Ah! Ah! Oluwa mi ooooo! Eyi o wa pojuuuuu!!!! Ile aye, ile asan.

I Saw the money and I fainted

Jibril659:
Mr Economist ,what would you have done if you were in his shoes ?

A floating exchange rate is simply when you allow the exchange rate to be determined by market forces i.e. forces of demand and supply.

Let me give you an eye opener on whats happening in the country.

Imagine if everyday at the black market in Lagos, N10M was used to purchase $50,000 that daily entered the market. What will the rate be? Most like 200 to $1.

Now imagine if the dollar inflow dropped to $25,000 and 10m was chasing it, what will the new exchange rate be? Will it stay at 200 to $1 or will it depreciate? You'll probably agree that the naira will depreciate against the dollar

In Nigeria, the price of oil collapsed from about $100/barrel in 2014 to about $40 in 2015. If the country was exporting 2m barrels a day, that would be forex inflow fell from $200m daily to $80m daily.

Should the naira loose value with the reduction to $80m daily? Certainly

Buhari however says no way. That he does not believe in devaluation! That he does not see any benefit in devaluations that it brings pain.

Its like saying I don't like 1+1 = 2 because it does not benefit the people. Unfortunately, it will still remain 2

He thinks devaluations are dictated by economist or the IMF. Its like saying 1+1 = 2 is dictated by mathematicians. Its simply a law of nature likewise currency depreciations

His refusal to allow the currency to float as led to massive shortages as the FG does not have enough forex to supply the market at the price it quotes. This massive shortages as led to the death of many industries and a recession.

The massive shortfall has forced people to the black market leading to a stupefying depreciation of the currency there. Any economist would tell you thats what would happen and of course, a huge disparity between the official and black market rates. This has led to massive round tripping where people buy at the official rate and simply sell at the black market rate.

All oil exporting countries with a floating exchange rate saw currency depreciations.

Super prudent Norway, a country of about 5million people with a soveriegn fund of $880b saw its currency depreciate by 26%. This is a country where the budget will balance if the price of oil drops to $20. A soveriegn fund is like an excess crude account where the money is invested for the country. Norway's is the largest in the world

As Sanusi said, these policies have not worked anywhere in the world! Do I need to tell you that?

I wrote off the economy as early as July 2015 (or even earlier than this) when Buhari started these policies.

Buhari is a honest man but his economics is lacking.

GEJ government was 1+1 = 2 and they ate 1 out of the 2.

Buahri's is 1+1= 3 and sticks proudly to it.

At least, with 1+1 you can still plan. What foundation can you lay when 1 +1 =3?

Small tip: the naira should touch 700 this year if this policy remains in place.

owobokiri:


Jonathan ordered him to steal and hide the loot underground? Face the topic and stop being petty..

Arindin uwo wa

grandstar:


A floating exchange rate is simply when you allow the exchange rate to be determined by market forces i.e. forces of demand and supply.

Let me give you an eye opener on whats happening in the country.

Imagine if everyday at the black market in Lagos, N10M was used to purchase $50,000 that daily entered the market. What will the rate be? Most like 200 to $1.

Now imagine if the dollar inflow dropped to $25,000 and 10m was chasing it, what will the new exchange rate be? Will it stay at 200 to $1 or will it depreciate? You'll probably agree that the naira will depreciate against the dollar

In Nigeria, the price of oil collapsed from about $100/barrel in 2014 to about $40 in 2015. If the country was exporting 2m barrels a day, that would be forex inflow fell from $200m daily to $80m daily.

Should the naira loose value with the reduction to $80m daily? Certainly

Buhari however says no way. That he does not believe in devaluation! That he does not see any benefit in devaluations that it brings pain.


Its like saying I don't like 1+1 = 2 because it does not benefit the people. Unfortunately, it will still remain 2

devaluing the naira would have further crashed naira as we produce nothing and import almost everything.

He thinks devaluations are dictated by economist or the IMF. Its like saying 1+1 = 2 is dictated by mathematicians. Its simply a law of nature likewise currency depreciations

If Mr President had agreed to devalue the naira to say N700 to 1Dollar, we'll still be where we are today because what we are facing today is as a result or scarcity of FX.


His refusal to allow the currency to float as led to massive shortages as the FG does not have enough forex to supply the market at the price it quotes. This massive shortages as led to the death of many industries and a recession.

