cr7lomo:
It's dropped to 220, super uba

for where?

NgeneUkwenu:

No mind me ! I just hate all these IPODS...

Them be our friends jare...lol!

Nigerians confusing demsefs since 2016 BC

TonyeBarcanista:
It isn't about right or wrong but more of seeing things from the right perspective. I'm not a Chartered Economist nor a guru in the field, in fact I never claimed to be one.

However, sensing the downward trend of the our main export(the oil) and the fact that our reserve wasn't fit enough to accomodate naira defence, I made case for devaluation of the currency to ease the reserve of its stress as well as for the government to embrace austerity(cutting overheads and their own remuneration) in favor of capital projects and fixing our infrastructures/promoting policies to favor quality local production. This I believe would yield long term benefit and shut out our over-dependency on foreign products. Though it would be tough in the first phase.

To address the over-circulation of the dollar, I suggested that we adopt the Egypt style instead of trying to bully the dollar when we are yet to get the capacity to produce locally.

Anyway, we all want the economy to improve. But I don't think praying for hoarders of the dollar to release cash or trying to beg them is the way forward. Government should be concerned with boosting local production and fix tight import tax on product that we have capacity of producing locally. As For the naira, they should allow the marjet determine it.

My brother, what they need to do is not rocket science! they know what they are doing and some fools will be cheering them on!! They are playing politics with our lives, simply try and reduce foreign imports by boosting local production and watch the naira soar!!!

Buhari have seen those who wants him to succeed and those who don't.
Buhari have seen those who know much running the economy and those who want to be finance finance minister but don't know 1 + 1 .

#proudly5%#

cuteboy2:
AbdulSamad Isyaku Rabiu, Executive Chairman of BUA Group (Dangote's main business rival), took an unusual step of writing a full page article in Business Day of Monday, 22 Feb 2016 claiming that the current naira free-fall is caused by a few greedy people, or more to the point, a particular person.

BUA Group is into the business of manufacturing of cement, sugar refinery, flour, edible oils, pasta and rice cultivation.



: http://www.osundefender.org/manufacturing-the-fx-situation-and-the-nigerian-economy-by-abdulsamad-rabiu/


Few days ago Dr Ifeanyi Ubah, CEO of Capital Oil took a rather unusual step of appearing on Channels TV on Sunday, 21/2/2016 to make a very bold claim that the current Naira slide is artificial, and is caused by a few individuals. He said that he "knows those behind the current foreign exchange crisis facing the nation and was ready to name them publicly".

He also staked his entire assets of N500b on his claim that he will expose the saboteurs, reverse the slide in 30 days and bring Naira back to 1$=N200. FG is yet to take up the offer. However, since these two

http://www.vanguardngr.com/2016/02/i-ll-name-those-behind-forex-crisis-if-says-ubah/

http://www.authorityngr.com/2016/02/N200-PER-DOLLAR-PROPOSAL--Ifeanyi-Ubah-stakes-N500bn-assets/

Abdulsamad Rabiu spoke on Sunday, 21/2/16. The very next day, Ifeanyi Ubah spoke in same vein on Monday, 22/2/16.
Are these mere coincidences? is anybody thinking what I am thinking? Is anybody in Buhari's govt and economic team getting the message?

Both Abdulsamad Rabiu and Ifeanyi Ubah are seriously supporting Federal Govt policy not to devalue the Naira, whilst a powerful business men are secretly nudging FG to agree with IMF and devalue the Naira. Why? Who is benefiting from all these mess?

More importantly, which powerful individual or corporate entities are Abdulsamad Rabiu and Ifeanyi Ubah referring to, and even threatening to name? Nigerians wake up and shine your eyes oooooo!!

Meanwhile, in previous news, in January 2016 CBN Gov Emefiele visited Dangote's new refinery/petrochemical/fertilizer construction site at Lekki free trade zone and pledged that FGN will supply him all the dollars he needs for this private project at official rate of $1:N197, which is currently estimated at $10 billion. This represents 30% of our reserves. According to CBN, current Nigerian external reserves has dipped to $28 billion.

....and some still say Buhari is at fault, when past governments have so empowered few capitalists to the detriment of the nation. Today, we're at their mercy and in trouble because we have a government that wants equitable distribution of wealth.

They said dollar will get to N500 to a dollar, but they forgot Naija is still God's chosen people.

martineverest:
Ubah is looking for soft landing... Bubu is just silent on him; once the refineries are done, his case for will be re- opened

..


