texazzpete:

Oya, give us a detailed breakdown of what the man should have done na. You people are just using any excuse to bash this fellow.

Under Soludo's watch, the exchange rate fell from around N115 to a dollar to around N150. Have you walked up to Soludo and called him a fool before, you this ethnic bigot!
You were never known to be one with an appreciable intellect anyway, so I am not surprised.

Can you point out to me anything in the OP tha indicates that Sanusi is 'confused'?!
If showing flexibility in adapting to changing situations is 'confusion' to you, I wonder where you get off with your repeated calls for the PDP to change their leadership policies?

And bad news just HAS to be of Sanusi's making abi?


Can you point out any passage or paragraph in the OP that suggests that the CBN Governor is 'experimenting'?

Now this sounds like you're parroting. Seems you've been re-reading those old 'Renaissance professionals' drivel

Holy jeezzzzzz!!!!
You think am gonna spend my precious time arguing about an eddiioottiiiccc sanusi.
Olorunmaje!!!
I have better things to do in life than argue here On NL.
Damn.

Relax101:


Holy jeezzzzzz!!!!
You think am gonna spend my precious time arguing about an eddiioottiiiccc sanusi.
Olorunmaje!!!
I have better things to do in life than argue here On NL.
Damn.

Exactly the cowardly answer I expected. Thanks for playing.

Mr--Why:

Classic flip flopping.

You don't need to be a rocket scientist to understand how the Nigerian economy works. A nation that is highly dependent on import with a very weak infrastructure is fundamentally unstable including it's currency.

More gimmicks to come from Sanusi.

So you blame Sanusi for Nigeria's 'dependence on on import with a very weak infrastructure'?

There's no satisfying you people. You whine about GEJ's stubborn adherence to oil subsidy removal despite compelling evidence that this would make life worse for the masses yet when Sanusi announces a modification of his original plan (showing flexibility and adaptability) you people start moaning about 'confusion' and 'flip-flopping'. Smh.

I wondered why some people are against SLS the man is trying to fix the economy while you bastards are insluting him that the most problem of our young country nigeria is full of ethnic/tribalism and i am certain that must of you can't difine what economics and didn't understand how economy works.

Pls if you are againts/for something make it comphrehensive and with facts.

Nigeria’s central bank devalued the naira and kept its benchmark interest rate unchanged for the first time this year to help support growth in Africa’s biggest oil producer.

The midpoint of the naira target band was lowered to 155 per dollar from 150, Governor Lamido Sanusi told reporters in the capital, Abuja, yesterday. The benchmark interest rate was left at a record 12 percent.

http://www.bloomberg.com/news/2011-11-21/nigeria-devalues-currency-holds-interest-rate-to-support-growth.html

Using foreign reserves to defend an overvalued currency is always a losing battle.

I really did not want to speak on this but i guess i must.

An issue like this cropped up a few months ago on this forum about this same " naira devaluation and Sanusi". First, things first ,  money does not exist its just a bunch of zero's that the central bank create's - every countries central bank does this, by borrowing money that does not exist to pay for debts that dont really exist.

Sanusi, has refused to devalue the naira and i support him.

Why?

1- If the naira is devalued the price of goods in this country will increase.
2- It will be harder for Nigeria to service her debts cos we borrow in dollars and have to use naira to buy dollars to pay back in dollars.
3- The western world never has any good intentions towards any african country,  the truth is the west still need slaves and africa has got the biggest supply.

Look, Sanusi is a strong man. Like it or not, he is the only one who has single handedly challenge the senate house and walked away scott-free. What more do you want this man to do , to prove his loyalty to this country and its people.

You are all scared of saying a "hausa man" is right. And, i am sorry that your level of education has not enlightened you as much as it should have.

This country Nigeria belongs to all of us, regardless of ethnicity. Sanusi, is not going anywhere ,  you cant get rid of a guy like that. He's not a wimp and i repeat the guy is not a "WIMP" he got balls. Steel balls, i tell you. He cleaned up the banks, do you know how many politician's have monies in those banks, do you know how many powerful business men have been forced to pay up their debts.

And you sit there and say - this man is a fool,  Let me tell you, there are two most valuable commodities in the world these are gold and oil.

Nigeria has both but has oil in commercial quantity - i read somewhere Nigeria is now nos 3 in the world and we got the best fuel. We can do whatever we want, if we dont want to de-value our currency - nobody western power can do nything bout it - they need oil? Thats why they are indirectly attacking libya,syria etc ,  its oil.

Lagos had electricity before Paris and the naira was going for 5 usd and your talking about de-valuation.

Your sister okonjo-waka-waka, came with her own,  nonsense - deregulation of the oil sector. Imagine, what Nigeria power will be like if sanusi was minister of power or petroluem ,  there will be ORDER!!

Thanks for the post, most of these NLs are already blinded by their ethnic affiliations that they cannot see anything good from anybody that's not from their ethnic background.

Under Soludo's watch, the exchange rate fell from around N115 to a dollar to around N150. Have you walked up to Soludo and called him a fool before, you this ethnic bigot!
You were never known to be one with an appreciable intellect anyway, so I am not surprised.


