Regarding the constant depreciation of Naira, a report was published on Nigerian Camera, bearing an interesting statement by Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria, (CBN), and his prediction of a continuous fall in Naira. Mr Godwin, who has served as Chief Executive officer and Group Managing Director of Zenith Bank Plc and also Deputy Managing Director of same company, gave a lengthy breakdown of why he thinks Naira may fall to N1000 per dollar in the nearest future.
“It is either I do not understand economics and how exchange rates work or a vast majority of us Nigerians still don’t get how we have wrecked our country with our own curious choices. Just this morning, I was listening to the radio and the lady on air went on and on about how she thought CBN governor, Godwin Emefiele was incompetent and should be sacked because the Naira was now exchanging at 309 or so to the USD.
“That view pretty much echoes the sentiments expressed by many people I know and it amazes me that there are Nigerians who actually think there is some magic POLICY that can make the Naira strong in the near term. If my economics and my understanding of the way the world works are right, then that is as far from the truth as Jesus Christ is black.
“The simple fact of the matter is that apart from oil that accounts for over 90% of our revenues, we really don’t have much of an economy. We hardly produce anything, we import even toothpicks, so exactly what policy is going to be implemented that will turn Nigeria into a top exporting economy in the near term? Where are our Apples, IBMs, Disneys, GMs, General Electrics, Coca Colas, Empire State buildings, Statues of Liberties, Lockheeds, Citibanks, JP Morgans, ExxonMobils, NBAs, Super Bowls etc? Let me bring that closer home.
“There was a time long ago when Nigeria had a truly strong economy and the naira was one to the dollar – even exchanged for higher than the USD, but that Nigeria is not this Nigeria. Sadly that Nigeria was laid by the British, and this Nigeria (if you don’t believe in the nonsensical imperialist conspiracies like me) – fueled by the DAMAGING Indigenization Decree, has been the creation of us Nigerians. Back then we had a booming economy.
We were either the top, or among the top exporters, of timbre, cocoa, groundnuts, rubber, palm oil, etc, in the world. Nigerians not only holidayed at home in their villages, at Yankari Games Reserve, at Obudu Cattle Ranch, at Oguta Lake, at Ikogosi springs, at Gurara Falls, at Mambilla Platueau, etc, we attracted international tourists who brought in loads of foreign exchange. Even Nigerian schools were foreign exchange earners because they attracted foreign students.
“We had different car assembly plants – Peugeot, Volkswagen, Anamco etc. Nigerian government officials only bought vehicles assembled in Nigeria for official cars. We had a thriving sports industry. We were not Man United or Chelsea fans, we were Rangers or IICC fans. We had the Nduka Odizors, people made money from sports. We also had companies like Lennards and Bata producing school shoes in their thousands, we had the thriving Nigerian Airways and the Aviation School in the north that produced some of the best pilots in the world.
In those days if you were brilliant you were respected much more than the crass money-miss-road contractors of today. Most of the Aje Butters I knew had fathers who were university dons. Back then it meant something to ‘know book’. Our textile industry was alive and well. Just recently I watched a news report on the textile industry in Nigeria on CCTV News. Though the main focus was on the comatose status of the industry, I was stunned by the gigantic Kaduna Textile Mill built in 1957. I could go on and on.

