wirinet:


I read your link, and no where did it say that the CBN banned the dollar. It was reporting on the new forex policy and the views of stakeholders.

I will quote relevant parts of the article;


I do not get the place where you got the information that Emefiele banned dollar deposits not to talk of the said ban is responsible for the falling value of the naira 6 months later.

d guy deliberately employs untruths because he believes people won't take time to read or check out the link. it is his usual trademark n I have several evidences.

Elosky20:

what caused the scarcity of dollars btw 31st DEC 2014 to MAY 2015, or is it buhari.

Here we go again!

Firstly, the relative scarcity of the dollar between December 2014 and February 2015 was due to speculation over uncertainty of Nigeria post March 28 poll. People kept saving their dollar in case of eventuality. At the same time, politicians were transacting money in dollars.

Here is an extract from a news report....

Alhaji Mustapha Mohammed, the Treasurer of the Forex Dealers Association, made the complaint in an interview with the News Agency of Nigeria (NAN) on Thursday in Kano. "For the past 10 years, this is the worst year of high scarcity of dollars since people now prefer to do business and save money in dollars," he said.

www.allafrica.com/stories/201412190045.html

However, after the election and settling of dust, the dollar became available in circulation. The CBN/PMB was greeted with managing the circulation to save the naira. Instead of place some regulation, they went on with outright restriction, which I warned against as far back August 2015(See the second post on thread).


So what caused the scarcity now?

Babacele:
d guy deliberately employs untruths because he believes people won't take time to read or check out the link. it is his usual trademark n I have several evidences.

There is something called zombiesm... I hope you aren't affected?

Nigeria: CBN Officially Bans Foreign Currency Cash Deposits in Nigeria

Lagos — The Central Bank of Nigeria (CBN) has officially barred banks in the country from accepting foreign currency cash deposits into customers' domiciliary accounts.
The directive was contained in a circular issued by the CBN on Wednesday and signed by the director of trade and exchange, Olakanmi Gbadamosi.

www.allafrica.com/stories/201508061477.html



PS: Bring your evidences of my peddling falsehood or Shut Up Forever....

Emekamex:
If I were president, this is what I will be doing now;

(1) INDEPENDENCE OF STATES ON FG
-Each state should set up large hectares of lands for agriculture. Each should cultivate crops adaptable to their climate and weather eg cocoa to the west, onions and groundnut to the north, cassava and palm kernel to the east etc.
-By setting up huge farms, the problem of unemployment to an extent will be reduced by employing jobless youths.
-Each state should also set up a unique industry capable of transforming resources within them into wealth eg kaduna state could set up textile industries that can use cultivated cotton found within its reach and transforming to marketable finished products.
-States should also go into mining the vast mineral resources abandoned by previous governments and converting them to incomes for the states.

(2) MORE INVESTMENT INTO RENEWABLE ENERGY
-More investments should be made in renewable energy by building more dams. The Kainji dam has been a consistent supplier of about 800MW of power on a daily basis. If more dams of the same or greater power capacity can be constructed in areas near the ocean or water like Lagos, Bayelsa, Rivers etc, the power sector will improve dramatically. The advantages of dams to gas plants in use nowadys is its consistency and reliability. Gas plants rely heavily on gas supply from pipelines, which over the years have been consistently vandalized. If funds used by previous administrations to set up these disappointing gas plants were invested in more dams, the power situation would have been more positive.

(3) MAKE GOVT POSITIONS LESS ATTRACTIVE
-The constitution should be amended in a way that government officials don't have a direct access to state treasury. By doing this, people going into politics to get rich will be greatly discouraged.
-The salaries and entitlements of legislators should be drastically reduced in line with the minimum wages of nigerians. At present their salaries are 275 times higher than the minimum wage.

(4) INVESTMENTS IN REFINERIES
More refineries should be setup, if possible each state having at least one. This will reduce the power of the cabals and oil marketers who have over the years caused nigerians unbearable hardships.

my brother you need an award for these suggestions...they are as clear as day light but as it is our leaders are still not ready to take giant leaps to solve the immediate problems we experience..its crazy..

