The easiest thing to do in life, is to criticize. .

Tell those 16 Governors just reported by Trump to return the looted Dollars starched
in the U.S. BANKS to Their Domiciliary in Nigeria to be made available to genuine Importers @ controlled Forex rates.
Plus whatever is in Our Reserves should be made available @ denominated rate to Dangote and the likes to do business

orisa37:
Tell those 16 Governors just reported by Trump to return the looted Dollars starched
in the U.S. BANKS to Their Domiciliary in Nigeria to be made available to genuine Importers @ controlled Forex rates.
Plus whatever is in Our Reserves should be made available @ denominated rate to Dangote and the likes to do business

Bro were did you get that info from ?

Kingspin:
An economist, Dr Anthony Aziegbemi, described the Central Bank of Nigeria’s (CBN) latest strategy of strengthening the value of Naira by injecting excess foreign currencies into the market, as an artificial solution.

Aziegbemi said this on Wednesday in Abuja at a round-table on the “Way out of Recession’’, organised by Value Fronteira Limited.



The CBN, in the last two weeks, injected over 1.14 billion dollars through the inter-bank market, to meet legitimate demand of foreign currencies for travels, school fees and medicals.

Through this, the CBN hopes to strengthen the value of Naira and simultaneously crash the demand at the black market segment.

“Right now CBN is pumping so much Forex because it has the money. But once the money dries up, we are back to square one.

“Economics is a social science, thus contains laws that govern how economies should be run.

“If you don’t follow these laws and you do it artificially, like banning of the 41 items from getting foreign exchange, the economy won’t work as expected.

“You need to attack the foundation of the economy. You need to get the manufacturing industry up and moving. That is the only way we will have sustainable progress,’’ he said.

Aziegbemi said that the right way to strengthen the Naira was to invest in critical infrastructure and ensure that the manufacturing and agriculture sector got the necessary support to grow.

In proffering solution out of recession, Aziegbemi called for the downward review of the current monetary policy rate.

He recalled that with obvious signs of recession and rising inflation, instead of lowering the monetary rate, the CBN instead, raised it from 11 per cent to 12 per cent and later to 14 per cent.

He said that countries that successfully came out of recession had lowered their monetary policy rates during such trying times to encourage spending.

He cited the case of China, Ethiopia, India, Malaysia, Poland, Mexico and Turkey that reduced lending rate, increased spending and used fiscal policy to stimulate demand in the face of collapsing global demand.

“The Monetary Policy Committee needs to cut down the monetary policy rate to at least 8 per cent.

“ The cause of inflation is our over dependence on foreign products and not excess liquidity. So raising the lending rate has made less money available in the system and more difficult to drag the economy out of recession.

“What we need to do is to reduce the lending rate rather than tightening people’s hands,’’ he said

Aziegbemi advised the government to continue to pay special attention to agriculture and agric-businesses, work on enhancing the sources of Forex and ensure better fiscal and monetary policy coordination.

He canvassed for amnesty for treasury looters, to allow voluntary return of looted funds and encourage government to commence immediate implementation of projects and programmes that would stimulate the economy.

http://dailypost.ng/2017/03/08/injecting-dollars-forex-market-strengthen-naira-artificial-solution-expert/

Lol....what a whole load of crap.....such clueless writeup
This fellow obviously does not understand jack

Mr expert, what's your natural solution?. For now this is working for us

sonofkarma:
Why is it so hard for the government to ban BDC and create stiff penalties for offenders both from the bank and the BDC operators?

well in as much as I want the ban too, that move however will totally cripple the economy but will keep the naira fixed at a point.
how? all the items excluded from obtaining forex from govt directly now patronize d BDC,
now this people should have just packed up like some oda coys, but because they want to keep their business going, they are buying forex expensive while they still go ahead in biz. if this BDC closees this people would automatically stop business and millions will loose jobs. except the govt relieves all ban from asses to forex. but do we have enough dollars to deal with that demand now? no is the case.
so, till we increase our reserves and explore oda avenues of earning dollars, d BDC is a lifeline to SMEs. my opinion tho

ekanDamie:

well in as much as I want the ban too, that move however will totally cripple the economy but will keep the naira fixed at a point.
how? all the items excluded from obtaining forex from govt directly now patronize d BDC,
now this people should have just packed up like some oda coys, but because they want to keep their business going, they are buying forex expensive while they still go ahead in biz. if this BDC closees this people would automatically stop business and millions will loose jobs. except the govt relieves all ban from asses to forex. but do we have enough dollars to deal with that demand now? no is the case.
so, till we increase our reserves and explore oda avenues of earning dollars, d BDC is a lifeline to SMEs. my opinion tho

