vsaintchigs:
Sorry sir but your time is over.im just angry the year is almost over nd nigeria as a country has no direction or agenda.its not that i dnt like buhari but he should hurry up

Shut up there. True talk we go change am november ending

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.

Please answer the question. What do we as a nation do when we run out of dollar and the other hard currency?

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.....

silence is golden... Get that into your head!

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.

In a good way, so far, yes, it has been effective. At least it is self sustaining so far, in ability to pay salaries, stay out of needless debts, make fuel available, pre-empt strikes and scarcity by being proactive, not deplete the treasury and the reserve, stabilize fuel prices, stabilize the value of the naira without crazy deductions from our foreign reserves. So, yes, so far so good, they have tried, given the doom projections since as far back as last year.
The West wrote and teach the text books, they know how to make it work for them. They have the factors in play considered before each theory, law and recommendation. We don't. Norway is not the largest exporter of Crude, what are you 'smoking'? They are not even top 10 from my knowledge. We have Saudi Arabia, Russia, USA, canada, UAE, Iran, Iraq, Mexico, Brazil. Venezuela, Nigeria and Kuwait are even ahead of them. Nigeria depends on Crude 90% or so. Norway doesn't. The economy of Norway is a developed mixed economy with state-ownership in strategic areas of the economy. They have Shipping, hydroelectric power, Fisheries asides natural resources(crude). Their public sector is among the largest in the world as a percentage of the overall gross domestic product. The country has a very high standard of living compared with other European countries, and a strongly integrated welfare system. Their economy can cope after devaluation, our economy will suffer if FURTHER devalued, remember we have already devalued twice in the last one year from 160 to where we are now.

Emekamex:

Source-> http://mobile.reuters.com/article/idUSL8N12N32I20151023

Lalasticlala
Obinoscopy

Please, why are these people hypocrites?
I thought he, sanusi and others condemned the step of devaluation from the past administration and all they preached against is what they all practise from military joint task force border aid to appointment and screening of corrupt politicians and now devaluation.... well, i've no say though because i never believed them

naijainfogalery:
opportunities every where , But its crazy how 90% people see doom

please I'd like to see what you see. Please

Image123:


In a good way, so far, yes, it has been effective. At least it is self sustaining so far, in ability to pay salaries, stay out of needless debts, make fuel available, pre-empt strikes and scarcity by being proactive, not deplete the treasury and the reserve, stabilize fuel prices, stabilize the value of the naira without crazy deductions from our foreign reserves. So, yes, so far so good, they have tried, given the doom projections since as far back as last year.
The West wrote and teach the text books, they know how to make it work for them. They have the factors in play considered before each theory, law and recommendation. We don't. Norway is not the largest exporter of Crude, what are you 'smoking'? They are not even top 10 from my knowledge. We have Saudi Arabia, Russia, USA, canada, UAE, Iran, Iraq, Mexico, Brazil. Venezuela, Nigeria and Kuwait are even ahead of them. Nigeria depends on Crude 90% or so. Norway doesn't. The economy of Norway is a developed mixed economy with state-ownership in strategic areas of the economy. They have Shipping, hydroelectric power, Fisheries asides natural resources(crude). Their public sector is among the largest in the world as a percentage of the overall gross domestic product. The country has a very high standard of living compared with other European countries, and a strongly integrated welfare system. Their economy can cope after devaluation, our economy will suffer if FURTHER devalued, remember we have already devalued twice in the last one year from 160 to where we are now.

You speak untruths image123! It's not been good so far and that's why both the present and former CBN governors are advising it should be devalued further.

Also, I really don't know where you got those ideas about Norway having a booming public sector...even if they did it was probably in the past as recently they have been heavily dependent on crude sales and the recent fall knocked their economy sideways.

I won't say much, just read this http://ftalphaville.ft.com/2015/02/17/2119329/how-will-the-oil-crash-affect-norway/

And tell me what you think later.

I think this chief should be more concern about his people (boko) and be focus. There's no peace in his Kingdom.

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]

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/

Your argument is so weak and myopic as it is unbelievable that you are using any intelligence in arriving at your conclusion.

Basically your position are as follows:

1. Sanusi should not have engaged a law firm to defend him against what he saw as witch hunting.
2. The law firm involving Osinbajo shouldn't have accepted the brief from Sanusi in 2014 and defended him.
3. Sanusi should have allowed the proposed biased investigation against him to have proceeded; even though as he was later to have been vindicated the court which in its judgement also agreed with the allegation of witch hunting - that it averred that Sanusi would have been like a cockroach within the mixt of chickens.

