₦airaland Forum

okeysoninv:
the cost will definitely won't be 0.5usd per cubic meters. My point is that there should be more liquidity in dollar but we are getting opposite. Buhari govt needs to answer that.

JAkpayen:
This means most of the revenue from gas goes into debt servicing unless the FG is not forthright on what is happening or clueless on its fiscal policy

seunmsg:
Nigerians are buying dollars and stuffing them in their bedrooms and they are everywhere blaming Emefiele. What magic do you guys want Emefiele to perform? Politicians are stockpiling dollars. Rogue civil servants are stockpiling dollars. Government contractors and businessmen are stockpiling dollars. Even ordinary Nigerians with money are stockpiling dollars and praying for the Naira to keep losing value. So, what do you guys really expect?

Even if you bring Ben Barnanke to come and manage CBN, he can’t achieve anything with the current level of irresponsibility of Nigerians. If CBN pumps $1 billion into the economy today, Nigerians will mop up everything within a week not for anything productive but to keep in their bedroom.

seunmsg:
Nigerians have been stockpiling dollars since the military days, that’s why the Naira keep depreciating. The difference is just that we had more dollar earnings then than now. In addition, we are approaching a general election so it’s normal for politicians to stockpile dollars for election at this point.

Covid-19 also did not help matters. CBN did a lot of quantitative easing just to keep the economy afoot during the pandemic. Billions of Naira were pushed into the system under different guise. Now, we have so much Naira in the system and those who have it are mopping up dollars are keeping it in their bedroom.

There is no miracle Emefiele can do.

SIMONEKPA7:
Always given excuses. Why were Nigerians not stocking dollars during the days of Soludo and Sanusi? pls get sense

seunmsg:
Nigerians are buying dollars and stuffing them in their bedrooms and they are everywhere blaming Emefiele. What magic do you guys want Emefiele to perform? Politicians are stockpiling dollars. Rogue civil servants are stockpiling dollars. Government contractors and businessmen are stockpiling dollars. Even ordinary Nigerians with money are stockpiling dollars and praying for the Naira to keep losing value. So, what do you guys really expect?

Even if you bring Ben Barnanke to come and manage CBN, he can’t achieve anything with the current level of irresponsibility of Nigerians. If CBN pumps $1 billion into the economy today, Nigerians will mop up everything within a week not for anything productive but to keep in their bedroom.

Toluwanise247:
Emefiele the Igbo man is the agent of that darkness that want to destroy this country. No south south and southeast will taste power come 2023…. Igbo's are the agents of darkness, kidnapping start from south south and later moved to southeast spread to southwest and northern crown it all.

aribisala0:
We had more dollar earnings during the military days?

MORE? really? Do you have data or you just like how that sounds?

Toluwanise247:
Emefiele the Igbo man is the agent of that darkness that want to destroy this country. No south south and southeast will taste power come 2023…. Igbo's are the agents of darkness, kidnapping start from south south and later moved to southeast spread to southwest and northern crown it all.

seunmsg:
I referenced the military era just to point out to the person I responded to that Nigerians have been contributing to the exchange rate crisis since the military era. Nigeria earned more dollars during the Yaradua/ Jonathan administration than we are currently earning.

aribisala0:
Well logically that stands your whole premise on its head.
Anyway again your assertion needs data but let us assume without conceding that it is correct. In 1999 when Obasanjo came to power it was under $20 and never surpassed $70. It was no better under Abacha.
Now under Buhari TODAY oil prices are higher than they were under Obasanjo and over the course of 8 years Buhari has ,on average, enjoyed higher prices than Obasanjo , Abacha, Abdusalaam and IBB . The oil price is a weak excuse.
The truth is that the CBN has been lending money to the government irresponsibly and effectively RAIDING the savings that Nigerians have had stored in the Naira by printing naira not backed up by productivity taking the supply to unprecedented levels.

The issue is the SUPPLY of naira. The government as the largest spender has not increased revenue and has been borrowing irresponsibly in a way not matched by productivity/output

BigDaddyP:
Soludo [29 May 2004—29 May 2009]
Start: ₦139.6
End: ₦180.6

Sanusi [3 Jun 2009—2 Jun 2014]
Start: ₦166.1
End: ₦167.2

Emefiele [3 Jun 2014 — till date]
Start: ₦167.2
Now: ₦700+/-

It's well��

Source: StatiSense

seunmsg:
In my comment that you first responded to, I listed quantitative easing as part of the problem.

Taking this argument further will make me look like I’m defending CBN/government and that’s not what I want.

So many factors are responsible for the current exchange rate crisis. I live in Abuja and I see how politicians and top civil servants convert Naira to dollars daily just to stockpile same in their bedrooms. People who have no business with dollars are mopping it up daily and putting pressure on the Naira. I just think Nigerians also need to do better.

Kingspin:
How old are u?

No wonder politicians can easily deceive some of you.

At your old, you don't know that government is like a company. If you manage it well you reap your profit and when you manage bad company will collapse.


Nigeria's structure is collapsing. So is everything inside Nigeria. Because of bad leadership

Toluwanise247:
Go ask your grandpa, see a man who claiming his wise asking foolish questions. Now I know how wise you are

Kingspin:
Use your wise well.

BigDaddyP:
Soludo [29 May 2004—29 May 2009]
Start: ₦139.6
End: ₦180.6

Sanusi [3 Jun 2009—2 Jun 2014]
Start: ₦166.1
End: ₦167.2

Emefiele [3 Jun 2014 — till date]
Start: ₦167.2
Now: ₦700+/-

It's well��

Source: StatiSense

okeysoninv:
Buhari mismanaged our economy. hold him buhari responsibility .. Emefiele is just a puppet naira is not supposed to NGR100 against dollar.. there's enough exports already with huge diaspora remittance.

coputa:
Could you please name some of the major export of Nigeria.

Toluwanise247:
Emefiele the Igbo man is the agent of that darkness that want to destroy this country. No south south and southeast will taste power come 2023…. Igbo's are the agents of darkness, kidnapping start from south south and later moved to southeast spread to southwest and northern crown it all.

seunmsg:
Nigerians are buying dollars and stuffing them in their bedrooms and they are everywhere blaming Emefiele. What magic do you guys want Emefiele to perform? Politicians are stockpiling dollars. Rogue civil servants are stockpiling dollars. Government contractors and businessmen are stockpiling dollars. Even ordinary Nigerians with money are stockpiling dollars and praying for the Naira to keep losing value. So, what do you guys really expect?

Even if you bring Ben Barnanke to come and manage CBN, he can’t achieve anything with the current level of irresponsibility of Nigerians. If CBN pumps $1 billion into the economy today, Nigerians will mop up everything within a week not for anything productive but to keep in their bedroom.

seunmsg:
Nigerians have been stockpiling dollars since the military days, that’s why the Naira keep depreciating. The difference is just that we had more dollar earnings then than now. In addition, we are approaching a general election so it’s normal for politicians to stockpile dollars for election at this point.

Covid-19 also did not help matters. CBN did a lot of quantitative easing just to keep the economy afoot during the pandemic. Billions of Naira were pushed into the system under different guise. Now, we have so much Naira in the system and those who have it are mopping up dollars are keeping it in their bedroom.

There is no miracle Emefiele can do.