The problem here remains our reliance on one product economy which is oil. Whenj oil sold for over$100, they saw no resson to diversify our economy and they failed to invest in critical infrastructures, but instead raided our reserve, siphoned off foreign currencies from the CBN and shared every $ in sight, but this joker still crookedly managed to pin the blame on other people and not the crooks who looted and drained us, the crooks who failed to diversify or plan for the future.

When you deplete your funds without planning for tomorrow, you surffer the consequenses.

These midnight apologists and agege economists sat on their hands for 16years without saying a word when Nigeria was under assault from looters, but all of a sudden they have a lot to say including insulting our intelligence with their thoughtless understanding of the economy and cowardly blame game...

TonyeBarcanista:

There is something called zombiesm... I hope you aren't affected?

Nigeria: CBN Officially Bans Foreign Currency Cash Deposits in Nigeria

www.allafrica.com/stories/201508061477.html



PS: Bring your evidences of my peddling falsehood or Shut Up Forever....

u ve forgrtn I don't suffer fools easily even when u try to influence ban on me so that I wont b able to answer u , I have enof e- soldiers to give u bloody nose. OK let us do this.

aresa:
The problem here remains our reliance on one product economy which is oil. Whenj oil sold for over$100, they saw no resson to diversify our economy and they failed to invest in critical infrastructures, but instead raided our reserve, siphoned off foreign currencies from the CBN and shared every $ in sight, but this joker still crookedly managed to pin the blame on other people and not the crooks who looted and drained us, the crooks who failed to diversify or plan for the future.

When you deplete your funds without planning for tomorrow, you surffer the consequenses.

You are always good at cursing and shouting like an unclad and insane woman in the market.

Buhari was elected to fix and not destroy or cause more harm. He had the option of regulating dollar flow and not stopping the flow completely. He had the option of devaluating the Naira to ease pressure on the reserve while pursuing fiscal policies to encourage local production and reduce import reliance. But he blew all these away and here we are...

$ now goes for N403, and it is even very scarce. Smh!!

Babacele:
u ve forgrtn I don't suffer fools easily even when u try to influence ban on me so that I wont b able to answer u , I have enof e- soldiers to give u bloody nose. OK let us do this.

I'm not interested in your e-fight... If you can't prove your point, please swerve...




PS: I don't even report those that throw insults at me... I don't influence ban

TonyeBarcanista:


. In fact, they resorted to adopting the Egyptian model(that I had advocated for) by placing a $10,000 deposit limit per day. This they should have done since July 2015.
www.thenationonlineng.net/cbn-lifts-ban-on-dollar-deposit-transfers/

The restriction is on outbound transfers not on deposits. you can deposit as much as you can... you can confirm & also carefully read the link you added.

Please refer to the above on my position. I never said that dollar be flooded but the flow of dollar be regulated, while we back up with fiscal policy that encourages local production and less reliance on imported goods.

Fiscal policy without the funds to back up is like faith without work. nullity raised to the power of failure......


Nigeria is almost broke, our needs/wants outclasses our income 3 times over!the sooner you realise that the better!

Where is the power? Where is the fund to revive these industries? Or you believe it's like manna from heaven? Where are the roads to transport raw materials & finished goods? Etc...

Barca, quit while you are ahead, this ain't ya lane!!

below is the full article of the initial link you referred us to to support your claim that CBN under Buhari banned the dollar. so show us where It is stated please Barcanista:












