seunmsg:
Nigerians are buying dollars and stuffing them in their bedrooms and they are everywhere blaming Emefiele. What magic do you guys want Emefiele to perform? Politicians are stockpiling dollars. Rogue civil servants are stockpiling dollars. Government contractors and businessmen are stockpiling dollars. Even ordinary Nigerians with money are stockpiling dollars and praying for the Naira to keep losing value. So, what do you guys really expect?

Even if you bring Ben Barnanke to come and manage CBN, he can’t achieve anything with the current level of irresponsibility of Nigerians. If CBN pumps $1 billion into the economy today, Nigerians will mop up everything within a week not for anything productive but to keep in their bedroom.

seunmsg:
Nigerians are buying dollars and stuffing them in their bedrooms and they are everywhere blaming Emefiele. What magic do you guys want Emefiele to perform? Politicians are stockpiling dollars. Rogue civil servants are stockpiling dollars. Government contractors and businessmen are stockpiling dollars. Even ordinary Nigerians with money are stockpiling dollars and praying for the Naira to keep losing value. So, what do you guys really expect?

Even if you bring Ben Barnanke to come and manage CBN, he can’t achieve anything with the current level of irresponsibility of Nigerians. If CBN pumps $1 billion into the economy today, Nigerians will mop up everything within a week not for anything productive but to keep in their bedroom.

SIMONEKPA7:

Always given excuses. Why were Nigerians not stocking dollars during the days of Soludo and Sanusi? pls get sense

seunmsg:
Nigerians are buying dollars and stuffing them in their bedrooms and they are everywhere blaming Emefiele. What magic do you guys want Emefiele to perform? Politicians are stockpiling dollars. Rogue civil servants are stockpiling dollars. Government contractors and businessmen are stockpiling dollars. Even ordinary Nigerians with money are stockpiling dollars and praying for the Naira to keep losing value. So, what do you guys really expect?

Even if you bring Ben Barnanke to come and manage CBN, he can’t achieve anything with the current level of irresponsibility of Nigerians. If CBN pumps $1 billion into the economy today, Nigerians will mop up everything within a week not for anything productive but to keep in their bedroom.

seunmsg:
Nigerians are buying dollars and stuffing them in their bedrooms and they are everywhere blaming Emefiele. What magic do you guys want Emefiele to perform? Politicians are stockpiling dollars. Rogue civil servants are stockpiling dollars. Government contractors and businessmen are stockpiling dollars. Even ordinary Nigerians with money are stockpiling dollars and praying for the Naira to keep losing value. So, what do you guys really expect?

Even if you bring Ben Barnanke to come and manage CBN, he can’t achieve anything with the current level of irresponsibility of Nigerians. If CBN pumps $1 billion into the economy today, Nigerians will mop up everything within a week not for anything productive but to keep in their bedroom.

seunmsg:


Nigerians have been stockpiling dollars since the military days, that’s why the Naira keep depreciating. The difference is just that we had more dollar earnings then than now. In addition, we are approaching a general election so it’s normal for politicians to stockpile dollars for election at this point.

Covid-19 also did not help matters. CBN did a lot of quantitative easing just to keep the economy afoot during the pandemic. Billions of Naira were pushed into the system under different guise. Now, we have so much Naira in the system and those who have it are mopping up dollars are keeping it in their bedroom.

There is no miracle Emefiele can do.

seunmsg:
Nigerians are buying dollars and stuffing them in their bedrooms and they are everywhere blaming Emefiele. What magic do you guys want Emefiele to perform? Politicians are stockpiling dollars. Rogue civil servants are stockpiling dollars. Government contractors and businessmen are stockpiling dollars. Even ordinary Nigerians with money are stockpiling dollars and praying for the Naira to keep losing value. So, what do you guys really expect?

Even if you bring Ben Barnanke to come and manage CBN, he can’t achieve anything with the current level of irresponsibility of Nigerians. If CBN pumps $1 billion into the economy today, Nigerians will mop up everything within a week not for anything productive but to keep in their bedroom.

pineed:

Valid points you made.

To sum it all, its absolute Corruption on all levels that have made the Naira crumble so much against the dollar

In addition, Nigeria has been so much import dependent, our imports far outweigh exports, with so much demand for Dollar thereby weakinging the Naira.

COVID, the Russia-Ukraine war, Global economic issues all further contributed to Naira weakinging.

