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The Naira And 10 Questions For Gov. Emefiele. - Business - Nairaland

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The Naira And 10 Questions For Gov. Emefiele. by 989900: 8:39am On Feb 05, 2016
The current situation (helpless slide/depreciation of the Naira), cannot cease to be a big case for worry for those who truly can grasp the enormity of this catastrophe -- impoverishment! Unfortunately, most of do not realize the magnitude of this malady. If the gov't were to increase PMS pump price to N120/litre tomorrow, or reduce minimum wage from N18,000 to N9,000, we would have taken to the streets -- but that's what just basically or 'technically' (Mr. Lai I see you) happened.

In order to keep this as short as possible (avoid writing a book), especially with our "too long can't read" cousins in mind, I'll express my thoughts in form of questions to the CBN governor or those that can help him answer the following (of course we know fall in oil prices and 'yada, yada, yada'):

1. If demand and supply basically control the exchange rate, why is it that, despite the reduction in foreign expenditure from our Nigerian bank accounts from $3,000 daily to averagely $300/day has had no effect in curbing the 'unabated-downward-spiral' of the Naira?

2. Why is the CBN in bed with commercial banks bleeding the people dry? Why would they get dollars at N199 and charge us at N280-N300 (roughly a profit of N100,000 on every $1,000)?!

3. Why is the FG (PMB) and CBN (Gov.Emefiele) abetting arguably the greatest instigator of excess liquidity (the constant substitution of Naira allocations for dollar denominated revenue).
https://www.nairaland.com/844884/solution-fuel-subsidy-wahala-look

Read more at: http://www.vanguardngr.com/2014/08/much-talk-dollar-certificates/

4. Can the CBN Governor kindly explain to us: how going from paying N2.6 trillion for petroleum products subsidy, to paying nothing, to actually making excess of N4 on every litre of PMS sold/bought has had no positive impact in propping the Naira?

5. If we truly enjoy a bit of better power supply than say 1-2 years back, do we still consume the phantom, "imported 40 million litres of PMS/day"? If not, how has this helped, or not helped the demand and supply brouhaha of the Naira vs Dollar hide and seek?

6. If we truly are tackling corruption head-on, and the customs service is doing a better job (checkmating refined products smuggling across our borders and e.t.c.) than 1-2 years back, do we still consume the phantom, "imported 40 million litres of PMS/day"? If not, how has this helped, or not helped the demand and supply brouhaha of the Naira vs Dollar hide and seek?

7. If truly our refineries are working to the recently publicized capacity, do we still consume the phantom, "imported 40 million litres of PMS/day"? If not, how has this helped, or not helped the demand and supply brouhaha of the Naira vs Dollar hide and seek?

8. If the BDCs are being 'dealt with', what alternative positive measures have you Mr. Governor put in place . . .?

9. If you Mr. Governor are no longer getting orders from the present C-in-C to disburse them dollars to them Dasukis, and with the implementation of proper accounting of remittances from NNPC and others, why is it not helping the Naira?

10. Lastly, why would you preach 'agric', but say 'agric' does not need power supply to practice? Duh
undecided
Re: The Naira And 10 Questions For Gov. Emefiele. by Elosky20: 8:41am On Feb 05, 2016
ok
Re: The Naira And 10 Questions For Gov. Emefiele. by Donald3d(m): 8:58am On Feb 05, 2016
omo this one is strong.

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