Nigeria needs economic reform abi? We will do that by 2019 with our votes. It is obvious this government doesn't know economics.





Feel free to yawn dust...

Clone2020:
If you are in the US or have relatives in the US trying to send money to naija, I will exchange the funds at 330/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. Avoid western Union's high fees and delays.
I use the following banks: Chase, Bank of America, Wellsfargo, Citi, USbank, PNC, Suntrust, Ally and TD bank.

See contact in signature....

But Money Gram is 353/$ na

Truth234:


IMF is a confused international organisation with little to no real knowledge of the local economy. Imagine, the same IMF that said the Naira would plunge to 1000 against the US dollar without free floating it is now saying Naira is overvalued by 10-20%. Add that difference to the current exchange rate, you will get about 420/$. So what happened to the 1000/$ projection?

In Seun Kuti's voice, IMF, International ModaFcker.

Is 'injecting' dollars to help naira a good solution/policy?

hmmm....

Meanwhile always check out the latest prices of building materials in Nigeria, current construction workers labour rates, get advise, read free construction tips and meet a professional contractor on www.engineerosaz..com

Blessings on every side!

...useless/sadist organisation! Mtchew!

IMF should be ignored. Their love for Nigeria is fake. It is an establishment of the West and like to portray itself as having the interest of countries like Nigeria at heart, if you dig deep enough you will discover that they mean more harm than good. When we accepted SAP under Babangida, they made the blueprint look good, look at us today, we have been going down ever since. Countries like Malaysia refused their advise and intervention, look at where they are today. What is the track record of IMF. Among the so many developing countries that IMF has offered solutions to their economic problem, how many are better for it. IMF should allow us our home grown solutions. Our oil earnings is better and there is reduction in waste and how our common wealth is diverted to peolple's pocket. Agric product and allied export is increasing, surely all these should have some positive impact on our economy no matter what the IMFs of this world like to say. IMF and WORLD BANK, FEAR THEM!

While i dont agree with the IMF that Naira is overvalued to the tune of 20%, its correct about FG need to impose price controls and a steep tax on imports. Extreme measures are very much necessary. FG is engaged in a big gamble with the forex issue, so far it has been largely successful, i hope it wont run out of bullets.

jmichlins:
Go help Greece and leave us alone

Na so

There is no government in Nigeria and indeed Africa. IMF is just wasting their time because politicians in Nigeria do not understand basic economics, though I will always take advice from IMF with a pinch of salt as their policies seems to lack human face.

IMF might be making a good point but in the long run I don't think they have the best interest of naija in mind. And they probably never will. I think naija's problem is inward tho. It's gonna be interesting to see how long the CBN will keep up with their temporary relief of pumping it's dollars into the economy on a daily basis. I just dey observe.

Joavid:


Is 'injecting' dollars to help naira a good solution/policy?

There is nothing like injecting dollars into the economy, our foreign revenue is in dollars and needs to be converted to local currency before it can be used to fund 2017 budget.

The CBN is not giving out those funds, rather exchanging it for capital projects as stipulated in the 2017 budget. We are in a petrol-dollar economy , we need both to service the economy until will fully diversify.

Truth234:


IMF is a confused international organisation with little to no real knowledge of the local economy. Imagine, the same IMF that said the Naira would plunge to 1000 against the US dollar without free floating it is now saying Naira is overvalued by 10-20%. Add that difference to the current exchange rate, you will get about 420/$. So what happened to the 1000/$ projection?

In Seun Kuti's voice, IMF, International ModaFcker.

Can you provide reference to where the IMF predicted N1000 to $1.

Truth234:


IMF is a confused international organisation with little to no real knowledge of the local economy. Imagine, the same IMF that said the Naira would plunge to 1000 against the US dollar without free floating it is now saying Naira is overvalued by 10-20%. Add that difference to the current exchange rate, you will get about 420/$. So what happened to the 1000/$ projection?

In Seun Kuti's voice, IMF, International ModaFcker.

Thank you for this contribution.

Let us always ask ourselves,: IN WHOSE INTEREST DOES IMF ACT, IN 3RD WORLD COUNTRIES?

I wont go into long details but HISTORY has shown that every country (without exception) that has taken the IMF Pill (Loan) for th epurpose of development/restructuring, was worse-of, than from where it was before the loan.

