Clueless government what could have been done a long time ago

Devalued

I blame GEJ.. He removed SLS and appointed an inexperienced Emefiele from a "small" profit (not economically) driven bank. Emefilele also supervised the biggest looting of the Nigerian treasury in Nigeria's history..

PMB/PYO & APC should cover their face in shame, this is wat we experience wen a certificate-less is ruling gullible follower

May it be a solution o

beejaay:
oya won...medicine after death!!!!!!!!!!!!! the current economy woes would av been avoided if the NEC and MPC had been thinking....

this stand wont solve any problem now, rather it will aggravate it

Let see if it will work?, but the problem is we can't meet our import demand of dollar. Crude Oil crash affect all Oil producing nations, Nigeria includes. Nigeria is worst for importing petroleum an essential commodities consume millions of dollar to finance.

Buhari should just look for a way to stop importing petroleum products.

See Nigeria, no reserved for survival by Deutsche bank.

How can Buhari who knows nothing about Economics lead a country like Nigeria, economists make errors sometimes but when you put someone with no knowledge of economics, taking charge of a country that is purely suicide.

Nigeria is suicidal.

You were right afterall @14

beejaay:
oya won...medicine after death!!!!!!!!!!!!! the current economy woes would av been avoided if the NEC and MPC had been thinking....

this stand wont solve any problem now, rather it will aggravate it

so devaluation will?

Mixty:
The number of policy somersault by the government is alarming:
Yesterday: We won't increase fuel price
Today: they increase fuel price
Yesterday: We won't privatize refineries.
Yesterday: We will privatize refineries by December
etc etc

And now.....

Yesterday: We will make 1 naira equal to 1 dollar
Today: We won't devalue the Naira at 199Naira to 1 dollar
Tomorrow: We will devalue Naira (flexible forex)

This government is the most clueless and confused government ever in the history of Nigeria

****
You are also grossly inexperienced in anything.
What the government is doing is called strategic agility. The oil market has crashed, that is a static reality but there are other constantly changing events like the quantity of oil we are actually selling, the price of the fuel we are importing , the weak exports etc. C. Everything is constantly changing and very fast. Under those conditions you just don't sit tight, besides the MPC and exchange rates are CBN issues that the FG usually does not interfere with.

good one, hope it works

No matter how painful it is, flexible exchange rate is the best option. Though it came very late.

This is the result of employing incompetent persons into the apex bank because of their surnames.

What happened to financial intelligence.

Ultimus:
in lay man terms what does this new development mean....

till we have the guidelines, we can't really talk about the pros n cons. remember the subsidy was removed but not remove palava?

franciskaine:
Just don't devalue what is left of the naira. Those shouting devalue will come back to shout when a matchbox equals #100. Just imagine politicians returning all their looted funds in US dollars, we would have surplus dollar to augment our failing economy. But no, they had prefer keeping them in foreign countries. Corrupt politicians are the common enemy of all.

Once it is a function of the market, its devalued but with a unique name. It means CBN are tired of paying for the difference of the fixed rate, and now they want the market determine exchange rate.

Emefiele is not an Economist. The man studied finance. Buhari should appoint a sound economist because that is what CBN needs right now. CBN governor job is an economist's job not a finance expert. To the poster below, the real illiterate is the one who thinks his situation is hopeless. Check the course studied by governors of central banks of countries that have their acts together. Federal Reserve of US, Bank of England, European central bank system, all and their predecessors studied Economics. Making the econony work isn't rocket science. Just put the pegs where they belong. You can't ask the bricklayer to do a carpenter's job and expect the same result.

macherie1:
Emefiele is not an Economist. The man studied finance. Buhari should appoint a sound economist because that is what CBN needs right now. CBN governor job is an economist's job not a finance expert.

Listen to this illiterate. Your country produces nothing but imports everything based on oil price. Now that the price of oil is down what magic do you expect from the government?

No amount of policy (left, right or centre can change anything, you get it?

Can't they use Zimbabwe as case study? I doubt Nigerians will be able to adapt to the end result of this

this stage in the economy should not have been when employment would be based on political affiliations. doing so would mean the best of brains would not be the policy makers which we so much need now.

Nigeria under Buhari is like an hell hole only God will help us.You are backing down now after so much damage have done.Shame on you APC leaders and supporters you are the most wicked set of Nigerians.Thanks.

Truth234:


Once it is a function of the market, its devalued but with a unique name. It means CBN are tired of paying for the difference of the fixed rate, and now they want the market determine exchange rate.

devaluation has neva helped Nigeria economically, not even now. We are gonna be worse off.

With this, The dollar would certainly sell for 1000 before the year end..

Buhari is working, Nigerians re suffering..m

superstar1:



http://dailypost.ng/2016/05/24/cbn-finally-adopts-flexible-exchange-rate-policy/

Madness

I would not have quickly concluded that this is a very bad move had PMB not been in power. Pa Mohammadu Buhari has no clue about what it means to be the president of a country.
we have had enough of this incompetence. the sooner we call for this man's resignation, the better for us all.

bloomberg article which covers the story

http://www.bloomberg.com/news/articles/2016-05-24/nigeria-central-bank-to-allow-greater-flexibility-in-fx-market

[quote author=freeze001 post=45933004]They obviously weren't paying attention when the classes about stitches and time were taught. Best to wait at least 3 days to confirm the authenticity of this report as this govt is known for its denials. [/quote
Oh, how I like this post. This govt is known for its denials.

I think top managerial positions in the CBN should be peopled by sound economists.

looseweight:
This is what you get when you vote for someone whose only certificate is NEPA bill.....

We Shall Survive this by God's Grace

So the CBN governor has a NEPA bill as certificate. Buhari why do u appoint a man with NEPA bill certificate to be the CBN governor?

This is indirect devaluation!!!!!

Smh! After they have destroyed everything.

As if they didn't know they would eventually give in. What thriving economy isn't driven by supply and demand? Gosh!
---------------------------

ebiboy2:
I would not have quickly concluded that this is a very bad move had PMB not been in power. Pa Mohammadu Buhari has no clue about what it means to be the president of a country.
we have had enough of this incompetence. the sooner we call for this man's resignation, the better for us all.

I am so with you on this. The man is driving this country into the ground and very quickly too.

I can read so many comments..BT it's obvious this ignorant ppl just want to comment..they have no idea of what this policy means. I have no idea and waiting for someone to shed more light for me

beejaay:
oya won...medicine after death!!!!!!!!!!!!! the current economy woes would av been avoided if the NEC and MPC had been thinking....

this stand wont solve any problem now, rather it will aggravate it

You have not said anything. How were they not thinking?? Una can just like to nag sha