N350 To $1 If I Were The CBN Governor. - Business (2)

N350 To $1 If I Were The CBN Governor. - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › N350 To $1 If I Were The CBN Governor. (2966 Views)

Re: N350 To $1 If I Were The CBN Governor. by 989900(op): 8:04pm On Feb 26, 2017*

PedroJP:
I can't totally agree sir, they are not consistent and sure bet for reliance but petrodollars is except price crash, militancy, etc. It is a known fact that our economy is oil dependent, same for other economies too. There is no way remittances can match our daily inflow of petrodollars when all is going well. Thanks

NB. You may have your facts though but i am saying based on what is obtainable and clear to even the blinds.

Obviously, 'all is not going well right about now' from oil earnings of over $3b per month to less than $1b per month.

On the flip side, diaspora Forex remittances have roughly doubled since 2013.

There are more than one way to skin a cat, this is where we are now, policies are meant to be pro active and anticipatory, rather we make reactionary or archaic ones.

The facts and figures are there, bro.

Our convictions can't change that.

Check the attached image to the article.

Re: N350 To $1 If I Were The CBN Governor. by Truth234(m): 8:05pm On Feb 26, 2017

989900 Your numbers are not correct. In 5 years, Nigerians in diaspora remitted about $77 billion, while Nigeria earned the exact amount in 2014 alone from crude oil, mind you that was the lowest forex from crude oil since 2011 when we generated $99 billion, in 2012, $94 billion was generated and 2013, $84 billion.

Also, you should know most of the money remitted go through the parallel/black market and not the right channel. That is one of the reasons the parallel market thrive. The oil contributed the most to our foreign reserves and not the meagre remittance. Even 3 years remittance can not cover our forex demand in a year, going by $4.8 billion monthly forex demand.

Most of the questions should be directed to past administration. What happened to the money generated? modath

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Re: N350 To $1 If I Were The CBN Governor. by 989900(op): 8:14pm On Feb 26, 2017*

Truth234:
OP Your numbers are not correct. In 5 years, Nigerians in diaspora remitted about $77 billion, while Nigeria earned the exact amount in 2014 alone from crude oil, mind you that was the lowest forex from crude oil since 2011 when we generated $99 billion, in 2012, $94 billion was generated and 2013, $84 billion.

Also, you should know most of the money remitted go through the parallel/black market and not the right channel. That is one of the reasons the parallel market thrive. The oil contributed the most to our foreign reserves and not the meagre remittance. Even 3 years remittance can not cover our forex demand in a year, going by $4.8 billion monthly forex demand.

Most of the questions should be directed to past administration.

Why are you all getting it wrong?

1. Those figures you quoted are total sales before IOCs remove their 40something% (half of it gone already).

2. and they are a bit off the mark. I took 4 days to get my stats right.

3. Check our revenue according to CBN from the image attached to the article.

4. I know this is not info most people are aware of, 'cause the 'overtake' took place in 2015, read the article again.

5. The point of the article is to bring official remittances rates within N5 of ab0ki rates, so that the funds can come in thru official channels and discourage hoarding and speculating which is the actual driver of artificial rates.

Pls. Read the article again.

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Re: N350 To $1 If I Were The CBN Governor. by Truth234(m): 8:25pm On Feb 26, 2017

989900:
Why are you all getting it wrong?

1. Those figures you quoted are total sales before IOCs remove their 48%.

2. and they are a bit off the mark. I took 4 days to get my stats right.

3. Check our revenue according to CBN from the image attached to the article.

4. I know this is not info most people are aware of, 'cause the 'overtake' took place in 2015, read the article again.

5. The point of the article is to bring official remittances rates within N5 of ab0ki rates, so that the funds can come in thru official channels and discourage hoarding and speculating which is the actual driver of artificial rates.

Pls. Read the article again.

Op your numbers are wrong and so is your assertion simple. Here are links am tired of typing.

http://investorsking.com/nigerians-in-diaspora-remit-n23-5tr-to-economy-in-five-years/

http://www.premiumtimesng.com/oilgas-reports/162709-nigeria-realises-n2-432-trillion-oil-revenue-january-april.html

http://businessnews.com.ng/2015/04/03/nigeria-earned-77bn-from-oil-export-in-2014/

Re: N350 To $1 If I Were The CBN Governor. by 989900(op): 8:35pm On Feb 26, 2017*

Truth234:
Op your numbers are wrong and so is your assertion simple. Here are links am tired of typing.

http://investorsking.com/nigerians-in-diaspora-remit-n23-5tr-to-economy-in-five-years/

http://www.premiumtimesng.com/oilgas-reports/162709-nigeria-realises-n2-432-trillion-oil-revenue-january-april.html

http://businessnews.com.ng/2015/04/03/nigeria-earned-77bn-from-oil-export-in-2014/

LOL.

Go to CBN and NBS for your data.

The image attached is from CBN, I can send you the PDF of 58 pages.

BTW, like I said earlier, that is total sales before IOCs remove their share (roughly half), what part is hard to understand there?

