access to FS influenced which increases do have te County is more is more focused on our money markets right now as the source of and as well, you know he has

increasing SOLI in his basic solery business points two interest rates meetings. He has blowed the advantage juicias first up when they increased interesting story business points. So I think here's why you could argue that it's short term that we that he

assured that demand in the black market is attribution. I have never said in nagal FX markets whereas now I will gain four five percent in four weeks from mad and sorry because of Luka February of February twenty so as we speak and now it is really so it has really helped investors in our markets than Cultique,

good class Cup, they are double figure returns. They if you have invested in better Phasook given the VideA, it's no better than the giant vests this quarter because there has stablized because if you look as where he started this kay and look Awa registrating. Now it's come back to his law. But you know, the longer know that I can reach is right. You know you can't really Paty cares and thens on that perform to get into that the

days of then took ship. So I try to add to follow upon your point about fierty bag and all the banks niger are trying to raise capital. If I in flore one hundred thousands to Nigeria, that'sre than fifteen million exact credit. That's a fifteen million as in based on billions. Even if we say even if it raises one to even if I live, if you say war one, even if it's a thousand, if I inflo one hundred thousand and era, that's one hundred million. Are you in a hundred thousand dollars?

Yes, yeah, yeah, So I understand and the most like you know, this is a chance for I know many people in America that have five hundred thousand dollars there are any one percent on it doing nothing with it. So if those Nigerians in flow five hundred thousand dollars into a Nigerian bank, that's almost made that capital. This is not a lot of money. It's not a lot of money. That's why I'm going to be that capital bi that they're asking to bring up that normal one. What can we do

the problem right now? Is that there are too many good things in Nigeria. Markets is really becoming very attractive. So look at money markets for example, you know pfull in vestors. We're coming in when there was about one

into one night. So just looking at the strengthen of the iron and the already in double because now I'm not thinking is that the CPI, which if is trooking the next of banks because look at this year Harris, it means that you know, banks make money from brooms and it means that it would have to give this and you know fx volution cares that really took a look amounts with different demotive because the market is becoming stable, So how do you

complete investors that the complies here as one of gis in the world and the fact that the convent is also looking at typing the economy, so you know, for the banks is mixed. And that's why we look at back assets that about reasoning over provide billions. They are looking at the depths and they're

looking at equity. So you know, because those also meaning words that he excluded retaining inside they are complicated things because ass As for example, had over ensured that recuity from So I think the strategy for what the banks apens bank is. It's not just breaking APIs. He wants a number of banks. He wants systemic banks, and he wants banks that can river challenge likes of

South Africa dibution. But just like the way we communicated banks unity after the reforms of SO Yeah, I hear you the point that the money looks like a lot of money in naira. But if you convert that naira requirement to dollar terms, right, two or three vessels can come together and actually buy this. Some Indian banks are going to come to Nigeria. That's what's gonna

happen. It's Chinese banks, Indian banks, even some small American banks, and it won't buy into Nigeria. Look at the growth of Nigerian banks compared to growth of American banks. The growth of a Nigerian banking sector here neither is way. You know, what Access Bank can do in Nigeria is more than what JP Morgan can do in America. If you know someone, I mean, Access has lots of opportunities to grow banking in Nigeria. Only forty

four percent of Nigeran banking population have a bank account. Less than five percent of Nigeran banking population, I've gotten the loan for a Nigerian bank, less than five percent have gotten the loan. I'm quoting figures from Athena and has an international inclusion. So if I'm an American bank, small American bank, not ip Morgan, small than American bank, I would look at an access as a way. I mean access. You'll be a gut bank. This

is my access to tap into the largest economy in Africa. Even if I dropped five million dollars, that's the rounding era. Five million dollars. I bought five million dollars. You have a lot. But if you look at the father you're talking about the as longless around Najerum park industry as completely agree

with you. But I think that also is after that because look at lasting for example, it's not looking for right you say he's looking for because if you look at the edges performance lasted, the damp parks play that you pack over maybe seventy percent. Yeah, and it's different. So if you look at our industry, the drum parking industry is more creating than in sector. Why want to talk about energy in terms of computal releasure and talk about residents

you know won't cash that investment, and now you have banks. So I think what Carduso is trying to do this well, he wants banks to play word banks are in one. Banks not to do that textbooks one banks will be more systemic in their congressponsitivity at the same time and make sure the economy because like what you said, if you look at the books and if you

look at where the banks are coming from, yes you're right. But if you look at whay Calosus trying to because why would call interests back for the five percent? But how would you bring so much use? I think he wants to only I think he wants to tackle inflation first of all before he goes into the I think he wants to kill impatient first. Then he will come back into growth. I think that's what he's trying to do with that

for the five percent. Yeah, readings that he says, if you put a one hundred narra in the bank, you can only lend out fifty five forever and have the bank maybe, but I want you to stay. I want you to stay on cute. So we just roted the room around the pace. I think it's a lot to talk about the dollar, the inflow, and I think this Karossos movie is more of an fd I move than the banking recordition. But I think it's more he wants to target them.

He wants the banks to go and bringing big boys into Niger economy through. But if you're bringing the five million dollars, you're dealing there zero zero equalib economics, how are you doing? Please go ahead, thank you, thank you so much. I don't think I hear it. Okay, okay, So in some fine points on what you said so for on the Nyror. You know it's numbers, no emotions like you obviously, and funny enough, I agree with you on some point, like in terms of I'm keeping my

own doors close. I didn't really get rid of everything. Why because the fundamentals hasn't really seen a remarkable change. In my opinion, what has happened this The government has gotten fbis. You know, they've managed to clear the backlog. But then there are also two things to look at. You should consider those photos about what and the FBI is need to be paid back with interest, and we all know what the interests are are basically helpings for the

error. I'm pointing out number two. The battles has been cleared, the airlines are still struggling to get their capital out at the rate they wanted to, or they're holding one in my opinion, because they think they have leverage. One that leverage doesn't seem strong enough. They would want to portray on capital or cordial losses. You know this, you know it happens, you

know treasurers all the time. So when that happens, we're talking of billions or almost three years of never you know, being flooding the market again. So in my opinion, for anyone who's really like exposed to say the US or nerver assets, I would say two things. If you're exposed, If you're long the dollar and you're scared of what's going to happen, my advice to you will be every treasury is treasure build so that you know it's cause

it's short term and the weights are okay. If you are long treasure or say that your equitism and you know you're still scared about what will happened to the value of your investment, and to never loses value, you head you with USD That is my own so you have you're saying you're right because under

it's not a lot of money, and you know it's it's it. Also, I think you're support when you said car those who is always or has FDI in his in his society when he's looking to tell banks to recopitalize, because if a comes into banking equity or that money is going to sit for a while, unlike the whole money we've been getting for FBI. And I

think that's that's necessary. But again there's also the risk of the banking sector being fragmented and not exposed enough to do real economy, and the risk there if they picked begin to take certain tradied business posures. So all these basically just on some mission you know the narror. Well, it's still diese. We're not there yet. I hope we are actively in the could maintain the level of stronger, but I'm not convinced. Okay, I want to go

back to your comment about the heading. Can you repeat what he said if you are long the dollars with me, if I am buying dollar, please kind of google again, Like basically, if you're long used, you're already say you have some dollar savings or cash or whatever, and you are basically not show what to do whether to sell it to. You know, my advice would be if you're liquid enough, you could have your treasuries so that you could, like say, you make up some god losses with the rates

we all know what you are currently. Yeah, so and the advice versa. If you're already see long trade or you have some Adian everything for you you know, willing to chol but you're also worried about the body of the error, then the advice will also gets on open USD positions like basically acquire some us D antip. You know, it's not it's not about being patriotic, you know, it's about thinking for yourself. And like you said,

if Buglary introduces doesn't negates, you need to pay for fire insurance. So yeah, that's so what I was. Yeah, what what I'm hearing you say is that have a balanced portfolio. You are saying if you are already wrong, if you already have dollars in your possession, you are saying, sell some dollars and buy Nigerian treasury bills that are paying twenty one percent one year and gentature bills right now about twenty one percent. That's why you say.

Then you are saying, if you are in Nigeria treasury bills and you've bought the long term or equities, you bort long term. You're saying also that BUTIFI into a dollar holding, so balance out that. That's what you're saying. Thank you? Yes, all right, great, it's always good to balance out. You're always good. Thanks. My brother hanging there, trible? Yeah? Are you? Are you back down? Can you speak? Chucks Chris Chicks, Chris Chick? Can you speak now? Sir?

Oh I go to Idris Chris Trickle. Great ones, it is tomorrow. Let me check my dear mister, how are you doing so ahead good even to your audience. Mine is a question, sir, yeah, in the equity my head at the moments. So I want you to shed lights on the my ability or the list. Uh is it worthwhile to buy Nigerian equities at this moment considering the instability of naira? And also you cann't appreciation of Nila because I recently developed the interest in your tutor intellections. So I don't

know do you think it is sustainable? You cann't appreciation of Nila. Two great questions, two great questions. But when you're asking should I buy shares and Nigeria number one material asking or about okay. So when you want to buy shares, first thing you must understand that equities are risky. What means if you buy them today, the price can fall to that very very volatile.

So you want to buy according to your objectives. So if you came to my office, imagine if you came to plan you said I want to buy a car, and I don't give you a trailer or I give you a spots car. The question I will ask you is what do you want to do with the car you want to buy. If you say I want to buy carriage cement to cane, I'll give you a nine to one one. If you say I want to go on the date with my wife, I'll give you a sports car. So the same question if you are buying

equities, what do you want? Why are you investing? If you tell me I want to invest for ten years, I don't want any liquidity, I don't want any income. I want to try to see if I can make more money. I want to double my money or to quot out my money or whatever my money right. But I want to invest for a minimum ten years before I'll require my principle. I will tell you, well, the asset class that over time has shown the capacity to beat inflation, it's

Nigerian equities or equities in general. So I would have a bias towards equity. I will tell you invest for the inequities if you are doing it for the long term and you don't need your principle in the short term. That's how I want to answer that question right. So again, the second question

is just when you buy equities, you are doing profit and loss. You are trying to buy into the profits of something and also share into the loss of sof do you want to ask yourself that company I'm buying, is it a good company? Will be around here in ten years? We need grow? Would it fall? So come to Nigeria. Do you think first of all, Nigeria would be Nigeria in ten years time? The answer is yes, Okay, then we're buying. Okay, what sectors do you think in

Nigeria in ten year's time we're making money or will not make money? We do you think buyings will still make money? What about oil companies? What about restaurants with small sectors? Today? In ten years will become very very large sectors. What about education? What about real estate? That above a very very tiny contribution to our GDP today, but will blow up in ten years as the population gets bigger. You find those kinds of sectors or those

kinds of companies and you buy them. Look at Dangote Cement right now, Douga simons is an elastic product. We means that everybody knows cements. You that you build the house a cement or you don't build a house. You can say I'll build a house to cooker bottle. You don't build a cement or you don't build a cement. But dang Cements right now, the man himself, Dangote, the richest man in Africa. He is buying more shares of Dangotis Cements. So let me say it again, Danglotis cement Is.

