Bayswater:
I still dey observe. The children of anger have not made any single contribution, they will rather attack the OP's personality. i am waiting for you lazy bones to come up with facts or at least counter the ones he has raised in his post.

joseph1832:
The question you should ask yourself is, have there ever been a time in Nigeria that the price of good drop?

Even the price of transportation is still high knowing that petrol isn't 97 Naira anymore but 87 Naira.

Bayswater:
I still dey observe. The children of anger have not made any single contribution, they will rather attack the OP's personality. i am waiting for you lazy bones to come up with facts or at least counter the ones he has raised in his post.

joseph1832:
The question you should ask yourself is, have there ever been a time in Nigeria that the price of good drop?

Even the price of transportation is still high knowing that petrol isn't 97 Naira anymore but 87 Naira.

Realdeals:
We are not operating a dollar economy

helpee:
f

Jesusloveyou:
Is d op telling us to fold our hands, without doing anything? To allow d dollar climb to 300 naira? This is d best way for now until, we fixed our refinery to work in full capacity, in order to reduce importation, and again, those who stockpile their ill gotten wealth in dollars, need to dislodge their dollars first, i hope d cbn to blocklist more useless items, our economy must work by all means.

MizMyColi:
This was my reaction when I saw the news of Naira appreciation.



I am stepping out of my work place now.
I will read the OP and draw a conclusion as soon as I'm settled.

*modified*

I have read the OP

Well‎ ‎
*sighs*

Is it that Mr Godwin is simply unintelligent?
Is he under pressure of any kind to perform?‎
Why the cosmetic change?
‎
To be honest, I want to see transformational progressive change, but if Barcanista's ‎writeup is anything to go by, then it means we're still far from anywhere near el-dorado.
Smh really.‎

joseph1832:
Yes what if! Tell me, how does the exchange rate affect you? Has it so far hampered you from performing you duty in your place of work? And how come your master only focus on those operating dormicilliary account? I believe they're not the only ones living in Nigeria are they?

MizMyColi:
smh.
*Deep Sigh*

Biko where are our inhouse staunch economists cum historians?

Jarus, Israeliairforce, Agabai23

Barcanista has raised valid points...

Let's attack the points raised and reach a valid conclusion concerning our currency appreciation/depreciation and the way forward.

I will be lurking on the sidelines...gleaning from reasonable insights.

OREMUSSANCTUS:

Small boi

Mynd44:

But was there ever any time they sold petrol for 87? We all know that was all for election campaign na

MizMyColi:


[size=14pt]*iGnored*[/size]

Mynd44:

Why should anyone counter his posts when they his comments are incomplete? The Naira started crashing in November and was devalued then. That is when this issue started, if you want to have a reasonable discussion, started from there and don't pick issues from the middle.

That's if any of you dare though

Mynd44:

The thing is that they don't know why the Naira fell to 200 in one month while the government sat down unable to do anything....

Barcanista should go and put those reasons in the OP and he will have made sense and we know we are all looking for a solution.

Ymodulus:

Domiciliary accounts were never designed for such purpose at the onset. They are to use Form A or Form M, or Bill of Collections or Letter of credit.
These are channels designed for international trade. Domiciliary or Western Union or Money Gram were never designed for such. So its time we follow principles as seen in developed countries.



The decision, the banks decided to take that line of action because they felt that the level of foreign currency that had in their vaults was above the optimum level that they could manage. Let me put it to you this way: when a bank accepts naira cash and it has excess cash in its vault, what it does is to take it to the CBN and the CBN gives them value for it. But when a bank has excess dollar cash in its vault, what is it going to do with it? If they take it to the CBN, what is the central bank going to do with it? So what you will find is that if they continue to accept it from bank customers, it becomes a useless piece of paper in their vaults because it is a non-earning asset. So that is why you are not going to blame banks that say they have excess foreign currency in their vaults and do not need it again because they don’t have a mechanism through which they can dispose of it and get real value.



