belzabull:
Does daftness come to you naturally or you you learnt it from your father?

Go to HELL!
Fûcking asshóle!

Daughter of a drunkąrd old foól father and a whòre mother.

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.

are they up to 2/3?

1stola:

Go to HELL mummy!
Fûcking asshóle mother!

u ar a Daughter of a drunkąrd old foól father. I hate my foolish and a whòre mother.

Not a nice way to address your mum, not nice at all

freshdude99:

Bro I didn't notice nothing, pls name those countries for me and not only that, tell me if they are solely dependent on just one commodity"oil" or they are partially diversify economy I.e manufacturing. I will be glad to learn If u give me such facts and figures

Go to http://www.x-rates.com

search oil producing countries such as Qatar, Kuwait, United Arab Emirates. You will find out that these countries have remained mostly unaffected by the recent fall in oil prices. Do your research yourself, I am not getting paid to teach.

belzabull:
My mother is a whòre
My father is a drunkąrd old foól
I'm a sheMĂLE child of a whòre from Aluu community of Biafra

Not a nice way to address your whòre mother and your drunkąrd old foól father , not nice at all.

NgeneUkwenu:


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

I don laff die

The problem with Nigerian Economy is not about not about naira evaluation or devaluation but been able to produce much needed exportable products.

over reliance on Crude oil export is killing our economy. Today we import virtually everything include toothpick yet some people still want naira to be at per with the dollar, impossible!

Do you know that 1,113 Korean Won is equal USA$1. yet the Korean economy is the 13th in the world and they are enjoying because it is an export oriented economy. Economy and Development has nothing to do with the exchange rate but what we have to produce (innovation) and Exportable goods and services.

imhotep:

Because he is not from the 1mbecilic North

akunyili was not from imbecillic north o and we all rallied round her until she started stealing,same for okereke onyuike and ngozi(first coming),soludo included.we also tackled stupid yoruba ministers and governors so what the Bleep are you griping about

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

There is nothing like Igbo this and that here, if the man can not handle the heat, he should be sacked. Period.

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.

Only silly ,immature and those who haven't gone around the country/the world people view everything from ethnic angle. Please move around and mix up with folks from different background, that way can you only grow up from your useless mindset and that will show you are matured. Am not a northerner for your records.

Only silly ,immature and those who haven't gone around the country/the world people view everything from ethnic angle. Please move around and mix up with folks from different background, that way can you only grow up from your useless mindset and that will show you are matured. Am not a northerner for your records.

1stola:

Go to HELL!
Fûcking asshóle!

Daughter of a drunkąrd old foól father and a whòre mother.

You still being allowed to post here shows how bias nairaland is.

I have been banned for stating that Yorubas will be left out in a Buhari govt but here you are displaying your delinquent omota upbringing.

Seun this your forum won't last long. The only thing that is keeping you afloat is posters like us who check the foolishness of your APC Janjawiids. Once we stop patronizing your site watch how the debate will reduce to shilling.

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.

More like western agenda against Nigeria

The IMF and World Bank are flustered, and want to attack the CBN , The Economist is a western tool to sway the reasoning of suits on wall street.


Buhari need to keep the man in there. Appease the Igbo if for nothing, if he touches him that would be the end of it.

CBN need to evalute what need to banned, maybe shore up importation of vehicles fees , increase VAT on spare parts , etc

The article by the Economist is surprising. It's not only shabby, but seems somewhat 'influenced' by factors other than purely economic ones In Nigeria's best interest

I am a keen advocate for leaving market forces to determine the Naira value. This will make our economy more competitive in the long run by attracting foreign investment and encouraging local production. It will also discourage the rent seeking culture prevalent as of today. I see why international investors clamour for 'devaluation' as this gives them more for their buck and reduce investment risk

However, finding fault in a policy that seeks to prohibit importation of toothpicks smacks of folly. Singing the praise to heaven of a former cbn chief who oversaw the squandering of our foreign reserves in a desperate, Illadvised effort to defend the Naira and keep inflation within single digits is mischievous.

The current cbn governor has done the right thing. My wonder is how it has taken our policy makers this long to come to

LeOstrich:


You still being allowed to post here shows how bias nairaland is.