allAfrica.com Latest News RSS
Countries Topics
Business •Nigeria
•West Africa
AllAfrica
4 AUGUST 2015
This Day (Lagos) »
Nigeria: Mixed Reactions Trail
Banks' Rejection of Dollar
Deposits
Tagged:
By Obinna Chima with Agency
Report
Some manufacturers and financial
market analysts have expressed
divergent opinions on the Central
Bank of Nigeria's (CBN) foreign
exchange policy as well as the
decision by commercial banks to
reject foreign currency deposits.
While manufacturers hold the view
that the policy has stifled
business and discouraged
entrepreneurship in the country,
market analysts stressed that the
measure aimed at strengthening
the naira was in order.
Meanwhile, the naira continued its
rebound on the parallel market
day where it closed at N210 to a
dollar, higher than the N220 to a
dollar at the weekend.
The gain recorded by the nation's
currency was largely driven by
excess dollar supply in the market
as banks continued to reject
dollar deposits monday.
Consequently, several bureau de
change (BDC) operators and
foreign currency account holders
have found it difficult to pay in
foreign currency into their bank
accounts.
ARTICLE CONTINUES AFTER
ADVERTISEMENT
Prior to this, CBN had restricted
importers of 41 items from
accessing forex at the official
forex market. The policy,
according to the central bank, was
designed to facilitate the
resuscitation of domestic
industries and improve
employment generation.
The CBN Governor, Mr. Godwin
Emefiele, while speaking in an
interview with THISDAY said the
number of items on the list might
be increased.
But reacting to the measures in
the forex market, the Director-
General, Lagos Chamber of
Commerce and Industry (LCCI),
Mr. Muda Yusuf, stated that as a
result of the restriction of some
items from the official forex
market, "a lot of manufacturers
are stuck".
"Many of them that ordered goods
had to stop the goods from
coming in and most of them
cannot get raw materials.
Generally, the whole forex policy
is killing businesses," Yusuf added
in a chat with THISDAY monday.
Also commenting on the
suspension of foreign currency
deposits, the LCCI boss said it
was a "manifestation of the bigger
problem of the way the market is
managed".
MORE ON THIS
Nigeria Banks Reject U.S.
Dollar Deposits
Foreign Currency Rejection by
Deposit Money Banks, Raising
Risks of Capital Inflow
Ban On Foreign Cash Deposits
Creates Four Forex Market
Segments
"These are just fire-fighting
measures," he said.
However, Chief Executive Officer
of Financial Derivatives Company
(FDC), Mr. Bismarck Rewane,
expressed support for the CBN's
forex policy, saying the measures
taken by the central bank were in
order.
"Monetary policies always go after
fiscal policies and what the CBN is
doing is right. Right now, the
monetary policy has to continue
what it is doing until fiscal policy
becomes clear," Rewane
explained.
Also commenting on the
suspension of foreign currency
deposits by the banks, he saw it
as a temporary measure, saying,
however, that it would not address
the fundamental problem of the
actual pricing of the naira.
LCCI President, Mr. Remi Bello,
added that the economy at this
time needed to be stimulated, not
constricted further.
"The stock market has been
bearish for the past couple of
months; output growth in the
economy decelerated to 3.9 per
cent in the first quarter from 5.9
per cent in the previous quarter;
profit margins are on the decline
across sectors; and purchasing
power remains weak as
unemployment continues to rise.
So this is not the time to keep the
economy in a tightening mode,"
he said.
Emefiele explained in the interview
that the decision by the banks to
stop accepting foreign currency in
their vaults was not taken by the
CBN, but that the central bank was
in support of the idea.
Yet, the central bank's foreign
exchange policy is having
unintended consequences on the
economy and has unravelled the
CBN's policy on price control.
For instance, a report by
Bloomberg monday focused on
Mojeed Jamiu, an entrepreneur,
who has been forced to cut jobs
and raise prices to prevent his
furniture and clothing store in
Lagos from closing after Emefiele
restricted foreign currency supply
for some imports.
Due to a dearth of local
manufacturing, companies like
Jamiu's FM Best Bargain Limited
have no choice but to import
goods.
"One must survive," the 47-year-
old father of three said in low tone
in one of his show rooms in a
four-story building on a busy road
in the Lagos district of Ogba.
"Businesses will close shop if you
don't know where to get the next
dollars and at what cost. Jobs that
were done by two people, we now
engage one person," he added.
Emefiele's push to cut imports is
clashing with his mandate to keep
prices in check as the economy
struggles to cope with a 50 per
cent fall in Brent crude prices over
the past year.
Inflation accelerated 9.2 per cent
in June, quickening for the
seventh straight month to take the
rate beyond the central bank's
target band of 6 per cent to 9 per
cent.
With 21 per cent of all Nigeria's
imports affected by the
restrictions, the pace of price
increases will probably remain
above the policy maker's goal for
the rest of the year, according to
Standard Bank Group Ltd., Africa's
biggest lender.
ARTICLE CONTINUES AFTER
ADVERTISEMENT
Companies being hurt by the
policy can start producing the
goods they are selling, Ibrahim
Mu'azu, a central bank
spokesman, said by phone from
the capital, Abuja. "I don't think
the restriction will cause inflation
or unemployment."
Domestic businesses don't yet
have the capacity to produce
those goods and the central
bank's decision will cause
unemployment, said Yusuf of
LCCI.
Nigeria's unemployment rate rose
to 8.2 per cent in the second
quarter from 7.5 per cent in the
first quarter, the nation's statistics
bureau said in statement on its
Twitter account. The chamber is
planning to carry out a study of
the impact on its members, Yusuf
said.
Nigeria's manufacturing industry
contracted by 0.7 per cent in the
first quarter of 2015, after
expanding 15.4 per cent in the
same quarter a year earlier. While
the Lagos chamber has met with
central bank officials, who
promised to review the policy,
there hasn't been any change.
The regulator said it is waiting for
President Muhammadu Buhari to
detail his economic plans. But that
is on hold until September, when
Buhari said he would appoint his
cabinet.
An official devaluation of the naira
is inevitable and it's best for
Nigeria to take the hit now, Yusuf
said.
"It's better to allow the naira to
find its level so that all of us can
have peace," he said.

