₦airaland Forum

emorse:
You seem to have forgotten that Bubu bowed to pressure to float the naira sometimes around 2017 or so and it dropped from about 230 to 500+/$. Even some of our prophets of doom predicted at the time that in would fall below N600/$. Inflation rose sky high and we slid into recession. It took the CBN's intervention to stem that tide even though partially.I'm no economist but I can connect the dots.

Nigeria is an extremely import-dependent country so market forces could pull the naira even below the 1k/$ being speculated. Devaluation didn't help Zimbabwe. I doubt if it will help us.

In my opinion, the way to go will be to reduce our import bills by maximising local production and if possible, increase exportation after which, the nails can be allowed to float. Otherwise, our own go worse pass Zimbabwe own.

baralatie:
You are not getting it at all
A dollar exchange rate getting to #800 to #1000 means
The cost of your fuell imports has increased by 3 to 4 times the current rate

Currently petrol alone is subsidized from #300 to #162 (@ #411...cbn rate)
This subsidy itself is causing problems for bubu and states
@ any further [b] increase of naira to #800 to #1000.automatically means your fuel has increased to #600 it will erase all those nonsense you wrote up there

Unless you
Cancel subsidy

I have not mentioned the wahala on inflation and power

baralatie:
The bolded is the perogative of the executive president of the federal republic not the CBN governor.
Meanwhile you have not settled nnpsc, and it's subcontractors dollar demand for it's imports.
Excluding importing by man for it's raw materials and machinery
Excluding dollar requirements by fg for external dollar debt loan financing
Excluding imports of wheats and kpanla and sugar
Excluding dollar requirements for trade at npa o for your phone,laptops ,cars

And you only major source is ..........

what do you think will happen to bubus govt if dollar sells.at #800

baralatie:
Do you know how many dollars that nnpc and it's sub contractors purchase from the cbn that is inevitable.
They must buy

Trentee4eva:
Mumu talk. Is the naira not devalued already? How can devaluing the naira help tourism?

baralatie:
If the naira exchanges at #800 to $1 dollars !
What will be the implication to Nigeria

Olafisoyem:
Guy most currencies are free floating even the pound dollar and euro. I’m order to increase or decrease the value of their currencies, they either pump money into the economy or reduce the amount of money in the economy they also look at inflation.

What he is saying is so correct. You forget that most of nigerias money is imported.
Yes if exchange controls are relaxed investors can bring in their foreign currency to take advantage of the high interest rate in Nigeria.

Imagine if naira is 1000 for one dollar all the dollars we are collecting will be equal to more naira.
More foreign companies will invest dollars in Nigeria because they will convert it to more naira. Outsiders are not fools imagine you got to the market and you want to buy something. They call it 500 but you know In your mind it is only worth 300 will you buy or will you go somewhere else.

No security no light no nothing no ease of doing business and you’re selling your currently like it is high.

989900:
God bless you.
I came here to write the above.
Thank you.

Instead of them to address the racketeering that they all benefit from to the detriment of the country, "Ọsinbande" is blowing textbook economics.

ATEOTD, the Naira's comatose situation is 30-40% directly tied to our importing refined petroleum products.

Where are the refineries "Ọsinbande" and the guyman from Daura promised Nigerians? Them existing refineries self died in their arms.

SLAP44:
Fake love

Holding the small girl on the shoulders and salivating on how to suck her blood.

Aidejay:
and?

thebosstrevor1:
It is the same thing

thebosstrevor1:
Any difference with what you wrote and what the cbn is doing?

thebosstrevor1:
So if you were the cbn governor, how will you solve the given situation ?

Ajoself:
I am not sure he uses teleprompter because even on remote meetings with some various parastatals he is still fluent. Learn to appreciate one's talent

Ajoself:
I am not sure he uses teleprompter because even on remote meetings with some various parastatals he is still fluent. Learn to appreciate one's talent

Beancounter94:
Wow, what a case.

If he is telling the truth, and I hope he is, he may have a case.

Banning someone from entering the UK on the grounds that he cannot draw the logo of his bank? Is he an artist? Can the UK immigration offical draw the logo of his own organisation?

olatade:
Nigerian diplomat, the aggressor, elbowed immigration official – Ambassador
THE Nigerian High Commissioner to Indonesia, Usman Ogar and a diplomat, Abdulrrahman Ibrahim, who was assaulted by immigration officers in the South East Asian country, will arrive in the country today.

The Ministry of Foreign Affairs disclosed this to The PUNCH on Wednesday as the Indonesian High Commissioner to Nigeria, Dr Usra Harahap, told the Minister of Foreign affairs, Geoffrey Onyeama, in Abuja that the Nigerian diplomat was the aggressor during his (Ibrahim) encounter with some immigration officers.

The PUNCH had on Wednesday reported that Ibrahim was assaulted in a car by some Indonesian immigration officials in Jakarta.

The August 7 incident had sparked a diplomatic row between Nigeria and the Indonesian authorities with the Federal Government recalling Ogar for consultation, while threatening a review of the bilateral relations between the two nations.

The spokesperson for the Ministry of Foreign Affairs, Mrs Esther Sunsuwa, in an interview with The PUNCH on Wednesday, said, “The Federal Government will make its position known after consulting with the recalled Nigerian envoy expected to arrive in the country along with Ibrahim on Thursday (today).”

Recall that the minister had on Monday summoned Harahap over the assault of the Nigerian diplomat in Jakarta.

Our correspondent on Wednesday obtained a copy of the Indonesian envoy’s presentation to Onyeama during the Monday meeting.



Giving an account of the incident, the envoy disclosed that the immigration officers from South Jakarta Immigration Office were carrying out surveillance on foreigners when they asked Ibrahim for identification but the diplomat allegedly refused to identify himself or tender his passport.

He stated “By that time, they met with Mr Ibrahim, and politely requested him to show his travel document. He answered that his passport was in his room.

“Then the officer asked again, ‘Can we see your travel document to check the residence permit and if there are no problems with the document, so you may continue your activities

“Mr Ibrahim was not willing to show his passport and said to the officer, ‘you will know who really I am and be careful on that.

“Instead of showing his identity card, Mr Ibrahim was angry and said, ‘Just arrest me and you will regret to know who really I am.’

“The officer said, ‘We will not detain you further sir, if you can show us your identity card.’ Then Mr Ibrahim said, ‘Where is your car, I’ll come to your office.’

“On the way to the immigration office in South Jakarta, several incidents happened. Mr Ibrahim elbowed the immigration officer, Mr Laode Hauzan Baidi, who was sitting next to him until Mr Laode’s lip was bleeding.

https://punchng.com/recalled-envoy-diplomat-arrive-today-indonesia-defends-assault/?utm_medium=Social&utm_source=Facebook#Echobox=1628745312