ajepako:



" wise dumbos' everywhere..

Everyone playing Economist!

Toast to your ability to ' comprehend'

francoray:
As PDP senator's kept quiet when Chibuike Amaechi was in their midst.... So shall your enemies keep quiet when it's your turn to shine.....

anonimi:
We may not need all that if Sanusi submits himself for probe instead of getting VP Osinbajo to buy him protection from our courts, not so






[size=14pt]The FRCN’s report on Sanusi[/size]



[img]https://www.nairaland.com/download/660265[/img
Having read your submission on the above case you clear outlined, I hv some few reserved and observation abt them.



The decision to suspend the Central Bank of Nigeria Governor, Sanusi Lamido was based on a report of the Financial Reporting Council of Nigeria dated June 7, 2013.

The report was made after a review of Sanusi’s response to the query issued to him by the President over the apex bank’s financial statement of 2012. His response was dated May 20, 2013.

According to a copy of the report obtained by our correspondent on Thursday, the council indicates that the explanation provided by the suspended CBN governor is “a clear display of incompetence, nonchalance, fraud, wastefulness, and abuse of due process and deliberate efforts to misrepresent facts on the part of the leadership of the CBN.”

The council advised the President to exercise the powers conferred on him by Section 11(2)(f) of the CBN Act 2007 or invoke Section 11(2)(c) of the said Act “and cause the governor and the deputy governors to cease from holding office in the CBN.”

The report read: The particulars of the infractions against Sanusi are:

Persistent refusal and/or negligence to comply with the Public Procurement Act in the procurement practices of the Central Bank of Nigeria.

(A) By virtue of Section 15 (1)(a) of the Public Procurement Act, the provisions of the Act are expected to comply to ‘all procurement of goods, works and services carried out by the Federal Government of Nigeria and all procurement entities.’ This definition clearly includes the Central Bank of Nigeria.

(B) It is however regrettable that the Central Bank of Nigeria, under his leadership, has refused and/or neglected to comply with the provisions of the Public Procurement Act (PPA). You will recall that one of the primary reasons for the enactment of the PPA was the need to promote transparency, competitiveness, cost of effectiveness and professionalism in the public sector procurement system.

More from: http://www.punchng.com/news/the-frcns-report-on-sanusi/

Spirit1:



The central bank policy of currency restriction and protection of the value of naira is killing the Nigerian economy. We don't live in a vacuum. The international community know that naira is over valued. They are not fools. It doesn't matter what the central bank governor is telling us, seasoned economists in other countries know that we are living in a fool's paradise. CBN policies are killing the Nigerian economy. We just don't see the measured effect on day to day basis. Manufacturing sector is dying. By the time we realize it Ghana and other Sub Sahara African countries have over taken us. Then you will wonder how overnight countries we were better than are now way ahead of us.

Devalue the naira now!!!! Remove currency restrictions!!!! Reduce interest rates !!!!! Now!!!!

ibedun:


Okay, if we do what you are suggesting then where do we get dollar from if and when our current dollar reserve runs out?

Oil price is down and our dollar income has reduced significantly,,,,(Yet) you want us to continue importing like before? And paying foreign suppliers in dollars that we are not making like before. If we run out of dollar the government will have to go to IMF and world bank to borrow at crazy interest rate and inhuman terms and conditions that will impoverish the next 5 generations.

Do you people even know what you are talking
about?

repogirl:
DUH? That is the obvious thing to do but our Cow herder of a president can not get it! Can you blame him, when he barely has a school leaving certificate anyway! And so called literates put him in power!

If you leave CBN they will devalue it like they were doing during Jonathan's time but this olodo president will not gree. The economy is soooo bloody tight and everything is constrained because of these desperate policies. Investors have pulled out and we are now in a recession.

Rubbish! Abeg we need a correct finance minister and not a bloody puppet!

francoray:
As PDP senator's kept quiet when Chibuike
Amaechi was in their midst.... So shall your
enemies keep quiet when it's your turn to
shine.....

kinibigdeal:
Even when the oil price was down, GEJ team manage to stabilize the economy. Goto the market now, and you will see inflation. Buhari is the real clueless agent, even dull than expected. Is media team are so confused that they contradict themselves.

