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Nairaland Forum / Nairaland / General / Politics / Why Naira Keeps Crashing – Osinbajo (43575 Views)
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Why Naira Keeps Crashing – Osinbajo by Handsome777(m): 2:22pm On Feb 14, 2017 |
Acting-President, Yemi Osinbajo has explained that corruption and the vandalization of pipeline facilities in the Niger-Delta region were responsible for the reduction in the volume of Dollar reserved with the Central Bank of Nigeria (CBN). He said such was responsible for the continuous fall of the Naira against the dollar. He stated this in Port-Harcourt while chiding members of the opposition who criticize the federal government for the fall of the Naira against the Dollar. Osinbajo said that Nigerians spent more money to buy Dollars because the currency was scarce and insufficient to go round, triggering the forces of Supply and Demand into play. He, however, assured that the federal government was putting measures in place to ensure that the diversion of foreign currencies from the National Treasury through corruption, and the vandalization of pipeline facilities that reduce the amount of Dollars accruable to the federal government is brought to end, adding that once the federal government is able to earn more Dollars than it is currently earning, the exchange rate will go down. Osinbajo said: “Some people have said ‘Ah! When you came the exchange rate was this now it is that.’ What accounts for exchange rates is simple. It is Dollars. If you don’t have Dollars, your exchange rate goes up. If you have dollars your exchange rate goes down. “If you lose oil revenues through corruption and pipeline vandalism, your exchange rate goes up. It’s very simple. If Dollar is scarce, then the Naira to buy it will be more. That’s a simple thing. “Exchange rate is not magic. It is just the availabilityof Dollars. Once we are able to earn the Dollars the exchange rate will go down. And we are hopeful that all of what we are trying to put in place, and with cooperation of all of us. We’ll be able to bring the exchange rate down.” http://dailypost.ng/2017/02/14/naira-keeps-crashing-osinbajo/ 22 Likes 2 Shares
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Re: Why Naira Keeps Crashing – Osinbajo by Nobody: 2:24pm On Feb 14, 2017 |
It is well. 4 Likes |
Re: Why Naira Keeps Crashing – Osinbajo by kabrud: 2:35pm On Feb 14, 2017 |
God bless u Prof Yemi Osinbajo, the Ag President. Meanwhile, children of 8 are coming to give us their version of the reason behind the high exchange rate. 63 Likes 5 Shares |
Re: Why Naira Keeps Crashing – Osinbajo by chuose2: 2:46pm On Feb 14, 2017 |
49 Likes 5 Shares |
Re: Why Naira Keeps Crashing – Osinbajo by veekid(m): 2:46pm On Feb 14, 2017 |
I see no reason for all these Epistles on why naira deh bow for dollar, all 44 Likes 5 Shares |
Re: Why Naira Keeps Crashing – Osinbajo by jesus500(m): 2:46pm On Feb 14, 2017 |
And what strong measures have you put in place to stop naira from further crashing? The policies of this government are not results oriented but anti people. Enough of these stories and speeches. 33 Likes 2 Shares |
Re: Why Naira Keeps Crashing – Osinbajo by Jengem: 2:47pm On Feb 14, 2017 |
Olodos in government 3 Likes |
Re: Why Naira Keeps Crashing – Osinbajo by Brightology2(m): 2:47pm On Feb 14, 2017 |
That's where the C in C failed to handle careful. There are many ways to kill a rat without sharing blood. Everything is not all about military might. That's why the holy book said ' wisdom is profitable to direct'. Just imagine the big mess he kept us and he is hale and healthy in UK. Hmmmmmmmmmmmm There is God. 10 Likes 1 Share |