I hope we all remember the IMF structural Adjustment programme under Ibrahim Babangida's regime?
It was during that IMF Loan that the Naira "died", in terms of real value (not exchange rate!) and all our industries collapsed.

Why is it that once any 3rd world country is trying to make a headway and solve its problem, IMF will just wake-up and start predicting doom, urging it to devalue its currency, raise taxes on its people, allow free-for-all importation of `foreign goods (open border), remove import tariffs so the country can become a dumping ground for Western goods, e.t.c
From Angola, to El Savador, to Chile, to Nigeria, to Argentina, ....IMF is an agent of imperialism and it is used to destroy the economy of emerging nations and ensure they are forever dependent on the West.

Nigeria should please, just ignore their rubbish predictions or advice.
When the Naira was taking a hit, they did not make any comment bu tnow that the Niara is firming-up, they suddenly found their voice.
Thunder fire any Oyinbo-man wey wan spoil our economy.
`

otunbakolawole:
While i dont agree with the IMF that Naira is overvalued to the tune of 20%, its correct about FG need to impose price controls and a steep tax on imports. Extreme measures are very much necessary. FG is engaged in a big gamble with the forex issue, so far it has been largely successful, i hope it wont run out of bullets.

At the bolded, if they take the step, some people will condemn it. No be VP talk the other day be this whey dem dey abuse am?

MakeADifference:
Nigeria spent $2.6bn on Boko Hiram victims in 2016

Nigeria shared/is sharing billions Paris loan refunds to state

The same Nigeria is busy looking for loans and worried about $1.4bn

It isn't the Naira that has valuation problems, it is those in charge of the Naira that are over valued.

This government is overvalued. It is a govt of mismanagement.

What is your point regarding the bolded part? That the victims didn't deserve support or what?

alrahmanonline:
All of these are dangerous bridges... We'll definitely cross it... God bless Naija..

We won't cross it by mouth or unrealistic optimism. This government don't know what they are doing.

For those of you making useless accessions, have you asked yourself the reason commodity price keeps going higher despite the drastic decrease in dollar rate?
Lemme answer this question, its cause of the artificial manipulation of the naira by your quark economists who instead of finding permanent solution to the country's economy issues choose a temporary means of pumping dollar to the forex market.

Xkalaban:
IMF might be making a good point but in the long run I don't think they have the best interest of naija in mind. And they probably never will. I think naija's problem is inward tho. It's gonna be interesting to see how long the CBN will keep up with their temporary relief of pumping it's dollars into the economy on a daily basis. I just dey observe.

Where do you think dollars was coming before? Was it not through the same CBN? What changed now is the channel or method of distribution.
Don't make me laugh o.

Truth234:


IMF is a confused international organisation with little to no real knowledge of the local economy. Imagine, the same IMF that said the Naira would plunge to 1000 against the US dollar without free floating it is now saying Naira is overvalued by 10-20%. Add that difference to the current exchange rate, you will get about 420/$. So what happened to the 1000/$ projection?

In Seun Kuti's voice, IMF, International ModaFcker.

Actually , you are the one who seems most confused.
From you post, your knowledge of economics and currency dynamics appear wanting.

The IMF were being diplomatic and circumspect by saying that the Naira is 20% overvalued. The N1000/$ is still a more than likely possibility in the very near future , despite all these reactionary and wasteful shenanigans by the CBN.

The thrust of the IMF message is that the government should do away with ad-hocism when it comes to economic management. They should stop looking at daily fluctuations in Naira exchange rates, and have a long term focus of strengthening the structural imbalances of our economy.
An orderly depreciation of Naira to it's true economic equilibrium rate , a soft landing, would be much much better than a violent disorderly depreciation that is inevitable, and which would effectively disorganize every sector of the economy in a very short time.

As usual, when Nigerians hear news they don't like, they substitute conspiracy theories for rational thinking. All this talk about the IMF being "evil" is just nonsense: that the Naira is significantly overvalued was obvious a long time ago, and it didn't take IMF economists to recognize the fact. All that "IMF hates Africans" stuff is just paranoid nonsense being spouted by economic illiterates.

Some hard facts for the IMF-haters to digest: you cannot expect your primary source of foreign exchange to halve in value, and yet still continue to consume foreign imports at the same old rate, just as you can't expect to live the same lifestyle when your salary halves. Simply declaring the Naira to have a certain value won't make it so, which is why the "official" and parallel rates have diverged so drastically.

