₦airaland Forum

Activa:
You can't FORCE banks to lend to anybody. They're private businesses.

The govt should address the reasons why banks don't want to lend to the real sector.

When I said force, I didn't it literally, I meant we should find a way in which funding the real sector is very attractive to the private sector.

theV0ice:
When i first heard him say that, i wondered where that idea came from. I still don't know how it will work out if implemented but i guess there's no harm in trying.

I wager that the solution to our problem lies in finding a middle ground between what IMF recommended and what Buhari/Emefiele/Adeosun are currently doing.

The problem is finding that perfect point of sensible convergence.

I wholly agree with you.

Bevista:
I disagree with giving state governors dollars. Most of the dollars will be looted and wired out with no value to the Nigerian economy. Also, that will leave very little dollars left in the Federation Account, with a lot of negative consequences too many to discuss here.
---
However, he's spot on as regards this writeup. First time I have to agree with his analysis.

Not dollars but dollar certificates. The dollar is kept by the CBN.
If the governors need Naira, the sell the dollar certificate to a bank.
That way, we can avoid round tripping because no body ever gets the physical dollars.

seunmsg:
Henry Boyo's perspective on the foreign exchange management is always very interesting to read. I agree with him completely that devaluation is not the solution to the current exchange rate crisis. If we devalue now, we will all come back here to debate about the inevitability of another devaluation in the next 6 to 12 months. So, fighting the root causes such as excess naira liduidity is the way to go.

I also think we need to stop appointing bankers as CBN governors. They always face this crisis of interest that makes them to take decisions that are more in the interest of the banks than the country. We need well knowledgeable economist like Henry Boyo who are not attached to any commercial bank to head the CBN. We need a CBN governor that can see through IMF's recommendation and stay away from them. IMF is only out to protect foreign interest and not that of Nigeria.

I believe he once suggested that rather than give the states, Naira from federation sharing, the states should be given Dollar certificates. In that way, the CBN doesn't have to print more money,and then have to mop up excess liquidity.

We should try that route and see where it takes us.

I am with you on the appointment of bankers as CBN governors.

Firefire:
"...Buhari must be encouraged to resist further devaluation and save the naira by finding an antidote to the poison of Excess Liquidity".

One way is to stop the rent seeking economy we currently practice and find a way to force the banks to fund the real sector. How that will be done, i don't know.

This obsession with a national carrier has to stop, we should be moving away from government running companies to just being a regulator.


Bad Idea.

989900:
Bring in technocrats from the private sector -- the roof is on fire!

Most of them came from the private sector!!!

byrron:
So because it is Nigeria the trend has come to stay and it should be accepted?



What a country!

You cannot criticize your employer anywhere on earth and go without punishment.

So many kids talking about freedom speech. You can't criticise your employer on social media anywhere on this earth and go without punishment.

For the idiots shouting GEJ, please remind us why Sanusi was sacked.

http://www.employmentlawonline.com.au/i-have-been-caught-criticising-my-boss-on-the-internet-will-i-be-sacked/

Lol at marry second wife because of your investment.


Of all the excuses in the world, this is the best you can come up with? Be a man, if you feel you can handle two wifes, go for it but stop lying on "investments in Nigeria" when you can hire a manager.

abbey621:
Obviously you are high on horse weed! The mere fact that you believe a computer programmer or coder is the same as an engineer speaks to your ignorance of the subject, I've consulted for Microsoft in the past and actually got several of their certifications, the fact that almost everyone working on patches, coding or bugs are called engineers does not mean they are actually engineers. For your information, I can program and code in several languages including Python and[b] Ajax [/b]and to call me an engineer because of that is just plain ridiculous. I wouldn't expect you to understand any of this

Ajax is not a language.........



Back to the matter...

1) Models are entertainers and the entertainment industry is a money maker on the other hand, the reward for education is knowledge. The aim of going to school should be to gain knowledge, its what you do with that knowledge that decides if you become rich or not.


