₦airaland Forum

Mrmoz:
You are part of nigeria's problem u are no difference from the corrupt leaders u have same mind set self centred I don't think you want nigeria to grow

am I still part of the problem?

That's the outcome of the damning report released by the world bank and IMF against Nigeria. Clearly, it has achieved its purpose.

"Now that the Naira is gradually recovering, our biggest problem is the world Bank and IMF". I said this in advance.

And if you understand how the superstructure of the world economy works, you'll understand there's little the CBN can do, if the IMF is determined to make matters worse.

ExInferis:
And, of course, little old unemployed you knows more than the experts in the CBN, with all their Yale and Harvard and Cambridge degrees and years of experience and armies of top notch consultants.

In fact, if they really want to prop up the naira, they ought to make you CBN governor since you're so smarter than those fools in the CBN.

This is common sense, it has nothing to do with Harvard degree.

YelloweWest:
When is buhari leaving??

Leave?

Buhari is there till 2099, as long as God permits.


Change

Una See anything

9jakohai:
Good comment

Getting there means hard choices have to be made, which is why I fear that this govt may not be ready to make them choices because politics

Someone give this man a 21 gun salute. There is no way Emiefiele does not know what to do. He either doesn't have the guts or he is being pressured by Buhari who doesn't have the courage to make the hard choices even if it costs him votes.
Like I usually say, anyone can make a decision that is popular but it takes a courageous leader to do the right thing no matter if it costs him votes or his popularity. Strong leaders don't try to please everyone that's what weak leaders do.
Buhari has to make the right decision and properly explain to the people why it needs to be done so that the average man on the street can understand. He has to be able to travel all over the country if need be to sell his message even if it means going to every university, speaking on tv shows like funmi iyanda or addressing the Nigerian labour Congress. Anything to get his point across. The earlier the better. Flip flopping make a him look indecisive and clueless.

Our major export is oil. If we sanitize, improve and reorganize that sector to encourage transparency, innovation and competitiveness; we will be able to build up other industrial bases toward becoming a net exporter. This will strengthen our economy and currency.

What we currently have is haphazard economic palliatives that will certainly not be sustainable in the long run!

BekeeBuAgbara:
CBN is just wasting Nigeria reserve for nothing

They are just pushing the problem.down the road. None of them seem courageous to tackle it and admit the truth to.the Nigerian people .

musicwriter:
That's the outcome of the damning report released by the world bank and IMF against Nigeria. Clearly, it has achieved its purpose.

"Now that the Naira is gradually recovering, our biggest problem is the world Bank and IMF". I said this in advance.

And if you understand how the superstructure of the world economy works, you'll understand there's little the CBN can do, if the IMF is determined to make matters worse.

And the blame game continues. What happens to proving them wrong with your working policies?

aribisala0:
Are you suggesting that they should not sell dollars at all or are you saying they should sell it at a different price or are you quarrelling with the quantum of dollars sold,what are you suggesting exactly?

What is saying is that the cbn is running out of dollars propping up the naira. Can't you see how investors have fled the country because of scarcity of dollars?

Abudu2000:
But let buhari resign naaaaa, its crystal clear he's not up to this task, abi are the senate afraid to speak up again?

A man of god said he saw dollar at 615, i pray he's wrong or nigeria is toast.

You dont need to be a Pophet to predict that.
Its crystal clear.
The dollar was reduced with artificial solution.
It can't go on like that forever.

nero2face:
ok oh...what do u expect when Baba is back from UK...any reasonable Nigerian still hoping or believing in this man will have his own heart shattered... I no be PDP, I no be APC, I be Nigerian... but I won't give credit to someone who deserves it not...

you see your life, so when baba come back,dollar go up.

We do BUY and SELL skrill,neteller,paypal(fiverr,upwork,iwriter,freelancer,etc),bitcoin and payoneer at good rate.....come to us now

Mobile/Whatsapp.
...08088759163.

dayus444:
But why is FG and the CBN always like this? Trying to use use artificial, unsustainable measures to correct abnormalities caused by our status as a strictly consuming and import-dependent economy. Are they taking us for fools or what? Or are they just all totally dumb in that organization? Which way Nigeria?

They don't seem to have the guts to.make the right decisions

davidif:
How long is he going to do This? Until we burn up our foreign cash reserves? This policy is short sighted and insane bro.