Pls, kindly answer the following questions: doesn't Sanusi have the right to defend himself and why must he have to subject himself before a kangaroo court clearly hell bent on finding him guilty, in order to exonerate himself from blame - what happened to the adage of innocent till proven guilty?
If the FG under GEJ didn't agree with the court's verdict (which agreed with Sanusi) why didn't it take the matter further to appeal court?
In 2014 Osinbajo was not the Vice President, so why are you framing your allegation as if the VP then used his current position to protect Sanusi - rather than in reality that he simply belonged to the law firm that defended him in court?

And to answer your question: Yes Sanusi had his day in court (but not the one you are thinking); if you or GEJ still believe otherwise either of you can also do likewise.

Wot did u do wen u were there as CBN governor?

ItsMeAboki:
Your argument is so weak and myopic as it is unbelievable that you are using any intelligence in arriving at your conclusion.

Basically your position are as follows:

1. Sanusi should not have engaged a law firm to defend him against what he saw as witch hunting.
2. The law firm involving Osinbajo shouldn't have accepted the brief from Sanusi in 2014 and defended him.
3. Sanusi should have allowed the proposed biased investigation against him to have proceeded; even though as he was later to have been vindicated the court which in its judgement also agreed with the allegation of witch hunting - that it averred that Sanusi would have been like a cockroach within the mixt of chickens.

Pls, kindly answer the following questions: doesn't Sanusi have the right to defend himself and why must he have to subject himself before a kangaroo court clearly hell bent on finding him guilty, in order to exonerate himself from blame - what happened to the adage of innocent till proven guilty?

Can you show where you said the same thing about Saraki's witch-hunting at the CCT otherwise you are a bloody HYPOCRITE of the highest order.
Thanks.

Former CBN Gov. so you sabe economic policy like this yet when you were there you failed to revalue or devalue the naira. What was the growth of industries during your time. Please mister i sabi it all leave and let man do his job to the best his knowledge and strength. If ever you good suggestions why not pass them to him in a civilized manner than on the pages of newspapers and Tv. I suspect you ranting. it may be a gathering plan to remove the current CBN Gov. we are tired of your mannerism. the alleged missing billion has died down. missing girl has died down. queue in the filling stations, phenomenon long forgotten under GEJ govt, is around us!!!

Let's look at two two issues SLS is advocating:
1. Devalue the naira; may be to 250-300 to a dollar
2. Remove oil subsidy at the same time

When 1 and 2 above happen, the price of importing refined petroleum products will increase meaning that consumers will need more to fill their vehicles and this will create price hike(inflation) in other sectors such as transportation, cost of production(because power supply isn't 70% yet),foods prices and so on. It means Nigerians will now spend more from their incomes or salaries to do the same thing they were doing before meaning that they will have less to save and less to spend on possible investments or equivalents.

Due to reduction in crude oil prices in the international market, prices of products have fallen but a weaker naira will erode possible gains. Now the pros and cons are myriads and interwoven. I think even China still manages its currency.I have never been a fan of Sanusi though he's rhetoric but I doubt the competency of his approach in the banking reforms, he didn't do enough to protect the economy, had or gave in to ulterior motives and banks takeovers were not transparent enough.
I think government must also protect the weak, find ways to generate more income through tax expansion, devolve power and responsibilities to states or regions and cede alot of responsibilities to those governments.
As is it today, I for see oil price coming to like $42 before any rise and apart from any 3rd world war, demand can't possibly raise oil price beyond $80 again technology will keep the price around $50 through shale.
The rise in demand spurred by China market cannot be repeated again, China is peaking and remainder of the BRIC especially India will be over supplied by new oil blocs.
Nigeria must focus on gas and seek other exports earners in cocoa etc while protecting the domestic market especially farmers through patronage and domestic secondary market.
Quickly fix power and refineries, railways and license small players across all industries, banks, insurance, manufacturing etc.
The rot in the system shows Jonathan government didn't focus on the economy. I think of now its one way the only way for Buhari government, recover looted funds up to $30billion to fix those sectors and kick start the economy, but that means serious war!

anonimi:


Can you show where you said the same thing about Saraki's witch-hunting at the CCT otherwise you are a bloody HYPOCRITE of the highest order.
Thanks.

I challenge you to thoroughly scrutinise all my previous posts and show where I ever commented, talkless of saying otherwise concerning Saraki; if not then you are the hypocrite and a real BASTARD for evidently manufacturing falsehood against me for no justifiable reason.

repogirl:


You speak untruths image123! It's not been good so far and that's why both the present and former CBN governors are advising it should be devalued further.

Also, I really don't know where you got those ideas about Norway having a booming public sector...even if they did it was probably in the past as recently they have been heavily dependent on crude sales and the recent fall knocked their economy sideways.

