Things will eventually get better...

oyinkinola:


1. ....there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike!
But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152!
imagine if $1=₦1000, the gain is ₦902!
So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$.

(take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed)

you have other opinion?

2. ...2017 budget will beat record... ₦1 quadrillion!, all the social sectors will be substantially finance to trillions ₦, poverty will be completely eradicated and by the end of year 2018 Nigeria will be declared a developed state and classify one of the first three country in the index of human .
I know you will argue on how this can happen with the economics situation of today, low foreign reserve, low oil price, with depreciation of ₦.
yes oil price is down, foreign reserve is dry but we still have foreign looted fund reserve at hand! when recovered and well managed, it won't be problem to have money for this budget!
we can only pray that a $ hit ₦1000 and all $1 trillion looted recovered!
I know for sure that with the determination of this government and the support of foreign nation to help recovered all $ trillion looted it will happen.....$1 trillion recovered and change to ₦ will give us ₦1 quadrillion needed to financ that budget!
year 2017 bye bye to poverty!

3. ....OIL AND LFR
THE TWO MAIN MEANS OF INCOME FOR NIGERIA ECONOMY
.....with the determination of Nigeria president Buhari and the trust of of world leaders toward nigeria, from America, Eroupe, Asia and gulf nation the down price of oil and the rise in $ is not a corse to nigeria but a blessing.
Among the oil producing countries, and OPEC only nigeria have what other didn't, we have oil in common but nigeria have the looters as well, this opportunity raise nigeria above other oil nation and when all this country are frustrated with oil down price, nigeria have turn to her looted fund reserved to keep her economy running.
Nigeria is bless with oil and (LFR) looted fund reserve, when the oil price is down, the rise-up of dollar $ hike the value of our LFR, if government inject the LFR recovered on the economy, it will boot our economy!
at rate of $ to ₦ today if government managed to recovered $1 trillion LFR it will give us:

$1=₦400, $1trillion=₦400trillion!
I hereby challenge the Nigeria economists who insist that rising $ and downwards of oil price is a broke to nigeria economy to come-up for debate!
Note (LFR is looted fund reserve)

oga is that what you know about economics?
If naira depreciates do you think prices of goods and services will remain the same? What happens to salary and pension earners whose income are fixed? How will they cope with the inflated prices?
What about employment? I beg go and know your economics very well before you call for a debate

kay29000:


repogirl, you are a Buhari hater? My likeness for you just dropped like a hot pot in a toddlers hand.

I am not a hater, I am a critic.... Big difference.

You not liking me is not my problem,I want the best for my country and so far, I'm not impressed.

I stand with buhari

I wish to thank my brother who took time to elucidate important ingredients on d hike of Naira to $... If they like let 1dollar be 2000, we must survive the pains by all means... Nigeria is moving to another paradigm shift under H.E Buhari, which after the economic transform, the chief wailer Fayose will seek 4 asylum in a near by North Africa country cos America won't allow him..... let's I 4get, My IPOB brothers should cry me a river and useless militants should do their worst,.. I hv my BSC and Msc, still struggling hard for a better 2moro y miscreants with primary 2 certificate owns billions in d name of MEND... Operation confiscate Tompolo 's assets..... Quote me wrong and Magu will handle you....

oyinkinola:


1. ....there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike!
But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152!
imagine if $1=₦1000, the gain is ₦902!
So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$.

(take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed)

you have other opinion?

2. ...2017 budget will beat record... ₦1 quadrillion!, all the social sectors will be substantially finance to trillions ₦, poverty will be completely eradicated and by the end of year 2018 Nigeria will be declared a developed state and classify one of the first three country in the index of human .
I know you will argue on how this can happen with the economics situation of today, low foreign reserve, low oil price, with depreciation of ₦.
yes oil price is down, foreign reserve is dry but we still have foreign looted fund reserve at hand! when recovered and well managed, it won't be problem to have money for this budget!
we can only pray that a $ hit ₦1000 and all $1 trillion looted recovered!
I know for sure that with the determination of this government and the support of foreign nation to help recovered all $ trillion looted it will happen.....$1 trillion recovered and change to ₦ will give us ₦1 quadrillion needed to financ that budget!
year 2017 bye bye to poverty!

