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No Third World Country Can Float It Currency With US Dollars And Survive. - Politics (2) - Nairaland

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Re: No Third World Country Can Float It Currency With US Dollars And Survive. by nairalanda1(m): 7:01pm On Feb 18
seborrhic:

Sorry,thought you were defending the indefensible.

Thanks.
Re: No Third World Country Can Float It Currency With US Dollars And Survive. by adamusuleiman2: 7:02pm On Feb 18
nairalanda1:


We are floating the currency because there isn't any spare dollars to defend the naira.

In one month in 2014 , the then government spent 5 billion dollars to defend the naira.

Our effective forex reserve is 4 billion today.

We are all borrowed up and in severe debt.

As for subsidy, that has to go because cost of refining petrol has shot up. That is why subsidy Costa too much.

We are paying the price for not diversifying our economy away from oil.

If we want a strong currency we have to find more dollars. Now.
💯
Re: No Third World Country Can Float It Currency With US Dollars And Survive. by fx45(m): 7:04pm On Feb 18
blacknp:
Because a nonentity like you on Nairaland knows more than all the economist advising the government?

Nonsense buffalo.
You have seen the result of the advise your economic whizkids have been giving to your certificate forger

1 Like

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by Abagworo(m): 7:09pm On Feb 18
adamusuleiman2:

Lol. This is pure ignorance with confidence.

India has a floating currency, same as South Africa, Brazil and many other countries like Pakistan, Myanmar, Burma. Infact, almost the whole of South America is floating it's currency despite them being close to the USA.

Are any of them doing well?

1 Like

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by Figger(m): 7:25pm On Feb 18
abhosts:


You that is defending cruelty and evil of APC Day and Night on the internet would suffer the everlasting wrath of Jehovah God. Bookmark this message, you wild animal.
Amen, they'll die miserably

1 Like

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by History555: 7:25pm On Feb 18
blacknp:
mynd44 Seun Nlfpmod dominique Obinoscopy mukina2. Rule 2.

You insulted him first and others. He returns the insult. Now you are calling mods. If you are too fragile don't start a war

2 Likes

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by PussyOdour(m): 7:29pm On Feb 18
abhosts:


Look at this mentality ill degenerate that has been cursed by the universe. I expressed my opinion on a topic and you started the cursing. Now you are calling on mods?
I multiply the pain that APC has caused Nigerians by a million and send it into your spirit soul and body.

Why Wont he called the nairaland mods, when he clearly knows that they mods here support any evil. They're all APC asslicker. Don't be surprised if get banned. I know them.

1 Like

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by PussyOdour(m): 7:34pm On Feb 18
blacknp:
mynd44 Seun Nlfpmod dominique Obinoscopy mukina2. Rule 2.

You don see nairaland finish na. You know you'll go unscathed even after raining abuse on the person when the person rationally returned the gesture, you run to the mods.

You know nairaland mods are APC apologist and Tinubu ass lickers, hence the swiftness in calling them. I won't be surprised if the guy is ban for 2years plus while you move around continue insulting people.

2 Likes

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by oglalasioux(m): 7:35pm On Feb 18
Enugurangers:

I reported him as well. Some people are to immature to hold an argument or pass on their points withouy insulting.

Kindly go back to the thread and find out who started insulting who.

2 Likes

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by Saintinoo(m): 7:35pm On Feb 18
Bullfallo:
No 3rd world country or developing country can float it currency with pounds, euro and USD and survive it.

Not even the Russia rubbles or any asian country for that matter.

The USD is the world favorite currency it has a value and appreciate even if they don’t export anything from the US.

When he was making noise about floating the naira, i heavily criticized the decision but some APC supporters who know nothing about economics defended him.

You can't float a currency against the dollar when you run a mono economy. It is very simple, your currency will fight with the dollar at the international market, and will only gain value if you do not seek much of dollar, imagine using dollar to import fuel, which almost every sector of the economy use, that indicates that more dollar will be sort, nor to talk of other household items we buy with dollar.

Tinubu is paying subsidy bigger than previous administration even when Nigerians are buying the same fuel 4 times the previous price.
Re: No Third World Country Can Float It Currency With US Dollars And Survive. by Robchuks77(m): 7:39pm On Feb 18
blacknp:
Naira is tissue paper? You will suffer till you hit 6 feet under.

