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Nairaland Forum / Nairaland / General / Business / Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane (19562 Views)
Exchange Rates In Official And Parallel Markets Converge / Bismarck Rewane: Naira Redesign May Cause GDP Fall But Not Increased Inflation / Bismarck Rewane Claims Naira Overvalued By 200%, Begs CBN To Set Currency Free (2) (3) (4)
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Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by RepoMan007: 2:20am On Jan 18 |
On the way forward, he said that the government needs to focus on policy changes that will steer Nigeria towards economic resilience in 2024.This confused analyst has been consumed by textbook jargons. The "way out list" happens to be missing the only sure way out which is local production that gradually substitutes imports and grows into export. This same man said dollar should go for 640-680 under fair conditions before the imaginary floating of exchange rates. The emefiele they criticized with useless textbook jargons today, they can't deviate from his policies. The parallel and official rates still persist and differ by about N400. They tried curbing spending to reduce inflation by owing workers and reducing cash in circulation. They are trying to bypass dormant civil servants and reach wealth creators too with intervention funds just like emefiele did. They will soon wake up and realize Brazilian hair and raw material for pharmaceuticals should never be contesting for forex at same price also. Maybe then they will swallow the humble pie and deny certain items on the forex list. Why fund pilgrimage with scarce forex, thereby swelling the overall demand for it, and then turn around to say forex should cost less in principle? 1 Like |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by ChybuzzDD(m): 2:22am On Jan 18 |
FreeStuffsNG: Didn't you do this same nonsense during the clueless Buhari's tenure and yet the country moved backwards?? By now, you should have learnt that propagandas don't work. 2 Likes 1 Share |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by ezegenigbonine: 2:34am On Jan 18 |
Tinubu will repair Nigeria like lagos |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Bluffly: 2:37am On Jan 18 |
GboyegaD:Nothing flows itself in Nigeria. All indices are manipulated and manipulative in nature to suit the few. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Yashita: 3:57am On Jan 18 |
mrvitalis: See, manufacturing machineries too. We have a good number of metal producing companies and plastic producing companies in Nigeria. Our engineers can design machineries and manufacture them to business needs. We are not just thinking outside the box in this nation. We can produce absolutely everything in Nigeria just like china is doing. May God give us wisdom and brains 🧠 to use to our own effect. Na everything we think we should import. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Tzar(m): 4:00am On Jan 18 |
No be this Bismark guy dey inside Aso Rock with Buhari for 8years advising him while he ruined the economy & polity for 8years?! |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Konquest: 4:03am On Jan 18 |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by MichaelSokoto(m): 4:39am On Jan 18 |
na statistics we go chop?
|
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by todugo(m): 5:17am On Jan 18 |
RingRoadCartel:They use the blame game, inform of Gaslighting to convince gullible Nigerians that it's their fault; because they patronise foreign produce instead of Nigerian made goods. They also blame the youths for unemployement stating that it's their fault for being unemployed because they don't learn skills that the schools failed to teach them. They also blame Nigerians for insecurity, because they are not vigilant enough and don't report suspicious activities.They also blamed Nigerians for Poor Health sector stating that Nigerians don't take care of their health and by the time they come to the hospital its already too late. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Mansa6: 5:46am On Jan 18 |
hisexcellency34:You want naira to just start gaining overnight in 7months Are you mental What do you produce as a nation What is it that you don't practically import 70% of so called Igbo billionaires are importers... How do you want a robust economy with that You think this stuff started with Buhari or Obasanjo |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by yinkeys(m): 5:48am On Jan 18 |
Who wants to do business in a place ravished by insecurity Why won’t shell contemplate selling all their onshore assets |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Mansa6: 5:54am On Jan 18 |
salbis: What do you produce as an individual that contributes to reduce our capital flight ultimately 99.98% of Nigerians are "docile" upstairs...spewing what they know nothing about... Look around you and point to 10 items that are produced and exported in Nigeria and I will mention 100 items we import and use in this country.. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Mansa6: 5:58am On Jan 18 |
omowolewa: Shut up your ignorant mouth.. The average Nigerian makes less than 400 naira daily..where him wan see dollar buy to save Just open your mouth dey yarn opata.. 1 Like |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by 366bolutife: 6:19am On Jan 18 |
It is obvious you Exchanged your brain for ordinary agbadoIt is obvious you Exchanged your brain for ordinary agbado... |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Gggjhhj: 6:44am On Jan 18 |
A dollar is 1341 against the naira, keep dishing out unnecessary statistics, thankGod na all of us go suffer |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Kukutente23: 7:26am On Jan 18 |
LegendHero:The problem is that you're not listening. You're just mumbling words around. When did I say genuine farmers did not get the loan? You're asking me to show you farmers that got 45k like I claimed and still claiming I said genuine farmers did not get the loan. Read what I wrote well. Majority of the money did not get to genuine farmers Go back and check that link. All those who claimed loans were disbursed to genuine farmers are members of RIFAN. Like I told you already. RIFAN is an APC support group that metamorphosed into rice farmers association. There was no RIFAN before APC came to power. Go and check it. Most of those they gave loans to were not farmers and few that were genuine farmers got pittance. The other group which are genuine farmers are the All Farmers Association of Nigeria (AFAN) which has existed for a long time. At least I got to know them in 2010 and they are organic not like RIFAN that's a political group. For example, you can see one farmer under RIFAN claim his farm was washed away by floods and he was countered by the RIFAN official. What I'm pointing out to you is that if APC was genuinely interested in empowering farmers, all they had to do was key into ATASP, a laudable program that already existed since 2013 with infrastructure and extension services in most rural areas. The phase 2 was supposed to start in 2018. APC govt should have simply pushed funds into the phase 2. Instead, they went and started disbursing money through NIRSAL and RIFAN which are political groups and not into farming extension and integration. They turned it to a bonanza and that's why majority who took the loan refused to pay back, farmers or not while most farmers didn't even get the loan!! I don't have any evidence to share with you. Maybe you want me to go and bring farmers on NL. If that makes you believe that the money was majorly shared to genuine farmers by RIFAN, that's your luck. You're an APC goon who will always look to blame Nigerians for atrocities carried out by your party. So I'm not surprised. But the fact remains if you read that premium times link with clear eyes, you'll see that I'm telling you the fact of how that money was mismanaged. It was designed to be mismanaged from the onset through NIRSAL and RIFAN. 