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Buhari Takes Over Central Bank Naira Management - Bloomberg. - Politics (4) - Nairaland

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Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by patpaul: 6:28am On Jan 30, 2016
coldsummer:
In the bid to clean up the mess by Jonathan and his cronies.

#IneffectualBuffoon


death on arrival!
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by papauju(m): 6:29am On Jan 30, 2016
lionness:
I dont know why we cant just keep printing cash (I mean in a way we are about the ONLY person who knows we are doing this. America does this all the time without anyone knowing...why does Bubu have to watch our economy tank without doing something about it"
dear is not as easy as you think, you don't just wake up and print cash without the world bank approval, and the conditions I know is that you have to devalue your currency
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by patpaul: 6:30am On Jan 30, 2016
coldsummer:
In the bid to clean up the mess by Jonathan and his cronies.

#IneffectualBuffoon

death on arrival!
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by EmtolalaaPRAISE(m): 6:36am On Jan 30, 2016
byrron:


Ok!

Can you now address the issue on board which is " BUHARI TAKES OVER CENTRAL BANK NAIRA MANAGEMENT- BLOOMBERG"

Seriously help me and talk to the Olodo...
When the Buffon was there, Naira wasn't dancing this kinda skelewu style, now they wanna blame GEJ, fools. They knw how to win election even when they are clueless about leading
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by SoNature(m): 6:57am On Jan 30, 2016
lionness:
I dont know why we cant just keep printing cash (I mean in a way we are about the ONLY person who knows we are doing this. America does this all the time without anyone knowing...why does Bubu have to watch our economy tank without doing something about it"

Iti! Olodo! You have no brain at all. You must have failed Economics in school. Smh

1 Like

Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by Nobody: 6:58am On Jan 30, 2016
biafranbaby:
Our current retired dictator has once again ignored the democratic independence of the central bank of federal republic of nigeria and insisted that he is in charge of our monetary policy.

See for yourself.



http://www.bloomberg.com/news/articles/2016-01-29/buhari-blights-nigerian-central-bank-independence-to-save-naira
You are not a Nigerian,so the question is why take pcm on someone elses headache?
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by mansadi(m): 7:03am On Jan 30, 2016
drss:
wetin una expect from a dullard once a dullard always a dullard.

It seems you have been called that so often you have agreed that's what you are. But its surprising how you'll call yourself a dullard, act like a dullard, think like a dullard and broadcast your dullardness. I pity your life. Is buhari a president of Nigeria or that of the few greedy bastards whose only interest is their own pocket and how to further plunder the country's resources. Dullard, use your brain instead of ur ass
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by Yorubasgreat(f): 7:04am On Jan 30, 2016
lionness:
I dont know why we cant just keep printing cash (I mean in a way we are about the ONLY person who knows we are doing this. America does this all the time without anyone knowing...why does Bubu have to watch our economy tank without doing something about it"

When they say devalue, what do u think it means?
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by olajide8(m): 7:10am On Jan 30, 2016
4Play:


This is a breathtaking display of illogic. Devaluation makes imports more expensive and exports cheaper.
At 197 Naira to the dollar, import goods are cheaper than at 305 Naira to the dollar.

YES If you import products worth $1m, you need 197m Naira at the official rate and 305m Naira at the market rate. If you export, the market rate means higher Naira income than the official rate.

It cannot therefore be a rational argument to claim that keeping the Naira at an artificially inflated value is a way to cut imports and move towards a more domestic industry driven economy.

Illogical you say' lipsrsealed let us be truth full to ourselves for once, people purposely import garlic because they want to take advantage of the currency differentials,(semi-legitimately) and in some cases turn bad money good -have you forgotten, theirs what you call balance of trade which is really the determining factor of the value of the naira', that is if we maintain a true floating currency rate.
at the moment, whom are those affected by devaluation "small entrepreneurs", those that go out to import clothes and cars, consumables, not industrialists, that's why the price of dulux paint or imported car lubricants, or drugs like anti-malaria have not gone out of reach - now do you agree with me that the more we export, the higher value and naira compared to the other country' we are exporting too (foreign reserve deposits)- import which takes away the dollar from nigeria's foreign reserve - i.e payment for the said purchases, (what exactly are the small entrepreneurs buying, luxury goods and fashion materials items and things we can actually do in nigeria, or have an alternative) now looking at it from the smallest value you are hinging on, the official rate is N197- once the items you want to import are not on the import prohibition list, all you have to do is apply through your bank In advance showing evidence and you get it- (this helping to manage inflation and keep price of the items at common sense'tistical' levels) also blocking people/nigerian's from making money off trading in currency like BDC's.
Now, look at it from a larger perspective of real money movement, let us look at what the cry for devaluation is causing - the importation of locomotive train heads for the rail sector? Running into millions of dollars, now the Chinese are working on the value based on the black market rate, (meaning more profit for them based on export- import differentials) because we do not export substantially into the Chinese market' imagine what that would do to our loan repayment for this construction? It would increase our repayment/debt profile to them, if we go on- that's just one