I have been banned for stating that Yorubas will be left out in a Buhari govt but here you are displaying your delinquent omota upbringing.

Seun this your forum won't last long. The only thing that is keeping you afloat is posters like us who check the foolishness of your APC Janjawiids. Once we stop patronizing your site watch how the debate will reduce to shilling.

Tone down the self. Little. Might do you some good

grandstar:


what is wrong with devaluing the currency? Cant you see that the black market rate is 230 which is truer gauge

There is nothing wrong with devaluation. It is a corrective measure, it makes imports more expensive thereby reducing demand for forex

At the same time, it makes your goods more competitive encouraging exports which hep to eventually strengthen the currency again

We are still saying the same thing. Read my comment slowly.

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??

Don't mind the ignoramus.

Whetehr they like it or not,Godwin Emefiele will stay as CBN governor beyond the term of mallam Buhari of west Germany and THERE'S NOTHING the bigots can do about it

trillville:


Kaboninc my man, what you do not understand is that nigeria is in deep Shiit because of ex president Jonathan. The damage has already been done by Goodluck.

Loooooooooooooooooooollll....

My brother, you analysis get as e be oh. I'll take them one by one. Legooo!

Godwin and Buhari are grasping at straws trying to save the Naira, Are they going to succeed? Nobody knows. The unintended consequences of Buharinomics such as hoarding of foodstuff by sellers may occur again.

What we need from your Buhari is an economic policy direction. A policy direction in the petroleum industry, in the power industry, in the stomach industry, in the agricultural industry, in the financial industry, in the industryyyyyyyyyyy oga. Help us ask him when he intends to unveil his economic poooriiiccciii.

Do you start studying for an examination in the middle of the exam. We are already in a currency crisis. This crisis will continue until global supply of crude oil diminishes or global demand for crude oil grows. The earliest foreseeable date as at now is 2019. This is how long this crisis may continue for.

Firstly, what led to the crash in prices of crude oil? One major cause is discovering in self sufficiency levels shale oil in US. Another is Saudi's insistence of not reducing oil output quota ostensibly to "punish" the US. Since the OPEC cartel refuses to reduce oil supply quantities, but rather, pump in more oil into the market, the resultant effect is to make the business "unattractive" for new ventures, exploration and production.

However, what are the consequences? Shortened cash calls due to low oil prices, reduced investment in exploration activities. Reduced rig counts, abandoned oil wells in the US leading to gradual focus for demand outside the US. Demand increases worldwide and oil prices rebound. Would that take up to 2019....nope. Why? Because there is an increasing need for energy, most especially gas, and gas in Nigeria is in abundance! In summary, oil prices will not sell around today's value of 63 USD per barrel in 2019. It will be over a 100.

How low will the Naira go? 300 Naira per dollar, 400 Naira per dollar? no one knows.

Probably you did not read my piece. The rates you're brandishing are black market rates. An objective question would be what is the effect of the unregulated black market in today's Nigerian FX market? What is the value of FX (USD) traded via the black market compared to the officially recognized window (interbank window)?

How many major importers or exporters use the black market for their legitimate business? Which of the corporations, conglomerates, large industrial companies, IOCs use the black market to meet their FX obligations? If you can name 1........(Trillvill Corp.)

The black market was supposed to carter for small FX transactions like medical fees, school fees, travel allowances but some Nigerians have abused it so much that it now operates as another 'window' of sourcing large quantities of FX. No country with national interest at heart allows that. All countries pursues national interests; interests that are beneficial to the growth and development of their economy.

The current exchange rate, is around 197 to the dollar. And I must tell you, you have no idea behind the rationale of devaluing the currency.

Nigeria is in trouble, the type of trouble it hasn't faced in 30 years, trouble as a result of poor the leadership of Goodluck Jonathan.

The appropriate term should be that Nigeria has a cash call problem due to low revenue. You do not know much about basic business operations. I hate it when you accuse Goodluck Jonathan. One thing you always fail to remember is that this same Goodluck Jonathan pursued the drive for diversification with so much vigour that there is reduced pressure on the naira due to reduce importation of rice. Nigeria got to a self sufficient state in cement also taking away substantial fx demands. He also focused on automobile industry, creating enabling environment for manufacturers to come in, the same happened in the sugar and cassava. Then the drive for indigenous participation in the petroleum industry.

