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Nairaland Forum / Nairaland / General / Politics / CBN Governor Should Be Sacked With Immediate Effect (36100 Views)
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Re: CBN Governor Should Be Sacked With Immediate Effect by Otunbatrafford: 8:22am On Jul 03, 2015 |
I don't blame Emefiele for the continous dwindling of our naira against other currencies. I blame Jonathan for the economic malady current facing us. How on earth would you appoint a non-economist to head a important institution like CBN? does he understand the working of macroeconomics or how to demystify simple econometrics not to talk of making precision on economic forecast. Jonathan played politics with everything appointments before he exited from office. |
Re: CBN Governor Should Be Sacked With Immediate Effect by Melahou(m): 8:25am On Jul 03, 2015 |
he must go or else.... |
Re: CBN Governor Should Be Sacked With Immediate Effect by CEObloom2(m): 8:25am On Jul 03, 2015 |
papaejima1:Better to be slow aΩ̴̩̩̩̥d̶̲̥̅̊ get to where you are going than runing aΩ̴̩̩̩̥d̶̲̥̅̊ miss your way like the last dispensation did.... Afterall the end justify the means! |
Re: CBN Governor Should Be Sacked With Immediate Effect by Ahmeduana(m): 8:28am On Jul 03, 2015 |
freshdude99:THAT IS THE SAME LOGIC THEY APPLY TO JONATHAN THAT IMMEDIATELY THEY CAN GET JONATHAN OUT OF THE WAY ALL THE PROBLEMS OF OLIGARCHS WILL BE SOLVE, HOW WILL THEY EXPECT NAIRA TO BE STRONG WHEN ALL WE EXPORT IS ONE SINGLE COMMODITY, NIGERIA IS NOT IS MANUFACTURING HOB, IS EVEN FUNNY WHEN SOME EVIL SABOTUERS IMPORTS THE SAME PRODUCT THAT NIGERIA IS ALSO PRODUCING!e.g noodles, tooth picks, matches, bottled waters, cements, engine oils, vegetable oils, toothpastes, tomatoes pastes, RICE, FROZEN CHICKENS, plastics products, juices, textiles. I CAN GO ON NAMING, THE MORE WE BENT ON IMPORTING THESE COMMODITIES, WE SHOULD BE REST ASSURED THAT WE ARE GOING TO BE IN PERPETUAL ECONOMIC SLAVERY TO THE WEST AND TO THE EAST, BUT THE BEREMX aka JACKBAURES, NGENEwhat what she call herself, passingshot obiageli and their types will not SEE THE LOGIC BEHIND THE BANNING ALL THESE "not so much essential products". 1 Like |
Re: CBN Governor Should Be Sacked With Immediate Effect by Reference(m): 8:29am On Jul 03, 2015 |
dragon2: But they still share the bulk of the blame. It was their responsibility to diversify the economy or in boom times reduce dependency on big oil by deliberate dis-investment. Even the ND militants were saying no more drugs for you but the junkie state insisted on having its oily fix. Look, to me. These periods (of lack) are legacy times that any visionary leader would exploit to turn this country around permanently. It is time we took our destiny of oil, commodities and natural resources which we donot control in favour of enterprises founded on effort, skill and risk. We are a very lazy nation that is why we will always have these cyclical boom busts. Poverty is not a lack of opportunity but a misuse of opportunity when opportunity doesn't exist. 1 Like |
Re: CBN Governor Should Be Sacked With Immediate Effect by CEObloom2(m): 8:31am On Jul 03, 2015 |
omolami: Don't be bias, the guy Ȋ̝̊̅§ not good for the position..notherner or not we need good CBN gov 1 Like |
Re: CBN Governor Should Be Sacked With Immediate Effect by Reference(m): 8:33am On Jul 03, 2015 |
Otunbatrafford: So where does he get the FX to sell to all those importers every week. Please answer. |
Re: CBN Governor Should Be Sacked With Immediate Effect by trillville(m): 8:41am On Jul 03, 2015 |
kaboninc: Kaboninc my man, what you do not understand is that nigeria is in deep Shiit because of ex president Jonathan. The damage has already been done by Goodluck. Do you start studying for an examination in the middle of the exam. We are already in a currency crisis. This crisis will continue until global supply of crude oil diminishes or global demand for crude oil grows. The earliest foreseeable date as at now is 2019. This is how long this crisis may continue for. How low will the Naira go? 300 Naira per dollar, 400 Naira per dollar? no one knows. Godwin and Buhari are grasping at straws trying to save the Naira, Are they going to succeed? Nobody knows. The unintended consequences of Buharinomics such as hoarding of foodstuff by sellers may occur again. Nigeria is in trouble, the type of trouble it hasn't faced in 30 years, trouble as a result of poor the leadership of Goodluck Jonathan. If our refineries are truly fixed and we can produce about half of our local demand for petrol, this may help to stabilise the Naira. 1 Like |
