₦airaland Forum

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

Freiden:
You wont understand.

A Chinese saying goes thus

几家欢喜几家愁 jǐ jiā huān xǐ jǐ jiā chóu - Some are happy, some have worries. Or one man’s disaster is another man’s delight.

Thats to say the happy man profits from what is making the other man worry.

Say im selfish....IDGAF

davidif:
Dude, some years ago, Egypt was in a similar predicament as we are now but the IMF offerrd them the same solutions which they applied and now they have the best performing currency because it's leaders where wiĺing to make the difficult choices and STICK TO IT.
So what are you talking about bro?

Jesusloveyou:
that is how you make nonsense of yourselve. If phd holder could not do and weac holder is doing

LordVoldemort:
The foreign reserve will be okay as long as the price of oil stays above $50. As the foregin reserve dropped drastically since the intervention started? No so no cause for alarm

hobermener:
We warned but we were called names!!!

Let the cbn continue with its unrestrained stupidity, dwindling out foreign reserves to prop up the naira in the short term.
Nigeria is the only country where people depend solely on magic and blind optimism to see things work, little wonder they voted in a senile, illiterate, certificateless, vindictive grandpa to change the economy in this modern age
Brace up people, darker days await the naira with this useless policy still in place.

davidif:
Well you might not consider them investors but others do.
They invest in our economy by operating here. They buy jet fuel from here don't they? Or na u dey but am?

9jakohai:
I like your post....I gave you a like even.

BUT.....we must start manufacturing for export....even if it means naira goes to N2300 to $1 in the interim.

Abudu2000:
i dont want to either

aribisala0:
They are not a bellweather of the industry in Nigeria but a new entrant many other airlines remain so maybe they could not cope competitively. There is no convincing evidence tha they left for the reason you claim.

davidif:
https://www.bloomberg.com/news/articles/2016-03-30/nigeria-s-promise-turns-to-peril-as-investors-head-for-the-exits

https://www.thisdaylive.com/index.php/2016/10/23/why-foreign-airlines-are-leaving-nigeria/

Jesusloveyou:
that is how you make nonsense of yourselve. If phd holder could not do and weac holder is doing even with no resources

davidif:
https://www.bloomberg.com/news/articles/2016-03-30/nigeria-s-promise-turns-to-peril-as-investors-head-for-the-exits

https://www.thisdaylive.com/index.php/2016/10/23/why-foreign-airlines-are-leaving-nigeria/

Billyonaire:
All they do is pump $300m, $100m, $400m to their surrogate bankers and round-trip while making billions, then the price goes up and again and the fraud continues.

It is either Buhari is too naive or he is involved in this fraud.

How come they dont know that you cant force the price of a currency down by temporal flooding the market with scarce dollars. The solution is local production and they have done nothing to encourage manufacturing, no loans for start-ups, no lowering of interest rates for production firms, no banning of govt purchases of foreign expensive cars. Our mumu too much sef.

Instead of injecting billions of dollars to stabilize Naira fraudulently, why not give the hundreds of millions of dollars as loans for young start-up entrepreneurs as grants and loans and see the economy evolve with time.

Our government's mumu too much sef.

musicwriter:
By the way, who made your IMF the world's regulator of currencies?

This is one of many colonial instruments created after the second world War to keep on milking third world countries. You talk about Egypt, but you don't know the Egyptian pounds lost 50% value overnight immediately accepting IMF's offer. What's the situation in Egypt today? The hardship persists and amid that, foreign business hawks are all over the country buying up anything of value. Egypt as a country is almost for sale now. Is that what you want?

World bank and IMF are business groups and they care not about the development of any country. They're just opportunistic for-profit business entities.

davidif:
Wrong wrong wrong!

First of all, oil prices are very volatile
Secondly, the measures we are taking is burning cash faster than we can make.
Thirdly, we are spending a third of govt revenue paying interests in our debts.

aribisala0:
you know I won't open that rubbish, if you have any point to make do so

LordVoldemort:
Okay okay okay

Since you know this system is not working can you advise a better solution.

