He will do it. I know him very well

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

Dude's brilliant. Um.....

[s]

lookandlaff:


unprincipled. he's just looking to seek favour with the new govt after masterminding that nauseating campaign against Buhari. 1st he started during fuel scarcity, calling pressmen in the middle of the night to picture him releasing PMS, trying to potray himself as a saint, when in fact ALL marketers had agreed that night to release PMS. If he has anything to say that will benefit the country say it in the open.


Actually I apologize to all prostitutes out there, it's an insult to prostitutes to call him a prostitute, he is a scumbag

[/s]

SORRY FOR YOU. How can you hate a man with such venom who has done you absolutely nothing? If you think he's not worth consulting, what then is getting you this angry?

nikaleyot:


Are you for real? Do you have a brain? We re talking about global economics and you re talking about who the people decided to vote into office. I hope you won't die of your hatred for Bubu.

You voted the kunu sipper because of N5,000 and N1=1$ promise. Did you remember all these 'global' english when you blamed GeJ for your runny stomach?

SegunAdewole:


You voted the kunu sipper because of N5,000 and N1=1$ promise. Did you remember all these 'global' english when you blamed GeJ for your runny stomach?

Amadi Collins, why do you always go around just to contaminate discussions? are you this bereft of any form of intelligence?

Eebrahym:


or lets give him 1 year to make it at $ to 50naira

Okugbe

Day11:
Talk is cheap..But sincerely I would have want it at $ to 100naira. Can you do that in 6months?

Sum nigerians would never appreciate good tin.
He promised to bring it dwn to 200 and all we need is to pray it works, and ur here mocking him.
U tink he can't do it or what?

240naija:
As the nation's currency exchanges at N400 to the US dollar on Sunday, Billionaire business mogul has said that if the Buhari-led federal government consults him, he could restore the nation's currency to an exchange rate of N200 to one US Dollar within one month.

Speak­ing on a Channels Television poli­tics programme on Sunday, billionaire businessman and the Chairman of Capital Oil and Gas Services Ltd., Dr. Patrick Ifeanyi Ubah, has advised the Federal Government to consult some Nigerians who can halt the free fall of the Naira which is affecting the na­tion’s economy.The Nai­ra currently exchanges at N400 to the US dollar.

The Publisher of The Authority newspapers, said that if the President Buhari-le federal gov­ernment consults him, he could re­store the nation’s currency to an ex­change rate of N200 to one US Dollar within one month, thereby arresting the slide in the Naira which is virtu­ally crippling the economy.

The Chairman of Ifeanyi Ubah Football Club, however did not say how he was going to bring the Naira down to an exchange rate of 200 per dol­lar, but said the government could seize everything he owns if he failed to do this within one month, if given the mandate.

Chief Ubah also affirmed that he was not involved in any way what­soever in the $2.3 billion Dasuki­gate arms deal that involved the for­mer National Security Adviser, Col Sambo Dasuki, adding that he was not in­volved in the politics of contracts and has never done any government con­tracts, whether at the Federal, state or local government levels.

"I am highly misunderstood, sometimes controversial. But I have never done any government contracts. I did not collect any money from Gov­ernment; I do not have an oil block – and I have not asked for one.

"I did not know Dasuki. TAN nev­er received money from Dasuki or the People’s Democratic Party. We did what we did in the interest of the na­tion and for posterity.

"I’m a politician with a mind-set of making life worth living for the people, when issues seem to be getting out of hand. So TAN has no hand in whatever that has to do with the arms deal fund."

He said following the controver­sies trailing the #Dasukigate, it has be­come necessary for him to extricate himself from allegations that himself and the non-governmental organisa­tion, Transformation Ambassadors of Nigeria (TAN), were in anyway in­volved in the sharing of the arms deal money.



http://www.levitoday.com/2016/02/i-can-bring-us-dollar-to-n200-in-one.html

N200 still on the high side. Buhari told us he will bring it from N165 to 1naira.

So Mr Ubah, we are tired of promises. Go and Sleep.