You seriously do not know what you're talking about.

If our refineries are truly fixed and we can produce about half of our local demand for petrol, this may help to stabilise the Naira.

Jonathan led the drive to fix our refineries. Not your Buhari as one of your comrade in confusion, PassingSho.t, abi Drop.Shot erroneously theft the glory to Mr. Buhari.

LeOstrich:


You still being allowed to post here shows how bias nairaland is.

I have been banned for stating that Yorubas will be left out in a Buhari govt but here you are displaying your delinquent omota upbringing.

Seun this your forum won't last long. The only thing that is keeping you afloat is posters like us who check the foolishness of your APC Janjawiids. Once we stop patronizing your site watch how the debate will reduce to shilling.

Shut da fùck up tripe.
Wailing wailer

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??

I've seen for months how senseless this NgeneUkwuenu is and I just concluded she/he is somewhere in the psychiatry

freshdude99:
[s]Just imagine wat a southerner or better still a southeastner is saying [/s]

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

That transgender idiotic imbe.cile is never from the ss/se

You the competent one is a nobody while the incompetent one is the CBN Governor......Clap for yourself .

NgeneUkwenu:


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

"When it comes to BIAFRA, the Yorubas and Hausa/Fulanis are the WORST hypocrites..

They bitterly hate the Igbos and indeed the southern minorities and would want them to leave Lagos etc and go stay in their own country!

But in contradiction to their true feelings, they don't want Biafra because they want to perpetuate their right to collect the lion share of the oil resources sourced from the same peoples land, using the bogus criteria they foisted on the country called Nigeria.

Without oil in Igboland and Southern minorities part of Nigeria, Yoruba and Hausa/Fulani would have long seceded from Nigeria. FACT!

I know just like me, many of our people are not 100% convinced Biafra is the answer, while many others already are.

Therefore, we should agitate for a UN sponsored referendum on the Biafra issue .
Northern Ireland fought the British for 30 years for the independence of Northern Ireland, but the referendum proved that majority of the people wanted to stay in the UK. Likewise, the South Sudan's referendum proved majority of South Sudanese wanted to be in their own country.

Therefore, a United Nations sponsored referendum should be the demand to see if majority of our people support independence or to stay in Nigeria."- Oremi22 NLander

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.

Thank you very much for this. A lot of us are very ignorant. And surprisingly, @NgeneUkwuenu claims to be an economist. I hope he was joking.

trillville:


It did not start with the fall in oil prices, it started with our failure to save money when oil was over 100 dollars per barrel. The effects of this situation could have been drastically reduced if we had a sensible government in place in the last 5 years.

D clothe don already tear finish, na cold wey dey catch you, naim you dey feel now.

We all failed as a country to save, we cant all absolve ourselves of blame, right from the oil boom of the 70s, we got it wrong and are still getting it wrong now... since we are so divided along party and ethnic lines and cant really hold politicians accountable. For now, what has happened has happened, looking back wont solve anything.... we're not finished yet, let us start holding government accountable and start critically assessing everything and creating awareness instead of them versus us kind of statements.
if this country sinks, its us that will be left behind, the political class will abscond with their loot

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

trillville:


Go to http://www.x-rates.com

search oil producing countries such as Qatar, Kuwait, United Arab Emirates. You will find out that these countries have remained mostly unaffected by the recent fall in oil prices. Do your research yourself, I am not getting paid to teach.

Pride!
Well with the little u just said above shows ur brain not only lack facts but also content.
The countries u just listed above were the main drivers of the fall in oil prices bcz with the help of America, they produced beyond the agreed quota of opec and flooded the market which led to the fall in oil prices. Then the west went ahead to boycott our oil in international markets. It's not rocket science Mr teacher, it's a calculated attempts to finish our economy by the west for challenging them in the anti gay bill + our recent romance with Chinese. So please hold ur teaching bcz its useless to me and lacks content and facts

kaboninc:


Loooooooooooooooooooollll....

My brother, you analysis get as e be oh. I'll take them one by one. Legooo!



