Those who want the Naira to be N400 to the $ are living in a dream world. Even discounting for the negative impact of speculative attacks on the value of the Naira, the exchange rate will (and should) reflect its market value in reality, not the artificiality that the Emefiele era central bank sought to maintain to please economic illiterates in political power at the time.

That artificiality created room for massive arbitrage by speculators which bled the economy. Nigeria does not (yet) have a productive export economy. That’s the heart of the matter.

And we do not have $100 billion in foreign reserves. So on what basis would the Naira forex rate return to some fantasy land soon? It will also take time to regain or achieve full investor confidence such as we had when we were there (and the rate was N150-165 to the $ 😀).

The sooner we focus on a painstaking creation of vale-added manufacturing export economy that earns forex beyond oil in real and significant terms, the better. Key to this is the electricity conundrum in which we are at less that 4,000 megawatts of generation for a population of 200 million for decades now. Take power to even 20K megawatts (let’s not talk of 50K for South Africa’s 60 million population or Brazil’s 181K megawatts for a population only slightly larger than Nigeria) and you will see what the Nigerian entrepreneurial spirit is capable of.

Kingsley Moghalu OON

It is so shameful to see that in the midst of a collasped economy and very high cost of goods ,services and commodities, What tinubu and his team spend time on is to throw useless propangandas of praising and hailing failures and cluesss entities for 1 dollar to 1400.
Buhari who we thought was the most clueless Nigeria ever had left at 700 to a dollar.
It is about 1400 to a dollar and people who say they are humans donate themselves to be used to promote cluessness and failures.

Tinubu is a disaster.

What will you now call the party who met dollar at #216 but pushed it to #1,600 and now gaslighting us to rejoice because naira dropped to #1,300?





Those one should be living in Kololand then .

The problem with Nigeria is that we sell our Crude oil and other resources and instead of bringing back the money here to spend and develop our country, we take it abroad.... And there are so many ways to take our wealth abroad, u take your kids abroad, you treat yourself abroad...alot of politicians will steal money and buy houses abroad.... Jst last two weeks some idiots went abroad for training with taxpayers money

So abeg how d Naira wan take gain? When we never get sense? Even if u go steal money at least spend 90% of the money right here in Nigeria... Must u go abroad? Foolish politicians... And yes moghalu they part of them make no politician come here dey form saint.....all of una pikin no dey attend government university or patronise Nigerian hospital... Ekweremadu na good example...

They'll even give us loans because they know we'll foolishly still come and spend the money in their country

But it was, during Buhari. Is Buhari now a better Economist (with his NEPA cert) than Tinubu (1st Class Accounting Grad)??

The economic illiterates are APC supporters who said 216 naira to 1 dollar is very bad, that it should be 1 dollar to 1 naira. These same APC economic illiterates want Tinubu to get Nobel prize for economics because 1 dollar is 1,400 naira.

😔😔😔

We can all agree that the Tinubu led administration is a failure then if they can't take the dollar back to where they met it when he spearheaded the hypocritical grumbling and sustained wailing against GEJ years back.

Nigerians are living in an illusion. They don't want to wise up.

Toor

I laugh when I read NL comments and ignorant people in economics and finance matters rush to the front page to hype what is going on. Bayo Onanuga is just playing on your intelligence cos I believe there is something they want to achieve with this hype. I believe the tension is extremely high on them, and they are looking for a way to lessen it. Lol.

That artificiality created room for massive arbitrage by speculators which bled the economy. Nigeria does not (yet) have a productive export economy. That’s the heart of the matter.

Number 1, Emefiele should be shot dead by firing squad cos he killed Nigeria. I went through all his actions and I wept for Nigeria. Honestly, I think Cardoso took this job because of the relationship he has with Jagaban. Who the heck wanna be the CBN governor after what Emwfiele did? Lol. So, I laugh when people insult Cardoso. You guys don't understand. Mowz we have Maghalu who is a former CBN director saying the real truth.

And we do not have $100 billion in foreign reserves. So on what basis would the Naira forex rate return to some fantasy land soon? It will also take time to regain or achieve full investor confidence such as we had when we were there (and the rate was N150-165 to the $ 😀).

