₦airaland Forum

grandstar:
First, he banned 41 products from getting forex from the CBN. This forced the importers to turn to the black market causing the naira to depreciate heavily there


Then he refused to depreciate the naira despite strong evidence to do so. This is why the naira keeps losing value at the black market.

JP Morgan delisting was a vote of no confidence on Buharinomics


He is a genuinely honest guy but his economics sucks

I don't understand you.

If the CBN governor under GEJ's post 2015 government did not put restrictions on forex, the fate of naira would have gone potentially worse.

There is nothing GEJ or any human being would have done to fix the fundamental problem which is how to replace the forex we earn from high crude prices.

chinchum:
Have you any thought, Nigeria could run out of Forex, this happened in Venezuela. Venezuela is an oil rich economy like Nigeria, but their economy is in tatters at the moment. Nigeria's foreign reserve is currently at 27 billion usd, and fast depleting., it was close to 70 billion usd at some point in time, we are now at a 11 year low of our nations foreign reserve.
Don't be too moved by what the bretton woods institutions wants Nigeria to do, or even what bretton woods trained individuals think we should do with Naira. We all knew the aftermath of the devaluation of Naira in the early 90's. We are virtually not exporting anything tangible apart from crude oil (90% of exports), the middle class increasing in population means taste for imported goods is increasing, something must give way for us to stay afloat. What is the essence of devalueing your currency, when you are only exporting commodities like oil,and cocoa that the prices are sinking?

By how much should Naira be devalued? How did you arrive at N230? why not N280 or N300?

J.p morgan problem with Nigeria started with GEJ not buhari, although we were delisted in sept. 2015, they had since january 2015 issued threats .

Venezuela is running out of forex because its economic policies are more quacker than Nigeria.

If the exchange rate is properly priced (which at present it is not), the country can never ever run out of forex.

This is not the first time the price of oil is around $20. It was like that before yet people even used to receive their Western Union in dollars.

Buhari's incompetent handling of crisis is annoying.

Devaluations are not only done to boost exports

Devaluations at times is like inflation. If a product is supposed to rise to 120 from 100, and the government commands it should not, a scarcity will appear because sellers will not sell at a loss. Yes, the N20 increase may not be liked, but the alternative is worse.

Buhari's refusal to devalue has sent the naira crashing to 323 at the black mrket! How dumb