What we need from your Buhari is an economic policy direction. A policy direction in the petroleum industry, in the power industry, in the stomach industry, in the agricultural industry, in the financial industry, in the industryyyyyyyyyyy oga. Help us ask him when he intends to unveil his economic poooriiiccciii.



Firstly, what led to the crash in prices of crude oil? One major cause is discovering in self sufficiency levels shale oil in US. Another is Saudi's insistence of not reducing oil output quota ostensibly to "punish" the US. Since the OPEC cartel refuses to reduce oil supply quantities, but rather, pump in more oil into the market, the resultant effect is to make the business "unattractive" for new ventures, exploration and production.

However, what are the consequences? Shortened cash calls due to low oil prices, reduced investment in exploration activities. Reduced rig counts, abandoned oil wells in the US leading to gradual focus for demand outside the US. Demand increases worldwide and oil prices rebound. Would that take up to 2019....nope. Why? Because there is an increasing need for energy, most especially gas, and gas in Nigeria is in abundance! In summary, oil prices will not sell around today's value of 63 USD per barrel in 2019. It will be over a 100.



Probably you did not read my piece. The rates you're brandishing are black market rates. An objective question would be what is the effect of the unregulated black market in today's Nigerian FX market? What is the value of FX (USD) traded via the black market compared to the officially recognized window (interbank window)?

How many major importers or exporters use the black market for their legitimate business? Which of the corporations, conglomerates, large industrial companies, IOCs use the black market to meet their FX obligations? If you can name 1........(Trillvill Corp.)

The black market was supposed to carter for small FX transactions like medical fees, school fees, travel allowances but some Nigerians have abused it so much that it now operates as another 'window' of sourcing large quantities of FX. No country with national interest at heart allows that. All countries pursues national interests; interests that are beneficial to the growth and development of their economy.

The current exchange rate, is around 197 to the dollar. And I must tell you, you have no idea behind the rationale of devaluing the currency.



The appropriate term should be that Nigeria has a cash call problem due to low revenue. You do not know much about basic business operations. I hate it when you accuse Goodluck Jonathan. One thing you always fail to remember is that this same Goodluck Jonathan pursued the drive for diversification with so much vigour that there is reduced pressure on the naira due to reduce importation of rice. Nigeria got to a self sufficient state in cement also taking away substantial fx demands. He also focused on automobile industry, creating enabling environment for manufacturers to come in, the same happened in the sugar and cassava. Then the drive for indigenous participation in the petroleum industry.

You seriously do not know what you're talking about.



Jonathan led the drive to fix our refineries. Not your Buhari as one of your comrade in confusion, PassingSho.t, abi Drop.Shot erroneously theft the glory to Mr. Buhari.

When the Naira's official rate falls over 230 this year, do not blame Buhari. Know that it was Jonathan's actions or inactions that has led to it.

If the Naira falls beyond 300 per dollar before the end of next year, do not call me a wizard, and know that it is still Jonathan's policies that have led to the devaluation and not the CBN governor or Buhari.

Prices of raw materials for a business tends to fall as more people go into the business. This is as a result of economies of scales. The raw material producer can manufacture in bulk save cost, hence making equipment cheaper. The cost of Fracking is bound to get cheaper with time. This will enable drillers to make a profit at prices lower than what is obtainable now.

The problem me and you have is that you think about the present and you lack foresight to see what is coming in your horizon. You are a draft player. I on the other hand, I'm a chess player, I see things well into the future, hence I see disaster long before it happens. Take the exchange rate for example. I have no interest in the artificial rate set by the CBN, I am more interested in the rate as a result of demand and supply (the black market rate). For you to bring up this as an issue just shows me how shallow your thought process is. I have assumed all along that you are a university graduate but I am starting to have my doubts now.

