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There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep - Business - Nairaland

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There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by Seun(m): 2:52pm On Sep 26, 2023

https://www.youtube.com/watch?v=It2zHSJBZns

During an interview with Arise TV, the IMF rep for Nigeria said that "a lot of the focus" on ending the free fall of the naira "should also happen on the supply of naira, not only on the supply of foreign exchange". He said that there is a need to "tighten monetary policy; to take liquidity out of the system."

He said, "there are too many nairas chasing yet too few dollars. As I have alluded before, in previous conversations.
It is very important to reduce the amount of nairas, reduce the growth rate of money supply domestically in Nigeria."

"In parallel also, fiscal policies should cease to rely on the Ways & Means."

"All the operations of the central bank that are not conducive to reigning in liquidity, phasing out financing of the fiscal deficit of the government, focusing on price stability, tightening monetary policy is going to be needed."

"It's costly - it doesn't come without a price, but it's a price worth paying."

Recall that Sanusi said the same thing and Bismarck Rewane has been calling for monetary tightening for years.

7 Likes 2 Shares

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by nairalanda1(m): 2:54pm On Sep 26, 2023
Exactly

But we all want free money so that we can have our cheap imports...so the CBN does practicies that are bad

But no, people will come here and call him IMF man, and start telling us the long stories of how the IMF wrecked this and that economy.

The harsh truth is, we are in the mess we are in because WE rely on ONE SOURCE OF INCOME, whose prices fluctuate, and as a result the income is never guaranteed, and never enough, so we have to take LOANS, AND MORE LOANS.

That's how we enter the IMF trap.

fiscal policies should cease to rely on the Ways & Means

That's a major way we fund subsidy over the decades...see above.

23 Likes 7 Shares

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by iCauseTrouble: 2:54pm On Sep 26, 2023
I am so happy that I am lucky to be earning in dollars.
I have been supporting a project annually with 1 million naira since 2021.
In 2021, I exchanged $1,820 for 1 million naira at the rate of N550.
In 2022, I exchanged $1,388 for 1 million naira at the rate of N720.
In 2023 (Just yesterday), I exchanged $1,000 for 1 million naira at the rate of N1000.
These people are happy that I am a loyal funder of the project by giving 1 million naira yearly but they do not know that the value of the money has really dropped due to the Naira / Dollar exchange rate.
I just smile each year when I am about to donate grin

47 Likes 7 Shares

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by Federalis: 2:55pm On Sep 26, 2023
K
Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by Realestatevixen: 2:55pm On Sep 26, 2023
Gbam
Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by Ladycoolbreeze(f): 2:55pm On Sep 26, 2023
Obi to the rescue. Apc tablets is not the cure

30 Likes 1 Share

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by bayelsaowei(m): 2:55pm On Sep 26, 2023
We know na...what next ?

1 Like 1 Share

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by yang(m): 2:55pm On Sep 26, 2023
will the zoo CBN printing press hear?

printing trillions of naira out of thin air with no backing production to distribute to APC party faithful, constituency fund, trader money, cbn agric intervention, abuja budget for useless parastatals, security vote, subsidy palliative, COVID palliative
monkeys

impoverishing people and answering central bank

Look at the evil criminals in power, APC and thiefiniubui

naira should trade closer to 2000/$ in 2024

29 Likes 2 Shares

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by adisabarber(m): 2:55pm On Sep 26, 2023
You pushed for floating of the Naira, it failed. Now you are saying another thing

15 Likes 2 Shares

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by dallyemmy: 2:55pm On Sep 26, 2023
IMF
Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by IDnoble1: 2:56pm On Sep 26, 2023
IMF is the one misleading Nigeria. I don't think it means well for the country.

And I'm afraid with the rate at which PBAT is dancing to their tune.

They really want to crash it

14 Likes 2 Shares

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by ElSudani: 2:56pm On Sep 26, 2023
Some will ask for his head now.
Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by Jcomtrader: 2:56pm On Sep 26, 2023
Any smart Nigerian better start saving jn usdt and usdc crypto
Your currency is dying
Inflation has wiped any salary raise in the last 10 years

4 Likes

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by Dimaya: 2:56pm On Sep 26, 2023
nairalanda1:
Exactly

is this why bankers are quitting their jobs to wash cars?


https://www.youtube.com/watch?v=-z8Z4dvgE80
Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by FireUpNow(m): 2:56pm On Sep 26, 2023
Some have piles of naira in bullion vans in their homes

5 Likes 1 Share

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by NotMagicBishop: 2:56pm On Sep 26, 2023
Courtesy of that bastard Emefile who printed over #30 trillion naira from thin air to float the dissatrous bandit government of Buhari.

16 Likes 2 Shares

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by Odetokun3(m): 2:56pm On Sep 26, 2023
Normal
Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by Raskimonojendor: 2:57pm On Sep 26, 2023
Nigerians obsession with US dollars.

4 Likes 1 Share

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by inoki247: 2:57pm On Sep 26, 2023
Lol IMF advice Subsidy must go we follow the advice....


Float Naira we did...

Everything went into shambles...


Right now all policies looks good on paper if u like goan bring it from Havard jus be ready cos people are always on alert to milk it...


Just know you're dealing with 200m desperate people we are no more in the era where people cherish morality buh ready to look for loopholes nd survive.....

23 Likes 3 Shares

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by safarilove(m): 2:57pm On Sep 26, 2023
ok
Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by coldsummer: 2:57pm On Sep 26, 2023
They are about to make this illiterate implement another policy that will mop out Naira.

Certificate-less president

4 Likes

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by aydought: 2:57pm On Sep 26, 2023
Buhari should please come and explain how he repaired our economy with “Ways and Means”

2 Likes

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by FBIBOT(m): 2:58pm On Sep 26, 2023
The discussion should be how to solve.... Not telling us the problem we all know

9 Likes

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by RepoMan007: 2:58pm On Sep 26, 2023
True.

At the height of German inflation after WWI, the Mark was exchanging for billions to a single dollar. You could order a cup of coffee, finish it and by the time you oder an extra one, it has gone up from 15,000 Marks to 20,000 Marks.

6 Likes 1 Share

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by Racoon(m): 2:58pm On Sep 26, 2023
The illegitimate government of Mr Certificate forger Heroin drug baron have no solution to the free fall naira and elusive forex question.

5 Likes

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by kilonshele101(m): 2:58pm On Sep 26, 2023
we love money, but we love dollars more

3 Likes

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by nairalanda1(m): 2:58pm On Sep 26, 2023
Dimaya:


is this why bankers are quitting their jobs to wash cars?


https://www.youtube.com/watch?v=-z8Z4dvgE80

Yeah, because at the end, our economy is in a mess. and we are broke.

Or you expcet me to praise the government...the same government that got us in this mess?

Better listen to better advice. Nigeria is broke. We need to change the way we do things.

5 Likes

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by 3seriez(m): 2:59pm On Sep 26, 2023
Emefiele did not know Jack. Man was just using our economy for some trial and error economics.

7 Likes 1 Share

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by ogbonti: 2:59pm On Sep 26, 2023
I have said this ten times already here

Tinubu is printing trillions of naira and using it to buy dollars to loot - that’s why the naira is dying steadily- 😟

12 Likes

Re: There Are Too Many Nairas Chasing Too Few Dollars - IMF Rep by soccerlite: 3:00pm On Sep 26, 2023
Stupid, wicked, satanic, organisation

Have you given US such advice?

7 Likes

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