This is a simple one.
The CBN has spent over $2 billion this year defending the naira. Large chunks of cheap forex were sold to pay for school fees abroad and medical tourism.

Click like if you support the CBN.
Click share if you preferred fixing our refineries with that money.

At least let's tell them what we want shey?
More to come.

* I had to change the title from "A Poll On CBN' S Dollar Spending" to generate more interest.

OP, point of correction, over $2b exchanged at the rate of N360/$, not spent over $2b. Besides, apart from for the purpose of growing Foreign Reserve and other international issues, what do you think the Nigeria govt need the dollars for? As long as the major govt revenue is in dollars and Nigeria currency is the Naira, the dollars must be changed to Naira to run govt businesses. Or are you saying previous govt didn't pump dollars to save the Naira?

...
sigh.
Spent/wasted/looted under gej but "exchanged" under buhari abi?
Fine.
If I challenge you for beating your child but beat my child in the same way, I'm a hypocrite yes?
Were you in support of gej defending the naira in this way?
Remember, he had excess dollars.
But to do this in a recession, with low oil prices and on a rudderless ship?!
Guy, you sef try reason na.
Meanwhile, you COMPLETELY avoided the poll.
Nice one.

LionDeLeo:
OP, point of correction, over $2b exchanged at the rate of N360/$, not spent over $2b. Besides, apart from for the purpose of growing Foreign wReserve and other international issues, what do you think the Nigeria govt need the dollars for? As long as the major govt revenue is in dollars and Nigeria currency is the Naira, the dollars must be changed to Naira to run govt businesses. Or are you saying previous govt didn't pump dollars to save the Naira?

I think it's high time I created a thread for the questions below:

How much does it cost for the Turn Around Maintenance of a refinery?
How much does a TAM cost?
How long does it take to complete a TAM- from initial "mobilization" of, till handover by the contractor?

Abi shey if the money's too much, maybe that's why d CBN is selling dollars for school fees...

I almost forgot this part!
Imagine!
Of the $2 billion spent so far, pls ask the petroleum minister how much he's used to fix refineries- the focus of this topic AND the very facilities that will save us over 40% of our dollar expenditure.
Let me know when buhari picks your call

LionDeLeo:
As long as the major govt revenue is in dollars and Nigeria currency is the Naira, the dollars must be changed to Naira to run govt businesses.

aloeman15:
I almost forgot this part!
Imagine!
Of the $2 billion spent so far, pls ask the petroleum minister how much he's used to fix refineries- the focus of this topic AND the very facilities that will save us over 40% of our dollar expenditure.
Let me know when buhari picks your call

What are you saying, young man?

I didn't bother to respond because ur argument was laced with ignorance. But it seems such silence gave you a very wrong impression.

First, from the beginning of time, the dollar earnings have always been used to shore up the Naira value. If govt earning is in dollars, does the govt spend dollars? Is the monthly fed allocation in dollars? Are salaries paid in dollars? How do you think the dollars get converted to Naira,? Bros, try think small na. This amount being used for same purpose becomes a topical issue just because the hard currency is no longer available abundantly.

Again, which refineries are you talking about? The ones fixed by the IB ("the best president in the world" )? If the IB had used 6 yrs to fix them, what is left to be fixed within 2 yrs? I mean 6 yrs crude average of $100pb and average output of 2.2mbpd coupled with the depletion of Foreign Reserve as opposed to 2yr average of $40pb and average output far below 2mbpd coupled with efforts to raise Foreign Reserve.

I've unwittingly created a black hole...
Right.

Recall buhari's quotes on refineries in 2015?
Did he complain that lack of funds prevented him from fixing them? Or was he boasting that they were fully functional?

Can you quote buhari's stance on forex in 2015/16?
Why do toothpick importers now have access to cheap CBN forex?

If gej was an ib, what do you call buhari for copying him?

How much did this govt spend on importation of petroleum products last year?
(Hint- 40% of our imports.)
What currency was and is still being used to pay for them?
What currency is buhari using to pay for contracts with international firms like ge and the various Chinese construction firms?

When buhari asked for $30 billion for infrastructure, how do you think he plans to spend it- importing machinery and paying foreign contractors in naira?

Pls, Google is your friend, eh? Or kukuma get official govt info from the National Bureau of Statistics.

LionDeLeo:


What are you saying, young man?

I didn't bother to respond because ur argument was laced with ignorance. But it seems such silence gave you a very wrong impression.

First, from the beginning of time, the dollar earnings have always been used to shore up the Naira value. If govt earning is in dollars, does the govt spend dollars? Is the monthly fed allocation in dollars? Are salaries paid in dollars? How do you think the dollars get converted to Naira,? Bros, try think small na. This amount being used for same purpose becomes a topical issue just because the hard currency is no longer available abundantly.

Again, which refineries are you talking about? The ones fixed by the IB ("the best president in the world" )? If the IB had used 6 yrs to fix them, what is left to be fixed within 2 yrs? I mean 6 yrs crude average of $100pb and average output of 2.2mbpd coupled with the depletion of Foreign Reserve as opposed to 2yr average of $40pb and average output far below 2mbpd coupled with efforts to raise Foreign Reserve.

aloeman15:
I've unwittingly created a black hole...
Right.

Recall buhari's quotes on refineries in 2015?
Did he complain that lack of funds prevented him from fixing them? Or was he boasting that they were fully functional?

Can you quote buhari's stance on forex in 2015/16?
Why do toothpick importers now have access to cheap CBN forex?

If gej was an ib, what do you call buhari for copying him?

How much did this govt spend on importation of petroleum products last year?
(Hint- 40% of our imports.)
What currency was and is still being used to pay for them?
What currency is buhari using to pay for contracts with international firms like ge and the various Chinese construction firms?

When buhari asked for $30 billion for infrastructure, how do you think he plans to spend it- importing machinery and paying foreign contractors in naira?

Pls, Google is your friend, eh? Or kukuma get official govt info from the National Bureau of Statistics.

Buhari was fully aware that the main source of govt revenue will head south, I guess. So, because he made promises, he should execute them from his pocket? Who are the toothpick importers accessing the forex?

Why is it that...

Oops! It seems I'm just wasting time here.

An infantile response does you injustice.
Predictions on crude prices had been so widespread- since dec, 2014- that NOI warned us of it; and this formed part of her basis for trying to retain the Excess Crude Account, which the now transportation minister outrightly rejected.
Therefore to ask a sarcastic question about buhari's pocket- after acknowledging his awareness of the situation- insinuates that he lied about his campaign promises, 'fully aware' that crude prices would crash!
Making him a liar and an unscrupulous man.
How then do you justify your arguement?

MEANWHILE- this thread was simply about what buhari should focus his spending on!
Why has he reversed his 2015 policy on forex- because of increased output? Is that the action of a wise, forward-thinking leader who has the nation's best interests at heart?
Suddenly, we started hearing of how his govt wants to ease the pain of medical tourists!!
Shame dey catch me for this country.

LionDeLeo:


Buhari was fully aware that the main source of govt revenue will head south, I guess. So, because he made promises, he should execute them from his pocket? Who are the toothpick importers accessing the forex?

Why is it that...

Oops! It seems I'm just wasting time here.