₦airaland Forum

datolee:
To buttress my point again..

SLS is a strong believer of defending the naira

Soludo didn't believe much in that and here is another evidence

While SLS spent a whooping $117bn defending the naira, Soludo spent only $57bn

So can you see now that while other regimes may have defended the naira, SLS did more than them.

The question should be.. What is better, defending the naira or devalue it.... In any of these, the question should be directed to the CBN governors not the president.

http://www.punchng.com/business/global-finance/the-logic-of-nairas-devaluation/

Abok1:

To answer your question, by your own admission, if these funds were not taken from the external reserves, then how do you justify the depletion of the external funds in such a short period by 50%. You have unknowingly admitted that some of the points you made earlier about higher recurrent expenditures are as a result of recklessness of GEJ, which further buttresses my point on his eligibility for a 2nd term.

Lets examine your reasons for the depletion:
1. to defend the Naira
Should we now give him a medal for defending the Naira? GEJs presidency is not the only administration to defend the Naira. The question is, why were the previous Presidents able to increase the External reserve, while GEJ depleted it?

2. Bail out private sector
Laughable, because at N25 Billion cash injection for 10 banks is still not up to $3billion. So how do you justify this line of argument?

3. Subsidy
We all know that GEJ and his cronies syphoned the subsidy funds and performed one of the greatest heist in the world to cover their tracks by removing subsidy and blaming it on the cabal. How do you explain over 200% increase in subsidy payments in just a year, except there are some shady deals somewhere. Figures don't lie.

If GEJ led by example, by not asking for ridiculous amount of money for feeding and Jets, the ministers would not have the audacity to misuse public funds. 1.6 million spent by the Nigerian Civil Aviation Authority to purchase the armored BMW cars for Nigeria’s Aviation Minister Stella Oduah would not be spent, neither would the Petroleum Minister hire a private Jet for N10billion.


On the laughable claim that GEJ made Nigerian economy the largest in africa, we all know that you can't make an economy the largest with bletcherous policies, because going by the analogy of Nigeria becoming one of the leading economies in Africa, this is an inevitable occurrence which was going to happen no matter the action or inaction of GEJ. China, India and Brazil are doing so well primarily because of their population which allows them to maximise output.

datolee:
We have arrived at one conclusion, Obj left $ 3 billion debt after clearing the debt.. judging by the rate he accumulated the new debt, GEJ is prudent in his borrowing
So lets go to another question... You keep talking about depletion of external reserve... answer the question.. Depleting the reserve to do what other than defending the naira?. If they used it for any other purpose, please state so we all can shame this "wasteful" government.

ayukdaboss:
He has been busted

Demdem:

Again, this reason is also a foolish one.
Those that "loved " democracy, how have we performed under them.
Ask ur fathers, Shagari was a mess and the people were tired. u aren't more Nigerian than him.
He has every right to contest and if he hates democracy he won't keep going to law court anytime he is being robbed.

Abok1:


I quoted myself again in case you missed it the first time.

forgiveness:
If the bases of your argument is the bolded.

then, what sayest thou about this?

Abok1:

Firstly, let us be clear on one thing. You can check my previous posts on this Fora, I am not a member of APC, nor do I profess to support any political party. But merely disappointed by the performance of the GEJ administration and a further 4 years of this is suicidal. Reason is, if GEJ could not salvage the situation when he is trying to impress and gain the support of the masses towards his 2nd term. Is it when he get the 2nd term and doesn't need the people that he would perform miracles? considering the fact that most administrations perform less impressively in their second terms.

Since we are clear on my political affiliation, we can focus on the deficiencies of the GEJ administration.







The recession was felt because the world as become a global village where, when someone sneezes in Texas, the effects are felt in China. But that aside, Nigeria is one of the few countries in the world which doesn't rely fully on the private sector. The Nigerian case of underperformance of the private sector vis-a-vis the banks was because of the recklessness of the key players without being checkmated by the then CBN management. This doesn't in any way mean that the real global recession affected our private sector. To arrive at a valid conclusion, we need to note that the global recession was mainly caused by



Which meant that the private sector of the Nigerian economy should normally be immune from the effect because or mortgage sectors are not directly linked to the international policies. Attempting to link the two unrelated events is an act of skoptsy, which doesn't help in validating your line of argument.