You are called the share buy back. So mister Dangote is buying more shalls of his own company, taking it away from you and I. So if the richest man in the world is buying more sill of his own company, should we look at him or should will follow him and buy shares? That's for you to answer. But you say if you want to make money, say when in Rome or what you look at what people do, then you

follow them. So when you are buying shares, you are taking a gamble that that company you are buying in ten years, in five years is going to be bigger than today. That's what you are doing. I personally I binance your stuff because I think it is bad today. So the obfice is going to be good tomorrow. I'm taking a gamble that the Nigerian economy will do better in ten years time than today. That's what I personally am doing.

If I can answer your question that way, ask your second question, I'm going to make them also give you give your own talk about if YouTube buy the stock on the second question. With the Nigerian currency, keep its very very simple. If Nigeria cells oil the night, I will rise. In Nigeria gets dollar loans, then I will rise. In Najera gets dollar of remittance, then I will rise. On this three points. Nigeria is getting two out of three, so we're getting dollar loan working the remittance,

but oil sales is not yet up. The oil sales is the main one. So like we have a car with four tires, Naegia is right now running on three tires, and that tire is the biggest tire that we should run on because the loans are not going to be forever. Next year twenty five is gonna pay back one billion off broke bond that borrow the principal one billion, so that one billion is going to take away even the one point five million while seeing into the country to take it away. So this has

to continue. We can continue borrowing or we can continue pumping oil. Once those things are happening, the Nira will gain value. The nira cannot retain its value for long term on borrowed money. That would never da. You cannot borrow your way into a strong currency. That's what America is doing today. But America is lucky there are printing dollars. We can't print dollar. So you just to answer your question. As long as there's exports and there's

borrowing of dollars, the narra will gain value. If does then stop, the nira might lose value. The borrowing is not long term. We have to convert. What the civil is doing is buying time for the federal government to get that back together. This even has borrowed money. How the CBM paid back and when ny PC of sales could oil, the money flows back to CILY and then c B and paced death. If anything happens and NPC cannot export coude order, then it's it's all over. That's the only if

I answer the question right that way. Yeahs also keep you only he's asking over should he buy stomps? That's why he's asking you should he buys so education. I'm telling you that as in Nigeria, and if you look at data the columnicator, it's pretty very give records for you to make it. Leave him without investing because you supposably become speak and I think I lost a limited Olim. If you're speaking, I can hear you. Olim, you're speaking, I can't hear you. But it just what you're able to do

it just a limita. No, sir, I can't hear him right now. Okay. I saided listening to him, but I lost him now Okay, But I at least you got a few points out that we've made right with you that answer little bit? Okay, Yes, question my question, question, Thank you, sir, Thank you so much. There are a lot of questions or my idem about she died Binance. She stuff she died binance. You can equit the hoop have answered your question with that. That

answer I just wanted saying should I sell my dollar? So again, guys, you are having a portfolio. Don't look at your dollar as one single item. Look at your dollar holdings as part of your portfolio. There is no portfolio manager or investment manager what is sought that will tell you to sell everything you have in an economy like Nigeria. I would never advise you that if you have dollars in Nigeria you should go and sell them. That's bad

advice. Nigeria. The reality today is that the Nigeria and naira has thirty one percent inflation. You can't eradicate that as long as the Nigeria has thirty one percent inflation, you must die. PASSI fire away from holding just one currency. That is advice that anybody what is sold will tell you. I will give me this advice from twenty ten twenty twenty. Men, if you go back to my tutor feed I take I even push it out. Yesterday twenty twenty, we told you to hold your dollar. Some spaces we've had

it. We've said, who just simply holding a dollar has been the best performing investment really in Nigeria. And it's sad for me to say that because holding a dollar doesn't add any economic value to Nigeria. Simply holding a US dollar there's no economic value added. Old money in dorm accounts is not adding any value to Nigeria. It's just sitting in the endom account. So what

Nigeria should have done is to issue a dollar bond. I want the CPN to issue a dollar bond and allow the banks nice to also issue domar bonds. Take the money out of domor accounts and invest it in real economy. So if I have if you go to your bank the same way, you can deposit dollar into your bank if you are to do the same as accounting dollar or even buy a bond in dollar. So now once the banks have digitalar liquidity there there will be no need for this instability that we see up

and down where we are chasing dollars here or chasing dollars there. The dollar price in my view is not fifteen hundred or teteen hundred. But you know, if you have a shop, you do what's called replacement pricing. If you have if you're true. I know. I'm talking about when you have a store, you don't sell your goods at the price you bought them. You sell your goods at the price you will buy them in the future.

So what happened in Nigeria are people that have goods are adding the perceived inflation of the dollar tomorrow to the price of goods because I'm not sure if they'll get this dollar tomorrow, So if they buy goods, they add a premium to it. Which is that premium that you are now seeing as a dollar cost. It's not a question of it's that's the real thing. Thenira has lost the status as a store of value, and so people are taking other means. If you stop, the pool will buy right. If you stop

that pool buy good That's why crypto is all the cryptocryptocrypto everywhere. It's driven in part because young people want to have a place to trade and make money and also to have to buy and keep their revenues. Intact, if you hold nira tirty one percent, the dollar has gained seven on the naira in ten years. How can you then say you want to have a portfolio with only nira because you are patriotic or not. The payers in here oliver their

physical ahead can't get. But for me, I think I understand why a lot of people out your statement about the dollar. You know, the matter is that you know markets. And despite the fact that we try to be more detaching your conducting resource, who playing hands? You know I covered the US market for example, I covered repair markets. Probably repair with that, well, you can't put you can have you can combat your phones to do.

But there's a perium when you are pium indirectly. In fact, you get this entirectly, but you see the question here is that you can't. Still, the matter is that if you can't any dollar, it's good good. If you can invest in do that, it's good, it's good. But you have it that you can't you have it that your as the black

market buys a premium. Look at the A lot of people put this year and a lot of people put wants to this year now has modated almost at that it means managers, I've lost and that's why you look, the demanded was so efficient that a lot of people so that if you can't hold the world a lot good time, that is good point for Denis You're an economy. We need to understand our painting right. If you want my economy to move forward, we definitely helps you. Look at quality companies in our market.

Look at the volation and assets bank for example, Look at the profit Prencident, look at the volation of jeping Oder, look at the volution. We always talk about from a markets but realises that we don't look at one productive investments in our market. Money markets, for example, I give you an example money markets. You made forty percent to disquote that because if you converted you if you if you're putting money at one, you converted to there

are you bought in twenty one percenters? You point now deniers as want to put the much for self? You just you just all you just need to do? Then ends I want to do your three wants to be You made a forty fifty percent cukash. The problem with a lot of people is that we look we focused just on the dollar, and that is why he loved people still alone with the dollar to band catsup turning into the investment is an investment. But may nager don't have that capacity. So let me give you

a real life example. I suppose I think it was the last yes I spoke about his fiends before. I have a friend that lived in Legos. His family lived in Canada. Right when his family moved to Canada. He was exchanging dollars to Canada at his buy us dollars at about one fifty one when his family moved to Canada. That was the year twenty twelve or twenty thirteen. At who was buying at two hundred and fifty dollars or so today he was buying at about a thousand, five hundred so before he was turning

me. Before he buys dollars and then he cents. But now anywhere he sees dollars irrespected, whether he's sending to his family or not. He buys and he keeps. Then he sends the dollars that he has already accumulated. Why is it so? Why is he accumulating does because he's losing NIRA interest and buying dollars because he says, I'm not even sure I will get these doors, and buying today at whatever price, I'm not sure I will get it tomorrow. So I better forego the dollar or the NYRA return and hold

the dollar at a loss, because I will have their availability. This same guy's comments is the same. I know you do this geographical breakdown of cryptocurrencies. Look at the geographical breakdown of cryptocurrencies. Who do you see holding these currencies? Importers? You know, these guys have discorded. The way you can import or pay for import is true crypto. So they are doing it because the Cybian did not give them dollars. The Cybia told them go and

get your dollars elsewhere. So they went elsewhere and they got their dollars to P to P through crypto. That's how Niger's been funding imports. Saint tuncbm band crypto and a duty list of forty four items. The point is really as long as you do not have these dollars coming in steady, it has to be steady. Eventually this thing where this cycle will play itself out again.

If you look at the plotting of the Nigeran exchange rate and you plotted against the Nigerian crude oil exports, what you see is this, then Narra will rise to place them to plot two. It will rise into Plat two. It will rise it to Plato. It means it gets to a new support. It stays there, it gets to a new support. It stays there. It doesn't fall. It will rise, stay there, rise, stay there. The difference is how much it rises. In some instances rises

by will be twelve percent. Some in this last year from twenty twenty three till this year has raisen. I explanded, explanation. What's the word now that big were? It has risen far too much to do there And that's the problem I saying. It's not that the mirror is not rising. What I remember my mother uprising dollars to travel for forn Ira seven mira. I remember her as clear as they now for errors. She was complaining that it's too expensive. I was complaining back then, so it was always rising.

The difference, man, is that it has gone from what where did we remove float? It has gone from that five hundred to fifteen hundred eight thousands ira par Yeah. Yeah, but can you see the difference of what I'm telling you? Use that me and you can make this age because we have since you can not disposable come. I'm looking for the buying crypto and say, is that one of the problems. A lot of the that they have ins if you look at it, if you look at it for example,

you like you said, you invest for the long period. The nine Gien does not have that mindset and then you can do that. Interns they can't do what you're saying. But the aid Nagia does is looking at and you come losing about thirty percent consy for that city does not have that capacity. And that is why I said that, see cosi population is most people for they have Niginia. And that is why I also said that in lot of