Re: CBN Governor Should Be Sacked With Immediate Effect by Visocrate(m): 8:44am On Jul 03, 2015 |
papaejima1:make I chine my tit |
Re: CBN Governor Should Be Sacked With Immediate Effect by ndat(m): 8:44am On Jul 03, 2015 |
calebo101: |
Re: CBN Governor Should Be Sacked With Immediate Effect by Coolcash1: 8:44am On Jul 03, 2015 |
I have written similar write up three days ago and didn't make headline. It shows how bias the moderators are. However, I have pasted the link for readers benefits https://www.nairaland.com/2418586/call-sack-cbn-governor I have watched and patiently studied various policy made under the leadership of the CBN governor (Godwin Emeifele) and how it has impacted on the economy. I have observed policy inconsistency an indication of poor thought-through process followed and how clueless the governor is. The climax of it was fatuous statement he made on his first international appearance, asking the elected president then to divest government's equity interest in the JVs with IOCs and Independents to improve government liquidity. Perhaps, his lack of economics background is playing out here. CBN might be a regulator of banks but it goes beyond having a banker head the institution without a sound and robust knowledge of the workings, interplay and complexity of economic variables impacting the fiscal and monetary landscape. During the electioneering campaign when politicians almost dollarised the economy, Emefiele, felt the best approach to avert continuous depreciation of naira was to ban payment of dollar to local vendor across industry, peg the amount of dollar to be spent in a year on foreign purchase by individuals to US$50,000 and adopt technical devaluation of naira. He failed to realize that due to peculiarity of some industry, local contractors/suppliers require dollar payment in order to remain in business as most of their equipment and materials are sourced internationally. This is the case in the oil and gas sector. After several complains by players in the industry, Emefiele bowed to their pressure and reverse his decision vide CBN circulars in MAy and June by asking banks to exempt oil and gas company and oil servicing company from the policy. This really shows lack of in-depth analysis carried out before coming up with the policy. Again, CBN seems yet to figure out how to prevent continuous fall of naira against dollar. It appears the only monetary tool, emefiele knows is devaluation. As I write, CBN has further devalued the naira as a further remediation strategy to mitigate foreign exchange risk. I do not support this. This action will further erode the purchasing power of Nigerians and make basic necessities of life out of their reach. Whilst I do not have any personal vendetta against the man, I am of the opinion that we need a focused, intellectually sound, and competent person as head of the government's bank in order to design and develop efficient monetary tools and policy that will revamp our ailing economy. 1 Like |
Re: CBN Governor Should Be Sacked With Immediate Effect by Reference(m): 8:45am On Jul 03, 2015 |
grandstar: Let us be practical here oh wise one. Where or in what does Nigeria have a comparative advantage. And please don't tell me oil and gas... |
Re: CBN Governor Should Be Sacked With Immediate Effect by trillville(m): 8:50am On Jul 03, 2015 |
dumodust: It did not start with the fall in oil prices, it started with our failure to save money when oil was over 100 dollars per barrel. The effects of this situation could have been drastically reduced if we had a sensible government in place in the last 5 years. D clothe don already tear finish, na cold wey dey catch you, naim you dey feel now. |
Re: CBN Governor Should Be Sacked With Immediate Effect by DeMekus: 8:52am On Jul 03, 2015 |
imhotep:That biitch and Berem are not Igbos. Don't let them deceive u |
Re: CBN Governor Should Be Sacked With Immediate Effect by Nobody: 8:54am On Jul 03, 2015 |
DeMekus:Yes I know. Igbo matter will make them fall sick very soon 1 Like 1 Share |
Re: CBN Governor Should Be Sacked With Immediate Effect by DeMekus: 9:03am On Jul 03, 2015 |
Nnemuka: |
Re: CBN Governor Should Be Sacked With Immediate Effect by joseph1832(m): 9:09am On Jul 03, 2015 |
