The problem with you guys is copying and pasting without understanding the principles. All currencies must be defended by something in other to maintain value. In the case of the US, China...their massive production output defends their currency. Nigeria does not produce so floating the naira means killing the naira.

The Ng govt must defend the naira and simultaneously move from consumption to production so that production takes over the defense of the naira.

No wonder Obi wants to move the country from consumption to production

Wainey:
Pegged currencies
1.Barhain
2. Cuba
3. Belize
4. UAE
etc

free floating currency
USA
China
Australia
Canada
Etc.
This should just give u an overall view of how free floating economy is, I don't have much time explaining the benefits for now, I am busy

Why are you guys obsessed with Obi

Paraman:
A former presidential aide, Reno Omokri, has contrasted the leadership of former Anambra State Governor, Peter Obi, with that of the Chairman of Eti-Osa Local Government Area in Lagos State, asserting the latter’s administration as superior.

Obi served as the Anambra State Governor from June 2007 to March 2014.

“The Chairman of Eti-Osa Local Government Area in Lagos State has more achievements in governance than Peter Obi,” Omokri said in an interview on the ‘Mic On Podcast’ programme hosted by a Channels Television’s journalist, Seun Okinbaloye, late Saturday.

“I know for a fact that the Eti-Osa Local Government Chairman has built at least, to my knowledge, three schools,” Omokri affirmed.

The social media influencer also challenged the Obidients – adherents of Obi, to mention a school built by the latter in his eight years as governor of the Southeastern state.

He noted that while Obi was the Anambra State Governor, he didn’t start, complete and inaugurate a school.

Omokri said, “I am giving a challenge. I will give any (Obidient) $10,000 if they can name one school that Peter Obi started, completed and commissioned while he was governor,” debunking views that Obi was better than former Kano State Governor, Rabiu Kwankwaso and President Bola Tinubu in terms of infrastructural developments.

Upon Obi’s end of tenure as the state governor in 2014, he joined the Peoples Democratic Party to run as a running mate to the party’s presidential candidate, Atiku Abubakar, in the 2019 presidential election.

The election was later lost to former President Muhammadu Buhari under the ruling All Progressives Congress.

Omokri, a former aide to erstwhile President Goodluck Jonathan, recalled how he encouraged Obi to tread “the best path” for his presidential ambition.

“…Peter Obi cannot deny that I was the one who recommended him to Waziri Atiku Abubakar. Waziri Atiku Abubakar asked me to help him to choose a running mate.

“I called former President Jonathan, I discussed with him. Former President Jonathan told me, ‘Look, it must be Peter Obi’ and then I told former President Jonathan that I can’t just give this man only one name and so we padded the list with some other people’s names and then we put Peter Obi’s name and made it so rosy.


“And, Waziri Atiku Abubakar chose Peter Obi,” the social media influencer stated, adding that “Peter Obi was the best person at that time.”

However, Omokri lamented that despite his efforts, Obi didn’t heed his advice.

He said, “I told Peter Obi that the best path to the presidency for him is to run as Waziri Atiku Abubakar’s running mate and then be loyal to him.

“And then, when Waziri finishes his tenure, naturally the baton will change from the present to him. He didn’t listen to me.”

The former presidential aide noted that Obi wasn’t posited to win the 2023 election but rather, he (Obi) would “split the Peoples Democratic Party votes and make it possible for Bola Tinubu to win.

“If you contest, you are not going to win. The only thing that you’re going to achieve in contesting is that you are going to split the People’s Democratic Party votes and make it possible for Bola Tinubu to win,” Omokri added.

“In terms of education, Peter Obi is the least educationally qualified among the others. In terms of achievement while in office, he doesn’t come close to any of Tinubu and Atiku at all.

“At the end of the day, if you hold the presidential election 10 times, Peter Obi is still not going to win,” Omokri added.

Obi contested for the presidency in the 2023 election as the Labour Party’s candidate. Both he and Abubakar eventually lost to Tinubu.

Omokri also dismissed reports that he wasn’t supposed to make comments bordering on the nation’s economic challenges, saying that he doesn’t live in the country.

