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Nairaland Forum / Nairaland / General / Politics / Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate (13586 Views)
Naira In Transition, Not Jinxed – Bismarck Rewane / Osinbajo Asks CBN To Bow To Market Forces Says Exchange Rate Is Artificially Low / 9 Prosperous States In Nigeria Vs 12 Highly Miserable States - Bismarck Rewane (2) (3) (4)
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Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by NobleRace: 7:46am On Oct 13, 2021 |
Penguin2: Obi isn't better in any sense of the word. Let him clear his name regarding the Ezu river mess. He has a case to answer. In my judgement, Obi could be very cunning. Osinbajo has clean hands. 1 Like |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by emmykk(m): 7:46am On Oct 13, 2021 |
Curious345: Osinbanjo should stop interfering in CBN domain. If his boss Buhari had stop bandit and Boko Haram from killing and causing threat to farmers in the north,those farmers daily contribution would have improve the GDP of the country since over 7years counting they have been in power. The FX is caused mostly by heavy borrowing and spending irresponsibly running railway from border Katsina state to Niger Republic. But he osinbanjo will not comment on that but be fighting the CBN over the symptoms of his boss maladministration. 4 Likes |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by Shooyie: 7:47am On Oct 13, 2021 |
This is what the VP was that has been cleared up and explained by Bismarck Rewane. Th gap needs to be closed as its affecting a whole lot things including prices of commodities. 2 Likes |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by MT: 7:48am On Oct 13, 2021 |
Penguin2: Sometimes the way you guys talk baffles me. Osibanjo is a professor of law , not economics. If you understand how govt runs, Osinbajo takes advice on economy from the economic team put together by the president. Every president or vice president in the world surrounds themselves with subject matter experts in different areas. Don't make it sound as if it was Osinbajo that personally evolved what he delivered, it was strongly based on advice from the presidential economic team. |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by BarrElChapo(m): 7:51am On Oct 13, 2021 |
endsarrrs: They're there to make the right sounds only |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by michresakidjo(m): 7:53am On Oct 13, 2021 |
omowolewa: Good morning sir and God bless you for the question you asked. With the way Nigerian economics lecturers set questions at times, I'm baffled that none of them can give an insightful explanation as this man. Their attitude towards students in the course of four years study makes me think they are qualified for any ministerial portfolio especially in critical aspects of economy. 2 Likes |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by Penguin2: 7:54am On Oct 13, 2021 |
ORIAYO70: I understand. Reason I don’t usually join the bandwagon in criticizing him sha |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by Help2020: 7:56am On Oct 13, 2021 |
Deputy1111:Nan Prof nan..Some idiots want tinubu ahead of him..So unfortunate. |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by CUMIN: 7:56am On Oct 13, 2021 |
TheRareGem1: Your country cannot increase export without production. Trust me the avenue to export are minute and very difficult to do. 3 Likes |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by endsarrrs(f): 7:57am On Oct 13, 2021 |
BarrElChapo: |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by humility33(m): 7:58am On Oct 13, 2021 |
NobleRace: U see how tribal you're Has Osibanjo ever managed a state economy before Has Osibanjo ever manage and head 11 companies chair before The only cunning one between the 2 is Osibanjo I dont know why some of u SW are so tribal ohh my God 2 Likes |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by humility33(m): 8:00am On Oct 13, 2021 |
CUMIN: God bless you bro What are we exporting Even agricultural production have been on the decline because of government failure to tackle herdsmen clashes, borders was locked all this while so many business have go extinct especially SMEs The current budget is recurrent based so what to export when we're not producing 1 Like |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by Penguin2: 8:03am On Oct 13, 2021 |
NobleRace: Have you ever been to Upper Iweka in Onitsha? Is the story of what goes on there new to you? Chinwoke Mbadinuju even had to go extra mile to invite a vigilante in the name of Bakassi Boys to engage in extrajudicial killing in Onitsha just to restore some sense of sanity. When Obi came, the notoriety of Upper Iweka was still high and instead of engaging vigilantes, he engaged SARS who now possibly engaged in some extrajudicial killings. If you blame Obi for the death of notorious criminals in Onitsha without trial, then you should also blame the Federal Government for disconnecting Telecommunications Services in Zamfara and shooting Bandits dead at sight without arresting them for trial. How do you lots reason? |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by RodgersAkpafu: 8:03am On Oct 13, 2021 |
SmartPolician:You are right 1 Like |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by Saao(m): 8:03am On Oct 13, 2021 |
TheRareGem1:exportation from what? Just attempt to export something from Nigeria and you will discover the number of bribes and taxes you will be ask to pay, at the end, you will be forced to abandon the idea. The government enjoy the monopolistic economy. Osibanjo is the Head of the economy, if the economy is okay, it will reflect on the currency. Osibanjo take responsibility for once. 3 Likes |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by Krismas(m): 8:08am On Oct 13, 2021 |