2) In a year or two, we would have moved on from Olajumoke to the next one but the knowledge gained by the 5.0 guy is for a life time. Have you wondered why sport people, entertainers go broke once their careers are over?
Olajumoke's fame is for a limited time while the guys knowledge is for life.

naijanaso:
Mbu is not military but police! and they did not go about killing civilians carelessly. Let's not support crime.

Where in my statement does it remotely show that i support crime?

viviangist3:
Governor Ayo Fayose switching on Ikere dual carriage way street light yesterday 24th February 2016.......... Fayose is working! Ekiti is moving foward!! ,see Photos below As gov Fayose commissioned 150 metres of road , powered 9 Street light poles with a rented generator in ikere Ekiti yesterday.

Source http://www.viviangist.com/fayose-switched-on-ikere-ekiti-dual-carriage-way-street-light-photos

Someone should please the bold part is just a joke.

eLcastro:
foolishest comment eva..karma.,so who dey die na..any ikwerre man die dia...wel ogoni pipo has alwayz bin used...make dem dey wait 4 oil spillage cleanin moni

Some can read but understanding they have not.

BaddieKay:
Did he go on shooting spree killing innocent people?

Can you read?

The killing of innocent people should stop in this country, ffs this is 2016.




But then on a side note why is Wike claiming CSO? When he and GEJ were using Joseph Mbu to undermine Amaechi, did he forget that karma is a b***h and she bites?

dlox147:
Guess you don't know how complex the issue of printing money.

And printing more money to inject in a countries economy will seriously affect the inflation rates.

The money shared by the 3 tiers of government is printed money (newly printed).

You say printing more money will cause inflation which is partly true but then you believe the CBN is the cause of the dollar hike because they want to raise money?

Seriously?

I'm sorry but this is just plain nonsense. If the FG needs more Naira, it will print more.

Pidggin:
Shameless one sided claim to fighting corruption. Meanwhile Amaechi and Fashola are both ministers while Tinubu and OBJ have been declared saints ...

There's nothing as a one sided fight against corruption. Its either you are corrupt.
If Tinubu and OBJ are corrupt as you are insinuating, why didn't GEJ do his job? They've both been out of government with no immunity.

ENIMONEY:
my sister, ideally it shouldn't matter. but we are in a world where people are judged by little things that really don't matter. to avoid stories that touch I would advice you wear a skirt or a gown . one of my teachers in secondary school then does not answer greeting from women in trousers. imagine if he is ur interviewer its just for a day.

It's not just for a day if you plan on working in that company.
Any company you can't wear a trouser to for an interview is not the kind of place you want to work in because if a trouser would disqualify you from getting the job, then a trouser would make your life miserable if you work there and wear one.

There's really no point in keeping tabs on the dollar unless you are importing something serious(petroleum products, power equipments e.t.c).

kurt09:
Don't politicized this issue. It involved people means of livelihood. People of us are idle for the past three weeks now because of scarcity of dollar to import raw materials.

What is this raw material you people are importing?

China comes to Africa to get "raw materials"
The US and Europe comes to Africa to get same


Where are you guys going to get yours from?

davidmark4naija:
Bros abeg which one be "moving parts" again, and how does dat affect the profitability of the business?

There's the generating part, the transmission part, the distribution part, the gas companies, there's very expensive equipment you can't buy off the shelf. Then there's maintenance of power lines and all that.


Dude power is not child's play

davidmark4naija:
But its a long term investment na.

Imagine 20 million Nigerians paying 2,000 naira monthly. Dats 2 billion naira monthly turn over. And for the total population of Nigeria accessible to power, say over 120 million, how is a business with a potential of over 240 billion monthly turnover not profitable?

Capital intensive and unprofitable are not synonyms. Cement and tyre production are both capital intensive, but are they profitable? Do they sell their shares in the stock market?

A lot of Nigerians can do without cement and tyre in a month. How many Nigerians can do without power in a month?

And what exactly do you mean by small margins?

