Jealousy ll soon kill this IMF. They re always very sad when Nigeria progresses.

Say after me, every Power, that is sad whenever Nigeria make progress, die by fire!... oya oya pray!!! Good citizen pray!

I knew it!!. This is what you should always expect from the world bank and IMF- two colonial instruments set up after the second war to control the world's economy. The next thing you'll see is this report would scare potential investors and make matters worse for Nigeria. The only thing they always have for third world countries is bad news.

AgamaHub:
2 bottles of the finest champagne for you.

I claim it ijn.

Clone2020:
If you are in the US or have relatives in the US trying to send money to naija, I will exchange the funds at 330/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. Avoid western Union's high fees and delays.
I use the following banks: Chase, Bank of America, Wellsfargo, Citi, USbank, PNC, Suntrust, Ally and TD bank.

See contact in signature....

lol wehdone sir, money gram is 353, western union is 355 with a charge of 10 bucks if you use your debit card and 5 bucks if you use your checkings account. but what do i know?

its business

Truth234:


Here is an excerpt from a reuters article



Since Egypt devalued the Egyptian pound by 48% to meet IMF demands for $12 billion loan last year, the local currency has dropped another 10 percent. Even though, FDI surged due to criminal international capitalists that are always on the look out to profit from weak local currency at the expense of the locals, the non-oil sector that initially improved due to the low exchange rate, has contracted to 45. The economy is now worse than Nigeria with consumer confidence at all time low. Egyptians are frustrated, while IMF and its capitalist cohorts are smiling to the bank. President El-Sis can't even rest, currently in the US to appease the power that be for crumbs.

Nigeria say NO

Stop lying.

The Egyptian central bank recently forecasted further appreciation of the Egyptian pound. Consumer confidence is not at an all time low. Egyptian foreign reserve has grown to $28.5b--the highest since 2011.

I wonder what you gain from lies. The same you calling the $9b surge in FDI a surge from "criminal international capitalists" is the same person who'd be talking about stabilizing the naira so the same "criminal international capitalists" can bring their money to the real and portfolio sectors of the Nigerian economy.

How can you demonize something you desperately ask for?

The IMF has asked the CBN to devalue since 2014. After the initial stubbornness, the CBN eventual did a managed float. So, what kind of sick patriotism are you talking about. Nigeria will eventually float the naira fully. Taking that pill now that the fall is estimated to be less than 20% is better than waiting until another oil price war happens between Saudi Arabia and the US.

The IMF has its interest, and Nigeria should have our interest. If a free float should be a way to attract FDI and reduce pressure on our reserves, then we should take advantage of it.

When the IMF recommended SAP to Babaginda in 1987, the IMF did not ask Babangida to stealing over $12b in one year in 1991 (the gulf war windfall). Between 1987 and today Nigerian leaders have stolen over $150b. Yet you people have a way of blaming the IMF for recommending SAP, when it was our leaders that ruined the implementation.

If our leaders can't look out for Nigerian interest, why should the IMF look out for our interest?

Or do you think the IMF is actually NCF (Nigerian Charity Fund)?

Buhari claims to have released N1t directly into the economy in 2016. Did you feel it?
It took us 18 months to come out with an Economic plan... 18 months. Is that one the fault of the IMF too?
Or when Buhari was maintaining hard stance with the NDA last month that cost us of over $20b in oil revenue. Was that one the fault of the IMF too?

You have stupid leaders and an equally unserious populace and you want IMF to do everything for you. I've never seen an entitled people like Nigerians before. Everyone is supposed to queue at the opportunity to lick your ass when you keep defecating all over the place.

You have the BRICS and other nations in the G20 and OECD that used IMF to climb the ladder to stardom and in some cases ingenuously tip-toed around the IMF. Yet your ignorant self thinks it is about a we-versus-them game. US still trades heavily with China and Russia (practically sworn enemies). If we can't use the IMF to further our own agenda then yes we deserve wherever we are.