3. ....OIL AND LFR
THE TWO MAIN MEANS OF INCOME FOR NIGERIA ECONOMY
.....with the determination of Nigeria president Buhari and the trust of of world leaders toward nigeria, from America, Eroupe, Asia and gulf nation the down price of oil and the rise in $ is not a corse to nigeria but a blessing.
Among the oil producing countries, and OPEC only nigeria have what other didn't, we have oil in common but nigeria have the looters as well, this opportunity raise nigeria above other oil nation and when all this country are frustrated with oil down price, nigeria have turn to her looted fund reserved to keep her economy running.
Nigeria is bless with oil and (LFR) looted fund reserve, when the oil price is down, the rise-up of dollar $ hike the value of our LFR, if government inject the LFR recovered on the economy, it will boot our economy!
at rate of $ to ₦ today if government managed to recovered $1 trillion LFR it will give us:

$1=₦400, $1trillion=₦400trillion!
I hereby challenge the Nigeria economists who insist that rising $ and downwards of oil price is a broke to nigeria economy to come-up for debate!
Note (LFR is looted fund reserve)

are you living in Disney world are you assuming that Nigerians will continue to loot until eternity?Nigerians want dollar price to fall you want government to come and sell dollar to her people at parallel mkt rate instead of 197? that will be illegality which rubbishes your postulation. my friend its not easy to be like Adam smith, David Rechardo, Malthus and the likes but keep trying may be by the time you graduate you will understand.

The disparity between the parallel market and the official CBN rates is too wide. It explains that the forceful pegging of the exchange rate is giving rise to even external forces to have controlling stake in our FOREX market

Oladimejy:
The igbos hates yoruba's because we vote for apc..and buhari because he defeated the goliath(gej).,d igbos should embrase transformer then

We talking forex, you talking sh.it.
What kinda grammar is this?
Is that how to type "embrace"!?
T'is your stvpid type that makes the yeebos to call us amala blockheads.
You're a disgrace to us (Yoruba e-tribalist) next time you wanna taunt yeeboes, you make sure your brain is online and type correct english else you stay off!
Adojutini omo.

following... Notify me , when Buhari comes to Nigeria, i need to see him and talk with me...??

repogirl:
I am not a hater, I am a critic.... Big difference.

You not liking me is not my problem,I want the best for my country and so far, I'm not impressed.

There are more civilized ways of criticizing a Government than calling your president 'Booohari.' Don't you think?

oyinkinola:


1. ....there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike!
But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152!
imagine if $1=₦1000, the gain is ₦902!
So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$.

(take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed)

you have other opinion?

2. ...2017 budget will beat record... ₦1 quadrillion!, all the social sectors will be substantially finance to trillions ₦, poverty will be completely eradicated and by the end of year 2018 Nigeria will be declared a developed state and classify one of the first three country in the index of human .
I know you will argue on how this can happen with the economics situation of today, low foreign reserve, low oil price, with depreciation of ₦.
yes oil price is down, foreign reserve is dry but we still have foreign looted fund reserve at hand! when recovered and well managed, it won't be problem to have money for this budget!
we can only pray that a $ hit ₦1000 and all $1 trillion looted recovered!
I know for sure that with the determination of this government and the support of foreign nation to help recovered all $ trillion looted it will happen.....$1 trillion recovered and change to ₦ will give us ₦1 quadrillion needed to financ that budget!
year 2017 bye bye to poverty!

3. ....OIL AND LFR
THE TWO MAIN MEANS OF INCOME FOR NIGERIA ECONOMY
.....with the determination of Nigeria president Buhari and the trust of of world leaders toward nigeria, from America, Eroupe, Asia and gulf nation the down price of oil and the rise in $ is not a corse to nigeria but a blessing.
Among the oil producing countries, and OPEC only nigeria have what other didn't, we have oil in common but nigeria have the looters as well, this opportunity raise nigeria above other oil nation and when all this country are frustrated with oil down price, nigeria have turn to her looted fund reserved to keep her economy running.
Nigeria is bless with oil and (LFR) looted fund reserve, when the oil price is down, the rise-up of dollar $ hike the value of our LFR, if government inject the LFR recovered on the economy, it will boot our economy!
at rate of $ to ₦ today if government managed to recovered $1 trillion LFR it will give us:

$1=₦400, $1trillion=₦400trillion!
I hereby challenge the Nigeria economists who insist that rising $ and downwards of oil price is a broke to nigeria economy to come-up for debate!
Note (LFR is looted fund reserve)

Your analysis lacks intellectual prowess of an economist. Perhaps, you got the whole analysis and concept in a joint or group of illiterates who know nothing about FOREX and monetary policies.

Secondly, before you post a write up, always ensure that your spellings and punctuations are written correctly. That is not my major concern anyway.

