₦airaland Forum

Where is the disaster? The fear of free oil money is making some people run crazy. Oil at $10 will be much better. Maybe the fraud call Nigeria will finally agree to renegotiation.

Actually, the Saudi Arabians (who control OPEC) are trying to drive the oil shale producers in America out of business. If the price stays below $65/barrel for any length of time, that will happen too

ichidodo:
[color=#1980BC] A very nice dillemma given the very high volume of global crude reserves highly susciptible to fracking and the continous need for most non-fracking suppliers to have a hungry market to be monopolized or OPECed for their oil cargoes [/color]

The current price battle is targeted at the producers from North America. OPEC cannot cut quotas, for Russia, Mexico and Unites states. OPEC countries are losing money, but losing market share will be more damaging to them.

ichidodo:
[color=#1980BC] For a stable global economy oil price should slide at an equilibria point of $65...too high would lead to considerable investment in fracking which should glut the oilmarket with its attendant steep price crash...too low would disrupt too many stable economies creating a global tsunami of recession. [/color]

Unfortunately fracking will not be sustainable, if oil remains below $75 for long.

You people are blaming Amaechi? Look for your son Senator Abe and pour hot coals on him. He sold you people out for nothing. Prepare to live with another Ikwerre GOV, for 8 years.

mbulela:
Easier said than done.
Where were they when Wike was pocketing the party machinery?[b][/b]
As it is,e go hard for even GEJ to dismantle Wike. They are dealing with a very dangerous and rugged character.
I have genuine pity for Rivers people.

They played both sides and lost. I don't think Wike is dangerous, he is very politically astute. Amaechi and his crowd underestimated him.

As much as people might hate it, PDP will win Rivers state. If Wike gets the ticket, he is as good as home free. The Ijaws really don't have another choice in Rivers State, than wrestle the ticket away from Wike in PDP. That's the only game in town. ALL the Ijaws can vote for Peterside, and he will lose handily in Rivers.

donguutti:
Una like Argument pass food ,to resolve all the Monthly debates of Who gets whats and how much

Please do visit oagf.gov.ng, The FAAC(Monthly National Cake) reports are all there.

Btw Atlwireles, i wanted to ask you about this epz/egtl issue , my pal ena on Fb,has almost
burst a nerve about, i wanted to know you opinion about it

Uduaghan messed up and he has taken steps to fix the mistake . I'm sure within the next two months all issues will be settled. Ijaws and Itsekiris owned the land in play here. That will be acknowledged and the name will also reflect that reality.

This's Uduaghan's signature project and the first major project by the federal government in delta state since DSC. This is delta state, a lot of hot tempered people, after they raise hell, they calm down and solve their problems.

This kind of threads never disappoint, the impostors with 1 miilon monikers are lucking already. 99% of you will not be able to drive to Asaba or Warri, if your life depended on it. Yet, you will make noise and lie about a state, you don't know, besides reading about it on Google.

jadajada:
U're making such comment bcoz u're 4rm warri.

ok

Blackvampire:
Yes he is supposed to be obsessed becos asaba is the capital of delta you cant even compare asaba to uyo..kia P.D.P HAS FAILED IN ASABA...UDUAGHAN IS HEARTLESS THIEF

Okay.

jadajada:
What rubbish?

Ask yourself.

jadajada:
he shld b obsesse coz Asaba is d capital just like Abuja is d capital of Nigeria.

What does that mean? another rubbish.

Nigeria, I understand this country better everyday. Obj talking about destroying opposition and corruption.

sunnyshayne:
Despite the huge allocation to Delta state, what is there to show especially in Asaba?

Is Asaba the only town in delta state? Why are you mumus always obsessed with Asaba?

Delafruita:
do you always have to be mischievious all in a bid to defend jonathan?can't you have a mind of your own?Just 2weeks ago,I did an exchange from naira to the beninnoise CFA at the rate of 324,today I am amazed that the rate is 345.for those who think the devaluation of the naira is just economic hullaballo that won't affect them,its already affecting every sphere of the economy.imported goods will now cost more,exported goods will now fetch less.this is jonanomics at its peak.jonanomics is the art of pushing the burden for the failure of government unto the masses.

Educate yourself before posting gibberish.

If this is correct Senator Abe has been misled again.

IGBOSON1:
It's the one of Delta that boggles the mind! They're way behind their peers in many indices!9

Please name those indices.

Go and fight, they been killing you people since time immemorial. Don't tell you are ready to fight just freaking fight.

Ijebulogic:
SLS must be laughing so hard as the Vagabonds in Power continue to R4pe our country. Dollar didnt move this much in Sanusi's 5 years as CBN Governor. Ogbeni Emefiele....check yourself!!!

Laughing at what? The same SLS who spent $117B in 4.5 years defending the Naira? The joke is on him.

Nigeria’s lifting of its interest rate for the first time in three years, and simultaneous currency devaluation, may stave off more drastic action in the three months before elections in Africa’s largest economy.

“The combined measures should help to support market sentiment in the near term and ease pressure on reserves,” said Stuart Culverhouse, head of research at Exotix Ltd. in London. “It gives the Central Bank of Nigeria a better chance that it can get through to February’s elections without further or even stronger measures becoming necessary,” he said in e-mailed comments.

Responding to plunging oil prices which have sent the naira to an all-time low, the regulator lifted the benchmark rate by 100 basis points to a record high of 13 percent in its penultimate meeting before the national vote, Governor Godwin Emefiele told reporters today in Abuja, the capital.

