Exc2000:



we cant even sell our oil, even if they pay us $20 per barrel, our oil are at high sea accruing bills , demorage and storage / shiping fees

Tinubu's advise comes handy now, print in more Local currency to stimulate local purchasing power just has US are doing right now printing dollar, when the economy goes right CBN can mop up excess liquidity

Or They can use Atiku's model seeking us to sell National revenue generating Asset so as to generate forex and spend it on toothpick, gussi and prada.. and when the next recession comes we wont have anything to sell again

.

go and sit down.......wasteman.

KnowAll:
Nigeria cannot run out of forex because the diaspora community sends in about $20 billion dollars every year. Where do u think that dollar ends, Nigeria central Bank.

If someone in diaspora send money in dollar allow the receiving bank to pay the recipient in dollar. That money is wash as to impact on the country foreign reserve. Dollar input dollar output. doing this will allow for more dollar in the parallel market there by lowering the exchange rate. Your CBN wont allow that because they are clueless. Always follow the money look at the people in charge of the Bureau de exchange that will explain everything you need to know. That country is f*cked

Ferdinandu:
When did he become our CBN Governor or our Finance minister? These Americans and Europeans always feel that they have a say in what is Going on in our lives

They do !!! Until you stop asking for handout.

CHRISSANCHEZ:
go and sit down.......wasteman.

Why do you think US government has a budget deficit of 26T dollars yes i said Trillion Dollars not billions and they are still fine, Simple they can print all the dollars they need so long as the dominant world currency is still the dollar their purchasing power remains the same. China has been trying to put Yuan on the same footing as the dollar with no success. China is militarily a powerful country but people just don't respect them. Respect has to be earned not given. China is a country that don't innovate all they have is ability to mass produce.

We knew truth would come out eventually when somebody said Nigeria had "more than enough" forex. Sincerely, I don't know what this Buhari administration should be given any credit for.

Mr Buhari only sought power solely for the propagation of his fulani ethnic superiority agenda; he has no plans for the development of this country.

Guest911:
440

Naso

UK pounds to Naira is £1 to N500

SpecialAgent:


Hoarding the dollar doesn't even make much sense. unless you plan to spend the dollar directly in Nigeria. Because prices of goods increases as dollar increases.
And if you keep it for too long, it won't be accepted here in Nigeria, You will have to leave the country to spend it or store it with banks( which isn't a good idea, especially when dollar gets scarce). 'They will hardly give you that money in $$

I don't know their motive. May be they are sure the value of the naira would keep depreciating even months after the lockdown (because most countries have filled up their reserves and we import half of everything).

Angelfrost:


Your sycophantic brain has made you so narrow-minded to actually believe there is no way forward other than population control (which is even far worse wishful thinking)... Even an idiot knows Buhari is unqualified to lead this nation... This is not bias sir. This is clear proven FACT!!!

Did China "reduce" their population before they started taking developmental steps to where they are today??! Are you more populated than America and India??!... What has population got to do with taking drastic steps towards industrialization, diversification, human capital development, and increased foreign investments??!...

Sigh... Why am I even wasting time with a head-slamming sycophant... Please, don't mention me again.

I don't blame you. GEJ upon his okirika Rivers state PHD was the worst (worstest, if there were such a word) president this country had the misfortune of having.

Tell Nigerian women to keep popping babies as they like. If care is not taken their children will start to starve to death right in their presence. The oil dollar we are wasting on importing food is running out fast!

And the CBN will giving us fake assurance that there have enough, lie lie government

OROSUNBOLB:
We knew truth would come out eventually when somebody said Nigeria had "more than enough" forex. Sincerely, I don't know what this Buhari administration should be given any credit for.

Mr Buhari only sought power solely for the propagation of his fulani ethnic superiority agenda; he has no plans for the development of this country.

Don't worry! Buhari will soon leave, then I can't wait to hear what you people will say. Nigeria is STRUCTURALLY defective and there are no easy remedies available.

