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Nairaland Forum / Nairaland / General / Politics / How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 (17549 Views)
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How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by Bobloco: 9:04am On Jan 29 |
...Bloomberg Report He argued that multiple exchange rates had produced the “most optimal results when compared with other emerging markets…” https://www.arise.tv/how-emefiele-warned-naira-would-tumble-in-floated-fx-regime-in-2019-bloomberg-report/#google_vignette 9 Likes
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Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by nairalanda1(m): 9:09am On Jan 29 |
Well, the ultimate problem with the naira has always been that NIgeria is not earning enough dollars. We could earn more dollars by diversifying our economy, and , as former deputy CBN governor Moghalu has pointed out...by becoming a exporter of manufactured goods and services. Emefiele was right, but as CBN governor , it was not his work to point out what needed to be done. The government then, of which this current government is a continuation, should have propounded solutions. Instead, they kept us hooked up to oyel. 44 Likes 3 Shares |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by BigBlackPreek(m): 9:10am On Jan 29 |
Yes he might have predicted it right but he's also an accomplice in the fall of the naira currency please! 45 Likes 8 Shares |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by Bobloco: 9:22am On Jan 29 |
Honestly, no matter how bad Emefiele was, he is now far better than the current patch patch CV CBN governor we have now. 140 Likes 13 Shares |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by RepoMan007: 9:32am On Jan 29 |
I have asked countless times here too. Emefiele was obviously getting it right compared to some patchy-patchy sophistry of a politically-minded tinubu team. It makes no sense to give someone going to buy hair extension and tractors dollar at same rates. Let the less important one, that's consumption focused, go to black market and buy at N2000 a dollar, but give the tractor importer at N200 a dollar. That way, you encourage people trying to increase local production. They can take future pressure off the dollar supply with import substitution. Emefiele was right to partially disown some ridiculous imports via that list of 41 items. Today everyone is justling for same dollar and the price has gone haywire. 42 Likes 4 Shares |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by RepoMan007: 9:38am On Jan 29 |
BigBlackPreek:keep shut if you lack understanding of the subject matter. He managed the system well. Everything the political champion you are part of criticized about his policies are needed now. The current gov also restricted currency supply to check inflation. He has informally created a list of prohibited items by sending majority of forex buyers to black market(the major market anyways). He is printing money to pay unproductive civil workforce unlike emefiele who at least paid farmers via ABS to get food. Emefiele is the best CBN gov ever. 35 Likes 3 Shares |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by Bobloco: 9:39am On Jan 29 |
RepoMan007: Emefiele was right afterall 21 Likes 1 Share |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by Blazebond(m): 11:56am On Jan 29 |
Let it fall and burn, country that ain't producing and exporting anything wants their currency to be strong,e be like una brain dey pain una. 8 Likes 3 Shares |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by masseratti: 12:27pm On Jan 29 |
Right about what? Who is the dolt that wrote this for arisetv, the man exhausted CBN FX with the multiple windows some clowns are saying he was right after all, do the geometric calculations of the value of the naira when he was appointed to when he was sacked almost 9 years and see why we are in the mess we are right now, for most of you information naira is not fully floated, if it is there won't be anything like Official rate but just one rate that's all. 14 Likes 3 Shares |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by masseratti: 12:29pm On Jan 29 |
RepoMan007:people that are in charge of such policy will abuse it, not only that the hair extention guy will still go to CBN and buy at the price the tractor guy bought dollars and go to China to buy hair extensions, the best way forward is everyone to buy in same market.. Shikena. 7 Likes 2 Shares |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by MadamExcellency: 12:31pm On Jan 29 |
The problem is not floating the Naira but the constant printing of the Naira under Tinubu's regime going on as we speak. 12 Likes 2 Shares |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by richiemcgold: 12:34pm On Jan 29 |
