niyisky:
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

If you know your onions, calculate the devaluation of the naira per year under lunatic Emefiele and stupid cardoso.

niyisky:
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

What about the current idiot in office? What is he doing he met the Exchange rate at N800 now it is N1400 I believe he is a bigger idiot than Emefiele

Sheuns:

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.

Our appetite for anything foreign is killing the country. Imagine the President and other government officials always living and holidaying in the white man's land. Every other Nigerians too want to japa.

Demand and supply ..
Nigeria is an import dependent country.
Reduce imports or export more.. Then the Naira will appreciate

Some of us still the shout

raise am! Raise am! codedly

Seun:
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.

So make your mods shut down the topic?

All these ones don't really concern people who trade cryto, we earn with skills and from the dollars also, steady going to the bank

nairalanda1:
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.

We have been hearing this same rhetoric talk for donkey years now, na the Federal government go diversify the economy for its lazy citizens that have refused to be innovative, yet all states of the federation have commodities for export based on their comparative advantages?

But no, na money from FAAC una they wait for every month, then will turn around and blame FG for their lackadaisical approach?

What you are saying is impractical... it sounds right, but it will lead to chaos which it did. Some person with influence will tell u he needs dollars to buy tractors, but then he will get it and go sell in the black market -- zero risk business, high ROI... at d end of d day, d CBN was fooling itself by doing all that pegging & 41 items ban shenanigans. Economics is not sentiment. It is a social SCIENCE

Cause of problem: There are no dollars.. simple.. Nothing CBN can do about it.. the govt is d one to create systems & policies to drive in more dollar earnings.

RepoMan007:
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.

Sheuns:

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.

hmm

BigBlackPreek:
Yes he might have predicted it right but he's also an accomplice in the fall of the naira currency please!

can u tell us how?

nairalanda1:
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.

You are so empty

tete7000:


Our appetite for anything foreign is killing the country. Imagine the President and other government officials always living and holidaying in the white man's land. Every other Nigerians too want to japa.

Our leaders try to heap most of the “import” blames on the people. Majority of the fx spent on imports are done by a very few percentage of the people (political class especially).

Most of what the majority of us consume are locally sourced or made.

masseratti:
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.

Naira is fully floated, sadly we cannot have one official rate because FG cannot meet the demand for the official rate hence there will always be a black market

nairalanda1:
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.

If we manage the oil well and cut out mismanagement, oil bunkery and thieves. You will see we have a lot of foreign exchange to be the best country in Africa

RepoMan007:
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.

Hypocrisy in overdrive, as usual you must blame Tinubu for your own lack of coinage, Mr Monday morning armchair economist?

We have been hearing this same rhetoric talk for donkey years now, na the Federal government go diversify the economy for its lazy citizens that have refused to be innovative, yet all states of the federation have commodities for export based on their comparative advantages?

But no, na money from FAAC una they wait for every month, then will turn around and blame FG for your lackadaisical approach?

RepoMan007:
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.

You are not taking into account the endemic corruption in the blood of the average Nigerian that'd not make the so called tractor buyers get the forex at that rate. Probably 5% of so called tractor buyers will get it, while the other money will go through other avenues that would do greater damage to the economy. Nigerians are incapable of handling discretion, the system will eventually be abused.

The then CBN governor had consistently said it was the best way to curb inflation and boost manufacturing by discouraging imports, even though several foreign investors had faulted the policy and said it exacerbated an economic downturn.

..those foreign investors were colonialist who meant no good for Nigeria..they wanted cheap & free raw materials for their dying economies...but Emiefele understood their evil intentions..

..they waited for a drug criminal who they knew they can squeeze his balls when he refuses to do their biddings in the person of Thief'nubu..

The vice chancellor of Germany visited Nigeria & recently the US secretary of State..to remind Thief'nubu that if he do any how he will see any how...they even told him to hold those responsible for the lekki toll gate massacre because he started going astray to the commands if he wants to keep the stolen mandate..

The former colonialist all over africa have always wanted criminals & corrupt fools to preside over the affairs of African states. they needed willing tools for their interest alone..they found one in Thief'nubu..

Nigerians were all warned not to give power to a criminal with so many negative baggage..but now dem hol am 4 blokos..Thief'nubu & his goons are not ready to leave power..that means they will sell Nigeria to foreigners at a cheap price..