Tell your leaders to GTFO their ass, start working, stop stealing, and then taking the same proceeds to countries that call the shot in the IMF (the IMF would use our leaders stolen money as backing to give us loans in the end). Stop being the mindless simpletons the industrialized world sees us as.

It was Nigeria that ran to the IMF for loans. The IMF did not come to us.

-Lord

4Play:


Can you provide reference to where the IMF predicted N1000 to $1.

The guy is a propagandist.

A good one I might add. And could become a very successful politician especially in a world of "alternate truths."

He is showing the true trait of a Nigerian politician. Throw a lot of lies around, use it to create a Phantom 'eternal' enemy, and then use complex wording to cajole gullible people to think he must know what he is talking about. It is a very effective tool, and you can see its efficacy in the over 2 dozen replies cheering his crooked observations.

The hoi polloi are truly complete buffoons too removed from reality.

-Lord

JustinSlayer69:
[b] YES we didn't save for the rainy days...YES, most African leaders stole their countries' riches dry. .

BUT

I have never seen IMF speak / take action that would actually benefit Africa. They always suggest we should devalue so that they - the West can buy off our "stuff" at a cheaper rate.

Never saw them clamouring for the US to devalue during the 2008 recession or UK during Brexit.

Forgive my armchair economics if I am wrong. This is my personal opinion and perception.

PS- those advocating for a free float of the Naira...by the time it reaches 1000- 2000 / $, your eyes would clear. Then you won't even afford to be on Nairaland to post rubbish.

Sad truth is, Nigeria has nothing to offer but oil. The Naira needs to be defended as a short term measure, while we build the framework for better electricity, water, policies which would benefit us in the long-term.

Only developed countries can afford a free float because they have all the infrastructure in place [/b]

You're so damn right, those IMF folks are just bunch of savage bullies who just want to keep on stealing Africans dry.

Overvalued naira is not good for the nation if you as me cos it will make the nation to be more import dependent and it actually affects the domestic industries here.

omohayek:
As usual, when Nigerians hear news they don't like, they substitute conspiracy theories for rational thinking. All this talk about the IMF being "evil" is just nonsense: that the Naira is significantly overvalued was obvious a long time ago, and it didn't take IMF economists to recognize the fact. All that "IMF hates Africans" stuff is just paranoid nonsense being spouted by economic illiterates.

Some hard facts for the IMF-haters to digest: you cannot expect your primary source of foreign exchange to halve in value, and yet still continue to consume foreign imports at the same old rate, just as you can't expect to live the same lifestyle when your salary halves. Simply declaring the Naira to have a certain value won't make it so, which is why the "official" and parallel rates have diverged so drastically.

The primary beneficiaries of the current setup aren't the masses of wishful thinkers who comment on places like Nairaland, but politicians, CBN officials and other well-connected people, who can buy dollars at the "official" rate, and then turn around and sell them on the parallel market; the only reason the gap between the two rates has narrowed somewhat is because the CBN is unsustainably squandering precious reserves by selling artificially cheap dollars for political reasons, to show that the Buhari government is "doing something".

These words you are typing are too complex for the people you are directing it at. Their brains would literally pop if they attempted to follow your train of thought. My dear, allow them to stay in their echo chamber.

It is a waste to make them to think differently. One up there was saying IMF ruined Chile and Argentina (same high-income countries in the G20).

They are very hopeless set of people. They want the IMF, World Bank, and the rest of the world to practically give them whatever they want without questions. Even China that's doling out plenty of dollars shut their ass out when they asked for a multi-billion dollar loan (instead they're using Nigeria as a giant construction site for Chinese companies). If China (a sworn critic of the IMF) knows that, I wonder why they think the IMF should act differently.

Buffoons I tell you. Buffoons.

