If Britain could recruit a Canadian financial expert to oversee its Bank of England at such a critical time of its economy, then Nigeria should leave political and tribal expediencies and look for the very Best Hand within and outside the country to oversee Central Bank of Nigeria in light of the preposterous monetary policies currently run by the CBN helmsman. The present exchange rate policy portends doom for Nigeria if its allowed to run its full course. Businesses and households are feeling the heat and its getting to the precipice!

oduastates:


There is nothing long term about looking inwards and doing the right thing.
Japan made leap than 10 years and by the 50th after coming out of isolation,was already a first world bully
China did same in 10 years
South Korea did it in 10 years.
First of all, y'all need to cure yourselves of the insanity of those 2 Christianity and Islam.
Anyone who cannot see those 2 for what they are csn never see the solution to Nigeria's problem as it is.
your minds have been colonised.
Next time when your governors are wasting precious little money on non economical Roads on a side streets, tell them to buy tractors instead.
Instead of heading to church, go and picket the national assembly and drive our all the 500 idiots there, who consistently consume $1 billion dollars of the precious little funds available.
Instead of donating your money to those churches and mosques, gather it together and use it to build schools hospitals and other facilities your children can use

They are all useless

Words on Marble.

SITS:
If Britain could recruit a Canadian financial expert to oversee its Bank of England at such a critical time of its economy, then Nigeria should leave political and tribal expediencies and look for the very Best Hand within and outside the country to oversee Central Bank of Nigeria in light of the preposterous monetary policies currently run by the CBN helmsman. The present exchange rate policy portends doom for Nigeria if its allowed to run its full course. Businesses and households are feeling the heat and its getting to the precipice!

Well said! But how many Nigerians can overlook their tribalistic tendencies in support of finding the best expertise? It seems the average Nigerian doesn't care how badly anything is run as long as the person doing the mismanagement is from his/her tribe, religion or political party.

salisy:
Directionless CBN

Trying hard to bring PMB down

The reverse seems the case. The CBN Gov. is seeking to pls PMB so that he would not loose his job. PMB is not an econs expert. He needs pple to advise him. Folks like Soludo, Sanusi would bring their expertise to the table and convince their employer and Nigerians on their positions. Emefiele should take his stand and advice/convince PMB as an expert. He should not be carried away by the PDP/APC diff. This is the only way he can keep his job. His formulae are NOT just working. I think, Ezekwelisi is ryt.

sholatech:
She blames the Cbn Governor and not the administration?

is she starting another BBOG campaign?

oduastates:
Many people dey fall my hand.
Ekwesili is even using Russia as example.
That is a country with over 12 times the landmass of Nigeria and 30% of the world's natural resources . a country as scientifically and technologically advanced to rival any on the planet.
Russia has the base to produce most of what it consumes ; if not all.
All they had to do is reduce or restrict imports and look inwards.
Honestly speaking, the Nigerian non-economy built on the foundation on corruption need to be dismantled first and rebuilt.
In a country with this much poverty, can anyone explain why prices rival those of more advanced and richer countries?
Is it not for this bogus illusion of wealth that smaller and poorer countries are able to build better infrastructure for less.
Yesterday, one person was complaining on twitter that he could not pay his children tuition oversea because of the restrictions.
I was like, are these guys for real?
I support the restrictions they are in order.
Look inwards.
It seems to me that most are not even aware of the dire strait Jonathan and Iweala left the country and what is about to hit them if oil prices continue to fall.
Obasanjo avoided those reckless policy prescriptions from the worldbank and IMF, Knowing fully well that the Nigeria would either be used as a dumping ground for poisonous chicken or the excess that cannot be sold at home by advanced countries or used by developing ones as an experimental ground on their way to the first world.
Mass corruption,reckless increase in the size of the government and foolish government policies leading to the enlargement of the appetite of the country for foreign imports.
Guess what, the per capita money coming from the Niger delta and diaspora keeps shrinking year by year and cannot pay for that appetite.

May God bless your soul, oby has worked for d world bank so I didn't expect to hear anythin far from d nonsense she just said. If cbn gov should heed to d advice of oby, sanusi nd soludo we are all doomed in dis nation cos dollar will go up and we are an import dependent nation, so inflation will be excessively high. They should rem dat oil is not doing well in d international market and our foreign reserve is depleting daily, if u were cbn gov pls wat better option would you take better dan d 1 he has taken

wirinet:
I am also not an economist, so i am a bit confused about the whole forex policy. First, we have to admit that the naira had never been left to market forces, it has always been propped up by the CBN for political expediency. Under previous governments, the CBN had enough dollars to artificially prop up the naira due to crude selling at record prices, the CBN even permitted oil companies to sell dollars in the open market. But as we are aware the Jonathan administration did not make any savings and he also spent a large chunk of previous savings ( both foreign reserves and excess crude account), with oil prices now in the $30's. There is just no dollars to prop up the naira. The only option left is to either to bow to market forces or restrict the demand for dollars. Now, that is putting Nigeria's economy between the devil and the deep blue sea, how can we allow the naira to float on the open market when we have nothing to stop or control it. We import over 90% of what we consume including fuel, and we export only one control commodity - crude oil, which is presently just above $30 per barrel. If allowed to float, where will it stop?, N400 to the dollar, N500 or even N1,000? It is anybody's guess. On the other hand, controlling the naira would hurt importers and stifle business, leading to further economic problems.

If only we start producing instead of only consuming, then things would be more manageable.

Excellent analysis. I am not sure you don't have an Economics background.

@ the bolded. There is another option which is controlled devaluation. I must admit that there is no silver bullet solution to the problem. Every option will have its own unique consequences.

My major concern is that the CBN should be talking to Nigerians about the choice they have taken and they hope things will evolve in months ahead - it's called "forward guidance". That is the only way to have buy-in from citizens and build can plan their personal and business expenditures around the policies.

Silence breeds uncertainty which scares investors to death.

Nobody should blame Emefiele. They should rather point their fingers at the one who criticised Emefiele when the Naira was devalued early in the year. The same person is now Emefiele's boss and the CenBank governor has both his arms tied while he is expected to defeat the lions charging at him. What else do you expect?

Please Oby, you know where to direct your criticisms. Take it to him and leave Emefiele alone.

A lie has been sold to most gullible Nigerians that this was done under Buhari instead of acknowledging the fact that Buhari inherited as a trap which he is gradually solving.

Dereformer:



Your English is terrible.

Maybe he is not an English man . How goo is your Yoruba or Igbo?