The money they are presently using will soon go low. They also know that it won't last long. Lol. I don't know how he made his arithmetic that we need $billion in foreign reserves, but I know Naija cannot recover easily from Emefiele. I said that man should be shot dead on the spot. And Buhari should be ashamed of himself. He is a real dullard. Listen, Buhari will never be given any international appointment like Jonathan, OBJ, and other past presidents because being the Nigerian president exposed him. No one needs to talk because everything is right clear now. Jagaban is quite smart sha. If Buhari understands what Jagaban and Cardoso have revealed, he will cover his face. But he is a dullard na. Lol.

The sooner we focus on a painstaking creation of vale-added manufacturing export economy that earns forex beyond oil in real and significant terms, the better. Key to this is the electricity conundrum in which we are at less that 4,000 megawatts of generation for a population of 200 million for decades now. Take power to even 20K megawatts (let’s not talk of 50K for South Africa’s 60 million population or Brazil’s 181K megawatts for a population only slightly larger than Nigeria) and you will see what the Nigerian entrepreneurial spirit is capable of.

Yes, the only way out is via internal production, and the reason productivity is low is because of a lack of electricity. Then Jagaban removed the subsidy. I think he also miscalculated. He felt he could get enough dollars as soon as he cancelled it, but little did he know that Buhari has deep future contracts for our oil. Lol. Peter Obi and Atiku should be grateful they did not win that election. Lol. This is the truth. Buhari messed us up big time. It is not an issue of blame game, but the real truth.

Jagaban should focus on Electricity if he loves himself, and I think he made a blunder with El Rufai. Perhaps if that man had become the power minister, things would have picked up, but they used politics to kick him out. Lol. This present power minister should be sacked oooo, else, na another thing we go talk in 1 year from today.

Listen....Naira is going down again soon. It is a gradual process to adjust it.

Another area that is killing us is agriculture. Why? The removal of subsidies created a big vacuum for its domestic needs. Instead of exporting agro products, we are releasing our reserves just for people to stop crying "ebi n pa wa". Lol. So, no forex from it either. And finny cocoa has picked up price lately. How I wished we had enough cocoa to export. Again, Nigeria is not ready to stop bombarding agro products with pesticides. I have stopped eating cereals. Go verify it. ....Nigerian beans have been banned from the EU since 2013 and they have been warning us since 2008. Lol. Why? Pesticide residue is too much. What about our yam? Despite being the highest producer in the world, Audu Ogbe failed to execute it. Our yams were rejected. Lol.

No wonder Nigerians are dying like fowls. People are dying, but they only cry when famous people die. Una go die more.

Go buy a plot of land and start growing your food organically cos poison is what is out these days.

Good luck to everyone.

Meaning? Oga, this too makes you a speculator too.

True! Artificial control of the Naira against the Dollar, is not sustainable. I am not convinced that this administration has been able to convincingly woo Nigerians and other foreign investors to invest in Nigeria. When they do, the Naira will appreciate.

Just the power project in Abia state is already making the state look serious.

When Nigerian Leaders take the bull by the horn to improve Nigeria, the country will look like a construction site.🏗️ .

Jobs and jobs will be everywhere, and will even need some other African nations to join us in the the development project.

Until then, we are still on a trial and error trajectory.

What stopped us from having 100,000 MW of Electricity

The economy has to be balanced not loopsided ... All Indices ain't Supposed to Opposed Nigerians !

One slowpoke up there said “All we’re saying is he should return it to where Buhari left it”.

Like where Buhari left it was better than now. Tinubu has surpassed Buhari's entire 8yrs by floating our exchange rate and removing subsidy without the country collapsing.

Even Buhari publicly keep saying Nigeria will collapse with floating our exchange rate and removing subsidy. Here we are.

Sope otilo

Don't talk. Don't say anything.
No need to talk.

They will curse you oooo

But this is where it was before the APC DISASTERS Men Bubu and Ebola tinibu took over.

Infact, it was 216 during Jonathan's time.

The Yoruba man in power thinks propaganda can do the work!

Don't

Tinubu can't fix what he has damaged not to talk more of other damages.

Arobaga:
Nobody is expecting Tinubu the certificate forger to bring naira down to N400




All we’re saying is he should return it to where Buhari left it



Like can’t believe a day will come when we will all be wish to return the economy to Buhari era



Tinubu you’ll crumble

💯 Percent supported my dear brother.

God will always bless people like you here for always saying the truth, no matter how some people feel about it.

I have tried to understand what I read but each time I read I get more confuse. Anyone with good English understanding should please tell me what muoghalu said

True talk. This is what Peter Obi was saying too during his campaign

nlfpmod:


Kingsley Moghalu OON