omenka: We should understand one thing- PDP doesn't want Buhari to succeed, it is their only hope of getting back to the dinner table. They fervently pray and wish, just like their NL supporters, to see Baba fail woefully and have all nigerians groaning under immense hardship.
Against all odds, this policy appears to be working, but the government should be wary of these nay sayers- they would do anything to sabotage the system and have us stumbling into the abyss.
Just as they criticise this, watch it, when the time comes and the arms embargo by the US is finally lifted and significant upgrade of our military complex is being made, this same PDP and her minions that have been throwing tantrums over Baba's "failed mission" to the US would be the same people to accuse him of "militarising the country and plunging us back to the 80's"!!
I believe very strongly this man will succeed in his mission to dig Nigeria out the ashes and give her a good dress up to the admiration of her neighbours and the international community.
May God bless and renew his strength everyday for our sake.
omenka: We should understand one thing- PDP doesn't want Buhari to succeed, it is their only hope of getting back to the dinner table. They fervently pray and wish, just like their NL supporters, to see Baba fail woefully and have all nigerians groaning under immense hardship.
Against all odds, this policy appears to be working, but the government should be wary of these nay sayers- they would do anything to sabotage the system and have us stumbling into the abyss.
Just as they criticise this, watch it, when the time comes and the arms embargo by the US is finally lifted and significant upgrade of our military complex is being made, this same PDP and her minions that have been throwing tantrums over Baba's "failed mission" to the US would be the same people to accuse him of "militarising the country and plunging us back to the 80's"!!
I believe very strongly this man will succeed in his mission to dig Nigeria out the ashes and give her a good dress up to the admiration of her neighbours and the international community.
May God bless and renew his strength everyday for our sake.
dokiOloye: Much respect to d CBN governor Emefiele. I know that d cow rearer from Daura can NEVER originate such an idea. It's way beyound his scope.
..and this is exactly the reason why I voted the 'dullard'. Because all I wanted was a no-nonsense leader who could appoint smart people and ALLOW them do their jobs without corruptly or cluelessly medling.
The same Emefiele worked under GEJ and he was the one who had to officially devalue the naira from 150 to 200. But the same Emefiele (because he now has a better boss) is the one supervising the rise of the naira and the speedy fixing of the problem.
Just the same way the same NOI worked under OBJ and grew Nigeria's economy from zero to greatness, that same NOI worked under GEJ and all she could achieve was a plundering of the entire financial resources of Nigeria and leaving us in massive debts even though the country enjoyed massive oil income boom under GEJ's 5 years.
More than ever before, I now understand the importance of having a good oga at the top. I can bet my life that even if PMB retains all Jonathan's ministers, those non-performers would suddenly become shining stars.
I still cannot understand however, why any sane person cannot see how GEJ's lack of leadership grip and authority was ruining this country. As a matter of fact, GEJ supporters still flaunt this his meekness as a good quality, meanwhile it is the worst quality required of a 'Nigerian' leader.
HungerBAD: Currency speculators from Chad, Ghana, Benin Republic and other neighbouring countries yesterday trooped to Nigeria in a scramble for cheaper dollars.
The speculators, The Nation learnt, took advantage of the early morning drop in dollar rates — at N202 to the dollar in Abuja and N210 in Lagos — to make brisk purchases.
But the greenback recovered late afternoon to close at N208 and N222 in Abuja and Lagos.
Banks have been rejecting dollar deposits across the counter, but inflows from foreign accounts are allowed. They lenders said they are unable to transfer excess liquidity to their correspondent banks overseas which are restricting importers from using domiciliary accounts.
The CBN said it would continue to curtail the acceptance of foreign currency cash deposits, much the same way as customers in other countries cannot just walk into banks and make foreign currency cash deposits without proper documentation.
“We wish to assure all citizens seeking foreign currencies for legitimate personal and/or business interests that there remains ample opportunity to do so within the law. The CBN’s Foreign Exchange Rules have many windows for accessing foreign exchange for legitimate business as well as for personal commitments including payment of medical bills, school fees, mortgages, demand notes and other bills,” the CBN said.
The naira rate represents a sharp rise from N240 a week ago, as commercial banks continue to reject cash deposits in dollars, traders said.
On the official interbank market provided by the CBN, the naira traded at the pegged rate of N197 to dollar.