May you not see tissue paper to take care of yourself & family.

Amen.
U no go pass this February.... Evil soul

1 Like

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by BobbieZion(m): 7:46pm On Feb 18
blacknp:
mynd44 Seun Nlfpmod dominique Obinoscopy mukina2. Rule 2.

You are a bully.
You threw shots, he clapped back you calling the Feds.
Grow up.

4 Likes

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by KillingJoke: 8:04pm On Feb 18
Recommended

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by Curious346: 8:13pm On Feb 18
Tinubu Na film trick.. he is an aberration
Bullfallo:
No 3rd world country or developing country can float it currency with pounds, euro and USD and survive it.

Not even the Russia rubbles or any asian country for that matter.

The USD is the world favorite currency it has a value and appreciate even if they don’t export anything from the US.

Tinubu is paying subsidy bigger than previous administration even when Nigerians are buying the same fuel 4 times the previous price.

1 Like

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by Feldie: 8:22pm On Feb 18
abhosts:
How can you float a currency that nobody outside Nigeria wants? Even the CFA has more demand than the Naira in West Africa. Can Tissue paper be floated?
that is why you should plant rice, palm-trees and the other things people outside Nigeria want. If you have what they want they will even convert their dollar to cowries if that's what you want
Re: No Third World Country Can Float It Currency With US Dollars And Survive. by grandstar(m): 8:35pm On Feb 18
Bullfallo:
No 3rd world country or developing country can float it currency with pounds, euro and USD and survive it.

Not even the Russia rubbles or any asian country for that matter.

The USD is the world favorite currency it has a value and appreciate even if they don’t export anything from the US.

Tinubu is paying subsidy bigger than previous administration even when Nigerians are buying the same fuel 4 times the previous price.

What you've written is Baseless and completely wrong. The biggest evidence is that the black market runs on a floating exchange rate system.

A floating exchange rate is the best policy for poor countries to run as it enables them handle economic shocks more quickly and much better.

The CBN nevertheless has tools it can use to moderate the exchange rate. One of its most favorite is interest rates. This can be used to prevent the currency from either falling too fast becoming too strong. That tool sadly speaking has not been applied by the CBN to good effect

The CBN needs to increase interest rates so has to mop up money in the system. This will help bring down inflation. Presently, the CBN rates are 18.5% while inflation is 29%. This is counterproductive as the interest rates must be above that of inflation. That maybe what's missing and might explain the free fall of the Naira. Tinubu wants low interest rates and it seems Cardoso is powerless to do otherwise.

Also, many economists here criticized the appointment of Henry Cardoso. He lacks the proper qualifications for the job. Also, the CBN is supposed to be autonomous-that is free from political interference. However, Cardoso is Tinubu's boy and will do his bidding.

6 Likes 2 Shares

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by grandstar(m): 8:36pm On Feb 18
abhosts:


You that is defending cruelty and evil of APC Day and Night on the internet would suffer the everlasting wrath of Jehovah God. Bookmark this message, you wild animal.

Please, if you're a jehovahs Witness, don't say this.

Please don't be angry.

2 Likes

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by DatNiggaDaz: 8:37pm On Feb 18
abhosts:


Look at this mentality ill degenerate that has been cursed by the universe. I expressed my opinion on a topic and you started the cursing. Now you are calling on mods?
I multiply the pain that APC has caused Nigerians by a million and send it into your spirit soul and body.
grin grin

1 Like

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by grandstar(m): 8:38pm On Feb 18
Enugurangers:
A simple Google can cure ignorance.

In Africa alone, Angola, Madagascar, Uganda, and Malawi has a floating currency.

South Africa has a floating currency too.

This is an educated response. People don't educate themselves before they write baseless things here.

