PhockPhockMan:

I believe you're having sex while reading my comment, otherwise, you should've understood that I'm referring to OP.

LeOstrich:


It is from the Southwest state of osun and it is paid to post crap here.

NgeneUkwenu:


The man is incompetent, I tell you! As an economist myself, I know what I am saying!

freshdude99:

Check other countries that have oil as their main stay and see by how per cent their currency has lost value. Check Russia and Angola just to mention a few!
Am disappointed at this ur write up bro

freshdude99:
Just imagine wat a southerner or better still a southeastner is saying

So the moment he's sacked and replaced by another northner u will have a big sigh of relief Shey?
I have always said it that we southerners are the architect of our own problems in Nigeria.
The same cbn SLS uselessed wen he was on board that emiefele is trying very hard to build.
Check other countries that have oil as their main stay and see by how per cent their currency has lost value. Check Russia and Angola just to mention a few!
Am disappointed at this ur write up bro

trillville:


Have you also noted how the currency of oil producing countries appreciated between 2010-2014 when oil prices averaged over 100 dollars per barrel? Why didn't the Naira appreciate during this period? That's the question every smart thinking Nigerian should be asking?

NgeneUkwenu:


The man is incompetent, I tell you! As an economist myself, I know what I am saying!

LeOstrich:


Because those other countries are not 170million parasites waiting for govt handouts.

NgeneUkwenu:
It is very obvious to an average discerning mind, that jonathan appointed a numbskull and empty brain like himself to man a very strategic economic policy making organ of the government.

Godwin Emefiele is the most incompetent CBN governor to have occupied that post!
This very man saw to the devaluation and deprectiating of the naira from 157 naira to 230 Naira to a dollar within the space of 1 year!!

This man is a disaster to the economy, I think as long as he remains there as the Governor, Nigerian should forget about the word called Change
Buhari Sack him now!



[size=15pt]The Economists Mocks Godwin Emefiele, The CBN Governor:
[/size]


THE ECONOMIST believes it's weird for Nigeria to place a forex ban on toothpick,sardines and 38 other items.


READ: CBN Stops the Sale of Forex for 40 Items [SEE LIST]

CENTRAL bankers may talk in martial terms of defending currencies against bloodthirsty speculators, but they seldom suffer wounds more grievous than a bruising of their egos. They can, however, cause untold harm to economies, as the Central Bank of Nigeria (CBN) is doing in puffing up its exchange rate.

The naira has been hit hard by a fall in the price of oil, Nigeria’s main export. The official exchange rate has slumped by almost 20% over the past year to about 196 naira per dollar. The black market rate, a more accurate gauge, is close to 230. Instead of allowing the naira to devalue, the central bank is trying to defend it by blocking imports. It has drawn up a list of disfavoured goods, and will not grant foreign exchange to import them.

Godwin Emefiele, the governor of the central bank, said he wants to conserve foreign reserves (which have fallen by about a fifth over the past year and now cover only six months of imports) and stimulate local production. “Nigeria cannot attain its true [potential] by simply importing everything,” he said.

The hit list appears to have been drawn up by someone wandering around a home and a building site and randomly pointing at items. It includes Indian incense, toothpicks and wire rods as well as more obvious luxuries such as private jets (demand for which could be slashed by simply barring government officials from flying in them). It also includes basics such as rice and tinned fish. Nigeria does not produce enough of these things to feed itself, but no matter. The nation must be shielded from foreign sardines.

Economists find the policy baffling. Central banks usually prop up their currencies if they are worried about inflation, or allow them to devalue to depress imports and stimulate exports. Nigeria, by contrast, appears to be set on achieving both an uncompetitive exchange rate and higher inflation. Whereas many investors were impressed by the previous CBN governor, Lamido Sanusi, who was sacked for exposing corruption, they fret about the harm being inflicted by the current one. Some wonder which would be worse for Nigeria: allowing him to serve the remaining four years of his term or undermining the independence of the central bank by sacking him.

Culled from The Economist

989900:
The CBN's faulty monetary policies are designed to make the banks rich, and the people poor.

And, this CBN governor is there to make sure of that.

Other countries exchange rates have since appreciated with 'rising oil prices' from $43 earlier this year, to $60-$65 now -- even the Rouble with all the sanctions.

omolami:
Another NORTHERN campaign against the ibos in order to put a northerner in the post. Very soon Buhari will listen without hesitation. Pure northern agenda.period.

NgeneUkwenu:
It is very obvious to an average discerning mind, that jonathan appointed a numbskull and empty brain like himself to man a very strategic economic policy making organ of the government.

Godwin Emefiele is the most incompetent CBN governor to have occupied that post!
This very man saw to the devaluation and deprectiating of the naira from 157 naira to 230 Naira to a dollar within the space of 1 year!!

This man is a disaster to the economy, I think as long as he remains there as the Governor, Nigerian should forget about the word called Change
Buhari Sack him now!



[size=15pt]The Economists Mocks Godwin Emefiele, The CBN Governor:
[/size]


THE ECONOMIST believes it's weird for Nigeria to place a forex ban on toothpick,sardines and 38 other items.


READ: CBN Stops the Sale of Forex for 40 Items [SEE LIST]

CENTRAL bankers may talk in martial terms of defending currencies against bloodthirsty speculators, but they seldom suffer wounds more grievous than a bruising of their egos. They can, however, cause untold harm to economies, as the Central Bank of Nigeria (CBN) is doing in puffing up its exchange rate.

