Former Finance Minister: Ngozi Okonjo Iweala Speaks:
I still find it funny that most people don't know why Nigeria economy went into recession, they love the incompetent lies of Lai Mohammed about the past government ruining everything. It's also myopic to think that if Jonathan were to still be in power, we would be worse off.
The truth about Nigeria's recession is this; it was caused by the president's unguided rhetoric and uncultured body language.
Firstly, there is nothing we are buying today that we weren't buying 5 years ago, therefore it's not our purchase that put pressure on Naira but withdrawal of funds by foreign investors.
After the election, the president created instability with his unguided statements about how everyone is corrupt and how everyone is going to jail. The instability made foreign investors to liquidate their investment and change their money to dollars.
In the process of trying to flee, they were willing to buy dollars at any price, which lead to high exchange dollar rate.
Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the president gave a bad signal by banning deposit of foreign currency into dormiciliary accounts. That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of dollar rush.
To make matters worse, the president came up with another outrageous policy of rationing dollar to certain sectors and blocking many sectors out. That was the nail in the coffin which facilitated the emergence of free FALL.
In the end, foreign investors took over $80B out of the economy within a short period and everything went down to free fall.
To those who believe it will be worse if Jonathan is still there, you are all wrong. Policy continuity and political stability will not let billions of dollars leave our shores within such tiny time frame. Even though the government might have income shortage, the private sector will weather the storm by their confidence in the market.
The fear of the unknown created by PMB is responsible for the economic downturn not low oil price. Interest rate in America is currently at 0.5% while it is 12% in Nigeria. JP Morgan Chase will not mind borrowing $50 billion from Feds at 0.5 and put in Nigeria for return of %2000 profit. Citi bank will do the same, likewise US Bank Corp. Chase gave Buhari warning about the repercussions of his fixing policy before they pulled out, but his illiterate cyber warriors and misseducated e-soldiers said JPMORGAN can go to hell, they no longer believe in economic metrics since their messiah is in charge.
Funny enough they are all suffering today because of the stupid policy, but they find relief by blaming it on past administration and Gucci appetite of average Nigerians. For your information, if your president "continues" with his unguided rhetoric, Naira will go down to N1000/1 $. But we thank God, he is no longer talking.

Its almost too late but thank God for the incoming atiku/ Obi ticket.

I stopped reading when I found an incompetent lie from okonjo iweala. Present government never banned deposit/ payment of dollars into domiciliary account. I am one of the witnesses.

We need you back in finance mama. At least you're proven with authentic qualifications and genuine certificates .

BabaO2:
I stopped reading when I found an incompetent lie from okonjo iweala. Present government never banned deposit/ payment of dollars into domiciliary account. I am one of the witnesses.

Your point is to shallow and wick to change anything politically.

are you sure she said this?
am tired of fake news o

BabaO2:
I stopped reading when I found an incompetent lie from okonjo iweala. Present government never banned deposit/ payment of dollars into domiciliary account. I am one of the witnesses.

really? Are you for real?
They need..
I'm a foreign student who used to get money through domiciliary account and I can bet you that..
Don't say what u don't know..

Just like a landlord who stood in his balcony and saw his daughter coming with a male friend (school mate) and the man started yelling at the poor lady, calling her unprintable names ( asewo, olosho, harlot).

Abeg, which man in his right senses wants to be seen/associated with such person?

Bubu sold Nigerians out, he demarket the nation, he should be made to apologize to Nigerians which will further deter presidential prospectors in talking anyhow.

Spits....

emmie14:
We need you back in finance mama. At least you're proven with authentic qualifications and genuine certificates .

She'll soon be there!

WhyMoD:
really? Are you for real?
They need..
I'm a foreign student who used to get money through domiciliary account and I can bet you that..
Don't say what u don't know..

what do you know, u are receiving naira wherever you are or what? I don't understand ur point. Stay on lane man.

BabaO2:
what do you know, u are receiving naira wherever you are or what? I don't understand it point. Stay on lane man.

and you pretend you know what a domiciliary account is?
I hate people who claim what they don't know..

Domiciliary account is also called dollar account cos it's funded in foreign currencies, especially dollar in Nigeria..

So next time don't claim what u don't know jus to appear belonged. it only makes you stupid

Somebody should plank Bull-Hari for me!

Abeg. Make blood enter him brain small.

WhyMoD:
and you pretend you know what a domiciliary account is?
I hate people who claim what they don't know..

Domiciliary account is also called dollar account cos it's funded in foreign currencies, especially dollar in Nigeria..

So next time don't claim what u don't know jus to appear belonged. it only makes you stupid

don't place foreign schooling tatata before me, it is a social media age no wahala. Issue here you know little or nothing about it, in ur own case Ur parents opened and fund Ur account for you in applicable currency for u to retrieve. The issue of contention here is money coming from abroad to Nigeria, Ur employer/ business partner pays into Ur dom account as given to them, before the money hit Nigeria, should the money still be in dollar, pounds ..etc or be converted into naira, that is the issue here.

J

BabaO2:
I stopped reading when I found an incompetent lie from okonjo iweala. Present government never banned deposit/ payment of dollars into domiciliary account. I am one of the witnesses.

I don't believe okonjo can lie like dat bcz foreign currency we deposited every into Dom act.

This president is very sick economically, has inferiority complex, confused, knows no international politics, trust no one, dosn't value Nigerian lives first, authoritative, so much more.

How did we get here Nigerians?

BabaO2:
don't place foreign schooling tatata before me, it is a social media age no wahala. Issue here you know little or nothing about it, in ur own case Ur parents opened and fund Ur account for you in applicable currency for u to retrieve. The issue of contention here is money coming from abroad to Nigeria, Ur employer/ business partner pays into Ur dom account as given to them, before the money hit Nigeria, should the money still be in dollar, pounds ..etc or be converted into naira, that is the issue here.

what is this one talking?
First of all you had no idea what domiciliary account is..
Secondly you're being more stupid by trying to act clever..
Now get out boy.. I'm not ur mate

adeoluwautd03:
J

I don't believe okonjo can lie like dat bcz foreign currency we deposited every into Dom act.

bros nothing even special about the point flagged against current government. India practices it, for sure I know. If you paid into any Indians account in foreign currency, it will only hit their account locally in rupees. This is a very big revenue generation for the country. In Nigeria, it is still the same, if u paid in dollar u will get Ur money in dollar

Op put ur source

WhyMoD:
what is this one talking?
First of all you had no idea what domiciliary account is..
Secondly you're being more stupid by trying to act clever..
Now get out boy.. I'm not ur mate

certainly Ur first time of leaving Nigeria border, probably Cotonou. Enjoy it, I equally know the place.

Ngozi didn't say this. She's too smart to write this trash.

Ok