modath:


The restriction is on outbound transfers not on deposits. you can deposit as much as you can... you can confirm & also carefully read the link you added

.
The limit on $10,000 also affects deposit.

Keystone Bank in a similar message said: “We are pleased to advise that you can now deposit forex or dollars into your domiciliary accounts and
transfer up to $10,000,”

thenationonlineng.net/cbn-lifts-ban-on-dollar-deposit-transfers/

If what I read here is correct, where then did you get your infinite deposit? Please get your fact right! I don't think any sane Central Bank that seek to control dollar flow will allow "infinite deposit" of the currency. It's not sane at all.

Fiscal policy without the funds to back up is like faith without work. nullity raised to the power of failure......


Nigeria is almost broke, our needs/wants outclasses our income 3 times over!the sooner you realise that the better!

Where is the power? Where is the fund to revive these industries? Or you believe it's like manna from heaven? Where are the roads to transport raw materials & finished goods? Etc...

I don't see the sense in this. What is the use of government if not to manage what we have to give us what we want? This statement is an indictment that the administration is clueless of its duties.

Barca, quit while you are ahead, this ain't ya lane!!

Typical of Modath, always going personal instead of concentrate on issues.

TonyeBarcanista:

You are always good at cursing and shouting like an unclad and insane woman in the market.

Obviously what you see in the mirror based on your thoughtless and illogical rants on NL

Buhari was elected to fix and not destroy or cause more harm. He had the option of regulating dollar flow and not stopping the flow completely. He had the option of devaluating the Naira to ease pressure on the reserve while pursuing fiscal policies to encourage local production and reduce import reliance. But he blew all these away and here we are...

Nigerians rightfully elected PMB to manage their affairs and correct the ills your benefactors created and that's exactly what he's doing and if for whatever reason you don't agree with his method, you are welcomed at the polls with your voters ID card to remove him from office, it's called democracy.

Sadly for people like you, you conveniently looked the other way and forgot about what Nigerians elected Jonathan to do when he was looting us dry with his looting gang, raiding our foreign reserves, sharing dollars all over the country and so on, but all of a sudden after Nigerians kicked them out of office and sanity returns, you have so much to say about the economy.

Instead of raising your voice when Nigerians were under looting and stealing assault, you were busy shouting GEJ till 2019.

You are not an economist and even at the most layman aspect of economics and why currencies fall, you failed woefully, you made zero sense and your conclusion was bare and ignorant.

$ now goes for N403, and it is even very scarce. Smh!

When you loot your treasury and foreign reserves, your currency falls, when you loot your treasury, currency foreign reserves and failed to prepare for rainy days, you suffer the consequences.

You were happy and supporting corruption, looting and stealing and grand incompetence and shouting GEJ till 2019 when Nigerians were under assault from looters that killed our economy so you have no moral authority to spew anything apart fro apologizing for your part in the whole mess.

We do understand that Devaluation mantra is the new phrase the #PDPhouseOfHunger assigned for you to litter the internet with for the week, but the man nigerians put in office to manage their affairs said no devaluation for now so stop wasting your time.


You are part of the rot and decay we are trying to get rid of and must get rid of..

TonyeBarcanista:

I'm not interested in your e-fight... If you can't prove your point, please swerve...