.... And when will that be? When all Nigerians are dead of low Naira purchasing power and unemployment and hunger....... Maybe after the construction of private Refinery funded by Edenfiele and CBN?

Just help me understand.

grandstar:
Let's stop chasing the wind.

The buck stops at Buharis table. Is he an economist? How can he decide not to devalue the currency? Sanusi and Soludo have both condemned his policies

That is the cause of the entire problem

It won't make any sense now to devalue the naira. The gap between the official rate and parallel market is freaking too much.

iamodenigbo1:
have you blamed GEJ today?

Blamed GEJ? Far from it! I only extolled GEJ's leadership skills in corruption.

cuteboy2:


I was shocked and astonished myself to learn that FGN/CBN that does not have money to repair existing government refineries or build new ones, suddenly has all the dollar needed by an individual to build his private refinery. And this happening under Buhari's nose. Are they sleeping?

This country tire me oooooo.

Lalasticlala are you hearing this one?

...that is because PDP government made him so powerful.

This is a war of the rich amd which must be fought by all Nigerians.

i know the person his name starts with D has a G and a T

tinsel:
Nawaa for Dangote. The thing is he is a friend to every government in power.

That's a strategy every successful business man must formulate.......You can't be an enemy to a govt and be successful in business within that govt

iamodenigbo1:
have you blamed GEJ today?

Yes!! GEJ is to be fully blamed for the mess Nigeria is in. He inherited a foreign Debt free country; He earned oil proceeds at over $ 100/barrel but squandered it all so much so that all our FOREX disappeared. Now we are suffering for it. He put Danone; Otedola et all on his Economic team and we glaringly see the results today.

He made a prosperous country broke in 5 years with no savings to show for it.

He encouraged pilfering; plundering and waste and even boasted about it like he did in Kenya wen he said private jets show our wealth.

He broke laws of other countries by allowing $9m cash to be flown in Private Jet to SA. Your money; My money; Our money.....now, there is no money.

If anybody thinks Buhari has the magic wand to return us to time of plenty, u r dreaming. Oil, our major exports is unattractive. Diversifying the economy is at least 5years away from earning us a Dime. Agriculture can only help wt food locally as our products don't meet international standard.
We can't export our graduates as the education they received is ZERO.

GEJ should be in jail for executive recklessness and plunging people into penury through wastage of our commonwealth

TonyeBarcanista:
It isn't about right or wrong but more of seeing things from the right perspective. I'm not a Chartered Economist nor a guru in the field, in fact I never claimed to be one.

However, sensing the downward trend of the our main export(the oil) and the fact that our reserve wasn't fit enough to accomodate naira defence, I made case for devaluation of the currency to ease the reserve of its stress as well as for the government to embrace austerity(cutting overheads and their own remuneration) in favor of capital projects and fixing our infrastructures/promoting policies to favor quality local production. This I believe would yield long term benefit and shut out our over-dependency on foreign products. Though it would be tough in the first phase.

To address the over-circulation of the dollar, I suggested that we adopt the Egypt style instead of trying to bully the dollar when we are yet to get the capacity to produce locally.

Anyway, we all want the economy to improve. But I don't think praying for hoarders of the dollar to release cash or trying to beg them is the way forward. Government should be concerned with boosting local production and fix tight import tax on product that we have capacity of producing locally. As For the naira, they should allow the marjet determine it.

you re right my Brother ,you 've said it all ,May Great One"GOD"bless you.

macklef:
Dangote is a damn oppourtunist. With all the billions he has he wants it all.
He wants to be the richest man in the world and to achieve this, naturally
U must step on other peoples growth/sucess.
Greed!!!!!!!!! Upon Vanity!!! Is long term Stupidity!!!!!!

if Dangote is repatriating the profits from his plants all over Africa back home then it should even help the value of the Naira. Nigeria is actually now a country with comparative advantage in cement production. Dangote should be exporting cement and earning forex for Nigeria as we speak.
The story needs careful investigation. How much of Dangote's wealth (18.3bn) was in Naira before the currency lost value, how much of the wealth was in dollars?. If the oil price change that affected the value of the Naira reduced his net worth due to over-exposure to Naira then he might truthfully have needed forex support to build that refinery. In any case that Refinery is a National priority project that needs all the support from government.

Rabiu is referring to dangote, no doubt.

TonyeBarcanista:
It isn't about right or wrong but more of seeing things from the right perspective. I'm not a Chartered Economist nor a guru in the field, in fact I never claimed to be one.