Re: Why Naira Keeps Crashing – Osinbajo by Vizzim: 2:47pm On Feb 14, 2017 |
Re: Why Naira Keeps Crashing – Osinbajo by mn09abk: 2:48pm On Feb 14, 2017 |
Education 101 Somple Economics...Wailers take note 9 Likes 2 Shares |
Re: Why Naira Keeps Crashing – Osinbajo by izzou(m): 2:48pm On Feb 14, 2017 |
All these were the reasons Nigerians voted you in. And after two years, we are still getting the same excuse. No wahala sha. Keep the excuses coming while zombies have some thing to self-service on. 19 Likes 1 Share |
Re: Why Naira Keeps Crashing – Osinbajo by Nobody: 2:48pm On Feb 14, 2017 |
I am beginning to hate this man 25 Likes 5 Shares |
Re: Why Naira Keeps Crashing – Osinbajo by ajaophobia(m): 2:48pm On Feb 14, 2017 |
I can agree to an extent 1 Like |
Re: Why Naira Keeps Crashing – Osinbajo by tayo4ng(m): 2:48pm On Feb 14, 2017 |
I agreed with him,such an intelligent and able body man. 3 Likes |
Re: Why Naira Keeps Crashing – Osinbajo by Spidermon: 2:48pm On Feb 14, 2017 |
....because the Naira wasn't properly shut down. Hehehrhe 3 Likes 1 Share |
Re: Why Naira Keeps Crashing – Osinbajo by EricMason(m): 2:49pm On Feb 14, 2017 |
Has some atom of truth tho 6 Likes |
Re: Why Naira Keeps Crashing – Osinbajo by Seun(m): 2:49pm On Feb 14, 2017 |
Makes sense. 7 Likes 1 Share |
Re: Why Naira Keeps Crashing – Osinbajo by Micah360(m): 2:49pm On Feb 14, 2017 |
I find it so hard to dislike dis man unlike other politicians.. Hope its a good sign 13 Likes 1 Share |
Re: Why Naira Keeps Crashing – Osinbajo by squarelead(m): 2:49pm On Feb 14, 2017 |
Just love this man..... 2 Likes 1 Share |
Re: Why Naira Keeps Crashing – Osinbajo by mployer(m): 2:49pm On Feb 14, 2017 |
The president has spoken btw, I am a wailer. 5 Likes |
Re: Why Naira Keeps Crashing – Osinbajo by lazsnaira(m): 2:49pm On Feb 14, 2017 |
OK ...prof the reason why everything is upside down is because you people have no money to run this country ...and the other group that has money will not give you guys their money for you to use and run your government...thats all. 1 Like |
Re: Why Naira Keeps Crashing – Osinbajo by seguno2: 2:49pm On Feb 14, 2017 |
Why must we depend on Niger Delta oil? Why can't we depend on groundnut oil? 19 Likes 1 Share |
Re: Why Naira Keeps Crashing – Osinbajo by emmykk(m): 2:49pm On Feb 14, 2017 |
Then you and the daura cattle rearer should resign for those who school well should bring that dollar down. in another news you guys APC promise 1 dollar to 1 naira 6 Likes 1 Share |
Re: Why Naira Keeps Crashing – Osinbajo by abbaapple: 2:49pm On Feb 14, 2017 |
nice 1 our acting Prêsdør! |
Re: Why Naira Keeps Crashing – Osinbajo by Nobody: 2:49pm On Feb 14, 2017 |
Jengem:As in olodolistic govt 2 Likes 1 Share |
Re: Why Naira Keeps Crashing – Osinbajo by FastShipping: 2:49pm On Feb 14, 2017 |
14 Likes |
Re: Why Naira Keeps Crashing – Osinbajo by loomer: 2:49pm On Feb 14, 2017 |
Blame it on the rain 2 Likes |
Re: Why Naira Keeps Crashing – Osinbajo by SalamRushdie: 2:50pm On Feb 14, 2017 |
For those who didn't understand what he said let me break it down for you , Osinbanjo in a subtle way blamed Buhari for the fall of the Naira because Buhari against common sense started a war with Niger delta militants that he wasn't equipped to win and this led to pipelines bombings + unrest in the region which in turn led to low production outputs in a period of low oil prices ..Osinbanjo thanks for saying the truth 47 Likes 4 Shares |
Re: Why Naira Keeps Crashing – Osinbajo by hucienda: 2:50pm On Feb 14, 2017 |
Acting President, say all dis corruption no dey hapun b4 (abi ee still no dey hapun even under your nose)? Talk well o. 4 Likes |
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