PS: I don't even report those that throw insults at me... I don't influence ban

I have published your link . so tell me where CBN banned the use of the dollar? or u apologise for spreading deliberate untruths when it is quite clear that the fiscal indiscipline and profligacy under GEJ is what is confronting us today. Take a look as SAP under IBB , GEJ 's mentor , we saved a lot from oil proceeds while being yoked with different austerity measures only for the gap toothed dictator to squander the money and ever since we have been struggling to get it right. Brazil underwent the same SAP but was lucky to be blessed with good leaders and made gains economically by improved production, increase exports and a more favourable import balance. Today , Brazil is industrialized n waxing stronger.

GEJ couldn't even make a refinery work in 6 years! with huge oil proceeds in his hands, he left us more poor. and you want to blame PMB for GEJ 's irresponsibilities. of course we are here to answer you robustly.

modath:


The restriction is on outbound transfers not on deposits. you can deposit as much as you can... you can confirm & also carefully read the link you added.





Fiscal policy without the funds to back up is like faith without work. nullity raised to the power of failure......


Nigeria is almost broke, our needs/wants outclasses our income 3 times over!the sooner you realise that the better!

Where is the power? Where is the fund to revive these industries? Or you believe it's like manna from heaven? Where are the roads to transport raw materials & finished goods? Etc...

Barca, quit while you are ahead, this ain't ya lane!!

Modath abeg tell am o. to me he is just trying to justify the looting under GEJ ,and want us to swallow by force that PMB is responsible! Just imagine if GEJ and his team of looters had continued !

Babacele:
u dey mind d unstable pseudo analyst?

He has changed his signature from "two sets of people that hate Tonye. 1. IPOB Youths. 2. Morally Bankrupt Nigerians".

Very soon, he'd pledge allegiance to "the course" again.

Dude's character is like a fluid- takes the shape of it's containing vessel.

modath:


The restriction is on outbound transfers not on deposits. you can deposit as much as you can... you can confirm & also carefully read the link you added.





Fiscal policy without the funds to back up is like faith without work. nullity raised to the power of failure......


Nigeria is almost broke, our needs/wants outclasses our income 3 times over!the sooner you realise that the better!

Where is the power? Where is the fund to revive these industries? Or you believe it's like manna from heaven? Where are the roads to transport raw materials & finished goods? Etc...

Barca, quit while you are ahead, this ain't ya lane!!

Our dear friend has changed his siggy again after you guys took him to the cleaners on this thread.

Very soon, he'd become best buddies with his mortal enemies again.

Babacele:
I have published your link . so tell me where CBN banned the use of the dollar? or u apologise for spreading deliberate untruths when it is quite clear that the fiscal indiscipline and profligacy under GEJ is what is confronting us today. Take a look as SAP under IBB , GEJ 's mentor , we saved a lot from oil proceeds while being yoked with different austerity measures only for the gap toothed dictator to squander the money and ever since we have been struggling to get it right. Brazil underwent the same SAP but was lucky to be blessed with good leaders and made gains economically by improved production, increase exports and a more favourable import balance. Today , Brazil is industrialized n waxing stronger.

GEJ couldn't even make a refinery work in 6 years! with huge oil proceeds in his hands, he left us more poor. and you want to blame PMB for GEJ 's irresponsibilities. of course we are here to answer you robustly.

That link was reaction to the ban(comprehension would help).

See where CBN Banned Foreign Cash Deposit...


Nigeria: CBN Officially Bans Foreign Currency Cash Deposits in Nigeria

Lagos — The Central Bank of Nigeria (CBN) has officially barred banks in the country from accepting foreign currency cash deposits into customers' domiciliary accounts.
The directive was contained in a circular issued by the CBN on Wednesday and signed by the director of trade and exchange, Olakanmi Gbadamosi.

www.allafrica.com/stories/201508061477.html

aresa:



Obviously what you see in the mirror based on your thoughtless and illogical rants on NL




Nigerians rightfully elected PMB to manage their affairs and correct the ills your benefactors created and that's exactly what he's doing and if for whatever reason you don't agree with his method, you are welcomed at the polls with your voters ID card to remove him from office, it's called democracy.

