abouzaid:
when the bmc crew are already celebrating on the front-page that the price of dollars is falling while the national reserves is rising. liars by profession. Nigeria's problems are structural and have been persistent since independence, worsened since the war ended. No amount of currency manipulations would end the recession and high inflation. if the country disintegrates, the smaller nations would fare better.

ANOTHER IMPERSONATOR SPOTTED
ZOMO AW FAR NA

mayoor15:
Just say you want people to die, in our history we've never reached even 70 billion and you are saying 120billion, please carry your policy go somewhere else...

Don't mind him....

Because we are taking out the money, pump it into the economy to improve the exchange rate. Simple economics. This administration is fake and totally deceptive. When reality hits, the Dollar will be equal to 1000 Naira.i have advised folks who need Dollars to run like crazy to buy now. It's at a give away prize at this rate.

jstbeinhonest:


the plan is to keep the reserves at 30b and spend the excesses on defending the naira. There would be a fall in our reserves once the price or our output of crude drops, nevertheless, the plan is a good one, not the best, but a very good one.

yes. no economic plan is perfect but its a case of making the best out of the situation we find ourselves.

governance is about balance... balance between what is 'right' & what the people want...

Ugosample:



And is Ghana a homogenous country? ??
Is South Africa a homogenous country?

Nigeria's disintegration will not solve anything, neither will it change the people overnight

What will change Nigeria is if we change ourselves, and the way we reason

i said largely homogeneous because no nation is 100% homogeneous, however, all those nations have a dominant homogeneous group or extremely small in size but numerous groups, that's common to almost all nations that progressed.

kabawa:

ANOTHER IMPERSONATOR SPOTTED ZOMO AW FAR NA

ignoring the bmc crew since may 29 2017.

abouzaid:
ignoring the bmc crew since may 29 2017.

HAHAHA YOU VEX
TRUTH IS BITTER

b

abouzaid:
i said largely homogeneous because no nation is 100% homogeneous, however, all those nations have a dominant homogeneous group or extremely small in size but numerous groups, that's common to almost all nations that progressed.

That is still not enough point to disintegrate the country
A country progressing is not about how big, small or diverse it is, but how serious the country is, and in addition, There are many factors that determine whether a country will develop or not.
Narrowing it down Homogeneity is being simplistic

Besides, many countries in eastern Europe are homogenous, yet not developed what do you have to say?

YonkijiSappo:


In your desperation to defend ineffectiveness, you are blundering.
External reserves fell drastically because Jonathan usurped everything to fund his failed second term campaign.
He was busy distributing raw dollars to stakeholders in different regions around the country.... it had nothing to do with hi defending the Naira,.

According to the information available to everyone, it was $2billion that Dansuki shared for the campaign. You saying this was all we had in the reserve before Dansuki turned to santa? Or is there some information i'm not aware of?

gbegemaster:
Let it fall abeg. Savings is for people that are alive.

Why build external reserves when the nation needs it to survive?

Bubu don take small money pay him UK Hospital bills ni

bantudra rt:


in your dreams...smaller nations will do far worser..

imagine lagos closing all her borders to none yorubas.......the rest of west africa would be finished....

lagos is our financial hub...their are no others in africa,except in egypt....

This kind of reasoning can only come from a poorly educated ofe mmanu from oduduwa. Where do I even start in enlightening this one? Smh.

2muchopoTBdope:



Yh true talk but my question is 'this CBN intervention fund usually pumped into the forex market, how sustainable is it? Cos at some point this foreign reserve may get depleted more esp if the Oil price drops. Or what do u think??

my humble submission is this;

its a case of choosing what is economically right or prudent & what brings comfort to the majority of people. these issues are not always mutually inclusive.

what is economically prudent is to 'save' but the reality is that this brings a lot of hardship due to the low level of infrastructural development in Nigeria which invariably had led to the stunted growth of the manufacturing sector.

so government must provide a sustainable balance, spend the reserves prudently but ensure a large percentage of it goes to businesses that grow the manufacturing sector or at least create sustainable jobs. then double up efforts on the rail & power sectors among other areas.

over time, the economic & social needs would balance out & our foreign reserves would not play such a critical role for Nigeria's survival as is presently the case.

bantudra:


in your dreams...smaller nations will do far worser..

imagine lagos closing all her borders to none yorubas.......the rest of west africa would be finished....

lagos is our financial hub...their are no others in africa,except in egypt....

Bros, shame dey catch me for u o. Walahi.

abouzaid:
that's the best summary, they're now reverting back to the same techniques used by okonjo iweala.

No my friend. Please look at the figures.
This government has successfully restructured the economy. We are still making only 50 percent of forex that we were making before but the reserves are rising.
This is due to :
1. Nigerians are consuming less foreign products; especially rice, clothes and petrol
2. The FG is not paying as much as before for oil companies JV cash calls
3. Reduced corruption.

Things did not work with GEJ because of weak implementation, loose monitoring and ineffectual leadership.