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

this is what i call an educated illiterate conclusion,you mean apart from oil there is no other way to solve this pressing issue?so we will have to wait until the west decide on how much to buy our oil,before we can do business ?all i see in your writes up's are oil this oil that,with a heavy heart i pity your parent's that suffered to train you as an economist,because the conclusion of your useless theory or ideology is that we should just wait,no other option than to wait ,until our almighty master's decide,Oga we need all hand's on the table to tackle this issue,if mr Uba or whatever he call's himself claim to have the perfect wisdom to run the matter and even ask for just one month to fix it,why not try him ?instead you sit in your office n type rubbish and jump into conclusion,if europe is in currency trouble and someone demanded to be consulted to give a solution,they will swallow there pride and consult the person,even from outside there country.

Bevista:
People do not understand how dire the situation is. I'm sure if the CBN were to say it the way it is, we'll all go into complete panic mode.
---
When you say the CBN starves BDCs of dollars, the question is - does CBN still have enough dollars to continue funding the BDCs? Secondly, most of the BDCs were doing roundtripping due to the divergence between the official and BM rates.
---
Go back and check what our import bill was in 2000 when oil was around $30/bbl and compare that to what our import bill is today. It is more than 10 fold, yet we are to still fund the imports with the same oil price. Add that to the fact our population has increased from ~120m to ~170m. All these add to the Demand pressure. In Nigeria, we do not plan for tomorrow. For instance, most cities worldwide anticipate their population needs in 5-10yrs and start building infrastructure that will support it, but look at Lagos!

You have the facts on grounds, is there any quickfix SOLUTION to this? I think we have analyzed the problems too much but solutions should be in our comments.What do you think?

this is how you know brilliant minds. they demystify complex things and broaden ur mind

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

Mboi:
Yes he can do it. He is not Bubu that lacks integrity who promised Nigerians heaven and earth including making $1 to N1.
Ifeanyi Uba has saved Nigerians before in May 2015 when artificial fuel scarcity was killing Nigerians. He said he had enough fuel that will serve the whole country for weeks and he did it.
Now he said if given a chance he will make $1 back to N200 within one month, I know they will not want him to save Nigerians because of political selfish interest.
Very soon we’ll start hearing on news headline; How Capital Oil Boss Ifeanyi Uba Diverted $862billion from NNPC in 2014- EFCC

If I were rude, I would have asked you to shatap . he dey print dollar nu?

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

Bar Man give this Uncle 10 bottles of Origin
Ill pay when 1 dollar is been exchanged at 1 naira

With Corruption,1$ was 180. Without Corruption 1$ is 385. . Pls BUHARI.... # BringBackOurCorruption

movingforward:
this is what i call an educated illiterate conclusion,you mean apart from oil there is no other way to solve this pressing issue?so we will have to wait until the west decide on how much to buy our oil,before we can do business ?all i see in your writes up's are oil this oil that,with a heavy heart i pity your parent's that suffered to train you as an economist,because the conclusion of your useless theory or ideology is that we should just wait,no other option than to wait ,until our almighty master's decide,Oga we need all hand's on the table to tackle this issue,if mr Uba or whatever he call's himself claim to have the perfect wisdom to run the matter and even ask for just one month to fix it,why not try him ?instead you sit in your office n type rubbish and jump into conclusion,if europe is in currency trouble and someone demanded to be consulted to give a solution,they will swallow there pride and consult the person,even from outside there country.

My analysis focused on short term causes, effects and solutions. Of course, in the long term, the country can diversify its FX earnings by exporting other items and reducing dependency on oil FX revenues.
---
I will ignore all the other childish insults in your comment.

mr enlightened. now that u have faulted bevista comment. what solution do u have. im sure you have none. so keep quiet and dont talk other people down. gosh! u dont even have an idea of what is going on talkless of proferring any solution.

movingforward:
this is what i call an educated illiterate conclusion,you mean apart from oil there is no other way to solve this pressing issue?so we will have to wait until the west decide on how much to buy our oil,before we can do business ?all i see in your writes up's are oil this oil that,with a heavy heart i pity your parent's that suffered to train you as an economist,because the conclusion of your useless theory or ideology is that we should just wait,no other option than to wait ,until our almighty master's decide,Oga we need all hand's on the table to tackle this issue,if mr Uba or whatever he call's himself claim to have the perfect wisdom to run the matter and even ask for just one month to fix it,why not try him ?instead you sit in your office n type rubbish and jump into conclusion,if europe is in currency trouble and someone demanded to be consulted to give a solution,they will swallow there pride and consult the person,even from outside there country.

simplycarro:


If you so much trust that dude, how do you think he can do it.?