Turkey is also experiencing same issue. It's currency the Lira has lost over 60-70% of its value against the Dollar the last 3years

okeysoninv:
Go and tell Emefiele to give of account , export revenues of oil and gas in the tone of tone of $150b . Diaspora remittance of $25b . Buhari and Emefiele is a failure

pineed:

Until Nigeria truly has an independent CBN governor who doesn't give in to Political pressure and dictates, we'll never come out of this mess.

A sitting CBN governor who left his responsibility to contest for Presidential race, that's unheard off. He should have been fired long ago

okeysoninv:
liar, [b]our exports outweigh our imports. [/b]hold buhari and Emefiele responsible for devaluation of naira.

okeysoninv:
Buhari mismanaged our economy. hold him buhari responsibility .. Emefiele is just a puppet naira is not supposed to NGR100 against dollar.. there's enough exports already with huge diaspora remittance.

pineed:

I doubt the bolded. Which exports are you talking about? You mean oil our single biggest export commodity?.

Do we have spread of exports from all sectors have been able to compete with oil exports over the last 30years?.

That's what most developed and richer countries do. They have multiple large exports, they aren't dependent on one export commodity.

seunmsg:


Nigerians have been stockpiling dollars since the military days, that’s why the Naira keep depreciating. The difference is just that we had more dollar earnings then than now. In addition, we are approaching a general election so it’s normal for politicians to stockpile dollars for election at this point.

Covid-19 also did not help matters. CBN did a lot of quantitative easing just to keep the economy afoot during the pandemic. Billions of Naira were pushed into the system under different guise. Now, we have so much Naira in the system and those who have it are mopping up dollars are keeping it in their bedroom.

There is no miracle Emefiele can do.

okeysoninv:
oil exports alone is amount to $55b going by this year projection. Gas exports $100b going by this year projection. I didn't include other minerals, agriculture and finish/semi finish products. Our imports is less than $90b. Buhari govt mismanaged our economy simple. Go and verify this figures I put there

pineed:


Valid point! The Buck stops at his table. So he should be held responsible.

No there are not enough exports.

Omoslim26:


After all said and done,if your submission doesn't navigates on the generally accepted truth that Apc must go, shut up
Watin you see for this Apc wey you dey support sef,and you be young man oo

okeysoninv:
1.4m barrels at 108usd per barrel for oil. [b]38 billion cubic meters of gas at 3 to 4usd per cubic meter..[/b]Go and verify. They finished this country with lies that there is no enough dollars and export is low ..that's all lies . Nigeria exports this year is over $170b . Import is $90b.

pineed:

Gas exports $100b.. Lol no sir. Only oil exports is our major earnings for now
Include that with other earnings from non crude exports not upto Imports.

pineed:

I think we should for once have a constructive argument just like Naira land of old.

Stop all these APC, PDP, ZZZ, etc. All are same folks. Same people different platforms.

Let's argue maturely okay

pineed:

You mean Nigeria has begun exporting gas at such huge scale? I didn't know, if true. I'll find out in my spare time.

okeysoninv:
https://www.google.com/url?q=https://www.ceicdata.com/en/indicator/nigeria/natural-gas-exports&sa=U&ved=2ahUKEwjmyMux4pv5AhUFCuwKHdOoBMIQFnoECAkQAg&usg=AOvVaw0HfJSI_JG2Q1Q-li1L1WT1
Nigeria exported 38 billion of cubic meters of gas .
Now check the price of gas per cubic meters.
https://www.google.com/url?q=https://news.cgtn.com/news/2022-03-07/European-gas-rockets-to-record-of-3-900-per-1-000-cubic-metre-18dgoj6tL0I/index.html&sa=U&ved=2ahUKEwiz_JvK4pv5AhXqN-wKHRNjDdUQFnoECAgQAg&usg=AOvVaw3sGdyhfaTVChGzAKwMGREG

VeryWickedMan:
Lol
APC pigs trying to shift it to the Governors instead of Buhari

okeysoninv:
oil exports alone is amount to $55b going by this year projection. Gas exports $100b going by this year projection. I didn't include other minerals, agriculture and finish/semi finish products. Our imports is less than $90b. Buhari govt mismanaged our economy simple. Go and verify this figures I put there

JAkpayen:


I agree with you. But let's be objective, what is the cost associated with the export of gas?