Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,195,448 members, 7,958,340 topics. Date: Wednesday, 25 September 2024 at 12:44 PM |
Nairaland Forum / Nairaland / General / Business / Buhari’s Exchange Rate Policy Not Sensible – IMF (1351 Views)
Gtbank Policy Not To Accept USD Below USD50 / IMF Affirms Nigeria As Africa’s Biggest Economy!!! / Forex Policy: IMF Lauds CBN, Naira Appreciates (2) (3) (4)
Buhari’s Exchange Rate Policy Not Sensible – IMF by alcmene: 2:42pm On Feb 08, 2016 |
The head of the International Monetary Fund (IMF), Christine Lagarde has described the current forex policy of Nigeria as not sensible. Speaking on the sideline of a press conference in Washington DC, Lagarde says that Nigeria has to adopt sensible forex policy in the sense that it should not deplete the foreign reserves. “The IMF remains available to all its members, so the moment we are asked to help, we’ll do the best we can to help,” she said. “Both countries, Azerbaijan and Nigeria, have been hard hit by the oil price decline shock, because their economies depended heavily on oil exports, both in terms of trade, and in terms also of revenue. “When you lose a lot of that, because the price decline was about 70 percent, then clearly it puts the economy under shock.” While saying Nigeria’s response to the economic shock had not been good enough, she applauded Azerbaijan’s fiscal approach to the same problem. “Policies adopted by the two are different. Azerbaijan has certainly taken a good fiscal approach, is reassessing spending, is really trying to restore its position, and it’s also using the exchange rate as a buffer. “Nigeria is not there, and we certainly hope that in terms of identification of fiscal resources, removal of oil subsidies, an exchange rate policy that is sensible, in the sense that it is not going to waste reserves, we have in particular indicated that a persistent pegging of the naira would not be such a good idea. “So, they have to adopt their policies, they have to adopt their model, and if they need IMF’s help, we’ll be ready to help. No question about that, and no stigma associated with it. “They are clearly victim of an external shock, and they have to face a response, which is a national response to that situation.” http://www.theheraldng.com/nigerias-exchange-rate-policy-not-sensible-imf/?utm_source=dlvr_nnd&utm_medium=twitter 1 Like |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by northvietnam(m): 2:45pm On Feb 08, 2016 |
v |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by OVI75(m): 2:46pm On Feb 08, 2016 |
Evrytin about Buhari not sensible,from shia killings to arestin and detaining Metuh,to declaring Tompolo wntd and asking Gbaramatu elders to produce him,to repealing Uni @warri et all,to his endless trips to Islamic countries,Evry tin is senseles 3 Likes |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by OVI75(m): 2:47pm On Feb 08, 2016 |
S |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by OVI75(m): 2:48pm On Feb 08, 2016 |
T |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by OVI75(m): 2:49pm On Feb 08, 2016 |
U |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by jejemanito: 2:51pm On Feb 08, 2016 |
V |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by princemillla(m): 2:52pm On Feb 08, 2016 |
What if the policy is ok and you are just trying to frustrate the effort to stand out from your loan bondage? I dont trust largade one bit.... In femi kuti voice "the white witch" 3 Likes |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by seunmsg(m): 2:53pm On Feb 08, 2016 |
Nonsense. You guys can keep the pressure on but we are not going to devalue the Naira. We can't keep devaluing our currency to satisfy foreign interest. Foreign speculators can keep their hot money, we will survive this recession without them. 4 Likes 1 Share |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by Opinedecandid(m): 2:58pm On Feb 08, 2016 |
That one is even small. Now tell me, which policy of Buhari-led Administration is sensible, which one? 2 Likes |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by Montaque(m): 3:02pm On Feb 08, 2016 |
Hope she is IPOB? ?? 1 Like |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by babyfaceafrica: 3:03pm On Feb 08, 2016 |
IMF na scam...they encouraged SAP under IBB..where did that get us? 4 Likes |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by koboko69: 3:10pm On Feb 08, 2016 |
Trust this people at ur own risk okonjor's friends that helped finished Nigeria, at the same time lie to the world that Nigeria was Africa's biggest economy. IMF we nor need ur help...thank you 2 Likes |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by alcmene: 3:15pm On Feb 08, 2016 |
Typical Nigerians..... They welcomed the IMF boss with both hands and even cheered her for visiting the country Now the same boss have come hard on Buhari's idiotic and antiquated economic policies only for them to call her names..... Nigerians are really a double-faced sword 4 Likes |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by Tokt: 3:16pm On Feb 08, 2016 |
