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Nairaland Forum / Nairaland / General / Politics / Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low (29401 Views)
Council Of State Asks CBN To Print More Naira Notes Or Recirculate Old Notes / New Naira Notes: Senate Asks CBN To Extend January 31 Deadline; Emefiele Refuses / Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate (2) (3) (4)
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Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Sibrah: 9:32pm On Oct 11, 2021 |
I support the intervention of CBN in ministry matter because if monies for these interventions are handed over to the appropriate ministries, they will loot it and make CBN look incompetent. Just look at how people are blaming CBN gov and CBN. |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Nobody: 9:33pm On Oct 11, 2021 |
You mean Chief Obasanjo abi GenBuhari: |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by SarkinYarki: 9:35pm On Oct 11, 2021 |
SeyeMan: We are saying the currency can never find its real value in Nigeria even if it's allowed to float .. any price it floats at will automatically be marked up in Aboki black market ....Nigeria has been running this scam parallel market before nay of us on this thread was born |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by baralatie(m): 9:38pm On Oct 11, 2021 |
Babanah:You are not getting it at all A dollar exchange rate getting to #800 to #1000 means The cost of your fuell imports has increased by 3 to 4 times the current rate Currently petrol alone is subsidized from #300 to #162 (@ #411...cbn rate) This subsidy itself is causing problems for bubu and states @ any further [b] increase of naira to #800 to #1000.automatically means your fuel has increased to #600 it will erase all those nonsense you wrote up there Unless you Cancel subsidy I have not mentioned the wahala on inflation and power |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by SeyeMan(m): 9:39pm On Oct 11, 2021 |
Danjikanbauchi: Seems your logic portrays you as the not too literate person in the context of the VP's position. Anyways, since CBN has been fixing the value of the Naira, how well have they done? Your dispassionate answer to that question will show your level of literacy. 2 Likes 1 Share |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by SeyeMan(m): 9:47pm On Oct 11, 2021 |
SarkinYarki: We have never fully floated the naira before. Yes; the Naira will crash initially, but it wld later find its real and suitable value. That's exactly why I referenced the Egypt scenario. But then, assuming we continue managing the value of the Naira as you seem to prefer, invariably, the Naira will only continue to crash because we are largely import dependent so there will always be shortage. But if floated, it won't be majorly abokis selling Dollars to Nigerians, big money currency investors will flood the market with dollars. Eventually, water will find its level. That's the only and painful way to go. Case in point, even if the currency biz in Naira has been in full gear long before we were born, how come the Naira has never had it as bad it has been under PMB even all the years before 2015. It's simply because of chronic corruption that's been powered by the CBN under Emefiele since 2015. 1 Like |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by SeyeMan(m): 9:51pm On Oct 11, 2021 |
Sibrah: He never said the CBN should not intervene, but such should be with the collaboration of the MDAs as against what's been done presently. This is exactly why Emefiele is missing it in doing his actual Jon as CBN Governor. |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by emorse(m): 9:53pm On Oct 11, 2021 |
Babanah:You seem to have forgotten that Bubu bowed to pressure to float the naira sometimes around 2017 or so and it dropped from about 230 to 500+/$. Even some of our prophets of doom predicted at the time that in would fall below N600/$. Inflation rose sky high and we slid into recession. It took the CBN's intervention to stem that tide even though partially.I'm no economist but I can connect the dots. Nigeria is an extremely import-dependent country so market forces could pull the naira even below the 1k/$ being speculated. Devaluation didn't help Zimbabwe. I doubt if it will help us. In my opinion, the way to go will be to reduce our import bills by maximising local production and if possible, increase exportation after which, the nails can be allowed to float. Otherwise, our own go worse pass Zimbabwe own. 1 Like |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 9:53pm On Oct 11, 2021 |
baralatie: First of all that is not the way to address other people young man. I don’t know your background. If you don’t agree with others there is a polite way of saying so and putting your views across in an intelligent way. Good manners are very important. Never mind the dire situation we all find ourselves. |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by baralatie(m): 9:54pm On Oct 11, 2021 |
SeyeMan:You are still alluding to the power of dollar speculators nah! They will still determine the price and they will not sell for cheap price Also remember cbn remains the biggest dollar spender and buyer in the market. Unless you go back to Morgan I. The us(which still encourages dollar speculation) As long as Nigeria is basically an importer the naira will [b] always fall |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by baralatie(m): 9:57pm On Oct 11, 2021 |
Babanah: I apologize if my response was offensive! Please do not be annoyed |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 10:05pm On Oct 11, 2021 |
emorse:In my opinion, I do not buy the idea of ‘import dependent nation’. We have to diversify our sources of foreign exchange. We rely on oil for our forex, what about countries who don’t export crude oil some even have to import oil. Before the quadrupling of oil price in 1973 oil was less 3?dollars per barrel. Nigeria had a stronger more diversified economy than now. So to say Nigeria is a mono product economy is because we decided to make it this way. You cannot rely on demand management all the time it time to look at the supply side as well. |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by TheOgaBoss: 10:05pm On Oct 11, 2021 |
globemoney01:is it emefiele that went on a borrowing spree internationally? Is it emefiele that locked the land borders for months hampering regional trade with our neighbours with the attendant hike in prices?, is it emefiele that is responsible for Fulani and bandits attacked on farmers, leading to a decline in agricultural production? Is it emefiele that is responsible for the "beer parlor" economic policies of this administration that has tumbled the entire economy on on its head, to the point where they had to print money to distribute to state governor's? |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 10:07pm On Oct 11, 2021 |