Well, the angle I am seeing it from is beyond the ban and the penalties.. The government should force all banks to sell FOREX to customers when needed and not through the BDC.. These Abokis buy from the bank at 315 or tops 320 and sell at whatever rate they deem fit.. The bank and the BDC are the problem.. Once the BDCs are not patronized, business will not be as usual.. This will force them to release whatever FX they have because of fear of loss..

sonofkarma:

Well, the angle I am seeing it from is beyond the ban and the penalties.. The government should force all banks to sell FOREX to customers when needed and not through the BDC.. These Abokis buy from the bank at 315 or tops 320 and sell at whatever rate they deem fit.. The bank and the BDC are the problem.. Once the BDCs are not patronized, business will not be as usual.. This will force them to release whatever FX they have because of fear of loss..

well, CBN now is giving strict orders to banks to sell directly to end users. but, we know corruption still eats deep within us.
but bank or no bank, BDC or parallel market with always exist. imagine someone like yakubu who has 5billion in his house of raw forex. he must have had dem wen dollar was below 300, so tell me, if he starts using parralel market to sell at 450, isn't that possible?
I tell u, a lot of our politicians have billions of raw dollars somewhere, even without bank, they can still control forex at d parralel market. unless there is a shoot at sight law against parallel selling.

sonofkarma:
Why is it so hard for the government to ban BDC and create stiff penalties for offenders both from the bank and the BDC operators?

Do you think the bank are saints, the buy new cars, buy expensive houses in choice areas & build their own companies before they retire all from forex or OPM (other peoples money). Government needs to create enabling environment for investors/manufacturers to thrive. Import duty must be removed from manufacturing & agricultural equipment. Security must be non negotiable. Infrastructural development must be optimized like roads, railways, airports & seaports. The right set of government officials doing the right kind of assignment.

ekanDamie:

well, CBN now is giving strict orders to banks to sell directly to end users. but, we know corruption still eats deep within us.
but bank or no bank, BDC or parallel market with always exist. imagine someone like yakubu who has 5billion in his house of raw forex. he must have had dem wen dollar was below 300, so tell me, if he starts using parralel market to sell at 450, isn't that possible?
I tell u, a lot of our politicians have billions of raw dollars somewhere, even without bank, they can still control forex at d parralel market. unless there is a shoot at sight law against parallel selling.

We Nigerians should learn from the Chinese.. We don't deserve kiddies glove treatment.. If I had my way, any public office holder starting from the president down to the civil servants must send their children to public schools and hospitals.. This will greatly improve these 2 sectors.. Any public office holder that steals from the the nation should be sentenced to death by electrocution.. As for the BDC.. anyone caught selling or any affiliate should be sent to lifetime imprisonment..
Harsh you might call this, but I assure you things will be in place..

CROWNWEALTH019:
The idiat caused the recession and is far away in london dying...

how did he cause it? na him talk say make crude oil money deoreciate?

On News Nairaland this morning.

sonofkarma:

We Nigerians should learn from the Chinese.. We don't deserve kiddies glove treatment.. If I had my way, any public office holder starting from the president down to the civil servants must send their children to public schools and hospitals.. This will greatly improve these 2 sectors.. Any public office holder that steals from the the nation should be sentenced to death by electrocution.. As for the BDC.. anyone caught selling or any affiliate should be sent to lifetime imprisonment..
Harsh you might call this, but I assure you things will be in place..

capital punishment is the way o but unfortunately, the ones making this laws are even the ones stealing, so, thers almost no way forward until Gods kingdom comes to save us

Nigerians are hypocrites.Is DAT not what Buhari has been trying to do by discouraging import to encourage local productions and boost exportation.Nigerians said he has been making life difficult.We have forgotten development has stages.We prefer d old method of PDP pumping money into the economy to maintain exchange rate,which is what Osinbajo has opted for and being celebrated as against Buhari's policy.No meaningful development can happen in dis country unless we allow naira takes its normal place without subsidizing it and boost manufacturing sector by discouraging importation just like in d case of rice,tooth pick,cars etc.Buhari is still d best thing that can happen to Nigeria but it is impatience that will kill us.