Honestly your remarks are emotional. Before you talk of Burning reserves ,how much is the CBN Supplying to the market each week and how does that match with weekly dollar earnings? Do you know? So at the current rate how long will it take to burn reserves? .
Is the purpose of the sales maimed at meeting demand or exchange rate fixing or some combination of the two?
Should the CBN stop selling dollars totally and if not exactly how much would you be happy for them to sell.
Finally on this issue of burning reserves why is that such a bad thing? Is it a sin against God.What is this emotional attachments to reserves. The only value of reserves is they allow people to import and once burnt in theory we stop importing on the other hand in theory if we don't sell the dollars we stop importing. The same effect. Most countries have no reserves or even negative reserves. Reserves are simply balance of trade accounts so the net reserves in the world is ZERO. It is not a big deal and might even be what we need.

davidif:
What is saying is that the cbn is running out of dollars propping up the naira. Can't you see how investors have fled the country because of scarcity of dollars?

What do you mean by propping? Àre you quarrelling with the PRICE or AMOUNT of dollars. What are you saying should happen, simple questionInvestors fled Nigeria? Did they ever arrive? In what sector? What are you talking about?
If you are talking of stock market investors we don't need them. Apart from oil there has not been any significant investment in Nigeria worth talking about.Those few that invest in the real sector like Lekki EVO Atlantic and so on are going nowhere so stop the alarmist talk and come up with a SPECIFIC SUGGESTIONS on whether or not the CBN should stop dollar sales TOTALLY or not

davidif:
They are just pushing the problem.down the road. None of them seem courageous to tackle it and admit the truth to.the Nigerian people .

The truth is that naira @360 is over-priced. They should leave it at 450 and try to maintain it. This will bring stability, sanity and gradual growth in the economy.

aribisala0:
Honestly your remarks are emotional. Before you talk of Burning reserves ,how much is the CAN Supplying to the market each week and how does that match with weekly dollar earnings? Do you know? So at the current rate how long will it take to burn reserves? .
Is the purpose of the sales maimed at meeting demand or exchange rate fixing or some combination of the two?
Should the CAN stop selling dollars totally and if not exactly how much would you be happy for them to sell.
Finally on this issue of burning reserves why is that such a bad thing? Is it a sin against God.What is this emotional attachments to reserves. The only value of reserves is they allow people to import and once burnt in theory we stop importing on the other hand in theory if we don't sell the dollars we stop importing. The same effect. Most countries have no reserves or even negative reserves. Reserves are simply balance of trade accounts so the net reserves in the world is ZERO. It is not a big deal and might even be what we need.

Dude, what are you talking about? In order to appreciate your currency you have to sell dollars to buy up naira in.tge market. Unfortunately, money is not an infinite resource and you eventually run out. There is a reason why appreciating your currency is not always done.

The firepower of your central bank lies in the size of your reserves and we are burning through it.
There is a reason you are told not to fire randimly in battle so as not to use up your ammo (bullets).

mployer:
And the blame game continues. What happens to proving them wrong with your working policies?

There's little good policies can do, if the world bank and IMF is bent on destroying the economy of a target country. Didn't you read the CBN have enough dollar supply to the market? Yet, it miraculously stopped having any positive effect since the IMF released the report on Nigeria.

aribisala0:
Honestly your remarks are emotional. Before you talk of Burning reserves ,how much is the CBN Supplying to the market each week and how does that match with weekly dollar earnings? Do you know? So at the current rate how long will it take to burn reserves? .
Is the purpose of the sales maimed at meeting demand or exchange rate fixing or some combination of the two?
Should the CBN stop selling dollars totally and if not exactly how much would you be happy for them to sell.
Finally on this issue of burning reserves why is that such a bad thing? Is it a sin against God.What is this emotional attachments to reserves. The only value of reserves is they allow people to import and once burnt in theory we stop importing on the other hand in theory if we don't sell the dollars we stop importing. The same effect. Most countries have no reserves or even negative reserves. Reserves are simply balance of trade accounts so the net reserves in the world is ZERO. It is not a big deal and might even be what we need.

You don't know what reserve is bro. There are no countries that doesn't have reserves.

I knew something like this would happen......And its all IMF's fault....After they came up and said the Naira was overvalued at 20%.
They just gave hope to people who have been hording the dollar in Nigeria.......and they have started the nonsense again

Now to those saying that CBN intervention is wrong.
I don't agree with that. In everything you have to have short term plans and long term plans.
Yes we import a lot of foreign goods but that is because there are either no local alternatives or the cost of producing them here is too high or the quality is poor. To over come these issues, a lot of investment needs to go into infrastructure to support cheap, quality production of goods and services, and that is a long term plan.