While reacting to this, he said, “I’m an employer of labour in Nigeria,” saying that his critics should visit the Corporate Affairs Commission to verify.


https://punchng.com/obis-achievement-as-gov-not-better-than-lagos-lg-chair-omokri/?utm_source=telegram&utm_medium=social

Which court? The corrupt court that allowed the thief Orji Kalu to go even at the Supreme Court based on technicality?

tollyboy5:

Can you prove this court?
Your evidence will do the people slot of good.

So own it that you guys floated the naira

Wainey:
if u understand what it means to float a currency, u won't say what u just said. There is immense benefits in floating a currency

Because he is a criminal who stole the people's mandate

tollyboy5:

Who is obsessed with obi? Don't you see his misguided quote tagging tinubu?
Why are you guys angry that tinubu is the president?

APC is a satanic party

Selective justice is no justice even though i want the insufferable Yahaya Bello arrested asap

idahme:


Is he guilty or not if he is then it's not witch hunt.. They should all be called for accountability during their time in office

Bello needs to obey the court order of the federal high court even if he has a judgement from a state high court

Life expectancy in Nigeria which is an indices of development, is too low. However, Nigerians will rather focus on which govt built more flyover even when general healthcare is extremely poor

I asked them to keep their dollars because what the CBN is doing won't last 2 months without emptying our reserve or putting us into larger debt

Gboom:

How much in dollar are you keeping that you are advising others to keep their own.
Do you know that some people borrowed money to buy dollars thinking it will continue to rise and they are already in debt. If you think naira will fall very soon and it doesn't what will the fate of people in debt position

Who are the jews in Nigeria? You don't even have the courage to back your obsession

Obiedun:
I never mentioned Igbo in my post. You have victim mentality.

But Ganduje isn't being discredit with baseless accusations. He collected bribe and there's video evidence!

Jorussia:
It's not from the presidency.Its kwankwaso that is using crude methods to discredit Ganduje before he jumps ship to APC.Kwankwaso can't be in APC if Ganduje is still national chairman.

Thats not how to measure improvement else someone that intentionally screw a metric way bad and improve it a little but lower than how he met it, just to claim performance.

Until Tinubu improves it below 500 he met it, there is not performance to celebrate

Paraman:
Naira at 1200 is performing better than naira at 1950 to the dollar

Why are you guys obsessed with Igbos?

Obiedun:
Are you a fake Jews? According to the information above no real jew in Nigeria.

You believe the country is getting worse because of prayers? Common!

masseratti:
Why are people just praying for the country to get worse..e no dey affect una?we be told all of you guys both APC PDP and LP are the same ..just pray God enters the mind of anyone in charge to do the right thing and make the country better ..all this wishing the economy and security to be bad is actually very disturbing.

Who is floating the naira? Not APC govt?

Did the national assembly vote to float the naira? Why say the country?

Wainey:
APC can't bring the naira to where u want it to be, the country is floating the naira now so market forces will determine how the naira should be.
Infact, it doesn't make sense to look at exchange rate anymore cos we now float the naira

Does it make sense to you? Naira at 1200 to the dollar is performing better than naira at 500 to the dollar?

Paraman:
So Goldman Sachs is also spreading propaganda?

https://www.bloomberg.com/news/articles/2024-04-12/usd-ngn-nigerian-naira-could-extend-rally-to-below-1000-dollar-goldman-sachs

You quoted the wrong person

smileyoo:
are you comfortable with the way they are killing Nigerians ?
even if you believed that Obi didn't do well as a governor of Anambra state, should that be enough reason for the FG not to take action against the present persistent killings of innocent Nigerians ?
sometimes you people should learn to divorce politics from serious national issues like insecurities because anybody could be a victim, especially when government's ineptitude is encouraged by gullible citizens naively playing politics with their own lives, as well as the lives of Nigerians.

Where did he say Kano is useless?

tollyboy5:

No state is useless and Kano needs more fertilizer like the way Lagos needs more electricity.

So on what metric do you use to arrive that Peter obi would provide better electricity?
From what I have here tinubu has been making more efforts since year 2000.

