₦airaland Forum

Contractors atm machines

GreaterFuture:
I still don't get you, pls break it down?

Oshe breaker.. You no dey Nigeria?

tstx:
Worst CBN governor in Nigeria's history


...

You think CBN control good roads or governance?

To be fair to Emefele, he is a product of federal government languishing politics. Blame him less.

uptimum123:
Sometimes I do wonder why President Buhari hasn't changed this man.

Gone are the days of Sanusi....That man did great things

sanusi? you apparently do not know what you are talking about!

The worst CBN Governor ever, working under the worst President ever. Na serious gbege we dey for Naija

lastclaire4:
My dear in mist country the forex is managed somehow. Not even Saudi or Dubai operates a free float.

The problem we have is we want to fight exchange rate and interest rate at the same. That defies economic laws. The shortest way out is to raise interest rates.

can u explain how this will work?

tstx:
Worst CBN governor in Nigeria's history


...

What make him worst?...Nigeria is a lazy country that is unable to refine crude oil but thinks that it is magical to make a dollar equals a naira by solely exporting crude oil.
Guys don't expect any magic. Everyone should start using his her brain and produce something for export.

afube:
sanusi? you apparently do not know what you are talking about!

Please correct me Mr Ominiknowest

vRendoh:
What make him worst?...Nigeria is a lazy country that is unable to refine crude oil but thinks that it is magical to make a dollar equals a naira by solely exporting crude oil.
Guys don't expect any magic. Everyone should start using his her brain and produce something for export.

like it is that easy to produce and export. The system is conditioned to squeeze life out of the start-up manufacturer even before he can walk. No incentives except you are a certain man that produces cement and spaghetti or somehow related to him or from the northern part of Nigeria. Power is expensive and epileptic, tax officers are waiting as well for the smallest signs of life etc.

uptimum123:
Sometimes I do wonder why President Buhari hasn't changed this man.

Gone are the days of Sanusi....That man did great things

which president..the same president that needs to be changed

Yen, yen, yen.

Nigerians produce nothing but want their currency to have parity with nations that produce everything we consume.

The Nigerian media that should be educating the populace prefer to publish incredible headlines.

[b][/b]

vRendoh:
What make him worst?...Nigeria is a lazy country that is unable to refine crude oil but thinks that it is magical to make a dollar equals a naira by solely exporting crude oil.
Guys don't expect any magic. Everyone should start using his her brain and produce something for export.

You are the only one that understands the dynamics.

Nigeria is full of ignorant people.

uptimum123:
Sometimes I do wonder why President Buhari hasn't changed this man.

Gone are the days of Sanusi....That man did great things

Buhari can't change the man because buhari is the problem. FX trade favours the north more. The man will be wondering why Nigerians have not changed buhari.

Saao:
oil was selling for 15 dollars per barrel during obasanjo regime so stop using oil as reason for buhari failure. I agreed with you that isn't Cbn governor fault but that of buhari and his gang that lack economics direction.

Stop lying.

nymphomaniac:
can u explain how this will work?

If you raise interest rates, it will move the prices of stocks and other risk free instrument up. When this happens we will experience more investors abroad coming in to invest because of the rate especially in risk free market. This will create inflows in dollars and put downward pressure on the dollar.

As it is now, operating an interest rate below 1% will not spur the economy, because that rate is probably what you get when you invest in developed nations. A rational investor will not bring in dollars to invest when the rate is same in his country. That 1% interest rate cannot compensate for the risk he is to take. For example I decide to invest as a foreign investor at 1% i bring in my dollars at 400 at the minimum and then when i am to move it back to my country, dollar is now say 450. It means I have lost interest of 1% and lost part of my capital on conversion.

NIGERIA !!! PROBABLY THE WORST COUNTRY IN THE WORLD

OLODO WEREY CBN GOVERNOR, how much was d euro when u came inn? SOON The one way good 4 ur life must destroy AMENNN

tstx:
Worst CBN governor in Nigeria's history


...

See, if Albert Einstein worked under Buhari, he go cast.

By the time you are mandated to take instructions from products of tribal allegiance than of mental competence, you go bow.

The only weapon use against Nigeria is CURRENCY & CBN

Blackmarket forex is the tools used, CBN(Emefiele) is the machinery.

I pity future generation.