barcanista:No doubt, but Jonathan made things worse. Nigeria have had its fair share of very bad and selfish leaders. What Nigeria never bargained for was a clueless leader like Jonathan. And his cluelessness caused more harm than what we all bargained for. 1 Like |
Re: CBN Governor Should Be Sacked With Immediate Effect by trillville(m): 9:11am On Jul 03, 2015 |
barcanista: I will not claim to know every reason for why nigeria is the way it is today. What I can say is that Obasanjo put nigeria in a good economic position for long term growth. Yaradua faced strong economic headwinds and he faced it squarely and we came out with bright economic prospects as a result of his efforts. Goodluck had a great economic foundation laid out for him to improve upon, but what did he do? He said he is not a lion so he can not tell people what to do. He said if you place yam in front of a goat, the goat must eat the yam. Rather than increase our savings, he squandered our money, rather than stopping oil theft, he turned a blind eye, rather than building new refineries and repairing the old ones, he said government has no business in business so he left them fallow to waste. What else do you want me to say? SURE-P? PS True confession, I admire the man Goodluck is. Any Nigerian man that can stay married to a woman who can not give birth to children and decides to adopt children is a good man. I have nothing personal against him. But the fact remains that he is one of the worst presidents nigeria has ever had. 1 Like |
Re: CBN Governor Should Be Sacked With Immediate Effect by Nobody: 9:33am On Jul 03, 2015 |
... kai where dis country dey go sef Do you live in Akwa Ibom State? Do you relish the desire to own your own business with little start up capital and promising returns in investment? Do you hope to look into the mirror each morning and know you are talking to the boss? Are you enterprising?/Would you love to be? Do you have an aptitude for thinking out of the box? Then call or add me up on whatsapp 08085188110. You will be glad you did |
Re: CBN Governor Should Be Sacked With Immediate Effect by belzabull(f): 9:35am On Jul 03, 2015 |
1stola:Does daftness come to you naturally or you you learnt it from your father? 3 Likes |
Re: CBN Governor Should Be Sacked With Immediate Effect by Stolen: 9:36am On Jul 03, 2015 |
1 Like |
Re: CBN Governor Should Be Sacked With Immediate Effect by Nobody: 9:38am On Jul 03, 2015 |
1 Like
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Re: CBN Governor Should Be Sacked With Immediate Effect by HzRF(m): 9:41am On Jul 03, 2015 |
NgeneUkwenu: Itz only in Nigeria those that can't pass waec economic on dia own turn to economic analyst overnight |
Re: CBN Governor Should Be Sacked With Immediate Effect by 989900: 9:42am On Jul 03, 2015 |
LeOstrich: Equals: I would rather tuck my 'bland' head, neck deep in sentiments/bigotry and conspiracy theories, even in lieu of superior/substantive facts and figures, while blaming others for my ineptitude. Basically, all governments do what is best for their countries. The west made sure you purposely ran down your refineries? The west made sure you can barely generate 5000-7000 MW roughly about the same a country like Singapore with a population of about 1 million was generating in 1975? Or they came and vandalized your electricity companies installations? The west also forced or coerced the likes of IBB, Abacha, GEJ, OBJ and co. to looting us dry? Yes, with a gun to their heads. #SMH. The west also made sure our Ajaokuta steel and e.t.c. would not work? Or did the west help urge-on our fanatic Islamic brothers in helping Boko Haram grow into the beast it is today, or the kidnappings in the ND that's spread to other parts of the country? Or you have no clue how that affects foreign cash inflow into the economy? Watch Henry Boyo rip apart the deputy governor of the CBN and another bank executive. Google or 'Youtube' Henry Boyo a renowned economist talk facts and figures in lieu of your conspiracy. https://www.youtube.com/watch?v=VWTR9UXtQRE https://www.youtube.com/watch?v=V7oLw6LuWqM Read his articles too . . . all his predictions of what would happen to our economy in 2015 were already predicted by him as far back as 2012/2013 against the falsehood the bankers and the finance ministry sold. It's really tiring doing this back and forth with people who love living in denial like you. "Excess liquidity is the cause of high interest rates, high rate of inflation and a weak exchange rate that also gives rise to subsidy component in fuel pricing. So, if you are a sensible person, you will look for the root cause of excess liquidity. And excess liquidity is caused every time the CBN captures the dollar earnings of the country and substitutes Naira. The Naira substituted by the CBN is what instigates excess liquidity within the system. It makes it necessary for government to borrow money it doesn’t need.http://thenewsnigeria.com.ng/2015/05/19/okonjo-iweala-a-failure-henry-boyo/ |
