oweman:


The Emir is only saying it as it is he is not a WAILER ( God fobid ) you can't be buying at official rate and selling at cut troath price !
Wailers are crying since Nigerians d iscard their beloved son

This is no longer about the elections (regardless of how people voted), people are crying out loud due to the massive suffering in the land, who cares who is president if progress is being made? Sadly it is NOT.

Ok na we are watching

lafuria1:
What most people won't realize is that he was referring to the past policy of defending the naira at N197 and black market sell at N300. The naira had been floated. What we have is the inter bank rate. So we have moved on.

We haven't. There is still about a 70 naira difference between the rates. More over, the fg must modify it's cost structure, else the naira will only continue to depreciate as time goes along. Nigeria needs structural changes to survive this currency/stagflation crisis we are in.

I concur with SLS, but greed and wickedness won't allow people stop... I feel it's a cartel thing and the earlier it's checkmated, the better.

No longer Jonathan now 'FG' lol

Now tell me hw many donation he had made since he left ọffice? U cant change others when ụ hav nt change urself.

ooshinibos:

he stabilized the Naira when he was CBN 250 NAIRA TO 1GBN for about 4 years ....he stopped Jonathan from sucking the country dry

helovesme:


There was disparity. The only major difference between then and now is the current high exchange rate and the unavailability of forex.

Even during his era, sometimes one had to visit multiple branches/banks just to get PTA.

The disparity was never up to N5, it was typically around N2, and that was not only insignificant, it is also inevitable. So in summary, it was never an issue before 2015 when we started having large disparities.

millhouse:
Who doesn't know that PDP's racket was fuel subsidy while APC's racket is forex subsidy, only the cacus can get dollars at N197 from CBN.

are that small that you don't know that GEJ/PDP tried to remove subsidy but Nigerians kicked against it?

Amitex:
Et tu Sanusi!! What has come over the son of Muhammadu Sunusi? Is Lamido Sanusi also among the "Wailers"?

The massive difference is that supporters of Buhari are quite objective when crunch time comes, but the so-called wailers are just sore losers that haven't stopped sobbing, they seem forever embittered and without any common sense.

This is also Sad

Gloriagee:

Thanks love

Mrjo:
Why are we always talking about agric when there is no labour? Or is only agric will grow economy? Can u exchange oil and gas job/contract for agric?

I subtly alluded to agriculture in my post. Agriculture is just one out of over a hundred sectors that contribute to an economy. Mr Oga, an advancing economy is a multifarious one.

Look, with a population of 170m plus, who says there is no labour?

There is this warped mentality that subtly crept into Nigerians during the 1970s oil boom which made us think oil is the only way. Of course there is always a major source of earning for a developing economy like ours

What i'm saying is oil earnings may not be enough to drive the needed expansion of our economy (since oilprice is not encouraging anymore). When it was booming, we didn't use it to develop other parts of the economy. So whatelse can we resort to? Of course it is Agriculture

Yes Agriculture on a large scale like the one we should embark on is labour intensive.

Not even real estate, hospitality and tourism, education, automobile industry etc can drive an economy on their own. They are derivatives of a much stronger driving force (the one that generates far greater earnings) e.g oil and gas, agriculture.

Coming from a guy who RESISTED the IMF's suggestions about 'defending' the naira and substantially 'depleted' Nigeria’s foreign reserve defending the naira.

1) IMF Proposes Devaluation Of Naira - 2011‎

http://www.thisdaylive.com/articles/imf-proposes-devaluation-of-naira/86434/‎

https://www.nairaland.com/607357/imf-proposes-devaluation-naira

2) The wrong way to defend the Naira - Vanguard (2011)
‎
http://www.vanguardngr.com/2011/04/the-wrong-way-to-defend-the-naira/

3) Nigeria: CBN Dismisses IMF Advice ‎for Naira Devaluation - 2011

‎http://allafrica.com/stories/201102220843.html
‎

Sibrah:
Confessions of an true parasite.
Tell us exactly, wasn't it like that under you as a CBN governor?

It wasn't exactly like this then. The parallel market didn't become something this widespread until buharinomics set in

Fury007:


The massive difference is that supporters of Buhari are quite objective when crunch time comes, but the so-called wailers are just sore losers that haven't stopped sobbing, they seem forever embittered and without any common sense.

Playing to the gallery is not objectivity. It's comical at best and foolishness at worst.

lafuria1:
What most people won't realize is that he was referring to the past policy of defending the naira at N197 and black market sell at N300. The naira had been floated. What we have is the inter bank rate. So we have moved on.

Seriously! Do u know for how long the current administration pegged the dollar at 197 at the expense of the masses. Are u now saying parallel market no longer exists or how exactly have we moved on?