The primary beneficiaries of the current setup aren't the masses of wishful thinkers who comment on places like Nairaland, but politicians, CBN officials and other well-connected people, who can buy dollars at the "official" rate, and then turn around and sell them on the parallel market; the only reason the gap between the two rates has narrowed somewhat is because the CBN is unsustainably squandering precious reserves by selling artificially cheap dollars for political reasons, to show that the Buhari government is "doing something".

plaetton:

Actually , you are the one who seems most confused.
From you post, your knowledge of economics and currency dynamics appear wanting.

The IMF were being diplomatic and circumspect by saying that the Naira is 20% overvalued. The N1000/$ is still a more than likely possibility in the very near future , despite all these reactionary and wasteful shenanigans by the CBN.

The thrust of the IMF message is that the government should do away with ad-hocism when it comes to economic management. They should stop looking at daily fluctuations in Naira exchange rates, and have a long term focus of strengthening the structural imbalances of our economy.
An orderly depreciation of Naira to it's true economic equilibrium rate , a soft landing, would be much much better than a violent disorderly depreciation that is inevitable, and which would effectively disorganize every sector of the economy in a very short time.

2 bottles of the finest champagne for you.

Daboomb:


Thank you for this contribution.

Let us always ask ourselves,: IN WHOSE INTEREST DOES IMF ACT, IN 3RD WORLD COUNTRIES?

I wont go into long details but HISTORY has shown that every country (without exception) that has taken the IMF Pill (Loan) for th epurpose of development/restructuring, was worse-of, than from where it was before the loan.

I hope we all remember the IMF structural Adjustment programme under Ibrahim Babangida's regime?
It was during that IMF Loan that the Naira "died", in terms of real value (not exchange rate!) and all our industries collapsed.

Why is it that once any 3rd world country is trying to make a headway and solve its problem, IMF will just wake-up and start predicting doom, urging it to devalue its currency, raise taxes on its people, allow free-for-all importation of `foreign goods (open border), remove import tariffs so the country can become a dumping ground for Western goods, e.t.c
From Angola, to El Savador, to Chile, to Nigeria, to Argentina, ....IMF is an agent of imperialism and it is used to destroy the economy of emerging nations and ensure they are forever dependent on the West.

Nigeria should please, just ignore their rubbish predictions or advice.
When the Naira was taking a hit, they did not make any comment bu tnow that the Niara is firming-up, they suddenly found their voice.
Thunder fire any Oyinbo-man wey wan spoil our economy.
`

All of you talking like this obviously don't know anything about IMF and their policies.
Some are even calling IMF a western establishment to ruin African countries

You people don't know.

Do You know the components of SAP? Do yiu know why it failed in Nigeria? Anyways that is besides the topic.

@Topic
IMF has a point, but they have to understand now that Nigeria is a peculiar country right now, and certain policies like these that would have lifted other countries may cause untold hardship in Nigeria.
Egypt has done the float, and their currency is doing ok, even with less reserves, but if Nigeria does that now, we will be done for because of the unbridled greed and wickedness of our unpatriotic elite (the bank top shots, politicians, hoarders, BDC people, etc) they will exploit this thing to the detriment of Nigeria

So thanks for the advice @IMF but Nigeria is a special case.

maasoap:

Where do you think dollars was coming before? Was it not through the same CBN? What changed now is the channel or method of distribution.
Don't make me laugh o.

Nope ur wrong on that frnd. There's the private sector too. I for one, don't get my foreign currency from no CBN.

Its easy to know when naira is over valued when u gonto the market the prices of goods are not coming down yet we hear naira is appreciating

MakeADifference:
Nigeria spent $2.6bn on Boko Hiram victims in 2016

Nigeria shared/is sharing billions Paris loan refunds to state

The same Nigeria is busy looking for loans and worried about $1.4bn

It isn't the Naira that has valuation problems, it is those in charge of the Naira that are over valued.

This government is overvalued. It is a govt of mismanagement.

What exactly are you saying?


The government shouldn't spend money to assist the victims?

The government shouldn't pay civil servants salaries?


Even America that owns the dollar is owing and they've been in more recessions than us.

IMF is advising the government to increase tax to boast the naira.

When Nigerians start producing more of what we consume, the naira will appreciate.

And we have to start voting people ready to lead by example.