Why are you guys obsessed with Obi?

tollyboy5:

I don't know what you mean by inequality? Is disco own by federal government?
Some private power plant in Lagos should give light to other state?
Do you think it's every area in Lagos that enjoys 24hrs light?
I'm just trying to prove it to you that if it's by electricity scale tinubu would be a better option for president compared to Peter obi as you were supposing.
Mind you, a constant light in Lagos will be more productive for Nigeria than a constant light in Anambra. You invest in where you'll get your money not investing with emotions "it's not fair".

Una nor dey tire for propaganda?

Paraman:
The Governor of the Central Bank of Nigeria, Mr Yemi Cardoso, shares his vision on how he intends to shape Nigeria’s monetary policy, address FX issues, and tackle inflation in an interview with the International Monetary Fund African Department Director, Abebe Selassie, at the IMF/World Bank Spring Meetings in Washington DC, United States of America, held between April 11 and 20, 2024. GODFREY GEORGE brings excerpts

It has been a period of many challenges and huge important reforms in the monetary area in Nigeria. You inherited tightly managed and overvalued exchange rates and have made some really bold decisions to end the issue of multiple FX rates that you had. How did you approach the sequencing of reforms and what gave you much concern?

That is quite a jam-packed question but I will try to unpack it as best as I can. I would say that with respect to Nigeria and the sequencing of events and reforms, I think in terms of context, it is clear, for those who don’t know, that I came in at a time of very very great difficulty for the Central Bank and monetary authorities. Of course, inflation was high and the exchange rate was under tremendous stress. There was a crisis of confidence. In such a situation, the biggest challenge, as far as I can see, was that of trust and deficit in trust. People simply had the impression that things were bad. There was fear and somehow they did not see any end in sight to what seemed like a gloomy situation. So, it was very important to understand that, and in terms of sequencing, do whatever was possible by taking the necessary steps to begin the process of building back trust, and that is not something that happens overnight. I recall that when I went for the Senate hearings in Nigeria, one of the things I said at the time was that I recognised that there was a huge backlog at the time of about $7bn in forward transactions that had not been met, and which seemed to provide a lot of apprehension to Nigerians. I made a commitment to take care of them. How I was going to do that, I didn’t know. But, I thought it was very important to make that commitment there to build back the trust deficit that one was going into. And also, I had to reach out to various stakeholders, particularly, international investors. The first day I started as governor of the Central Bank of Nigeria, one of the first groups I dealt with was the international investors. They had been following activities and were very keen to know what was going on. I felt that there was a need to continue to have that kind of dialogue and use that as an opportunity to rebuild trust with people and various stakeholders.

Of course, the next thing in terms of sequencing was to make it abundantly clear that the era of interventions, which really hadn’t taken us anywhere, was over. I intended to go back to orthodox monetary policy. I think those were very important things to make very clear. I think that helped to set the stage for what came after. It was very important to continue to reemphasise those things in the process of building trust.

Communication was also very key, and it also has to be sequenced. I know that at the outset, there was concern that one was not saying enough. There was a strategy to that. I felt it was important to, at the outset, come out and say things you need to say when you need to say them. I remember that a particular forum – the Chartered Institute of Bankers – held yearly, I used that opportunity to communicate very strongly. That is a forum that the governors talk for around 15 minutes to 30 minutes. But, I took over an hour, but I made sure I got everything including giving forward guidance with respect to the banking sector and letting people know that we were going to have a recapitalisation exercise. This was in November and the guidelines didn’t come out until recently, so they had plenty of time to start thinking that through.

In terms of some of the issues that I was concerned about and how I approached them; there was a lot of worry with respect to excess money supply. One had to take bold measures with respect to mopping up liquidity and hiking interest rates. I know that at the first monetary policy committee meeting that we had, I did a 400 basis point increase, which was unprecedented, but we had to do it. We had to do it. We had no choice. We followed that up also with another 200 basis points. We had to do that also. We were convinced that we had to do whatever was necessary to ensure that prices and inflation were reduced. It is important to recognise that whatever policies we make that do not impact the man on the streets, we have not done anything.

How do you influence expectation – behaviour and price setting – to the man on the streets?