Nagera cities is lose money to consist population because of the row market. Guidus took a good mass did when good marsters are put out their look and economic and better. I was at more on a community than just unders said that and then I will for what you see after meeting my bankers are meeting my investment strategy and as you forgoes it, I'm going to have exposure. And at one point of it, so I was like, okay, at one point, let me limit my tot explosion me reduced them. Look at how

bad can you get? I mean that was the form of aging constantly. But I cannot doesn't even know what edging is all about those things that book by and that's why I said that. You see your statement, yes, miss, but you're missed in pupposed to want to. They're shouting their crying, okay does that held and making money that's Britain. So you can see that they have strategies. So those are so those guys are Those guys are

trading and that's what they're their color hero. We are not talking about trading. If you want to go and trade now every day DM dms are still coming and she died by either. I'm not interested in traders. I'm not talking to traders. But I'm talking about the woman that said that's a middle class would lady in lucky or in a caser her husband sorry I'm being sexist,

gives her one hundred thousand to buy food stuff. This person I'm talking about, if that lady keeps that money under her pillow, she's gonna she's gonna lose three percent three point four percent for food inflation food Unagi is thirty seven percent annual monthly three point four This is the person I'm talking about. That housewife has discovered that if it takes that hundred thousand naira and buys one

dollar and keep that same one dollar under her pillow. When she takes that dollar again and sells it to Nira, she still has her naira in her hand to buy her full stuff. This is a problem in Nigeria. That woman never bought dollars before, but because of the fall of inflation, that lady has now become a currency dollar holder. This is the problem. So more people are now holding dollars are never held it before. Before dollar was

traders put their travel abroad Pta Medica. Now you have the average rank and file holding ten dollar, fifteen dollars, one hundred dollars in their house because you don't want to buy something. They go to the air with Malam down the road. They change on Nira. They trade those retail guys. If you're ad of their dollar holdings, is what is causing this lack of dollar. They buy, they hold, the release and they sell. That's what's

going on again. That lady will stop holding dollar if she goes to the market tomorrow and tomato gonna buy ten percent. Look at the NBA's report on food. We go to the food. How can food be tty? Seven percent? In fishing is official witness on official is almost fifty percent. I went only I was in Legos, I should do my videos. I went to the market, not at Jerbot the market. I went to Mile twelve. I went to a daughter in the mod I went there with those guys

that are selling with will Barrow selling Ocral. I met them. How much do you buy today? How much do you buy twenty months ago? These stories are crazy. As long as you do not capture food in fishon Nara will rise. So hear me, Narrabi rise this week, you get to one thousand, it's all rise. But how do we sustain this rise? If CBN wants we all know you're a seiler can make one dollar one n

You and I know cel that can do it. It won't we You and I know that after that Core, after that on care well we will go back to this okay dollar dollar remittance. So we The issue is exports of crude oil eighty nine percent. That's the issue nobody wants to talk about in Nigeria. Once you say the lot, that will accuse you. But eighty nine percent of your dollar export dollar has come from exports of crude oil. Why has nobody held the neck of n NPC and the secuty and say why

can we not increase crude oil exports in this country. Is it difficult. That's the problem. Only let me get some Yeah, go ahead of this se there has put some time and look at the market is seen has been. You know, I was looking at my training platform and I could see the interest on dinner has really been on the on the rice, which we're not see in the past couple of months. Calu back to you. We all do we have structural issues. But the question is that cardiathlic Nigeria take

advantage by just buying at the black market. The answer is no, and that's why I said, I see we can algy con them. Making money is no emotional or being pacotic as you said. But at the same time, we use whatever you have. The richest guys in this country are edging properly. Those that have the exposure in the product can afford to do distance. You're saying, well, the probably it can't. Someone that's any for example, someone that's sending it wants theoria dollar and he uses his word and

before you know it, it has not forty percent of its value. You know, the relative responses as on the economy, and that's what I'm talking about, makes no problem, makes sense I get there. Let's get the what's called does it? You ad he like that writer his drop off? Mister mister ocean ocean sal Yeah here, Hi, please go ahead, sir. Yeah, okay, So you're already touched on some of the points and

then talk about just now. I think I'm just correct on this, you know, more more like looking at holding the dollar as an investments instrument rather than it's so that you want to speculate on buy at one night, open to sell a three kar and stuff like that issue. It's it's best for you to look at the dollar as an instrument. Diversify your portfolio, right, have exposure when it comes to the Nigerian market, have exposure when it comes to the US dollar. Right, That's that's the only way you can

properly hege your entire portfolio. So it's it's this place is not really for someone that wants to buy dollar and then keep. It's more for someone that wants to buy dollar to hege his Nira. Right, and you see the likes of down with them. All of these guys are properly hedged their portfolios. And it's not now it was something they scared doing as far about as twenty fifteen twenty sixteen. Dang it did. That's right, because it was

losing a lot of its value. And we've also seeing these effects flu affecting companies as well. They are losing money as a result of effects. Right, So basically what may out probably probably advise to anybody, do not say you want to hold the dollar if you know that in the next three months you have me or de Nara again. So you buy dollar and then maybe after some two weeks and hours to change and use the error. Right, you can just have a constant amount that you say okay, yes, I

want to be exposing this amount and keeping it in the USD. That's the last stage. You want another stage, you can take it for that and say, okay, rather than just keeping this dollar, I want to be able to earn interest from this dollar. So you could look for a dollar portfolio. There are quite a number of companies that allow you to save an investing dollar even if you're not buying stocks. You can earn some interest from it. Right, So you can take a look at all those companies if

outstages. But it depends on watch your financial financial situation maybe, but personally, what I do is this right now? If I do not have need for nira, I do not keep the neror right because at the end of the day, you want to have like your how do I put the zign? You want to have some currency in dollar in order way to at least

maintain your power because the dollar the nira is using value. And so even though Gnara's gain strength now and the last like two three weeks or four weeks, even though generas gainst stread now, we're not seeing that impact in the market. Why because of impish Right, a boat of noodles went as high

as sixteen seventeen thousand, A bag of rice is almost one thousand. Rewind back like eight years nine years ago, the same bag of rice was seven thousand, A box of noodles was around the two thousand to fifty once was around nineteen eras twenty fifteen. To day is almost one thousand. Ere pick me up is over eight thousand, the big team is about sixty one thousand. So you can get you can see inflation in it at the very Laman

rates. When it comes to food, which is what everybody can do without the most heats, right, So inflation is eating hard in that area. So it depends on Again, it depends on how you're analyzes or view your portfolio and the more as an instrument rather than something want to speculate on. And also I think you've hit the point. I think they're selling a lot better than I have done. The point is this, as long as food is thirty four percent offacial inflation, more market to mean I go to hold

dollar. That's just the reality. So now tell those market to men that are holding dollar, they should sell the dollar because the dollar on the black market has fallen in right, if your food is still thirty seven percent, how does it make sense to them? If the if the dollar price goes to what want but they can't buy the food? Then what they said the dollar for on what basis is the strength of dollar reflective in what they see on the market. Have prices falling? Dollar price has gone up? A

be has a go for salah or chicken pocus? Has the price gone down? So why would they sell their dollar? Because one dollar is one dollar? It's wonder lies one dollar you get because of dollar is nira is one dollar is one You can see that dollars to go on America? Can you take that to do, spend the big let me get mister. He walked off to the Sorry, I'm sorry. Sorry, it was a question live

in everyone. So I joined them by by chance and just to say a few things in terms of what I had to a few things that they were saying. I think over the last twenty thirty years we looked at the fundamentals of the Nigerian economy, if only from a money ty perspective, which for

me, it's something that we need to step platform. Everything has to do with disciplient, Everything has to do with stagery, Everything has to do with with with money to apply well, the first question you need to ask yourself is ninety in the economy and the economy is not moving. Why because the velocity of these moneys are not spinning as quickly are supposed to create new world,

to create employment? And what has this fundamentals like? In the number of people that I was reading through the chat and a lot of people have said, if you don't get electricity right, you won't why to the inflation thirty seven and inflation is steady one percent today because the logistics of moving food from one points to the other. He's so hazardrous, so it's so bad

that we can even move food. I brot at the time when and I said this in all and see when the naira felt against the other was in the eighties when it drops below nira to dollars. And subsequently it does always go to the fundamentals. Right, we have more bins and physical parts of the economy. And I tell you, like you said, why are we not giving two million barrels? Because we have that, we have the capacity in place, of course, the neglect of investments in this area to poost

those capacities. When when when people are talking about oil, Iran has been on oil sanctions for god knows allow, but they didn't close on their production capacity to the extent that at the points in times where we are at the same the same point with Iran today, Iran and do four five million barrels a day and we're still struggling to do two million barrels in capacity. And if your extreme trades, I mean sorry, your export ended as ninety or

ninety percent. For godoyal, what are we doing, how are we producing? What are we producing? What I've been exporting? We need to focus on the issues of I know at the point in times, so many of the subs can contribute from our vic from nature. It was cheaper, production

was easier, the ease of movement was easier. And as we get back to those fundamental how do you Most times when I think about the number of things, I think about the nineteen thirty recession in America, why you government decided that it was time for you to pull into work and how do you do that? And so many things that we need to do, and we're not putting those moneys to captain markets. Can we can see that those wople

are actually we're doing them. We can get some reports about it, even if they have some other things behind the goal markets, we can see those things and we can ask those for start putting direct people onto building rules, digging others. We're giving up contract in terms of the fact that I want to repair a great sym role that takes the fun to bring up from producer, and then I give the contract to Expizian Songs for four hundreds of billions

and the roads are never built. So if we don't come back to the fundamentals of matching a fiscal monitory and just going to continually saying, oh, the dollar was to do or the dollar did not write and like, well know the fighting this was done in twenty twenty sixteen twenty, and we're fighting the life change it against me. Were doing to pay for it because treasurydis for what money that prop me into Nigeria. It's a ready won't percent.

Of course we're going to prey for those Treasury. But of course I think that serial the exchange that's call into one and we're doing one percent on treasure build. If I had a million dollars this America, I gamble one, yeah, twenty one percent, think discount whatever it is, I will make work. I will make it wonder than thousands in terms of that, and that's more than that we're getting American Europe. So let me just do that

and again of something something else got quickly. We're trying to slow down discipline is trying to slow down and inflation, right, but but at the same time, the federal argument is also saying that when paying fifteen thousand eras of X y Z also planning on an increasing minimum, which okay, something like, well all the stands slow down inflation, you're momping money out, but then you're pumping back in, right, I don't know what words you're you

on this. Maybe this is something that you can also torture on some I find I don't know. Set again, please st again? Please can you can you make that point again? Okay? I said the the cibling is trying to slow down inflation, right, which is why they've been increasing interest rates and all of that. Right, They've been using their tools. But

the federal government is saying they're going to pay. They're paying fifteen thousand ar x y z number of rooms, they plan on increasing minimum wage and all of that. Yeah, so to reduce inflation for your rumping money. And yeah, I'm like, okay, us, does it make sense? Actually? I get you say. The thing is this right? I'm a capitalist, right, but I must say this, what is the Nigeria too low? They're just too low? I did? I agree? It is low

and it's majorly because yes, we're in n indirectly. Yeah is that virtual yet the reason that we don't have productivity in Nigeria? Then, I d worker is very unproductive Hence they are wages are not real wages. You know. If you if you want to know a country that has on productive worker, just go to a high rise building. If you see a lift, elevator or a guy they're operating a lift, that's your your sense. You know, if you go to New York, those expensive buildings help lift operators

because they are like conscience buildings. They are very expensive. But if you go to Nigeria as well, you see those elevators in there's a guy his job is to press a button to move the lift up and down. Why because his wages are so low that we're can afford to employ that guy. You know, I've never seen a guy in America with a driver there. I know that people that have drivers, but I've never met anyone myself that owns a driver. Maybe a nanny that comes and stays, but I've never

seen anyone that has a driver or living nanny or living gardener. Buildings has them, but you don't see herbage books. Wages they product typo. The Nigeria walker is so low. The average middle class from in Nigeria would have one driver or two drivers, two house girls, one gatesman, one cook. This is average middle class, so highest you have one one driver, one cook, one house girl. Average is not an outrage that they live