[b] His refusal you say? Do you even read? Nigeria went from almost 100Billion dollars to less than 27 Billion dollars as a result of gross mismanagement by the previous administration

The massive shortfall has forced people to the black market leading to a stupefying depreciation of the currency there. Any economist would tell you thats what would happen and of course, a huge disparity between the official and black market rates. This has led to massive round tripping where people buy at the official rate and simply sell at the black market rate.

All oil exporting countries with a floating exchange rate saw currency depreciations.

Super prudent Norway, a country of about 5million people with a soveriegn fund of $880b saw its currency depreciate by 26%. This is a country where the budget will balance if the price of oil drops to $20. A soveriegn fund is like an excess crude account where the money is invested for the country. Norway's is the largest in the world

As Sanusi said, these policies have not worked anywhere in the world! Do I need to tell you that?

If President Buhari had agreed to devalue the naira to say 700 for instance, you are the same person that will still come out to blame him for making the naira 700 to a dollar as there's clearly no impact devaluing the naira would have on our economy, if you think otherwise, state why you think devaluing the naira will be good for a naira because I don't see that happening as we import everything

I wrote off the economy as early as July 2015 (or even earlier than this) when Buhari started these policies.

Buhari is a honest man but his economics is lacking.

would you have done in his place? I still haven't gotten an answer to this question

GEJ government was 1+1 = 2 and they ate 1 out of the 2.



Buahri's is 1+1= 3 and sticks proudly to it.

At least, with 1+1 you can still plan. What foundation can you lay when 1 +1 =3?

Small tip: the naira should touch 700 this year if this policy remains in place.

Instead of having negative views of how the naira should crash more, pray they EFCC recover more of these monies so we can get past where we are today

So tell me, what would you have done in his place? Empty our reserves to allow free flow of FX ? Less than 30Billion dollars in the reserves, that's barely enough for our airlines to operate properly, and someone stashed away almost 10million dollars in his house, that's almost 10Billion naira if we are to go by the exchange rates today.

Over half of 2017 budget. Chaii
And we want the country to move forward?
We must be dreaming

Truly, the corruption in the last administration was terrible.

owobokiri:


Noisy clown! Fashola, Amechi., Dambazau, Brutai, fayemi.... They are working for GEJ, abi? You are just clannish as the others and have decided to see evil only from the other side... I wouldn't be surprised if one Maikantai who is heading NNPC today is hiding billions underground as this dangerous Adrew did..

bro shut up....Amaechi and Fashola's alleged crimes do not pardon that of Jonathan. People like you are the reason why this country is so bleeped

hasyak:

I pity your thinking capacity. sorry

A thief is a thief, whether u steal 1naira or 1billion naira. The truth remains that if truly this was done in GEJ's administration then I have to say that am deeply disappointed. For crying out loud this man is a Phd holder o. Even if he was not complicit in the looting not being able to detect it is criminal. With the plethora of appointments, special advicer on this and that, he could not appoint a close confidant that will tell him the truth about the comings and goings in the economy. Am so ashamed to call myself a nigerian. The only thing GEJ has going for him right now is the fact that he conceded defeat after the elections of 2015, even though PMB is making a total RUBBISH of his chance to better the lot of the common man. This is just one out of a thousand and one crooks. Imagine how much forex is hidden in bunkers allover nigeria. The thought alone is mind blowing. May The Almighty God Forgive them all.

Jibril659:
who would have suspected ? See the kind neighborhood wey him go hide the money

I'm sure info about the location was leaked by an insider

ok so because he will finished d money in his life tim he should be allow 2 own d money abi?

kelechi50:
But even if the money is not recovered the man can not finish spending it in his life time

hannyjay:
And some animals from d yeast ll call it propaganda

please dey should stop supporting bad things,I don't want my children to go through this hardship.how can a person thief dis can money, apart from d 1 in d bank oooo .God nah ur face we dey look ooo

www.nairaland.com/attachments/4851485_loot1_jpeg4d9b8703ef6ebb21195317c9b0906273

www.nairaland.com/attachments/4851486_loot2_jpeg38fced1b42f1d0fe92b9e8d3a4527f8c

PassingShot:
Yet some shameless, unreasonable nitwits blame PMB for the recession. Instead of protesting to make this people face swift justice (jungle justice I prefer), they wail and moan and curse the man trying to deliver Nigeria from the shackles of these wicked looters.

Shame!


