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.

And they were looting our money like crazy.

Most Nigerians have very short memory span and also derive joy in praising an immediate past government. So nobody is talking about how much an American dollar note was at the time this dunce took over the mantle of leadership of the CBN and how much it became when he left.
Now they are stylishly praising

ManOfSon:
I think you should take a seat. You too lack any understanding of the issue - your bravado notwithstanding, which is the only thing you lot are good at. Emefiele, the worst governor in the entire history of Central Banks was putting bandaid on open sores and going haywire with looting simultaneously. There's no saving the naira because you lot a lazy. You sell nothing that the rest of the world needs [which is how the dollar is earned] and you buy up everything the the rest of the world offers for sale [which is how you spend the little dollar you earn, but then you want some more]. It's called demand and supply. Added to this, you lot are too corrupt to make any economic system work! Check it any way you like, the one rule of any effective market - which is when demand and supply determine winners and losers - struggles seriously in any system defined by endemic corruption. Nigeria is too corrupt to manage the naira. Emefiele was very much a part of the problem - more so than the current regime which has also been defined by corruption. Period.

I always wondered why APC mob blamed Jonathan and Ngozi for everything wrong with the economy pre-2015 only to turn on the citizens afterwards

seguno2:


And they were looting our money like crazy.

Indeed, making a bad matter worse.

I weep for this country

A country were the predecessors are always better than their successors

What a nation😭

dalass:


This CBN governor did not float the naira.

Tinubu did. Floated the naira and announced subsidy removal without doing die diligence of consulting capable brains ... After his hasty pronouncement, he now appointed a CBN Governor to try and manage the mess he created

Since it's not working, the CBN governor have the power to reverse it

nairalanda1:




You said it, not me, son.

Try harder.

I got you there did I not?

Maize be unto thee

They need to control and monitor the BDCs. Otherwise, it remains cosmetic. We've got very low monitoring in that area.

nairalanda1:


Sorry, but little children get no sugar.

I copy

My bad

He was right after all,,,, kudos to his knowledge and foresight
Floating of the Naira is now biting hard on us all

Bobloco:
Honestly, no matter how bad Emefiele was, he is now far better than the current patch patch CV CBN governor we have now.

Better by the alleged lootings, right?

What he says would only have made sense had the economy not collapsed under his watch, which was largely linked to his hatred of a market reflective exchange rate

RepoMan007:
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.

Oh, does that change the fact that he is in trouble today because he stole trillions upon trillions of the same dollars and even borrowed his friends same? No matter how hard you try to White wash him and discredit the current CBN government, the fact still remains that he is in custody and will go to jail. You people are saboteurs who are upset because Hoebee didn't get the presidency. As long as you continue to play the ethnic card, your region will always amount to nothing.

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 know who dey import anything anything

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.

The primary cause of the dreadful economy under Buhari was the result of the exchange rate policy he followed.

It obviously does not work and it also fuels roundtripping

Nauttyprof:


Better by the alleged lootings, right?

It's not alleged. It's been confirmed. For a man to return 4trillion bucks, he still has 100 trillion stashed somewhere else.

Morphinne:
Most Nigerians have very short memory span and also derive joy in praising an immediate past government. So nobody is talking about how much an American dollar note was at the time this dunce took over the mantle of leadership of the CBN and how much it became when he left.
Now they are stylishly praising

You should know them now. It's the Hoebee crew. The Yorubas are their problem.

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.

Shut up please and stop misinforming 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.

You are right. This was the perfect way forward but certain privileged government officials and allies were allowed to abuse it for mega gains.

Agboriotejoye:

Earning from crude is basically shared by the three tiers. The court already ruled that saving as we had with ECA under OBJ is illegal. Everything should be spent. Ask Amaechi, Aregbe and Oshiobaba

You are confusing the ECA with CBNs foreign reserves.

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.

Just because they oppose the current government, their thinking caps now lie at the bottom of the ocean

Itsrm:


You are confusing the ECA with CBNs foreign reserves.

