Even if u bring the combination of Ben Bernanke,Janet Yellen, Charles Soludo, Joseph Sanusi, Emir Sanusi, Mark Carney, Jean-Claude Trichet, the current heads of both IMF and World bank to manage Nigerian CBN they will still struggle to succeed because the problem is not with the CBN management but president Buhari himself.
He stated some time ago that experts have not been able to convince him on the need to 'murder the naira'. This statement of his shows he is fully in charge of the monetary policies what I don't understand is why Emefiele has not yet resigned.

designking:
Just sack the CBN governor Emeifele and replace him with a more experienced person, our economy will stabilize quickly. The CBN has contributed more than 50% of the economic challenges in this country.

Our weak FX policy is the single killer of our economy.

DickDastardly:
Trial and error ... Confusion everywhere.

God where are you

It's not really trial and error... It's reality. When u take an action there's always a reaction and here in Nigeria greed will always be there... It's a simple plan but the treasury staffs will want to make money thereby killing the effort to salvage the situation.

This is not only hilarious, but very very sad.

So, in less than a month, the CBN is harpooning the much celebrated forex policies that it announced just about a month ago ?
Isn't this schizophrenia?

So, we are stuck with a dual exchange rate monetary policy till eternity? The same exchange rate policy that encourages corruption at every level, that robs the public to pad the coffers of the banks?

Physicist:
CBN and Nigerian banks have been defrauding Nigerians remitting money home. On the other hand, the government officials in Nigeria are taking money out of Nigeria. For example, someone sends $100 from United States to his sibling in Nigeria through Moneygram. CBN and Nigerian banks pay the recipient 30,000 Naira at a rate of 300 Naira to a Dollar. The banks officials and CBN officials now sells the 100 Dollars to the black market through back door at 375 Naira to a Dollar. The officials now make 7500 Naira on 100 Dollars or 75 Naira per dollar. An estimated 20 billion dollars is officially remitted to Nigeria annually according to World Bank by Nigerian Diasporas. Therefor ethe Nigerian government, CBN officials and bank officials are making a profit of 20Billion*75 = 1.5 Trillion Naira each year from the Nigerian Diasporas. There was a time recipients in Nigeria could receive their Moneygram or WesternUnion gifts from their loved ones on Dollars. CBN and the Nigerian government cancelled the option.
What is the most annoying is that almost all the remittances back to Nigeria are done by Southerners. In short Nigerian government, CBN officials and Nigerian banks officials are making illegal and illicit money on the back of Southerners abroad to spend. CBN should allow recipients to receive money in Dollars.

You hit the nail right on the head.

It's a parasitic existence.

Did you notice that it was Soludo that made it possible for Western Union and MoneyGram recipients to receive their remittances in foreign currency?
And guess who reversed that policy in favour of First Bank? The current Emir of Kano, Sanusi.

You can see that these two previous CBN governors had different worldviews.

Everything in Nigeria is built on a foundation of Fraud.
That is the problem.
That is we keep going in a merry-go-round.

kayo80:
The fact is, if we don't up our game and export more than we import, there is very little the CBN or the Finance Minister can do to make the Naira strong.

Pls tell them, but that should be told to Nigerians mainly, not the government, am surprised that all these phone importers have not figured out how to bring the Chinese phone factories to Nigeria .

Adesiji77:
http://nairametrics.com/breaking-cbn-instructs-banks-to-sell-forex-to-bdcs-what-it-means/

Hope to they will implement it in time.. We are in Big in Big Economy melt down now...

It's official! Godwin Emefiele or whatever name he goes by, is a failed dumb as$. His policies ain't working at all! Its high time we staged a protest asking him to take a bow and leave.

DickDastardly:
Trial and error ... Confusion everywhere.

God where are you

Real trial and error. One wonders if Emefiele actually has banking experience sometimes

Where is Prof Chukuma Soludo?

hopeforcharles:
Nigeria is looking like a children's play field, it looks like we are in more shiit than we thought,
What about the Chinese Yaun Deal?
Can someone tell me what's up.

Honestly I think the CBN governor should be sacked and the finance minister removed.

There is a kindergarten solution to all these madness...

Allow fx buyers to have access to Chinese yuan and watch demands for dollars drop like a pack of cards thereby jerking up the value of naira against £,$ and €.

Simple logic.

Apparently the CBN and FG are benefitting from this crinkum crankum.

Toks2008:


Honestly I think the CBN governor should be sacked and the finance minister removed.

There is a kindergarten solution to all these madness...

Allow fx buyers to have access to Chinese yuan and watch demands for dollars drop like a pack of cards thereby jerking up the value of naira against £,$ and €.

Simple logic.

Apparently the CBN and FG are benefitting from this crinkum crankum.

I have thought about this naira drop and I think that what causes all this increment is the demands, the logic is simple= reduce the demand by introducing the Yaun and watch it fall, most of our imports are from China, this is the right thing to do, Infact this people in power angers me.

Can cbn do the disbursement of this money by themself. We know what happened last time in autonomous.Banks staffs will instruct you to pay 2 naira or no quota for you. This encourages corruptions and high rates among Bdcs. I'm in the business and I know what I'm saying. Buhari please,instruct cbn to do the disbursement which is sane than that of bank. You come and take your quota and go and render returns. Let the kyc be strictly adhered with or else you stop this business of bdcs. Let us find something else to do. With this measure,forex will go down and everybody will always get his weekly quota. The moment you know that you are going to get your quota next, you will endeavour to sell your quota quickly and this in turn will bring the price down. Bdcs are the only machinery through which price of forex will be brought down.

Adesiji77:
http://nairametrics.com/breaking-cbn-instructs-banks-to-sell-forex-to-bdcs-what-it-means/

Zombies, crazy folks trying to cure madness.

Adesiji77:
http://nairametrics.com/breaking-cbn-instructs-banks-to-sell-forex-to-bdcs-what-it-means/

Zombies, crazy folks trying to cure madness.Change my foot.

Who e epp?

Buhari, Aisha, Northern Elites mopping up funds via BDC to rig 2019 elections. Believe you me!!!!

Nigeria economy has defiled all known theories of economics..hence,govt has resorted to trial n error.It is well