Problem of Naira is demand and supply
We consume too many imported things in this country - flower, drinks, furniture, rice, toothpick etc
Yet we export only crude oil
In addition, our govt spending is mostly on consumption which also fuels non-export generating importation

Although Beaf in his typical attempt to beatify Jonathan is blaming the CBN, the blames lies with us and Jonathan who has confessed that his govt cannot enforce the ban on toothpicks which people are now free to import

Our prosperity will be postponed till further notice,the first major devaluation during the sap programme damaged Nigeria

run jonathan run,destiny calls,your life in the hands of God,run jonathan run, Onyeka Onwenu.

Goodluck to you,Goodluck to me,Goodluck to everybody,Goodluck Nigeria heeeeee, naija allstars.

Insanity is doing the same thing over and over again, and expecting the same result.

The current system of Forex does not favor a Banana Republic like Nigeria one bit because of weak manufacturing base.

If the economy is not fundamentally restructured and diversified, the Naira will fall further to even N500 to a US Dollar in a couple of years. The odds are against us and with the falling oil price, the future is gloomy.

Mr--Why:

Insanity is doing the same thing over and over again, and expecting the same result.

The current system of Forex does not favor a Banana Republic like Nigeria one bit because of weak manufacturing base.

If the economy is not fundamentally restructured and diversified, the Naira will fall further to even N500 to a US Dollar in a couple of years. The odds are against us and with the falling oil price, the future is gloomy.

Falling oil prices,
Falling production and exports,
Dwindling reserves
Increased domestic demand and imports
A currency devaluing even faster than the devaluing dollar.
Uncontrolled inflation,
Etc

The future is bleak

All those I voted akara not moi moi, Hp u r luvin ur new fresh air? Wait, by january when we start buying petrol at #150-#200/ltr we will be d one begging 4oga fresh air to turn of the A.C cos we all will be damn so cold by then. We d lead deserves d type of leaders we get snc we allow sentiments and premodial issues to becloud our sense of judgement. U v got 3more solid years to enjoy ur air. Best of luck.

igboitalo: The greatest error in Nigerian history was making the central bank totally independent. Something has to be done to restore sanity.

U MOST BE WELL PAID THIS INSANITY

Donlittle: where is beaf?

Otunbakay: I think u deserve an award here on nairaland; as the most 'UNREASONABLE' person on this forum, to add to your huge pay package so that u can be more fulfilled in your choosen career.

 

redsun: I bet he wants central bank to be controlled by MEND.Ogororo man,he is such a creek man,born to catch fish crudely.

 

Without reservation, every last one of the above posters is an !mbecile that cannot tackle the simplest intellectual issue. That is why they attempt to personalise matters, it is the way of fools and agbero's.

But why will you want to work against your country,i dont just get it,thi sman should hand over

@Sun of god

Guy, I foresee danger. With your list eeh, if things continue the way they are, Hyper inflation is inevitable. That is what caused many revolutions--both bloody and peaceful-- in many countries. I don't wanna imagine how ours will be.

Odechukwu Retardeen Jonathan is on top of the situation

What a clueless fellow

[size=14pt]Half of the people posting here do not understand the simple fact that as Nigeria cannot produce simple toothpicks and sells nothing but oil, the value of our currency will swing with the oil price if left alone.
In the past, the CBN has always fixed the Naira artificially to the dollar; if the Naira falls this time therefore, it is 100% due to Sanusi and the CBN.

The other half are people who just wish to air their ill-breeding by hauling insults at the President.[/size]

^^ egbon mi Razist ni yin oooo, Are you serious? I think say you dey madt oooo

[img]http://t3.gstatic.com/images?q=tbn:ANd9GcTeAj7AetvhJZ7d7HGm2CMEAN0B1BEVtPmtjWV0-RLHyWsGZFWf[/img]

you mean Retardeen is not the cause of this?


[img]http://t0.gstatic.com/images?q=tbn:ANd9GcSUIMNYkQFPJg8jflub7zMYgSKUiuVq5L0S0GfRlonPS6rcfmtJ[/img]

Odechukwu aka RETARDeen, adeMUMU, abdulCLUELESS GOOFluck EGBERE Jonathan

[img]http://t0.gstatic.com/images?q=tbn:ANd9GcRcuILhlMRiYzvijZBI3q73uotnRfBOclKL5gIl0IkGiOM-kcO8[/img][img]http://t3.gstatic.com/images?q=tbn:ANd9GcRXINnQ-IbB3OBv4-Nw0WeAYVhpiwMvVBU22m4yck47zSR8-sZl[/img]


www.nairaland.com/attachments/180447_ROTFLMAO_gif3d0c775232c7f27cf80592785b9635b6

You

Beaf:

[size=14pt]Half of the people posting here do not understand the simple fact that as Nigeria cannot produce simple toothpicks and sells nothing but oil, the value of our currency will swing with the oil price if left alone.
In the past, the CBN has always fixed the Naira artificially to the dollar; if the Naira falls this time therefore, if the Naira falls this time, it is 100% due to Sanusi and the CBN.

