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

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

ok

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

It appears true

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

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

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

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.

Because he's ibo abi?? And must be replaced with hausa fulani bokoharam abi God de watch all of una....

@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??

Better

This is pure NORTHERN agenda to have there own replace the cbn governor. Shame and foolish

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

He should be replaced by another competent Igbo man/woman, if that will calm nerves! All I know is that, the empty skull should be sacked! Enough is Enough!

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!

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.

Here is a contemporary example of how this works: under Bill Clinton, Haiti’s leaders were pressured to reduce the country’s longstanding tariffs on imported food (including rice) from 50 percent to about 3 percent. The United States then began dumping cheap, taxpayer-subsidized surplus rice on the Haitian market, ostensibly for humanitarian reasons, but actually so that it could dispose of an otherwise unsellable product.

Clinton’s policy was brilliant and double-edged. The Haitian politician who had to approve it was none other than the overthrown Jean-Bertrand Aristide, arguably the first freely elected president of Haiti. Aristide had been ousted in 1991, less than a year after his election, while George H.W. Bush (Papa Bush) looked the other way. Doubtless in return for Aristide’s acceptance of the lower tariff, as well as for other promises made, Clinton returned him to power. But once back in the National Palace, Aristide saw his authority undermined by the havoc and unrest that this very policy was causing in the countryside. The cheaper US rice undercut and effectively destroyed Haitian rice farming. A country that was largely self-sufficient in this staple in the 1980s was importing 80 percent of its rice by 2012.

So if Haiti can no longer feed itself, is this because it is a failed state? Haitians have rarely been fat, but the food crisis and food dependency began when weak Haitian leaders agreed to open the country’s markets to predatory global forces. This is the ugly face of “free trade.”

The crisis in rice farming also initiated a huge flow of rural people to the capital, because rice cultivators and their families could no longer survive in the countryside. The resulting overpopulation of the capital was a factor in the large number of people killed in the 2010 earthquake. After the quake, Clinton—by then the UN special envoy to Haiti, helping to run the reconstruction effort—apologized to the Haitian people. “It may have been good for some of my farmers in Arkansas, but it has not worked. It was a mistake,” he told the Senate Foreign Relations Committee in 2010. “I have to live every day with the consequences of the lost capacity to produce a rice crop in Haiti to feed those people because of what I did; nobody else.” He has called the policy a “devil’s bargain.” Nonetheless, imports of subsidized American rice only increased after the earthquake. Haiti imports as much as 50 percent of its food now, mostly from the United States. Today, Haiti is the second-biggest importer of US rice in the world.

NgeneUkwenu:


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

hahahahahahahahahahhahahahah u economist hahahahahahaha

NgeneUkwenu:


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

fixed

NgeneUkwenu:


He should be replaced by another competent Igbo man/woman, if that will calm nerves! All I know is that, the empty skull should be sacked! Enough is Enough!

Also, there is a constitutional impediment that may prevent pmb from sacking him. pmb can only sack him by sending such request to the senate who will then pass a resolution to that effect.APC senators must close ranks for Godwin emefiele to be pushed out.

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

Go and sack him na, is it not the same you and the other hermaphrodite that insisted that Jonathan has no power to sack Sanusi.


Hypocrites.

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!

Because he is not from the 1mbecilic North

Jorussia:
Also, there is a constitutional impediment that may prevent pmb from sacking him. pmb can only sack him by sending such request to the senate who will then pass a resolution to that effect.APC senators must close ranks for Godwin emefiele to be pushed out.

APC can never muster such strength friend.

Op...Obviously ur definition of competence must b of DAURA standard.

Just look at the piece u wrote...so empty and shallow.

And u want pple to take u serious

We can no longer CONSUME WHAT WE CANNOT PRODUCE....It worked well for the chinese.

Did u just say the ECONOMIST??u mean the pple dat want to make Nigeria a DUMPING SIGHT??

Common.....u shud b smarter.

Now



Get a life and get it quickly.

PhockPhockMan:

Go and sack him na, is it not the same you and the other hermaphrodite that insisted that Jonathan has no power to sack Sanusi.


Hypocrites.

are you seeing what I'm seeing.

[size=18pt]The sophisticated Yorubanese should as a matter of urgency restart their cocoa plantation economy to shore the useless Nigerian naira because sooner or later this fraud will come to an end and with it will be an end of free petrodollars.

I don't know why you people are so full of hate.

The current CBN governor is a seasoned, tested and trusted economist who was prior to his appointment an executive professional in the banking sector.

Why can't you people rise above your petty jealous ethnic sentiments?

Sanusi who you dolts continue to ride his dik was not in any way qualified to occupy the office of the CBN governor and his legacy broke the hegenomy you guys once enjoyed in the banking sector.

