₦airaland Forum

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

educated iiliterate,that's what you are,so what is the conclusion of your theory,we should wait,just fold our arm's n wait until the almighty west decide,i pity your parent's that waisted their time training you as an economists,if mr ubah or what ever he call's himself said he can fix the problem even in one month,if he have the wisdom as he profess ,then he should be consulted,if all he wanted is the publicity of being consulted,even in the west most time they swallow there pride and consult who ever that enjoy being consulted before contributing or giving solution,my conclusion is that everything you wrote was the reminder of the present predicament,what is your own solution to the exchange rate problem?all U do is jump into conclusion with the non sense they thought u at school,ARE YOU INSIDE MR UBA'S HEAD?oga economist,what should we do to restore the situation?and your answer is that we should WAIT until our master decide to raise oil price,i hope you don't mess thing's up in your office ,because you are so rooted with poor understanding,oil this ,oil that mmeee

hollandis:
I hope dollar increases to 500$ ,it is better for us that are outside the country

shallow thinking.

ivili:
i do admire your write up but i believe Nigeria never had $62 billion as foreign reserve rather it was $42 0r $45 billion.The administration increased the figure by adding our excess account.I know you are aware,i just wanted to add that...thanks for the knowledge,ive learnt something positive.

You interpreted my comment as comparing OBJ administration and that of Yar'Adua/GEJ, but that was not my objective. I deliberately used dates without making reference to any personalities.
---
My comment simply pointed to the fact that during the GFC in 2008, Nigeria had FR of ~$6bn, and that is a fact. Of course, OBJ left the Reserves at ~$43bn which the Yar'Adua administration built up to over $62bn (just in case that was your point).

Nigerian Like quarrel pass fight. The man has not asked for a dim why not consult him and see what he has to offer?

How much are we going to pay?

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

What you said is absolutely right. I wish Buhari will come, read and digest this so he'll understand the gravity of the blunder he comitted duri g his campaign when he said in Owerri that he'll make $1 equal to N1.
You remember sometime in d past when Okonjo iweala was warning federal and state govts about the drop in crude oil price and how it will affect foreing reserve so badly in very near future. She den adviced that the extra crude account should not be shared and also adviced governors to focus more on IVR and payment of salaries and drop capital projects but they refused.
Now CBN cannot meet demand for fx because of depleting forex reserve. In a bid to salvage the situation, CBN stoped selling dollars to BDC but asked them to source fx from other means so as to meet the customers demands.
Moreover CBN said they'll give license to travelex to operate in Nigeria to replace BDC. Therefore while the exchange rate is now so high in black market is because CBN only sell fx to commercial banks @ official rate of N199 to $1 and BDCs now have limited amount of fx to sell to their customers.
I can tell you that if BDC operators start getting enough fx from neighbouring countries to sell in Nigeria, naira will begin to appreciate and our foreing reserve also will keep increasing gradually.

What Ifeanyi Uba may want to do is to get approval from the authorities and operate a venture like that of BDC and or travelex. With that he can achieve what he said if he can meet people's demand for dollars.

I dnt think drz any harm in trying dis guy. He's really confident abt it.

Bevista:
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

mcgaius:
You are part of our problem.Nigeria has many people like you and yet we suffer in the mist of plenty.Imagine you have this knowledge yet we are still sinking in hardship.I guess if the guy that invented air plane has shared his idea with you,you would have discouraged him saying its not possible and quoting all the ancient science that you know.lets give that guy a chance lets know if he really has something to offer so that we do not treat him like a certain Dr Agbalaka who claimed he has the cure for HIV only for the Nigerian medical association threatened him till they killed his dream. You are a typical black man

help me tell am o @mcgaius, after making sense he went on to show common sense still is not common...ITK.

Mboi:
What Ifeanyi Uba may want to do is to get approval from the authorities and operate a venture like that of BDC and or travelex. With that he can achieve what he said if he can meet people's demand for dollars.

thank you

cruzclinton1:
Proudly an anamberian........we don't say what we can not do........we owns the economy of this fucking nigeria.

Why is it that u Anambra people are loudmouth mofos?always bragging

that is your opinion and your solution,then wait until mr uba bring his own solution,maybe what he has to offer might be more interesting than yours,that might be the reason he insisted on being consulted

Bevista:
My analysis focused on short term causes, effects and solutions. Of course, in the long term, the country can diversify its FX earnings by exporting other items and reducing dependency on oil FX revenues.
---
I will ignore all the other childish insults in your comment.