I think the answer to that is that one is also reasonable in expectation, knowing full well that all these things will not transform overnight. In actual fact, when we look at the situation of Nigeria, a lot of problems that have happened on the monetary side have taken place over a long period of time. I think continuous dialogue and communication are essential in letting people understand why we are doing certain things, and where we intend to get to, and continuously going back to reinforce what we have done. We have used the opportunity of the MPC to have a question and answer session which basically allows everyone to ask all the questions they want, and for us to reemphasise the certain measures we are taking and why we are doing that, and we would continue to do so. In actual fact, we will strengthen the communication mechanism that we have in place. We will certainly not take it for granted that people understand what we are doing and why we are doing them because it is quite a complex subject, to be honest, that even for those who are the most enlightened; they sometimes struggle. We can use different platforms to make sure we can reach out to as many as possible. I do think that what we have seen recently with regard to the exchange rate has given people hope. When I started, we had a situation where within a month or two, we were regarded as the worst-performing currency of any country. Six months later, we are judged to have the best-performing currency of any country. So, I think those things speak for themselves. A situation where in the recent past, the greatest amount of liquidity on a daily basis was in the region of $200m to $300m; in six months, we have traded over $1bn. FX liquidity has taken a centre stage in the activity of the monetary side, and I think people see that; they also see the exchange rate coming down and they understand that there is a lag. Ultimately, the objective is that we can moderate inflation.

There is a fairly sizeable fiscal policy that the Federal Government runs and the financing of that deficit has been a major source of pressure for the monetary policy. How is it that you are calibrating policies with the Minister of Finance, Wale Edun? Are you coordinating better with Wale on how the FG would be able to fund itself on a sustainable basis?

This is a very good question and one that comes up quite regularly. Let me be up front to say that the monetary policy is just one side of it. With the whole inflation-targeting objective that you spoke about earlier, we cannot do it without successfully collaborating with the fiscal side; it will not work. It is clear to us that we need to have a very good handshake with the fiscal side and a handshake that takes us in the direction that we want to go. We understand, of course, that, again, breaking that down, food inflation – we can use that as a good example – is something that is not within the purview of the monetary side. But, we definitely work and rub minds together, and recently, we had some fertilisers which had come out of the previous administration. We have pushed that to the Ministry of Agriculture to help them going into the next planting season with respect to meeting their overall objectives.

In the MPC, we have the presence of very senior leadership from the fiscal side as members of the MPC in the person of the Permanent Secretary of the Ministry of Finance, who is here today, and we always have very good and open dialogue on issues so we are able to hear the different sides of the situation. Beyond that, we have set up different committees that work hand-in-hand with respect to ensuring that we are on the same page with respect to taming inflation.

It is also commendable that the Ministry of Finance has begun that process of securitising the outstanding Ways and Means, and I think that is extremely commendable. I think it is less of an issue now, and we can work better together, bearing in mind that as we move towards inflation targeting, there has to be a strong partnership for it to be successful.

It strikes me that you have achieved quite a bit in six months. Stepping back a bit, as a policy maker, what are one or two lessons that you take over from your first six months in office?


Hmmm… I cannot overemphasise the importance of trust. When I look back at it – irrespective of the courage, boldness to do certain things, and the understanding of issues that many may not understand by virtue of the fact that one has access to data and some other things – if the trust isn’t there, you would suboptimise. So, it is clear to me that trust is critical in successfully anchoring a major task like this. It is very very important.

In terms of lessons also, I think, it is a bit surprising, quite frankly, that perhaps, one had expected that there was a greater understanding of some of the issues. Complex, though they are, I expected a greater understanding. I also found out that communication is also very important in all this. The expectation from the Central Bank of Nigeria was that one could wave a wand and that would be the end of the problem. In fact, in many cases, many blamed me for the woes that I had nothing to do with other than the fact that I was there to try and find solutions. On one or two occasions, I had to remind people that I didn’t do this; I am part of the solution.

So, please, let’s roll up our sleeves and work together to show that we can surmount them (our problem).

Credibility and trust are important. How much of that was garnered during the new policies that you put in place? Or, was it your words that allowed you to build that confidence and trust?