However in the short term we cannot just pull the plug and say ban everything, inflation will hit the roof and the economy will just collapse...
So we need a gradually whining of our old habits and gradual infusing of made in Nigeria for Nigeria philosophy...

But then we need to tackle corruption/nepotism first, because these are the things that will not let our system work...the CBN is doing what they need to do to keep our economy running

musicwriter:
There's little good policies can do, if the world bank and IMF is bent on destroying the economy of a target country. Didn't you read the CBN have enough dollar supply to the market?

CBN doesn't have enough dollar to supply. They can say it but they don't have it.

There have been no improvement on our fx earning, so where did they get the dollar from?

abescom:
And

I disagree slightly with you guys. True the method CBN is applying won't last because using the foreign reserve to support the naira would only erode our already "almost eroded" foreign reserve. However if the government is sincere about it diversification drive, I think the current method makes sense on the short term.

My believe is the CBN is trying to use the artificial method on the short term till when the diversification drive of the government starts yielding results.

Agriculture for instance won't yield results immediately. It takes some time and some doing.

Bros, like I said earlier, reserves are everything to a central bank. It's like a bullet to a soldier running into battle.

I said it 2weeks ago.
Uma dey jump up for 350.
Dollar we dey wa8 u 4 750.
Wen dollar reach 850.i go bill my client

Freiden:

guess u b G boy...smiles..

davidif:
What is saying is that the cbn is running out of dollars propping up the naira. Can't you see how investors have fled the country because of scarcity of dollars?

Investors didn't leave because of dollar scarcity. They left because of instability of the naira. The two are different.

Buhari should just do and go back to his new country UK

mployer:
This is common sense, it has nothing to do with Harvard degree.

So in essence, the entirety of the CBN, despite their experience, data, info, knowledge, history, education, and intelligence lacks common sense in what is essentially their business?

But you know better?

mployer:
CBN doesn't have enough dollar to supply. They can say it but they don't have it.

There have been no improvement on our fx earning, so where did they get the dollar from?

This report is saying the CBN is pumping more and more dollar into the market, but not getting results as usual. Suddenly, a policy that've been working over the last one month stopped working!!. I' am sorry you think its all about Nigeria's paucity of funds, but I know why.

mployer:
Investors didn't leave because of dollar scarcity. They left because of instability of the naira. The two are different.

Both sir. I know that the airline i wanted to fly once stopped operating in Nigeria because they could not repatriate there funds. So it is both.

We are getting so many things wrong in this country, until we stop those selling dollars in the streets, we'll not make any headway
Most importantly, we must stop this our inordinate penchant for foreign goods and service
How do we expect the Naira to stabilize when we import virtually everything.
How can the Naira stabilize when our politicians continue to waste our monies in the name of medical tourism
Mr President is planning to leave the country for yet another medical tourism after spending millions of undisclosed tax payers money in the last one he embarked on.
Billions of naira was allocated to the state house clinic in the 2016 budget yet the president goes outside the country to treat common headache
I don't know how CBN intends to sustain this their nonsense policy of supplying dollars.
A lot is wrong with my country

We are getting so many things wrong in this country, until we stop those selling dollars in the streets, we'll not make any headway
Most importantly, we must stop this our inordinate penchant for foreign goods and services
How do we expect the Naira to stabilize when we import virtually everything.
How can the Naira stabilize when our politicians continue to waste our monies in the name of medical tourism
Mr President is planning to leave the country for yet another medical tourism after spending millions of undisclosed tax payers money in the last one he embarked on.
Billions of naira was allocated to the state house clinic in the 2016 budget yet the president goes outside the country to treat common headache
I don't know how CBN intends to sustain this their nonsense policy of supplying dollars.
A lot is wrong with my country

mployer:
You don't know what reserve is bro. There are no countries that doesn't have reserves.

The issue is not whether countries do not have reserves or not the issue is how much so do not try to change the subject. At the current rate of intervention based on earnings how long will it take to halve current reserves. The theoretical advice is countries should maintain reserves to sustain at least 3 months of imports.Anyway let us not major in minor.My question was should THE CBN SELL ZERO DOLLARS OR DO YOU HAVE ANY SUGGESTIONS ABOUT HOW MUCH TO SELL?