-Lord

right from history this IMF has no good mind for Africa most esp Nigeria the most debtor country in the world

what makes me to come to the conclusion that buhari govt is clueless was his ban on importation of goods and is inability to promote that local production.

how can u think of exiting a house without having any accommodation to packed in

all his policies are as worse. imagine the dollars has been depreciating not until he came bck from London and the $ stand still


I wish Nigerians the fortitude to bear the loss of this thing we put ourselves into. 2019 is not far, the voter's weapon keep it close to u

Father Christmas Central Bank of Nigeria una weldone. Kwontinu

Truth234:
.

The Presidency, Budget and Planning ministry, Finance ministry and the CBN did not immediately respond to requests for comment, Reuters reported.

.

http://investorsking.com/naira-overvalued-20-says-imf/

wot did dey know dey want to respond to.
bunch of incompetent buffoons

Adebowale89:
right from history this IMF has no good mind for Africa most esp Nigeria the most debtor country in the world

what makes me to come to the conclusion that buhari govt is clueless was his ban on importation of goods and is inability to promote that local production.

how can u think of exiting a house without having any accommodation to packed in

all his policies are as worse. imagine the dollars has been depreciating not until he came bck from London and the $ stand still


I wish Nigerians the fortitude to bear the loss of this thing we put ourselves into. 2019 is not far, the voter's weapon keep it close to u

wot is this one saying.

pls name any country that sales forex de way it's sold in Nigeria.

giles14:
wot is this one saying.

pls name any country that sales forex de way it's sold in Nigeria.

forex or not forex. this administration doesn't has direction


how does the way forex is being sold in Nigeria contributing to the citizen welfare and standard of living

we are talking good, you are talking better. park well

@lordadam 16 abd @omoheyek we know policy is trash. Do you two think this will effect ERGP. Alot of the plan depends on foreign investment in various sectors. Even if the domestic has to import equipment, government has to borrow loans in dollars because nobody want naira debt, projects are slowed because investors and institutions don't like polies.

I feel like going to grind slowly. I still wonder if can boost oil production 2.2 billion barrels like the said. That's a big part of plan.

shadeyinka:
It is true that the Naira is overvalued.

Proof:
What do you think will happen if CBN suspends their almost daily injection of Dollars into the economy?

The Naira will adjust to its true level N520/$1

So sad!

If the CBN does not inject dollar who will? The petrol dollars injected by the CBN is our major earner of foreign exchange.

Its like a father telling his kids, if I don't provide food you will die of hunger. If the father doesn't provide food, who will?

Truth234:


IMF is a confused international organisation with little to no real knowledge of the local economy. Imagine, the same IMF that said the Naira would plunge to 1000 against the US dollar without free floating it is now saying Naira is overvalued by 10-20%. Add that difference to the current exchange rate, you will get about 420/$. So what happened to the 1000/$ projection?

In Seun Kuti's voice, IMF, International ModaFcker.

Don't worry. It's coming. They are warning you but you all refuse to listen. Ok. Carry on.

LordAdam16:


Stop lying.

The Egyptian central bank recently forecasted further appreciation of the Egyptian pound. Consumer confidence is not at an all time low. Egyptian foreign reserve has grown to $28.5b--the highest since 2011.

I wonder what you gain from lies. The same you calling the $9b surge in FDI a surge from "criminal international capitalists" is the same person who'd be talking about stabilizing the naira so the same "criminal international capitalists" can bring their money to the real and portfolio sectors of the Nigerian economy.

-Lord

Lol.. Adam relax, this is a mature discussion. Like I stated in my previous post Egypt consumer confidence is at a record low and currently stood at 64. Any average economist don't need to be told why, its simple, low exchange rate increase cost of imported goods and subsequently impact consumer spending and skyrocket inflation rate to 30.2%. The highest inflation rate since November 1986. Adam, Nigeria's inflation without devaluation is 17.78% and expected to improve in the first quarter.

Here is a link to the data http://www.tradingeconomics.com/egypt/consumer-confidence?embed

http://www.tradingeconomics.com/egypt/inflation-cpi

Again, Adam $28.5B is not Egypt highest FDI since 2011, in 2015 Egypt FDI was $44.8B and even before devalution it was $35B in the second quarter of 2016. The $28B was for 2016 third quarter and currently stood at $34.3B.