Well I too talk - epistle'

4 Likes

Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by petkoffDrake(m): 7:37am On Jan 30, 2016
Progressive01:
Jonathan is an Ineffectual Buffoon - The Economist.(2016)
Oga, what concerns Jonathan here now? Ur as dull as dullard
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by sweetgala(m): 7:42am On Jan 30, 2016
tuale4u:
CBN is an arm of executive. I don't know what you are talking about.
Senate refuse to use TSA because it is operated by CBN. Senate said By law CBN is an arm of the executive.

When Charles soludo wanted to do redenomination of Naira, Yar Adua stopped him

I don't know why they are wailing, unlike the USA, France UK and Germany where the Federal Reserve and Central Banks are controlled by hidden powerful elite which the country is indepbted to in Nigeria, out central bank belongs to the people and is under the supervision of the President and the NASS, as elected by the citizens
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by Jidexfeel(m): 7:46am On Jan 30, 2016
lionness:
I dont know why we cant just keep printing cash (I mean in a way we are about the ONLY person who knows we are doing this. America does this all the time without anyone knowing...why does Bubu have to watch our economy tank without doing something about it"
We dare not do that. If we do, we'll suffer. The middle class and the poor will be greatly and adversely affected. If we print more cash, then the rate of inflation will rise greatly such that people who earn N100,000 will not be able to do anything good with it. This is what will happen when the CBN prints more money. Too much money chasing few goods resulting in abnormally high prices.
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by Kollyman: 7:48am On Jan 30, 2016
There is no big deal in PMB taking over the CBN, he was elected to manage everything about the economy and Nigeria.

If your brothers can't access FX again to do their importation, that doesn't make my president a bad person.

He said "Nigeria FX reserve would no longer be used to import poo any longer".

If not satisfy, use your Biafra currency to import!
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by Stanbeto: 7:59am On Jan 30, 2016
From NNPC to CBN, lets see what will come out of it
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by OrlandoOwoh(m): 7:59am On Jan 30, 2016
lionness:
I dont know why we cant just keep printing cash (I mean in a way we are about the ONLY person who knows we are doing this. America does this all the time without anyone knowing...why does Bubu have to watch our economy tank without doing something about it"
.
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by cckris: 8:15am On Jan 30, 2016
OrlandoOwoh:

Even an SS2 student knows that printing more money would lead to deflation.
Economics F 9[color=#990000][/color]

See the kind of dullards that expect Ngozi to recognise their trash opinions.
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by adconline(m): 8:19am On Jan 30, 2016
Buhari is the president, prosector, police, Judiciary and now CBN governor..
Same GMB who couldn't differentiate between Germany and non-existing West Germany.. Same guy who didn't know the meaning of " inclusive"... Naija is gone with this type of leadership

3 Likes

Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by cckris: 8:24am On Jan 30, 2016
adconline:
Buhari is the president, prosector, police, Judiciary and now CBN governor..
Same GMB who couldn't differentiate between Germany and non-existing West Germany.. Same guy who who didn't know the meaning of " inclusive"... Naija is gone with this type of leadership
Don't interrupt your enemy when he's making mistakes
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by bankylan: 8:34am On Jan 30, 2016
Adminisher:


So you support devaluation. That is very very stupid.
Buhari is not in office because of rich people and traders . He is in office to FORCE CHANGE. NigerIa is the most blessed country on earth. Let us stop importing blindly. Let genuine , creative and resourceful people arise out of this trouble to change the way we do business. Bloomberg does not have more interest in Nigeria than us Nigerians.