“Today however, no thanks to our parents (and we must call them out the way Wole Soyinka did his generation) and many of us (and we should be remembered for failing our children if we continue like this), we have destroyed everything. Today for instance Nigerian football (which comes easy to me obviously) doesn’t appeal to us, we have to fly across thousands of miles to watch ‘our’ clubs play. Every year we collectively burn billions of Naira being fans of clubs that give us nothing back, but some ‘entertainment value’ – simple pleasures for which we are ready to destroy the future of our children.
“Well people, payback time is here. Even with our ta-she-re money we all want to wear designer clothes and carry designer bags, Armani, Givenchy, Louis Vuitton etc. We all want to drive jeeps with American specs, our children must now school overseas and acquire the necessary accents to come back home and bamboozle their ‘bush and crass’ contemporaries that they left behind. Who holidays in Nigeria anymore, is there Disneyland here? No one buys made-in-Nigeria school bags for their children, after all no Superman or Incredible Hulk or Cinderella on them.
“We are no longer top exporters of anything and the demise of oil means we have zilch… zero. A country of 170M fashion-conscious people has no textile industry. We take delight in showing how our made-in-Switzerland Aso Ebi is different class to everyone else’s. When we help our musicians grow and pay them millions, they repay us by immediately shipping the monies overseas to produce their “i-don-dey-different-level” music videos. It makes no difference that distinctly Zulu dancers are dancing to a Nigerian highlife song.
“As stars concerned they also wed and holiday overseas to impress us all. All the musicians who acknowledge their Ajegunle roots now speak in a cocktail of strange accents to symbolise how much they have blown their monies overseas. Were we a more serious people, the highly popular Kingsway Stores of the past would probably have a thousand outlets pan Nigeria today supporting a massive agriculture industry among others, but today we have the likes of SPAR, Shoprite, dominating the retail industry while Kingsway is dead.
“And we Nigerians make it a special point to shop from the Oyinbos who have ‘cleaner shops’, ‘better this and better that’. For our personal pleasure we don’t mind them dominating us in our own backyard and shipping proceeds overseas. I could go on and on, but I don tire. Even as you are reading this, stop for a moment and look around you. What you see will probably explain why we are lucky it is not N1000 to the USD yet. And don’t think for a moment that it cannot get there.
“Just continue to wear your Armani gear and Swiss-made lace, continue to spend your money on Man United, Arsenal, Chelsea and Barca and encourage your children to do same. (My article tomorrow in my Saturday column in This Day is on the Nigerian champions Enyimba FC – Nigeria’s most successful club – not having a sponsor, yet Nigerian brands pay over N600m to Man United and Arsenal for sponsorship to impress us.) Ehhh, no problem, continue to tell me the NPFL is rubbish or the clubs should clean up their act if they want sponsorship, mo gbo .
“Don’t curtail your interest in choice wines ( we were the number one champagne consumers in the world in 2015), continue to love your American specs, cheer the education ministry for letting schools sink to pitiable levels, don’t fight them to improve our schools, don’t chide them for letting schools drop Nigerian history and embrace British, America and whatever else curricular.
“Carry on with your love of French wines and Chinese silk, don’t bother about Jamiu Alli when there is Roger Federer. Stock up on your Italian, American, British products which you cannot live without, including the ‘baby soft’ toilet rolls produced only in that small unique village in England – the days are long gone since you were a broke student who used wet newspapers to wipe your butt.
“Don’t even consider holidaying in Nigeria, it’s too dangerous – you have to fulfill your dream of being Nigeria’s Henry Ford. Don’t listen to people like me who have a wardrobe full of only cheap adire that is actually cheaper than just one of your Tom Ford blazers. Please keep dressing in fine silk made in some exotic place so you can be addressed accordingly.
“Finally keep letting corrupt leaders who have looted your commonwealth and shipped all the monies overseas get away because to attack them does not fit your political narrative. Let us continue with the fine life, let us all continue to work for Oyinbo. But don’t forget that there is payback time and Emefiele is not your problem. Time for us all to look in the mirror and take responsibility.

http://dailyglobewatch.com/index.php?url=2016%2F08%2Fcbn-governor-says-naira-may-fall-to-n1000-per-dollar.html#.V7r31EnlZ6s.facebook


https://www.thenews.ng/business-news/cbn-governor-says-naira-may-fall-to-n1000-per-dollar/

N1,000 per Dollar? God forbid bad thing!

Buy made in Naija is all we need...

Tremendous analysis, God save this nation.

Emef the learner!
Where was this kind of candour when they assumed power, you resumed office and you went straight to start "tweaking" things you all knew little about !

In the face of Nigeria's retrogressive antecedents that he mentioned, why did he conveniently forget the lack of strong economic strategic policy framework to implement on their part.

They used an ailing economy in recessive times to "play-practice", alienated investors and killed off your local industries with strange policies and they're now wailing?

with all his yeye backdoor CBN recruitment sef, he nor suppose fit com town com talk, make he go sleep abeg.

BlackMbakara1:
Buy made in Naija is all we need...

But Where is The Money to Do the Buying?.......

A food for thought...really.

Jirate:


But Where is The Money to Do the Buying?.......

From the one they use in buying from "Obodo Oyibo". Digest that write-up very well and you'll see where the lot's of money is going...

Chei!blood of nebuchadnezzar!!!

Wow, one of the best article I've recently read so far

buari will soon break record as d only president on earth without any fiscal economic direction.
it is now very clear dat dis con3 is worthlessly. a worthless con3 were economic terrorist ar celebrated. d pesin dat laid d foundation of mono-economic mediocrity in 1970s is there chilling on nigeria's N20 note. next they will put buari dullard's face in N5000 note.
yeye con3.

I love this news very well.

chachanga:
Emef the learner!
Where was this kind of candour when they assumed power, you resumed office and you went straight to start "tweaking" things you all knew little about !