3 Likes

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by grandstar(m): 8:44pm On Feb 18
seborrhic:
The template the mentally challenged, narcoleptic bablubulu should have used is very simple:
Get sworn in,sit down in office,get your kitchen cabinet to critically look at goverment funds,input and output,proffer ideas on how the subsidy removal is to be done,meanwhile get enough palliatives in place,including flooding the transport space with enough commercial vehicles at prices that would not only be affordable,but minimally profit or even non profit nor non loss making,distribute to all state governments and ask them to do a counterpart contribution,at least 100 per state and expand with subsidy removal funds as you deregulate.
What does this transport scheme achieve?:While making transport still affordable with goverment vehicles,it forces the private ones to curtail any excessive transport fare increase by indirect market forces intervention.
Then you see if you would do it in one fell swoop or in stages.
Meanwhile you withhold complete floating of the Naira while appointing a financial expert but with the character of a Buba Marwa as CBN governor to climb down unapologetically on round tripping by banks and other money laundering causes of devaluation.
When you have achieved monetary policy discipline and stability the CBN can not only have the leeway but a clear sight to allow a "regulated deregulated"currency market.This may take up to a year or 2 to achieve.
Also during this 1 to 2 year period the minimum wage should have been increased not just in the public,but private sectors to improve the purchasing power.
By the second or even third year or so you would have set the parameters right to have achieved a full subsidy removal but still keeping a strict "REGULATED DEREGULATED"foreign exchange market.
But when you have a former drug dealer approaching senility,you get what we have and those close to him are very happy things are going this way because he has made several of them billionaires just by his stupidity of floating a naira that cannot withstand a full floating,yesterday,floating,today or tomorrow.

You want someone who read public administration to head the CBN?

One of the reasons why the Naira is suffering today is that Henry Cardoso isn't qualified. Your option is 10 times worse.

Your solution is worse than the problem.

5 Likes

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by Procashtips(m): 8:46pm On Feb 18
Anambra1stSonTV:
Westerners are good with propaganda not management of economy, I know them as extravagant people, Obasanjo perfectly understood each tribe strengths and weaknesses during his administration, these guys are clueless only to make silly noise, less than one year they have messed the economy, history will never forget what Nigerians are facing under them this period, thank God their people are the ones incharge of the economy from president, CBN, minister of finance etc.

Propaganda have expiring date
These are brain behind Obj success in economy

But don't forget we were borrowing to pay salary under Okonjo/Jonathan.

Don't skip that
Re: No Third World Country Can Float It Currency With US Dollars And Survive. by jmoore(m): 8:53pm On Feb 18
Enugurangers:

I reported him as well. Some people are to immature to hold an argument or pass on their points withouy insulting.
Go and read each post from the start. If you fail to notice the person that insulted first, then you are a hypocrite.
Re: No Third World Country Can Float It Currency With US Dollars And Survive. by nigeriansamurai(m): 8:55pm On Feb 18
blacknp:
Because a nonentity like you on Nairaland knows more than all the economist advising the government?

Nonsense buffalo.
what he said is true. Naira no get demand,
Re: No Third World Country Can Float It Currency With US Dollars And Survive. by Nicepoker(m): 8:56pm On Feb 18
blacknp:
mynd44 Seun Nlfpmod dominique Obinoscopy mukina2. Rule 2.
But you abused him too. Why are you reporting.

2 Likes

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by Legalaffairs(m): 8:59pm On Feb 18
blacknp:
Naira is tissue paper? You will suffer till you hit 6 feet under.

May you not see tissue paper to take care of yourself & family.

Amen.


WHY ARE YOU TAKING IT TOO PERSONAL? YOUR REACTIONS DEPICTS THAT HUNGER IS VERY MUCH PLANTED IN YOUR HOME WITH STRONG ROOTS. TAKE AM EASY BRO. ASIWAJU TILL 5043. EBIN PAWA na tribe anguish cry not an Igbo slang
Re: No Third World Country Can Float It Currency With US Dollars And Survive. by nigeriansamurai(m): 9:00pm On Feb 18
Feldie:
that is why you should plant rice, palm-trees and the other things people outside Nigeria want. If you have what they want they will even convert their dollar to cowries if that's what you want
exactly... Wetin Nigeria get to offer, we need to offer more whatever we are giving if naira is ever to grow... the funny part is that bad policies and customs are making it harded for private businesses to export
Re: No Third World Country Can Float It Currency With US Dollars And Survive. by Beverlyjean(f): 9:43pm On Feb 18
blacknp:
Thank You.