SmartPolician:Presidential position in Nigeria is by selection not election. The election is merely a front and formality. Why do u not want to face reality? |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by CUMIN: 8:13am On Oct 13, 2021 |
humility33: Where do we want to export agricultural produce to...most western nations are saturated with foods. Of we allow they will flood our country with food. A serious government will seek for import substitution. And encouraging her industry to make export standard product, search for market for them and give them export quotas |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by ezekins: 8:37am On Oct 13, 2021 |
If anyone takes a look at the fx naira official rate you will observe that it's fluctuates in the right direction according market forces but where the problem is remains the black market which is what is accessible to majority of Nigerians but the cbn gov says he doesn't recognise it. Why should a cbn gov say he doesn't recognise what affects majority of us still he has no alternative. I disagree with osibanjo's devaluation proposition because we have continously devalued naira without any positive results. cbn should review the operation of domiciliary accounts in Nigeria because it has become a useful tool for fx hoarders and speculators. 1 Like |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by NobleRace: 8:41am On Oct 13, 2021 |
Penguin2: You started well but ended unreasonably. All I needed was a clarification of the matter. My assertion was based on the information available to me. That clause 'How do you lots reason' means you expect that everyone knows what you know about the matter. The question is better directed to you. |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by NobleRace: 8:44am On Oct 13, 2021 |
humility33: You're the the tribalist here. You have to check yourself. I raised a point about the Ezu river massacre which you completely ignored! Obi and Obianor can produce James Nwafor. They cannot say they don't know his whereabouts. Obi is cunning! If heading several companies is a criterion for good leadership, then Atiku is a better choice. I don't care where the next president comes from. I only care about the personality of the president. Osinbajo for the most part has participated I leadership on a private and governmental level for decades. His hands are not soiled. You can't tell me that Obi never embezzled funds as Anambra governor. Didn't he install Obianor to cover his tracks? Osinbajo is the best candidate for now. Very intelligent, conscientious, affable and strong at heart. He has been in the presidency for 6yrs. He does not only know what Nigeria's problems are, he also knows who the problems are. Even if Obi gets there, he'll be spending the first 3yrs learning Nigeria's problems. Modified: someone has cleared Obi regarding the Ezu river issue in one of the mentions to me. 3 Likes |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by MuchAdo: 8:53am On Oct 13, 2021 |
Yet some looonatics were attacking him some days ago... 1 Like |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by VeeVeeMyLuv(m): 8:58am On Oct 13, 2021 |
See what he said... Aswear Nigeria is a hopeless case “If you look at all these factors, the Nigerian naira should be getting stronger because during the COVID period the price of oil dropped as low as $28 per barrel, today it is $82/$83 a barrel, therefore, the currency, just arithmetically speaking, the currency should be four times stronger than what it is. Why is not reflecting that value? Because the actions of policy makers at times are sending mixed signals. |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by humility33(m): 8:58am On Oct 13, 2021 |
NobleRace: Ezu river massacre and how about this government account for the lekki toil gate shooting I see alot of problem with your write ups Well you're entitled to your opinion For a governor that up till now EFCC have not indict him for fraud or money laundering while a governor A governor that saved for anambra state future while others were leaving debt he left 13B naira, millions of dollars shares in banks and others I have no question to doubt a man who is self made without government money and grew manage several companies I am from Edo not an ibo If you're been sincere you'll know that Osibanjo is a very crafty man.... he manage the economic team of this government and so far he talks with both sides of his mouth |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by anyilalaz: 8:59am On Oct 13, 2021 |
CSTR2: Yes, very mad people everywhere. |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by humility33(m): 9:00am On Oct 13, 2021 |
Penguin2: Bro...they're looking for every reason to bring this man down I have seen such a tribalistic folks in my life even where i work It baffles me even if Jesus was to come contest for Nigeria presidency even so many people will refuse vote for him because of his tribe |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by mployer(m): 9:09am On Oct 13, 2021 |
ezekins: The naira is already devalued. The market forces has done it. Osibanjo is simply saying, "Let's be sincere about this". The parallel market rate is the real rate bro. |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by humility33(m): 9:10am On Oct 13, 2021 |
CUMIN: This is insightful But u know agricultural products have byproducts that can be exported Cocoa, cashew nuts, etc are in high demand I dont think the world is flooded with food right now...the world is even faced with food shortage to feed the growing population I understand the best to do at this hour is to encourage import substitutions initiatives,drive SMEs with affordable loans and also open the border with less charges.... 1 Like |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by Nobody: 9:11am On Oct 13, 2021 |
