₦airaland Forum

ExInferis:
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?

aribisala0:
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. One at the current rate of intervention base 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 HUGH TO SELL?

naijaking1:
Does Nigeria have an unlimited supply of the dollar?
If the answer is no, then you'll understand that using our small foreign reserve to prop up the naira temporarily is an economic foolishness.
Good export base of products and services is the only way to boost any currency. Injecting dollar directly to prop up the naira is also another form of corruption, because those famed economists that work at the CBN know that's it useless.

davidif:
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.

Dottore:
They said there's steady weekly supply of dollars by CBN yet Naira is still falling. I don't understand. Can someone pls explain. The worst is that I sold my precious dollar saving at 387 weeks ago.

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.

aribisala0:
What is the name of the airline

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? Yet, it miraculously stopped having any positive effect since the IMF released the report on Nigeria.

ExInferis:
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?

9jakohai:
It isn't about bubu resigning, but whether the govt is ready to make the hard choices needed to develop a manufacturing based economy, which is what would take us to a strong currency

veekid:

---

Buhari should just handover to Osunbande joooor

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 .

Abudu2000:
and you think a dullard can create a manufacturing economy?? When a phd holder couldn't achieve?

Jesusloveyou:
you can see how emefiele under your ineffectual buffoon push the problem down to buhari govt. Which is another prove that recession were push down to this govt,
Even when oil price was high, they were stil defending naira from foreign reserve save by obj even when oil price were stil low.

davidif:
Oh goodness! The conspiracy theorists and pseudo economists have arrived.

9jakohai:
That's why presidents have ministers, civil servants and advisers.....

Problem with Nigeria is that since independence, we have allowed our over-abundance of natural resources to think that we can rely on the income from their export.

Also...becoming a manufacturing society means making hard choices, an intial long period of harsh economy, worse than what we have now....and lots of hard work. Not vote winners by any margin. Better look for more raw materials to export...and spend the money importing stuff(not that it has worked either).

musicwriter:
This is no conspiracy theory. I've been saying this for a long time, and I think you quoted me some weeks ago saying the same thing. Indeed, I said the IMF was soon going to release a damning report on Nigeria and that the result would be bad for the Naira. The fact you don't understand how this thing works doesn't make it a conspiracy theory.

davidif:
United.

aribisala0:
I don't class that as an Investor. How much money did they bring into Nigeria? Those are opportunists

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?

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.

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 340/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. Don't bother with western Union and co, they exchange at 355/$ with fees and the exchange rate drops to around 316/$...

Contact in signature..

naijaking1:
Does Nigeria have an unlimited supply of the dollar?
If the answer is no, then you'll understand that using our small foreign reserve to prop up the naira temporarily is an economic foolishness.
Good export base of products and services is the only way to boost any currency. Injecting dollar directly to prop up the naira is also another form of corruption, because those famed economists that work at the CBN know that's it useless.

LionDeLeo:
The dollar earnings (through crude oil) has always been used to shore up the Naira since the beginning of times. The free fall of the Naira in recent times is purely a consequence of the fall in oil price vis-a-vis low output, otherwise, how do you expect reduced government revenue to be felt by the oil-dependent economy? (That is the meaning of recession). Note, same would have been the case in the past but for robust Foreign Reserve which in this case had been depleted by the previous administration even with high oil price and reasonable output. Do you have to be an Economist to understand this simple logic? Also, Naira is our currency, the government spends Naira, so the dollar earnings must still be converted to Naira or does govt pay salaries in dollars? The over $2b pumped so far was not given out free, it was exchanged for the Naira at 375/$, meaning the govt got 375× 2 billion (750 billion) from that exchange even though the official rate is 306/$.

Meanwhile, which products can you start exporting within 5 months from now to salvage the Naira? This is what almost everybody has been saying without suggesting any exportable items.

Don't just blame when you don't have any practicable alternative, what the CBN is doing is the only option in the interim pending the outcome of a long lasting solutions or do you want the Naira to hit 2000/$ while hatching out plans for export base?

mployer:
Bro, Emefelie lacks common sense.

Elementary economics teaches that quantity demanded will increase the moment price is reduced. Even a street trader knows this.

Forcing down dollar to 360 will cause increase in demand for dollar which he doesn't have a means to sustain. The result will be dollar scarcity and subsequent rise in price, causing turbulence and instability in the economy.

Abudu2000:
look mr man, don't try your ill-brain washing skills here, everything was fine until the dullard came into power.


no one even noticed things getting outta control, even the hardship we experienced then is the betterment we seek now.....

Idk if you are on someone's payroll but that person should fine a better troll to do online damage quarter backs for him

Have a nice day

itzmoni:
guess u b G boy...smiles..

9jakohai:
You did not get my post.