CBN's foreign reserves is the equivalent of what we earn. It is not for spending or saving but for clearing dollar-denominated transactions. So that cannot add as what govt should spend or save

Draslo:

Just because they oppose the current government, their thinking caps now lie at the bottom of the ocean

i tìrẹ ooo

SSpeter:
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

why won't you argue online.. Do you know the meaning of full deregulation? Or what the word deregulate means? Simple English it mean no official control of a service, commodity or goods, if government are still using reserves or borrowing dollars to shore up the value of the naira, that means it's not fully floated, if funny floated every one will buy at same rate, black marketers will run at a loss and be out of business just the same way fuel black marketers disappeared.

RepoMan007:
you can't force everyone to sell at same price if you succeed in gettingghem into same market.

that's the beauty of floating the naira fully... Market forces will naturally decide simple.

Otunbakayce:
Shut up please and stop misinforming people.

See disrespect. That the whoooooooole owner of Nairaland o 😂

blacknp:
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?

Will you APC zombies stop putting the failure of the government on the citizens pls.
I despise people like you always trying to twist the narrative and telling innocent people to work hard and sacrifice as if Nigerians have not sacrificed enough.
Is it not the government responsibility to manage the economy?
If I may ask you, what sacrifice have the idiots in Abuja that you are supporting made themselves? Tinubu is buying foreign made SUVs with billions of taxpayers money while globetrotting with the unavailable FX and yet a stupid zombie like you is blaming the citizen for the government failure by telling them to work hard and sacrifice.
May it never be well with you.

Agboriotejoye:

But Tinubu tried a free market and a float and the response was Ebi npa wa oo

No he didn't. The naira is NOT floated AND petrol is still subsidized.

nairalanda1:


Good morning...

1.We remove subsides on power, and let the power sector charge enough so that it can earn enough to improve things...power for industries.

2.We give tax breaks to people willing to set up industries. INcentives

3.We spend more on techincal education.

4.We spend more on railway transport

5.We actually fight corruption. ACTUALLY.

Good suggestions on the whole, but for item 3 and 4....I hope you're not suggesting that GOVERNMENT should do it? Because that PROMOTES corruption and market distortion.

The surest way to fight corruption is PRIVATIZATION AND DEREGULATION of prices. That's not opinion, there's LIVE evidence. When government owned the telecom sector, you had to give bribe to get a phone line.

TODAY you have to give a bribe to get a TRAIN TICKET on Nigeria Railways.

Government is the PROBLEM, not the solution.

Good Luck to Nigeria.

Emefiele is a very sound and intelligent mind better than the zombi he was replaced with simply because the present President feels the cashless policy was targeted at him. Well all of them cannot reduce Nigeria's problem cause it's fundamental and needs fundamental solution.

grandstar:


The primary cause of the dreadful economy under Buhari was the result of the exchange rate policy he followed.

It obviously does not work and it also fuels roundtripping

Waaooh!
Is the roundtripping tendency gone or reduced now?

If anything, it is more profitable today to simply take dollar at official rate and sell at black market with a whopping N550 gain per dollar. With production going down, expect more manufacturers to be tempted to do just that instead of going through the long process of producing what might not sell.

Asswipemod:


Oh, does that change the fact that he is in trouble today because he stole trillions upon trillions of the same dollars and even borrowed his friends same? No matter how hard you try to White wash him and discredit the current CBN government, the fact still remains that he is in custody and will go to jail. You people are saboteurs who are upset because Hoebee didn't get the presidency. As long as you continue to play the ethnic card, your region will always amount to nothing.

go and die with your tribal supremacy politics.
Die fast please. Your type is a waste of matter.

Asswipemod:


Oh, does that change the fact that he is in trouble today because he stole trillions upon trillions of the same dollars and even borrowed his friends same? No matter how hard you try to White wash him and discredit the current CBN government, the fact still remains that he is in custody and will go to jail. You people are saboteurs who are upset because Hoebee didn't get the presidency. As long as you continue to play the ethnic card, your region will always amount to nothing.

Keep deceiving yourself, Emiefile is not going to any jail unless it's just APC media trial jail.
Someone the court already awarded a 100m payment for damages. He will come out clean as it has been with every media trial case by APC.
Hate him or love him , Emiefile managed the economy better than the present bunch of charlatans we have running the economy and causing hyperinflation.