Association of Bureau de Change of Nigeria (ABCON) President Aminu Gwadabe told The Nation that the rejection of dollar deposits was still ongoing and was marginally changing the status of the local currency.
“Banks are rejecting dollar deposits. They are not able to transfer excess liquidity to their correspondent banks abroad which is restricting importers from using domiciliary accounts,” he said.
Gwadabe, who confirmed the temporary gain made by the naira in the morning, said: “By yesterday’s morning, many people who had stockpiled dollars rushed to sell and there were equally willing buyers in the market. But later in the afternoon, the rush subsided. We noticed that majority of the buyers were from neigbouring countries of Ghana, Chad and Benin Republic who wanted to take advantage of the low dollar rate.”
He said the Bureau de Change segment of the market was in disarray over the CBN directive that they sell dollars to small-scale users as long as this is to meet genuine needs, and documentation to the CBN, including the customer’s Bank Verification Number (BVN) is provided.
Gwadabe said the Nigeria Interbank Settlement System (NIBSS) portal required by the BDCs to implement the BVN directive was not available, but the CBN insists that the portal must be used.
He said a gradual appreciation of the currency would require building confidence in the financial system and price of crude oil in the international market. “This is what is going to drive the exchange rate now and beyond. We cannot isolate what is happening in the global economy like the issue of diversification of energy sources,” Gwadabe said.
I fear for the Economy of those neighboring countries especially Benin republic and Ghana, whatsoever affects the big brother (Nigeria) snow balls into a huge crises and affects them too in the short or media run.
dokiOloye: ewu,if d dollar were to take a hit now,U wouldn't remember Buhari's name. Hypocritical ediots like will start calling for d sack of d CBN governor.
You posted this after I asked you to explain what the CBN did.
seunmsg: It seems the new CBN policy is achieving the intended result despite the criticism by the PDP.
Currency speculation is one of the reasons the naira is crashing to the dollar, i made online purchase yesterday and was charged 224 naira to dollar even though cbn said it was 230 to the naira, I support the cbn policy.
Nigerians have got to love their currency, I mean how can you claim to love your country when you dont believe in its currency, products and services, its damn too bad. I pity our local manufacturers indeed, they are groaning cause someone has succeeded in selling the lies that made in Nigerian goods are inferior to foreign ones.
[size=18pt]I’ll make Naira equal in value to dollar, says Buhari [/size]
Owerri – The All Progressives Congress (APC) presidential candidate, Gen. Muhammadu Buhari, on Monday said he would ensure that the Naira was equal to the dollar in value, if voted into office. Buhari stated this during the South-East presidential rally of the party at Dan Anyima Stadium, Owerri. “It is sad that the value of the naira has dropped to more than N230 to one dollar; this does not speak well for the nation’s economy,’’ he said. He urged the people to vote for APC, noting that he would ensure that corruption was tackled headlong if elected. Earlier, Gov Rochas Okorocha had urged APC supporters to vote for the party’s candidates at all levels, noting that a vote for Buhari without support to others at the state would amount to nothing. Okorocha said Buhari would address the problem of electricity, bring back the kidnapped Chibok girls and promote industrial growth. He said that Buhari was loved by the people in the region and urged them to elect him and other APC candidates during the March 28 and April 11 general elections. Former governor of Anambra, Mr Chinwoke Mbadinuju and former Minister of Education, Chinwe Obaji, were formally welcomed to the APC at the rally. The rally was attended by APC supporters from Abia, Ebonyi, Anambra, Enugu and Imo. (NAN) -
I am surprised that you don't know that "cluelessness" is contagious.
orimsamsam: it just funny DAT the CBN governor couldn't think of this during the clueless one regime. continue wailing. u still have a long time to wail. oponu
T4taiwo: Mumu, does he necessary have to be the initiators of all idea..he needed technocrats to support his administration to manage the economy.
Abi ooo...they want to kill baba for us, manage this, manage that...they have quickly forgotten that Nigerians are a special breed. " am just trying to imagine if Buhari was really the only one managing Nigeria" we would just start seeing "call to glory" posters all around.
azzima: Then why didn't emefiele do this when the Drunkard was in power??he had all the time to do so. My Brother,you better accept the NEW NIGERIA or else you will be left behind still angry because of your loss at the elections .
He just couldn't hide it. Call it election defeat hangover.