Mboi:
Yes he can do it. He is not Bubu that lacks integrity who promised Nigerians heaven and earth including making $1 to N1.
Ifeanyi Uba has saved Nigerians before in May 2015 when artificial fuel scarcity was killing Nigerians. He said he had enough fuel that will serve the whole country for weeks and he did it.
Now he said if given a chance he will make $1 back to N200 within one month, I know they will not want him to save Nigerians because of political selfish interest.
Very soon we’ll start hearing on news headline; How Capital Oil Boss Ifeanyi Uba Diverted $862billion from NNPC in 2014- EFCC

I sincerely sympathise with your your blindness. When will u stop this your tribalistic reasoning? Its an economic issue not the the matter of wealth or how much u have. I bet he knows nothing about what he is saying. Except we increase our export and reduce the demand for foreign goods. Naira will never have power

This was the same promise Buhari made during his campaign. Is this man a magician? Or he is looking for appointment from Buhari?

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

Thank you for this great educational post!

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

Absolutely brilliant

menacetosociety:
Why is it that u Anambra people are loudmouth mofos?always bragging

na to go die sure pass

magicfingers009:
mr enlightened. now that u have faulted bevista comment. what solution do u have. im sure you have none. so keep quiet and dont talk other people down. gosh! u dont even have an idea of what is going on talkless of proferring any solution.

thank God you acknowledge that i'm enlighten,and i didn't finish secondary school,ahhhh you are surprised ?yes i stoped at ss2,all i'm saying is that people should expand there point of view and not put all there trust in pen and paper,education is sure vital ,but wisdom and understanding is divine,this mr ubah might not be as educated as this my dude,but he is able to run empire,while my hommie with all his certificate is chilling in one corner and be writing he's frustration,at this working hour,monday for that matter,that nigga yall hailing ,is a retired loser

Ifeanyi ubah helped stopped fuel scarcity within one week last year, he can solve this naira issue, just trust Igbo brains, we are connected with God.

Another round of scam change has surfaced again, but I refuse to buy it since am not passingshot, obiagelli, modath , Kingtom , etc...

The man wanted to flood the market with the election dollars that was kept..... God dey

opwa4us:
I sincerely sympathise with your your blindness. When will u stop this your tribalistic reasoning? Its an economic issue not the the matter of wealth or how much u have. I bet he knows nothing about what he is saying. Except we increase our export and reduce the demand for foreign goods. Naira will never have power

You just showed you have limited knowledge concerning this issue.

they are the ones hoarding the dollars, they want Buhari to consult them so that they will start to dictate for him, go sit down. many of them have decide to withdraw their NAIRA and convert them to dollar just to drain our economy of the dollar and make it scarce but very soon you guys will be tired of holding d dollars. just hold it until d budget is passed let me see if it will remain #400 then. if you know what you can do to help Nigeria, why must you wait for the president to consult you first?

240naija:
As the nation's currency exchanges at N400 to the US dollar on Sunday, Billionaire business mogul has said that if the Buhari-led federal government consults him, he could restore the nation's currency to an exchange rate of N200 to one US Dollar within one month.

Speak­ing on a Channels Television poli­tics programme on Sunday, billionaire businessman and the Chairman of Capital Oil and Gas Services Ltd., Dr. Patrick Ifeanyi Ubah, has advised the Federal Government to consult some Nigerians who can halt the free fall of the Naira which is affecting the na­tion’s economy.The Nai­ra currently exchanges at N400 to the US dollar.

The Publisher of The Authority newspapers, said that if the President Buhari-le federal gov­ernment consults him, he could re­store the nation’s currency to an ex­change rate of N200 to one US Dollar within one month, thereby arresting the slide in the Naira which is virtu­ally crippling the economy.

The Chairman of Ifeanyi Ubah Football Club, however did not say how he was going to bring the Naira down to an exchange rate of 200 per dol­lar, but said the government could seize everything he owns if he failed to do this within one month, if given the mandate.

Chief Ubah also affirmed that he was not involved in any way what­soever in the $2.3 billion Dasuki­gate arms deal that involved the for­mer National Security Adviser, Col Sambo Dasuki, adding that he was not in­volved in the politics of contracts and has never done any government con­tracts, whether at the Federal, state or local government levels.

