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We put you in office to sort this out not tell us how exchange rate goes up and down. Nonsense

grandstar:
The dollar scarcity commenced before the bombings by militant. Letters of Credit were not being honoured by August/September 2015.

The scarcity commenced because of the pegging of the naira at 197 to the $. Soludo was first to condemn this statist and Sanusi has followed up unrelentingly. His hatred of market forces is well known.

Also the FG is not the only source of dollars.

In 2013, the country received $20b in foriegn investment,$21b in remittances and $10b from non-oil export proceeds. Last year, only about $6b came in as foriegn investment with complaints about the incomprehensible firex policies. Earnings from non exports had collapsed to $4b by 2015. Nobody will export and accept to change his dollars at official rates

Oil is the largest source of Nigeria's forex (over 90%), let's not forget in a hurry that oil price crash dealt a blow to the forex supply even before bombing of pipelines started. Regarding the drop in forex inflow from non-oil sources, you should note that forex from oil also influences the inflow from other non-oil sources and I would explain how.

The crash in oil prices which was complimented by reduction in exports (courtesy of bombings) led to a major forex scarcity. The scarcity started way back before even the new government came in and the CBN churned out over a billion dollars monthly to checkmate the scarcity (this led to a sharp drop in reserves from $38.5bn to $28.5bn just before May 2015. Despite this disbursements by CBN, the Naira still crashed from 160 to 230 even though oil still sold over $60 at the time. Of course the continued disbursements wasn't sustainable as oil prices continued to crash, hence forex restrictions started. FOrex restrictions exacerbated the scarcity and this further nailed the naira.

Foreign investors don't rush to take their money to economies at the brink of a crisis, they wouldn't take their money to economies where there is a shortage of forex to repatriate their profits and that's mainly due to the fear of their profits being trapped (several foreign airlines lamented this problem before leaving). Even the common early morning akara & akamu seller wouldn't want to take her wares to a poor neighbourhood where she may either struggle to get sales, or may be owed by her clients; this is simple logic and it explains the primary reason why foreign investors avoid Nigeria today.

The pegging of the Naira value of course isn't helping matters (except of course for the round-trippers), but it definitely isn't anywhere close to the main cause of the forex scarcity.

...admitting corruption still reigns supreme in your government.

shegra58:
Simple explanation u no understand,na school dem go take bring the dollars down ?

i dont want to understand anything.they were voted for result not explanation

emmykk:
Then you and the daura cattle rearer should resign for those who school well should bring that dollar down.






in another news you guys APC promise 1 dollar to 1 naira

before try to replace a coach who is trying to rebuild d team from scratch with slow 'progress' do u have any options on a better coach? or u still just wanna try ur luck and see if the next person u will try will perform better, then after 2years(so short a time) you expect him to win d champions league?

it's good to be patience 4yrs does not build a nation am not in support of the bad state of the economy but it's a 80:20 fault btwn d previous govt and this govt. so why heap all our anger on them

veekid:
I see no reason for all these Epistles on why naira deh bow for dollar, all we I care for is solution. If you can't make it 1 naira as promised, at least leave it the way you met it now.

the soln is stop vandalising pipeline installations

ekanDamie:
before try to replace a coach who is trying to rebuild d team from scratch with slow 'progress' do u have any options on a better coach? or u still just wanna try ur luck and see if the next person u will try will perform better, then after 2years(so short a time) you expect him to win d champions league?

it's good to be patience 4yrs does not build a nation am not in support of the bad state of the economy but it's a 80:20 fault btwn d previous govt and this govt. so why heap all our anger on them

ok let see hope

oh so he knows

emmykk:
ok let see hope

yeah my bro, let's just be calm. critize reasonably, and applaud happily.
it would be like, we are d ones driving them, but, don't put all our trust in nobles too cos only God can solve all mankind's problems.

all me I want from them is light, and a reasonable exchange rate.

Oyind17:
I am beginning to hate this man

who cares

This Osinbajo sef. Who made the dollar scarce? Is America no longer printing the currency? Why should the dollar alone be the dererminating factor in Forex? Is it the only foreign currency available in the international market? Why is everything about the American dollar? Government should be proactive in solving the problem of hyper inflation in the country.

miyagi01:
who cares

you

Very true. But dollars is scarce because of the various "trial & error" policies that have plagued your government since you took over office.

By the way, I think Osibanjo will do a much better job than Buhari. He doesn't seem like a bittered politician like the rest of his APC colleagues. Just look at the rapport between him and Wike.

Billyonaire:
So in essence, what the mere commissioner is saying is that the APC administration has failed in security and fight against corruption.

I just dey observe and listen to your rebranded lies and confusion.

Who knows your father

And I thought he came to ph for something important.

ProfDumbledor:
I'm totally disappointed in you Mr Vice President. Based on this statement, it is glaringly evident that Osinbajo is unfit to pilot the economic team and probably the reason our economy is on a free fall. Now let me educate him. Forex availability is purely policy-driven and has nothing to do with the stupid reasons he adduced. When your monetary policy becomes pro-market, the Forex will take care of itself. Being pro-market means "a social and economic system in which prices are fixed by the law of supply and demand rather than by a government or other body. In its pure form, a market economy is an economy absent of government subsidies, incentives, or regulations". This purely has been the economic direction of our dear country since 1999 until Buhari came in and changed everything.