1 Like 1 Share |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Anguldi(m): 8:03am On Jan 18 |
mrvitalis: Una don come again. Bia, b kiaful |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by RealEzee(m): 8:11am On Jan 18 |
mrvitalis:dis ya idea make sense,na one of ways to go |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by RealEzee(m): 8:16am On Jan 18 |
Mansa6:ur family na dem docile upstairs n downstairs |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Artscollection: 8:46am On Jan 18 |
mrvitalis: There are variables that should be taken care of before a currency can be stable and find it's position so when we are ready, the naira will chill at it's spot. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by mrvitalis(m): 8:55am On Jan 18 |
Artscollection:Name them |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Artscollection: 8:56am On Jan 18 |
mrvitalis: Theynever used such policies to grow their economy, there where no genuine demand, in most cases it was for debt services and i could remember when China followed up, the world where complaining about it. The point is that our policy makers are daft, they should take decisions based on our local indices. How can you remove subsidy n float the naira at the same time without adequate policies to counter the effects. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by michoim(m): 8:58am On Jan 18 |
FreeStuffsNG:Nice one. You can say that again 1 Like |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Artscollection: 9:03am On Jan 18 |
mrvitalis: *Trade deficit should be taken care of * they should kill corruption in that banking system and come up with adequate policies on how to manage of forex inflow n outflow. These are 2 basics that covers alot of variables |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by ogawisdom(m): 9:10am On Jan 18 |
Artscollection: Don't mind the Agbado Economist |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Artscollection: 9:13am On Jan 18 |
ogawisdom: I tire oo, i was even shocked. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by COMPAQ(m): 9:27am On Jan 18 |
mrvitalis: Easier said than done. Your plan would unleash definite poverty and inflation in the country by way of increased price for petrol, diesel, electricity, medicines, food and everything else we import. However your plan to drive export is not guaranteed to succeed. So you would have given Nigerians 100% poverty, with 25% probability of success in your export drive. Also you wrongly assume that the people you give 3% loans to will use it for the purpose given. You should know that Nigerians outside government are just as crafty as those in government. If I receive N100mln at 3% to farm cassava that has some risk - the crop yield might not be as expected, there might be disease that ravages the crops, herdsmen could mutilate my farm etc. I might as well invest it in FGN bonds of 16% that have zero risk. All in all, its very unlikely that the gains from just cassava/ethanol will make up for the poverty unleashed on Nigerian by $/NGN rate officially going to 1700!! Overall, I agree with the principle that we need to identify key sectors of advantage for export focused industry. But your road map to getting there is where I have an issue. For now what Nigeria needs is stability in the exchange rate. Not necessarily that it appreciates or depreciates. If there is the confidence that in 6months, 12 months, 24 months the rate wont be much more that 10% up or down in either direction, then we can slowly but surely build our economy back. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by mrvitalis(m): 9:28am On Jan 18 |
Artscollection:Do you know how long it would take to balance trade deficit? ... What's your time estimate And how exactly should we do you balance the trade Kill corruption? Has any country done that before? And how exactly do you think this can be done You people just make very vague statements that doesn't say anything really |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by mrvitalis(m): 9:40am On Jan 18 |
COMPAQ:Good one I believe it's better to try and fail than not to try at all, like it or not naira would still get to 1700 before this year ends the metrics is there... So the poverty and hardships you are avoiding would still come Now the cassava is just off of many sectors that would be looked into I just used it as an example or sample Loans would be given to banks with the agreement they only give it to the sectors we agreed as well as committing 20% of their profit to this sector... Part of the agreement would include fines for the banks if they default on this... And this fines would be so big it would not make them want to try rubbish The cassava industry loans won't even go to farmers first, it would go to seedlings developers and ethanol production facilities owners Once that is established they can then contract farmers to farm and supply them at a guaranteed minimum market price U create the demands then supply The ethanol companies would by the seedlings, give to farmers who have lands, to farm, give them fertilizers, rent out machinery to them, give them harvesters etc But may require a minimum of 100 hectares, so people who don't have up to that would come together to form cooperatives Cooperatives of 20,000 hectares and above can also apply for loans to build their own ethanol factory, must not just be ethanol might be glucose syrup fructose syrup gum, cassava chips, pharmaceutical grade starch etc All this with the current exchange rate we can produce cheaper than world average Same can be done to many industries |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Mansa6: 9:48am On Jan 18 |
RealEzee: Empty unintelligent urchin.. You keep proving how docile you are upstairs.. |
Re: Naira Under-valued In Official, Parallel Forex Markets – Bismarck Rewane by Mansa6: 9:50am On Jan 18 |
RealEzee: As expected.... |
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