The rich and the traders are the ones who run the economy...they are the ones who provide jobs...the rest like u only consume and complain.
You can't do without foreign investors as we are not productive....are u genuine and creative? what products do u offer now?
I work in the financial industry, and it is just very unfortunate that the people who can't manage a bakery are the ones we are depending on to revamp our economy.
Who told u Nigeria is the most blessed nation? If we sell our oil at the current productive capacity, and no kobo is stolen, we still won't be able to generate what a state of California will generate in a year. Our total budget this year is 30.5b dollars and we can't even finance it, California has a budget of 123b dollars. We should stop deceiving ourselves. We all blame govt as if they are aliens.....we are blessed, we can't manufacture a pin, why countries are going to space and doing wonders. it will only take a removal of just one cable for us to be without Internet. Brother, stop the ignorance....

1 Like

Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by bankylan: 8:38am On Jan 30, 2016
adconline:
Buhari is the president, prosector, police, Judiciary and now CBN governor..
Same GMB who couldn't differentiate between Germany and non-existing West Germany.. Same guy who who didn't know the meaning of " inclusive"... Naija is gone with this type of leadership

How can we be stupid as a people to expect a 73 year old Buhari to revamp our economy. Even a dying bakery will not employ him...why should a dying nation?
I think I need to revisit evolution theory!
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by 989900: 8:41am On Jan 30, 2016
Are you ready to pay north of N120/litre for PMS; if you are, are others ready?

And that is just one item. Have you thought about the ripple effect?

I wonder where you guys get the impression: devaluing automatically brings in investors.

A stable government, security, and an enabling environment is what gingers real-long-term investors -- not your fly-by-night investors.

I witnessed retirees in the late 80s with fixed deposits ( which by the way, was all their life savings) have their sweat turned to toilet paper in the blink of an eye; to the advantage of 'foreign investors' who's tangible effect we've not felt even some 30 years on upon devaluation upon devaluation.

Folks with roughly N20,000 ($15-$20,000) had their life earnings reduced in an instant to less than 10% ($1,300).

It was more difficult for retirees and older folks. Some of them professors and e.t.c. had to leave the country with their families, starting all over again -- looking for greener pastures at 60 (greener pastures they didn't fancy at 30)! And those were even the lucky ones!

Wonder why countries in North America and Europe who propose these ideas do not devalue their own currencies that crazily if it is such a good thing even though they are export giants, even though they have a strong competition from currency-manipulating China.

We do not have a multi trillion dollar export economy like China or Japan?

Hell, we don't even have stable power supply, access to loans, infrastructure, anything resembling an enabling environment -- we can't even refine our own fuel -- we spend trillions of Naira importing refined products and we think devaluing like those countries will work for Nigeria? #fixtherefineries #stopimportingrefinedfuel #fixpowersupply

I posted these articles a while back:

https://www.nairaland.com/2630715/how-naira-devaluation-impoverish-nigeria

https://www.nairaland.com/2573929/poison-further-devaluation-naira

The effect naira devaluation will have on Nigeria

In reality, N400=$1 exchange rate will reduce the current minimum wage to less than $50 per month! Thus, a minimum wage earner, may have to work 2×10 hour shifts every day to earn the income required to maintain his old consumption pattern before devaluation, unless he receives a commensurate wage increase! Similarly, all other higher income earners, and their savings, would also lose up to 50 per cent of the dollar value of their incomes, while all equity in the stock market will suffer the same fate if the dollar appreciates to N400=$1. In plain language, we would all be poorer!

So, in essence, naira devaluation was and remains bad news that portends social and economic dislocations and deepening poverty; evidently, our trajectory in the last 30 years bears ample testimony to this reality.

1 Like

Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by Nobody: 10:01am On Jan 30, 2016
lionness:
I dont know why we cant just keep printing cash (I mean in a way we are about the ONLY person who knows we are doing this. America does this all the time without anyone knowing...why does Bubu have to watch our economy tank without doing something about it"

My dear naira is not the problem now because it is everywhere dollar is our main problem believe me.
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by tsdarkside(m): 10:06am On Jan 30, 2016
knostbrown01:


1 dollar will equal to 600 naira if dey devalue it

devalue means: print more nairas!!!

paper is worthless without something with value to back it..!!!...
aka: gold,crude oil,food,silver,etc..................

bros...i am expecting it to become 1 dollar to 1`000 nairas soon...but not that soon,maybe in 5 years,...surely not that fast....

this western-world is suggesting we force it to become 1 dollar to 1`000 nairas now!

do you know what type of shock this will be for nigeria??...