nairalanda1: ...the question at this junction is "apart from oil, what else can we export? What can we offer the world out there?" Answer to this question will go a long way in proffering a lasting solution. Tianamen1: You're absolutely on point there. 6 Likes 3 Shares |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by RepoMan007: 12:36pm On Jan 29 |
masseratti:you can't force everyone to sell at same price if you succeed in gettingghem into same market. |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by niyisky: 12:39pm On Jan 29 |
Somebody should please remind me of how much dollar was before this lunatic Emefiele took over and how much it was when he left it. This idiot ruined our economy 10 Likes 2 Shares |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by paramakina202: 12:40pm On Jan 29 |
We are still watching the Lagos magicians to show us what they got 3 Likes 1 Share |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by nairalanda1(m): 12:46pm On Jan 29 |
richiemcgold: That is what a sane government should be working on. |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by Seun(m): 1:17pm On Jan 29 |
How many times should we tell you people that the exchange rate system is managed and not floating? I'm tired of all the misinformation. 21 Likes 2 Shares |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by Sheuns(m): 1:17pm On Jan 29 |
I still find it difficult to believe that Nigeria don’t earn enough forex from sale of crude oil and natural gas. I think there should be a comparison of what we earn as fx and what fx we spend on imports. That way we’ll know if truly we’re not exporting enough or we’re spending too much fx importing. We’ve been importing for decades and the Naira never had this type of free fall and lost so much value in short periods of time. Note that we also have players that export other raw materials in significantly large volume and these players receive dollars. 2 Likes |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by Flame333: 1:18pm On Jan 29 |
Those who said 200 is not OK has finally made it 140 ironically... Leadership is not all about age The founder of Agbadorians should gerratttt 5 Likes |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by chrisxxx(m): 1:18pm On Jan 29 |
The only thing Emefiele did wrong was the new naira note he couldn't execute effectively. 7 Likes 1 Share |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by Prince111111: 1:18pm On Jan 29 |
Emefiele is a genius believe me 6 Likes |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by Anguldi(m): 1:19pm On Jan 29 |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by Artscollection: 1:20pm On Jan 29 |
Dundee united has taken over power so expect more dumb decisions. They thought managing the economy is by gragra. 6 Likes |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by SALLYBERRY01(m): 1:20pm On Jan 29 |
Mad man 1 Like |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by chloride6: 1:21pm On Jan 29 |
Is that why he put in the Naira in his mess? 3 Likes |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by mrdharkchild(m): 1:21pm On Jan 29 |
Making criminals look like saints. Nigeria 3 Likes 1 Share |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by Blazetrailer: 1:21pm On Jan 29 |
...he was right. If only he did not mess a lot more up himself by indulging in shady deals on forex trying to satisfy some political guns. The biggest mistake Tinubu did was forcing the free float of naira. He was ill advised. I remnwred when he said this and I knew he was right. You only need to understand the fundamentals tgat a mono economy like nigeria had little shock absorbers to expose its currency to waves of forex topsy turvy. A currency that is not traded beyond the shores of Nigeria, that is secondary to the USD even in thr Nigeria economy( companies and businesses transactions in USD even in Nigeria). It is only daft to float it without correcting the mechanism for shoeing it up ans defending it against other currencies. The naira will never recover...forget all those Cardoso and Yemi eduns grammar. It's gone. 8 Likes 1 Share |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by tete7000(m): 1:21pm On Jan 29 |
nairalanda1: They stole the little forex we have and worsen the situation. 2 Likes |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by bdon123(m): 1:21pm On Jan 29 |
Bobloco:A country like Nigeria that is solely dependant on oil revenue cannot float n survive.wat should hav been done is work on high dollar demand e.g petroleum products,rice importation, stop providing funds for pilgrimage etc .once d 1st 3 major consumers of fx is handled then u float d useless naira becos now u less dependent on dollar .like this it will go up a few digit n stabilize.m jst waiting to hear d purchase arrangements btw fg n dangotw...hope say no be dollar purchase of products ,if so we back to square 1 1 Like |
Re: How Emefiele Warned Naira Would Tumble In Floated FX Regime In 2019 by yesloaded: 1:22pm On Jan 29 |
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