Image123:


Indeed, with their paper Economics that was borrowing to pay salaries, spending more helplessly on recurrent expenditure, falling yakata naira from 160 to 230, depleting reserves like a LEAKING basket. We're tired of such managing to stabilize.

likila:


when you see your opponent making a blunder, do nothing.

kinibigdeal:

Hear yourself out

saudatu:

Ok I will check it out.

Image123:


Everybody gets it from the capitalist textbooks, however Buhari is more of a socialist. i love him for that. Textbook Economics have yet to help the common man, a situation that qualifies 70% of Nigerians.

Ademat7:
yea u r right however what do u think is behind his trip to US? A capitalist at that, get a soft/hard copy of 'how europe underdevelop africa' n thank m later

tundebaba234:
Neocolonialism, indeed the last stage of imperialism. In 2015 Nigerians still dont understand that their government doesnt control the economy. We are slaves and puppet of this destructive economic neoliberalism order. Buhari cant do much. 4 yrs from now people will understand the effect of capitalism

tundebaba234:
Neocolonialism, indeed the last stage of imperialism. In 2015 Nigerians still dont understand that their government doesnt control the economy. We are slaves and puppet of this destructive economic neoliberalism order. Buhari cant do much. 4 yrs from now people will understand the effect of capitalism

Image123:


To be fair, one, he was invited. Two, he went to discuss security and bringing investors, not capitalism.

Ademat7:
dat investor in ur post is d capitalism nw,they will encourage govt to privatize or if they want to do 'finishing' ask FG to tk loan frm IMF n Worldbank bank for fast development

Image123:


Everybody gets it from the capitalist textbooks, however Buhari is more of a socialist. i love him for that. Textbook Economics have yet to help the common man, a situation that qualifies 70% of Nigerians.

repogirl:
okay...so how is this move helping now? Is it growing the economy or moving it backward? Is it effective in a good way, so far?

BTW it's not text book economics that is Nigeria's problem! You and I know Nigerias real problems.

BTW doesnt Textbook economics helps the United States and European countries? After all they wrote the textbooks, didn't they?

Norway, the largest exporter of crude recently had to devalue their currency to cushion the effect of the crude price fall. Their economy is coping while ours has entered a recession.... In months to come, it will all unravel fully. This is only the beginning.

Adesiji77:
Hmmm, I smell....

chyket:
What we are doing currently is like a father who has millions of naira in the bank as savings but his children are out of school,hungry and sick.As at today ,Nigerian banks are owing about $4b to their foreign counterparts that they opened letters of credit to for their customers and these customers have their foreign exchange but they cant pass it through the banks.You reserve has nothing to do with my business if i can source my own foreign exchange without going through the CBN.What actually depletes your foreign reserve more is if you are creating artificia foreignl exchange rates without allowing the forces of demand and supply to get the actual rate,so you end of intervening in the market with your foreign reserve.

chyket:
What we are doing currently is like a father who has millions of naira in the bank as savings but his children are out of school,hungry and sick.As at today ,Nigerian banks are owing about $4b to their foreign counterparts that they opened letters of credit to for their customers and these customers have their foreign exchange but they cant pass it through the banks.You reserve has nothing to do with my business if i can source my own foreign exchange without going through the CBN.What actually depletes your foreign reserve more is if you are creating artificia foreignl exchange rates without allowing the forces of demand and supply to get the actual rate,so you end of intervening in the market with your foreign reserve.

chyket:
What we are doing currently is like a father who has millions of naira in the bank as savings but his children are out of school,hungry and sick.As at today ,Nigerian banks are owing about $4b to their foreign counterparts that they opened letters of credit to for their customers and these customers have their foreign exchange but they cant pass it through the banks.You reserve has nothing to do with my business if i can source my own foreign exchange without going through the CBN.What actually depletes your foreign reserve more is if you are creating artificia foreignl exchange rates without allowing the forces of demand and supply to get the actual rate,so you end of intervening in the market with your foreign reserve.

AZeD1:

How does devaluing help the economy? We don't export anything so how is the Naira over priced?
Devaluing would just make the country poorer.

Reference:


It helps discourage imports by making them more expensive. You say it makes us poorer. I say some of us, not all. Those who live by and depend on 'foreign goods and services' but some like us who offer foreigners goods and services just love the short to medium term benefits. So my advice to Nigerians is, this represents the best opportunity for us to restructure our economy rather than scaremongering to keep us addicted to oil, dependent on commodity trade and intellectually lazy. Suffering is indeed good for the soul.