For how can we explain a situation where Unity Bank formerly Bank of the north was more viable than Intercontinental Bank? The useless Sanusi reduced Wema bank to a regional bank but left Unity Bank and even fought vigourisly for Jaiz bank.

The situation today is that most of your people lost interests and lucrative jobs in the banking sector and you foolish slaves still ride sanusi's dik till thy kingdom come.

When i call you people Slaves tomorow some idiota will ban me.


[/size]

PhockPhockMan:

Go and sack him na, is it not the same you and the other hermaphrodite that insisted that Jonathan has no power to sack Sanusi.


Hypocrites.

So you still believe I am male disguising as female? You are sick!

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

Do you mind that hermaphrodite who claims to be an economist.

PhockPhockMan:

APC can never muster such strength friend.

what do you mean by never? Anyway, pmb can use the method GEJ used and heavens will not fall.Gej sacked Sanusi when his tenure was yet to elapse,he replaced him with an Igbo man.Pmb can also sack Godwin emefiele,and also replace him with an Hausa man,and nothing will happen.

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

26th April, 2015

On the 13th of April this year, the Central Bank of Nigeria, CBN circulated a notice that “with immediate effect,” the withdrawal limit from Naira debit cards abroad will be reduced to $300/day to a total of $50,000/year from where it stood at thrice that: $900/day and $150,000/year.

This order by the CBN was a result of a meeting of the Bankers Committee just a week prior. I repeat that; “just a week prior.”

In attendance at that meeting were bankers, one of whom spoke at the April 13th press briefing. Union Bank Managing Director/Chief Executive, Mr. Emeka Emuwa said, “We realise that people were using the cards in a manner they were not expected to use them. There were some arbitrage going on, and in order to continue to support the stability in the foreign exchange market. So it was agreed at the committee that the limit would be reduced for the use of the naira debit cards. You will still have, as a customer, unfettered access to your dollar account (cards) but for the naira cards, the limit will be reduced to a judicious level.”

It is unbelievable!

No country in the world drives its people like slaves as these.

No responsible country in the world imposes such withdrawal limits on its citizenry and never with such notice…“with immediate effect from the date of announcement, and just one week after a so-called decision making meeting of the slave drivers.”

Were the people, clients, also invited to attend and come to the decision and conclusion the bankers and CBN arrived at? We know we had no representative.

Were the so-called arbitrageurs to blame for the fall in the dollar as the bankers accused us or was it the PDP presidential campaign billions of dollars rain to all and sundry including OPC and MASOB that led to a crash in naira?

Did the CBN and bankers have the right to make such sudden and drastic cut if at all, and not a gradual one – if at all – in respect of citizen rights?

What other factors are to blame for the instability in the forex market? What role does money laundering and authorized carting of millions of dollars in suitcases to South Africa for instance, have to play in it? Why are these other factors not sternly and whimsically addressed by Godwin, including the withdrawal of sums as large as $9.3 million dollars in suitcases (which is meant to be impossible under CBN rules?). Why must the masses suffer always for crimes of the immunity and life-pension seeking, constitution re-writing-for-personal-gain, cabal?

As Mr. Godwin from the infamous Zenith Bank was appointed CBN chair, we warned of the additional changes to be expected as a Bankers’ man replaced another Bankers’ man. We said then that we can expect more policies in favor of the banks and to the death of the people. [See: A Banks Man: Expect Higher Charges with Godwin Emefiele as New CBN Gov-ENDS.ng, 21st Feb 2014]

As though the mentioned pre-existing extensive list of Nigeria-unique extortive charges our banks are authorized to make, extorting us like slaves, was not enough, at every meeting these vampires conjure-up other means of ripping the people off and frustrating our meager existences: withdrawal limits, cash transaction limits, charges to receive bank texts, charges to transfer, COT, charges to receive, charges to replace ATM cards. The list goes on and on.

Abroad you are charged nothing, zilch to keep your money in the bank. In fact you get perks per every transaction you make, it is called “REWARDS,” the banks are happy to have your money and handle your business so they reward you. But this is not so in Nigeria where blood-sucking banshees connive to rip Nigerians off at every turn as supported by inebriated government officials most interested in receiving payment for life for the nothing that they do other than the thuggery and  terror they promote.

One day we will eat them.

Jorussia:
what do you mean by never? Anyway, pmb can use the method GEJ used and heavens will not fall.Gej sacked Sanusi when his tenure was yet to elapse,he replaced him with an Igbo man.Pmb can also sack Godwin emefiele,and also replace him with an Hausa man,and nothing will happen.

You this Naval Korofo again?

I am very sure you are on guard duty as you post this crap.

Go school you no gree. Get hand work you no gree. Learn trade you no gree but here you are posting from your Chinco Internet enabled phone.

Pls you will save yourself enough embarrassment by stop posting here.

Fool

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

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

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

Beremx:
So you still believe I am male disguising as female? You are sick!

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