₦airaland Forum

thewesternking:
CBN governor that formulates spending policies, coming to yap to ordinary citizens about his poor saving habits. Imagine!!

Expansionary monetary policy was used by CBN to increase the level of economic activity and spending in the economy which was dampened by economic recession but we have recovered from this recession and there really is no need to keep spending and further spending creates vicious cycle of poverty for citizens and balance of payment deficit for the government.

shotuns:
Did the last regime saved for the rainy days? You save and some useless politicians will use them for their personal gain. I am fully in support of President Buhari using up all the money for pending projects, so many important but yet to complete projects are on ground, no savings for rainy days at the moment, rainy days will cater for itself.

No, we have to save.

At the moment, oil prices are hovering around $70 per barrel. We need it to be at $140 per barrel to balance the books...and right now, more savings is needed.

GEJ blues.... reminiscent of the years before the 'change' that has proven to be just the same ol, same ol. But if the CBN (and the erstwhile gullible citizens who once castigated the Jonathan years) think politicians without philosphies will ever save then their egg heads need to be examined.

Politicians exist to spend to protect their offices, seats and benches and here in Africa you have the additional incentive of stealing with impunity. The gullible folks will also look for roads, water, schools, rice, vegetable oil, sugar, salt, school fees and 'burial money'... all at the expense of their economy instead of the more important tasks of wealth creation, decentralization of opportunity, institution building, diversification of the economy, things that can only happen on the foundation of a frugal, accountable government . The black man and indeed Nigerian cannot understand that a nation's wealth can only be established when the people out spend the government the elect thus tilti g economic power in their favour.

We don't expect this government to save nada, elections are coming. The ignorant Nigerian will Esau out his destiny for the next decade and the politicians will gladly dole out the peanuts while keep the main course for themselves.

1Ebiscoo:
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, warned the Federal Government to learn to save heavily from current improved crude oil sales for the rainy day.

CBN Governor, Mr Godwin Emefiele, who read the communique of July MPC meeting in Abuja, said the committee, while discussing the economic report, observed that as the prices of crude oil increased in 2017 and 2018, the monthly allocation to various levels of government also increased, suggesting that Federal Government was not conscious of saving for the rainy day.

He said the committee had called on the apex bank to continue to build on the progress already made in arresting the trend to sustain the moderation in food inflation.

Emefiele said the MPC noted with satisfaction the fourth consecutive quarters of growth of real Gross Domestic Product (GDP) and the positive growth outlook in the domestic economy.

“This is shown by the sustained improvement in the manufacturing and non manufacturing purchasing managers indices in the second quarter of the year,” he said.

He said the committee was, however, concerned about the liquidity impact of the 2018 expansionary fiscal budget and increasing FAAC distributions due to rising prices of crude oil as well as the build up to election related activities.

On the declining foreign reserves from $47.7 billion in May to $47.2 billion in June, Emefiele said the development had nothing to do with politics as being insinuated.

“What is happening is as a result of US Federal Reserve Bank normalisation. Since the interest rate has gone up in the US, and other advanced economies, in an attempt to stimulate their economies, these money that moved into the emerging economies are now being taken back and this means there will be so much outflow of cash than inflows. And of course we have our own share of it.

“But it must be noted that Nigeria has performed better than other emerging markets around the world, with a stabilised exchange rate because we have been able to build enough buffers to support our currency and that is why the exchange rate has remained stable.

“Countries like South Africa and others have had their currencies depreciated but the Naira remains stable at N360/$ at this time,” he added.

On currency swap update, the CBN Governor said: “China remains Nigeria largest trading partner and we are saying that those trading can be paid for using renminbi instead of dollars, because people who are importing using renmimbi we are offering some discounts since we have this soft deal with the Bank of China and we are encouraging people to embrace the use of renminbi for trade between Nigeria and China.”

PLEASE READ MORE>>>http://www.mcebisco.com.ng/2018/07/nigerian-government-not-willing-to-save.html

Fake news circulation from PDP sites.

joeace2020:
Ground Hog day

How about learning how to make 2D animation video explainers for Nigerian small businesses and also selling on fiverr to cients around the world? Visit my training thread using my signature link.

con man, deceiving people with fiverr

We seem to have forgotten the years of the PhD holder from Bayelsa who squandered about 20bn dollars with nothing to show for it

Buhari met a treasury with 28bn and raised it to 42bn in 3 yrs.