@texazpette,

There is a clear difference between Currency Depreciation and Currency Devaluation. What you're explaining above is currency depreciation; a fall or loss of value of a nations currency to one or more foreign referenced or competing currencies.

Sanusi is talking about devaluation, which is a reduction or loss of value of a nations currency with reference to goods and services or other monetary activities that currency can be exchanged for.

Currency from time to time depreciate in value (recession) is a major cause, as well as other economic activity can be a redundant factor and pressuring factor against a currency. However, I'm not arguing against the depreciation of the Naira, my point like I've expressly stated is that his policies are causing harm than good.

A nation can accept depreciation if efforts are made to restore it back (on the contrary, I'm a strong proponent of depreciation i.e. only if they are exporting), however, if devaluation of currency under same umbrella as depreciation yet nothing to show forth instead you dipping into reserve to strengthen a currency through your local and foreign investment policies has affected badly, now that's my problem.

How can you talk about devaluing the Naira when you haven't made any efforts to encourage it's appreciation? The only solution on his mind is making poor choices, Naira would only appreciate if foreign people want it. There's no other way of wanting it than to encourage at least the local people to put it to good use.

According to the latest NBS report from last week, Agriculture accounted about 44% to our national GDP (although, I cast my doubt on this figure), nevertheless, doesn't it show you that if Nigeria exports more Agriculture, foreign nations will buy from us. How can Sanusi exert influence on the Agriculture sector? I remember months ago, back in this argument when he was proposing to build poultry farm, I laughed so hard that laughter will not kill me, my suggestion was

1. Sanusi can encourage agricultural schemes and initiatives through the ministry of Agriculture. Through this scheme, there could be reforms, initiatives, suggestions etc on how to produce best, in fact, I suggested that Sanusi and his team in alliance with the Ministry of Agriculture, perform thorough research, finding and what structural development and financing will it take to get Nigeria to start producing, Brings me to second point.

2. Money--- This is where Sanusi comes in. There are so many Agricultural Banks out there with little or no funding, why can't Sanusi push funds to these banks? Obviously at low-interest rates? Even if he doesn't want to, the CBN makes more than enough to provide back-up funding for them banks. I know he's avery strict fellow, so loan processing and audits won't be a problem for him.

However my suggestions might sound, to some stupid and dumb, some may not agree with me, nevertheless, I'm still of better opinions. I can continue to go on further, rather Sanusi chose to build poultry farms and hotels, whenever did the CBN engage into such ridiculous activity, I sure don't know.

manny4life:

Under Soludo's watch, the exchange rate fell from around N115 to a dollar to around N150. Have you walked up to Soludo and called him a fool before, you this ethnic bigot!
You were never known to be one with an appreciable intellect anyway, so I am not surprised.


@texazpette,

There is a clear difference between Currency Depreciation and Currency Devaluation. What you're explaining above is currency depreciation; a fall or loss of value of a nations currency to one or more foreign referenced or competing currencies.

Sanusi is talking about devaluation, which is a reduction or loss of value of a nations currency with reference to goods and services or other monetary activities that currency can be exchanged for.

Currency from time to time depreciate in value (recession) is a major cause, as well as other economic activity can be a redundant factor and pressuring factor against a currency. However, I'm not arguing against the depreciation of the Naira, my point like I've expressly stated is that his policies are causing harm than good.

A nation can accept depreciation if efforts are made to restore it back (on the contrary, I'm a strong proponent of depreciation i.e. only if they are exporting), however, if devaluation of currency under same umbrella as depreciation yet nothing to show forth instead you dipping into reserve to strengthen a currency through your local and foreign investment policies has affected badly, now that's my problem.

How can you talk about devaluing the Naira when you haven't made any efforts to encourage it's appreciation? The only solution on his mind is making poor choices, Naira would only appreciate if foreign people want it. There's no other way of wanting it than to encourage at least the local people to put it to good use.

According to the latest NBS report from last week, Agriculture accounted about 44% to our national GDP (although, I cast my doubt on this figure), nevertheless, doesn't it show you that if Nigeria exports more Agriculture, foreign nations will buy from us. How can Sanusi exert influence on the Agriculture sector? I remember months ago, back in this argument when he was proposing to build poultry farm, I laughed so hard that laughter will not kill me, my suggestion was

1. Sanusi can encourage agricultural schemes and initiatives through the ministry of Agriculture. Through this scheme, there could be reforms, initiatives, suggestions etc on how to produce best, in fact, I suggested that Sanusi and his team in alliance with the Ministry of Agriculture, perform thorough research, finding and what structural development and financing will it take to get Nigeria to start producing, Brings me to second point.

2. Money--- This is where Sanusi comes in. There are so many Agricultural Banks out there with little or no funding, why can't Sanusi push funds to these banks? Obviously at low-interest rates? Even if he doesn't want to, the CBN makes more than enough to provide back-up funding for them banks. I know he's avery strict fellow, so loan processing and audits won't be a problem for him.

