Our problem with debt is connected with our subsidy spending and issues with FX liquidity. The decision to liberalize the FX market is a step in the right direction, Nigeria cannot afford to defend the Naira like we have done in the past. We should see the stability of the Naira by the middle of the year.

Patience is needed as the naira find it's level.

- Sam Abu, Country Senior Partner, PwC Nigeria,


https://www.youtube.com/watch?v=wIoV6gKH1GA?si=CxbeQbD-cOsnJOiA


Is this Financial Analyst from PwC making any sense?

Naira will keep crashing as long clueless people continue to manage Nigeria's economy.

SoNature:
Naira will keep crashing as long clueless people continue to manage Nigeria's economy.

So what solution do you suggest to defend the naira?

Perhaps you prefer that we keep defending the naira with Tens of Billions of US Dollars which we do not have?

Why should we borrow money from China so we can subsidize the lifestyle of a few rich Nigerians that want the US dollars?

Patience patience patience; that's all what they preach everyday.

They've obviously forgotten there's limit to human endurance.

Ibrahimcoomasie:
Our problem with debt is connected with our subsidy spending and issues with FX liquidity. The decision to liberalize the FX market is a step in the right direction, Nigeria cannot afford to defend the Naira like we have done in the past. We should see the stability of the Naira by the middle of the year.

Patience is needed as the naira find it's level.

- Sam Abu, Country Senior Partner, PwC Nigeria,


https://www.youtube.com/watch?v=wIoV6gKH1GA?si=CxbeQbD-cOsnJOiA

Mynd44 Fergie001.

Is this Financial Analyst from PwC making any sense?

Yes

Serious countries of the wild float their currencies. It's madness and an abnormally that Nigeria is defending the Naira with US dollars in the first instance. Defending naira with scarce forex reserve is senseless and we have been doing that for decades. It's living a fake economic lifestyle.

South Africa, US, Australia, Canada, and many major economies of the world float their currencies.
In these countries, the rate you would convert currencies at the BDC or in a bank are almost the same.

There is no magic wand to immediately fix the naira. Government policy have both long term and short term effect.

Fix: Nigeria should gear towards an export based economy and move away from importing human hair, toothpick, ponmo and all sort of rubbish foreign product.

Indonesia and Nigeria started around the same time, in the 1970s, Indonesia floated its currency. Now it's an export based economy with almost 200 billion dollar in it's reserve.

I don't understand this: "Naira is finding its level."

Throughout the Goodluck Jonathan era, when naira was below N250 to a dollar,  was that not its level

The truth is, Tinubu and his patch patch CV CBN governor are incompetent and clueless.

In fact, Tinubu is a dullard.

Who did we offend? This is getting worse!

Bobloco:
I don't understand this "naira is finding it level"

Through out Goodluck Jonathan era that it was below N250 to a dollar, it wasn't at its level

GEJ was massively defending the naira. I remember that in Oct 2014 alone, just for 1 month, the naira was patched with $5.4Billion.

Bobloco:
I don't understand this "naira is finding it level"

Through out Goodluck Jonathan era that it was below N250 to a dollar, it wasn't at its level

The Nigerian government can artificially fix the rate at even 1 dollar = 1 NGN but the reality is do you have the dollars to back it

SoNature:
Naira will keep crashing as long clueless people continue to manage Nigeria's economy.

An Expert has just spoken on this, he gave his analysis based on his years of experience in financial audit, economy and investment values but as per say u be Obi supporter wey u be, an enemy of the state and as per the deity wey u be, U just said "Naira will keep crashing", no anaylysis, no logical statement just what u think

SMH...Most Obi supporters arent as logical as they always want to show us they are

Enugurangers:

GEJ was massively defending the naira. I remember that in Oct 2014 alone, just for 1 month, the naira was patched with $5.4Billion.

Oga please stop this excuses


Tinubu is clueless

Na so Buhari honchos tell us that tell.

Bobloco:
I don't understand this: "Naira is finding its level."

Throughout the Goodluck Jonathan era, when naira was below N250 to a dollar,  was that not its level

The truth is, Tinubu and his patch patch CV CBN governor are incompetent and clueless.

In fact, Tinubu is a dullard.

No Staement of substance
No financial analysis to back your claims

Just pure tantrum and pessimism as per Obi supporter wey u be

Still hoping to meet a logically sound Obi disciple one day

Enugurangers:

So what solution do you suggest to defend the naira?

