grandstar:


99% of the economic problem faced today is due to the nonsensical exchange rate.

Sanusi said it has not worked anywhere in the world.

Cbn has ita own rate,the black market has its own rate,the banks have a different rate,travelex has its own too,even nairaland has its own.
The whole thing is chaotic and confusing,

onatisi:

Using 305 as fx rate is not such a good idea. I think they should have based their fx rate on a more realistic figure .

Fixing FX rates is a bad idea. However, it's a budget. Assumptions can change. A realistic figure of 400 would have been a better signal. However, there will be a lot of unanswered questions. I don't believe the fuel price issue has been sorted. Would you be willing to pay 200 naira per litre at the pumps? Should fuel subsidy return fully? Would there be political/economic stability in Nigeria to push the growth agenda in case of price increases resulting from further devaluation?
2016 budget was planned on 190 ngn to a dollar. We are ending it with 305.

We are moving to the permanent site. #500 = $1. What type of this?

onatisi:

Cbn has ita own rate,the black market has its own rate,the banks have a different rate,travelex has its own too,even nairaland has its own.
The whole thing is chaotic and confusing,

The CBN governor needs to go. He's not inspiring any form of confidence in Nigeria's prospects. His management of the FX issue is appalling. The tough question is how can Buhari sack him? Especially with a combative National Assembly

From 180/$ to 485/$
Bubu has finished the economy
Instead of him to sit and work he was busy gallivanting and globe trotting just to gather enough estacodes to pay himself for election expenses
Bubu don kolo

chemali:

The CBN governor needs to go. He's not inspiring any form of confidence in Nigeria's prospects. His management of the FX issue is appalling. The tough question is how can Buhari sack him? Especially with a combative National Assembly

The problem isn't the cbn but the political leadership,believe me when I tell you that if not for the absurd and out of the book polices of the cbn governor,naira would have gone up to 1000N. The cbn governor is in a difficult situation because he is working with dullest president in modern day governance. This government does not even have a single economic plan or policy .this is what Dino melaye and other senators were saying when they threw out buhari loan request. This government cant even explain what and how they plan to spend the money they are looking for. They money they borrowed In the 2016 and last budget cant even be accounted for properly,the corruption that is presently going on is mind-boggling.

Buhaha...

chemali:


Fixing FX rates is a bad idea. However, it's a budget. Assumptions can change. A realistic figure of 400 would have been a better signal. However, there will be a lot of unanswered questions. I don't believe the fuel price issue has been sorted. Would you be willing to pay 200 naira per litre at the pumps? Should fuel subsidy return fully? Would there be political/economic stability in Nigeria to push the growth agenda in case of price increases resulting from further devaluation?
2016 budget was planned on 190 ngn to a dollar. We are ending it with 305.

Immediately I Sa 305,I knew they have missed and messed up the whole thing again

grandstar:


Funny enough, if they allow the currency depreciate to its true level, say 400 at least, that may cover the deficit. Buhari's economics is lamentable

politicians like bujari's wife make money by taking advantage of the dual exchange rate.i think the cbn should start selling dollars at it's true market rate too just as okonjo did during her own time. we're better off having a single exchange rate of #400 than this current confusion. the higher official price would put more money in government pockets too.

Hmmmmn

maximunimpact:
#500/$ on my mind.......

Dangote's interview of naira will be 500 to 1 dollar on mind.

busy looking for something to celebrate. MMM has crashed, you can start celebrating, senate has supported ncc for data to be increased, price of rice is still soaring high I believe and Naira is strengthening @ 400+. Wao! What an achievement from the Lord of the zomb*ies. Even their chief mistress on NL was forced to shout out her frustration on that of price of data increase yesterday. May God rule the lives of all zom*bies just as apc/buhari and his administration is ruling Nigeria. Amen.

onatisi:

Cbn has ita own rate,the black market has its own rate,the banks have a different rate,travelex has its own too,even nairaland has its own.
The whole thing is chaotic and confusing,

Sanusi said " who will lend you money when you have 5 exchange rates?

[color=#990000][/color]

TooNoisy:
Why present a budget you cannot even fund. 2.36trillion deficit, where will he get the money from? And the assumption is that we will produce 2.2million barrels per day is simply too optimistic. When last did we produce 2.2million barrels everyday for one year?

Anyway I think they got the $42 benchmark right, that sounds very reasonable. I wish them the very best.

TooNoisy:
Why present a budget you cannot even fund. 2.36trillion deficit, where will he get the money from? And the assumption is that we will produce 2.2million barrels per day is simply too optimistic. When last did we produce 2.2million barrels everyday for one year?

Anyway I think they got the $42 benchmark right, that sounds very reasonable. I wish them the very best.

speechless for now... We are on d watch oh!