"I am highly misunderstood, sometimes controversial. But I have never done any government contracts. I did not collect any money from Gov­ernment; I do not have an oil block – and I have not asked for one.

"I did not know Dasuki. TAN nev­er received money from Dasuki or the People’s Democratic Party. We did what we did in the interest of the na­tion and for posterity.

"I’m a politician with a mind-set of making life worth living for the people, when issues seem to be getting out of hand. So TAN has no hand in whatever that has to do with the arms deal fund."

He said following the controver­sies trailing the #Dasukigate, it has be­come necessary for him to extricate himself from allegations that himself and the non-governmental organisa­tion, Transformation Ambassadors of Nigeria (TAN), were in anyway in­volved in the sharing of the arms deal money.

https://www.tori.ng/userfiles/image/2016/feb/22/dr-ifeanyi-ubah-speaking-1.jpg
https://www.tori.ng/userfiles/image/2016/feb/22/dr-ifeanyi-ubah-speaking-3.jpg
http://www.levitoday.com/2016/02/i-can-bring-us-dollar-to-n200-in-one.html

he hasn't paid up debts of 105 billion naira owed amcon as published by this day newspaper yet he his on t.v making noise

We're not that on a hurry so let's give him 2 years and see if $1 can be equal to one naira or even 50kobo sef...

quote author=Eebrahym post=43147751]

or lets give him 1 year to make it at $ to 50naira

Okugbe[/quote]

So Buhari was foolish when he said he will make 1 Naira equal to 1 Dollar, right?

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

Ifeanyi Ubah make it come back to N150 not N200.

Bevista:
Ordinarily, I should not comment on this thread since Ubah has not mentioned how he would go about it. However, for the benefit of those who might get swayed by his cheap claims, I'll say something.
---
The exchange rate (PRICE of dollars) is determined primarily by SUPPLY of dollars (through exports, FDIs, foreign borrowing, etc) and DEMAND for dollars (through imports, payments of foreign school fees/medical bills, online purchases, etc). The NET flow of these transactions determine the Balance of Payments (BOP) account with the Central Bank. Elementary economics tells us that when demand exceeds supply, prices go up!
---
Coming back to Nigeria, it is well known that oil accounts for 95% of our FX earnings. As oil prices have collapsed from ~$100 in 2014 to ~$30, our supply of dollars has dropped tremendously. This is even worse when one considers that our cost of oil production is ~$20/bbl, meaning that our dollar revenue from oil has dropped from ~$80/bbl to ~$10/bbl. On the demand side, the request for imports are increasing. With such supply shock and increasing demand, there is only one way for the exchange rate to go. This is basic economics and has nothing to do with Emefiele or Buhari, except you are simply being mischievous or grossly ignorant.
---
When oil collapsed from around $147 to $38 due to the 2008 Global Financial Crisis (GFC), Nigeria had a Foreign Reserve of ~$62bn. The then CBN Governor had to spend ~$20bn from the Reserves to meet import demand thereby preventing devaluation/depreciation. Between 2011 & 2014, oil price was above $100, meaning that the administration never had a dollar supply problem and so could maintain a stable exchange rate. Fast forward to late 2014 when oil prices slid to ~$60, the CBN had to devalue the Naira twice within a period of 6 months (Nov 2014 & Feb 2015) because the Reserves were too low (<$35bn) to deplete to support imports. Now in 2016, oil prices are around $30/bbl while FX Reserves is less than $28bn. The supply shock has reached unprecedented levels, yet demand for imports has not decreased. There is absolutely no way that the exchange rate can stay below N250/$. Simple economics says that price will continue to move till a new equilibrium is reached where demand equates supply.
---
There is no policy from Emefiele, Soludo, Greenspan, Bernanke or any other Central Bank governor that can strengthen the Naira in the near term. Except we want to completely deplete the Reserves or go to the IMF to borrow SDRs just to meet import demands. Brace up folks, if oil price collapses to $20 (thereby increasing the supply shock) the exchange rate shall hit N1000/$ and I repeat, this has nothing to do with Emefiele or Buhari but simply economic forces. The only thing that can save the Naira is either for SUPPLY of dollars to increase (through high oil price) or DEMAND to reduce. Since we do not have control over the supply side, we can at least focus on managing the demand side.
---
So Mr Ifeanyi Ubah, you have zero knowledge on what you are talking about. With all the money you made from the last government, you can start by building a refinery or some other manufacturing facility (like Dangote) to help us substitute for imports. That would help the Naira more than you seeking cheap consultancy from the government. Or except you want to broker a deal for the government to give amnesty to your Dasuki-Gate friends, so they can bring out stashed up dollars from soakaways and graveyards to support the economy.

