rusher14:


What raw materials if I may ask?

me69:
Immediate? who's talking about immediate, i'm telling that they had a better response like russia.

deomelo:

You obviously did not read your own rubbish.

[s]You brought up the president flying abroad for treatment and I rightly stated that jona and his wife were flying from London to Garmin for medical treatment[/s].

[s]And about politics, you brought up politics by claiming that what the whole thing with CBN and forex is political games and political elites.[/s]

Read over your post before submitting..

me69:
Lot of our local firms buy inputs from countries like china, india and so on like special chemicals, polyethylene, fabrics, machines etc..

me69:
Don't ignore the facts, manufacturers are closing, arik had to be taken over by AMCON because of unsettled debt. Politicians are still budgeting for brand new cars

me69:
No point of having rising reserves if the Forex market lacks liquidity and the fundamental problem of efficient forex allocation is not addressed. When eventually the CBN start releasing Forex to people, the demand will be so huge that the reserves will again fall. Plus all these BDCs are just waiting for CBN to start selling at cheap rates so that they can change the nairas they bought at high rates from customers, when this happens it will be the biggest wealth transfer (pure money conversion, not based on production increase) ever seen in Nigeria. BDCs will be so rich that politicians will look like mere civil servants. And inflation will be soo high

me69:
Stp arguing you have no point. If the CBN doesn't change it policies, as soon as they start selling dollars again the reserve will deplete because they fail to address the fundamentals of this Forex crisis. I'm telling the issue is not about hoarding forex, it is about allocating it in a efficient manner.

chibuzorAbia:



Let me assure you that you are talking absolute rubbish! You are just using theoretical jargon that you just don't understand. What in hell is efficient allocation when you are seriously short of money (dollars)? The only fundamental problem is we are foolish consumers of imported products that we are capable of producing ourselves. Everything else is nonsense. If I were Buhari nobody will withdraw 1 cent from the CBN. If we can't produce anything then let us DIE!

agabusta:
When the reserves rises, it boost investor confidence and portfolio investors will return to the country in droves. Those dollar requests you mentioned may necessarily not be met by CBN but by other sources in the economy.

We first ran into problem shortly after the election when reserves dropped to dangerous levels and majority of portfolio investors pulled out their funds.

deomelo:



What facts? Poor management and companies with poor business record folds no matter what?

Exactly what do you expect or want to happen after looting the largest FG earnings under Jona and PDP and draining of our reserve? Do you spend or continue spending don't have to waste or spend any how?

Do you continue spending based on $40/barrel oil same way you did when oil was $100/barrel?

Let me tell you the hard truth about facts, it's when you make a lot of money for so many years and failed to invest your money, when you steal, loot and mismanage your money, you will suffer when tomorrow comes.

You can even try in real life by mismanaging your salary and see how fast you suffer when your bills and rent comes knocking.

You people just talk and talk with poor reasoning and rational

rusher14:


And they should continue to import polyethylene at government subsidised rates from countries that don't even have the raw materials for the manufacture of polyethylene.

Na wa for Africa.

rusher14:


So you would like to compare a behemoth like Russia to Nigeria?

Can you compare Dangote with Seun Egbegbe?

druidvision:
So am I supposed to have an erection on this news? The issue is not to grow foreign reserves, the tools cbn is using to support economic growth are outdated. It's like using the manual of a 1985 Range Rover to diagnose the problem of a 2017 Range Rover.

me69:
Immediate? who's talking about immediate, i'm telling that they had a better response like russia.

toniok:


Why are you comparing Nigeria with Russia for God's sake? most of these countries over the years used there oil wealth to develop their country (build good schools, hospitals, roads, housing, manufacturing entities etc). so whatever the situation, you will never see them running around looking for FX to travel outside their country for schooling, hospital, importation of -rice,toothpick, shoes etc. Our Government failed over the year's to put any of these things down for us. rather they stole every thing and took them to other people's country not even investing any part of it in this country