They bring in dollars and earn naira. Are they going to spend the naira? Does not add up.

Zimbabwe will soon join them. Change!!!

kay29000:


repogirl, you are a Buhari hater? My likeness for you just dropped like a hot pot in a toddlers hand.

Zombie she has got her choice to make.

Everybody wan go heaven but nobody wan die!
It's a phase people, let's grow some balls and endure, first time in decades we have a patriotic leader with determination to go the extra mile but we'll rather harrass his team than support him, we just keep playing into the hands of leaches who built their empire and future on a unjust system designed to favour just a few.
I get it, importation is tougher than it used to be, but ESSENTIAL items were favoured, those considered non-essential were advices to seek parallel market to secure dollar to pay for their import (they were not banned outrightly), sounds fair to me, a a nation like China will consider a van more suitable.
The main issue now is the parallel market for foreign currency is unstable and almost twice the price of the official rate, which mean imported items will be too costly for consumers, guess what? Consumers should buy Innocen motor and other made in Nigeria products, if for any reasons, like me, they favour Puma and Nike, then they should pay the price, I have a right to enjoy a lifestyle of my choice, however, the future and progress of this nation is far more important.
Luxury consumer goods are affected, foreign student school fees are not, this speak volumes.
Let's focus out criticism of this administration on stuffs like the handling of the budget, which was mishandled, let's support a policy that will benefit out future.

LastSurvivor:
Can't we remove this forex restrictions and make import duty so exorbitant that it will discourage importers..

Meanwhile, to improve local production we need to provide certain things like steady power supply and security which is not at its best currently..
My opinion thou, I studied computer not economics..

You just said my mind. It's a simple clear cut case that have proven to work. Example is India. Make import so Expensive like 500% of the import value. That will force local production and discourage import. All this other uncentity will be removed. Nigeria is losing a lot from just speculation. I wonder who is running this govt.

Keep Standing! I hope u don't COLLAPSE

Elosky20:
i stand with buhari

kay29000:


repogirl, you are a Buhari hater? My likeness for you just dropped like a hot pot in a toddlers hand.

Oga shut the absolute fuxk up!

You're entitled to your opinions. Just like everyone else.

I can see that you're a zombie who is satisfied with the current state of things. Buhari was brought in with good will by the people of this nation. People of this nation are expecting the promised goods. Election is over, the leaders have been chosen. we can't argue that fact. As Nigerians, irrespective of our political or religious leanings, we have the RIGHT as CITIZENS to demand things be done and made right.

Once again shut the fuxk up.

makenzie:
my friend, can you please do a research and come up with a good reason why he should not refuse. may be we can learn.

okay, financial economics 101....

I guess you are aware that CBN provides Nigerian importers with dollars to pay their foreign suppliers. For example, let's take the petrol importers.

These petrol importers pay CBN in naira and collect dollars at the official rate of N197. Remember CBN is paying them from our foreign reserves, so they have to return the money to the reserves.

Now,the issue is CBN cannot exchange this naira at their rate of 197 anywhere and they are forced to exchange at the market rates which is presently hovering around N400 at the moment. This means CBN will be exchanging the Naira back to dollars at a higher rate than they gave the importers, thereby losing a lot of money in the process.

To make it clearer

CBN gives Importer , $2 billion at N197 per dollar, means the importer pays CBN 394 billion naira.

But when CBN wants to exchange the Naira received from importer to dollars, they exchange at lets say N375 per dollar, which becomes, 394 billion/ 375 = $1.05 billion.

This means CBN has made a loss of N950 million.

This is the reason why they have stopped exchanging for some imports, medicals and students abroad, they are losing money seriously.

If the Naira had been devalued since, it might not have gotten as bad as it presently is, because now the market is being fueled by desperation and panick.

Hope I have hereby been able to convince you in the need for a devaluation of currency. It's simple, we are losing money.

bedspread:
Keep Standing! I hope u don't COLLAPSE

i will nt.

kay29000:



There are more civilized ways of criticizing a Government than calling your president 'Booohari.' Don't you think?

lol, but he deserves being booed, as he is a charlatan.

It's not really important where he got his analysis, what I will like to know is how he got it wrong, I'm not sure I agree with him either. Can you pls respond to all 3 paragraphs if you can, if you say you haven't got the time, I'll "understand" .

Kutunban:



Your analysis lacks intellectual prowess of an economist. Perhaps, you got the whole analysis and concept in a joint or group of illiterates who know nothing about FOREX and monetary policies.