The other half are people who just wish to air their ill-breeding by hauling insults at the President.[/size]

The day one tellsl the world he his the most intelligent person,that is the day the person is manifesting his foolishness

you all voted for pdp and gej, so u all should short the Bleep up and swallow everything.if they sell nigeria and pack the money abroad its good cos they ve been rullin since 1999 and u all av nofin 2 show 4 it.now 100dayz in office yet nothing 2show 4it.you all saw fire and u deliberately entered it so deal with it.u all should keep hoping ehhnnnnn!!!! dont worry jonathan would do something,u pple should wait god will soon come down and give us d true leader ok, god gave us d ability to differenciate btw left and right btw a bad leader and a good one btw a good party and a retarded party.u voted for the party u wanted d party uv ull bin voting for from d begining dat hv not bin doin anything.now ur now praying to god 2giv u a good leader wen u whr d 1 dat voted him in.and dis same god unlike animals in the forest gave u the ability to think and differenciate the good from the bad.yet u chose ur mind and voted for gej.dont complain oooo hes coming hes gonna take nigeria to the promise land.mcheeeeewwww.u all should chill for him

^
Lol! Loser, wipe your tears, cos you lost the elections.

olas2u:

You
The day one tellsl the world he his the most intelligent person,that is the day the person is manifesting his foolishness

Of course, I'm smarter than you. Die.

dayokanu:

^^ egbon mi, you mean Retardeen is not the cause of this?

"The other half are people who just wish to air their ill-breeding by hauling insults at the President."

^^ egbon mi Razist ni yin oooo, Are you serious? I think say you dey madt oooo

[img]http://t3.gstatic.com/images?q=tbn:ANd9GcTeAj7AetvhJZ7d7HGm2CMEAN0B1BEVtPmtjWV0-RLHyWsGZFWf[/img]

you mean Retardeen is not the cause of this?


[img]http://t0.gstatic.com/images?q=tbn:ANd9GcSUIMNYkQFPJg8jflub7zMYgSKUiuVq5L0S0GfRlonPS6rcfmtJ[/img]

Odechukwu aka RETARDeen, adeMUMU, abdulCLUELESS GOOFluck EGBERE Jonathan

[img]http://t0.gstatic.com/images?q=tbn:ANd9GcRcuILhlMRiYzvijZBI3q73uotnRfBOclKL5gIl0IkGiOM-kcO8[/img][img]http://t3.gstatic.com/images?q=tbn:ANd9GcRXINnQ-IbB3OBv4-Nw0WeAYVhpiwMvVBU22m4yck47zSR8-sZl[/img]


www.nairaland.com/attachments/180447_ROTFLMAO_gif3d0c775232c7f27cf80592785b9635b6

Beaf:

^
Lol! Loser, wipe your tears, cos you lost the elections.

Of course, I'm smarter than you. Die.

"The other half are people who just wish to air their ill-breeding by hauling insults at the President."

What you have stated below is not news and we all know why we dont produce, CBN is part   of the Nigerian Government.Please dont mis inform people,over sabi

olas2u:

What you have stated below is not news and we all know why we dont produce, CBN is part   of the Nigerian Government.Please dont mis inform people,over sabi

Where exactly did I misinform anybody? And if you already know what I said to be true, how can you then turn around and claim to have been misinformed?
Dude, what you and the other vultures here are doing are telling bare-faced lies and you know it.

Cowards operate in packs, so keep it up.

Beaf:

Where exactly did I misinform anybody? And if you already know that, how can you now claim to be misinformed?
Dude, what you and the other vultures here are doing are telling bare-faced lies and you know it.

Cowards operate in packs, so keep it up.

Egbon mi you too dey lie.

Na Retardeen cause am Talk true and shame devil

[img]http://t0.gstatic.com/images?q=tbn:ANd9GcSUIMNYkQFPJg8jflub7zMYgSKUiuVq5L0S0GfRlonPS6rcfmtJ[/img]

Odechukwu aka RETARDeen, adeMUMU, abdulCLUELESS GOOFluck EGBERE Jonathan

[img]http://t0.gstatic.com/images?q=tbn:ANd9GcRcuILhlMRiYzvijZBI3q73uotnRfBOclKL5gIl0IkGiOM-kcO8[/img][img]http://t3.gstatic.com/images?q=tbn:ANd9GcRXINnQ-IbB3OBv4-Nw0WeAYVhpiwMvVBU22m4yck47zSR8-sZl[/img]


www.nairaland.com/attachments/180447_ROTFLMAO_gif3d0c775232c7f27cf80592785b9635b6

^
You can continue with your toddler posts, they make you look every bit the simpleton you are. Shame.
You never ever make any input to matters on NL, its always one display of childish stup!dity or the other.

Beaf:

[size=14pt]Half of the people posting here do not understand the simple fact that as Nigeria cannot produce simple toothpicks and sells nothing but oil, the value of our currency will swing with the oil price if left alone.
In the past, the CBN has always fixed the Naira artificially to the dollar; if the Naira falls this time therefore, it is 100% due to Sanusi and the CBN.