I will give you a few 'uses'

National conference with nothing to show for it.
$20 Billion missing funds which could have increased the external reserve
#1 Billion budgeted for food
Budgeting N2.2 billion for a “befitting banqueting hall in Aso Rock Villa,” as was the case last year (2012)
N34.5 million for the feeding of lions in the Aso Rock Zoo.

One particularly disgusting item in the 2014 budget is the provision of N1.6 billion as deposit for the purchase of a new aircraft for the presidential fleet that already boasts a record 10 planes and is ranked among the most luxurious worldwide. The profligate presidential fleet is complemented with an extravagant motorcade and glamorous lifestyle. Only two domestic airlines have that many aircraft. Nigerians need to know how much money goes into the maintenance of this large fleet of non-commercial aircraft.
In 2011, N18 billion was reportedly budgeted to maintain the presidential aircraft.

Source: http://www.punchng.com/editorial/jonathans-wasteful-spending-on-presidential-aircraft-fleet/


Do you need more links?

barcanista:
He was shouting DEFEND NAIRA, DEFEND NAIRA, like Jonathan was the first to do it or like we are so daft to understand these basics

EldaTimba:
Sir, what was the reserve used for? Where did it go? Don't reply with rumours because it won't move me.

Demdem:
The truth is Jonathan has been using our reserves for settlement. the fool has been sharing money since his bayelsa days and have exported this criminal act to the fg. During his primaries years ago, we know how much the fool spent on delegates. The same period when reserves are going down. Only a fool will believe it's to make the naira strong.
Now, the states are complaining that there is no money but fg not complaining that no buyers for our oil. Elections are near and the kaikai drunkard needs as much as possible to throw around.
We know how these things work around here.
Only a bastard will ask me for a link.

datolee:
Oh dear oh dear.. must we go this low? Here is your headline news "Naira fluctuated, depreciated over Sanusi’s suspension" This happened as a result of Sanusi suspension. I said and I will repeat, Sanusi believed so much in defending the Naira with external reserve that within 1 month of his bowing out of office, the external reserve grew by over $1billion and excess crude also rose.

http://www.tribune.com.ng/news/news-headlines/item/12820-foreign-reserves-rises-by-1-4bn-in-1month

Here is extract from this link

While some financial experts attributed the increase in foreign reserves to the recent clampdown on BDC operators, the apex bank agrees that the increase was due to the drop in drawdowns in CBN’s programme of defending the local currency

What is your answer?

Iykopee:
^^^ yes he hates democracy as presented in the days he ruled...he neva allowed others to go to court for their own cause. So his going to court justifies nothing aswell.

datolee:
HAHAHA, actually i was confused with your question until I saw your link. Lets go straight to talk

1. The date of the news is 7 November 2014

2. The CBN governor at this time is Emefiele not SLS

3. Here is what i wrote about SLS and Emefiele Emefiele and SLS are the CBN governors under GEJ, while one SLS believes in defending the naira, the other Emefiele does not believe as much

4. Emefiele stopped defending the naira as hard as SLS this explained why the external reserve rose to over $1 billion with 1 month of SLS bowing out office http://www.tribune.com.ng/news/news-headlines/item/12820-foreign-reserves-rises-by-1-4bn-in-1month

5. Emefiele just like soludo believed in tactical or deliberate devaluation of naira as against defending it

6. Now read this... When sanusi left office in June, the reserve was $37.3 billion, in june, 1 month of Emefiele it rose to $40.2 billion. http://nationalmirroronline.net/new/nigerias-foreign-reserves-rise-to-40-2bn-cbn/

7. Does it mean that the magical depletor of the reserve vanished as soon as Emefiele or was it because of change in poilcy, of which the result is decrease in value of naira and tactical devaluation

Abok1:



Datolee, I have answered your questions, waiting for your rebuttal. Can we now shame this wasteful government as you suggested? Your word should be your bond.







I quoted myself again in case you missed it the first time.

barcanista:
You are asking me? It is what I am asking Jonathan and the government. Even Oby Ezekwesilli asked same question but no logical response.