In the face of Nigeria's retrogressive antecedents that he mentioned, why did he conveniently forget the lack of strong economic strategic policy framework to implement on their part.

They used an ailing economy in recessive times to "play-practice", alienated investors and killed off your local industries with strange policies and they're now wailing?

with all his yeye backdoor CBN recruitment sef, he nor suppose fit com town com talk, make he go sleep abeg.

if i was emefiele i for don resign teh teh save my intergrity from directionless govt. buari admin dey make am look clueless even though no be him fault naira dey look for crude oyel under ground.

Jirate:


But Where is The Money to Do the Buying?.......

if you produce you sell to make money. If Nigeria manufacturers wants to use Nigerian palm oil, farmers through supply chain to product will make money. I hear in that Calabar area eat ugwu that are inported from Cameroon, Lagos people eat smuggled turkey and rice

It will...not may. I'm not surprised. This fall down will continue until this government sits up and stop propaganda and blame games and get serious with governance. This is the simple truth of things

drss2:
if i was emefiele i for don resign teh teh save my intergrity from directionless govt. buari admin dey make am look clueless even though no be him fault naira dey look for crude oyel.

The truth is apc are holding him hostage at cbn. When theyre done using him they will dump him at efcc .

Jirate:


But Where is The Money to Do the Buying?.......

no mind am. dem say make dem restructure d con3 dem no gree. goodluck to dem if dem tink say dem fit revamp n diversify d economy with nigeria's current failed economic structure.

toyoC1:



The truth is apc are holding him hostage at cbn. When theyre done using him they will dump him at efcc .

one chance govt.

Adaure4ever:
I love this news very well.

Why? ... If Naira depreciates to N1,000/$, then it's safe to describe Nigeria as a failed sate. True federalism is all we need.

1 Dollar = N1000

We are heading to 'ZIMBABWE'

drss2:
if i was emefiele i for don resign teh teh save my intergrity from directionless govt. buari admin dey make am look clueless even though no be him fault naira dey look for crude oyel under ground.

haa you make me laugh.with all d money he makes.if na you wet dey work for CBN,shey you go won resign

Adaure4ever:
I love this news very well.

Haba nah.

Dopenigga:
haa you make me laugh.with all d money he makes.if na you wet dey work for CBN,shey you go won resign

omo me i prefer my intergrity. with hunga ravaging nigerians everywia because of APC's cluelessness, making money working under buari dullard govt is like making blood money.

strong indirect message for nigerians. our problem is more of psychological. but dont be surprised to see a denial version tomorrow

See as the naira is gradually turning into Zimbabwe dollar who will save nigeria from this mess definitely not the daura illetrate

Afonjas voted this government to the detriment of Nigeria

BlackMbakara1:
Buy made in Naija is all we need...

Like buy made in Nigeria petrol?

The man just listed everything wrong with nigerians, which is the bitter truth. It's nigerians that can make Nigeria a better place. I was fortunate enough to know lagos before what we ve now. That nigeria He described when it was 1N to 1& was mainly a private economy I.e the groundnut, cocoa, rubber, timber etc where not government business rather people grew them for export but now we see farming as a low life way of life, I remember my primary school days (Baptist church owned) we used to debate about who is more important a Dr or a farmer. How come most of our ploiticians are farmers?
Today a yahoo boy can show himself instead of hiding in shame. Our girls now ve price tags. Take them to shoprite which is a discount store n they are happy, shoprite can't even compare to UTC or leventis.
I remember a clean lagos with little gold fish (ol gees know what I mean) swimming in gutter( drainage) bar beach a clean blue sea... don't mistake the lagos I am talking about for any where past ikeja, maroko, and satelite town( festac 3rd gate) because past this borders are towns and where u get omo oniles ( indegenes) I guess I am talking about the lagos that used to be the colony. Lagos is over populated now because our meant to be farmers now. Want white collar jobs.
Let's not bash this man for his facts but to extend his message.

ammyluv2002:
N1,000 per Dollar? God forbid bad thing!

That is what I used to say 20 years ago.. it has not changed anything and it never will

The problem we have in Nigeria is where the tribes that make up Nigeria hate each other, like example we have a good cottage industry in Aba, but FG is looking else where for miracle, why don't we have a viable inland waterways that will ease the transportation of agricultural products from River Niger to river Benue to river Kaduna but FG believe that it will favour a part of a country, we have only one viable international airport, one sea port,everything is concentrated in one state and you want diversification where FG will never like any good thing to come to certain part of the country. Come to South Africa and see how all part of the country is been developed without segregation.