₦airaland Forum

DIVINEEVIDENCE:
So, what exactly is the responsibility of the CBN governor?

Read about the powers of the CBN and stop spitting rubbish.

You mean Yemi Cardoso has the power to declare naira to dollar be priced favorably and still met demand obligations? Thats a very silly logic and argument. After declaring that dollar should sell for low(maybe N1 to $1), the impending demand surge that would generate, how will CBN come up with dollar to fulfil it?
In fact as long as Naira is floated, Naira strength is not the doing of CBN governor or CBN but you and I and all other MDAs.

EMIOMOADEOYE:
What’s true:
- The CBN does not control how many bags of cocoa a farmer grows.
- The CBN does not directly set how many dollars flow in from exports or remittances.
- It cannot decree productivity into existence.

What’s also true:
- The CBN’s monetary policy directly affects lending rates, inflation, and access to capital, which can either spur or stifle production.
- Through intervention programs, forex policies, and its role in stabilising the financial system, the CBN helps create the enabling environment for those macroeconomic activities to thrive.
- The CBN is a co-pilot in national economic strategy, not a spectator.

The deeper issue is when a CBN is run like a profit-first investment bank, catering to the elite financial sector while neglecting its developmental mandate, that’s when you get public frustration.

Suppose the CBN isn’t thinking like a strategic arm of national progress in sync with fiscal authorities, trade, and infrastructure planners. In that case, it’s failing at its job, regardless of whether it hits profit targets.

Try harder. What is the Agric Minister doing? Trade & Industry? Finance? Naseni director? NUC and top schools?
If we suddenly produce double rice volume of we currently do, we can export to have dollar as well as crash prices and strengthen Naira. Thats a simple case scenario that strengthens the Naira without the involvement of CBN. I have always maintained and will always maintain that Naira strength is not a CBN or CBN governor thing. It is a productivity and export-readiness thing.
The attitude of past CBN gov, who take credits when market forces are favourable and indices experience improvements, has played no small role in this destructive trend. Even Wale Edun and Yemi Cardoso are doing same so maybe i should just join the voices blaming them for Naira value decline. I wont do that. Never!

Can nigerian doctors work this amount here in Nigeria?

BABANGBALI:
Babalawos in Nigeria hen more money than medical doctors in Nigeria. They also enjoy a lot of fridge benefits from women

lol. What benefits?

Normal things.

Lol.

KudozInteriors:
Thank you so much sir.

Yes I have panels and now I’m doubting everything.

The 550 watts bi-facial I bought myself is bigger than the 550watts Canadian panel the installer got for me.
I started making purchases myself after I couldn’t trust anybody including the installer.

I’d told him that he shouldn’t get panels from me that I’ll get from fouani myself but he told me that he knows where he can get good Canadian panels that will behave like jinko or even do better. That’s it has been his work for years and he knows the best. All these his claims were lies.

I’ve told him to come and carry the 2 panels he got for me and balance me my money. I think the ones I got are doing better. I don’t even know how to confirm that even though I read that shunt can be used to confirm the capacity of panels.

there are lower capacity panels people label with higher values to rip others off. Something of circa 300-350w is re-labelled as 600w. Wicked world.

Ezmans:
his crocodile tears with Kwara cap won't save him he I'll resign, kudos to that intelligent Igbo man edu care CEO who first see his nyansh and raise the alarm

really. I thought EduCare was the IT firm that didnt uptate all servers.

Chucks13:
Which Islamic Jamb are you talking about?

So now has turned Islamic jamb ba? So Lagos that was affected by Jamb eror is 100% Islamic state ba?

This disgraceful statement of your was the same mistake obi made by trying to cause religion division and secretarian anarchy in2023 that made him failed woefully.

Pls grow up, there are Muslims in SE as well yet experience mass failure, pls grow out of religion sentiment over everything.

From the moment MURIC choook mouth, it became islamic JAMB.

Chucks13:
No naaa, why brining tribalism nto all these na haba

Give me one reason why JAMB will just say oh let's fail SE student? Pls this make no sense.

Let's be guided.

Islamic JAMB or another one?

This is what rocks the boat of the brainwashed among them.

id4sho:
Now that dangote refinery is working, how about the dollar inflow promised . Oya knock your head 😕 and gettat arraherrrr

what are the marketers using to import petrol please? You mean they use Naira? Plus dont forget Dabgote still has to import crude and still has loans to repay in dollar.
Everything is not by tribe and school or background.

DavidMm:
I see two main reasons for the state of our economy prior to this administration. This is why the country's infrastructure was in such a horrendous state of disrepair. It's also why the economy only worked for a select few, not everyone. This explains the massive unemployment and underemployment we saw across the country, and why we had billionaire industrialists without actual industries.

When leadership thinks of the economy only in relation to the FX rate, they tend to spend money meant for capital expenditure defending a pegged value for the dollar against the Naira. When they peg the rate, rather than allowing market forces (the float) to determine it, they invariably tilt the economy in favor of a few over the many, inadvertently encouraging corrupt practices.

Let's simplify things by taking the end of Emefiele's tenure at roughly N500/$1 (pegged) and the current value at approximately N1500/$1 (floated). With the FX rate pegged under Emefiele and floated under Cardoso, the pegged-to-floated ratio is roughly 1 to 3. The Pegged Rate (PR) is what the government, through the CBN, charged you for $1, while the Floated Rate (FR) is closer to the actual cost for the government, through the CBN, to get you that $1. So, a PR/FR value of 1/3 means you only paid one-third of the dollar's cost, and the government covered the remaining two-thirds.