The naira has been hit hard by a fall in the price of oil, Nigeria’s main export. The official exchange rate has slumped by almost 20% over the past year to about 196 naira per dollar. The black market rate, a more accurate gauge, is close to 230. Instead of allowing the naira to devalue, the central bank is trying to defend it by blocking imports. It has drawn up a list of disfavoured goods, and will not grant foreign exchange to import them.

Godwin Emefiele, the governor of the central bank, said he wants to conserve foreign reserves (which have fallen by about a fifth over the past year and now cover only six months of imports) and stimulate local production. “Nigeria cannot attain its true [potential] by simply importing everything,” he said.

The hit list appears to have been drawn up by someone wandering around a home and a building site and randomly pointing at items. It includes Indian incense, toothpicks and wire rods as well as more obvious luxuries such as private jets (demand for which could be slashed by simply barring government officials from flying in them). It also includes basics such as rice and tinned fish. Nigeria does not produce enough of these things to feed itself, but no matter. The nation must be shielded from foreign sardines.

Economists find the policy baffling. Central banks usually prop up their currencies if they are worried about inflation, or allow them to devalue to depress imports and stimulate exports. Nigeria, by contrast, appears to be set on achieving both an uncompetitive exchange rate and higher inflation. Whereas many investors were impressed by the previous CBN governor, Lamido Sanusi, who was sacked for exposing corruption, they fret about the harm being inflicted by the current one. Some wonder which would be worse for Nigeria: allowing him to serve the remaining four years of his term or undermining the independence of the central bank by sacking him.

Culled from The Economist

LeOstrich:


Start planting cocoa.

Every cent you generate can help shore up the naira.

989900:


If only that were the solution.

LeOstrich:


Look at this fool.

The CBN does not generate wealth for the Nation but manages what the country generates.

Since over 90% of forex, which by the way is used to shore the naira, is derived from oil sales and given the fact that oil prices are low and our main market (US) has boycotted our oil, it is thus no brainier to expect our forex reserves will drop.

And coupled with the fact we virtually import everything then it is expected that the naira will be in serious pressure.


But I don't expect you to understand since fools like you are so beclouded with tribal sentiments and igbophobia to see beyond the tribe of the current CBN governor.

Why not ask yourself what you lot have done to increase our export base and reduce our dependence on imports.

If you even had any sense you will know that Buhari's emergence as President was on the behest of western govts which by and large are controlled by private corporations .

Yeast

jieta:
hahahahahahahahahahhahahahah u economist hahahahahahaha

LeOstrich:


So you still hoping on crude prices to rise?

You yeast

NgeneUkwenu:
It is very obvious to an average discerning mind, that jonathan appointed a numbskull and empty brain like himself to man a very strategic economic policy making organ of the government.

Godwin Emefiele is the most incompetent CBN governor to have occupied that post!
This very man saw to the devaluation and deprectiating of the naira from 157 naira to 230 Naira to a dollar within the space of 1 year!!

This man is a disaster to the economy, I think as long as he remains there as the Governor, Nigerian should forget about the word called Change
Buhari Sack him now!

Op you are f00l and a product of a broken condom. Did you ever finish secondary school. ? Economy of a country is managed by executive aim of government ;president and finance minister playing a major role not CBN as you made the gullible ones to believe. this abokis are always diverting the attention of Nigerians from their failure

[size=15pt]The Economists Mocks Godwin Emefiele, The CBN Governor:
[/size]


THE ECONOMIST believes it's weird for Nigeria to place a forex ban on toothpick,sardines and 38 other items.


READ: CBN Stops the Sale of Forex for 40 Items [SEE LIST]

CENTRAL bankers may talk in martial terms of defending currencies against bloodthirsty speculators, but they seldom suffer wounds more grievous than a bruising of their egos. They can, however, cause untold harm to economies, as the Central Bank of Nigeria (CBN) is doing in puffing up its exchange rate.

The naira has been hit hard by a fall in the price of oil, Nigeria’s main export. The official exchange rate has slumped by almost 20% over the past year to about 196 naira per dollar. The black market rate, a more accurate gauge, is close to 230. Instead of allowing the naira to devalue, the central bank is trying to defend it by blocking imports. It has drawn up a list of disfavoured goods, and will not grant foreign exchange to import them.

Godwin Emefiele, the governor of the central bank, said he wants to conserve foreign reserves (which have fallen by about a fifth over the past year and now cover only six months of imports) and stimulate local production. “Nigeria cannot attain its true [potential] by simply importing everything,” he said.

The hit list appears to have been drawn up by someone wandering around a home and a building site and randomly pointing at items. It includes Indian incense, toothpicks and wire rods as well as more obvious luxuries such as private jets (demand for which could be slashed by simply barring government officials from flying in them). It also includes basics such as rice and tinned fish. Nigeria does not produce enough of these things to feed itself, but no matter. The nation must be shielded from foreign sardines.

Economists find the policy baffling. Central banks usually prop up their currencies if they are worried about inflation, or allow them to devalue to depress imports and stimulate exports. Nigeria, by contrast, appears to be set on achieving both an uncompetitive exchange rate and higher inflation. Whereas many investors were impressed by the previous CBN governor, Lamido Sanusi, who was sacked for exposing corruption, they fret about the harm being inflicted by the current one. Some wonder which would be worse for Nigeria: allowing him to serve the remaining four years of his term or undermining the independence of the central bank by sacking him.

Culled from The Economist

NgeneUkwenu:


The man is incompetent, I tell you! As an economist myself, I know what I am saying!

NgeneUkwenu:


The man is incompetent, I tell you! As an economist myself, I know what I am saying!