Also, because Egyptian pound was projected to appreciate does not mean it will. Its mere prediction. My friend I am not a politician and you have to apologize for your misconduct before I correspond with you any further.

MakeADifference:
Nigeria spent $2.6bn on Boko Hiram victims in 2016

Nigeria shared/is sharing billions Paris loan refunds to state

The same Nigeria is busy looking for loans and worried about $1.4bn

It isn't the Naira that has valuation problems, it is those in charge of the Naira that are over valued.

This government is overvalued. It is a govt of mismanagement.

Thumbs up

Truth234:


Lol.. Adam relax, this is a mature discussion. Like I stated in my previous post Egypt consumer confidence is at a record low and currently stood at 64. Any average economist don't need to be told why, its simple, low exchange rate increase cost of imported goods and subsequently impact consumer spending and skyrocket inflation rate to 30.2%. The highest inflation rate since November 1986. Adam, Nigeria's inflation without devaluation is 17.78% and expected to improve in the first quarter.

Here is a link to the data http://www.tradingeconomics.com/egypt/consumer-confidence?embed

http://www.tradingeconomics.com/egypt/inflation-cpi

Again, Adam $28.5B is not Egypt highest FDI since 2011, in 2015 Egypt FDI was $44.8B and even before devalution it was $35B in the second quarter of 2016. The $28B was for 2016 third quarter and currently stood at $34.3B.

Also, because Egyptian pound was projected to appreciate does not mean it will. Its mere prediction. My friend I am not a politician and you have to apologize for your misconduct before I correspond with you any further.

You are lying. That's a fact.

The Egyptian government subsidizes prices of goods. And they've slowly been removing those subsidies since 2011.

http://www.thenational.ae/featured-content/channel-page/business/middle-teasers-list/food-prices-on-the-rise-in-egypt-as-new-regime-battles-inflation for 2011

http://www.thenational.ae/business/economy/egyptian-inflation-keeps-rising-with-food-prices-higher for 2015.

In fact, one of the reasons for the uprising in Egypt was because of the prices of goods -- http://www.voanews.com/a/high-food-prices-helped-spark-egypt-protests-116170879/160199.html. Inflation didn't slow and were consistently above 10 percent.

One of the reforms the IMF demanded from Egypt was to do away with food subsidies. And that's exactly what shot inflation to 30%.

This is why I call you a politician, because every African analyst worth his onions knows the underlying reasons for Egypt's inflation. And not your very immature, beer-parlor exchange rate nonsense.

Now compare that to Nigeria where the government does not subsidize food. Food currently is bought at parallel market exchange rate. So the only effect a full float will have on the Naira in terms of inflation is due to higher fuel prices that historically increases the price of goods. But Nigeria has no choice really. If oil goes up to $60 as expected later this year, the current pseudo-fuel-subsidy will have to be re-pegged. Which means higher fuel prices and higher cost of goods with short to medium term higher inflation.

If Nigeria had abandoned fuel subsidies in 2012, the pending impact of a full float on inflation would have been minimal. But alas we even still have fuel subsidy now because 145 is more than the current landing cost of petrol. The NNPC pays the subsidy.

Then about data of Egyptian reserve. Read the reports from Bloomberg:

https://www.bloomberg.com/news/articles/2016-12-05/egypt-s-reserves-hit-highest-level-since-2011-after-imf-deal (Egypt’s Reserves Hit Highest Level Since 2011 After IMF Deal)

Look at the graph in that news page. Liar!

Another authority site to quell your lies: http://www.tradingeconomics.com/egypt/foreign-exchange-reserves

So it is clear you are pulling figures from your a$$ like politicians do. I'm talking about reserves, you are talking about FDI.