Without wanting to start a class war, I believe this system resulted in the rich taking far more than their fair share of the national wealth. Think about it: for every iPhone, Ferrari, or Tom Ford item imported, the government effectively paid two-thirds of the actual cost. For every 'Bone straight' weave, the government, via the CBN, covered two-thirds of the cost. For a $60,000/year NYU tuition for the children of the rich, the government, through the CBN via Form A, paid $40,000 annually, leaving the parent to pay only $20,000. For every luxury car bought by a Senator, whether in or out of office, the federal government paid for two-thirds of the actual cost. Meanwhile, lecturers were striking over unpaid salaries, and university Vice-Chancellors were told to find ways to generate revenue. Why? Because critical government expenditures like the FX subsidy, much like the fuel subsidy, were deducted before remittances were made to the federation account.

Have you ever wondered where all our oil money went? Well, I believe much of it was used to pay foreign school fees for the children of the already wealthy. It subsidized mansions in Dubai for figures like Atiku and others. It helped buy luxury cars. It facilitated the purchase of gold-plated iPhones for the ultra-rich. Essentially, it was converted into the private wealth of millionaires through arbitrage from FX round-tripping.

To all the hardworking Nigerians who have felt neglected by the economy for generations, I urge you to be very wary of any "rich man" trying to mobilize you to fight against the current hardship. You are not fighting the same battle. They aren't fighting for better roads; they're fighting for the government to keep subsidizing their bulletproof Prado Jeeps. They aren't fighting for better schools; they're fighting for the continuous subsidy on out-of-state tuition at places like UCLA. They aren't fighting for better-equipped hospitals; they're fighting for the subsidy on their next yearly physical at clinics like Mayo. They definitely aren't fighting to create jobs for your children; they're fighting for the return of arbitrage from round-tripping. And they are certainly not fighting for more housing for the unhoused, but for the subsidization of mortgage payments and services on their properties in places like Dubai, Monaco, Tuscany, and Los Angeles.

Don't let sponsored agents using data deceive and mislead you. I believe this government is genuinely focused on building an economy that works for the many, not just the few. They are focused on solving the unemployment and underemployment issues facing our large workforce. I feel this government is sincere in its commitment to providing a brighter future for all Nigerians. Progress undeniably requires sacrifice. Yes, the masses disproportionately bear the burdens of development in any society, but for the first time in a long time, I feel we have a government committed to ensuring that these sacrifices will not be in vain.

#ForwardEver #NeverGoingBack #NationalRebirth

You started off with valid arguments then skillfully veered off into sinister things. Not impressed.

Bizibi:
the economy was better then until emefiele became cbn governor. I asked a stakeholder in this government about this floating thing and it is connected to the rubbish the last administration did under emefiele and others. The thing is you can't just float a weak currency on an import dependent economy,it doesn't even make sense because the government will find it difficult to manage and maintain the multiplier effects in the long run.

The hyper inflation has cut across all sectors and how will the government be able to even get Nigeria back to when the economy was growing, the economy has been on fast reverse since buhari administration

You're a shameless person

ARISHEM:
Truly this is the most nonsense comment of the year.
A sensible person wouldn’t make this comment .

Seun, will the antispambot spare me if i copy this and paste as a reply to another user?

Let me try that.

Eliteklaus:
I doubt the accuracy of this article.
Kindly disregard this false article or maybe their parameters for a billion dollars is different.

not 3 in africa but threee African countries. I am lost too.

BABANGBALI:
Defending the establishment because person heading it is a Muslim. He wouldn't have said that had it been it is being headed by a Christian. Na religion go finish this country.

The glitch in question affected the infidels far more. SE and SW mostly.

It can be argued that the muslims conspired to create the glitch that led to poor grading of southern results. I will like to see the how the glitch in question affected muslims compared to non muslims.

Very rare to see a Nigerian do this. The MURIC guy was already celebrating failure of infidels from the south.
How are we sure someone somewhere wasnt asked to program it in such a way the glitch affects the SE and SW negatively to allow the other side too shine?

Lol. Wrong move.

RichBoy247:
If you are not monkeys, then you won’t go and slave for cursed Arabs. So they are right

Their leaders caused it all.

I hope she isnt vlogging to make extra cash.

Demand and supply forces are not the doings of CBN. Did Soludo or Sanusi bring dollars from anambra/kano to support supply of dollar?
This is cheap politics.

DMerciful:
You're a shameless person

If as things stand today, Nigeria improves forex inflow by selling ten times more cocoa, coffee and cotton, that will bring in more forex and undoubtedly strengthen the Naira, will it be the doing of a CBN governor that farmers improved their output? I can see you after cheap political bashing and not rigorous mental exercise to unravel soluutions. Ride on and be typing derânged things up and down.

They use their flesh to support their offspring.

Lol. Did Israel set themselves such a target? Israel has works of charity and thus a robust account balance in heaven. Nigeria, i can't say that.

Painful news after another painful news.

Drugs. Hmmm.

csamii:
They were 4 inside the car. 3 got away and 7 people were hit. Now we don't have light because of them.

N or $