The argument of defending the Naira was not exclusive to Jonathan's Government

datolee:
HAHAHA, actually i was confused with your question until I saw your link. Lets go straight to talk

1. The date of the news is 7 November 2014

2. The CBN governor at this time is Emefiele not SLS

3. Here is what i wrote about SLS and Emefiele Emefiele and SLS are the CBN governors under GEJ, while one SLS believes in defending the naira, the other Emefiele does not believe as much

4. Emefiele stopped defending the naira as hard as SLS this explained why the external reserve rose to over $1 billion with 1 month of SLS bowing out office http://www.tribune.com.ng/news/news-headlines/item/12820-foreign-reserves-rises-by-1-4bn-in-1month

5. Emefiele just like soludo believed in tactical or deliberate devaluation of naira as against defending it

6. Now read this... When sanusi left office in June, the reserve was $37.3 billion, in june, 1 month of Emefiele it rose to $40.2 billion. http://nationalmirroronline.net/new/nigerias-foreign-reserves-rise-to-40-2bn-cbn/

7. Does it mean that the magical depletor of the reserve vanished as soon as Emefiele or was it because of change in poilcy, of which the result is decrease in value of naira and tactical devaluation

forgiveness:
Exchange rate history
This table shows the historical value of one U.S. Dollar in Nigerian naira - PM = Parallel Market.
Date Naira per US $ Date Naira per US $
1972 0.658
1973 0.658
1974 0.63
1975 0.616
1976 0.62
1977 0.647
1978 0.606
1979 0.596
1980 0.550 (0.900 PM)
1981 0.61
1982 0.673
1983 0.724
1984 0.765
1985 0.894 (1.70 PM)
1986 2.02 (3.90 PM)
1987 4.02 (5.90 PM)
1988 4.54 (6.70 PM)
1989 7.39 (10.70 PM)
1990 7.39 (10.70 PM)
1991 8.04 (9.30 PM)
1992 9.91
1993 17.30 (21.90 PM)
1994 22.33 (56.80 PM)
1995 21.89 (71.70 PM)
1996 21.89 (84.58 PM)
1997 21.89 (84.58 PM)
1998 21.89 (84.70 PM)
1999 21.89 (88-90 PM)
2000 85.98 (105.00 PM)
2001 99-106 (104-122 PM)
2002 109-113 (122-140 PM)
2003 114-127 (135-137 PM)
2004 127-130 (137-144 PM)
2005 132-136
2006 128.50-131.80
2007 120-125
2008 115.50-120
2009 145-171

barcanista:
Please when did Soludo deliberately devalued the Naira? You want to use "tactically", bros there is NOTHING like tactical devaluation in economics.

datolee:
Sorry but your argument is very out of place. I never talked using external reserve to bail bank or subsidy!

My one and only sustained argument is that the external reserve was used to defend the naira. You asked, but other government defended the naira too, The answer is yes but not as much SLS led CBN. and here is the figure to prove

[s]Within 4 year period, Soludo only defended Naira with $57bn while SLS withing the same 4 years, spent $117bn to defend the naira. if you just can't see the difference, i'm sorry but i can't help you out[/s]

My friend stop being clever by half.
Obj kept Naira stable for a very long time. The Naira has always been defended against deliberate devaluation, though It kept devaluating even till date. It is not only Jonathan that defended the Naira, Yar adua also did. But He didn't deplete the Reserve, instead it was soaring and only dipped during the economic crises. Sanusi came and bailed banks. as at the lowest, oil price was 30$ per barrel. His borrowing was just a few dollars(external debt)/

Goodluck Jonathan also defended the naira from deliberate devaluation, However, Oil price was high as 85-107 dollars. On a normal circumstance we wer supposed to have more in our reserve and even cleared the $3. billion debt that he inherited. Rather the Reserve was depleted, debt worsened and he even enjoyed partial subsidy removal which his predecessors didn't.

My friend you have no point!!!

datolee:
Sorry but your argument is very out of place. I never talked using external reserve to bail bank or subsidy!