the naira will devalue itself automaticaly,without us forcing it.....
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by Nobody: 10:09am On Jan 30, 2016
I wonder what they do teach all these economists in class because from my findings most of them doesn't understand the basic in management.any sound mind knows that to devalue naira is not the issue rather encourage local production,if it means giving out loans with low interest rate,they should do that. Since IBB devalue naira it has been falling upto now.up PMB 4 standing his ground.
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by tsdarkside(m): 10:17am On Jan 30, 2016
kevinscore:
I wonder what they do teach all these economists in class because from my findings most of them doesn't understand the basic in management.any sound mind knows that to devalue naira is not the issue rather encourage local production,if it means giving out loans with low interest rate,they should do that. Since IBB devalue naira it has been falling upto now.up PMB 4 standing his ground.

dont mind dem..

they dont even understand the simple principles of buy and sell!!!

na dem this wans dey manage our pocket-money,,,,,we are realy messed-up.....
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by Alwaystruth: 10:25am On Jan 30, 2016
Can you spare me this false sermon of Nigeria being the most blessed country on earth?.
How many countries around the world have you visited?. Nigerians and their idiotic and unverifiable quotes.
A country that had sucked the blood of over 5 million people in less than a century and populated with vampires and blood suckers, to you
is the most blessed country in the world. A country that parades the greatest number of poor and pauperised people in the history mankind is most blessed country you have seen and heard of in your tire life. Come out of that deceptive shells of yours and google about more endowed countries in the world..

1 Like

Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by cosade(m): 10:47am On Jan 30, 2016
Adminisher:


So you support devaluation. That is very very stupid.
Buhari is not in office because of rich people and traders . He is in office to FORCE CHANGE. NigerIa is the most blessed country on earth. Let us stop importing blindly. Let genuine , creative and resourceful people arise out of this trouble to change the way we do business. Bloomberg does not have more interest in Nigeria than us Nigerians.

For those that are in support of devaluation of naira, they should answer PMB's question which is "What will Nigeria export more of ?" in order take advantage of the devaluation.

Basic economics I learnt in secondary school taught me that the purpose of currency devaluation, is to make the prices of your products cheaper so as to sell more overseas. We virtually export no products from Nigeria so devaluation would hurt the common man more.
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by Laid2001: 11:00am On Jan 30, 2016
DID'nt the Ineffectual Buffoon take over CBN during his time!

He even removed the governor. The CBN is there to execute in line with the government economic policy. The Treasury in the US does the same.

This government policy is the same with what Malaysia did during the Asian Tiger Crises period. defend your currency value to stimulate local production of as many goods as possible. And your economy will come out strong at the end of the day!.

This government have not technically banned any importation of goods, It only asked for them not to source dollars from CBN. They are free to source FX from parallel market for all those goods. This will make manufacturing those goods in Nigeria more competitive and economical since the imported ones will be far more expensive.
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by segxi1960: 12:09pm On Jan 30, 2016
lionness:
I dont know why we cant just keep printing cash (I mean in a way we are about the ONLY person who knows we are doing this. America does this all the time without anyone knowing...why does Bubu have to watch our economy tank without doing something about it"
because our money is imported and America would know
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by tsdarkside(m): 12:39pm On Jan 30, 2016
airsaylongcon:
1984 all over. When my parents has to queue for essenco. While I do not support devaluation, I think the govt should let the Naira devalue to N250 then defend that value to the death. Buhari means well on this (and I am anti buhari) but seizing reins at d CBN is not the way. During the campaigns Obasanjo said Buhari will be top notch on corruption but clueless about economics. Hate him or love him ebora owu was right


no dont defend it.....it would be too expensive to defend it...just let it...dont interfer..


fact is: the naira will devalue....we buy everything and produce nothing!!!!

this is against the economical rule of buy and sell...
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by blackpriest0911: 12:40pm On Jan 30, 2016
The person that wrote this crap needs his or her head examined
Re: Buhari Takes Over Central Bank Naira Management - Bloomberg. by dannewlife(m): 1:09pm On Jan 30, 2016
I don't listen to our rulers. I just read their body language ! juuote author=tuale4u post=42440104]CBN is an arm of executive. I don't know what you are talking about.
Senate refuse to use TSA because it is operated by CBN. Senate said By the law CBN is an arm of the executive.

When Charles soludo wanted to do redenomination of Naira, Yar Adua stopped him[/quote]

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