9jaDoomCountry:



And a certain president without certificate is seriously busy looking for oil in the sahel

I'd rather be without a certificate than receive an okrika PHD from a useless institution in Rivers State. Rubbish!

CHRISSANCHEZ:
go and sit down.......wasteman.

Listen and learn, idiot!

Kekereekun123:
Normal

Hello bro,

Please how do i reach you regarding the post in attached pic you made on the Canadian PR thread earlier this year?

fkj950ax:


Not entirely correct.
NFIU, CBN and EFCC disrupted money laundering of questionable Forex.

There is no Nigerian in Diaspora who wanted to send forex in-country that has had issues.

The government is clueless, but let's always put things in perspective.

Tinkering on the FOREX rates have had negative consequences

Assuming one could still cash out from western union in USD or whatever currency
And he goes to sell the forex to the bank ot aboki
All these wont be happening

These distortions created by the regulators is affecting us bad
Tho you have some point
People who want to send can still send
But many are short changed

t2luv1:



If someone in diaspora send money in dollar allow the receiving bank to pay the recipient in dollar. That money is wash as to impact on the country foreign reserve. Dollar input dollar output. doing this will allow for more dollar in the parallel market there by lowering the exchange rate. Your CBN wont allow that because they are clueless. Always follow the money look at the people in charge of the Bureau de exchange that will explain everything you need to know. That country is f*cked

Well said

Exc2000:



we cant even sell our oil, even if they pay us $20 per barrel, our oil are at high sea accruing bills , demorage and storage / shiping fees

Tinubu's advise comes handy now, print in more Local currency to stimulate local purchasing power just has US are doing right now printing dollar, when the economy goes right CBN can mop up excess liquidity

Or They can use Atiku's model seeking us to sell National revenue generating Asset so as to generate forex and spend it on toothpick, gucci and prada.. and when the next recession comes we wont have anything to sell again

.

Dollars are used outside the shores of America However Naira is used only inside Nigeria.

Stop blaming Buhari. When he stopped importations of ordinary foreign rice, frozen turkey etc to encourage our local farmers, what were the people saying. You can't eat your cake and still have it.

helinues:


We must blame Buhari for the low oil price...

Maybe not oil price. But for the One Naira to $1 promise he didn't keep. Not that we didn't know it was outrageous to begin with.

AlhajaChinyere:


Don't worry! Buhari will soon leave, then I can't wait to hear what you people will say. Nigeria is STRUCTURALLY defective and there are no easy remedies available.

Then who is afraid of the restructuring of Nigeria? If not for the defective structure of Nigeria,do you think somebody like Buhari would have been president ? The truth is that people like Buhari benefit from the present imbalance hence,they will never do anything to alter it.

Exc2000:



we cant even sell our oil, even if they pay us $20 per barrel, our oil are at high sea accruing bills , demorage and storage / shiping fees

Tinubu's advise comes handy now, print in more Local currency to stimulate local purchasing power just has US are doing right now printing dollar, when the economy goes right CBN can mop up excess liquidity

O[b]r They can use Atiku's model seeking us to sell National revenue generating Asset so as to generate forex and spend it on toothpick, gucci and prada.. and when the next recession comes we wont have anything to sell again[/b]

.

Although you meant to be cheeky, do you know that there are "assets" that cost a lot to maintain but yet generate no profit? Such only increase debt and over time cost more than its actual worth. Unless they are strategic or of national security importance, certain assets are a liability.

Look at Nigeria airways in 1999. In 1979, OBJ left about 30 aircraft in the fleet. By 1999 it had ONE aircraft when OBJ returned. Yet we had staff, owed salaries and huge expenses going with it. It was wound down after the books were checked and mounting debt found. Some former staff were still being owed as at last year.

There are assets our corrupt system cannot manage, so better privatise them PROPERLY.

t2luv1:


Why do you think US government has a budget deficit of 26T dollars yes i said Trillion Dollars not billions and they are still fine, Simple they can print all the dollars they need so long as the dominant world currency is still the dollar their purchasing power remains the same. China has been trying to put Yuan on the same footing as the dollar with no success. China is militarily a powerful country but people just don't respect them. Respect has to be earned not given. China is a country that don't innovate all they have is ability to mass produce.