in Abya. They live in Abba. They will have this same staff this that they average in general by because which is had nothing, so they have to increase with It depends on how do we pay for these wages? Do we do taxes? Do we do sells? Done assets? Where's a different discussion. But we cannot pay a walker. I had this guy saying if you end two hundred thousand naira in Nigeria, you will not emigrate. Wow. I like the guys. I do want to hit the guy that I

had on Twitter. But you can't say that. You can't say that you know that two hundred thousand I give you. This is an example of Costco Chicken. Costco Chicken is five dollars. Five dollars that represents zero points is zero four of the average workers pay in America zero point four or something like that. So the guy flipping burger in America the lowest paying job in America

on federal low I'm not talking about the winspan in Rich States. I'm not about the federal minimum, which America is seven point two five dollars an hour. That guy can afford that chicken at zero point four percent of his total take home for the month, zero point four. In my Geria. That chicken is twenty five percent of the guy's take home. So that same chicken, a guy in America can buy it at zero point four percent. A guy in niger has who used twenty five percent of his take home to buy

a five dollar chicken, that's a five hundred. So we just have to go up. And it can only go up through productivity, which creates wealth and allows the energy to get paid a million. And I don't think if you paid a million that inflation will go up. I think there's a lot of compressed the man in Nigeria that if you pay workers a million in Nigeria, they're gonna go out them buy food and buy product that they could not afford before. How many workers have you seen that bought a brand new AC

or brand new free Just look at your neighbors. Don't look at positions. So your normal neighbors, how many neighbors do you know, maybe they don't walk in the bank that got a brand new car okay for the car, ac or fridge? How many people do you know in Neigos, Riches city in Nigeria that bought a brand new fridge or brand new AC or brandw television

how made you know? So there's a compressed compression. There's no concent in the country because the country is very no power now, no whor ealth creation. I went to barbie illegals. When you walk into the barber store, they'll cut your hair is ten thousand. Then you have to agree that the one genitor for you for the cut your hair. So the gender is not on because of course they can't put this so the on ditora couldn't cut your

hair, they'll put it off. That's a service industry. Cutting your hair's supposed to come, your massat, your hair, wash your hair. They don't have to have for that nonsense, because it isn't diesel. So that's a question, bro. And again he was making the point of mess Miselle. I didn't want wake to the point that there's ninety five trillion naira in circulation, ninety five trillion, and dollar is going up. They'd not at least far hear too all this thing. Let me just say to you,

dollar will dollar will follow. The question is what will happen tomorrow? That's my own You know, I'm giving you a financial planning, not I'm not doing trading. I'm not doing accounting. I'm telling you, if you have a portfolio die VER'SI five. That's what I'm telling you. Take that any day of the year. Bring it back to me fifty years, one hundred

years. I will still be right. Diversify your pots for you, especially if the other portfolio is depreation depreciating at testy seven percent to buy food. Diversify your portfolio. On that hill, I would die. Chucker. I've got your about aking, Chucker. Go ahead, Chucker. Okay, yeah, I'm in any place I can place. I'm just listening to sure Sure, so drop off. You can not speaking, so you don want to speak? I can you say something? You say something about the production,

like how to increase the countries I need? So, how do we work on you know production, like you know, making your workers the average worker you know, you know lies in terms of the production as aspects. You just said, like I need to go or something like that. Just power, create, create power, supply let them be power. So if you have power, that badnesson. I went to can hire two workers. This is a one worker because they will take wonderful this is a higher seven worker.

Just create power. All the government needs to do pass the policy on power and get out of the way. The privacy takeover does create power, isn't isn'tough? Then there will wealth generated at the very very local level past policies and the wealth will be generated. You don't have to we don't even going to do anything past the policy. Get out of the way. I

can't how you doing? Yeah, look so thank before getting straight, I'll say so when it comes to the issue of basically microeconomic the language developments and when we're able to have done and some of the policies and the issues that economics basic. I know you always say think about electricity and legacy is from

our based in University of the economy. I think maybe that's it probably applies more in the long term, but in this short movement, and I'm not so contains that's going to be as strong as as you as you argue. A good example that we shure of that should take questionary for us is what is going on currently there have a situation where invested heavy amounts of dollars in in uh power of that and then trans tran relate into economic good at least

in the short term, probably the long term. Probably now the points that I'm trying to make is that Nigeria doesn't have the productive useful Let's see having any poor elegistic for the whole country, whether wishes into resistance or must that would probably fight think in twenty years before we're able to get to that position where if you get to impus like it's really certain indos to come up.

That's another way into co exist. The thing is that when it comes to the productivity issue, I think there's some there's some taxing centers that to mental give in order to get companies either to train workers or so you will, those incentivise them, encourage them to to obscure their workers to actually improve productivity. So for instance, you hire somebody maybe that hasn't gone to university for has in good White and mecal and you say, for everyone that's hire with

so and so we maybe work. You probably give them it actually gets or tax deduction of something of that sorts. It's done in other countries. I think that's something that we really need to do as a society. It'stad of this situation where we're encouraging entrepreneurship. Basically one man businesses that really do not scale, do not create the wealth that needed to improve the economic performance of the contract through the contract house for through the country out of overty and the

situation that we're currently. For instance, now we have a lot of communities in the training sector. Let's ask us this question, how many how productive is training set of Niger economy? It is usually won't true people business? How much technology are the us? How much is that improving the welfare and improving the productive the situation of the economics, it's really imitating that way. So I also know that there's some microeconomic decisions that are the government community that

is currently cope oil. So posting oil is one way to get toward blood into the economy. But the usually this glabal for or you boost oil boel production is that you'll get to the point where you're posting power production and then

you could be stopped. You could be stopping says that the last starts to appro getting into the familiar costs, the resource costing or the touch these and where becomes it's so strong and to destroyed your manufacturing sect or your experts sector that you have and that probably affects the economy performance only of the country going forward. So I think we need to do it in such a way that

in this show then we say maybe twe to five games. We're going to increase oil productions from about one point five and twenty six million today to say about two point two in the next three four years, while at the same in all region manufacturing, high tech manufacturing in other parts of the economy, so that we don't get into this system so highly to pay the commodity. Okay, I can't. Okay, I hear you, but it's just just so that we can we can so, I mean you're making two points number

one. Just let's just be clear. The problem in Ganner is not the availability of electricity, it is the cost. The way they signed that contracting Ghaner was that they had to pay for power they did not even need or use. The Ganna economy today is better for having electricity. It's how designed that contract. They are paying for power they don't need or use. In my village today, if you bring power to my brig in the first seven

they will make gary cheaper. If they make gary cheaper in my village, they can export and they can make more wealth in my village and in every religion, Nigeria is a non starter. Once I was in Legos a month ago. There is no power supply in Legos. I'm making bull statement everywhere. Was Injureration. The hotel I stayed in they have to do a special increasing rates to pay for diesel. They just appeal tobyone. Listen, we want to get to pay special on your bill for diesel and we paid.

So if you have power supply, you reduce thirty percent of the cost of finish. Because that's inflation will fall because all the go to Nigeria will now fall by a certain margin, which is that diesel price margin, bread billions, everything will fall because power supply is cheaper. That's Number one on power, so there's no staturdays and there's no argument there. Once you have power, your economy will triple because we don't have it, so once we have

it, it will there's no issue there. Or Number two on crew oil is the same argument Nigeria. Remember two thousand and five, we were already at two point two million barrels a day, so we're not increasing, We're just going back to where we were. If we were two point two million birels a day, then you can I be That's okay. Let us now take it a bit slower and say want to grow crude oil and grow at the culture and grow something else. But we have we're falling from where we

were from two point two numbers. They will come beload out one point five. So now Nigeria has got to go back to the two point two billion bars a day where we are there. We can just start saying, Okay, what's the counting plant? Should we do? Trade? We do in the culture? Do we do services? We do? Crude oil and gas. That's what we need to do right now. We still don't have enough your air adviser, that's from crude oil and gas. We don't have enough

engine oil, enough PMS, enough luperc. We don't have enough of even this crude oil we are saying we should have as fired away from. We haven't done enough even under crude oil. How many worlds do we have? Why won't Texas Mu's more old than Nigeria. Angola is doing more than us Libya. He's doing there, US Libya fight incible world, Angola Nigeria. So I would say, if we maximize it, then we can pull back.

But for now, we have a long way to go, and I can't long way to go your point that you are true, but the fact that I was speaking soon that we gata is a costing, not the availability. And I just got to get back to make the point about this. This argument you're talking about power is I think you're making the argument for I believe that if my dress gets a point where we are supplying access for his power, that defunct actively the cost of power. Now what is the will

for consumans? But actually the higher prices for power? How easy will need be for how would do is it will be for you to pass on the cost? I can't. The price will not go up, it to go down. I can't it to go down. It won't go up. I can it will go down, not up. I can't. It will go down. I can't hold on. I can't solve the problem. It's not really like that straightforward, especially productivity economy. It's not like the US economy or journey. You can easily advocate a can you have being? I can

ok Okay, you have been a bit too technical. This is a very very simple thing in Nigeria to day. If I want to make bread, I put my generator on so I won't buy diesel or pms run that generator, make bread and sell. So the cost of I can get bread is power diesel. I can get bread has diesel power in that cost. If there was public apply the cost of public supply is cheaper than me putting on my generator. Even though that cost of power goes up, it is cheaper

than me running my diesel. That's the point I'm making. So the cost of gee bread will fall, So the cost of power will go up, but the cost of good na will fall, and then you will become more productive. That's the point I'm making. There's no argument here. There is none. You can't go to anywhere and argue that if there's no power and introduce power, they country will not get better. What was in dosal retribution all about? There's no argument we had here. I came none. I

know you. I think sometimes recent economic information prective in this extremely very straight forward with the reality that is not always that straightforward. That they are going to improve power does not mean this, this and these factors just improved. It's not exclusure. It's not always like that. So one instance that you're talking about and talking about break if you if you increase power to the entire country and Okay, they're no longer in the generator. There is in public

power, public electricity. Now you're nine too that there are other factors that contribute to the price of goods. It's not just impute costs. There's also competition in markets. Make sure, and the problem where you have situations where you have industries are extremely concentrated. Yes you may increase so, yes you may reduce imprid costs, but then if then more competitive markets, they will not reduce prices. You will just get the straight away. Prices will stay

the same. People will be making more profits, and and people who are wondering how is it that power has come and still that break or straightforward? That's my point. Okay, I don't see. I'm not here. We're not in an NBA class. Why not the teases What we are saying has no argument. We all went to school. If a city does not have electricity, and you introduce electricity to that city, the cost of doing business in that city will go down, and the city would manufacture more goods at

lower cost and create more world. You can argue, have I'm presenting it from here, and you might have a point, and you can say I'm making it sound simple. That is a different topic entirely. My junk be right or wrong, but the fact of the matter is what we're talking about. The reason why American workers earn more than Nigernia workers is that they have more tools of trade. But in we have any laboratories, any any tools of traders. I don't use electricity in Legos, the commercial capital of the

largest economy in Africa. There is no steady power supply, even for five hours. That's the point I'm making. So if you introduce steady path supply to the largest economy in Africa, their output would increase. Their output increases, then their productivity increases, Then wealth is created the more jobs are created. It's a simple point to bring in. How I'm presenting it is. It doesn't dance the point in any way. It doesn't take away from the

main tenants, the logos of the arguments. So therefore we'll have to move on. I go, I go to go. Why don't you see it? Literally? And we are to leave our house because maybe if I take out my toddler right, uh would have to find slips a to the point he just moved to the hotel. It was just ridiculous. Anyways, since this Nara's threatening and anyone looked at the Pa to Pa market to see him because my husband is the tech guy behind the P two P. And he

said he's noticed that volume has reduced. That will tell gone down Okay, he said, So I have a sister who's always sending money from Toronto and I caught. I was like, oh, I need to waiting if I need the dollars for stars that he said, So like when Narah depreciated,