I think consistency in saying certain things and doing them was very important. I think we had a situation today where Nigerians were very restless and they were getting impatient and wanted results very quickly, but you had to come out and explain why it could not happen overnight. Even in the policies where certain things had to be tweaked, we needed to have the humility to tweak them.

Most developing nations including Nigeria would use external savings to finance development which makes currency risk a dominant risk factor. What are your views on developing the currency risk market to tame the inflation and pressures that Nigeria is facing?

These things need to be sequenced as and when these things come into play. We will know where we are headed in that direction soon, and it is something we are looking at.

How much has been spent on defending the naira in the first quarter of this year? Where are these defenses from? Reserves or FPI inflows?

I know that the issue of defending the naira has become an elephant in some room. I want to try to make this as clear as possible. It is not our intention to defend the naira. It is not. Much as I have read in the recent few days, some opinions with respect to what is happening with our reserves. If you think back to what our overall policy and philosophy has been here, you can see that it is counter-intuitive. Basically, what we are encouraging is for the market to be a willing buyer, willing seller, and price-discover-led one. Ultimately, I perceive a future where the CBN may really not need to intervene except in very unusual circumstances.

As long as we have a vibrant currency market, why do we need to intervene? I can understand that, especially at the outset, we have experienced that we needed to get the Bureau de Change segment going. We had to release tiny amounts of money to catalyse those happenings. Individuals must have funds to send their kids abroad and do things that are important. It is important not to keep them out of the mainstay.

What we have seen with the shifts in our reserves are the shifts that you would find in any country’s reserve situation. When debts are due and payments need to be made, they are to be made, because that is also part of keeping your credibility intact.

In two days, we had about $600m that came into the reserves account. I wouldn’t want people to be too excited. We want a market that operates on its own – willing buyer, willing seller, price discovery. That is where we are going. The shifts that we are seeing in our discovery have little or nothing to do with defending the naira, and that is certainly not our objective.

https://punchng.com/how-naira-transformed-from-worst-currency-to-best-performing-in-six-months-cardoso/?utm_source=telegram&utm_medium=social

Been to Germany twice and Belgium once...both are very beautiful and serene!

Where is the money from removal of subsidy and floating of the naira?

You guys never learn!

helinues:
Toh

As long as what you are using the loans for are visible, we have no issue

Is this your source?

Poor child!

Gift96:


Check it

When Bubu was wrecking the economy,
you guys defense then was that it would have been worse if GEJ was allowed to continue.

When Tinubu took over, you guys said Buhari handed over a dead economy.

If the presidency allows for three terms in office, you guys would have voted for Buhari.

You think you're doing SS and SE?

helinues:
No be lie

Bitter truth which is very hard to swallow

Didn't know i was talking to a kid. Get out!

Gift96:


Inside Enzu river

He drastically reduced insecurity. You can go and verify

Gift96:
What did he do in Anambra

How much is the second Niger bridge?

You're making a childish comparison! Its like comparing money for motorcycle with money for ship!

Alaigbo:
You need to be ipob to reason this way.

Is 2nd Niger Bridge more important than electricity, so why do the bridge before fixing electricity.

Did Ododo win his own election?

abobote:
Is like Ododo is better than Yeye Bello. Yeye would have declared the governor winner outrightly.
Doing the right thing is the best, no matter how long it takes

Why does Yorubas insists Igbos are not jews? How does it concern you guys?

Obiedun:
There fake Jews in Nigeria

Don't let the govt deceive you. Our oil production is about 50% (1.5 million barrels per day vs 2.5 million during Jonathan due to oil theft now) and poor agricultural outputs due to insecurity so where will enough forex come from?

seborrhic:

Infact that is the part that is baffling.
I for one believe without a doubt that Obi would have made a better president and was actually even rigged out.Atiku too was a preferable option than Babablublu,but for anyone to support the speculation that Crypto guys were doing and to be rejoicing over the then drastic and quickening devaluation of the ₦,is beyond comprehension,should not and cannot be encouraged unless u live abroad or are a crypto currency speculator.
Therefore,any measure(s) taken by this goverment,no matter how hated Tinubu is,to reverse the depreciation and restore the value of the ₦ is supported 110%!