papaejima1:
ok

freshdude99:
Just imagine wat a southerner or better still a southeastner is saying

So the moment he's sacked and replaced by another northner u will have a big sigh of relief Shey?
I have always said it that we southerners are the architect of our own problems in Nigeria.
The same cbn SLS uselessed wen he was on board that emiefele is trying very hard to build.
Check other countries that have oil as their main stay and see by how per cent their currency has lost value. Check Russia and Angola just to mention a few!
Am disappointed at this ur write up bro

dragon2:
It seems as though many have short memories. Many people say the previous Administration did not manage the oil boom properly,that is a flat out lie. We seem to forget quickly how Madam O.Iweala constantly fought the senate and house to keep the benchmark price of fuel in the budget low during the good days,while the senate and house kept demanding higher benchmarks. They fought her to a standstill over ECA and low budget crude benchmarks.

www.xclusivenigeria.com/index.php/component/k2/item/2220-by-abdullahi-m-seidu-falling-oil-prices-the-raining-day-is-here

www.vanguardngr.com/2012/10/budget-sanusi-okonjo-iweala-insists-on-75-per-barrel-oil-price-benchmark/

Many seem to also forget that after warring against the House of Assembly over the ECA the Governors came in warring her over consumption of money saved in the ECA. Every step of the way interested parties wanted to eat the money she was trying to save for the country.

www.pointblanknews.com/pbn/articles-opinions/the-rumoured-5-billion-eca-withdrawal-and-selective-amnesia-by-sylvester-okoro/

For the confused ECA means excess crude account. This the account for the boom days in crude oil prices.Notice: EXCESS.

If we have no money today blame the Governors and the HOR.

omolami:
Another NORTHERN campaign against the ibos in order to put a northerner in the post. Very soon Buhari will listen without hesitation. Pure northern agenda.period.

Otunbatrafford:
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.

kaboninc:


You haf come argain!

Buhari's policy ko, Tinubu's policy ni!

Most of you don't know the dynamics of the Nigerian FX market. Godwin is trying to ensure that there is a genuine use of FX in the country. He's trying to ensure that demand for dollar helps to meet legitimate need. He trying to ensure that the local tender remains the NAIRA! How can we be importing took pick? Why do we have to import rice?

Use of FX can lead to misuse and that's a very bad thing for us. Why don't we support our local industry? The ports are porous and the customs guys are corrupt. So why not pursue the trail?

I laugh when people use the black market price as an accurate gauge of the exchange rate. What's the volume of transactions compared to transactions routed through the interbank window? The same black market some Hausas use in hoarding the dollar?

People, get informed.

And you trillvile sir, this is not Buhari's policy. It is a carry over from Jonathan's administration into Buhari's. And if Mr. Jonathan had won, if there's a need, the policy will be implemented.

papaejima1:
ok

calebo101:
Even slave wen dey collect 700 naira a day from APC propaganda room dey call himself economist. Useless illiterate that doesn't know the fall of naira can be attributed to the fall of oil prices worldwide which is our mainstay .

Go school e nor gree go. E say e be economist . Illiterate president, illiterate supporters. We don finish for Nigeria cha.

grandstar:


eave NgeneUkwenu ane

She is crrect

Most people only quote the ugly "side" of free trade or trade liberalization but not the good side.

Protectionism makes you poor. Countries do not grow rich by producing things. Rather they grow rich by focusing resources on where they have on comparative advantage.

And again imports are good for you.

Rice and wheat imports provides livelihood for millions of Nigerian.

The import duty they paid runs int tens of billions.

dumodust:


I understand that the limitations are painful but any sensible government will do all that is in it's power and start early to impose sanctions when it foresees calamity because they will still get blamed in the end anyway. Our recent strains started with the fall in oil price and is being worsened by the fact that we are a country of importation.
If you think we're suffering, study the current situation in greece where you can withdraw beyond a certain limit from the bank due to austerity measures... and you then ask yourself whether we should be allowed to drift to that point because we want financial freedom. A stitch in time they say, saves nine.
I know the politicians are carting away money but the cbn must do what it must regardless of what the international plunderers want... china called them bluff and look at where they are...
just my 2cents, I dont know all

imhotep:

Because he is not from the 1mbecilic North

DeMekus:

That biitch and Berem are not Igbos. Don't let them deceive u

Nnemuka:

Sacked for what exactly? Abeg try to dey hide your stupidity small abeg. Dont go around the forum showing that you lack proper understanding of how the economy works. Olodo

barcanista:
So Jonathan has been President since 1960? Bros you guys are too economical with the truth. Leadership failure pre-Jonathan set the foundation

barcanista:
So Jonathan has been President since 1960? Bros you guys are too economical with the truth. Leadership failure pre-Jonathan set the foundation

1stola:

Shut da fùck up tripe

Would you rather prefer a numbskull igbo over a competent hausa man that will do the job right?
This ibo guy is a bastąrd crook.
Under 3 days of his appointment, he reintroduced back the ATM charge and a dollar now worth N230 from 157

Sack him immediately!
NgeneUkwenu

Beremx:
He must be sacked no doubt! That's for sure.

NgeneUkwenu:
Godwin Emefiele is the most incompetent CBN governor to have occupied that post!
This very man saw to the devaluation and deprectiating of the naira from 157 naira to 230 Naira to a dollar within the space of 1 year!!

This man is a disaster to the economy, I think as long as he remains there as the Governor, Nigerian should forget about the word called Change
Buhari Sack him now!



[size=15pt]The Economists Mocks Godwin Emefiele, The CBN Governor:
[/size]


THE ECONOMIST believes it's weird for Nigeria to place a forex ban on toothpick,sardines and 38 other items.