Ever since the CBN governor suggested that we should sell the Niger Delta oil reserves to foreign companies to fund our economy now, I haven't been able to trust him.
With Nigeria's current corruption rate it would have been madness! He would be selling out the future of Nigeria to a few high ranking politicians.
Some of his policies of the late have not seem advisable and I also believe he should be replaced. I don't care who he is replaced with or what tribe he of she is from, I just want that person to be competent.

dragon2:
It seems as though many have short memories. Many people say the previous Administration did not manage the oil boom properly,that is a flat out lie. We seem to forget quickly how Madam O.Iweala constantly fought the senate and house to keep the benchmark price of fuel in the budget low during the good days,while the senate and house kept demanding higher benchmarks. They fought her to a standstill over ECA and low budget crude benchmarks.

www.xclusivenigeria.com/index.php/component/k2/item/2220-by-abdullahi-m-seidu-falling-oil-prices-the-raining-day-is-here

www.vanguardngr.com/2012/10/budget-sanusi-okonjo-iweala-insists-on-75-per-barrel-oil-price-benchmark/

Many seem to also forget that after warring against the House of Assembly over the ECA the Governors came in warring her over consumption of money saved in the ECA. Every step of the way interested parties wanted to eat the money she was trying to save for the country.

www.pointblanknews.com/pbn/articles-opinions/the-rumoured-5-billion-eca-withdrawal-and-selective-amnesia-by-sylvester-okoro/

For the confused ECA means excess crude account. This the account for the boom days in crude oil prices.Notice: EXCESS.

If we have no money today blame the Governors and the HOR.

And she didn't resign? go and hide!!

dragon2:
It seems as though many have short memories. Many people say the previous Administration did not manage the oil boom properly,that is a flat out lie. We seem to forget quickly how Madam O.Iweala constantly fought the senate and house to keep the benchmark price of fuel in the budget low during the good days,while the senate and house kept demanding higher benchmarks. They fought her to a standstill over ECA and low budget crude benchmarks.

www.xclusivenigeria.com/index.php/component/k2/item/2220-by-abdullahi-m-seidu-falling-oil-prices-the-raining-day-is-here

www.vanguardngr.com/2012/10/budget-sanusi-okonjo-iweala-insists-on-75-per-barrel-oil-price-benchmark/

Many seem to also forget that after warring against the House of Assembly over the ECA the Governors came in warring her over consumption of money saved in the ECA. Every step of the way interested parties wanted to eat the money she was trying to save for the country.

www.pointblanknews.com/pbn/articles-opinions/the-rumoured-5-billion-eca-withdrawal-and-selective-amnesia-by-sylvester-okoro/

For the confused ECA means excess crude account. This the account for the boom days in crude oil prices.Notice: EXCESS.

If we have no money today blame the Governors and the HOR.

And she didn't resign? hide bro!!

myproperty:


I had thought you were giving us a honest review, but it is obvious who you are not an economist and you don't relate policies with what is really happening in the country and the world at large.
It is a known fact that there are limits of currency withdrawal from ATM's in every country, But a country does not fix limits on ATM withdrawal issued from another country. Greece had fix a daily limit of $66/60euro on ATM withdrawals (http://www.usnews.com/news/business/articles/2015/06/28/the-latest-greece-wants-ecb-to-keep-giving-emergency-help). Every country looks at her peculiar problem and fix limits. In Nigeria the rate of ATM frauds is too high to the extent that if there is no limit ones account could be wipe out entirely, fixing a limit reduces the risk of someone loosing all his money from ATM. Mind you fixing limits does not stop you from doing your financial transaction because you can do transfers from your ATM. Don't also forget that the country is moving towards a cashless economy and because of that ATM limits must be set.

Secondly, you criticized the devaluation of the Naira. What type of economist are you? are you an economist that does not relate financial policies with the occurrences in the business world vis-a-vis your country? The price of oil dropped drastically and it affected all oil producing countries with the most devastating effect on Russia and Venezuela and other oil producing countries that depend solely on Oil. Countries like UAE and Saudi Arabia where able to shield the effect better than must other countries because they make a very high income from tourism and other sources of income and also because the fix their exchange rate....http://www.zerohedge.com/news/2014-11-15/oil-producing-countries-currencies-are-getting-crushed ; http://www.cnbc.com/id/102284853 .

Thirdly, you also condemn the CBN Forex policy on some products like toothpick ,rice e.t.c. Don't you know that the country had gained so much ground on Rice production and the resuscitation of the textile industries during the tenure of GEJ and such gains should be sustained and by this Forex policy coupled with the current financial reality affecting the country's foreign income don't you think it is the best for Nigeria and its a good move to protect our local industry?.

Please get your facts right before criticizing.

The mumu is an importer what do you expect?