Not the Good export base buhaha

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.

aribisala0:
The objective does not have to be forcing price down rather it is to meet genuine demand and to fund the budget. How do you think the budget is funded after oil is sold? How is the money shared if dollars are not sold? Two years ago CBN was selling under 200 and now over 300 so I really do not get this logic about trying to force price down.The price does not really matter what is important is to reduce fluctuations and corruption from CBN officials

davidif:
In terms of monetary policy, let the naira float. Let the market (demand and supply) determine the true value of the naira. It will plummet the short term but it will eventually stabilize like it did with Egypt and several others before us. That's how markets work.

Billyonaire:
This writing does not make sense. It is not the duty of a central bank to stifle the value of the legal tender. Government must allow the laws of demand and supply to play out naturally and save the money wasted on these round-tripping in our reserves. Government has been intervening severally yet the price goes up almost always.

I put it to you that it is penny wise, pound foolish to inject $500m into the FX debacle yet the price of dollars goes up again within 4 weeks, eroding the entire intervention funds.

Instead of temporally forcing down the price of dollars, we must allow the true value of our currency to mirror the status of our economy then have an economic team work on a permanent solution as it is done in advanced democracy and in the event that the economy dynamics is worse than can be handled, you devalue the currency. There is no need wasting money to keep up an appearance a of great economy when in essence, we are bleeped.

It is what happens when people live fake lives; Purchasing expensive perishable goods just to put up appearance while wasting a great deal of resources. This is exactly what is happening to the country.

I know you want to argue this, but be rest assured that today is Saturday and I will proof that CBN and indeed the Financial Minister have been acting erroneously just to keep their jobs and give an aristocratic President the impression that all is well.

Brute force does not work in macro-economics.

davidif:
Oh goodness! another person who doesn't know how the free market system works?
First of all, the Egyptians let there currency float and let the market determine the value of there currency as opposed to blindly propping it up.
Secondly, yes that's what happens when you stop propping up your currency, it temporarily drops in value until it stabilizes. That's how the free markets work.
And yes there is still hardship in Egypt just like there was before and the changes are not going to come over night but the first step in the right direction is having a stable economy and sound economics in place first before the country rebuilds and continues to attract investors. You know, the same thing your country seems incapabale of doing.
That's is how you run a modern economy.

aribisala0:
What do you mean by Float? IS's it not floating already? The CBN is not the only supplier in the market. It is not even the largest supplier. Last year diaspora suppliers put $ 600 million into the market weekly on average. Price was determined by market forces so let us stop the self indulgent rhetoric. The naira is floating. What is happening on the CBN side of things is an allocation bottle that creates a corrupt premarket market after which that supply enters the real market and floats .

musicwriter:
"Free market" and the latest addition "modern economy" and all other economic jargons, sounds good on paper. But, if only you actually understand the powers at play behind the scenes, you'll understand those terminologies is what the IMF and their syndicates use when they're interested in purchasing major assets in a target country. The IMF don't tell countries to devalue currency because they want to help them. It's a for-profit business entity.

davidif:
Oh goodness me! The naira is pegged him the dollar. They call it dollarization.

aribisala0:
You have no manners. You start off saying my writing makes no sense and follow that with a PhD thesis. Indeed you must be very stupid if you expect me to read it. Go and learn how to communicate with human beings eranko

davidif:
Wrong! The free market system is the most original economic system used by man. It's being used since we used to trade by barter. It's a buyer and a seler comung together to exchange goods and services. It's simple supply and demand. In other words, I have something to sell and you have something to buy so let's exchange and be on our way. Simple as that.

Billyonaire:
You cant read, I did not expect you to read, I only responded so that I can clear up the erroneous tantrums you threw around. If you are old enough to father Methuselah, who cares. Run along and learn from those who do not bother about age but the wisdom that comes from practical experience. I wrote a PhD thesis because you need a PhD mentality to run a country. It is a pity that it is too complex for little minds to comprehend. Dont blame me for that, you need a little more sleepless nights in a library to update your knowledge. Run along and do the catching up.

aribisala0:
I am sure that this makes a lot of sense .......... to you