READ: CBN Stops the Sale of Forex for 40 Items [SEE LIST]

CENTRAL bankers may talk in martial terms of defending currencies against bloodthirsty speculators, but they seldom suffer wounds more grievous than a bruising of their egos. They can, however, cause untold harm to economies, as the Central Bank of Nigeria (CBN) is doing in puffing up its exchange rate.

The naira has been hit hard by a fall in the price of oil, Nigeria’s main export. The official exchange rate has slumped by almost 20% over the past year to about 196 naira per dollar. The black market rate, a more accurate gauge, is close to 230. Instead of allowing the naira to devalue, the central bank is trying to defend it by blocking imports. It has drawn up a list of disfavoured goods, and will not grant foreign exchange to import them.

Godwin Emefiele, the governor of the central bank, said he wants to conserve foreign reserves (which have fallen by about a fifth over the past year and now cover only six months of imports) and stimulate local production. “Nigeria cannot attain its true [potential] by simply importing everything,” he said.

The hit list appears to have been drawn up by someone wandering around a home and a building site and randomly pointing at items. It includes Indian incense, toothpicks and wire rods as well as more obvious luxuries such as private jets (demand for which could be slashed by simply barring government officials from flying in them). It also includes basics such as rice and tinned fish. Nigeria does not produce enough of these things to feed itself, but no matter. The nation must be shielded from foreign sardines.

Economists find the policy baffling. Central banks usually prop up their currencies if they are worried about inflation, or allow them to devalue to depress imports and stimulate exports. Nigeria, by contrast, appears to be set on achieving both an uncompetitive exchange rate and higher inflation. Whereas many investors were impressed by the previous CBN governor, Lamido Sanusi, who was sacked for exposing corruption, they fret about the harm being inflicted by the current one. Some wonder which would be worse for Nigeria: allowing him to serve the remaining four years of his term or undermining the independence of the central bank by sacking him.

Culled from The Economist

LeOstrich:


[s]You don't seem to understand the big picture.

The West will only buy your crude once you maintain an open market.

Since you foolishly depend on oil for everything, it is thus expected that your biggest buyer will expect you to open up your market for their imports.

Read the long post I replied you with above on the Haitian economic crisis and see how the US deliberately turned that Nation from a self sustainable rice producer to the biggest importer of US rice imports.

The author of the article quoted by OP is against any form of trade restrictions. They want your country to be a dumping ground.

It doesn't matter that most of the rice we consume in Nigeria is from SE Asia and India since the commodity is traded by London brokers who stand a chance to lose hefty commissions and also that chances are that one in two shipments will be handled by western merchant vessels.

The West stands to lose out on this trade restrictions.

The US has laid their demands bare to Buhari that before they can resume buying our crude we must first and foremost return all our foreign reserves to the dollar and stop considering entrying any monetary agreement with BRICs. They have also insisted on guarantee that we maintain the dollar and that we take a juicy IMF loan which will tie us to the dollar for the next 40yrs. Why do you think Buhari is shouting no money when he hasn't even told us what exactly he wants to do with more money and exactly how much he needs to run the country efficiently? Buhari's alarmist call is to prepeare you and your zombie ilk to accept his IMF proposal when he finally sends a proposal to the Senate for approval.

This govt you must first remember was supported into office by Obama who was so desperate to get GEJ out of the way by even loaning Buhari his personal campaign manager and Change Mantra.

Open your eyes and stop believing every useless lie.

The reserves where shared to your respective state governors who complained at one time that there was no need to save during a boom period. I blame GEJ for playing politics with our reserves and still maintaining the wasteful fuel subsidy out of political considerations for his second term.[/s]

"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.

And when it wants to mop up the money, it does not take it to go and use it. It is taken and locked up, because the idea is that there is too much money and it cannot be taken out and brought back into the system. The money is taken out of the system and locked up, but the government is still prepared to pay up to 15 percent for money it does not need, when the real sector that really needs the money is crying out for it but is debarred from getting the it."

Starships4u:
Because he's ibo abi?? And must be replaced with hausa fulani bokoharam abi God de watch all of una....

trillville:


Have you also noted how the currency of oil producing countries appreciated between 2010-2014 when oil prices averaged over 100 dollars per barrel? Why didn't the Naira appreciate during this period? That's the question every smart thinking Nigerian should be asking?

ayokellany:


I am more disappointed in you. Why must Nigeria always be compared with the failures of the world. I checked countries with oil as their main stay like you suggested and I see Iran Tunisia Kuwait Qatar Suadi Arabia Mexico and many more. Why is it that you PDP supporter derive joy in celebrating failure in whatever form it suit you for this country. For God sake what is actually wrong with the brain of all of you ? Why did Nigeria economy not fail during the drop in oil prices under Obasanjo and economy of Greece Italy France UK all collapsed like pack of cards. Are you cursed beyond seeing this country succeed ?

Jorussia:
If pmb sacks him,i believe my Igbo brothers will read different meanings to it.

freshdude99:

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

ideykwum:
Don't reply people like that!! Leave them to wallow in their hate and pain! Let them marinate on their prejudice and be used as apostles to truncate interests that should be theirs because of a mess of porridge!

They'd lie, falsify, and generally turn everything on its head to justify untenable positions! When the exact reverse is placed in their context, they'd chew and swallow their words and seek to lie once more through their haze of ignorance!

No, PhockPhockMan, you are not allowed to correct such people!! History says that they'd pass away like a foul wind from a rancid behind...A lot of noise and smell, and final oblivion!!!