And yes, it was 180 to the dollar then but we were spending money to pop up the Naira — a terrible strategy

klassd:
con man, deceiving people with fiverr

God's blessings on you and always ask for more information in life so you don't end up with eggs on your face.

Smart man! This CBN governor has found his missing voice now that Buhari is down. Where have you been up until now mr cbn governor? Ole, just say that you have looted the treasury too and want to hang it on Buhari as a fall guy he is right now.

Merimental:
" Naira remains stable at N360/$ at this time,” celebrating mediocrity...d same naira was 180 against dollar b4 d dey came in...

Stop this silly lies. As at dec 2014, naira had already been devalued to 197-199 and was 232 in the parallel market as at march 2015 when oil was still well above $60. Where u got your 180 from, i dont know cos u guys have a penchant of distorting facts and playing with figures.

PassingShot:
Hogwash. Useless lazy journalism.

"observed that as the prices of crude oil increased in 2017 and 2018, the monthly allocation to various levels of government also increased, suggesting that Federal Government was not conscious of saving for the rainy day."

The report is an imagination of the writer. The writer drew his/her conclusion with the emboldened part of the above statement - "suggesting that the FG was not conscious of saving for the rainy day".

na wa for some ppl o!

Go and look at our foreign reserves and at least dollar have stabilized alil bit we should learn to commend the government sometimes

1Ebiscoo:
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, warned the Federal Government to learn to save heavily from current improved crude oil sales for the rainy day.

CBN Governor, Mr Godwin Emefiele, who read the communique of July MPC meeting in Abuja, said the committee, while discussing the economic report, observed that as the prices of crude oil increased in 2017 and 2018, the monthly allocation to various levels of government also increased, suggesting that Federal Government was not conscious of saving for the rainy day.

He said the committee had called on the apex bank to continue to build on the progress already made in arresting the trend to sustain the moderation in food inflation.

Emefiele said the MPC noted with satisfaction the fourth consecutive quarters of growth of real Gross Domestic Product (GDP) and the positive growth outlook in the domestic economy.

“This is shown by the sustained improvement in the manufacturing and non manufacturing purchasing managers indices in the second quarter of the year,” he said.

He said the committee was, however, concerned about the liquidity impact of the 2018 expansionary fiscal budget and increasing FAAC distributions due to rising prices of crude oil as well as the build up to election related activities.

On the declining foreign reserves from $47.7 billion in May to $47.2 billion in June, Emefiele said the development had nothing to do with politics as being insinuated.

“What is happening is as a result of US Federal Reserve Bank normalisation. Since the interest rate has gone up in the US, and other advanced economies, in an attempt to stimulate their economies, these money that moved into the emerging economies are now being taken back and this means there will be so much outflow of cash than inflows. And of course we have our own share of it.

“But it must be noted that Nigeria has performed better than other emerging markets around the world, with a stabilised exchange rate because we have been able to build enough buffers to support our currency and that is why the exchange rate has remained stable.

“Countries like South Africa and others have had their currencies depreciated but the Naira remains stable at N360/$ at this time,” he added.

On currency swap update, the CBN Governor said: “China remains Nigeria largest trading partner and we are saying that those trading can be paid for using renminbi instead of dollars, because people who are importing using renmimbi we are offering some discounts since we have this soft deal with the Bank of China and we are encouraging people to embrace the use of renminbi for trade between Nigeria and China.”

PLEASE READ MORE>>>http://www.mcebisco.com.ng/2018/07/nigerian-government-not-willing-to-save.html

koboko69:
Stop this silly lies. As at dec 2014, naira had already been devalued to 197-199 and was 232 in the parallel market as at march 2015 when oil was still well above $60. Where u got your 180 from, i dont know cos u guys have a penchant of distorting facts and playing with figures.

did u trade Forex as @ den.....if not go do lil research..

Merimental:
did u trade Forex as @ den.....if not go do lil research..

Oga go and sit down. What was the official value of naira as at March 2015?