Re: CBN Governor Should Be Sacked With Immediate Effect by bakila: 9:45am On Jul 03, 2015 |
Starships4u:NGOZI HIS PROFESSIONAL BOSS WAS IGBO. Anyim his administrative Boss was Igbo. You guys did not compliance when they were bankrupting and mismanaging the economy. The report did not mention his igboness anyway. |
Re: CBN Governor Should Be Sacked With Immediate Effect by freshdude99(m): 9:49am On Jul 03, 2015 |
trillville:Bro I didn't notice nothing, pls name those countries for me and not only that, tell me if they are solely dependent on just one commodity"oil" or they are partially diversify economy I.e manufacturing. I will be glad to learn If u give me such facts and figures |
Re: CBN Governor Should Be Sacked With Immediate Effect by freshdude99(m): 9:53am On Jul 03, 2015 |
ayokellany:You just have a loud mouth bro, trust me... You don't know nothing about economic analysis! Your just loud and ill mannered |
Re: CBN Governor Should Be Sacked With Immediate Effect by donifez(m): 9:54am On Jul 03, 2015 |
Jorussia:He should be sacked,as an igbo guy i won't read meaning to it...He is incompetent(Fact). |
Re: CBN Governor Should Be Sacked With Immediate Effect by iwatchandlisten(m): 9:55am On Jul 03, 2015 |
@ NgeneU: So he should be sacked because the Economists say so? Please tell me whose interest is that magazine projecting/protecting? Nigeria's or government/economies of the WEST? Bros na wa for you'o! The campaign to remove started earlier when people started spreading rumours that the so-called missing $20 billion was found in Zenith Bank, because the CBN gov was former MD of that bank. Observing to see the twists that this campaign against the man called GODWIN will take. |
Re: CBN Governor Should Be Sacked With Immediate Effect by 989900: 10:01am On Jul 03, 2015 |
freshdude99: You don't have to look anywhere but in our own very country. OBJ (after stealing), grew our reserves from $4.8B in 1999 to $43B (with an exchange rate btw N117-N122) according to NOI (though OBJ claims otherwise). However, NOI acknowledges Yar' Adua grew it to $62B before GEJ took over. Going forward, any half-sane individual would expect progress (say north of $100B), not retrogress while accumulating more debt, though selling oil at the highest average price over the longest period in history! And now what do we have left? $30B or less. The biggest drop ever in oil prices was in 2008 from $147.27-$33.5, yet the Naira never crashed this badly! As we speak, between the NNPC, NLNG, NPDC, and co., we have anywhere between $30-$50 billion of unremitted funds from 2012/2013 till now! Imagine what that could for the economy and the Naira! The stolen/unremitted billions of dollars by GEJ's administration+refined petroleum products importation+subsidy racket+forex round tripping between Government and banking establishments is at a minimum, 9 times more responsible for the gluttony of dollars than all other imports put together. |
Re: CBN Governor Should Be Sacked With Immediate Effect by wearerelated: 10:01am On Jul 03, 2015 |
The CBN Governor isnt vast in the running of a public business this sensitive in my opinion. The free fall of the Naira, and the current publications from CBN about FOREX sales limitation gives me reasons to be concerned indeed. It's sad we import everything - this puts intense pressure on the strength of the Naira indeed, But when u intervene in a free economy in d manner he's done i doubt if the Naira valuation will not go further south. Note: the demand for FOREX wont diminish. Since CBN wont provide it, the Parallel mkt will. And at riduculous valuation. Eventually, the Naira will suffer d hurt. Allow for free economy (thats what we learned in school) and ur currency will right-fit. I dont completely blame him tho; the recklessness of our Leadership (towards the election) completely sold the value of this country. |
Re: CBN Governor Should Be Sacked With Immediate Effect by PhockPhockMan: 10:44am On Jul 03, 2015 |
ideykwum:No mind them. |
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