kjhova:


To me, the fact that a policy is unsustenable on the long run does not mean it is not needed near term. Also, the talk of government needing to stimulate the economy still depend largely on if the government itself has funds to embark on such exercise.

The dude's write up is thoughtful but I feel he is overtly negative and proferred no alternate idea on way forward.

Kondomatic:
Osibanjo is doing his own campaign because Buhari who once said and I quote has finally and officially absconded.

ISTANDWITHBUHAR:


Common sense is not common, Na them let am go up?sometimes i wonder if you guys even go school or did economics in school..

maybe na them also let price of crude oil come down then hahaha..

Kolade9:



Olodo,another party enter power dollar price skyrocket,who we go blame? Why e no happen for the last administration?

deflover:
People are funny
I never said hoard dollars
I mentioned keeping your bulk money in dollars so as to beat the system when naira starts crashing again which has started slowly

KEVEX:
This is a very unpatriotic post. The op is just a loser wailing over depreciation of his stashed dollars. He claims to be analytical and is being cheered by losers of his like mind; but the truth is glaring, he's not happy with the appreciating Naira...and he will never be. Let any idiot, who can, buy and stash the dollar as he advised, do so. The CBN's hammer will keep falling on these little demons.

bodejohn:


I think you would still had made sense without the quoted.

No i don't have kids schooling abroad, and Yes, I will love to send my kids to schools abroad for the same reasons you mentioned.
But come to think about it, what percentage of Nigerian students school abroad? Obviously the children of the rich, a larger percentage of the parents of these kids have milked Nigeria dry and made the educational sector useless for the children of average Nigerians. And you are still happy we will be subsidizing them at the expense of other Nigerians who have not been paid salaries for up to six or more months.

We have become an alternative seeking people, and we want to cling to our fake lifestyles at the expense of the greater majority.

4Play:
It is telling that the most liked post on this thread is an emotive outburst admonishing the OP for advising people to buy/hoard dollars. It's a classic Naija resort to framing complex matters in moral terms. Here is the reality:

The CBN has provided dollar liquidity - in contrast to its previous preference to hoard dollars - which has allowed the Naira to appreciate. However, unless the CBN has an unlimited supply of dollars (unlikely except we have a sustained rise in oil prices), the present Naira appreciation is not sustainable. Advising people to take precautionary action (even if motivated by the OP's forex speculation activities as some have alleged) is hardly immoral. This is not a question of morality but one which should be examined through the prism of the soundness or unsoundness of the financial advice.

One can frame the issue instead as follows: if the Nigerian government embarks on wrongheaded and or unsustainable forex policies, one ought to take precautions to insure against the adverse effects of such policies.

For those who accuse the OP and his ilk of causing the Naira's collapse, it is not the OP who is causing the Naira to collapse but the government's policy regime which makes the Naira's collapse inevitable. The OP is simply investing in a way that aligns with his prognosis of an inevitable collapse of the Naira, notwithstanding short-term reprieves as we have witnessed in the last few days. This is not a matter of patriotism/morality. The patriotic thing to do is to ask the government to overhaul its policies so that buying the Naira becomes most investors preference over the long run.

Kolade9:



Olodo,another partt enter power dollar price skyrocket,who we go blame? Why e no happen for the last administration?

deflover:
Last week we saw one of the greatest drop in the value of the dollar with a sharp gain of the naira in the black market. How was this achieved. Who made this happen. Who is the smart ass.
Anyway this move made a lot of people poorer i.e currency speculators who kept buying the dollar putting a demand on the dollar while the naira suffered from low demand till it hit the high of 2016 and just then the CBN intervention came in with a mad flood of much more dollars and the mopping up of naira so that there was a scarcity of naira.
And wholla the dollar came crashing down while the more the naira was mopped out of the system.

This brilliant intervention means the CBN is using our reserves to fight the dollar war
How sustainable is this ....will the CBN be willing to continue this.

As a forex trader with 10years experience I watched with my mouth open as it happened and shook my head as the internet was glowing with news how osinbanjo is the man
How he tamed the dollar in one swing of the magic wand.I saw panic selling going on as many turned in thier dollar. While smart investors bought all these dollars for keeps.
Now the dollar fall has stopped
Why did it stop
I thought it will fall for ever as we are made to believe.
Just yesterday while watching ARISE TV the news came out of the economy contracting by -1.4% for the first time in 20years.
Meaning for the first time in 20years the economy stopped growing
Now the real bad news was from the PMI ( producers manufacturing index) saying it fell
What does this mean
It mean the real people who needs the dollars are not getting it
But osinbanjo gave dollars for school fees payment
While the manufacturers who need dollars are not getting it

Even the economy according to the news saw major improvement from the oil sector because militants have stopped bombing
So the non oil sector fell even the most holy agriculture.

Osinbanjo has stated in the last FED meeting he favours a devaluation of the naira.
Right now the naira is 405naira to 1 dollar
Let's assume he goes ahead to devalue to let's say 20 basic points
That would be 425naira to 1 dollar
Now imagine what the black market will do
We will be looking at 550-600naira to 1 dollar
Already JP Morgan is worried that Nigeria is not attracting FDIs ( foreign direct investments)
What does that leave us
It leaves us with an economy that will keep shrinking and a dollar war we can't win as fear will make more people demand for dollars as naira will keep falling.
My advice to you
Keep buying the dollar for keeps
Keep your bulk money in dollars
The trip to hell is about to get nasty
God save our soul

ISTANDWITHBUHAR:



You should be ashamed of yourself, When the last administration was in power how much was crude oil per barrel? It's between $100 to $140 per barrel and we are exporting 2.2million barrel per day..

When Buhari take over how much was crude oil price? $28 per barrel and we are exporting less than 1.5million barrel per day..


Maybe you need to go back to your economics teach to learn more about how economy of a country is run..

Kolade9:



yaaaaawn

Boss13:


The CBN should apply more harsh terms to drive down the volume of cash in this country. Except multinationals, people should not keep FXs in their account. If you want Fx apply for it and use it immediately and not save it in your bank account

mykelmeezy:





i school abroad

n my parents ain't politicians nor have relation to any


that mentality of only the rich school abroad is a facade


life aint rosy for most of us here

nobody milked Nigeria

my parents work for their money


buhari had 1 million naira only n how many cows yet could have 3 kids in the UK


there are farmers who have kids abroad does that mean they r milking Nigeria


when those abroad send dollars home doesn't it help our economy??

bodejohn:


You should consider yourself lucky to have had those opportunities. If you think it wasn't easy abroad, you need to visit lecture & residence halls of tertiary schools in Nigeria.

Did you seriously mean that children of the poor can school abroad? May be you are referring to those old times when we had Company/government scholarships. You have to be very comfortable to even dream of attending private universities in Nigeria talk less of travelling abroad.
I hope we are talking about the same Nigeria.

And on that of Gen Buhari sending his children to universities in UK, I have no comments...I won't want to derail the thread.