You have to apologize to Nairalanders for deliberately misinforming them, before I'd even begin to contemplate apologizing to you when I did not insult you. If you lie, then you are a liar. Simple as that. I'm not going to apologize to you for implicitly calling you a liar when you are brazenly lying.

As for the value of the Egyptian pound, look at official data from the Egyptian Central Bank -- http://www.cbe.org.eg/en/EconomicResearch/Statistics/Pages/ExchangeRateshistorical.aspx. The Egyptian pound has been hovering between 15 and 18 since the start of this year. The recent minute increase which has stopped was because of the drop in oil price last month. That's how fully floated normal currencies behave, not the fake pegged naira.

Then the consumer confidence you showed is for data starting in 2007. If you are to use the word, know what it means. 2007 is recent, so you should have said as I did with the reserve, consumer confidence is at it's lowest point since 2007. Not say all-time. Know how to express yourself. Furthermore, the consumer confidence is heavily influenced by inflation, so it's low point is expected.

I will ask you again. What do you gain from lying?

You are a politician plain and simple. An economist doesn't lie when facts are staring at him/her straight in the face. It is only politicians that do not do adequate research before opening their mouths. That's exactly what you are doing.

Shameless propagandist.

I set my cross hairs on people like you who prefer propaganda over facts and use high sounding words to cover up their offensive, brazen lies and misrepresentation of data.

-Lord

Truth234:


There is nothing like injecting dollars into the economy, our foreign revenue is in dollars and needs to be converted to local currency before it can be used to fund 2017 budget.

The CBN is not giving out those funds, rather exchanging it for capital projects as stipulated in the 2017 budget. We are in a petrol-dollar economy , we need both to service the economy until will fully diversify.

Capital Project? Really?

LordAdam16:


You are lying. That's a fact.

The Egyptian government subsidizes prices of goods. And they've slowly been removing those subsidies since 2011.

http://www.thenational.ae/featured-content/channel-page/business/middle-teasers-list/food-prices-on-the-rise-in-egypt-as-new-regime-battles-inflation for 2011

http://www.thenational.ae/business/economy/egyptian-inflation-keeps-rising-with-food-prices-higher for 2015.

In fact, one of the reasons for the uprising in Egypt was because of the prices of goods -- http://www.voanews.com/a/high-food-prices-helped-spark-egypt-protests-116170879/160199.html. Inflation didn't slow and were consistently above 10 percent.

One of the reforms the IMF demanded from Egypt was to do away with food subsidies. And that's exactly what shot inflation to 30%.

This is why I call you a politician, because every African analyst worth his onions knows the underlying reasons for Egypt's inflation. And not your very immature, beer-parlor exchange rate nonsense.

Now compare that to Nigeria where the government does not subsidize food. Food currently is bought at parallel market exchange rate. So the only effect a full float will have on the Naira in terms of inflation is due to higher fuel prices that historically increases the price of goods. But Nigeria has no choice really. If oil goes up to $60 as expected later this year, the current pseudo-fuel-subsidy will have to be re-pegged. Which means higher fuel prices and higher cost of goods with short to medium term higher inflation.

If Nigeria had abandoned fuel subsidies in 2012, the pending impact of a full float on inflation would have been minimal. But alas we even still have fuel subsidy now because 145 is more than the current landing cost of petrol. The NNPC pays the subsidy.

Then about data of Egyptian reserve. Read the reports from Bloomberg:

https://www.bloomberg.com/news/articles/2016-12-05/egypt-s-reserves-hit-highest-level-since-2011-after-imf-deal (Egypt’s Reserves Hit Highest Level Since 2011 After IMF Deal)

Look at the graph in that news page. Liar!

Another authority site to quell your lies: http://www.tradingeconomics.com/egypt/foreign-exchange-reserves

So it is clear you are pulling figures from your a$$ like politicians do. I'm talking about reserves, you are talking about FDI.

You have to apologize to Nairalanders for deliberately misinforming them, before I'd even begin to contemplate apologizing to you when I did not insult you. If you lie, then you are a liar. Simple as that. I'm not going to apologize to you for implicitly calling you a liar when you are brazenly lying.