Nothing for poor people for Nainja again.. Na suffer every where..the signs dey Show already..

..See where dem dey only develop..lekki airport, lekki free trade..even the US don buy their portion for lekki..e remain to station military base for there..All for their foreign interest..

Dem dey tell una say God bless Nigeria & Africa in General.. use you God given resources to go into production, production & more production..Na so China start..but no Nigeria dey wait for colonial foreign investment..after all na brain dem dey take produce something & youthful population dey there plus the God give resources wey plenty plenty everywhere..

This is the time for the so called " foreign investors" to buy & own everything cheap in Nigeria not in the interest of Nigeria but theirs

E Choke walahi

being:
What you are saying is impractical... it sounds right, but it will lead to chaos which it did. Some person with influence will tell u he needs dollars to buy tractors, but then he will get it and go sell in the black market -- zero risk business, high ROI... at d end of d day, d CBN was fooling itself by doing all that pegging & 41 items ban shenanigans. Economics is not sentiment. It is a social SCIENCE

that's why govt need to do the crediting of dollar into merchant's account directly and not trust any random importer with forex. You pay into the account of reputable sellers the dollar and let the buyer pay you naira equivalent. We don't enough dollar in govt hand to declare single exchange rates for toothpicks or wines and medical supplies.

niyisky:
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

......

...and these ones are not ruining it? ....dey play. It will reach 2k by mid year as projected. These ones don't know what they are doing. Wait till you start begging for Emefiele to be reinstalled.

Bobloco:
...Bloomberg Report



https://www.arise.tv/how-emefiele-warned-naira-would-tumble-in-floated-fx-regime-in-2019-bloomberg-report/#google_vignette

Apart from the corruption tainting emefiele

His tenure as CBN governor wasn't that bad compared to what is going on now

Floating the Naira is not a good policy

outoftheworld:

You are so empty

...but the dollar is loaded right? Lol.

djon78:



Apart from the corruption tainting emefiele

His tenure as CBN governor wasn't that bad compared to what is going on now

Floating the Naira is not a good policy

Sure it is not a good idea, because people like yourself, many other Nairalanders like Bobloco, you want to enjoy without critical application, working hard & sacrifice?

Nigeria over dependence on petroleum export without diversifying the economy is now having overriding effects on the nation.

Nigeria budget hinges on projected oil prices and import and any hitches brings it to a deficit.

It will even become worse now that this administration is paying and servicing loans with crude oil
.
Nothing will now be left to run the nation, that's the more reasons why the government always go on a borrowing spree.

BigBlackPreek:
Yes he might have predicted it right but he's also an accomplice in the fall of the naira currency please!

He basically chaperoned it to failure. Same way Ngozi was warning us in 2014 about the recession that came in 2015.

nairalanda1:
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.

More like dollars Nigeria earns is intensely mismanaged

Oh look, ah thief predicted what will ah happen after him and his thief colleagues finish ya cuntiri

Blazebond:
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.

We export crude oil and natural gas, and I tell you we make a lot of forex from just those two commodities. We have hundreds of exporters that export both finished products and raw materials and they do quite a number. Dangote, Bua etc are big exporters.

Our government officials and politicians squander too much of our revenue and blame it on lack of production.

When our currency was much stronger just less than 10 years ago, what were we exporting? Wasn’t it this same oil that was our major revenue source?

blacknp:
We have been hearing this same rhetoric talk for donkey years now, na the Federal government go diversify the economy for its lazy citizens that have refused to be innovative, yet all states of the federation have commodities for export based on their comparative advantages?

But no, na money from FAAC una they wait for every month, then will turn around and blame FG for their lackadaisical approach?

Lazy citizens who get massacred for being productive. Get kidnapped and extorted. Get arrested also?

VeeVeeMyLuv:

More like dollars Nigeria earns is intensely mismanaged

This is the problem we have. Our politicians spend and loot those dollars with reckless abandon.

djon78:



Apart from the corruption tainting emefiele

His tenure as CBN governor wasn't that bad compared to what is going on now

Floating the Naira is not a good policy

Jonathan isa have tha best people.

RepoMan007:
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.

oga na nigeria we dey ,even at this rate they are still selling dollars to dangote at cheaper rate,who is the central bank governor now ?with nepotism in nigeria how do you think this your method will work