Secondly, before you post a write up, always ensure that your spellings and punctuations are written correctly. That is not my major concern anyway.

repogirl:
lol, but he deserves being booed, as he is a charlatan.

Okay.

Bevista:
This has been my grouse with this administration. The inability of the FG to properly articulate and communicate its fiscal policies is quite disturbing.
---
OK, we should be self sufficient in agriculture, but what is government policy and Strategy for achieving it? Are there any low interest loans for farmers? Are there any government concessions or support for those willing to go into agro-processing? Any government policy to increase cheap access to farmlands? etc.
---
We should be self sufficient in manufacturing. What is government target for power generation? Any access to finance for those willing to setup factories? Any Tax considerations? Are there any clear plans and strategies for encouraging OEMs to setup local production facilities in-country?
---
What is the government industrialization plans & policies? What specifically are government plans for diversification of the economy? What exactly is government plans to reduce unemployment?
---
The administration needs to communicate more. In my elementary knowledge of Finance and Investments, capital only goes to where there are less uncertainties. This government has practically relied on CBN monetary policies with very little input on the fiscal side.

If the government immediately starts informing the public, some early entrants would not enjoy their advantage as soon as new entrants start emerging in the market to break their margins. Information is key a good businessman pays high for& searches for vital information.

repogirl:
okay, financial economics 101....

I guess you are aware that CBN provides Nigerian importers with dollars to pay their foreign suppliers. For example, let's take the petrol importers.

These petrol importers pay CBN in naira and collect dollars at the official rate of N197. Remember CBN is paying them from our foreign reserves, so they have to return the money to the reserves.

Now,the issue is CBN cannot exchange this naira at their rate of 197 anywhere and they are forced to exchange at the market rates which is presently hovering around N400 at the moment. This means CBN will be exchanging the Naira back to dollars at a higher rate than they gave the importers, thereby losing a lot of money in the process.

To make it clearer

CBN gives Importer , $2 billion at N197 per dollar, means the importer pays CBN 394 billion naira.

But when CBN wants to exchange the Naira received from importer to dollars, they exchange at lets say N375 per dollar, which becomes, 394 billion/ 375 = $1.05 billion.

This means CBN has made a loss of N950 million.

This is the reason why they have stopped exchanging for some imports, medicals and students abroad, they are losing money seriously.

If the Naira had been devalued since, it might not have gotten as bad as it presently is, because now the market is being fueled by desperation and panick.

Hope I have hereby been able to convince you in the need for a devaluation of currency. It's simple, we are losing money.

your conclusion is that CBN get its foriegn exchange from Black market and come back to sell to black market

mrvitalis:
I won't devalue the naira if I was the president too
Let's endure... This is just a phase

its not abt devaluation, all what we want is revalue the naira mista president.
also release dollars, cos d disparity btween the cbn price tag n the open mrkt is too much.
lets forget this lies they r telling us abt depleted foreign reserves n dat bdcs encourages corruption, if our foreign reserve is depleted then our national reserves shud be filled to d brim with naira since dollars is scarce. I know people will understand what am saying, this is it, nigerians go to banks for dollars, u pay n they give u dollar equivalent, ur money is deducted from ur account so both parties aint loosing, the onlyarea affected is that the foreign reserves is depleted but the national reserves is increasing with naira. the duty of cbn is now to source for dollars with the national reserves.
abi d importers dey import for free? dont bank charge denm for dollars they get from banks?

makenzie:
your conclusion is that CBN get its foriegn exchange from Black market and come back to sell to black market

see, don't give yourself migraine.

CBN gets forex from our sales of crude mainly, but if you have noticed, there's no profit coming from that angle anymore. Crude prices have dropped drastically.

Meanwhile CBN still has obligations to supply forex to importers. They have to take from the reserves which isn't accruing much these days.... And when it's time to return the money to the reserves, they return less....except that money never goes back to the reserves which is even worse.

dexterinc2003:
GEJ would have cluelessly devalued the naira,I stand with GMB

bobo in d open market where everybody including the elites do biznez, the naira had long being devalued.
abi can u help me buy dollar in nigeria at 197 naira, I will even give u 200naira to buy for me.

ndcide:
They bring in dollars and earn naira. Are they going to spend the naira? Does not add up.

they bring in dollar, earn naira, get to bdc in lagos buy cedis fo back to ghana buy dollars come back again n sell to us n get our worthless naira then change it to cedis again.
they r not dummies as u think!

