Acting-President, Yemi Osinbajo has explained that corruption and the vandalization of pipeline facilities in the Niger-Delta region were responsible for the reduction in the volume of Dollar reserved with the Central Bank of Nigeria (CBN). He said such was responsible for the continuous fall of the Naira against the dollar.

He stated this in Port-Harcourt while chiding members of the opposition who criticize the federal government for the fall of the Naira against the Dollar.

Osinbajo said that Nigerians spent more money to buy Dollars because the currency was scarce and insufficient to go round, triggering the forces of Supply and Demand into play.

He, however, assured that the federal government was putting measures in place to ensure that the diversion of foreign currencies from the National Treasury through corruption, and the vandalization of pipeline facilities that reduce the amount of Dollars accruable to the federal government is brought to end, adding that once the federal government is able to earn more Dollars than it is currently earning, the exchange rate will go down.

Osinbajo said: “Some people have said ‘Ah! When you came the exchange rate was this now it is that.’ What accounts for exchange rates is simple. It is Dollars. If you don’t have Dollars, your exchange rate goes up. If you have dollars your exchange rate goes down.

“If you lose oil revenues through corruption and pipeline vandalism, your exchange rate goes up. It’s very simple. If Dollar is scarce, then the Naira to buy it will be more. That’s a simple thing.

“Exchange rate is not magic. It is just the availabilityof Dollars. Once we are able to earn the Dollars the exchange rate will go down. And we are hopeful that all of what we are trying to put in place, and with cooperation of all of us. We’ll be able to bring the exchange rate down.”

http://dailypost.ng/2017/02/14/naira-keeps-crashing-osinbajo/

It is well.

God bless u Prof Yemi Osinbajo, the Ag President. Meanwhile, children of 8 are coming to give us their version of the reason behind the high exchange rate.

I see no reason for all these Epistles on why naira deh bow for dollar, all we I care for is solution. If you can't make it 1 naira as promised, at least leave it the way you met it now.

And what strong measures have you put in place to stop naira from further crashing? The policies of this government are not results oriented but anti people. Enough of these stories and speeches.

Olodos in government

That's where the C in C failed to handle careful. There are many ways to kill a rat without sharing blood. Everything is not all about military might. That's why the holy book said ' wisdom is profitable to direct'.

Just imagine the big mess he kept us and he is hale and healthy in UK.

Hmmmmmmmmmmmm There is God.

Education 101 Somple Economics...Wailers take note

All these were the reasons Nigerians voted you in. And after two years, we are still getting the same excuse.

No wahala sha. Keep the excuses coming while zombies have some thing to self-service on.

I am beginning to hate this man

I can agree to an extent

I agreed with him,such an intelligent and able body man.

....because the Naira wasn't properly shut down.

Hehehrhe

Has some atom of truth tho

Makes sense.

I find it so hard to dislike dis man unlike other politicians.. Hope its a good sign

Just love this man.....

The president has spoken

btw, I am a wailer.

OK ...prof the reason why everything is upside down is because you people have no money to run this country ...and the other group that has money will not give you guys their money for you to use and run your government...thats all.

Why must we depend on Niger Delta oil?
Why can't we depend on groundnut oil?

Then you and the daura cattle rearer should resign for those who school well should bring that dollar down.






in another news you guys APC promise 1 dollar to 1 naira

nice 1 our acting Prêsdør!

Jengem:
Olodos in government

As in olodolistic govt

Oyind17:
I am beginning to hate this man

You never liked him in the first place.

Blame it on the rain

For those who didn't understand what he said let me break it down for you , Osinbanjo in a subtle way blamed Buhari for the fall of the Naira because Buhari against common sense started a war with Niger delta militants that he wasn't equipped to win and this led to pipelines bombings + unrest in the region which in turn led to low production outputs in a period of low oil prices ..Osinbanjo thanks for saying the truth

Acting President, say all dis corruption no dey hapun b4 (abi ee still no dey hapun even under your nose)? Talk well o.