If i said there no labour dont misunderstand it eg: we hav people in idp camps that the govt. can use to do the labour, so many people out there that ar jobless dont see it as some thing they can do, if we want to suvive everybody we be encorage to do what the person knws hw to do best.

bellyjean:


I subtly alluded to agriculture in my post. Agriculture is just one out of over a hundred sectors that contribute to an economy. Mr Oga, an advancing economy is a multifarious one.

Look, with a population of 170m plus, who says there is no labour?

There is this warped mentality that subtly crept into Nigerians during the 1970s oil boom which made us think oil is the only way. Of course there is always a major source of earning for a developing economy like ours

What i'm saying is oil earnings may not be enough to drive the needed expansion of our economy (since oilprice is not encouraging anymore). When it was booming, we didn't use it to develop other parts of the economy. So whatelse can we resort to? Of course it is Agriculture

Yes Agriculture on a large scale like the one we should embark on is labour intensive.

Not even real estate, hospitality and tourism, education, automobile industry etc can drive an economy on their own. They are derivatives of a much stronger driving force (the one that generates far greater earnings) e.g oil and gas, agriculture.

Enrichlee:
Seriously! Do u know for how long the current administration pegged the dollar at 197 at the expense of the masses. Are u now saying parallel market no longer exists or how exactly have we moved on?

The interview SLS was just yesterday, two months after we abandoned the fixed exchange policy.

The black market still remain, we've moved on because no one can buy dollars from CBN at any fixed rate, besides CBN sells to bank base on bidding, can't you see the inter bank rate changes just like the parallel market. SLS himself can't buy dollars from CBN anymore and any fixed rate, he will have to call banks to negotiate. I've been to first Bank and see people buy dollars and what ever rate banks sell which is different from the parallel market rate, some banks like GTB sell at parallel market rate, it's a free market now.

This things happen, you will always have black market for anything, there was black market for Rio Olympics ticket.

SLS is saying, why sell at a fixed rate and enrich this black marketers (parallel market) who will sell at a greedy price. So CBN decided to float the naira (non fixed), reason I said we've moved on.

This man has said it all

bellyjean:
Nice one from the emir. I am a a proponent of GUIDED CAPITALISM.

I will blame the present and the previous govts (both GEJ and OBJ). It is not enough to just clear debt and increase FX reserves, we should have invested greatly in the economy. They all goofed on this one.

Taking South Korea as a case point, in the late 1950's after the Korean war, they depended so much on US aids, but they had a vision. Labour was cheap and by 1960 they have been able to save some of their earnings from agriculture and other low value-added industry. After the first coup in the 1960s, they reduced their dependence on foreign aids by 65% and were able to grow their light industries. By the late 1960s they were self sufficient enough to advance to heavy and chemical industries. The govt had strict control over capital accumulation and foreign debt. They didn't just allow some money to be lying fallow in their fx account. They reinvested almost all into the economy while shielding state owned and private industries from the international competition through tariffs and subsidies (just as the emir mentioned, govt has no business subsidising consumption, they should subsidise production and place high tariffs on imported competitors).

By the 1990's they had grown the economy from just heavy and chemical industries into advanced hi-tech industries. All through the transition,
1). there was capital accumulation and reinvestment of these capital into the economy.
2). Labour grew from just cheap unskilled labour into highly skilled quality labour- thanks to the great investment in education.

Today, south Korea (or just korea) is a world force.

I blame OBJ for just being complacent. He cleared our debts and accumulated $40b but didn't plough anything back into growing the economy; that is not an achievement to me,That is carelessness and cluelessness.

Yaradua clains he increased the fx savings to $61b and he claimed he invested in the economy. As for me, I didn't see any new investments other than sustaining the state of the economy. The moment he started amnesty, they started trailing a wrong road with a steep cliff at its end.

GEJ came in and depleted almost 60% of the so called capital accumulated on frivolities (amnesty, consumption Subsidies and the likes) leaving debts and a diseased economy for the present govt.

Buhari came in without having a clear strategy of good and sustainable economic policies. It is just like a novice who must escape a terrorist den with a chopper. He hasn't flown one before and he is just testing the buttons to know their functions. God help him the terrorists don't blow up the chopper cos he is wasting his precious time.

If we claim we have $25b in our fx accounts, this is not bad as people claim. As a strong and focused central govt (as it claims to be), be involved directly or indirectly in giving boosts to our dying manufacturing industries. Because if we don't do that, we will end up spending this money with the ones borrowed on consumption subsidies and salary payments.

Honestly, nigeria already has the framework for development into a strong economy(real one this time and not Some rebased GDP values) in 15 - 20 years. We have to take action now.

The emir has captured my concerns and opinions in this write up.

Spot on, d problem is greed and corruption on all Levels

bellyjean:
Nice one from the emir. I am a a proponent of GUIDED CAPITALISM.
.