However, sensing the downward trend of the our main export(the oil) and the fact that our reserve wasn't fit enough to accomodate naira defence, I made case for devaluation of the currency to ease the reserve of its stress as well as for the government to embrace austerity(cutting overheads and their own remuneration) in favor of capital projects and fixing our infrastructures/promoting policies to favor quality local production. This I believe would yield long term benefit and shut out our over-dependency on foreign products. Though it would be tough in the first phase.

To address the over-circulation of the dollar, I suggested that we adopt the Egypt style instead of trying to bully the dollar when we are yet to get the capacity to produce locally.

Anyway, we all want the economy to improve. But I don't think praying for hoarders of the dollar to release cash or trying to beg them is the way forward. Government should be concerned with boosting local production and fix tight import tax on product that we have capacity of producing locally. As For the naira, they should allow the marjet determine it.

Nice one!

Both Abdulsamad Rabiu and Ifeanyi Ubah are seriously supporting Federal Govt policy not to devalue the Naira, whilst a powerful business men are secretly nudging FG to agree with IMF and devalue the Naira. Why? Who is benefiting from all these mess?

That was exactly why IMF chief Ms. Christine Lagard visited Nigeria few weeks ago and gathered with the so called celebrities like Genevieve Nnaji and few other educated fools to signal them the IMF is ever ready to loan us money. Our celebrities and elites have no idea Ms. Lagard wasn't in Nigeria to help anybody, but to position western interest to reap from our anticipated economic collapse. Both the IMF and world bank already simulated our possible economic predicament, just like the US defense department simulated the break up of Nigeria in 2015.

Soon Mr. Tony Blair arrived from Britain advising Nigerian governors of only God knows what. But, all that was to strategize for western companies to take over our economy, cause they were sure of a possible economic collapse in Nigeria. When it didn't work out so soon as they expected, they began using these elites to pressure the president to devalue the Naira.

Ifeanyi Uba and Rabiu understands the game, and they're the type of people the president should be talking to. The CBN governor Mr. Emefiele and the Finance minister Ms. Adeosun are nothing but pawns in the hands of western business syndicates/interests. I'm not even sure both are aware of this huge game going on.

The president is right!. Devaluing the Naira will only benefit western nations. They have something to sell to us, but we don't have anything to sell to them in return!.

DeLaRue:
3 weeks ago I saw Emefiele make his carte blanche comment on tv saying he was ready to provide ALL the foreign currency Dangote needs. I was surprised then wondering where cbn would get the funds from.

Emefiele just comes accross as a 'yes' man who always look timid & confused.

Add all the illegal withdrawals by Gej and his men, this Emefiele man appears not to know what he's doing.

My dear, in Nigeria, what are your chances in life if you're not a "yes man" to some degree? You want to end up like me, blowing big grammar on Nairaland, completely irrelevant and ignored in the scheme of things because you're an upright and principled man? Have you began a career? Worshipping superiors is the lifeblood of civil service and government positions, yet my career was in the private sector with a standard multinational and yet they still destroyed me for not fitting the mould. Nigeria is Nigeria. The problem with Nigeria is the Nigerian people and their chosen way of life

9jatriot:
Nigerians always using criminal approach in dealing with situations. If they call una criminals now, una go flood twitter de claim otherwise yet see wertin una don de do

I have tackled Ben Bruce on this issue on Twitter and subsequently been blocked. I believe the opposite: Nigerians indeed are criminals by default. Unless a Nigerian makes a conscious effort to be a better person, our society teaches you to approach life in a selfish, dishonest manner, always looking out to make "your own" out of any situation and blaming those who think about the full picture as "over-sabi".

9jatriot:
Nigerians always using criminal approach in dealing with situations. If they call una criminals now, una go flood twitter de claim otherwise yet see wertin una don de do

I have tackled Ben Bruce on this issue on Twitter and subsequently been blocked. I believe the opposite: Nigerians indeed are criminals by default. Unless a Nigerian makes a conscious effort to be a better person, our society teaches you to approach life in a selfish, dishonest manner, always looking out to make "your own" out of any situation and blaming those who think about the full picture as "over-sabi". There's this thing Nigerians say "if somebody own no spoil, another person own no go better". In English, it is described as a zero-sum mentality. There's no better way to describe our defeatist philosophy of life

KINGwax007:
we knw that the rich Nigerians are the cause. there's no rocket science. I have been privy to this knowledge ever since an hausa friend of mine won 500k in 1960 bet. one year later, I couldn't biliv wot I saw.

the hausa and the nigers are the main culprits here. they have top friends who help buy from CBN...but the problem is that these people have an association and decides on how much to sell dollar for a naira. and whatever price they agreed on, sticks.


devaluation of the naira wld av made them 10times richer than ystdy!!!