In may 2015 when there was massive scarcity of fuel for weeks, hospitals, banks, offices were closing down, a litre of fuel was N600. It was this same Ifeanyi Uba that came out and said he has more than 13million litres of fuel enough to serve Nigeria for 2wks under normal price. Some people said the same thing, how will he do it, but he did it.
Same thing now, becos he's not in APC, he's talking trash.

simplycarro:


He should freely give the advice. He doesn't need to make a show out of it.
Like other Nigerians are contributing to the debate on how to help the Naira.
He should simply use his newspaper outfit to organize a talk show like the Cable newspaper did and espouse his ideas.
We need everyone to help deepen the debate on the way forward, and not this cheap attempt at attention.

You just showed the difference between SOCIALISTIC THINKING and CAPITALISTIC THINKING.

Every capitalist knows that you don't throw your pearls to swines, else they will trample on it,
get it all muddied up, and at the end turn around to attack you.

Unfortunately we have socialists in power who think they can solve capitalistic
problems with socialistic thinking - it does not work that way. Unfortunately,
bigotry won't let them consult seasoned folks like UBA who have been joggling
capitalism right in the trenches for ages now.

The above says something that you haven't realized.

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

.....Brilliant, well articulated and spot on

Sacluxpaint:
You have the facts on grounds, is there any quickfix SOLUTION to this? I think we have analyzed the problems too much but solutions should be in our comments.What do you think?

There is no quick fix solution. We spend years doing the wrong things and simply want to correct them in months.
---
We are in an economic zugzwang. Any policy of the government will have negative consequences, but the govt has to go with the policy with least consequences. In the short term, we can immediately focus on expanding local production/manufacturing capacity so we can substitute for imports. In the long term, we need to diversify our export earnings by exporting other items apart from oil.

This is the problem Nigeria has. Why shoot him down before hearing what he has to offer. If he says he can do what he said and does not want to voice it on air obviously he wants to exchange it for something, enter into a pact with the guy, if it works you give him his prize if not we keep searching. I wonder how why that is so difficult.

SegunAdewole:


Don't worry my family and I are safe,some are even citizens of saner countries uninhabited by zombies. You zombies brought this government into power. Those of us who knew you were scammed started preparing for this eventuality long ago. The zombies are the only ones shocked and unprepared, we were prepared. The country is going to crash on you and YOU ZOMBIES ALONE for your political stupidity. When you all die of hunger and starvation and go into existinct for the curse you brought upon yourself, the prepared ones like us will continue to exist. A natural evolutionary phenomenon key for the existence of ONLY sane humans.

Keep deluding yourself. So much for the wisdom of a bleedy Jonathanian who believed GEJ was an economic messiah for a nation like Nigeria. You don't deserve a response from even a JSS1 average pupil.

Below is the legacy of your clueless god when oil prices began to crash.

Now just a short story of what happened when the oil prices began to crash, just between October 2014 and May 2015 (GEJ handover):

(1) The Naira fell from N166/167 to N220 to $1, meanwhile oil still sold at about $65/barrel as at May 2015.
http://abokifx.com/previous-rates-2/

(2) The nation's foreign reserves dropped from ~$38.5bn to $28.7billion, that's a drop of about $10billion in 7 months, with oil still selling at about $65/barrel as at May 2015.
http://www.cenbank.org/intops/Reserve.asp

(3) Nigeria's GDP growth rate which was hitherto maintained at an average of 6-7% suddenly dropped to its lowest since 1999 of 2.3%.
http://www.tradingeconomics.com/nigeria/gdp-growth-annual

(4) Due to a severe cash crunch occasioned by fall in oil prices, the Nigerian government had to borrow about $2.4billion dollars early in 2015 to pay salaries. The FG could not also pay accumulated arrears of fuel subsidy since August 2014 to petroleum importers (this led to the fuel scarcity in May 2015 just before the handover and Lai Mohammed also blamed this owed fuel subsidy as the reason behind the fuel scarcity late last year)
http://www.vanguardngr.com/2015/05/nigeria-borrows-to-pay-salaries-with-cash-crunch-worsening/
http://www.channelstv.com/2015/12/21/lai-mohammed-blames-fuel-crisis-on-past-administration/