I think it gave dazbr incentive to send more money home. So there's there's there's downside to this dreatening, right, And my husband like he hasn't been involved maybe to pick up, but from the Dazzbara point of view, let me say Canada, he hasn't seen it yet, but he's said maybe to pick up. But at the moment, everybody is going that dollar side. But why why? Okay, because because because it's now gone from one five to one, well, you guys are sort of waiting to go back to

one five. Is that what you're saying. I think what he's saying that confidence is not there yet. They're just like, whatever I think we do fully gain, right, so the confidence is a right there, and it's like, I'm not going to say until dollars I just did my narrowing account not working for me, so I can't say as an account and the first ted Ton it's like if I need ten dollars a bit that it's TSDB.

I'm only sending ten dollars. I'm not selling twenty dollars because I don't want that sitting in my account and later DS will increase price in three months, right, So I guess the confidence is not yet there. Maybe to come, I don't know, but at the moment it is not. I'm not saying that the Cybyan has attracted I will say in the last month, but I take nearly four billion dollars because of the increase in the or more rates,

four billion dollars has coming. I think renters have gone up a bit, like I said, apart from crude oil, Similis and everything correc and they can't do see oil and I don't know see that fact that money is actually coming to Nigeria. The one I'm making money, I said, the points you're making, but those are institutional investors. Every day moment popped me, are you sending money home, don't know what We are the ones that

literally drive the economy. We're the ones that keep it sustainable right the moment. Institutional investors will always take advantage of increased rates, right, but we are the ones, the grassroots where the ones that is keeping the economy standing. We are the ones sending money to our parents to buy reads by tomatoes. Those are ones keeping the economy. And if ours r started to like, what's true, it isn't my transfer because I know it's going to fall

again, right, doesn't it doesn't it happen? It does? It does? That's as those full of questions, it does have that negative impact. If rematizings go, remetis are actually what has kept going when feels remetas scoop up and all that. So if rats starts to go down to affect us more so, I hope that you guys recounted that you guy should talk talk to your people and send more money home. Sorry, sorry to say this, Sorry, remintiance, this actually went down. They went down in the

last four years dractically. So one is pushing the market today and they correct me if I'm wrong. His foreign portance for the investment and it's just to be able to sound ensure that we drive the exchange to both who bring about the ability in the economy so that businesses can can actually plan planned properly. Not like you said, not the one that you're buying. You buy dollars at one one thousand, and then your replacement is one thous That's where we

are and want so pray for that. Like you said, it's the homobiles. We're going to pay for that in interest. We know we're talking about this points raising points. I forgot talk about this point that I just I not seeing that what has happened the sign is borrowing money at one twenty one and selling to the businesses at below market, so eventually you have to pay for subsidizing the thing and all that way. Talk about it. Yeah, this say think we're doing it for years now. It's real and really it's

been going on. It was what kept the young last people between twenty sixteen and twenty seventeen. Are you with me? And it's the same, it's the same logic that it's being used to keep down to it each time it happens. Let me share, guys. I'm going to share that infographic of the exchange rates compared to the dollar exchange, the dollar ex crudal exports compared to the exchange, and I from nineteen eighty five. I'm going to share it again. And you see the graph, and it's an interesting graph.

Is this narrow appreciation thing happened? If I don't some technical analysis and my chances were telling me too fine, so I wouldn't be surprised it still happens. I think your child, I know that is. I think it's Jack needs to sleep because it is that you don't understand the type of coury market. And just like I want to say it again, every normal or elementary promist knows that in that is intellative of exposed. But the issue here is

that there are always gaps and there are always cycles in each economy. Now this discycles right now? Is this short? Admit them? We all know that Nigeria definity is dependent on FOSSO. But card also has been able to do and the seeing has been able to amplify trust. What they did in the paper market, like the last person was acting, is not that the BP market was more really playing scals, but the bet pay market had the referring power. The first part because a lot of natures use bilers to check

unofficial rates. But that is not happening again because he has blocked most of the sides online. So you had that apple. Also, now the market is stilling pure, so you see nigeras choosing the mini corn market. But players on the average, guides that have stable exposure are now going to buy bit. And if you can't compare by bit and with biers, a campaign, a gity or assets with the Unity Bank, no matter how product that

product, Community bank is the volume with different drops. And that's answer that question. Now, I think where we should focus on, where we focus on this white woman's success. And I will be going to and why I said now, I will be a two thousands because we are using the conversation and only look at the time scrap He's gonna to every pointing knows that.

But the question is do you have the bit to old Wendy? Now for the kids on the storm, there's a show that many that you have to do that bit And that is where argument is, if you don't have your bility, why don't you enter with what ability you have? So I look your point exactly essentially, don't enter the kitchen. If you can't stay in

the kitchen exactly, exactly exactly, So don't tread in English. He's saying, if you are not able to, if you don't have the means to buy dollar and to hold dollar, please don't go and buy or sell or trade. Don't stay on your lin That's what I've been saying all things. And I was the successful guys in our market. Look at this. True, people start from one beginnings. You know, people try to do things

because they are first guess any sex. You don't know what. For example, you can't do works because yes you can't fife crisis market to look at that, Yeah, that is what personal players. So that pot and that's why we come to this space to share ideas on how to keep personalities lost. Marco levels discipline, use what they're doing as a short term and they're trying to give outside what you do do it. That doesn't mean you should

buy at the black markets, all those should sell all those. We should talk only me, only me. They the guys look at my two feet right now. I don't share the infographic there. It's the trend of oil price and extenderate. It's from nineteen eighty six to twenty eighteen. Look at that. Look at that chat. You will see that the Myra and extended Denyra and Crudel exports were the same from eighty five. There was a small

pomp in nineteen ninety till nineteen ninety eight the same. Then in nineteen ninety eight. I don't know what I'm trying find. Ninetety eight that's when the madness started. You can see that the valuation just went up. It doesn't come down, It goes up, finds resistance stays, goes up, finansistance stays on, support goes up, financistance stays like that, that's what's happening. Look at twenty sixteen. Exactly what is happening today is what happened in

that twenty sixteen exactly. And it is still this top chart stop twenty eighteen. So if you open this chart up to twenty twenty four you will see exactly what is happening to day is what we're seeing that tween sixteen. You can see exact same teen twenty fourteen, exact same teen two thousand and eight, exactly the same thing. What has not changed in here the oil output. Look at the oil output in Nigeria. That's the look at it.

So it's right there. That chart should be your answer. It's right down my illustration, on my twitet, on my timeline. So all the short term dollar has gonna, that's not gonna, Linda has told us not. Olimita said, if you cannot be in the kitchen, if you can't take that heat, leave that kitchen, stop trading. If you have money you want to buy like go Google said. She she has money, shes to paid the STV. She sent red dollars. That one is not for trainings

for she's holding it to exchange and buy something in naira. Okay, but this trading matter, Open up that chart. This is not new. What we're seeing today happen sixteen happened, fourteen happened, all eight happen nineteen ninety eight. Look at the chart. It's right there. So let's all chill. Let's just all chill and the patrotterism. Chill, mister goodswill, how are you doing, sir christs on what he says. I'm gonna leave with

dollar thing here, there's a smart money, there's no money. What's the different? A few difference this time frame smart money has a longer time frame. You know, dumb money has a short time bring he thinks he's going to make it soon or in the medium term. Smart money hasn't big and contfolio. Dumb money always loses in the market because he doesn't have he has in an arrow or no puts for you, then there's stamper. Smart money

has a healthy cash position and it's sustainable in fluid. Like all all the media was just trying to say some people earning efforts some people and you know, so you can't just buy and say because he's going over, but he's been going up. Only buy for two months and see how much. And it finds out to me that I told him don't do it because I knew

exactly what is a family man. I'm not. But then if you must create around this, if you must make some cash of the mirror in the next day, from between now and December, this is my own thing. The nerror goes above one four fifty, you can't tip up Nora crosses that trashold you should cashon or you should like basically don't go in at that point in the time. But again, you don't take my word for it.

The US don't like itself has some as possible advance the fat could cut it the fast costs today there's never as dynamics is a little bit shaky, but it just makes FBI all the more attractive. So yeah, just you know you can. The thing is you can take it loos on this decision. So it's not supposed to be an investment strategy or something you buaise the whole investment decision or you know, use it to edge or you know, basically know that you can take it hit and you can. We stand that.

It's especially the issue like some of us was gained almost eighty percent or more on the US, then no problem. If not, I wouldn't advise it. But you're right, car. Look, if you're talking a long term one year, two years, three years, four years, the dollar would there's no going around it. It's just so unless suddenly, let me just if you hear tomorrow, if you go up to your hear that NPC has exported to one point nine million battles and that they're online to export two million

sell dollars. If you hear that one. But I'm not sure you're going to hear it, mister good. I'm not saying, you know, it's oil. It's all about look at the chat. I don't share that chat. It's all about oil price. Stop asking will do'll I go up or down? Rather be asking will any PC import or export more oil? That was yould be asking, don't ask why. I'll go to ask what the dollar export is going to go to? And I will answer your question.