My one and only sustained argument is that the external reserve was used to defend the naira. You asked, but other government defended the naira too, The answer is yes but not as much SLS led CBN. and here is the figure to prove

Within 4 year period, Soludo only defended Naira with $57bn while SLS withing the same 4 years, spent $117bn to defend the naira. if you just can't see the difference, i'm sorry but i can't help you out

datolee:
HAHAHA, actually i was confused with your question until I saw your link. Lets go straight to talk

1. The date of the news is 7 November 2014

2. The CBN governor at this time is Emefiele not SLS

3. Here is what i wrote about SLS and Emefiele Emefiele and SLS are the CBN governors under GEJ, while one SLS believes in defending the naira, the other Emefiele does not believe as much

4. Emefiele stopped defending the naira as hard as SLS this explained why the external reserve rose to over $1 billion with 1 month of SLS bowing out office http://www.tribune.com.ng/news/news-headlines/item/12820-foreign-reserves-rises-by-1-4bn-in-1month

5. Emefiele just like soludo believed in tactical or deliberate devaluation of naira as against defending it

6. Now read this... When sanusi left office in June, the reserve was $37.3 billion, in june, 1 month of Emefiele it rose to $40.2 billion. http://nationalmirroronline.net/new/nigerias-foreign-reserves-rise-to-40-2bn-cbn/

7. Does it mean that the magical depletor of the reserve vanished as soon as Emefiele or was it because of change in poilcy, of which the result is decrease in value of naira and tactical devaluation

datolee:
Nigeria: Naira Devaluation Deliberate, Says Soludo

Central Bank of Nigeria (CBN) Governor, Chukwuma Soludo, explained to Senators on Tuesday that the devaluation of the Naira is deliberate and gave an assurance that the economy is robust enough to withstand the fall of the currency.

He spoke in Abuja in response to the invitation the Senate sent out to the managers of the economy, who include Finance Minister, Shamsuddeen Usman, and Presidential Economic Adviser, Tanimu Yakubu Kurfi.

Soludo used the word deliberate, Emefiele used the word tactic... either ways, the naira was devalued, you got it?

barcanista:
Mr. Man you seem to be avoiding me.

Demdem:

If u understand how military regimes roll all over the world, u won't talk this thrash. So in ur daft state, anyone involved in a military regime hates democracy right.
Abegi u will live long but don't qoute me again.

datolee:
How and when I avoided you is a mystery to me.. I'm reply not only but others, so if I missed your question, it does not mean that I avoided you.

I have actually answered your question, I have provided the link of soludo saying that he deliberately devalued the naira!! what more do you want from me? Soludo said not not me.

Emefiele Also an advocate of devaluation used the word tactic devaluation not me!

However, SLS kicked against any delibrate devaluation of Naira.... do you get it for the last time??

barcanista:
Let us go with your logic:
Sanusi defended it, Reserves was $37.3 billion as at June.
Emefielle "devalued" it it became $40.02billion

As at Today, the reserve is at $38.2BILLION http://www.cenbank.org/intops/Reserve.asp are you saying that the reserve still went down after Emefiele devalued it?

demdem omenka obiagelli

The Movement in Reserves (30-Day Moving Average with effect from November 2011)

The evolution of the foreign exchange market in Nigeria has been influenced by a number of factors such as the changing pattern of international trade, institutional changes in the economy and structural shifts in production. Prior to the establishment of the Central Bank of Nigeria (CBN) and the enactment of the Exchange Control Act of 1962, foreign

Before:
Date Gross Liquid Blocked %
Database Results Wizard Error
The operation failed. If this continues, please contact your server administrator

datolee:
No need calling people.. make your submission and move on. here is what i see from your link



Where did you get your figure from? or my computer isn't working??

datolee:
No need calling people.. make your submission and move on. here is what i see from your link



Where did you get your figure from? or my computer isn't working??

barcanista:
Someone please check this website http://www.cenbank.org/intops/Reserve.asp

Enter the date you want and click GO

Please I am waiting... That is CBN official website

karlmax2:
oga this your am not an apc supporter is another deception u people are known for .a member of your APC was the chairman of the committee that held public investigation on your phantom missing 20b dollars and here are the findings educate ur self.

Ahttp://www.tribune.com.ng/news/top-stories/item/6507-20bn-oil-money-senate-clears-diezani-nnpc-asks-fg-to-scrap-fuel-subsidy/6507-20bn-oil-money-senate-clears-diezani-nnpc-asks-fg-to-scrap-fuel-subsidy

The other trash u wrote up their were all approved by the senate that comprises of your apc member all what u wrote their were approved in the budget.this ur straw clutching didnt answer the question i asked u

If boko haram is not a serous challenge to the country as claimd the nigeria does not have serious challenges how come you party is using it as a campaign tool?