kaymart:
I fear for what will happen to Nigeria economy in 5years time.....

This methodology of pumping is so scary, superbly devastating on the long run.

Don't worry in just 2 years the scam APC government will vanish with their pumping methodology.

obailala:
The interest rate issue has been talked about a lot. Nigeria's economy has peculiar problems and cannot be directly compared to the US where they can easily adjust interest rates at will.

And instead of tackling the 'peculiar' problems head on, they are satisfoed with kicking the can down the road. Very soon our debt profile will creep into territories not seen since the Obasanjo era debt cancellations. To spend your precious forex on what is essentially consumables is just stupid. Until we restructure we will continue to have peculiar problems and remain poor and indebted.

Seems like these guys are actually defending the USD instead of the NGN.

The Naira is strong on paper only.

This is subsidy in disguise.

Millions of usd is needed and for sale everyday in Nigeria and offshore

We Buy USD with Naira and Bitcoin
We Buy RMB with Naira and Bitcoin

We Sell USD for Naira and Bitcoin
We Sell RMB for Naira and Bitcoin

Our rate is good

Please only send message if you are the direct Seller/Buyer or Mandate

https:///send?phone=2348062442281

obailala:
While it makes no sense, I would assume it's in a bid to ensure easier access to forex for more important things. For instance, we all know the importation of fuel is more important than the importation of fabrics; but at the end, the methodology for prioritising what is more important than the others is where the real debate should be.

I doubt if traveling to mecca on pilgrimage is more important than importing a piece of manufacturing equipment for a small scale industry.

buffalowings:
I don't understand this country
Whenever I hear US fed chair Yellen talk, it is always about how low the interest rate in banks should be.
Should it be low or even kept a tad bit lower. That's how you grow the economy.

But here emefiele and that finance minister, all they know is pumping dollars
I wonder how we came to employ the dumb fu..cks

They should just employ me as well, I did economics in secondary school.

Jonathan employed him

mikolo80:
Jonathan employed him

Stop it

Reference:


And instead of tackling the 'peculiar' problems head on, they are satisfoed with kicking the can down the road. Very soon our debt profile will creep into territories not seen since the Obasanjo era debt cancellations. To spend your precious forex on what is essentially consumables is just stupid. Until we restructure we will continue to have peculiar problems and remain poor and indebted.

I wouldn't necessarily say the 'peculiar' problems aren't being tackled; whilst I am of the opinion that much more could be done, if we must be realistic, we must understand that certain issues cannot be solved overnight, or in 2 years. If not for anything, we've seen an effort to ban/limit the importation of rubbish products to encourage local production. We've also seen some efforts being put in to boost agricultural production (e.g. the anchor borrowers programme to boost rice production, the fertiliser initiatives (including the partnership with Morocco) to boost local fertiliser production etc. We've also heard the noise about building standard railway links across the country.

The above efforts are things which if completed can take Nigeria out of the stranglehold of its dependency on crude oil; these initiatives can boost local production and reduce imports of certain essential commodities. So I wouldn't blankly say the govt is satisfied with kicking cans down the road.

Regarding spending forex on 'consumables', unfortunately we have no choice at the moment and that is exactly the reason behind the current economic conditions. A problem like that cannot be changed overnight, and with a prevalent recession, it would impossible to do anything positive without borrowing.

buffalowings:


Stop it

am I lying. better do your research well

ruffhandu:


I doubt if traveling to mecca on pilgrimage is more important than importing a piece of manufacturing equipment for a small scale industry.

Like I said before, the real debate should be on how to prioritise what is more important than the others. Pilgrims being offered dollars at the official rate while more valuable manufacturers majorly get their needed forex at black-market rates, that is something that definitely kills business morale. Anyway, with the recent convergence of official interbank rates and black-market rates, this issue is already being solved.

Thanks to our CBN but when are we going to have
the physical effect of all this additional values,

May God almighty thunder waiting to kill fire and purnish u n u dere n u for dere n u around dere n u behind me n u infront of me in Govt...tiff kill dem all

obailala:
Like I said before, the real debate should be on how to prioritise what is more important than the others. Pilgrims being offered dollars at the official rate while more valuable manufacturers majorly get their needed forex at black-market rates, that is something that definitely kills business morale. Anyway, with the recent convergence of official interbank rates and black-market rates, this issue is already being solved.

My dear, don't believe everything you see on the news. For today 29th August, 2017, for usd:
Black market=365/366
Bank Atm online (access bank)=375
Western union. =355
Moneygram =353
Cbn official rate=305

Has that really converged?

ruffhandu:


My dear, don't believe everything you see on the news. For today 29th August, 2017, for usd:
Black market=365/366
Bank Atm online (access bank)=375
Western union. =355
Moneygram =353
Cbn official rate=305

Has that really converged?

Interbank which used to be close to CBN rate at around N310 was devalued about 4 weeks ago to N359. Also remember that with the creation of a number of investor windows recently in the range of N350-N375, almost all forex transactions now fall within that range. In fact, I'm not sure which transactions currently still happen on CBN rate. What they did was systematically devalue in a quiet way...

Millions of usd is needed and for sale everyday in Nigeria and offshore

We Buy USD with Naira and Bitcoin
We Buy RMB with Naira and Bitcoin

We Sell USD for Naira and Bitcoin
We Sell RMB for Naira and Bitcoin

Our rate is good

Please only send message if you are the mandate or Seller/Buyer

https:///send?phone=2348062442281

kaymart:
I fear for what will happen to Nigeria economy in 5years time.....

This methodology of pumping is so scary, superbly devastating on the long run.

Well you saw this coming

verygudbadguy:

Do not be afraid. The government is buying time. One of the reasons why we experience scarcity of FX is because we spend a large portion of our revenue(FX) on importation. We import PMS, we import rice, furnitures and a lot of other consumables.

Come 2019, importation of PMS and other refined products would stop. All thanks to Dangote that is building a world class refinery.

The level of crash that dollar would experience after we would have started refining crude oil locally would now depend on you and I. We need to learn to patronize our local stuffs. Made in Aba wears, Abaliki, Kebbi and Lagos rice, holiday in Nigeria where you won't need dollars. We shall get there soon.

Hmm