As for the value of the Egyptian pound, look at official data from the Egyptian Central Bank -- http://www.cbe.org.eg/en/EconomicResearch/Statistics/Pages/ExchangeRateshistorical.aspx. The Egyptian pound has been hovering between 15 and 18 since the start of this year. The recent minute increase which has stopped was because of the drop in oil price last month. That's how fully floated normal currencies behave, not the fake pegged naira.

Then the consumer confidence you showed is for data starting in 2007. If you are to use the word, know what it means. 2007 is recent, so you should have said as I did with the reserve, consumer confidence is at it's lowest point since 2007. Not say all-time. Know how to express yourself. Furthermore, the consumer confidence is heavily influenced by inflation, so it's low point is expected.

I will ask you again. What do you gain from lying?

You are a politician plain and simple. An economist doesn't lie when facts are staring at him/her straight in the face. It is only politicians that do not do adequate research before opening their mouths. That's exactly what you are doing.

Shameless propagandist.

I set my cross hairs on people like you who prefer propaganda over facts and use high sounding words to cover up their offensive, brazen lies and misrepresentation of data.

-Lord

Exchanging $ at cheap rate for people sending children abroad to pay school fees or BTA for those privileged to travel out is not helping the economy. They're just takIng care of their own people, a vocal minority at the expense of the masses who don't have a say in how this country is ruled.

How many Nigerians can afford to pay $30,000 to school in the US that CBN has to subsidize these folks to pay tuition?

It's still difficult for manufacturers to source but easy to pay tuition to attend university in New York. This CBN is a joke. No wonder international investors do not take them seriously

Exchanging $ at cheap rate for people sending children abroad to pay school fees or BTA for those privileged to travel out is not helping the economy. They're just takIng care of their own people, a vocal minority at the expense of the masses who don't have a say in how this country is ruled

How many Nigerians can afford to pay $30,000 to school in the US that CBN has to subsidize these folks to pay tuition?

It's still difficult for manufacturers to source $ but easy to pay tuition to attend university in New York. This CBN is a joke. No wonder international investors do not take them seriously

IBB IS THE CAUSE OF WHAT WE ARE GOING THROUGH TO DAY, THROUGH THE SAME IMF WHO ARE THERE STILL DISTURBING NIGERIA PLAN WITH IBB 1985 AND DEVALUED OUR NAIRA SINCE THEN OUR NAIRA IS NOT BEEN AS IT SUPPOSED TO. SO MY DEAR COUNTRY MEN THE SOURCES OF NAIJA DOWNFALL TODAY IS CAUSE BY IBB. ONLY GOD CAN DELIVER US

occam:


Capital Project? Really? Exchanging $ at cheap rate for people sending children abroad to pay school fees or BTA for those privileged to travel out is not helping the economy. They're just takIng care of their own people, a vocal minority at the expense of the masses who don't have a say in how this country is ruled.

How many Nigerians can afford to pay $30,000 to school in the US that CBN has to subsidize these folks to pay tuition?

It's still difficult for manufacturers to source but easy to pay tuition to attend university in New York. This CBN is a joke. No wonder international investors do not take them seriously

Emefiele was lambasted in London (or New York, my memory fails me) late last year when he was trying to convince investors to come to Nigeria. Since this year he hasn't met investors to convince them for FDI (note not dollar-denominated bonds), because he knows they'll take him to the cleaners.

The CBN is only focused with limiting parallel market rates because APC does not want to lose 2019. Even if they have to burn dollars with fire to make sure it doesn't get to 500 again in the parallel market again, they'll do it.

That's why they don't mind if they have to replace manufacturers demands with retail invisibles. They don't mind that the recent appreciation of the naira in the parallel market has already shot up importation rate by at least 5% (citation needed).