I am dead sure not a single tribesman of this shameless looter will say a word to defend or support him. But when it comes to that tribe we all know, you'd hear "witch hunt", "propaganda", "lie", etc. It's like they're cursed to be that way.

Yes so broda..they are cursed pple frm d yeastside

Rilwayne001:


You've forgotten PEJ aka Shepopotamus.

This people done destroy everything..

Mrpresident1, come and see something.

What continues to baffle me and other right thinking persons is that during the time of massive looting, there was food aplenty, but now during the time of massive savings, people are dying of hunger.

Rili, forget all this rubbish, this money is chicken change in the oil industry, and it is not the proceeds of corruption, it is the change that is given to oga for his transportation

rusher14:


Probably but for now that is mere conjecture.

Right here is evidence.

If you know where any of the aforementioned have hidden their stash please make it public.

He should help us with information... thank God as a whistle blower he'll get 5% of the proceed.

BTW, the heart of man is desperately wicked, who can tell.

Wolexyoshi:
APC said:
WHY WE HAVE RECESSION:

* Tompolo was paid 13Billion.
* Ex-CDS,Alex Badeh dug a pit toilet to hide $32m.
* Patience Jonathan is claiming $31m, she has sued the Nigerian state.
* Femi Fani-Kayode took 740M.
* Dasuki used trucks to load over $35B from the CBN.
* Olisa Metuh took 400M.
* Aziboala, GEJ's cousin took 6B naira.
* Nenadi Usman took 3.5B naira.
* Fayose took 3B naira.
* Obanikoro took 4Billion naira.
* Olu Falae took 100M naira.
* Tony Anenih - 400M naira.
* Oritsejafor - $35M
* Former Air Chief Amosu - 2Billion naira.
* Lucky Igbinedion-16B naira.
*Bode-George and Dabo -100B naira
* Jolly Nyame-2.4B naira.
* Joshua Dariye-700M naira.
*Nyesom Wike stole #4b.
* Diezzani with $20 billion missing oil money?
15 billon dollars missing from arms fund, 10 billion naria, converted to dollars and given as gift to delegates of PDP Nation convention, Bafarawa collected 3 billion for spiritual purposes , 12. 7 billon naria for deceased NEPA staff grew wings and disappeared, 20 billion dollars missing from NNPC accounts, 23 billon naira as bribe to INEC staffs to rig the general election. The list is endless. They only left what they can't carry or unable to lay their hands on. The list continues.....
Recession didn't just happen, people looted Nigeria into RECESSION happening....

NOW HEAR THE THIEVES:

1. I acted based on Jonathan's instruction - Dasuki

2. I didn't give order - Jonathan

3. I collected 350M from Dasuki for consultation - Iyorchia Ayu

4. I only collected $30,000 from Dasuki not N100m - Bode George

5. I got N4.6b from Dasuki for spiritual purposes - Bafarawa

6. I got N650M from Dasuki for my Abuja burnt office - Thisday Obaigbena.

7. I got N2.1b from Dasuki for publicity - Dokpesi

8. I got another N100m from Yuguda he didn't tell me from where - Bafarawa.

9. I gave N100m each to Odili, Jim Nwobodo Bode George and others - Yuguda

10. The president asked me to change N10B to foreign currency for PDP delegates - Dasuki

11. My boss asked me to get $11M from the CBN - Dasuki's account officer.

12. I got order from above to pay Tompolo N13B for Maritime university land. - Nimasa DG.

13. 950m was shared in my house -- Shekarau

With all this looting and many more revealed, some people are still shouting no sign of change yet, they even say it's political persecution.

But I believe, it is the right thing to do.
If you believe too, send this to other people to garner more support for the fight against corruption and looting in our nation. There must be consequences for such crimes otherwise Nigeria will not develop.

Thank you so much for this.

Please does anyone know how I can forward this to that silly Protestant that calls himself twoface?

bsonenterprise:
To be extremely candid, the GEJ government CAME CLOSE TO DESTROYING this country with its tacit approval of Endenmic corruption.
Haba! This is one person. Now imagine what could be found in the bunker of Allison, Oduah, Reno Omokri, Fani Kayode, Ubah, Okonjo, Chinedu Nedu, Wike, Dokpesi, and the hailers of the popular chants, "he's our son!"
GEJ was a complete disaster the Nigerian economy is still reeling from!

God Bless You!!!