Mister go to please go ahead her Okay, thank you very much. Can you give me yes? I can swer so. Actually I went to jump in when someone was talking about because of production that it will change. I'm

showing you have when you have a power infrastructuring place. You see. The thing is we don't understand is there's you know, we have several chorists that came back to this that can back up the fact that when you provide those infrastructures, okay, you create you create economic activities within within that ecosystem, and economic activities generally create wealth, you know, create actually for the acconatory to put in that within that area, and besides for those that are produced

for those manufacturers or those more business small business oponents. You know, this what will call it poplar cost average where you have a fixed amount of your investment actually puts in place over you started period of time and atomatically you know, recreates value. You know exponential value. You know much more than if you are you know, if you can fluctuating your your investment size. So just like you have production, if people want to establish if fixed or a

preatable cost of production. If you have fossil fuel, you know fuel as all that's that has exposure. You know that you have tenders prime fluctuation over a period of time. Then that does not do these small business order edit good by seeing that cost variations over the period of time. So they would also change because at which they or the prize that which they give to the consumers, the pass on to the consumers, as do fluctuations keep that cost

changing over time. But if you have the prime perstructuring in place, there's a steady costs, a play of cost over a stead period of time, and you can see that stability in pens of not just the cost but also the price pass of the consumers and overall you know they changes then defic that the personal and all that to create the stable price and to overall it to actually create a conversion environment for the you know, not just for the coussion,

but also for the manufacturers. So the discounts, the confusion of the brilliancy which who was discounting, became part of the manaufractional built in place as a way to actually create that Uh, that's production. That that value that we all need, you know, is just you know, my opinion, but I just I don't have the mach couple of compututions to make that. Just let you know, the consture continual coming at your peria and just moment. Yeah, yeah, good, I didn't really get I did that,

guys. The question was the all about the style of the presentation. I don't think it was arguing with the fact. I mean, power is basic. There's no argument that if you bring power to any state in Nigeria the improtive logo, look at making noise because of small geometic recovered again, take power to any place in Nigeria, that place becomes more wealthy, is anywhere. It's always I'm only sure if he's arguing with this how we present but

let's really focus on what is the doctor Abram? Doctor Ram got word opian? Yeah, hell, good afternoon after Where I am I've always listened to your spaces when always for quite a while now and just silent listen. But today I just so as you're shipping my two parents for such as. Disclaimer, I am not an economist, I'm not a university. I'm just umboo, Sir Johns somewhere in the corner of the world somewhere. But but I just I mean the alumnidia, I mean, thank you for what you've been

saying. But I feel a love me there. It's almost like, I don't know if it's a official I think of what he's been saying, it's almost like defending the Torrent in the Strutsch as the best possible. But before I go on, I saw to talk about the the gentleman who was who was trying to diminish the importance of power supply. I don't know, Okay, I live in Canada right I've lived in UK. I live in Canada right now. But I have been privileged to visit a few African countries,

particularly in East Africa. I think if that speaker goes to Tanzania Kenya, you would realize the importance of constant power supply. I have to say that the first time I went to Tanzania. I was, you know, I was bron off my feet. So before I went, my impression was that, you know, of course there's always this delusion that we have forgiven for forgive me. Let's an illusion, I won't say delusion, but certain an

illusion that we have of Nigeria being caught and the giant of Africa. So of course, if you're going to any other African country, you you, you, you're attempted to be a big condescending since you're you're, you're, you're the giant of Africa. Until I go to Tanzania, and and I said, after, I said to myself, from then only if anybody ever mentions to me Danigeria is some giant of Africa. You know, I'm not

going to hear anything else they're going to say. Because Tanzania is able to produce uninterrupted power supply, and because of that they have a super vibrant small and middle skill economic activity that has kept the country going. They don't have the oil that we have. You don't have so much else that we potentially can boast of. Okay, I know the God is in the god Tanza night, which is something very special jewel mineral, but but but that's not

such on such a huge skill and that's Tanzania excellent root services. I went to a Roosia specifically excellent rood services, excellent education in try Fam with colleagues, you know. And then Kenya. I've been to care a few times. Same. Sorry, So I think I know the problem we may be

having in a geners. People need to go see what's happening. So some African countries that are quietly but gradually making great economics stride and see what the god that we haven't God, rather than basking in this pseudo euphuria or being to Gander of Africa. So that's not about the power generation thing. If you improve power supply, there will be a leap and bound of economic activity that would generate once that would generate income that would improve the quality of life

of people. I'm in health care. I can't tell you what concert power supply would do be your healthcare and the hell there you are, well, there you are. That's about that now in terms of the old production, I don't get it. Why again, I've been to I also taken delivered just to go to some Middle East Africa. Middle East countries particularly, I've

been to many A few times. I cill our friends there and again going there, I was trying to see because this is it's a much smaller country in terms of population, Yes, but I wanted to see how they're able to use their oil world to rule their people and their country. It still remains, what is the problem in Nigeria? Why can't we improve our oil supply? The guy talking about Siby and syby and Sybyan, What is Sybyan

doing? What are they doing with the a NPC? What can somebody get the NMPs to tell us why we can't get a million barrel have put daily to two million and above? We have the open quarter? Why why are not fully utilizing an open quarter? And then it's this business of oil theft? How do you still the first timmer? I even Canada? If my shop to put realize that canad is actually an oil producing country and they put us a hell of amount away? How do you steal oil? I mean,

how do you so so the day? Please? If you're a government official, we need answers and we need them quickly. Is it because it grews? It grows? I left like you over twenty years ago. It grieves our heart. I went, like I said, went to Tanzan. Yeah, we Kenya. It's just I just got a look. Look, look like you. We need to get our acts together. There is no excuse, there is no build around the bush. These people are putting us a shame, you know. So it's only if you're a government of please

these things. You know, dog dog it was it was. It was be passionate about I know why it wasn't it was it was your Momi day. But let me just round off. Let me just round up to say that. Well you say, say good as you may the me. I'm going to borrow money to outside the value of era. I don't want know the wisdom you say it's you say it's creating confidence, but the body investors

know how that confidence came about. For example, I'm just a little to me in my own little corner, but by the grace of God, I'm not I'm good amounts of dollars I do. I'm not asureed to say that, but I know how the current artificial improvements talking about that's not increasing my own confidence in anything. So so I just saw a living there for us. I just look, we can provide better answers that we are trying to

hold on hold to speak, what what what? What the so just count and because we are today the refinery, it's important crude oil from overseas just to provide thistle for on refinery. Isn't that the most absolved thing? Ever? We kind of produce enough crude oil to service the refinery, even if we have to get that guitary finery to purchase the crude on from major government as a magat prize. But this morning you're having to go overseas to buy

the glue oil at the market price, at the global market price. And again you have to building the diffreighting costs, the shipping costs, the logistic costs of that crude oil that you purchased file away in the United States. What's imagine the added costs. Actually what you see is from Nigeria life, you know, shifted to your refinery. So what economics sense at this what

we're talking about, It just doesn't know make sense. Please if somebody can explain it to me, It is crazy, Okay, okay, I listened to the last speakers of all algy fact I am the writer trying to use analysts and trailer but vined that if you look at the pology program, I stay am vellistrated now and I try to do data by put down emotional. I was ready disc right in desire. The process as the about them was

that we cannot crowd our problem. We shortened solutions and rejectiveness of this solution. So for example, we knew that the CBS tried to sol them and thank you friends making that. Because the web by we innovated and output and cover you know, desiaty a little product. So at some point the semple most impersonally that except that which story except for urpises secrifrise because when there's an operational perform you this is one of the expensively work about what difference a parent

a way look at this price. But then it conte towards started margin. I look as you kind of fun as like you are being he said total. But the quest one is that you see when you when your when the sister brings short time traditional rule community or rule guys say as I'm not sport that when the short pen restore conststore coverers live, we don't see that and

it's just me I will going somewhere two two years. And that's why it's margin are the one that stifty per cycles that we have problems, but we have people that solved different and we have to parish. I don't talk about the I talk about as I like, and it's very put out those see the cbre on the one king side has restored stability in certain ways. As out time in the past he starts to pay, I'm not going sack or a colony. I will be doing what I say I want right now.

The same thing looks into the system based on the alariness of our wanting market and as a stability and account Yeah. Only the great point just the mix. The Godment guy were respected guy. I know him for ages, so he's a private cent guy. If he knows where he's coming from, he's talking the trade inside. Is giving you really private sexual information or not to have him here? Just just to make that point clear, madam. I've got you here, madam, but you say please go ahead. So ma'am,

thanks for waiting so long. You've got the flows up A yeah, thank you. It's a pleasure. Please come from you can hear me. I can very well go ahead, all right, all right, yeah, okay, So I actually I didn't want to speare. I just wanted to listen and learn, you know, and see what the request. When it was acting I was talking about, I was like, what am I hearing here? For? God? See, I'm happy. I'm not going to

I'm happy that people have already addressed and antiquately. The reality is that it's one of the biggest problems we have in this country, one of them. In fact, I can almost say that the reason why I have not really made any significant progress when it comes to economic development, it is because we will lack power. If you if you have any fair clues to anybody in the manufacturing industry, they will tell you that Jesus is one of their biggest

problems businesses. You know a lot of projects are not economic d just because of energy costs. Even there's there's a security dimension. All this ACTISSI and all these most people do and like you said, bread and all these people are not into crime. Some of them are now doing what they're doing because there was no power. You know, parting it is the be able to

connect their one dec and then they're able to run their dec. But now you're there, they're going to buy for six hundred and ara and you think, please please, and then why I would compare ourselves with with Ghanah Ghana is yes, I respect. Do you know that Nigeria is much more well in doubt in terms of almost everything and compared to Ghana, where I mean,

you shouldn't just be using jan as a castory. So please, let's I hope nobody believes what he said about I'm just worried that somebody is good to believe that I w carry that and then maybe I can. Let's let's maybe I'm glad to I wanted to talk about again as well. I think in my opinion, what what I can say is that I don't think anybody should bet begins in Iraq. Sorry go ahead, I can't hear you now, madam. You are you got the floor? You are saying we shouldn't

better against the nira. I don't think we're saying we should bet for or against. We're not competing the dollar and thenira are not competing. There are two different currens. And I think the problem is this, we're trying to answer a question should you hold dollar should you hold nira And we've said that the neirah value is derived from imports of dollar. Those imports are from sales,

from loans, from remittancy. So instead of asking what's the value or should I bow, should I sell, look at the sources of supply of the dollar. If this dollar supply goes up, Narra will gain value. It's just that simple. So if oil outputs this falling, Neira cannot gain value in the long term. You can borrow dollars and sell to businesses and make sht term returns. That's fine, but long term you have a problem

on your hand. That's not just the reasoning you can compare dollar. There are two different dollars reserve currency, the rights just the West African or you say that Nigrien currency. So that that that point. If well made, Emmy, you're gonna say something, Emmy for love one and if you want to say something that you've got the floor, Emmy, go ahead, Emmy speaking one speaking twice, Checker underscore truth, Chucker underscore truth. Please go ahead, sir, Yeah, can you hear me? I can hear you,

Claire, You've got the floor? Yeah, thank you, lots of one. Pat, I think as usually brilliant saying we have to What I want to add is that I think that we need to start focusing on this. Central banks controls money supply and common and control interest rate, which is still way that banks and other institutions within the country all funds. That's it. If if we want to reduce, like if we want to increase the value of the power in which I personally think is kind of a bad idea,

especially if we're trying to be an exploiting mission. We have to focus on the economy. So focusing on the policies within each day they implementing policies to increase production power is a staying now right, So people who want to go into the power of business should go to the states that have the highest to have a large potential for industrial output. So stakes like a room all, yeah, et cetera, right, or states that people should be thinking

about. But I think the focus should be on us even more. We've done there, and I think that we need to Like if I'm a governor, I will singularly focus on power output. I wouldn't focus on anything who build quoture. I would just focus on increasing our power output because that's going to be governed. We've tried to human counter development and all that stuff that some many people that are said, and culture. We haven't talked about culture,

right? Are we creating a culture in our various state? Step remotes our work? Are we creating a culture in our various state? Step promotes entrepreneurship ingenuity. A lot of times we don't look at the habits of the people in the land and use that as a mentum for us to be able to produce work, right, because you can increase power, But if the people are quite frankly lazy in a state, then your productive outfit isn't going to increase, right. So I think we mean to think of waysively more

productive and we need to start thinking long term. You know, I think the guy again I'm not a mistake and spoken gigis he wasn't thinking long term at some point. We have to think about ten twelve years from now.

