barcanista:
We have a new government. No time for blame game


We need action

989900:


Well said.

An average 'working Nigerian' spends roughly N1,000 on imported fuel per day. How many Nigerians spend N30,000/ month on bags, shoes and all those other imported stuffs?

OBJ (after stealing), grew our reserves from $4.8B in 1999 to $43B (while paying our Paris club debt) according to NOI (though OBJ claims otherwise). However, NOI acknowledges Yar' Adua grew it to $62B before GEJ took over.

And now what do we have left? $30B?

Going forward, any half-sane individual would expect progress (say north of $100B), not retrogress while accumulating more debt, though selling oil at the highest average price over the longest period in history!

The stolen/unremitted billions of dollars by this administration+refined petroleum products importation+subsidy racket+forex round tripping between Government and banking establishments is at a minimum, 9 times more responsible for the gluttony of dollars than all other imports put together.

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.

1stola:

Shut da fùck up tripe

Would you rather prefer a numbskull igbo over a competent hausa man that will do the job right?
This ibo guy is a bastąrd crook.
Under 3 days of his appointment, he reintroduced back the ATM charge and a dollar now worth N230 from 157

Sack him immediately!
NgeneUkwenu

LeOstrich:

Try and get sense

1stola:

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.

LeOstrich:

Try use your cowpea brain.

Jorussia:
If pmb sacks him,i believe my Igbo brothers will read different meanings to it.

dunkem21:
Town Criers

..Let's test the popularity of the President and see if he can muscle the loyalty of 2/3 of senate .

..and replace him with another Daura, abi

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

Jorussia:
If pmb sacks him,i believe my Igbo brothers will read different meanings to it.

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!

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.

trillville:


Make hay while the sun shines!
Why didn't we build refineries when nigeria was flooded with money between 2010-2015? How long would it have taken us to build modular refineries. Yaradua already put plans to build three green field refineries before his unfortunate death? Must it be private individuals that build refineries?
If we had refineries that meet our demand would the Naira be depreciating as it is now?

sameer1212:
All I know is that PMB can sack him with out 2/3 approve of the senate and heaven will not fall. Besides GEJ sack Sanusi with out the so call approval of 2/3 of the senate.

Jorussia:
If pmb sacks him,i believe my Igbo brothers will read different meanings to it.

Igbos are not oriented to collectivism and fighting for what is good for the masses or for the nation; they fight only for what isgood for them individually

http://www.igbofocus.com/html/the_igbo_problem_can_be_fixed.html

NgeneUkwenu:


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

Sultannayef:
@NgeneUkwenu.. Are you just naturally stupid or is it artificially inflated? The CBN governor is increasingly trying to prop up Naira.. people like you are still not happy. If he leaves it to devalue further, which I think is the right policy, you'll still complain that Emefiele has gone mad again.. What is wrong with you??

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!

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 .

The economist author never provided an alternative to shoring up the naira but rather hinged his argument against the ban of non essential commodities like Rice, Sardines and toothpicks. The author goes on to mock us as not capable of feeding our selves.

I want you to read on how the then US president, Bill Clinton ruined the Haitian economy by forcing US rice which where banned in Japan and China unto the Haitian market and the devastating impact it caused that nation.

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.

Beremx:
He must be sacked no doubt! That's for sure.