Sadly for people like you, you conveniently looked the other way and forgot about what Nigerians elected Jonathan to do when he was looting us dry with his looting gang, raiding our foreign reserves, sharing dollars all over the country and so on, but all of a sudden after Nigerians kicked them out of office and sanity returns, you have so much to say about the economy.

Instead of raising your voice when Nigerians were under looting and stealing assault, you were busy shouting GEJ till 2019.

You are not an economist and even at the most layman aspect of economics and why currencies fall, you failed woefully, you made zero sense and your conclusion was bare and ignorant.





When you loot your treasury and foreign reserves, your currency falls, when you loot your treasury, currency foreign reserves and failed to prepare for rainy days, you suffer the consequences.

You were happy and supporting corruption, looting and stealing and grand incompetence and shouting GEJ till 2019 when Nigerians were under assault from looters that killed our economy so you have no moral authority to spew anything apart fro apologizing for your part in the whole mess.

We do understand that Devaluation mantra is the new phrase the #PDPhouseOfHunger assigned for you to litter the internet with for the week, but the man nigerians put in office to manage their affairs said no devaluation for now so stop wasting your time.


You are part of the rot and decay we are trying to get rid of and must get rid of..

We are talking Economics, you are talking politics. We are talking about the naira, you are campaigning. How does this rant relate with the subject? Quit shouting without communicating. If you can't discuss intellectually like others, just swerve...

Babacele:
I have published your link . so tell me where CBN banned the use of the dollar? or u apologise for spreading deliberate untruths when it is quite clear that the fiscal indiscipline and profligacy under GEJ is what is confronting us today. Take a look as SAP under IBB , GEJ 's mentor , we saved a lot from oil proceeds while being yoked with different austerity measures only for the gap toothed dictator to squander the money and ever since we have been struggling to get it right. Brazil underwent the same SAP but was lucky to be blessed with good leaders and made gains economically by improved production, increase exports and a more favourable import balance. Today , Brazil is industrialized n waxing stronger.

GEJ couldn't even make a refinery work in 6 years! with huge oil proceeds in his hands, he left us more poor. and you want to blame PMB for GEJ 's irresponsibilities. of course we are here to answer you robustly.

That link was reaction to the ban(comprehension would help).

See where CBN Banned Foreign Cash Deposit...


Nigeria: CBN Officially Bans Foreign Currency Cash Deposits in Nigeria

Lagos — The Central Bank of Nigeria (CBN) has officially barred banks in the country from accepting foreign currency cash deposits into customers' domiciliary accounts.
The directive was contained in a circular issued by the CBN on Wednesday and signed by the director of trade and exchange, Olakanmi Gbadamosi.

www.allafrica.com/stories/201508061477.html

TonyeBarcanista:
.
The limit on $10,000 also affects deposit.

thenationonlineng.net/cbn-lifts-ban-on-dollar-deposit-transfers/

If what I read here is correct, where then did you get your infinite deposit? Please get your fact right! I don't think any sane Central Bank that seek to control dollar flow will allow "infinite deposit" of the currency. It's not sane at all.




I don't see the sense in this. What is the use of government if not to manage what we have to give us what we want? This statement is an indictment that the administration is clueless of its duties.


Typical of Modath, always going personal instead of concentrate on issues.

can u checkout this links pls before you tell me not to blame GEJ:
http://pulse.ng/politics/2015elections-neither-jonathan-nor-buhari-will-deliver-charles-soludo-says-id3436056.html
.
when he made this statements oil price then was fairly manageable.
.
also checkout this link:
http://myndff.org/policy-dialogue/floating-naira-will-sink/

Progressive01:
He has changed his signature from "two sets of people that hate Tonye. 1. IPOB Youths. 2. Morally Bankrupt Nigerians".

Very soon, he'd pledge allegiance to "the course" again.

Dude's character is like a fluid- takes the shape of it's containing vessel.

I have never seen anything so mercurial!

Progressive01:
He has changed his signature from "two sets of people that hate Tonye. 1. IPOB Youths. 2. Morally Bankrupt Nigerians".

Very soon, he'd pledge allegiance to "the course" again.

Dude's character is like a fluid- takes the shape of it's containing vessel.

Haba, no be so na. I have passed my message and felt I need to change my siggy after weeks/months of self-suspension from party affairs. Beside, I never quitted PDP, I only pledged support for anti-corruption fight. A position I stand on.