It's all politics. Who gives a sh*t about the masses. Dangle a carrot in front of them and they'll be fixated on it for as long as you want. That's exactly what the current CBN intervention is all about. And people like Truth234 are the foot soldiers to keep the populace fixated for as long as is possible, while they spend roughly $1b (and more since they're saying they'd keep at it indefinitely) to subsidize invisibles. By the way, this is the same $1b that we borrowed using European bonds at 7% interest rate, because the investors do not want to invest in the negative-interest bonds issued by many developed countries such as Switzerland and Japan (the APC government bandied it as an achievement, talk about mediocrity).

We've learned nothing after subsidizing petrol at a cost of over N1t per year between 2012 and 2016 (there's still subsidy by the way), just because we were too scared to face reality. Our fuel subsidy payment in one year is currently our four years Ministry of Works/Power/Housing budget. In the end the same people that said removal of subsidy was evil in 2012 are the same people that said we should have removed it earlier in 2016. That's exactly what's going to happen with the floating issue. The APC knows they have to float. But they don't want to because of 2019.

The same way they fought against subsidy removal in 2012 because of 2015.

So yeah, burn scarce dollars that we're begging for. Everything is fair in war, love, and politics.

-Lord

occam:


[b]Capital Project? Really? Exchanging $ at cheap rate [/b]for people sending children abroad to pay school fees or BTA for those privileged to travel out is not helping the economy. They're just takIng care of their own people, a vocal minority at the expense of the masses who don't have a say in how this country is ruled.

How many Nigerians can afford to pay $30,000 to school in the US that CBN has to subsidize these folks to pay tuition?

It's still difficult for manufacturers to source but easy to pay tuition to attend university in New York. This CBN is a joke. No wonder international investors do not take them seriously

They are not exchanging at cheaper rate, the current rate is still higher than 305/$ stipulated in the 2017 budget. Responded because you seem more mature.

musicwriter:
I knew it!!. This is what you should always expect from the world bank and IMF- two colonial instruments set up after the second war to control the world's economy. The next thing you'll see is this report would scare potential investors and make matters worse for Nigeria. The only thing they always have for third world countries is bad news.

You again?

LordAdam16:


Stop lying.

The Egyptian central bank recently forecasted further appreciation of the Egyptian pound. Consumer confidence is not at an all time low. Egyptian foreign reserve has grown to $28.5b--the highest since 2011.

I wonder what you gain from lies. The same you calling the $9b surge in FDI a surge from "criminal international capitalists" is the same person who'd be talking about stabilizing the naira so the same "criminal international capitalists" can bring their money to the real and portfolio sectors of the Nigerian economy.

How can you demonize something you desperately ask for?

The IMF has asked the CBN to devalue since 2014. After the initial stubbornness, the CBN eventual did a managed float. So, what kind of sick patriotism are you talking about. Nigeria will eventually float the naira fully. Taking that pill now that the fall is estimated to be less than 20% is better than waiting until another oil price war happens between Saudi Arabia and the US.

The IMF has its interest, and Nigeria should have our interest. If a free float should be a way to attract FDI and reduce pressure on our reserves, then we should take advantage of it.

When the IMF recommended SAP to Babaginda in 1987, it didn't stop Babangida from stealing over $12b in one year in 1991 (the gulf war windfall). Between 1987 and today Nigerian leaders have stolen over $150b. Yet you people have a way of blaming the IMF for recommending SAP, when it was our leaders that ruined the implementation.

If our leaders can't look out for Nigerian interest, why should the IMF look out for our interest?

Or do you think the IMF is actually NCF (Nigerian Charity Fund)?

Buhari claims to have released N1t directly into the economy in 2016. Did you feel it?
It took us 18 months to come out with an Economic plan... 18 months. Is that one the fault of the IMF too?
Or when Buhari was maintaining hard stance with the NDA last month that cost us of over $20b in oil revenue. Was that one the fault of the IMF too?

You have stupid leaders and an equally unserious populace and you want IMF to do everything for you. I've never seen an entitled people like Nigerians before. Everyone is supposed to queue at the opportunity to lick your ass when you keep defecating all over the place.