Perhaps you prefer that we keep defending the naira with Tens of Billions of US Dollars which we do not have?

Why should we borrow money from China so we can subsidize the lifestyle of a few rich Nigerians that want the US dollars?

Folks like you only think about fictional savings… Not floating Naira had saved millions of Naija jobs and families. Now the cost of fuel has gone 500%. Cost of food went up 500% . Cost of drugs has gone up 800%… everthing went up by 500-1000%… but minimum wage is still N36k? So Naija workers have been robbed… and politrickians are enjoying their savings

People keep talking about defending or not defending d naira, floating, not floating etc when the actual issue is simply that we don't earn enough fx for our current import demand! The solution is to increase fx earnings or(and) meet the import demand by local production.
BTW d govt has to defend d naira(ie supply usd to d market) because govt is d major/ largest earner of FX. The extent (at what price) to which they defend is what might be subject to debate

DevilsEqual:


No Staement of substance
No financial analysis to back your claims

Just pure tantrum and pessimism as per Obi supporter wey u be

Still hoping to meet a logically sound Obi disciple one day

Anyone with a contrary opinion is automatically a Peter Obi disciple.

Everything is now being seen through the prisms of politics, tribal and ethnic bigotry.

Your foolery is legendary

BigIyanga:


Folks like you only think about fictional savings… Not floating Naira had saved millions of Naija jobs and families. Now the cost of fuel has gone 500%. Cost of food went up 500% . Cost of drugs has gone up 800%… everthing went up by 500-1000%… but minimum wage is still N36k? So Naija workers have been robbed… and politrickians are enjoying their savings

If the government have no money to subsidize the naira and subsidize fuel subsidy, where do you want them to get the money from?

Should we keep borrowing dollars and paying high interest rate just because we need to defend the naira "artificially" from its true value? We are talking of billions of dollars. Which politician is stealing billions of dollars?

Bobloco:


Oga please stop this excuses


Tinubu is clueless

Is this guy up there on Arise TV Tinubu too. Or do you think he became a country partner of PwC by luck and zero substance.

Offer us your brilliant suggestions and ideas instead of posting with emotions.

They ask us to pray, be patient, adjust to the harsh realities while they import expensive SUV in dollar for their own convenience and travel abroad for medical checkups and pleasure

The ones who called them out are called enemies of the state or wailers, while their praise singers actually wail on the streets of Lagos “e bi n pawa”😂👍

Enugurangers:

If the government have no money to subsidize the naira and subsidize fuel subsidy, where do you want them to get the money from?

Should we keep borrowing dollars and paying high interest rate just because we need to defend the naira "artificially" from its true value? We are talking of billions of dollars. Which politician is stealing billions of dollars?

where did they get money to buy SUVs worth billions from, where is the billions and trillions recovered from abacha loot, where is the billions saved from subsidy etc


Money beta edu and her predecessor diverted, where was it gotten from, keep defending the poor who have you in perpetual poverty👍👍

Gadafii:
They ask us to pray, be patient, adjust to the harsh realities while they import expensive SUV in dollar for their own convenience and travel abroad for medical checkups and pleasure

The ones who called them out are called enemies of the state or wailers, while their praise singers actually wail on the streets of Lagos “e bi n pawa”😂👍

And Peter Obi for example supported the importation of those vehicle. Nigerian politicians are similar to one another.

I do agree that cost can be trimmed to relieve pressure on the naira.

Ibrahimcoomasie:
Our problem with debt is connected with our subsidy spending and issues with FX liquidity. The decision to liberalize the FX market is a step in the right direction, Nigeria cannot afford to defend the Naira like we have done in the past. We should see the stability of the Naira by the middle of the year.

Patience is needed as the naira find it's level.

- Sam Abu, Country Senior Partner, PwC Nigeria,


https://www.youtube.com/watch?v=wIoV6gKH1GA?si=CxbeQbD-cOsnJOiA

Mynd44 Fergie001.

Is this Financial Analyst from PwC making any sense?

It is. But someone needs to remind our touring President that he exposes the unprotected Naira to further devaluation every time he junkets around the world for no clear reason.

The value of our nation's currency is inextricably linked to political events and pronouncements, so we can no longer afford to have Tinubu heading to France at the drop of a hat - and without transferring power first - or Sanwo-Olu shuffling to Ayra Starr's latest ditty in faraway Grenada.