As for IPOBians, my position is very clear and I am not afraid to restate it when/if opportunity comes again.


#LoyaltyRemainsToNigeria....



You sef de observe o....

TonyeBarcanista:

We are talking Economics, you are talking politics. We are talking about the naira, you are campaigning. How does this rant relate with the subject? Quit shouting without communicating. If you can't discuss intellectually like others, just swerve...

it is you who is being political here while being economical with economics! you instead need to sweeeeerve !

Op, please educate yourself here: https://www.thecable.ng/depleting-foreign-reserves-not-jonathans-fault

Had to use this because it is coming from known Jonathan supporters.

Goodspeed.

TonyeBarcanista:

Haba, no be so na. I have passed my message and felt I need to change my siggy after weeks/months of self-suspension from party affairs. Beside, I never quitted PDP, I only pledged support for anti-corruption fight. A position I stand on.

As for IPOBians, my position is very clear and I am not afraid to restate it when/if opportunity comes again.


#LoyaltyRemainsToNigeria....



You sef de observe o....

Lol. No yawa. All join.

Meanwhile, I just posted a link in my penultimate comment, do well to go through it. Perhaps that would shed better light on the position of some of my comrades here.

Anywhichway, all na politics. You have the right to whom or what to be loyal to.

TonyeBarcanista:

We are talking Economics, you are talking politics. We are talking about the naira, you are campaigning. How does this rant relate with the subject? Quit shouting without communicating. If you can't discuss intellectually like others, just swerve...

GEJ and his gang looting, stealing, sharing, depleting our foreign reserve and refusing to diversify or invest in infrastructures which is now putting pressure on our currency is not politics, it's a sad and unfortunate consequence of greed, bad management of human and financial resources, unpatriotic behaviour and criminal activities.


There's a clear difference between criminal activities and politics, but you won't know since you are too out og touch with realities and crimes commited against the people of Nigeria.

We are still getting bombarded with daily revelation how our money was looted, shared and spent on spiritual prayers and all kinds of absurdities.

You wish this is politics because that was all you saw when they were looting us dry and said nothing but GEJ till 2019.


Like I said, yoy have zero moral authority to open your mouth because you were part of the rot and decay we must get rid of to progress as a nation.

Progressive01:
Lol. No yawa. All join.

Meanwhile, I just posted a link in my penultimate comment, do well to go through it. Perhaps that would shed better light on the position of some of my comrades here.

Anywhichway, all na politics. You have the right to whom or what to be loyal to.

Sure, but I also have the responsibility to follow sane path.

I think you are restating my position. We won't be on this if PMB had embraced devaluation(then) and had put control on dollar circulation instead of outright stoppage(that they came back to reverse mid January 2016). At least that would have ease burden on our reserve.

That singular act has caused lots of damage... Which is my argument!


You all know that I am not happy with ECA/FxR depletion and I don't hide it.

Progressive01:
Op, please educate yourself here: https://www.thecable.ng/depleting-foreign-reserves-not-jonathans-fault

Had to use this because it is coming from known Jonathan supporters.

Goodspeed.

i have been mentioning this since. he has refused to see the correlation btw fall in oil price and fall of naira. this is even frm the link:
"The civil society group listed some emerging market countries that had experienced a drop in their foreign reserves as a result of the drop in global oil price to include Chile, Czech Republic, Egypt, Ghana, Hungary, Kenya, Malaysia, Morocco and Russia"

TonyeBarcanista:
Since late 2015 I deliberately barred myself from making any commentary on the state of the naira in particular, and the economy in general despite watching things move from bad to worse. I had reasoned that it was best to observe things in silence and take note of development. Though my silence was interpreted by some of being sympathetic to President Buhari and a "ploy" to return to APC, I still maintained mute, focusing on other aspect of the economy.

Firstly, Crude Oil Slump Not Responsible For Naira Fall
We are all aware that our own currency, the Naira now trade at N403 to the Dollar($). Contrary to the notion that the fall in oil price is responsible for Naira collapse, the painful truth is that the massive fall of the Naira has nothing to do with oil price. If it was, the Naira would have traded at N20 per $1 when crude oil was selling at $120 per barrel in 2012. If the fall in oil price was the cause, the Naira would have fallen to N500 to the Dollar in December 2008 and February 2009 when oil price slumped to $30 per barrel from $147 that it sold in July 2008(but instead the Naira exchanged at N140-N145 to $1). If the Naira didn't fall so fast when crude oil price slumped in mid 2008, if the Naira didn't experience huge growth when the price of crude was at $120 per barrel in 2012, why then should we ascribe the astronomic fall of the naira to crude oil slump in price?