How big is our tax base? What leverage have we to influence world affairs? How many countries have their foreign reserve in dollars? How strong are our regulatory bodies/monetary policy to handle inflation? How powerful is our internal market in shaping policies compared to oil export? How diversified is our economy?

Compare ours to USA's. That way you will see why USA can get away with many things that we can't. We end up cap in hand to IMF & World Bank. Calling vultures to nurse the sick & dying.

odimbannamdi:


Hello bro,

Please how do i reach you regarding the post in attached pic you made on the Canadian PR thread earlier this year?

what do u need to know Everything is on that thread. So research

Islie:


https://punchng.com/nigeria-running-out-of-forex-ex-us-envoy/

It's time to look inward. They call it SELF-DEPENDANCE........By this we will break out from modern slavery. We have the resource, name it: human resource( Man power), natural resources (Raw material), Available Market ( Population).....

chelseamann:
you don't print more Naira because USA is doing so.
Nigeria is too dependent on imports and you know the Naira is soo useless outside the shores of Nigeria.
Having too many Naira in circulation will only lead to hyper-inflation and you know the consequences if that should happen.

Zimbabwe, Venezuela.

Osidazz19:
[s][/s]


Rubbish voodoo economic theory.

You are asking Buhari to do something that previous govts were not able to do even when oil was selling for more than 100 dollars per barrel.

What does $100 per barrel have to do with all he suggested or are you just a robot?

Angelfrost:


Your sycophantic brain has made you so narrow-minded to actually believe there is no way forward other than population control (which is even far worse wishful thinking)... Even an idiot knows Buhari is unqualified to lead this nation... This is not bias sir. This is clear proven FACT!!!

Did China "reduce" their population before they started taking developmental steps to where they are today??! Are you more populated than America and India??!... What has population got to do with taking drastic steps towards industrialization, diversification, human capital development, and increased foreign investments??!...

Sigh... Why am I even wasting time with a head-slamming sycophant... Please, don't mention me again.

But China operated a one and two child policy for many decades.

Osidazz19:


He's asking the govt to takes these measures in 2015 when the govt was barely able to stay afloat and meet its financial obligations. Salaries were not being paid, oil was around 28 dollars a barrel by end of 2016 to 2016.

If you give a broken down car to the best F1 race car driver, there's nothing he can do with it. You cannot give a F1 race car driver like Hamilton a Honda car and expect him to compete with other race car drivers driving Ferrari cars built for racing.

I'm sure Hamilton will reject the Honda. He might give an advice to take it to an automaker who has the ability to make changes to make it run like a Ferrari. It's called knowing and accepting your limit. The other option is called behaving like a complete knucklehead who revels in failure

He should keep his opinions to himself

Osidazz19:


NO, go abck and read what I wrote.

Buhari couldn't do it simply because the govt was constraint especially in 2015/2016 when they were basically trying to keep the govt and the country afloat. The logic is very simple, if previous govts were unable to do it when oil was selling for 100 dollars PLUS, how do you expect a govt to do it with oil selling for 28 dollars? It flies on the face of logic, it's simply not possible. It's wishful thinking and nothing more.

You're just a zombie making stupid excuses like a headless chicken. When is the right time to make hard decisions? Is it during a time of plenty or scarcity? Take the subsidy issue for example. If we deregulate when oil is at $100 what do you think the price of gas will be compared to if we do when oil is $28? The underlining fact is there's no better time to make hard decisions but if there'll ever be, it's usually when the chips are down.

uvie66:
Zimbabwe, Venezuela.

tell them..

uvie66:
But China operated a one and two child policy for many decades.

Yes they did, but that was not the only thing they did... That wasn't even the main step they took towards where they are today...

You can half Nigeria's population this very day, and the nation will still be struggling a decade after... Think about it!!!

There is more to progress than just population control (I do totally agree that population control is a step in the right direction).