Elosky20:
The CBN has only two options now:
1. Devalue the naira and support the naira from the foreign reserve, but the foreign reserve is low and can only last for 3 months.
2. Restrict importation of certain products, to save the foreign reserve for inevitable imports, which cannot be sourced in nigeria.
.
The second option is clearly the best in the long run, while the first can only work for a short period because the oil price is not rising anytime soon and might go down to even $20. We have to stop this our importation madness and start using what we can produce in nigeria. For how long will Nigeria continue to dodge this bullet, when we can disarm the assasin with a little effort and sacrifice.
"Naira must fall, so nigeria can rise again"
i stand with buhari

3. PMB and his entourage should put a stop to all these unimportant foreign trips to also increase our forex reserve. It's estimated that each presidential foreing trip cost about $1m.

Bevista:
This has been my grouse with this administration. The inability of the FG to properly articulate and communicate its fiscal policies is quite disturbing.
---
OK, we should be self sufficient in agriculture, but what is government policy and Strategy for achieving it? Are there any low interest loans for farmers? Are there any government concessions or support for those willing to go into agro-processing? Any government policy to increase cheap access to farmlands? etc.
---
We should be self sufficient in manufacturing. What is government target for power generation? Any access to finance for those willing to setup factories? Any Tax considerations? Are there any clear plans and strategies for encouraging OEMs to setup local production facilities in-country?
---
What is the government industrialization plans & policies? What specifically are government plans for diversification of the economy? What exactly is government plans to reduce unemployment?
---
The administration needs to communicate more. In my elementary knowledge of Finance and Investments, capital only goes to where there are less uncertainties. This government has practically relied on CBN monetary policies with very little input on the fiscal side.

Very Germaine questions.
This is why I strongly believe that in all sincerity, take away the wanton looting of money during GEJ era, in terms of fiscal economic policies and pragmatic ideas, they are light years ahead of this present crop of blamers!

It seems all the ministers in this dispensation only know how to blame the past for their incompetence, they can't even follow through and ride on the good policies that was already in motion before they came in.

The combined team of Aganga and Akinwumi were bullish about backward integration for Auto OEMs with incentives to set up manufacturing plants here, as well as direct delivery of quality seeds and fertilizers to the farmers, thus wiping out middle men that feed on round-tripping. We even started enjoying the positive effects of these policies, but now it seems all those gains are in reverse, you never see these current ministers engage those industry operators to ensure that they are still consistent on delivering on those promises.

We need to face the fact that oil money has dried up, instead of sitting down and wishing that crude will go back to $100/barrel, these guys need to improve on creative policies for boosting other sectors of the economy.
I saw a jar of Blue seal vaseline from Unilever, and was shocked to see that it is manufactured by Unilever SA for Unilever Nigeria. Meanwhile vaseline is a product of petroleum jelly! Why can't we get policies in place that will ensure that our petrochemical industry can grow and supply the whole of Africa with all these refined products, since we are Africa's largest crude producer?

repogirl:
okay, financial economics 101....

I guess you are aware that CBN provides Nigerian importers with dollars to pay their foreign suppliers. For example, let's take the petrol importers.

These petrol importers pay CBN in naira and collect dollars at the official rate of N197. Remember CBN is paying them from our foreign reserves, so they have to return the money to the reserves.

Now,the issue is CBN cannot exchange this naira at their rate of 197 anywhere and they are forced to exchange at the market rates which is presently hovering around N400 at the moment. This means CBN will be exchanging the Naira back to dollars at a higher rate than they gave the importers, thereby losing a lot of money in the process.

To make it clearer

CBN gives Importer , $2 billion at N197 per dollar, means the importer pays CBN 394 billion naira.

But when CBN wants to exchange the Naira received from importer to dollars, they exchange at lets say N375 per dollar, which becomes, 394 billion/ 375 = $1.05 billion.

This means CBN has made a loss of N950 million.

This is the reason why they have stopped exchanging for some imports, medicals and students abroad, they are losing money seriously.

If the Naira had been devalued since, it might not have gotten as bad as it presently is, because now the market is being fueled by desperation and panick.

Hope I have hereby been able to convince you in the need for a devaluation of currency. It's simple, we are losing money.

u r not right in this ur economics 101.
its vague n fallacious.
now lets take for instance cbn releses 10billion dolls to banks at 197, the banks hv paid for this 10billion dollars released by cbn, d money they hv now is in naira so automatically d cbn have minus10billion dollars and 1.97trillion naira.
what cbn need do is source for dollars with d 1.97trillion naira they have.