baralatie: Not at all my friend. We are all here to rub minds and share ideas. 1 Like |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Tzar(m): 10:08pm On Oct 11, 2021 |
For a country that is morbidly dependent on importation, this is a stupid, selfish and wicked opinion from the VP. Before allowing a naira free fall, the government must ensure its local industry is sufficiently primed to produce competitively. Without world class local production, devaluing your currency just makes it easier for your country to become a dumping ground. Nothing will kill the remaining few industries in Nigeria faster, create unemployment & make Nigerians poorer than this senseless position of the VP. I doubt the competence of this VP to become president now! 1 Like |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by TheOgaBoss: 10:10pm On Oct 11, 2021 |
SarkinYarki:don't mind these idiots who don't know what they are saying, the VP if does not know jack, even China with their Hugh industrial capacity has not dared to float their currency much less a Nigeria thta cannot produce "shit", we cannot even refine the oil we produce, the co is confused. 1 Like |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by VeeVeeMyLuv(m): 10:10pm On Oct 11, 2021 |
Babanah:Boss even if they allow it to float, the arbitrage will still be there alive and kicking gallantly. No be naija we dey again? Infact the gap between the CBN rate and black market will be wider, wider, widest. |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by TheOgaBoss: 10:14pm On Oct 11, 2021 |
SeyeMan:oga a country's currency is a reflection of the state of the entire economy, not just the policies of the Apex bank, if the economy is doing well, the currency will appreciate, that is basic economics, many of u in this forum.need to go back to your basic economics textbook if at all u ever had one. |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by emorse(m): 10:17pm On Oct 11, 2021 |
Babanah:Exactly my point. We must first do everything to reduce our import bills and possibly improve exportation after which we can float the naira. Floating before diversifying will simply lead to a collapse of the economy. And like I pointed earlier, we saw a preview in 2017. |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by VeeVeeMyLuv(m): 10:21pm On Oct 11, 2021 |
palsenator:trust me allowing it to float will not close the gap, it will even make it wider. They mustn't float before closing the gap. Why can't they close it now? I mean what difference does it make! |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by israelp(m): 10:29pm On Oct 11, 2021 |
Nonybb:u cnt gv wot u dnt hv na,.. |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by SeunNotOwner: 10:32pm On Oct 11, 2021 |
BosseJ: I love your sense of reason. An average person in Nigeria love to abuse almost everything. If the exchange rate is left to the people, it will be an avenue to greedy folks to chop and destroy |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Nobody: 10:36pm On Oct 11, 2021 |
Correct! thats him Thief Obasanjo Remag666: 1 Like |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Babanah: 10:50pm On Oct 11, 2021 |
TheOgaBoss: China rather is undervaluing their currency to make their exports more competitive. Why do you think made in China goods are so cheap? |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Nobody: 11:19pm On Oct 11, 2021 |
chai you no even pity the Baba GenBuhari: |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by Nobody: 11:30pm On Oct 11, 2021 |
SarkinYarki: Don't be such daft and bigot. Northerners have been doing FOREX business since before independence. Attributing dollar scarcity to Northerners is a sign of hate and idiocy. Why was it never like this before? Emifele is the most incompetent CBN Governor we ever had. You accuse BDC operators for FOREX scarcity and falling spree and now u want shitf ur empty blame to them again. Learn to be tolerant for once and enjoy the beauty of civilization! |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by AfroKnight: 11:44pm On Oct 11, 2021 |
DubaiLandLord2: He is the one they send when they need good PR and when they desperately want to sound reasonable. Trust me, he is in league with his people. If he was truly different from them, his godfathers would never have trusted him to be sponsored as the Vice President. They can never recommend someone who is not one of them. 1 Like 1 Share |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by seguno2: 11:57pm On Oct 11, 2021 |
globemoney01: Since when did Emefiele become the tenant in Aso Rock villa |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by t2luv1: 11:58pm On Oct 11, 2021 |
SeyeMan: You gotta ask one question, why are there two exchange rates in the first place. Answer very simple the CBN governor is a banker not a financial man. All the decisions this man has very taken were to the benefit of the banks. Before the CBN got involved with this forex crap the exchange was @ 480 - 495. Now your CBN banned BDC from forex transactions this in turn created an artificial scarcity of forex. First lesson in Economics is Supply and Demand. When forex supply dries up but the demand never change all you gonna have are increase in prices. The banks get their forex at 411 then turn around and sell @ 460. Even Steve Wonder can see there is something wrong with that setup. Look at the banks foreign ATM rates that will tell you how much they are selling. How come the CBN always publish how much the banks are getting Forex, but never once stipulate how much they can sale the Forex. To resolve all this crap three things has to happen 1. Abolish Domiciliary accounts (I live in US I don't have a Pound Sterling domiciliary account at any banks in US. in order to buy anything from United Kingdom). Domiciliary account is a means for hoarding Forex. 2. Any business that need forex should be able to walk into any bank in Nigeria with Invoice on hands for things they want to pay for and do wire transfer. 3. CBN need to stipulate how much banks can sell Forex. Doing this will help the masses to know the official benchmark. 1 Like |
Re: Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low by seguno2: 12:00am On Oct 12, 2021 |
AfroKnight: You know what’s up, guy man. People with short memories forget that he was ThiefNuibu’s Attorney General who signed off the bogus pensions that became a model for other rogue governors. And the Alpha Beta tax collection. |
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