Bros God bless you jawee,African don't dreams,nice pieces your follower just increased

Enrichlee:
It wasn't exactly like this then. The parallel market didn't become something this widespread until buharinomics set in

parallel market helped the situation.

saintkel:
We need not be told that Buhari has failed woefully. The South west won't still see dis. I just don't know what's blocking dia eyes from seeing d truth or is it d hatred for other tribes?

The Igbos must not be right I guess.

lafuria1:
What most people won't realize is that he was referring to the past policy of defending the naira at N197 and black market sell at N300. The naira had been floated. What we have is the inter bank rate. So we have moved on.

No we haven't completely moved on cos CBN intervention still allows well connected folks to get dollars at govt rate which is lower than floating rate.

adconline:

No we haven't completely moved on cos CBN intervention still allows well connected folks to get dollars at govt rate which is lower than floating rate.

There is nothing like government rate anymore, this is fact. It's illegal for CBN to sell to individuals or companies unlike before.

CBN is not intervening, it's simply selling to banks, the idea is for the banks and other big companies to sell within each other. When little or no sales is going in, CBN enters the market and sell not at a fixed rate but negotiated rate, bidding process. The likes of dangote will have to buy from the banks at a negotiated prices, banks buy from CBN say at 320, banks decides to sell at 360 to 400 depending on who the customer is,.

[quote author=porka post=48785147]


Common sense is not really common anymore.

porka:


Playing to the gallery is not objectivity. It's comical at best and foolishness at worst.

Is crunch time playing to the gallery in your self-conceited intelligentsia grandeur??!

There is time for everything, you don't condemn a football team in it's a entirety at the 15th minute and think you are making sense. Buhari haters, aka wailers, started condemning before the blast of the whistle.

My grandpa-frown-mode activated.

lafuria1:

The interview SLS was just yesterday, two months after we abandoned the fixed exchange policy.

The black market still remain, we've moved on because no one can buy dollars from CBN at any fixed rate, besides CBN sells to bank base on bidding, can't you see the inter bank rate changes just like the parallel market. SLS himself can't buy dollars from CBN anymore and any fixed rate, he will have to call banks to negotiate. I've been to first Bank and see people buy dollars and what ever rate banks sell which is different from the parallel market rate, some banks like GTB sell at parallel market rate, it's a free market now.

This things happen, you will always have black market for anything, there was black market for Rio Olympics ticket.

SLS is saying, why sell at a fixed rate and enrich this black marketers (parallel market) who will sell at a greedy price. So CBN decided to float the naira (non fixed), reason I said we've moved on.

Move on to where?

Why don't you just keep silent on things you don't know.

He said he could pick his phone and use his connections to get forex at the 'official' rates, and make huge returns on arbitrage.

They didn't entirely 'float'. The CBN policy on its so-called 'floating exchange regime' says they would still keep the official rates for 'special purpose'. And you are here talking about moving on. Have you asked yourself why the 'official rates' are still being operated?

Who told you that you can't get forex from the CBN directly? Were you in Pluto when forex was sold to people going on Hajj at the 'official rate'? Do you know how many of this 'Hajj' type of transactions they do on daily basis?

The problem with you guys is over assumption. You do not know what goes on or you assume what you know is the whole story.

This guy is so right

Fury007:


Is crunch time playing to the gallery in your self-conceited intelligentsia grandeur??!

There is time for everything, you don't condemn a football team in it's a entirety at the 15th minute and think you are making sense. Buhari haters, aka wailers, started condemning before the blast of the whistle.

My grandpa-frown-mode activated.

Only the deep can call to the deep.

You cannot eat your cake and have it, as they say.

You can't field a 99th eleven team and expect a brilliant performance even if the playtime is extended till the following day. You can't match a mediocre village team from Tahiti against Brazil's national team and expect any good thing from the former. That's stupidity.

Only gamblers, 'money doublers' and ritualists avoid intelligent analysis in their 'business' and expect good return on investment. Only 'miracle seekers' base their lives' decisions on some mumbo-jumbo.

porka:


Only the deep can call to the deep.

You cannot eat your cake and have it, as they say.

You can't field a 99th eleven team and expect a brilliant performance even if the playtime is extended till the following day. You can't match a mediocre village team from Tahiti against Brazil's national team and expect any good thing from the former. That's stupidity.

Only gamblers, 'money doublers' and ritualists avoid intelligent analysis in their 'business' and expect good return on investment. Only 'miracle seekers' base their lives' decisions on some mumbo-jumbo.

Okay. Suggest your winning team as a way forward.

DAramis:
This man is really wise.

How I wish he can combine his traditional office - "emirship" with central bank governor's job.

The current cbn governor is doing as if he is not knowledgeable in economic policies which aid in the growth of a country.

the current cbn gwamna is knowledgeable. He just rather be a billionaire d than fix the forex