However my suggestions might sound, to some silly and dumb, some may not agree with me, nevertheless, I'm still of better opinions. I can continue to go on further, rather Sanusi chose to build poultry farms and hotels, whenever did the CBN engage into such ridiculous activity, I sure don't know.

Excellent response. Thank you

I still think you're unnecessarily harsh on Sanusi for perhaps some other yet to be disclosed reasons but i'm glad you've been able to explain why you're unhappy with Sanusi on this matter in a clear, logical manner.

Relax 101 take note, this is how to get your points across.

texazzpete:

Excellent response. Thank you

I still think you're[b] unnecessarily harsh on Sanusi[/b] for perhaps some other yet to be disclosed reasons but i'm glad you've been able to explain why you're unhappy with Sanusi on this matter in a clear, logical manner.

Relax 101 take note, this is how to get your points across.

Lol!!!!! I need not to be logical with you. I know you are a die hard sanusi PRO. lol
Is He the first to be a CBN govenor?
His time is up!
He will be thrown out ASAP.

Please note their is a principle in stockbroking which says their is always a greater fool then you are so no matter the time or the condition at which you buy so far the market still has a window someone will always buy at a higher price then you paid, either in quantity or cost

@mr__why big ups the reason simple we are to import dependent where do all the dollars they buy or trade in where do they take it to the banks buy and sell from each other and for their customers at a higher price, business simple.

sanusi L S big ups to you in all sincerity people may not credit you and they may not have to be economist to understand the dynamics to know what is happening, a whole region is going into recession the central bank/ NNPC have an account in a turkish bank where all funds are paid into on behalf of the federal government a wave of economic down turn is affecting the whole region prices of services are rising out of the means of the masses and debt are not being paid the local economies businesses that provide services to the populise in these area now these funds would get stranded if the banks cannot move finance or borrow/lend to manufacturers over their in turn their goods would either get more expensive or they would close down gradually, so why keep money in that economy why not move to a place where people create wealth like the yen " problem they are just getting out of the sunami isssue" then where swiss francs good they dont produce but they have the largest number of finance organisations that invest money in people and their business through the banks investments in other banks around the world so if inflation is causing an issue people just have to pay all they do is adjust the rate of exchange to reflex this difference and go after the debtors its allowed,so swiss francs would have been a good window ask why not the dollar because internally the american government have not been able to settle the own local debts as a result of the credit system they operate their challenge how can they correct it only by making their things cheap and producing challenges people dont want to work generally so their is an issue its not the safest place to go, our economy would have been better but whats the challenge infrastructure and pand the lack of cheap labour/quality and cheap labour how to solve it nigerians must work and then other countries would bring their money invest shoving up the value of the naira directly and that is what china has been able to do i can continue to explain the dynamics but i too dey talk

i was just going through another post and realised the reason for our challenges are funny people dont want to do any job that is not white coloured so why are we trying to force people into Agriculture when we can go into processing backward integration, lets start with establishing organsiations that are into canning packaging processing of items such as tomatoes apply banana processing etc then we would get what we want

texazzpete:

Excellent response. Thank you

I still think you're unnecessarily harsh on Sanusi for perhaps some other yet to be disclosed reasons but i'm glad you've been able to explain why you're unhappy with Sanusi on this matter in a clear, logical manner.

Relax 101 take note, this is how to get your points across.

LOL, Now you see why you and I are able to get along just regarding our differences.

I'm not "harsh" on him, but like you know, I've openly said I'm one of Sanusi biggest critics and this has NOTHING to do with ethnicity or otherwise. The whole nation depends on him unlike if he was managing a state; our economy depends on his policies. I just explained one of his policies. His policies in the financial markets are nothing to write home about, it begs the question, I thought he headed the Risk Management Unit of the First Bank of Nigeria. His domestic monetary policies is pursuing people further out; as a strong critic, and through my post.

I have acknowledged Sanusi as a stern, strict and outspoken fellow but his credentials on Finance, Money Markets and Economy is lacking. I would assume he surrounds himself with advisory experts, so the question is what is going on? The time SLS has spent on several debacles from Islamic Banking, to Cashless Economy, to trying to take over the Commodities and Exchange Commission, to trying to build hotels and farms, and the list is endless like seriously, if he spent that time investing in ideas on how to turn around things that affect our currency value (exchange), Nigerians will look at himd differently, and he will have my support.

For how long is he gonna continue to fight the pressure amounting from the markets? Laws of Demand and Supply will ALWAYS apply, spend that time to fight the root cause causing that pressure itself. Anyway let me STOP but I believe SLS can do a lot better i.e. if he's focused and listens (a strong trait of a good leader). I doubt if you ask SLS, what plans do you have in place to reduce FOREX demand by 10%, believe me, I can bet that he has no idea. The moment he has a clear manifesto of how to fix root causes rather than reacting pressures from the causes, things will begin to change.

Sanusi is an extremely confused fellow, dude is overwhelmed and lacks the capacity to deal with our financial problems