Just Google remittances from diaspora to Nigeria (2015 it was $22b, 2016 it was $35b). Compared to less than $ 12b we made from oil in 2016.

Simple arithmetic:

1.7 million barrels of oil (peak production . . . we were doing less than a million at some point) divided by 2, times $50 (and that's exaggerating for 2016) = our daily income from oil. Which would give you roughly $45m per day + other extras here and there . . . still nothing to trip over.

The attached image shows our oil earnings clearly.

Re: N350 To $1 If I Were The CBN Governor. by Gerrard59(m): 12:04am On Feb 27, 2017

woodcook:
So our target as a nation is N350 to 1$, that shows you are low our nation has sunk.

Sir, there's nothing wrong with having a weak naira. One yen = 2.83 naira. Yet Japan is the third largest economy globally. What about the South Korean Won which is 4 Won to a naira? I don't see why a developing country like Nigeria needs a strong currency. Even China manipulates hers to be weaker thereby encouraging exports.

Our problems are:

*No constant power supply.

*Low manufacturing base partly because of number one.

*Inconsistent policies and lots more.

And OP, in your analysis, you omitted CONSTANT power supply for manufacturing what we basically import.

Re: N350 To $1 If I Were The CBN Governor. by 989900(op): 4:37am On Feb 27, 2017

Gerrard59:
Sir, there's nothing wrong with having a weak naira. One yen = 2.83 naira. Yet Japan is the third largest economy globally. What about the South Korean Won which is 4 Won to a naira? I don't see why a developing country like Nigeria needs a strong currency. Even China manipulates hers to be weaker thereby encouraging exports.

Our problems are:

*No constant power supply.

*Low manufacturing base partly because of number one.

*Inconsistent policies and lots more.

And OP, in your analysis, you omitted CONSTANT power supply for manufacturing what we basically import.

1. Actually my drift bro, is not basically to make the Naira weaker, but to harmonize rates (speculating on the Naira murdered the Naira), from whence the Naira can now start to consolidate gains going forward depending on the decisions and actions we take.

2. I discussed the effect of power supply and other stuffs in the latter part of the article.

3. I appreciate your input.

Re: N350 To $1 If I Were The CBN Governor. by Chekitaut: 4:44am On Feb 27, 2017

If CBN peg $1 @ N100, for God sake what will happen? Only the LOOTERS will cry. IMF/World Bank all years of advice of devaluation of Naira has never done us any good but evil.
Politicians/Military in conjunction with IMF/World Bank devalued our Naira to actually perpetrate LOOTING.

Re: N350 To $1 If I Were The CBN Governor. by Chekitaut: 4:56am On Feb 27, 2017

I am still of the opinion that BDC be scrap, present charges on Naira deposit be applicable to Forex at its equivalent. Naira should be giving over the counter at all time, all transaction of FOREX be done online. Bank should be transacting international trade on anybody/company behalf.

Abuse of call for dollar is to much.

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Re: N350 To $1 If I Were The CBN Governor. by Chekitaut: 6:24am On Feb 27, 2017

http://tribuneonlineng.com/final-rescue-call-naira/

Re: N350 To $1 If I Were The CBN Governor. by Nobody: 8:52am On Feb 27, 2017

Gerrard59:
Sir, there's nothing wrong with having a weak naira. One yen = 2.83 naira. Yet Japan is the third largest economy globally. What about the South Korean Won which is 4 Won to a naira? I don't see why a developing country like Nigeria needs a strong currency. Even China manipulates hers to be weaker thereby encouraging exports.

Our problems are:

*No constant power supply.

*Low manufacturing base partly because of number one.

*Inconsistent policies and lots more.

And OP, in your analysis, you omitted CONSTANT power supply for manufacturing what we basically import.

Manipulating your currency and not having control over the free fall of your currency are entirely two different things.

1 Like

Re: N350 To $1 If I Were The CBN Governor. by Tvegas(m): 5:50pm On Mar 22, 2017

Kudos to the OP @989900 for bringing up this arguement

Lalasticlala this should be on the front page. Nairaland should feature more of this intellectual discourse not snake picture, tonto dikeh and what have you.

1 Like

Re: N350 To $1 If I Were The CBN Governor. by 989900(op): 6:19pm On Mar 22, 2017

modath:
Bros , I'm going to bookmark this & revisit by May 31st!!

I'm an optimistic REALIST, so won't say nothing for NOW..

Dear Mo, May 31st?

Re: N350 To $1 If I Were The CBN Governor. by modath(f): 6:48pm On Mar 22, 2017

989900:
Dear Mo, May 31st?

Yes ooo.... I remember 2016 voodoo economics & how people use me do yeye when it couldn't be sustained... grin

Na like Abiku mama, she don dey used to the pikin die & return circle, she nor go dance YET.

Re: N350 To $1 If I Were The CBN Governor. by 989900(op): 6:51pm On Mar 22, 2017

modath:
Yes ooo.... I remember 2016 voodoo economics & how people use me do yeye when it couldn't be sustained...

Na like Abiku mama, she don dey used to the pikin die & return circle, she nor go dance YET.

1 2 Reply

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