Answer same as no1. They can get Form A or M, BTA , Bill of collections, Letter of Credit and other means of international trade.


Wrong ideology. Very wrong am disappointed in you on this, i believe you deliberately twisted this. There are several macroeconomic variables that comes to play to determine the price. In this case the law of supply of dollars and demand comes into effect.

I disagree with you. This will reduce the price. The only problem we have is we ourselves (Nigerian), when naira depreciates we are quick to increase price but when it appreciates we are slow to reduce price.


There is no doubt that one day the dollar will be dried up and it will sky rocket again. but it will be difficult. And that will take a long time.


I agree the naira is not appreciating. what we are seeing now is a psychological prank been played on us by the CBN.


warp analysis. There are several things that works for egypt and cannot work for us. dont be so quick to use their analysis to set as an example for nigeria. Corruption kills us and the currency world is a corrupt world a case of blood money. and since we are yet to uproot the corruption, egypt model should not be set as an epitome block for we to follow.



its $50,000 annually. to exceed this amount you have to fill a form.


funny why i disagree with you on some of your analysis, i accept your conclusion.

Bayswater:
I still dey observe. The children of anger have not made any single contribution, they will rather attack the OP's personality. i am waiting for you lazy bones to come up with facts or at least counter the ones he has raised in his post.

doncaster:
The depreciation of the naira at the tail end of 2014 was due to the slump in oil price. If you had watched, the rubble(russia) and venezualan curruncy went downwards as well cos both countries like Nigeria depend on the oil as the mainstay of their economy. The rubble was the biggest earner during the Q1 of this year as soon as the oil price started going up due to some measures putin put in place. Now I dont expect naira to slump further than what it was before May cos oil price has gained.

Honestly if PMB had constituted his carbinet things wun't be this way. Now the price of oil is dropping again only God know our faith in months to come.

Mynd44:


Now you got that right that the main reason the Naira fell in November was because of oil prices but then you should also ask what they heck happened to our reserves when oil was selling for $100 and thereabout?

Now the Naira fell to 204 as at February from 154 in November which is basically almost 30%. Can we blame that totally on oil prices? No, it is bad fiscal planning.

We were exporting crude oil whose prices was dropping and importing refined petroleum products at subsidized rates when we could have had refineries and had no need to import fuel.

So an economy where the National budget is about $25-30 billion is importing fuel alone with almost $7 billion then subsidized it in which the major export was crashing which had its Central bank instead of marking policies to stem the crash was "defending" it with hundreds of million every month and you ask what was supposed to happen to the Naira?

I still wonder what the absence of a minister for finance would have done as this is a CBN affair

neurologist:
stop making fool of yourself...u have lost the respect I have for you for the past few weeks.. I think u nid to go on a break

Mynd44:

If you read the OP well, there is actually no point to address. Most of it is philistinism.

If there is any issue to be raised it has to start from when the Naira started falling and it got devalued, then we take why the CBN was defending the Naira and then the recent desperate moves the CBN has taken.

That is the reasonable debates but since the OP has personally decided to leave some vital parts out (either cos he does not know or cos he is avoiding them) what should anyone discuss?

Mynd44:


Now you got that right that the main reason the Naira fell in November was because of oil prices but then you should also ask what they heck happened to our reserves when oil was selling for $100 and thereabout?

Now the Naira fell to 204 as at February from 154 in November which is basically almost 30%. Can we blame that totally on oil prices? No, it is bad fiscal planning.

We were exporting crude oil whose prices was dropping and importing refined petroleum products at subsidized rates when we could have had refineries and had no need to import fuel.

So an economy where the National budget is about $25-30 billion is importing fuel alone with almost $7 billion then subsidized it in which the major export was crashing which had its Central bank instead of marking policies to stem the crash was "defending" it with hundreds of million every month and you ask what was supposed to happen to the Naira?

I still wonder what the absence of a minister for finance would have done as this is a CBN affair