Pls get outta here wt ur economics, dream killers that's what u are. Only whiteman has the solution wt his economics and that's what u believe in.People like u are the reason why Africa wl never move on always stuck wt oyibos method and nothing more. One man discovered HIV cure yet you and your fellow brought him down and never allow his invention to see the light of the day, you killed his dream bcus he's a black man and not white.
Let's gv this man a chance, he can do it.His own way may yield the result so let's stop all this economics quotation here.

We will pay a billion Naira after the job is done with daily thank you advert for 1 year on CNN.

seunpas:
How much are we going to pay?

Mboi:
Including you who believed Buhari when he said he'll make $1 equal to N1 and voted for him. If they talk if those zombies that believe anything, you are one of them.

and buhari is still on course. Did he tell you the time ? but surely before the end of his second term .Just cool down ,Mr.Wailer ,Sai baba has just started clearing the mess left by the Clueless Ineffectual Buffon-your hero and mentor !

Mboi:
What you said is absolutely right. I wish Buhari will come, read and digest this so he'll understand the gravity of the blunder he comitted duri g his campaign when he said in Owerri that he'll make $1 equal to N1.
You remember sometime in d past when Okonjo iweala was warning federal and state govts about the drop in crude oil price and how it will affect foreing reserve so badly in very near future. She den adviced that the extra crude account should not be shared and also adviced governors to focus more on IVR and payment of salaries and drop capital projects but they refused.
Now CBN cannot meet demand for fx because of depleting forex reserve. In a bid to salvage the situation, CBN stoped selling dollars to BDC but asked them to source fx from other means so as to meet the customers demands.
Moreover CBN said they'll give license to travelex to operate in Nigeria to replace BDC. Therefore while the exchange rate is now so high in black market is because CBN only sell fx to commercial banks @ official rate of N199 to $1 and BDCs now have limited amount of fx to sell to their customers.
I can tell you that if BDC operators start getting enough fx from neighbouring countries to sell in Nigeria, naira will begin to appreciate and our foreing reserve also will keep increasing gradually.

What Ifeanyi Uba may want to do is to get approval from the authorities and operate a venture like that of BDC and or travelex. With that he can achieve what he said if he can meet people's demand for dollars.

I have already made several comments regarding the $1 = N1 rhetoric. Buhari never made such statement, but that is another story entirely.
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As regards the excess crude account, when it was shared, the FG got 52% of the share. Can NOI tell us how she saved the FG portion?
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Nothing stops BDCs from getting dollars anywhere to meet local demand. CBN only stopped them from getting dollars from the Foreign Reserves.
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We can speculate about how Ubah wants to go about the $1 = N200 campaign, but if it is about setting up a BDC, then I wonder how he will do better than the thousands of BDCs currently existing.
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As I said, it's about supply. Where is Ubah going to get his dollars from? Clearly not from CBN. If he already had his sources, he should flood the market already with his dollars and make a killing from it.

The man is a successful business man. I don't like him but he well and truly be right



No need to slate him, let's just ask him and Mr president to work in tandem

eminikansoso:
Another fool spotted

but what he said was right,why call him a fool,buhari should go on consultancy spree,intelligent people have there pride,they will like you to acknowldge that you do not know how to go about doing it,before they can show you,so buhari should start consulting people that know's what they are doing,when it come's to handling money#swallowyourpride#consultpeople

Mboi:
Yes he can do it. He is not Bubu that lacks integrity who promised Nigerians heaven and earth including making $1 to N1.
Ifeanyi Uba has saved Nigerians before in May 2015 when artificial fuel scarcity was killing Nigerians. He said he had enough fuel that will serve the whole country for weeks and he did it.
Now he said if given a chance he will make $1 back to N200 within one month, I know they will not want him to save Nigerians because of political selfish interest.
Very soon we’ll start hearing on news headline; How Capital Oil Boss Ifeanyi Uba Diverted $862billion from NNPC in 2014- EFCC

Are u serious with what u said here. Talk is cheap. It can only take spiritual power for Ubah to reduce pressure on dollar demand overnight. This is a problem that has been there over d years.The immediate solution to this problem is for the price of crude to peak up and government plan on the long term to diversify.