After pushing the price that high, but no dollars to buy, they has no choice but to enhance y the little gain.

both dangotte and ubah cannot tell me that they are not in this biz... it's pure profit.

that's how an average hausa man makes his money by sitting at home!

O boy ur making some sense, Allah!

masonkz:


Foreign banks wouldn't expressly deal with the Nigerians without the input of a Nigerian bank. Hence they usually do this through a syndicated loan system.

True. At least, a bulk of it will come from overseas.

If you know that, how can Emefiele who was a former high up not know?

cuteboy2:


I was shocked and astonished myself to learn that FGN/CBN that does not have money to repair existing government refineries or build new ones, suddenly has all the dollar needed by an individual to build his private refinery. And this happening under Buhari's nose. Are they sleeping?

This country tire me oooooo.

Lalasticlala are you hearing this one?

I think what CBN governor was saying is that FG will provide forex for the project, of course Dangote's going to provide the Naira equivalent. To my understanding FG is not funding Dangote's project

cuteboy2:
AbdulSamad Isyaku Rabiu, Executive Chairman of BUA Group (Dangote's main business rival), took an unusual step of writing a full page article in Business Day of Monday, 22 Feb 2016 claiming that the current naira free-fall is caused by a few greedy people, or more to the point, a particular person.

BUA Group is into the business of manufacturing of cement, sugar refinery, flour, edible oils, pasta and rice cultivation.



: http://www.osundefender.org/manufacturing-the-fx-situation-and-the-nigerian-economy-by-abdulsamad-rabiu/


Few days ago Dr Ifeanyi Ubah, CEO of Capital Oil took a rather unusual step of appearing on Channels TV on Sunday, 21/2/2016 to make a very bold claim that the current Naira slide is artificial, and is caused by a few individuals. He said that he "knows those behind the current foreign exchange crisis facing the nation and was ready to name them publicly".

He also staked his entire assets of N500b on his claim that he will expose the saboteurs, reverse the slide in 30 days and bring Naira back to 1$=N200. FG is yet to take up the offer. However, since these two

http://www.vanguardngr.com/2016/02/i-ll-name-those-behind-forex-crisis-if-says-ubah/

http://www.authorityngr.com/2016/02/N200-PER-DOLLAR-PROPOSAL--Ifeanyi-Ubah-stakes-N500bn-assets/

Abdulsamad Rabiu spoke on Sunday, 21/2/16. The very next day, Ifeanyi Ubah spoke in same vein on Monday, 22/2/16.
Are these mere coincidences? is anybody thinking what I am thinking? Is anybody in Buhari's govt and economic team getting the message?

Both Abdulsamad Rabiu and Ifeanyi Ubah are seriously supporting Federal Govt policy not to devalue the Naira, whilst a powerful business men are secretly nudging FG to agree with IMF and devalue the Naira. Why? Who is benefiting from all these mess?

More importantly, which powerful individual or corporate entities are Abdulsamad Rabiu and Ifeanyi Ubah referring to, and even threatening to name? Nigerians wake up and shine your eyes oooooo!!

Meanwhile, in previous news, in January 2016 CBN Gov Emefiele visited Dangote's new refinery/petrochemical/fertilizer construction site at Lekki free trade zone and pledged that FGN will supply him all the dollars he needs for this private project at official rate of $1:N197, which is currently estimated at $10 billion. This represents 30% of our reserves. According to CBN, current Nigerian external reserves has dipped to $28 billion.

hmmm

"two escaped goats" English your Dad there

MrBONE2:
you re right my Brother ,you 've said it all ,May Great One"GOD"bless you.

Amen and bless you much more sir.

Dangote is responsible! Don't ask me for proof.

Bennyberry:
Don't know if my nose is functioning well but I dy smell Dangote as the cause of the downslide of naira. #say no to monopolised Nigerian economy by Dangote

Oh! I didn't know that Dangote has told you not to establish whatever firm you have in mind to establish. All those mega thieves who called themselves leaders, is Dangote the one who is telling them not to invest their loot in Nigeria? If Nigeria has 20 of Dangote, you can just imagine what employment rate would look like.