All of the above happened at a time when oil still sold above $65/barrel; today oil sells for about $30/barrel

Meanwhile this is a man who enjoyed the highest income than any other Nigerian president within a short period of 5 years. A kobo wasn't saved but instead, savings by his predecessors were crashed to record lows. And some entities dares to call someone stupid for booting out this cancer. There's a saying that "many are mad but only few are actually roaming," I will just end this discussion here.

He should be able to tell us how is going to do it. I know is not an Economist

simplycarro:


Amadi Collins, why do you always go around just to contaminate discussions? are you this bereft of any form of intelligence?

I like it when born basterds writh in pains. Who is this amadi BTW?

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

bro u made sense.

but..

I believe buhari should listen to him
no smoke without fire


a well known accomplished man is talking while u a nonentity who barely feed is here masturbating

For the interest of the country and love ,help us out if you really know what to do.#SaveTheNaira

simplycarro:


If you so much trust that dude, how do you think he can do it.?

can't u people understand simple english?

He said how to do it is his business and his business is his secret

Is that too much for you guys to understand?

The CBN governor is his brother. Let him help him out, if he has anything to offer.

we are in a situatiom wr by we dnt want to hear we can do it..bt we have done it

240naija:
As the nation's currency exchanges at N400 to the US dollar on Sunday, Billionaire business mogul has said that if the Buhari-led federal government consults him, he could restore the nation's currency to an exchange rate of N200 to one US Dollar within one month.

Speak­ing on a Channels Television poli­tics programme on Sunday, billionaire businessman and the Chairman of Capital Oil and Gas Services Ltd., Dr. Patrick Ifeanyi Ubah, has advised the Federal Government to consult some Nigerians who can halt the free fall of the Naira which is affecting the na­tion’s economy.The Nai­ra currently exchanges at N400 to the US dollar.

The Publisher of The Authority newspapers, said that if the President Buhari-le federal gov­ernment consults him, he could re­store the nation’s currency to an ex­change rate of N200 to one US Dollar within one month, thereby arresting the slide in the Naira which is virtu­ally crippling the economy.

The Chairman of Ifeanyi Ubah Football Club, however did not say how he was going to bring the Naira down to an exchange rate of 200 per dol­lar, but said the government could seize everything he owns if he failed to do this within one month, if given the mandate.

Chief Ubah also affirmed that he was not involved in any way what­soever in the $2.3 billion Dasuki­gate arms deal that involved the for­mer National Security Adviser, Col Sambo Dasuki, adding that he was not in­volved in the politics of contracts and has never done any government con­tracts, whether at the Federal, state or local government levels.

"I am highly misunderstood, sometimes controversial. But I have never done any government contracts. I did not collect any money from Gov­ernment; I do not have an oil block – and I have not asked for one.

"I did not know Dasuki. TAN nev­er received money from Dasuki or the People’s Democratic Party. We did what we did in the interest of the na­tion and for posterity.

"I’m a politician with a mind-set of making life worth living for the people, when issues seem to be getting out of hand. So TAN has no hand in whatever that has to do with the arms deal fund."

He said following the controver­sies trailing the #Dasukigate, it has be­come necessary for him to extricate himself from allegations that himself and the non-governmental organisa­tion, Transformation Ambassadors of Nigeria (TAN), were in anyway in­volved in the sharing of the arms deal money.



http://www.levitoday.com/2016/02/i-can-bring-us-dollar-to-n200-in-one.html

Proudly an anamberian........we don't say what we can not do........we owns the economy of this fucking nigeria.

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

i do admire your write up but i believe Nigeria never had $62 billion as foreign reserve rather it was $42 0r $45 billion.The administration increased the figure by adding our excess account.I know you are aware,i just wanted to add that...thanks for the knowledge,ive learnt something positive.

The number of half educated billionaires produced by Jonathan is alarming.

uba! uba! uba! how many times did i call u? u think u can fool us like those 419 boko haram negotiators abi? abeg park one side you hear we don wise