What we do in this country is stan about right. We get political positions, people steal the money because political positions are like a lot of people just go up there still the money just very short term speak constantly, And I think that's a lot of these things are why we're struggling as a nation. Don't remote entrepreneurship, don't generally promote part work maybe outside of a few states, Snageria, Mulot, snara, not hardworking cultures. So that's going to

happen each type. You how I got you? And oh sorry, theround up real quick, gonna yeah, yeah, I know, I know, yeah, And I just want us to kind of focus on it's just c C and cardinals. He's only gonna be completely mony, Like what about our state governors? Hower is the safety it's not a feral government. You're a governor in your state? Is really why? Now, he's really the reason why you don't have power in the same outfit slow, So let's focus on

policies that power out. But those policies are gonna be gonna say so yeah with that all right, guys. So guys, one of the closest stress here. We're taking it down to the top of the hour. Then when we're shut down, we're talking to Nairah, We're talking investing across borders, We're talking stilling the NIRA. How can we get it off long term? Lots of great speakers, lots of great suggestions that we had about the piz

of p market being down. We're talking about the CBS rule. Do you shoot like this not callers said, focus on the nn pieces rule, getting the nairas trend up and all that. So lots of good comments there. Home church going down. Let's go to mister Lewis. Mister Lewis, what's up, mister Lewis to buy you've got the floors. Mister Lewis, yes, hello, I can hear you loud and clear please okay, so veryically I don't us also has the voice of the Oil test. A couple of

weeks ago, I watched that interview. This is your what's about? What he said was shocking. He said that is abandoned where else? That's about world that's left that the world that to get the oil. So it was a dissical that is stalking. I'm like the oil like, can the government not give concession? But anyway, that's just you know as the man as does that. But the mains as concerning this issue, it's a financial expanse

and economists here there's something else is groped with and and it passers. And that question is why do we have to buy dollars in cash? I'm paying into our account before ceremoney, before you can make that international elements. My thinking is that at times is the dollars in cash or efforts in cash that has not the ability for the trade. And because of the professional I'm a lighty guy because then people people, but nobody has been able to give me

satisfactory answer because I know that country in the world. Well maybe if you don't know all that's with the perfect world where what I think the final fixed to this issue is that in the engineer should be able to walk into his bank, don't really sip and says, so basically go that okay, any funny remiss you collect your money in error very simply because we simply doesn't go to my back my half around a thousand and the opening I want to pay

for something in the then say in Russia, please kind of convert my family of the thousand and to Russian money at official exchange rates. Then maybe charge

me if he and transfer the money. And the same thing that also applied to the exchanges like Webster, Union and even our carts, even if it's better for what them charges, if she a percentage processing fee or something that solves the whole issue of going to buy cashw matter and I'm an said about this for in exchange is that I realized the man I seeing myself at the Lo Lo p econolication start doing a lot. Really, I realized that he

wants to tea. He never has more value than Japan is yet So this RealAge that you say, ah, we know that Japan, and well know that japanay in production country. Everybody knows Japan, but our never too. D you go one lera to Japan is here you will see that our nror currently has slightly more value as Japan even think career. So so the value

of the there, I think we get very existed on it. And if things like minimum wage can fixed cost of production, our improvements production when I hear about that you produced is more expensively there and all that I think our makeuposive production, supply share and probably see the mostly things the same reason why

it's more easier to expose something of that just potable difficult things. So because I need Actually my main question for the past is why on the only where you have to buy towns your bank now, So what about your question? Is Lewis Lewis as aswer the question because in the bank is lower than the outside. So if you take cash you can buy the better with outside the

bank. It's just recently. The stidients allowed the bad banks to sell without caps in the past because at the bank is lower, so it's better for you to take your cash out of the bank and buy. That's what's going on. So it's just not a way. Other countries don't fix their currency. We had a PEG. If you go to the US want to buy currency, you get the extremey to buy from your bank. That's why they

buy from the bank because you can't buy cheaper outside. You don't see quote unquote malam outside in the US. So you okay because you can go to your bank, I get the price without a PEG, and you're pegged. So the bank is giving me your official or used to give your official rate, which also lower than the lookout the real rate. That's what's going on. So I think it's ruling in the rest of I believe that no answer

the question, answer the question. That's why they were doing it. Do you have something you do you agree with, That's why they're doing it. So now that has gone away. If you go to g T Bank or any bank for instance, they give you their quote. If you don't like it, you go on that bank. The quotes is now sort of the same. The power rate and the rate are now equalized more or less. So you're fine. That's why does that makes sense to be a long time

to speak. Let's go take your room, Lewis, do it. Let's get a pre a lot please, let's get a pre a lot. Hy Okay, yeah, Hi, please go ahead. Okay, okay, guys, that's be quick. Let's be a quick one. You gonna round owt and then we'll take it the day. We've kept guys there for two hours, three hours, so I want to just black players. Just make sure round up and then we'll just take it down to I've listened to Blend and I'm usually comming you for what you've been doing, you know, make sure

that we guess eddicated about you most of these skins. But then by worry in all of this is how I don't know, I don't know. Maybe this is good something that will be left for you to be well. I'm

always picked on trying to maybe it's not just be a talk show. So what what what what that would mean for me is that you know, to be able to find a way, you know, you know that's getting this down to you know, the local man, you know, on the streets, because at the end of the day, we're not just going to i mean, be talking about you know, all of this and then and nothing. It's really dumb about it to maybe affect them the kind of take it

that he wants as people for you know, our country. So what what what efforts have we really been making, you know, so that you know, at the end of the day, we don't just talk about these days. And then you know, most of us we sound rather very knowledgeable about

these days. But then you know, most of the people's or most of the people who in government, you know, who we do you know, should know this better and then come up with those policies that we you know, look at most of these things don't are not necessarily you know, implemented most of the things. So how do we i mean effects those kind of

thinges. How do we get to indicate you know, those before the streets and let you know that this is what it is supposed to be and this is what we are supposed to do for us to get it right, because if not, if you asked a question, you asked a question, yeah, I mean as a question, yeah, so you can just be talking about this and making this just to be like some kind of talk shows.

So but yeah, but realistically to get you know, those changes that demand for So that's just I don't know, maybe just like a question or just just draw our attention to you know, the points I'm trying to do right now. So thank you. Yeah, but but it is a talk show. If you called Aluminidae, and I'm telling it for a fact, if you call Alumedia and you're asking this question off the space, you might be willing to pay consideration if you find him. This guy writes for a lot

of magazines internationally. He's here just simply because he's a friend. I'm not paying him. Is here because of a friend and you're asking a question and he basically is answering your questions. Lots of other folks here. There's lots of folks here that are coding their names. These are the guys that work in investment banks in Nigeria or do a lot of cash in Nigeria, have a lot of knowledge. Just come and speak and go with They don't see who they are, you see not. I don't ask who you are on

my spaces. It's actually a talk show. Where you can come and hear the real stuff that is going on with money, capital, money, personal finance, and the economy. You hear stuff here that you will not get anywhere, and it's for free. So my job is what I'm doing right now. I've brought that knowledge from the boardroom. This is what we're doing here, is what we talk about in our tiny community. We know what

is happening, we know who's gonna make money next week. We go and we do it, and you don't have a I brought it down so that more people can just listen it. So even recorded, you can listen here, pick one or two things and run with it. That's what we're doing. So I've done my own. No one wants this. You can grab this now and drill it down further to your own content and say, oh I'm on this space. Is is what they said? Is recorded? They

can listen to it. We've been doing this for three years, one two, three, three years. This stuff we're doing here, same with the podcast, simply with the tweets we do online. Why because a large gap of knowledge. So the point I'm making is this we've done our own, is for you to then run with it because this is this space you're seeing. I don't think you can find any space consistently in Nigeria talking about the economy, finance, personal finance consistently in Nigeria on this same topic. We

don't talk sports, we don't talk politics, We're just talking money. So we're doing this enough so to say it's not becoming top sure, it's a talk show literally spaces on Twitter. That's what I try to do to get that information out there. So you got to take a suble have actually intellection then your molds like use this. So that's what it is. Pr Lorge. But thanks for the comment. I appreciated. Look man, look man, but logo, how you doing sir? You've got I gotta go for

it. Yeah, thank you very much. So I just want to make you real quick Christmas price is One of the reasons why then would have a challenge is because every budget and that year I think of, and every expendature that the government does, he's threeten in the US dollar. So that being said, it would be hard. So for me feels like when they talk about a narr it's like a mirage they make up. Think they're trying to

make the narrow have value. But in every single thing, every ear too is I feel like if we could make every all that region and state become very productive, it would give more value to the correct thing because if you look at the whole of you know, nanegers as a whole, you you only be pointing that leg us I put job with knock us. You know, on each ob and every station in Langera has something they can produce than

God has been exposed to their miniary sources. Station. I knew there was I think in two thousand and five, three, two thousand and five thousand, yeah, dozen five team they did like at in terms of minary sources.

Unfortunately nobody brought that into the opener and the governor's may be their pression of ain't no howig dealing it is so for me, I think one of the best ways we kind of go if really wanted their value to the nial used to go back to making sure that every state becomes independent on their own man. What I mean it depends true in dependence and tell you every state

in point self and survived one that one that you could. Secondly, is it someone may may mention about the fact that you couldn't go into the box to you know, same money to a different country by currency and all of those things. Yes, it was it was an intentional thing. It was intentional because a plot presence from a clan that I belonged to, felt that they owned the country and they were training and creating a block market. So

trying to create like a strategy of scarcity. Now now it's concerned. I think the only thing I think it is being subsidized science, the educational, the proof of petroleum is based off subsidized. The dollar was very low because the dollar was subsidized. Now they made mention about saying they wanted to float the contribute is just not subsidizing the US dollar makes it very expensive exactly.