The amount of foreign reserve held by a country plays a big role in the FX rate of that country. Read the link below


7 Ways Central Banks Use Foreign Exchange Reserves

https://www.thebalance.com/foreign-exchange-reserves-3306258


If the previous administration did not spend the foreign reserve kept by Obasanjo, may be we wouldn't be in this mess. According to Soludo, based on the high oil price during that time, Jonathan should have left at least $120m in the reserve.

kabrud:
God bless u Prof Yemi Osinbajo, the Ag President. Meanwhile, children of 8 are coming to give us their version of the reason behind the high exchange rate.

You are not elected to give reasons but to provide solutions. If not in two years someone with a solution will replace you, period. The clock is ticking.

Reference:
[s]You are not elected to give reasons but to provide solutions. If not in two years someone with a solution will replace you, period. The clock is ticking.[/s]

See them everywhere, sounding very confused. Same way they are ranting upandan that Bubu should address the nation and certainly, the moment he does that, they will start another brand of wailing. Is it that the liepods are not tired of all these disgusting rants?

chibuzorAbia:
Are you ok? Seriously?

Yes.
Read to understand and think outside the box. Thanks

GiantParrot:
This is not fair really. The Ag. President basically admitted the failures of the current regime without being direct. He mentioned that if the corruption associated with the whole forex business is stopped, then the situation will get better. It follows that he admits there is forex corruption in the current dispensation.

He also mentioned pipeline vandalism, and has been on a reconciliatory/progressive tour around the Niger Delta the past few weeks. This is a totally different approach from that of Buhari who aggravated the situation by worsening the tensions in the region with his comments and actions. Prof. Osinbajo deserves commendation, not insults.

The prof is a kind good hearted fellow. He's just unlucky to have a bad boss

jesus500:
And what strong measures have you put in place to stop naira from further crashing? The policies of this government are not results oriented but anti people. Enough of these stories and speeches.

Define policy

Give 2 examples of the policies this govt have made so far?

Give one example of her policies that is anti-people

na so! oil pipeline has been vandalized since time, we have been importing toothpicks, matches, foreign clothes and shoes ( since the govt refused to invest in #Abatalent, the global recession during yar adua and Good luck admin was Scarry even foreign football teams couldn't get sponsors yet dollar was not up to 300 . this govt should stop crying wolf and sit up. 16 years of PDP didn't PDP have opposition, cabals sabotaging the economy what have you done to expose and curb their excesses, police and military extortion what have you done to reform the armed forces, from the little I know our security agencies ( I am not talking about these new sister agencies oh, still I stand corrected ) have been using the same rule book the colonial masters gave them I swear check it yourself. the legislature is just sitting there and doing nothing. they consume more than 30% of the country's annual budget. money that is enough to employ not less than 1000 unemployed graduates, as at 2015, 50kg bag of rice was not up to N 12,000. my only hope is that Nigeria is the strongest black nation we have always survived.

parasite evry whr,u guys should beta fyn another alternative now dat is not too late coz vry soon i say vry soon each state will b on dia own,all dos mallam parasites coming to S/S n own oil blocks n Carter away wit our God's giving wealth, ur tym is ticking,we youth in d S/S r not fools,we ll take what belongs to us by fire by force,My Vice president u guys shld beta attend to dt 16 point summited to ur govt by Pandev else.....we ll all tk it our own way.

veekid:
I see no reason for all these Epistles on why naira deh bow for dollar, all we I care for is solution. If you can't make it 1 naira as promised, at least leave it the way you met it now.

the solution is always there.
Reduce your love for dollar and stop importing sheet from oyibo.

kabrud:
God bless u Prof Yemi Osinbajo, the Ag President. Meanwhile, children of 8 are coming to give us their version of the reason behind the high exchange rate.

so no other way dey to solve this palava ba....
and u @ [quote author=kabrud post=53706369][/quote]how come you always find way to defend this rubbish

Jesusloveyou:
the solution is always there.
Reduce your love for dollar and stop importing sheet from oyibo.

Those arent solutions. Dollar is world reserve currency and naira value inflates away quick. Importing isn't bad. Nigeria usually has positive trade surplus anyway.

The issue is the structural issue Nigerian economy. You have to import when you don't have refining capicity to cover population or good sense to encourage it in policy.

You can't industrialize without power.

OK! ! I think I understand now....

Before you came in Corruption was low/null that's why the value of Dollar to Naira was 197/200 - almost stable for 5yrs

BUT

Once you came in, corruption took over that's why it grew to 502 naira

Congrats!!! For killing the naira, I hope you can kill corruption in your government or leave so the value of Naira to Dollar gets back to the way you met it (200)!!!

Prof u r beginning to eat lies abi?? So u mean u r a prof and can't find ur fellow prof who carries big name for notin.
1) U fly private jet to any occasion,
2) U, ur family and frnd eat long table of diff food at a go
3) U pack all d former leaders who u ursef know hav hand in d miss management of our economy. Eg tinubu,amechi,ambode, complete them
4) The truth is that prof is just using d word ' res session' bt dnt and can neva experience it. So just mk ur speech and go go ur way pls
U want us to b good as u badly want? Well, cut ur salaries and personal budget u will see us.... U r talking all dis bt u know as beautiful as ur hux is at present they still plan to put 1b naira in it..

seguno2:
Yes.
Read to understand and think outside the box. Thanks

I repeat, are you ok?

Blue3k:
Those arent solutions. Dollar is world reserve currency and naira vakue inflates away quick. Importing isn't bad. Nigeria usually has positive trade surplus anyway.

The issue is the structural issue Nigerian economy. You have to import when you don't have refining capicity to cover population or good sense to encourage it in policy.

You can't industrialize with power.

is it only nigeria that use dollars.
Why nigeria own come de crazy,
Crazy for the things you cannot produce.
And all the blame goes to past leaders who fails to plan