What Is Responsible For Naira Astronomical Fall?
If the oil price isn't responsible for the slump of the Naira from N225/$ in August 2015 to N403/$ in February 2016? Godwin Emefielle and Buhari administration are responsible. I will explain...

Why CBN Gov Emefielle/Buhari Administration?
Recall that sometime in July and August 2015 the CBN Governor Godwin Emefielle introduced a policy in which the apex bank stopped receiving foreign currency from commercial banks. This action prompted commercial banks to stop accepting dollar deposit because their vault was full and they couldn't accept more. The CBN reason was to "stop dollar flow in the economy". As at that time, people started looking for every means to trade-off the dollar while BDCs(Bureau de Change) were looking for every means to dispose the dollar at their disposal. Because the banks were unwilling to accept more dollar, the BDC were seeking to dispose the dollar at their disposal, while holders of the dollar were desperate to exchange to naira, an "artificial" surplus of the dollar was created, and an artificial "naira appreciation" was created. In fact, the naira even fell to N213 at a point to the Dollar and was celebrated by supporters of the government as a "feat".
www.allafrica.com/stories/201508041248.html

However, I warned that the CBN's policy of creating artificial "appreciation" and false picture of "increased reserve" was not worth celebrating in my August 4, 2015 piece titled Naira "Appreciation": Why Nigerians Should Not
Celebrate. In fact, I warned that the effect of the policy will be disastrous and will put our naira/economy to be in worse state that it was in the beginning. I never minced words when I predicted that...


What we are experiencing today is as a result of the skewed policy of CBN under Emefielle and President Buhari. The dollar has become scarce commodity, hence, the rise in price. This is the situation I warned the government against just six months ago. Our dollar wouldn't have been trading at anything close to N270/$ if the government and CBN had not tried to use the short-cut.

Unfortunately, the CBN realised when damage was done and reversed themselves on January 12, 2016. They instead placed a $10,000 deposit per day on dollar transaction, a suggestion I made back in August 2015. But I guess it was kind of too late.
www.thenationonlineng.net/cbn-lifts-ban-on-dollar-deposit-transfers/

The Way Forward...
The truth is that the naira is already down and there isn't wisdom in trying to defend what is already down. The CBN should stop tinkering on the Naira but allow market forces do the job. The government should give funds to manufacturers in form of a loan and fix economic infrastructures so as to encourage local production. High taxes should be placed on imported goods that we could produce locally to give competitive advantage to the locals. There should be quality control so as to encourage quality goods and services to be produced in the economy. These will not only cause for less demand of the naira but will also have positive effect on our gross domestic product and tackle the rising inflation.

President Buhari and CBN Governor Emefielle have ruined the Naira. Time for them to go back to the drawing board and do what is right.








May God Bless Us All and Bless Nigeria

When a "Nigerian" Politician becomes an Economist!

It is better for an Economist to become a Banker than a Banker to become an Economist - Atedo Peterside (I heard)

It is better for an Economist to become a Politician than for a Politician to become an Economist - Kaboninc!

TonyeBarcanista:

All these does not address the post you quoted...

As for the Naira ask your aboki how much, all the shouting is unnecessary if you don't pass your message.

I called Aboki and again he told me N400/$.

Barca, you slyly throw brick and then shout wolf, welldone....

You cunningly side stepped the issue of 10k depOsit/ transfer cos you never admit & retreat when you are left with egg on your face.... you just quietly "creatively use bold face" ,

Not all of us here will let you propound misrepresentation & let it go unchallenged, nah, won't happen..leave that to your connect..

Not that I'm making a case for this abominable 370 figure but the 400 to a USD you are peddling today 22nd is falsehood.... Tell the Northerner you have 5k to give him @ 380 & see if he'll bite...

Also noticed siggy yaff change,kwaret.. effort yielding fruits ? ground don wet ba? Oyel buloku, a still dey hope ooo.