holytribe:
God will see us through this tussle. Yet, am a patriotic Nigerian and I love my country

bushdoc9919:
Thanks Saudi Arabia....see what you have done.

Trying to force the Americans out of the oil business.....by overproducing.

Nigeria should get off oil.

Modified: I see some PDP slaves blaming APC. Make I laff at them.

This is not a defence of APC....for once.Just stating facts.

1.The USA is now buying 3% of our oil...thanks to the production of shale oil.

2.Saudi Arabia is overproducing...so as to force the oil prices down....and force those shale oil companies out of business.

3.As a result...oil fell from $123 in June 2014 to $65 now.

4.Nigeria is not earning enough forex from oil.

5.Our Naira falls in value due to lack of forex.

6.Therefore...Nigeria must diversify from oil....and become industrial.

7.Nothing to do with Buhari. Everything to do with PDP and their corrupt ways for the last 16 years...with nothing left for education and innvoation. Also...our lazy state governors who prefer overspending oil money to innovative economic development.

You can blame Buhari if after two years....Nigeria is still oil dependent.

Adminisher:


It is not partly his fault. It is wholly is fault. You guys go and read your economics books. Anyway the guy is going down. The new government will start releasing details of corruption during his era and an international dragnet will soon be pit in place with the cooperation. When they finish with them if you see governments 1 kobo you won't touch it.

obailala:


[size=13pt]Very dull brains everywhere... Even an idiott knows the steady decline of the naira is due to the previous administration's financial recklessness before the eventual drop in oil prices... It will take a long while before this trend balances and reverses. [/size]

Hakagure:
Any one who thinks Buhari controls the exchange rate lacks and understanding of Economics and History

bushdoc9919:


Thank you.



That is not the subject under discussion....and Boko was still active in the dying days of GEJ's rule.

Obijulius:
Buhari is the epitome of Cluelessness.

Only a Dullar_d will support the old fool. A man who promised to stabilise the international price of crude oil.

Nigeria is in its final days.

obailala:


[size=13pt]Very dull brains everywhere... Even an idiott knows the steady decline of the naira is due to the previous administration's financial recklessness before the eventual drop in oil prices... It will take a long while before this trend balances and reverses. [/size]

illiad:
AND NO ONE IS SCREAMING CLUELESS ANYMORE


NORTH AND SW



TWO PROBLEMS OF NIGERIA

otunsman:
But pdp is no longer in power na.Let's start seeing signs of change from the new party not excuse of pdp 16 years non performance.

illiad:


EXACTLY WAT I EXPECTED TO HEAR FROM MISERABLE PEOPLE WHO KNEW NOTHING ABOUT NATIONAL GOVERNMENT BEYOND MAKING ILLITERATE PROMISES OF CONTROLING INTER OIL PRICE AND MAKIN A DOLLAR EQUAL TO NAIRA


NOW THE WORLD IS SEEING YOUR BRAINLESSNESS

kilokeys:


But now its HYPERACTIVE

gozmok1:
sharaaap if you dont know what comment . Baba dullard must be blamed its part of his promise.

mrfifty:
let buhari equet 1doller to 1nairah.

Obijulius:
Buhari is the epitome of Cluelessness.

Only a Dullar_d will support the old fool. A man who promised to stabilise the international price of crude oil.

Nigeria is in its final days.

danjumakolo:
Fed gvt cannot fund the demand by the bidders to import goods or to send dollars to import raw materials.

The reason is simply the unimaginable dipping of the foreign reserve from over $80b to $29b by GEJ administration.

Let's give GMB the coming years to build the reserve and repair refineries to stop demand of dollars to import refined crude.

bushdoc9919:


You people think that Buhari wouldmagically stabilze everything....when oil prices are still low.

(Or are you still bitter over PDP losing).

If your PDP chaps had at least resuscitated Ajaokuta....and improved power supply so that we could have industries galore.and invested in making the existing universities and polys better...not adding new ones without increasing education funding!..the naira would be in much better health.

After all in the run up to the last election....you people told us how wonderful things were.If they really were....we would not be in this mess.

rati ken:

The summary of Boyo's position is:
Boyo has maintained that the foreign exchange role of the CBN should be de-monoploized which i consider very valid.
We sell our crude in US dollar, why should the CBN single handedly provide equivalent naira to the various ministries and states even for dollar expenditures. Because the states and ministries will go back to the open market to source the dollar equivalents at prices artificially manipulated by the CBN. If CBN provides allocations in equivalent dollars as needed, this will drive up the value of the naira as there will be less demand pressure on the US dollars.

As such the price of PMS in equivalent naira will drop as well as the imported products are purchased in dollars. At an improved naira rate, subsidy rate will be greatly minimised or even disappear depending on the strenght of the naira.

In a more simpler terms, a lot of factors influence our foreign exchange rates, overr and above the place of our economy, the demand of a particular currency drive up the exchange rate. CBN creates artificial scarcity by providing funds/ allocations to various parastatals and states in naira rather than in dollars which is the actual currency on which our revenue is derived. If we eliminate this artificial scarcity by providing funds in dollars, we can get our exchange rate down to 1$ = 110 naira (my assumption)

duni04:
I totally agree with the CBNs policy on forex controls. If those beureau de change people like, let them sell a dollar at N300 naira. [s]The alternative market or black market in Nigeria constitutes about 1% of currency trading in Nigeria. It's ridiculous for people to assume demand in the black market is representative of the entire forex market. If you want dollars for legitimate reasons, go to the bank and fill out the paperwork.[/s]
The only problem with this is the ease of carrying out forex transactions with banks. The CBN should streamline this process and make it easier. But to cave In to those dubious blackmarketers and speculators and devalue the naira again? Mba!!!

Evaromantik:
Poor and selfish Nation.......despite all the oils u are drilling from Biafraland,u are still poor and retched ooh Nigeria.......unless u let Biafra go,u will remain poor and slave forever

bushdoc9919:


While that was bad and wrong...the real reason is that the basis for that foreign reserve is tenuous.

For us to have a healthy reserve....we need oil to be at $123 per barrel AT LEAST.(Russia needs it at $100 per barrel).

That era is now over.