TheRareGem1:Well, there may be insights there, but they should do the right thing. I am happy in a way that construction of roads and railways are going on. It will go a long way. At least, I am grateful for this Buhari administration. Jonathan failed big time. You know that he just bought some useless things and piled them for years in railway compound. If Jonathan had won election again, he wouldn't do that railway. He just piled up steels there in the rain and sun. Many were getting damaged. I remember 2014 to be precised that I walked round Railway compound, I saw those steels and I asked them if something good was coming up, they said they piled them there for over 2 years without anything happening. Well, I know Buhari is a dullard, but at least....let them just get it down. OBJ did telecom and we are here today. Without that telecom, we may not have had NL. Nigeria will be in the dark. Internet in homes will be for only the rich and people will be visiting cyber cafes like in those days. They know they must get power done. This is the main requirement to boost exportation. South Korean won is worse than naira, but the economy is very strong. The most important is for exportation to boom. If this happens, corruption will reduce. The speed at which goods move in and out will not allow corrupt officials to even have time to ask for bribes cos they know the pace must be fast. Everything will be computerised. I am not saying they will not be corrupt, but it will reduce. Only top guys will be able to loot. And when they do, it will be massive. But they can easily be caught. And it will not really affect the average Nigerians directly immediately. Though, it will have an adverse impact on the economy. And they must be realistic that hydro, gas and coal cannot do it again. Except they just want to deliberately force Enugu coal into use which the whole world will cry against. Even Australia has reduced drastically usage of coal to power energy. The world is going nuclear. The earlier Nigeria gets on board, the better it is. People will come around and say it is not safe, we cannot maintain it. Bal bla bla. Well, if we are contended with the statement, we cannot maintain it, then, we should not complain anymore. Our population is over 200 million for Christ sake. The load is too high. Gas is getting obsolete soon. If we go the gas route, we will just waste money and then everything breaks down in like 50 years. What kind of decision is that? The world is going nuclear, we must go that route too and power everything so that we can get back into exportation game. Without this naira will continue depreciating. No power, no industrialization. No industrialization, no exportation. No exportation, no good economy. No good economy, no good living condition. No good living condition, no right thinking individuals. No right thinking individuals, corruptions increases. And corruption is a form of cancer. What does cancer do? It kills. Nigeria is dying and its obvious. Except we act fast. We need a fast surgery to remove the tumour of corruption, and then follow up with months of chemotherapy to re-educate us and deliberately impress godly characters in our hearts. 2 Likes |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by Cognitivereason: 9:15am On Oct 13, 2021 |
U think if CBN follows moghalu advice.. Naira value won't be worst than it is today... If CBN allows the market to determine the price..it will lead to fluctuations and most importantly..dollars will be much more expensive... What moghalu has been advocating is that the naira should be devalued to bring in more forex..which means things will be much more expensive... If the market determines the price..don't ever expect a constant dollar rate. CSTR2: 3 Likes |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by Reference(m): 9:31am On Oct 13, 2021 |
Which kind of nonsense is this. Government official running commentary on the dire state of affairs, passing verdicts instead of acting. That is why noting positive happens. Thise who have been enmpowered to 'do' are 'commentators' and when fire fighters sit down to analyse how destructive fires are instead of rushing in to putbthem out then total destruction is certain. I also agree that cerrain decisions are beyond even the purview of government, the Executive, particularly those that will require radical changes to the socioeconomic fabric of society. Then that is exactly what the Legislature is for. That if Nigerians have to adjust to a new regime of 'economic reality', the people should be allowed to debate and chart the necessary course of action. And the role of leadership then will be to get the Legislature involved. Has the Vice President done this or does he intend to do this. So I just cannot see beyond mere posturing, 2023 political posturing, which is okay if the forces that keep us in this vicious cycle of economic stragulatuon are not around and pulling the strings if he takes full charge of affairs. 1 Like |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by NobleRace: 9:35am On Oct 13, 2021 |
humility33: I understand your points about Obi. He might make a good leader. Osinbajo has no fault in his management of the economic team because he's not the only player. Buhari and Emefiele keep ditching out policies that negate economic wellbeing. Osinbajo on the other hand has no control over those policies. |
Re: Bismarck Rewane: VP Osinbajo “Absolutely Correct” On Artificially Low Forex Rate by Dingdongbells(m): 9:36am On Oct 13, 2021 |
Nigeria na scam. Laslas na aboki dey cashout pass for this forex scam. Dem full every where dey exchange cheap dollars wey dem dey get for official rate at black market price. Mumu Emefiele no fit do anything na to fight Abokifx him Sabi.
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