Truth234:


IMF is a confused international organisation with little to no real knowledge of the local economy. Imagine, the same IMF that said the Naira would plunge to 1000 against the US dollar without free floating it is now saying Naira is overvalued by 10-20%. Add that difference to the current exchange rate, you will get about 420/$. So what happened to the 1000/$ projection?

In Seun Kuti's voice, IMF, International ModaFcker.

you know? I would rather hear an uncomfortable truth than a pleasant lie, if the IMF predicted 100/$ previously it could still happen Afterall the naira is not stable yet and maybe that's what they are still warning about. And why is the naira overvalued? Is that not wrong? As the IMF have previously predicted the 1000/$ could still happen. Unless something tangible is done besides how does overvaluing of the naira helps the situation ?

MakeADifference:
Nigeria spent $2.6bn on Boko Hiram victims in 2016

Nigeria shared/is sharing billions Paris loan refunds to state

The same Nigeria is busy looking for loans and worried about $1.4bn

It isn't the Naira that has valuation problems, it is those in charge of the Naira that are over valued.

This government is overvalued. It is a govt of mismanagement.

Gbam, Gbammer, Gbammest

This is the way out














The truth is bitter.

kennygee:
The cost of governance in Nigeria is our problem.

Private schools, especially secondary and primary schools charging over 200k is a problem.

When an SSA has his or her own branch of aides and personal assistants that government also pays in huge sums, that is a problem.

When our senators are paid like robbers when all they do is clown about and do absolutely nothing relevant, that is a problem.

Daboomb:


Thank you for this contribution.

Let us always ask ourselves,: IN WHOSE INTEREST DOES IMF ACT, IN 3RD WORLD COUNTRIES?

I wont go into long details but HISTORY has shown that every country (without exception) that has taken the IMF Pill (Loan) for th epurpose of development/restructuring, was worse-of, than from where it was before the loan.

I hope we all remember the IMF structural Adjustment programme under Ibrahim Babangida's regime?
It was during that IMF Loan that the Naira "died", in terms of real value (not exchange rate!) and all our industries collapsed.

Why is it that once any 3rd world country is trying to make a headway and solve its problem, IMF will just wake-up and start predicting doom, urging it to devalue its currency, raise taxes on its people, allow free-for-all importation of `foreign goods (open border), remove import tariffs so the country can become a dumping ground for Western goods, e.t.c
From Angola, to El Savador, to Chile, to Nigeria, to Argentina, ....IMF is an agent of imperialism and it is used to destroy the economy of emerging nations and ensure they are forever dependent on the West.

Nigeria should please, just ignore their rubbish predictions or advice.
When the Naira was taking a hit, they did not make any comment bu tnow that the Niara is firming-up, they suddenly found their voice.
Thunder fire any Oyinbo-man wey wan spoil our economy.
`

Here is an excerpt from a reuters article

Senate leader Bukola Saraki told Reuters last month Nigeria needed to sell oil and other assets to avoid a "worst-case scenario" of seeking an International Monetary Fund (IMF) rescue.

Any IMF deal would come with strings attached and President Muhammadu Buhari has already rejected talks with the IMF with which he had a troubled relationship during his time as military ruler in the 1980s.

Since Egypt devalued the Egyptian pound by 48% to meet IMF demands for $12 billion loan last year, the local currency has dropped another 10 percent. Even though, FDI surged due to criminal international capitalists that are always on the look out to profit from weak local currency at the expense of the locals, and the non-oil sector that initially improved due to the low exchange rate has contracted to 45. In fact, the economy is now worse than Nigeria with consumer confidence at all time low. Egyptians are frustrated, while IMF and its capitalist cohorts are smiling to the bank. President El-Sis can't even rest, currently in the US to appease the power that be for crumbs. If IMF is truly the messiah then why are these nations still struggling?

Nigeria says NO IMF.

Truth234:


IMF is a confused international organisation with little to no real knowledge of the local economy. Imagine, the same IMF that said the Naira would plunge to 1000 against the US dollar without free floating it is now saying Naira is overvalued by 10-20%. Add that difference to the current exchange rate, you will get about 420/$. So what happened to the 1000/$ projection?

In Seun Kuti's voice, IMF, International ModaFcker.

Please can you share the link to the IMF prediction (prediction of N1000/$1 without a free float)?

-Lord

Femsmart:


But Money Gram is 353/$ na

Use them.