The mere fact that IMF speaks against it suggest that we are on the right track. Local industries aren't complaining. IMF can go ffuck herself. We dont need her help. This is an home grown solution for the damage caused by jonah-daft and his co fools. Kudos General. 2 Likes |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by EternalTruths: 3:28pm On Feb 08, 2016 |
Unfortunately, wailing and IPOB forms are finished Buhari the Cattleman of Daura |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by AlfaSeltzer(m): 3:36pm On Feb 08, 2016 |
Tokt: "The water is getting warmer" - said the boiling frog 1 Like |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by Flexherbal(m): 3:40pm On Feb 08, 2016 |
Don't we have sound economist that can remedy this situation? |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by baralatie(m): 3:59pm On Feb 08, 2016 |
Flexherbal:Problem is PMB does not want an economic team for reasons best known to him |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by Nobody: 4:02pm On Feb 08, 2016 |
all the grammar by IMF means only one thing. BUHARI SHOULD DEVALUE NAIRA OFFICIALLY TO 250naira to a dollar That is what IMF want. That is what Pat Utomi want. That is what Sanusi want. |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by Super1Star: 4:59pm On Feb 08, 2016 |
tuale4u: What is the gain of the devaluation? Will the rate at the parallel market not move up accordingly to accommodate the adjustment of the official rate? The bottom line is this is the golden opportunity for us to boost local manufacturing activities. This is the opportunity for our SMEs and manufacturing companies to look for substitutes within the country. We cannot keep wasting our national reserve on consumption. It is insanity of the highest order. Can you imagine, we were using our National Reserve to import tooth pick(what is broom doing), matches, all sorts of sub-standard junks from China. We are in the right direction, except I can see a superior argument on the devaluation. 1 Like |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by 989900: 4:59pm On Feb 08, 2016 |
Buhari is doing the right thing, the hard way; he needs genuine help though. Devaluation so far for us, has proven to be nothing but a cosmetic solution to an endemic situation (treating symptoms in-lieu of causes). IMF wants us at all cost . . . uhmmm, last time we took $6b loan, it ended up accruing to over $31b, we were later 'pardoned' after we paid $16b . . . uhmmmm! I posted the below some days ago: https://www.nairaland.com/2914056/naira-10-questions-gov-emefiele The current situation (helpless slide/depreciation of the Naira), cannot cease to be a big case for worry for those who truly can grasp the enormity of this catastrophe -- impoverishment! Unfortunately, most of do not realize the magnitude of this malady. If the gov't were to increase PMS pump price to N120/litre tomorrow, or reduce minimum wage from N18,000 to N9,000, we would have taken to the streets -- but that's what just basically or 'technically' (Mr. Lai I see you) happened. |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by OlujobaSamuel: 5:02pm On Feb 08, 2016 |
imf oooooo the last place naija should look up to in this period of meltdown is any world bank group. who una opinion don help, please cite examples of countries you reshaped their destiny for good. pls, nobody should come here to tell me they are professional in this field, na professional doctors, lawyers, accountants etc dey steal our money too for here. Skilled but wicked souls. 2 Likes |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by 989900: 5:10pm On Feb 08, 2016 |
What we need are: laws, change in policies that would make our environment investor friendly. We have an inviting market-share already. Fix power supply. Make the laws investor-friendly. Lower taxes if you have to . . . better than those soft loans that will end up in some people's pockets. The stern anti-corruption crusade would help too. |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by drss(m): 5:43pm On Feb 08, 2016 |
While saying Nigeria’s response to the economic shock had NOT been good enough, she applauded Azerbaijan’s fiscal approach to the same problem. “Policies adopted by the two are different. Azerbaijan has certainly taken a good fiscal approach, is reassessing spending, is really trying to restore its position, and it’s also using the exchange rate as a buffer.while other countries ar busy implementing sound fiscal policies to boost their economies, d zoo govt ar busy witch hunting opposition. dis is wat u get when an illitrate nepa cert holder is d president. $1 = N310, yet buari dullard is busy enjoying himself in london. una zoogerians don enta one chance. |
Re: Buhari’s Exchange Rate Policy Not Sensible – IMF by drss(m): 5:50pm On Feb 08, 2016 |
koboko69:high ranking zombies spoted. |
(1) (Reply)
Let Me Write Your Blog/Website Content and Post Them For You / Grant A LOAN Of 100k - 500k and state your terms. / Mmm
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 136 |