Which brings to the fore the basic issue. Sometimes it is not the beauty of the idea but the discipline in implementation. Nigerians are always dodging that word like cowards but you are not going anywhere without it DISCIPLINE.

mrvitalis:
I have been against this new policy from the beginning... Build ur reserves to 120 billon before I start this thing ...by then our local manufacturing would have taken shape ..we won't die if we don't school abroad ..or eat/use foreign goods

So who do you think school abroad? Buhari's children or ordinary man's children? What goes for medical tourism? Buhari himself or ordinary man? The policies will always favour those in power. By the way I don't see how any manufacturing activities has been supported by the skyrocketting foreign exchange.

YonkijiSappo:
This administration has been able to gradually shore up our external reserves even in the middle of an oil price crash, while the previous ineffective buffoon and his 40 thieving cronies left external reserves at virtually $0, right in the middle of an oil boom...

on keeping the naira low,fuel subsidy and also lining their pockets.

YonkijiSappo:
This administration has been able to gradually shore up our external reserves even in the middle of an oil price crash, while the previous ineffective buffoon and his 40 thieving cronies left external reserves at virtually $0, right in the middle of an oil boom...

Illiterate!

The Daura Cowman met our foreign reserves at $30b when he assumed office in May 2015. Within one year in office, Buhari and his lying gang of propagandists depleted it to as low as $24b before the current increase we witnessed. I hope this downward trend is not allowed to continue.

buhari is a blind coward

Aburi001:
Bubu don take small money pay him UK Hospital bills ni

Lol

to pay for Buhari's many illnesses.

InvestinOwerri:
This kind of reasoning can only come from a poorly educated ofe mmanu from oduduwa. Where do I even start in enlightening this one? Smh.

lagos and egypt is the only financial hub in the entire africa..

forget south africa,they are nothing in africa...

k199192:
is Lagos the only port in Nigeria? There ports scattered all over the south south south, warri, PH, calabar, it's just government policies that have made Lagos what it is.

thats not realy true..that area we call lagos today was always a financial hub since the 11th century..

thats why it attracts many type of people like a magnet...

remember the silk road..??..

its not realy true that the fg is forcing people to only do business in lagos..
people do what they want.....the fg can not control anything..or else their would be financial hubs all over africa like in europe...

abouzaid:
almost all the great nations of the world are small largely homogeneous nations, Singapore was just a sleepy port when it broke out of Malaysia yet today it has surpassed Malaysia beyond description.saying that there's no other financial hub in black Africa is denying the economic and development miracles taking place in Ghana, Botswana, Angola south Africa etc. even the Liberian dollar is now more than three times more valuable than the naira.disintegration is the option out or we would continue downhill in this mess.

alot of you realy dont understand economics....

to even think that the whealth in lagos would just disappear like that is not possible...

financial hubs has to do with the population of a area too..

we are talking about why people do business in certain areas around the world..nobody realy understands how it works..

am just telling you what i know,nothing else...

mrvitalis:
I have been against this new policy from the beginning... Build ur reserves to 120 billon before I start this thing ...by then our local manufacturing would have taken shape ..we won't die if we don't school abroad ..or eat/use foreign goods

the WE include baba dullard of daura?

Esseite:
Hmmmm... hope the drop wont stagnate the CBN's inflow to crash the dollar rate?

If you want $ to crash let everyone think of what to export, cbn intervention is only a temporary fix, won't last.

YonkijiSappo:
This administration has been able to gradually shore up our external reserves even in the middle of an oil price crash, while the previous ineffective buffoon and his 40 thieving cronies left external reserves at virtually $0, right in the middle of an oil boom...

zero?? even if u want to exaggerate. make unable still dry fear God no.

eph12:

Local manufacturing? Well government should just focus on light first. That's the only way we can guarantee sustained productivity and attract foreign investors in their numbers.

Electricity and security

that is the point. floating our reserve into the economy is not rhe solution to the recession. Government should create enabling enviroment to encourage locally produced goods, direct foriegn investment ,remittance and increase disposible income of its citizen

bantudra:


thats not realy true..that area we call lagos today was always a financial hub since the 11th century..

thats why it attracts many type of people like a magnet...

remember the silk road..??..

its not realy true that the fg is forcing people to only do business in lagos..
people do what they want.....the fg can not control anything..or else their would be financial hubs all over africa like in europe...

if the FG is not controlling anything like you claim, why are those other ports not working.? If they were working do you think Igbo traders will want to use the far away Lagos port rather than use a close by one like warri?

k199192:
if the FG is not controlling anything like you claim, why are those other ports not working.? If they were working do you think Igbo traders will want to use the far away Lagos port rather than use a close by one like warri?

people make things work..not things people..

dont ask me why people rather do things in certain places than others..nobody realy understands why..not even the whites....

it would make sense that people do their business in the east too..much nearer,ports and other things like lagos..
but they are not doing it..

nobody realy understands why....