That was the hope for many people because if you didn't go out to your proof of funds and all those things, you don't need to worry about the black packet rates. The administer are gonna let you know, rich accor into to raise from the central back. So I also feel like the idea that

they owe the value of the currency. It's also a very big problem and it's intention Now nine dazz Greats is because night dress being sabotagic, But that is because and then with the whole sabotized things started with the fact that they try to use their RISI system. There's a lot of productivities that are coming

place. I just wish we can't have a genuine habits industry because our private sector is I would regard it as one of the worst private sectors because they are they are legally they don't want to have value to the system, but they want to re from go value there can yet, I want you have people like that in the private sector run in the country. You have issues

loose and loads of issues. So we need genuine private sectors of and for me, I think it would be private second viders that come from you know, grass roots, because when it goes back to the so called private seconds were this is the fact that it's this elits like for example, there's used to be a company called Door Project that was both all a Latin water and they were fully funded by access back. These people have no collaterals, not

VID. You don't know. They were those change suppliers Fine and selling. That's the way. From Bye and Selling, they moved to suvice. They got they governments apply comply. They started conceptional company. But over ten billion dollars. These people have no idea about constructor. They aren't out door close. So you got talk about the fact that so corlearly, I'm still not the legs of this country for us that they genuinely have growth today. That

company has tracked because there was a changing government. Well hurry came in. It wasn't favorywhere anymore. The bank closed properties. If you come down from the government ablage, the property is just by the last man, black man, black office, valubray. So you think about it. There's a whole lot of issues and we will come in here and beginning begin to bring in solutions, pro fi solutions. But the question is this, are we genuinely

ready to make things work? Because I can tell you one of the biggest problems we have as a country is a level of apocrisy. You see, everyone wants to be good. Think about this. They rather know having good stud I'm buying us that also has a lot of the lots to do with our Veston They rather know it's it's just ridiculous. I would say this, Yeah, any states would be existent and it will look like they have power. They are powerful. It's because there's a population in that place and functions.

If you look at it goes today when the south is time, the people move, that's all economy is dead. So we have what it takes to go and make I know that it's economically viable and have our own control and value, and that way no one will have new choice. That's a power what we want to make, and then we can have value. In terms of talking about the nyrus and the dollar, I would not tell you you lie, I think because the country has been out creating any terms of

the US dollars, it's has its own currency. But we we paintended to look like was then and we're really doing everything expectations and everything in the US dollar. That's what our value was. It would take a while to command the strength of the narraback. But what we can't do is when we share that economical power that it's been putting on the past plastics and we have to

go round. You know that over time we can't recover. And then when we're truly ready to now be honest with ourselves, then we cannot say we want to put the value of the araback. It's funny how the guy else would be that the guy has more murrency and he has more value. And I hear that every week and I'm always like, really, do you think the city has more value than it does it? You just have let's let's have about that. Well, so we have what it takes. The ideas

are there. We don't have grants. We don't have government grants for the ideas. We don't have drafts that do this to be fundable. I look at the grants and I was upset. Look we got a round up. Look man, sorry about that. We got a round up with you don't mind you know you're talking about giving grants. I'm already talking about mom, I'm not already this on this guy. So the REDI a spooksman. He's talking about the fact that they're giving a fifty thousand grabs for what. What

does five thousands I want to do? And then we need to move our publisher to understand this. By yourself, you can't move faster. Together, we can't move further. The idea that everybody wants to own a company is one of the most inticulous things that exists. Act with that was brought out of unit creamwork. All right, if we can't think of merging and all look like people who came to that waits they decided to divide those when they can bring we need to come back. But you let that that is only

as a team that we can't bring you the value. Gotcha all right, bro, thank you appreciate that. Let me get last to speacause we've got just rab you and I've got this just trib you. You've got the floor. Thank you so much for waiting, and I appreciate that. Just trap you go ahead that I've got to excel to me. Yeah, Rob, you you've got the floor, go ahead, yes, brief and es I can so first one to say that the argument that Nagia is every country in

the world, but dost they found themselves in? So we should just forget that serious we should be coherent argument. So the current situation matter of finds itself is not the problem, or it was not caused by the common man. You spoke earlier about the market woman holding ten dollars, five dollars whatever, so that when she needs something she could trade it back and buy. Those are not the real people making impact. There are people holding millions of

dollars in cash in their homes and that's where the real problem is. But at the end of the day, it's the common man that gets told, oh, give up your one dollar, don't buy this, don't do this, and it's like everybody has to support the government. People have lost their businesses, people have lost their means of livelihood, people that have been thrown

into abjective poverty. Things you used to be able to afford, you no longer try and fold, and then you get told to just jump on the board, jump from the band wagon and hail somebody, or uligize somebody, or affort somebody, and if you don't do it, it's you've got a person or something. I think we all love. Nature of the reality is the reality. Briefly, I would like to share a personal experience. So,

like two weeks ago, I changed the pounds. The pounds was doing well then against the neerra, so I changed it for like two thousand intenera. Then I bought Chinese for rememby, which is the yon at two hundred and seventeen narra each. So I explained three hundred pounds and I got around

five hundred and seven to something thousand, I don't remember exactly. And I had to then now Shane convert the narra into Chinese yuan, which is rememby and I got two thousand, one hundred remy so I gave it to somebody. I actually had somebody to do a job for me. Now, after like two weeks he said, you can't do it, and then I asked for my money back. He is Bangaladihi, so he doesn't spend narra.

I have to give him Chinese yon because he has a Chinese reach chut account, which is like the version of broadsupp I give him a moment towards that, and I think, okay, you know what, give me back my money. I don't need Chinese you and I can't. How does it give me back? He sends me back the money. Now I have to go and change it back to narra or two pounds or two dollars or something, and there's no way again with that. When I went back, the value

of the yan is still the same. But now when I ask the same person, I bought narra for two seventy from that today it's one hundred and fifty. I cannot have fort to do that. I'm going to get like two hundred thousand narra if for the same money two weeks ago that was five hundred and seventy thousand. No, no matter how much I loved that you are I love the country or the situation, the fact on the ground remains that. It's like he keeps saying, like the economics is the economics,

you cannot preturn. The reality is yeah, and I rage yes. That's the point I'm making again with with the lady, that leader is buying dollars. What I'm saying that lady is not an economic person. That lady has no idea of exchange rate. What she just knows is this, if it takes her one thousand Ira and she buys a dollar, she can use that same dollar in a month's time and buy a supplies looker in Nigeria. That's

what she knows. She doesn't know an NPC, doesn't know CBN. She just knows that with the money's and a dollar, it doesn't feel That's what I'm saying. And there are many put like her in one way or the other, that want to save nira. You know, in the market place in Nigeria, people go around taking money from people to save the collins a job. They go around and take money daily from these people, and they see this money every day. So this woman, I'm telling you, collect

this money. And if they collect that money, they go and buy dollar, and they'll hold that dollar just to trade it back to buy the same goods. But they can use that dollar and buy the same goods that when they have NIRA. That's what's going on. So you have a new class of pod that don't have any business holding dollar that are now demanding dollar. So don't demand that has gone up. So I was making the point with that example that where there's stability in prices a month for that, I will

also fall. If you have food incusion at seven percent and dollar is going up and down and food is still ty seven percent, why will not go up? People are asking on Twitter, she died buy food today? Is tirty seven percent inflation? Dollar went down last week? That the price of food go down last week? Yes, sir, No, then the price of food go down after that. So then what are we talking about now? So what is the argument about? So I will say that your dollar

goes to ten ut to one dollar with the price of bread reroduce. If it does not reduce, then is it a real artificial So the people are argue, you're looking for a villain to pinch your that song. I'm giving you the data. I didn't make the data up. This is the pure data I'm giving you. You get eighty nine percent of your exports from crude oil. Have you increased crude oil exports? No? Where is does against to do? You are borrowing dollars at twenty one percent to sell to make

your dog your diarra rising value. Okay, you borrow today, will you borrow tomorrow? That's the question. If the bors But what that you argue about. If we've agreed that the one is for the dollar, the nirak is rising because we are borrowing dollars, then what are we arguing about? If you want to continue to keep borrowing, you want to hold the loders, hold the dollars. But what would argue your data with me? And I'm not talking data and personal finance. If you want to do it whatever

you want your dollars, go and do with your dollars. But for me, if I have dollars, I would dipacify my own pubs for you, because I defor the mentors have not changed. If tomorrow I hear that eden PC has supplied the whatever in India two billion battles. I will be the first person to sell my dog because if from the mentors have changed, this

is not this is pure Matt. It's maths, mathematics. So let's move on, though, last speak up before I go to give me close the box, last speak up, roast to excell to me, how about you?

So thanks for also holding there? Please get actual to me, you're still there actually to me going on, actual to me, going to a little bit thankful hanging out, Thanks for having you know, I keep playing everything you know, I actually wants to because it wasn't like actually that there's no alcohol, that's people won't lose that how Google, Google have got so yes, I listen to you very similar to what we understand that uh you have we walk that made of the reduction of boats. We work and take

it all of them. I wants to at that point and it's rappy so you must see it. Do I listened to this? Not say when I said that it's likely that interested papeat how this that may be? What we have now is that actually says follows govern it's more than our vast ready now the sire like I've said it depends right off staff. It's not. It's meant to because we work going after you. Then when the after do work out? And what does I work out? So he tells you that all

the structor programs think about it's still very like. But I said that one of the people writer is that the text part this usual last years amongst the PA systemic, per polotic, uh uh movements do not get to further look at now interesting that you know bankside whether they get a out growth or we can about opportunity. One is the everybody said, well revolution of sas decided

that. So thinking that cause to say got really like to those Parsimar too, because so imply a fine that we can all be to conquer ANALYSI. But the studio this space is that maximize the comition to better our by And that is why I say that reader as yeah, especially want to restart the problems that go in mart. If you know that you can have the one word, but if you know that you don't have that capacity, tran google

that capacity. We have markets that at that just so you can always do from somewhere, don't look down on the That's where I keep all the people. You don't do that, and you see I'm still probably I think you quit. I still do that something who have to come out from the desert. So uh. The last point is that you have an investment account. And I think the about injury player better serious trouble because life is changing.

And you know I also because you had to try and speak to do that send their life and we have different on the eg. Look at the you can't do you can you can't and you know that people want to every to that I have. I hoped to go something that goes because the problem is that many of course you don't look at you you want as we said, thank you and I would all right, thank you so so much for that. Hey, guys who've come to the end. We spent nearly three hours

talking money, capitol market, and of course the economy. So we're all every goes in host and we're here every weekend so you can catch us next weekend and we always try to have this open forum where guys can talk, you know, ventilate issues and hopefully we pick one or two things out of there. What's having Nigeria right now with this bank recognization? Will it cause markets to fall will it bring in FDI, will it even cause a dollar

to rise or fall? We're going to start to look at that critically. I think it's this by I think that sector is a bye which particulars talks to buy. Of course, we'll come in here and talk about it. I still hold the dollars close, but also hold the Nigerant equities close, you know, like like I've said, if the market is down, the only place you can go next is up, So you know, don't don't do too much dollar dollar dollar. Remember Nigeria is also a very very large

market and it can also go up as well. So guys, have a great week coming forward, and I hope to see you guys here next week. You guys, enjoy, take yourselves and buy