The other half are people who just wish to air their ill-breeding by hauling insults at the President.[/size]

will you shut your damn deluded mouth, is your mentally deficient "brain" too tiny to deduce that "Dr" Goodluck Jonathan is at the helm of affairs and has the final say with regard to all things concerning the economy of nigeria?

Posted by: Beaf

Where exactly did I misinform anybody? And if you already know what I said to be true, how can you then turn around and claim to have been misinformed?
Dude, what you and the other vultures here are doing are telling bare-faced lies and you know it.

[size=14pt]Cowards operate in packs[/size], so keep it up.

hehehe!

Beaf, you go wound me hia seriously.

^
It is the truth, my brother.

cap28:

will you shut your damn deluded mouth, is your mentally deficient "brain" too tiny to deduce that "Dr" Goodluck Jonathan is at the helm of affairs and has the final say with regard to all things concerning the economy of nigeria?

You are daft. Go and read the CBN act and you will find that it is basically 100% independent, its simple to educate yourself.

I think you should solely concern yourself with your conspiracy mad theories and counting tree's on the Moon. Matters for the sane are beyond you.

^^^^

you are a fool - who appointed the CBN governor?

so jonathan has no control over nigeria's monetary policy - is that what you are trying to tell me ?

you are a fool

The Naira is falling because Nigeria's main source of foreign currency is oil exports and the price of crude has been falling. Further, there has been a 'flight to safety' in the financial markets,i.e, investors buy up ''safer'' assets such as the dollar and US Treasuries in response to fears over a global slowdown. You will notice that the dollar has strengthened against the UK pounds sterling, the Euro and pretty much every other currency in the world.

We clearly need to diversify our economy and our export base so that we are not hostage to the price of crude oil. There doesn't seem to be any long term economic plan by GEJ to address this issue.

cap28:

^^^^

you are a fool - who appointed the CBN governor?

so jonathan has no control over nigeria's monetary policy - is that what you are trying to tell me ?

you are a fool

To your conspiracy theory addled mind GEJ picked Sanusi, not so? Bros, na drugs you de take? Lol!
Like I said, go and read the CBN Act, it is very easy and by far the better alternative to talking foolishly here. The CBN is 100% independent.

Bruv, why don't you stick to counting birds on the Moon and your other madmans conspiracy stuff?

Beaf:

To your conspiracy theory addled mind GEJ picked Sanusi, not so? Bros, na drugs you de take? Lol!
Like I said, go and read the CBN Act, it is very easy and by far the better alternative to talking foolishly here. The CBN is 100% independent.

Bruv, why don't you stick to counting birds on the Moon and your other madmans conspiracy stuff?

fool, who appointed Sanusi as CBN governor?

its a very simple question why are you afraid to answer it?

Sometime when I read comments from some Nairalanders who know themselves, it makes me ponder and believe we Nigerians have a LONG WAY ahead of us. Some open their mouths and insult the president, YET they CANNOT proffer any possible solutions or at least intelligently discuss the situation at hand. Anyways, big kids continue in your path, we are not SURPRISED after all.

Back to topic;

While this is the issue of CBN (monetary policies), I strongly believe that FG is sliding behind on Fiscal policies as well. This two policies go hand-in-hand and our government must devise strategies. We are not producing is due to poor fiscal policies and infrastructure, and this part need total reform.

cap28:

fool, who appointed Sanusi as CBN governor?

its a very simple question why are you afraid to answer it?

Guy, we simply need to diversify our economy. We should stop importing everything and the value of the Naira will appreciate. All these attempts to blame GEJ is not substantial, rather, it reveals ignorance. The Naira will keep depreciating until we start producing stuffs other than Crude oil.

4 Play:

The Naira is falling because Nigeria's main source of foreign currency is oil exports and the price of crude has been falling. Further, there has been a 'flight to safety' in the financial markets,i.e, investors buy up ''safer'' assets such as the dollar and US Treasuries in response to fears over a global slowdown. You will notice that the dollar has strengthened against the UK pounds sterling, the Euro and pretty much every other currency in the world.

We clearly need to diversify our economy and our export base so that we are not hostage to the price of crude oil. There doesn't seem to be any long term economic plan by GEJ to address this issue.

The "Gas Revolution" is chugging along, it is meant to move us away from oil well renting to utilizing our abundant gas deposits for chemical, agricultural and energy industries. I don't like the term, Gas Revolution (I prefer understatement), but in many ways thats precisely what it is, a revolution compared to our current abysmal state.

http://allafrica.com/stories/201107280643.html
http://www.oilandgaspress.com/wp/?p=5414

jason123:

Guy, we simply need to diversify our economy. We should stop importing everything and the value of the Naira will appreciate. All these attempts to blame GEJ is not substantial, rather, it reveals ignorance. The Naira will keep depreciating until we start producing stuffs other than Crude oil.

The real question is what is GEJ doing about it? How will Mr. President reform fiscal and economical policies? We have a long way to go unless our dear president addresses these issues. Nigeria is gradually sliding down the path of POVERTY unless a drastic action is taken

Beaf:

The greatest error in Nigerian history was making the central bank totally independent. Something has to be done to restore sanity.

Please , you can see in the original post that the problem is the government not central bank. Fresh Air