If you know, you know.

DaddyJapan:


It is. But someone needs to remind our touring President that he exposes the unprotected Naira to further devaluation every time he junkets around the world for no clear reason.

The value of our nation's currency is inextricably linked to political events and pronouncements, so we can no longer afford to have Tinubu heading to France at the drop of a hat - and without transferring power first - or Sanwo-Olu shuffling to Ayra Starr's latest ditty in Grenada.

If you know, you know.

100%

SoNature:
Naira will keep crashing as long clueless people continue to manage Nigeria's economy.

You go cry tire. Your Peter Agulu who couldn't manage little Anambra will never get to manage Nigeria. PwC has spoken, your 3rd Class Philosophy graduate cannot say otherwise

APCNig:


You go cry tire

Stop borrowing data to come online and defend lunatics in power. Go to the real world and see real people suffering because of the incompetence of your druglord.

Bobloco:
I don't understand this: "Naira is finding its level."

Throughout the Goodluck Jonathan era, when naira was below N250 to a dollar,  was that not its level

The truth is, Tinubu and his patch patch CV CBN governor are incompetent and clueless.

In fact, Tinubu is a dullard.

Agreed thar Tinubu isn't doing what needs to be done.

But when you inherit an economy where 90 peecent of our revenue is going to debt service because of years of low income from oil, where is the money to defend the naira?

Gej defended naira because he had dollars to do it. Oil price was sky high from 2011 to 14. We even had Yaradua that saved a lot of money when oil was at 145 per barrel under his rule. So the dollars were there.

But GEJ was worse than Obasanjo self. In 1977 to 79, Obasanjo kept naira at one naira to one dollar. GEJ could never reach that because we did not have the dollars to get there. The 1970s were the years of the oil boom. When oil economies were roaring and countries like uk were taking loan from imf self.

But as we know, oil crashed in april 2014, and stayed low till December 2021. Because all our leaders were too dull to get us off oil dependency and that inclides this leader Tinubu, we ended up taking on more debt to meet up. Now the debt is so much that any money to keep naira at cheap rate does not exist. Buhari even worsened it by having different rates.

The point is, Tinubu is just as bad as gej and buhari and many of our past leaders. Their policy is to use excess currencyearned when oil prices are high to stabilzethe naira and borrow when oil prices fall to keep the naira high. Right now we are all borrowed up. We never diversified our economy, so no dollars from there. That is why naira is worse than dollar now.

And it has always been like that. In 1982, Naira wasablit 1.20to the dollar. By 1993 it was at 20 to the dollar, and even as high as 40 to 60 on the parallel market.


And Tinubu isnot diversifying our economy, is still paying subsides on power and petrol and is atill nor widening our tax base. And his predecessor did all that and defended naira via debt. Same thingtinubu is doing

The problem with your comment is you want GEJ economy again, when we don't have the dollars or anything to pay for it. That means we take more loans and more loans so that we can get 200 naira to one dollar. We spend more and more on subsidy so that we can get 100 naira petrol. You want an illusion. You don't want reality

That is the same thing tinubu wants, only the lack of money has forced his hand. But even now subsidies are back and so forth.

You Nigerians should support a leader who would yank all subsides, get the 70 percent of tax payers that are not paying to pay tax and incentive manufacturing at home. Not another person that would waste money on maintaining strong currency like Jona or borrow to maintain the illusuon like tinubu and buhari

Better wake up.

Enugurangers:

If the government have no money to subsidize the naira and subsidize fuel subsidy, where do you want them to get the money from?

Should we keep borrowing dollars and paying high interest rate just because we need to defend the naira "artificially" from its true value? We are talking of billions of dollars. Which politician is stealing billions of dollars?

Arent we borrowing now without subsidy and FX floatation? U dey play., but we are borrowing to fund recurrent expenditure and chopping money for politrickians… una dey play

APCNig:


You go cry tire. Your Peter Agulu who couldn't manage little Anambra will never get to manage Nigeria. PwC has spoken, your 3rd Class Philosophy graduate cannot say otherwise

All in all, apc and pdp got us here. Yes. Your apc. Your Tinubu

Quaint stupidity

BigIyanga:

Arent we borrowing now without subsidy and FX floatation? U dey play., but we are borrowing to fund recurrent expenditure and chopping money for politrickians… una dey play

So because of one bad practice we should continue with another bad practice?

Why not stop both by diversifying our economy?