U are a fool...u started the insult on this thread and u got what u gave out first and u wanna form victim

1 Like

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by grandstar(m): 9:55pm On Feb 18
seborrhic:

So I now ask:Are you ready to buy fuel at 1400-1500/litre because at ₦1650/$ that should be the market price of fuel?
Will you now start printing money to increase the purchasing power of Nigerians when you then allow market forces to determine fuel price?
You people stand arguments on its head when defending Tinubu.
Why is he now paying subsidy caused by naira devaluation through the backdoor if he confidently sticks to the belief fuel should be totally deregulated while naira is completely floated?

Some point of correction

First, Tinubu made the mistake of just "ending the subsidy." For the subsidy to be fully removed, rhe price of petrol should have been fully deregulated like has been done for kerosene and diesel where government does not dictate the price. That is why the subsidy is back.

It is wrong to say if the price of petrol is 1,650 per litre will you pat, that is sentiment. If that should be the price, then that is the price. Economics and sentiments don't mix very well. That's why people hate the IMF.

The truth is this. Tinubu met an empty treasury, with expected debt servicing for last year that would gulp 96% of government revenue. That practically means every dime that government would spend in the budget would be borrowed.

That was why Tinubu had to end petrol subsidies but he should have gone further and deregulated the price but was probably frightened by a potential mass outcry.

Also, electricity subsidies too should have been removed and the prices deregulated. Due to the fact the price consumers pay for electricity is not cost reflective, the Gencos and Discos are making losses and not able to invest. THE Discos are being owed 1.3trillion naira and Gencos $1.3bn. It is obvious the government can no longer continue subsidizing them.

Also, the foreign reserves are empty. A country should have a minimum of 3 months of foreign reserves. At $4bn, Nigerianary has a month.

When a country faces such a scenario, it approaches the IMF for assistance. The IMF may lend the country about $15-20bn but it will stipulate some policies. Since the IMF is unpopular, the nation did not do that and instead had been finding other ways

3 Likes 3 Shares

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by AyeMoJuba: 10:06pm On Feb 18
Enugurangers:
A simple Google can cure ignorance.

In Africa alone, Angola, Madagascar, Uganda, and Malawi has a floating currency.

South Africa has a floating currency too.

Aree you minding these sons of perdition?

They wail as if it's Tinubu that caused all of these...as if they are not aware that things have bn bad and spoilt before he came to power...They rant like a rabid dog as if they were deaf when Tinubu was saying it that what we are about to face is not going to be easy. They forgot when Sanusi was saying it loud and clear that things and days ahead was going to be tough...that past govt have bastadised the economy beyong redemption...
They talk as if they are not aware that re-building is more difficult than destruction. They pretend as if they are not aware that we must undergo pain for us to smile in the end.

All the Economic polcies of this Govt is in ORDER and it's what we need to salvage this terrible situation. All these noise makers are still the same people who are still pained because they lost election woefully.

Before a child is birthed to this Earth, both the mother and the child must undergo a certain pain but will both be happy if they endured.

Our situation economically is at a cross road, we must undergo certain pains to steer it on the right path. We will definitely go through discomforts while the corrections are bn implemented but at the end of the Tunnel, there comes light.

Let the losers continue to wail.

For me and my family, we will participate in the sharing of the necessary pains and shall be alive and healthy to eat the harvest thereof.

1 Like

Re: No Third World Country Can Float It Currency With US Dollars And Survive. by StarRida: 11:24pm On Feb 18
blacknp:
Thank You.
moderators this guy need to be ban for life we are in democracy why should you throw the first jab and he retaliated you started calling moderators
Moderators please do the needful
Seun
Mynd44
Re: No Third World Country Can Float It Currency With US Dollars And Survive. by kingthreat(m): 11:18am On Feb 19
abhosts:


Look at this mentality ill degenerate that has been cursed by the universe. I expressed my opinion on a topic and you started the cursing. Now you are calling on mods?
I multiply the pain that APC has caused Nigerians by a million and send it into your spirit soul and body.

You cannot be laying curses like this if you advertise Jesus on your signature. Learn to ignore somethings.

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