₦airaland Forum

scribble:
Nonsense


Jonathan doesn't need Approval of these clowns.

GEJ till I get sense

Our SS SE votes is enough for our son GEJ, OBJ, Danjuma and IBB can go and sit down, we don't need them.

PDP is a sick party, it sickeness is affecting this country.

BlackTechnology:
You see why I said you don't understand Nigerian economy


The dollar you use to import, where do you think it comes from .? Oil dollar


Now our oil market has shrinked meaning less flow of new dollar notes.


In a time like this when we face serious challenges, it is wise we save all the dollars we can since we depend on foreign goods for survival including military goods for our defense.

Keep burying your head in the sand and pretending all is well.

Is Nigeria the only country suffering from this falling oil prices ? No!

Why is Nigeria acting like the least unprepared and hardest hit?

Simply bad Economics, both monetary and fiscal!

RockMaxi:
No mention that external reserve o, is that not part of this administration's achievement, who now squandered it. What happened to $38.2billion?

The reserves...except possibly the SWF are virtually depleted, that explain all these panic in government economic team.
They won't accept that anyway.

BlackTechnology:
First and foremost it was pendy76 that said the solution is to vote out PDP that is why I made that comment


My brother your view which I highlighted shows you don't have basic knowledge about Nigeria's economy

US has stopped buying our crude oil and we are now looking out for crude oil markets like India and china which are not reliable and heavily contested by Iran and Venezuela oil.

This means new dollar notes are not flowing in.

Since global trade is done with mostly dollar , it is advisable we save as much dollars as possible.


Except we find other commodities we can export to bring in new dollars, this is how we will be forced to live if we are to survive.


The best thing government can do for us, is to encourage Asian/Indigenous companies to establish electronics, mechanical etc industries within our shores to reduce the flight of our now few dollars.

I'm presently at the car-wash and don't like using Mobile phone. I will reply you appropriately once I get home.

Falling oil prices is not new, it has happened before, it's happening now and it's bound to still happen in fuure.

Ask why Norway and , the Arab countries ( even when they import virtually everything and depend solely on crude to run the economy) are not particularly bother about this tumbling oil prices.

What they do basically is EDGING against period as this.using accruing surplus fund during time of plenty, here we squanders everything!

RockMaxi:

I beg which kind business you dey do? I pray that God will help you to recoup the loss and save Nigeria.

Imports! While I may want to say amen to your prayers, the prognosis going forward is not exactly encouraging.

Nigeria is in for a rough ride and we have little or no external reserve to cushion us, it has almost been squandere by this govt on political patronage of different interests.

BlackTechnology:
So the solution is to vote out PDP

OK

What will APC do differently since oil supply has exceeded oil demand leading to a crash in price which has reduced the acquisition of new dollars


Pls state your answers step by step

Please don't bring this your APC vs PDP nonsense here, I know all along that is your intention.

What good governemt all over the world do in this type of period is to protect their currency from attack by using their huge external reserve to protect it., the doctorine of saving for the rainy days.
Nigeria due to corruption and economic bleeding have almost depleted it reserve with barely the ability to sustain and protect the Naira for three months.

BlackTechnology:
You said its really bad

That is why I am asking you to explain how falling prices will affect the ordinary man on the street

So don't tell me you've not seen the CBN circular excluding some importers to having access to the bi-weekly RDAS?

those classes of goods accounts for 35% of forex request at RDAS, now just imagine the pressure those people will bring to bear on the Interbank forex market.

BlackTechnology:
Expatiate on what you have in mind when you said its really bad

So you didn't read my second paragraph.
The capital market and the forex markets are both taking heavy beatings since 2 days ago.

Or you think anyone here is telling politics?