You have the BRICS and other nations in the G20 and OECD that used IMF to climb the ladder to stardom and in some cases ingenuously tip-toed around the IMF. Yet your ignorant self thinks it is about a we-versus-them game. US still trades heavily with China and Russia (practically sworn enemies). If we can't use the IMF to further our own agenda then yes we deserve wherever we are.

Tell your leaders to GTFO their ass, start working, stop stealing, and then taking the same proceeds to countries that call the shot in the IMF (the IMF would use our leaders stolen money as backing to give us loans in the end). Stop being the mindless simpletons the industrialized world sees us as.

It was Nigeria that ran to the IMF for loans. The IMF did not come to us.

-Lord

Lord you put it in a better way than I even put it.

Africans often blame IMF for its woes, whearas it is largely because of our unserious nature that makes the implementation fail.

There is nothing wrong with IMF conditionalities, as these measures are in place to ensure that indeed the imf gets the loan back because without these conditions, some idiot African countries will just fritter it on subsidies and their corrupt public corporations, while lacking the ability to pay back once the money is gone.

Africans and victim mentality eh *smh*

Ugosample:


You again?

They've already made it clear the Naira must keep devaluating. See another thread on that https://www.nairaland.com/3725716/imf-hints-fresh-devaluation-says

Adebowale89:
right from history this IMF has no good mind for Africa most esp Nigeria the most debtor country in the world

what makes me to come to the conclusion that buhari govt is clueless was his ban on importation of goods and is inability to promote that local production.

how can u think of exiting a house without having any accommodation to packed in

all his policies are as worse. imagine the dollars has been depreciating not until he came bck from London and the $ stand still


I wish Nigerians the fortitude to bear the loss of this thing we put ourselves into. 2019 is not far, the voter's weapon keep it close to u

Did you just say that Nigeria is the most indebtor country in the world

That means you have ZERO idea on this subject matter

Ugosample:




Lord you put it in a better way than I even put it.

Africans often blame IMF for its woes, whearas it is largely because of our unserious nature that makes the implementation fail.

There is nothing wrong with IMF conditionalities, as these measures are in place to ensure that indeed the imf gets the loan back because without these conditions, some idiot African countries will just fritter it on subsidies and their corrupt public corporations, while lacking the ability to pay back once the money is gone.

Africans and victim mentality eh *smh*

Abegi don't mind Nigerians. Them too like suffer. When they're called out, they look for someone to pass the blame to.

The same IMF/World Bank they call enemies are the same people from which the Ministry of Finance is borrowing part of the money to fund the recently-approved Development Bank of Nigeria.

They are not enemies in this case. But when they ask for reasonable reforms before loaning money at very low interest rates, they are enemies.

Nigerians ehn. Better comedians.

-Lord

musicwriter:


They've already made it clear the Naira must keep devaluating. See another thread on that https://www.nairaland.com/3725716/imf-hints-fresh-devaluation-says

The naira should be allowed to float, not necessarily devalue
On what basis really is out currency "strong"

And remember, many countries doing well have their currencies cheap, lower than even the naira (South Korea for example)
So the currency should float, then investors will know the real value of naira determined by market forces and not manipulation, then the forex will flow in and stabilise things in the medium term.

But Nigerians/Africans and their lack of wisdom

Ugosample:


The naira should be allowed to float, not necessarily devalue
On what basis really is out currency "strong"

And remember, many countries doing well have their currencies cheap, lower than even the naira (South Korea for example)
So the currency should float, then investors will know the real value of naira determined by market forces and not manipulation, then the forex will flow in and stabilise things in the medium term.

But Nigerians/Africans and their lack of wisdom

IMF says "devalue" not float. And if you suggest floating, that's exactly what the CBN announced since last year.

South Korea and other countries you pointed may devalue, because they are largely exporting countries. We cannot afford to devalue, because nothing would be achieved as we're mostly an import dependent nation.