You need to remember there are lots of moving parts in power.

davidmark4naija:
Power business is good business. Coupled with Nigerian population, dat makes it an even much beta business.

Power is capital intensive with small margins.

TonyeBarcanista:
I made case for devaluation when all these started in 2015 and I still maintain that the best way to arrest incesant dollar circulation was introduction of control measures(like sane society does) and not express stoppage(which has never worked). That measure by CBN fast tracked the collapse of the Naira even before anything devaluation.

I believe the CBN is controlling the sale of the Dollar that's why its crashing. Before the crash, every Tomiwa, Dickson and Haruna could apply and get Dollars but right now, if your item is on the infamous list of 41, then the bank can't sell you Dollars, your only choice is the black market.

Nigerians have yet to come to terms with the fact that its not business as usual in regards to importation.

davidmark4naija:
Rather than increase tariffs and forcefully raise funds from the common man, why dont the Discos just go the stock market to raise funds?

Or is it a crime ni?

Uncle Ben Bruce, mbok talk to these guys na?

Nobody will buy the shares of a company that loses money.

anonimi:
Eight of those years had the APCshit navigator in charge, not so

OBJ 8 years
Sold oil for $64 at its peak
Paid off our debt
Increased foreign reserves to about $48 billion




GEJ 4 years
Sold oil for $140 at its peak
Increased our debt
Decreased foreign reserves to about $28 billion



Who was better between the two?

modath:
LRNZH ... My takeaway from this debate is that the IB is truly a "Lucky" fellow, he created a giant & slippery clusterbleep & got out just in time before its implosion...

If the oil price decline had started in July 2013 & not 2014, OP here wouldn't be penning this rumination of his selective thought process.

Why do you think he conceded without a fight? He had seen the storm coming and bailed..


@TonyeBarcanista

Even if the CBN had devalued, or devalues the Naira, it will still continue to fall because of low supply.

The Country earns dollars by selling oil which right now is almost a useless commodity, the CBN has a choice, flood the market with dollar and watch our reserves finish in about 3 months or ration the dollar and sell to those who are importing essential commodity.

The Crash of the Naira
Right now, speculators, and people importing things like shoes (41 items on the list) are the ones pushing the Dollar high, this will continue until they realise that the common man can't afford what they are selling, in which case they switch to a local supplier or go out of business.

The Problem with Devaluing the Naira.
Even if the CBN officially devalues the Naira today, the parallel market will still rise to about 3 times the official rate because devaluation doesn't solve the scarcity of dollars. If we were an exporting country, devaluation would have worked because things produced in Nigeria would cheaper (find out why China manipulates its currency).

OfoIgbo:
Just a few weeks ago, you were urging the Nigerian military to kill defenceless protesters.

Are you beginning to see the potential consequences of such action?

Anyway it seems as though the ND militants are in cahoots with IPOB and MASSOB. For them to have the confidence in launching attacks in Anambra and Abia, with a very good chance of blending and disappearing will suggest that Ipob/massob will provide logistics, intelligence, targets safe houses e.t.c while the ND militants will provide experienced militants and possibly the firepower.

Buhari will have to sue for peace and commence negotiations with all the groups concerned before things get out of hand, and I know they will eventually get unto sabotaging oil facilities

And who suffers?

When they sabotage oil facilities, who does the spill affect?

When they "cripple" the economy, who suffers the most?

dunkem21:
That's the one million question ..

Watch as they avoid this important question like a plague

What is *Basic for Buhari is *luxury for Nigerians ..

Her Father is President and an ex head of the state. The constitution grants her several privileges based on the status of her Father, If you don't like it, you should have complained when your "best President" was in power, he might have listened to you.




As for the parents complaining, this is nothing to wail about. Lots of Nigerians in the US send money home monthly, tell your kids to find one or several of them, agree on an exchange rate and pay the naira equivalent into the account here in Nigeria.

Its that simple.

Like i said in one post, You cannot say 'buy Nigerian to grow the Naira' and still complain about exchange rate. You have to pick one side for now.