The bank also moved the naira’s official peg to a midpoint of 168 per dollar, from 155, and widened its trading band to 5 percent either side from a previous 3 percent.

The regulator’s moves were more assertive than expected. Only three of nine economists surveyed by Bloomberg estimated a rate increase, while six predicted the bank would hold at 12 percent.

“The current challenge requires bold policy measures, moves on both the demand and supply sides of the foreign exchange market,” Emefiele said.

Emefiele, 53, became central bank governor in June with a pledge to keep the currency stable and avoid raising interest rates before the vote in February. His promise has proved difficult to keep as slumping crude prices erode government revenue in the continent’s top oil producer.

“There are still risks around oil prices,” Ridle Markus, an Africa strategist at Barclays Africa Group Ltd. who forecast the rate increase, said by phone from Johannesburg. “It could get worse for them.”

Cash Reserve

The central bank also increased the cash reserve requirement on private sector deposits by 500 basis points to 20 percent.

“The current downturn in oil prices is not transitory but appears to be permanent, being a product of technological advances,” Emefiele said. The government’s suggested budget benchmark oil price of $73 per barrel for 2015, down from $77.5 this year, may be “overly optimistic,” he said.

The naira is being overwhelmed by a drop in prices for oil, Nigeria’s biggest foreign-exchange earner, with the currency weakening to a record low of 178 per dollar on Nov. 24. While the central bank has stepped in to defend the currency, selling dollars outside its twice-weekly auctions, the interventions have reduced foreign reserves to a five-month low of $37.2 billion.

Naira Weakens

The currency has lost more than 7.4 percent this quarter, the deepest decline among 24 African currencies tracked by Bloomberg after Malawi’s kwacha and Gambia’s dalasi.

Taking aggressive steps now would obviate the need to make even more sweeping moves later, when reserves may be lower, Emefiele said.

“While Nigeria cannot do much to influence the oil price, the combination of measures today sends a powerful signal to all stakeholders on the CBN’s intent to do what it can to preserve macroeconomic stability,” Razia Khan, head of Africa economic research at Standard Chartered Plc in London, said in e-mailed comments after the decision.

Nigeria’s government is planning to cut spending by 6 percent next year in response to lower oil prices, Finance Minister Ngozi Okonjo-Iweala said Nov. 16. Okonjo-Iweala’s announcement followed Emefiele’s pledge to continue defending the naira. Oil accounts for 70 percent of government revenue.

The rate-setting Monetary Policy Committee last adjusted the benchmark rate in October 2011, when then-Governor Lamido Sanusi increased it by 275 basis points.

President Goodluck Jonathan, who will seek a second full term in next year’s vote, suspended Sanusi in February after he alleged that billions of dollars in national oil revenue had gone missing, charges the authorities deny.

Yesterday’s actions “assert the CBN’s operational independence, which is perhaps important after events earlier this year and ahead of February’s election,” Culverhouse said.

To contact the reporter on this story: Daniel Magnowski in Abuja at dmagnowski@bloomberg.net
http://www.bloomberg.com/news/2014-11-25/nigeria-raises-rate-to-record-13-devalues-naira-on-oil-drop.

Obiagelli:
All i wanted to hear, you made it sound as if it was impossible to amend the constitution earlier. Good night

It easy, when nothing is involved. Attempt to amend the constitution for resource control and fiscal federalism. You will hear your party members declaring war.

BlackTechnology:
Is the interview on naira land

Maybe, it was on vanguard, if my recollection serves me well. I will look for later and put it out.

Obiagelli:
Are you saying we have not amended the constitution since 1999?

What amendments have you passed as it relates to federalism? Are you talking of the political self preservation amendments passed by legislator on election matters?

BlackTechnology:
Gbam

Ask the stand taken by Hausa Fulani people on resource control and fiscal federalism.

The National conference taught me one lesson, the Hausa/Fulani are not the only people against resource control and fiscal federalism. Please look for Ubong Attah interview and read it.

Obiagelli:
Fought by who? Me? Abeg abeg

Please beg yourself.

Obiagelli:
You just confirmed what i said about, what happened to your pdp using its majority in the house over the last 15yrs for a change.

Where is your jamboree confab today? Abeg i wan go sleep

Do you how many votes it takes to amend the constitution? Do you know how many state houses need to concur? Try and educate yourself about that process. You might learn something about this Federal Republic.

Obiagelli:
Clownish pdp mentality, leave the main problem and start chasing ghost. Who controls the agencies that fights corruption and waste.

You are an expert on clownish mentality. So, the corruption in your state has to be fought by the federal government? Now we are getting somewhere.

Obiagelli:
Who has been leading the executive, legislature and judiciary since 1999? Are they waiting for the military to give them another constitution? Have your pdp ever muted the ides

Why do you talk like a kid sometimes? Where was your mouth when a conference was called to discuss Nigeria? Please remind us where you and your party stood on the issues as regard to federalism in all totality?

Pretenders like you, are the core reason this Nation will go no where. Always speaking from both sides of your mouth.

Obiagelli:
Maybe we should start with the guy with the largest chunk. (52%)

Largest chunk of what? The Nigeria mentality problem, you leave the trouble brewing in your backyard, to attack the one in Jakata.

Obiagelli:
I like the word might, i like how you ignored china.


Btw why can't Enugu mine its own coal, why can't zamfara sell its mineral resources. Ask your pdp lead FG

So the constitution that gave all land and mineral rights to the Federal government was written by PDP leaders?