I won't say much, just read this http://ftalphaville.ft.com/2015/02/17/2119329/how-will-the-oil-crash-affect-norway/

And tell me what you think later.

No i don't madam. On what basis are you rating the economy BTW? i have used the indices that affect the majority of Nigerians i.e paying salaries, staying out of needless debts, making fuel available, pre-empting strikes and scarcity by being proactive, not depleting the treasury and the reserve, stabilizing fuel prices, stabilizing the value of the naira without crazy deductions from our foreign reserves. All these have produced a fair result compared to the expected gloom that economists forecasted since over a year ago. Even NOI said we would have very hard times, but things are not terrible so far, apart from a few rich men losing a few of their toys. Every other thing has been what we have been experiencing before in waves. The CBN governors are advising because that is what they were taught in school, fortunately for us, we are not in school and we have Buhari. The CBN governors are cut off from the reality that over 70% of Nigerians face, they are only concerned with textbook figures and index on macroeconomics. They are not thinking out of the box at all. They believe if the Naira is FURTHER devalued, it will generate more income for them(FG) and supposedly spur exportation. That is so selfish and myopic. They earn more in dollars so they figure if they are exchanging $1000 at 200,000naira and suddenly by signing stuff, they now exchange $1000 at 250,000naira or 300,000naira, they can do more without breaking much sweat. They believe Nigerians will be discouraged from importation and will look inwards, produce and increase exports. This is all textbook stuff. The reality on ground is that no matter how things are hard, Nigerians will only be complaining and doing the same stuff. The rich will keep increasing, the middleclass will virtually collapse already and the majority poor will suffer it more. Inflation will set in, affecting the poor more. Government will increase minimum wage at a percentage that hardly reflects the devaluation, and BTW, more than 50% of Nigerians don't benefit from a minimum wage increase. Till date, millions are jobless and the increase is appalling, millions more are under private businesses and state government organisations that don't do anything minimum wage. many people are earning far less than 20,000naira working 12hrs and are even afraid to quit as it's their halfbread better than none.

On Norway, please just stop comparing nigeria to norway already, it is a crime.
1. Norway's population is 5million people! We are 170million. The population in the ravaged neglected North East Nigeria is over 5million already, not to mention the number of jobless people in Nigeria, or employed people earning below minimum wage.
2. Norway's GDP is around $100,800. Nigeria's GDP is $3,005.
3. Norway's foreign exchange reserves sits at a convenient over $65billion ahead of countries like Germany, Italy and France. Nigeria's foreign exchange reserves is around $32billion.
4. Norway's interest rate is 1%, nigeria's interest rate is above 10%.
5. Norway's Sovereign Wealth funds(funds for investment and for the future generations by plan) is the HIGHEST in the world, the highest! About $900billion. Nigeria's own is largely unknown though said to be around $1billion. that's the highest figures have seen.
6. The Norwegian Krone exchanges at $1=8.XXkrones. The nigerian Naira exchanges at $1=200naira officially that is.
7. Before devaluation, the Norwegian Krone exchanged at $1=7.XXkrones. Before Nigeria's naira devaluation(we've had two officially already take note), Naira exchanged at 160 to $1 or even less.
8. They have Shipping, hydroelectric power, Fisheries asides natural resources(crude). Their public sector is among the largest in the world as a percentage of the overall gross domestic product. The country has a very high standard of living compared with other European countries, and a strongly integrated welfare system. They have good roads, good schools, good airports, a far better literate/educated people ratio, good healthcare, good train networks, refineries etc.
It is criminal to throw away all these MAJOR factors and say let's devalue again, at least Norway did it.

ibedun:


Please answer the question. What do we as a nation do when we run out of dollar and the other hard currency?

how can you ask this kind
of question in an economy that is currently so awash with foreign exchange that banks are rejecting its lodgement into accounts beside for as long as we export crude oil,we cant run out of foreign exchange.

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?

The major faulty assumption you have is that the Nigerian government is the only source of foreign exchange in Nigeria.There are several other major sources of income like the oil majors like chevron , then you have remittances from nigerians in diaspora,non oil exports etc.Our federal government needs to urgently put measures in place to promote exports from Nigeria.What is stopping all these manufacturers of noodles,biscuits,soap and other little items that litter our economy from exporting to ghana,gambia,senegal egypt etc and earning foreign exchange.If we are going to move as a nation,we need to begin to see how we can use the resources we have in place currently to advance our cause.Nigeria is a blessed country so we need to begin to use these blessings to expand our frontiers in the subsaharan africa to our economic advantage.