Saao:
oil was selling for 15 dollars per barrel during obasanjo regime so stop using oil as reason for buhari failure. I agreed with you that isn't Cbn governor fault but that of buhari and his gang that lack economics direction.

CBN is the reason, no measures put in place to control forex, naira in the circulation. If he cann not kill blackmarket, then he has kill Nigeria.

It's the continuous denial of an obvious fact that pisses me off

[quote author=uptimum123 post=96443150]Please correct me Mr Ominiknowest[/quote


I doubt if your partial and meagre grey matter can decipher the landscape of facts and figures i will bring to bear on your delicate intellectual frame.

Golan007:
Stop lying.

you just confirmed my submission. 15 and 16 are almost the same. When u check what you posted there and the current price of oil, you will agree with me that the problem with buhari is not oil but lack of economic direction.

StPete:
Emefiele is the worst CBN governor Nigeria has ever known...

What a pity

like buratai, like buhari, like emefiele like my dog sparky.

Saao:
you just confirmed my submission. 15 and 16 are almost the same. When u check what you posted there and the current price of oil, you will agree with me that the problem with buhari is not oil but lack of economic direction.

You want me to disregard the higher prices that kept climbing.

Gkay1:
This news is meaningless to me. I just waste my data for nothing. Even the CBN governor don't know what he is doing

Sorry oh... thank God I'm using free Opera mini data

lastclaire4:
If you raise interest rates, it will move the prices of stocks and other risk free instrument up. When this happens we will experience more investors abroad coming in to invest because of the rate especially in risk free market. This will create inflows in dollars and put downward pressure on the dollar.

As it is now, operating an interest rate below 1% will not spur the economy, because that rate is probably what you get when you invest in developed nations. A rational investor will not bring in dollars to invest when the rate is same in his country. That 1% interest rate cannot compensate for the risk he is to take. For example I decide to invest as a foreign investor at 1% i bring in my dollars at 400 at the minimum and then when i am to move it back to my country, dollar is now say 450. It means I have lost interest of 1% and lost part of my capital on conversion.

I beg to disagree
Raising interest rates without solid fundamentals is useless

It's like trying to switch seats in a burning car.

If developed countries can raise interest rates to stimulate their stock market, I very much doubt it'll be effective for Nigeria

Also, sometimes, the stock market can be decoupled economic health of a nation as we're currently seeing with US and developed nations

chidi2pus:
I beg to disagree
Raising interest rates without solid fundamentals is useless

It's like trying to switch seats in a burning car.

If developed countries can raise interest rates to stimulate their stock market, I very much doubt it'll be effective for Nigeria

Also, sometimes, the stock market can be decoupled economic health of a nation as we're currently seeing with US and developed nations

Dont be deceived. This low interest rate we are experiencing was not determined by the market but hand put by Buhari and Emefiele. How do you explain that interest rate in the economy is way below inflation?

The recent rate we experience is because govt want to borrow the country to death. If you check the TB rates, you will see that that the rates are dropping. The last I checked weeks ago was below 1% for 365 days! The funny thing is that the TB are being oversubscribed. It is not me and you that are bidding for those TB at that rate but pension funds and other financial institutions. The govt does this by telling them they must invest a certain percentage in this and that area. By so doing, the govt forces them into lending the govt at ridiculous rates.

Govt is hiding under the mask of stimulating economy by lowering interest rate to encourage private investment. Govt can only tell that to the birds if the air. What they have succeeded in doing is to crowd-out private investments. When private individuals go to bank now, they want to invest, banks will not give them more than a certain amount. Govt has taken the most part.

The effect of borrowing at these ridiculous rates over time is what we have just seen "recession". Because govt have killed economic activities by taking money in circulation.

PhiliptheArab:
In farness to Emefiele, he does not control the amount of dollars entering Nigeria.

Since 2014, we have been suffering from low oil prices. Oil has been below $80 PER barrel, and is now at 40 per barrel. Meanwhile the price at which we need oil to be to earn enough for a surplus budget is $139 since 2017.

Also, the government has not dealt with corruption, refuses to fully deregulate,, and has no answer to the securty challenges in the country...which all drive away investtors.

There is only so much the CBN governor can do.

Modified

Yes, Nigeria is dependent on oil, yes, when oil falls, our economy crashes, when oil shoots up our economy rises. We were there in 1973-82, when oil rose, 1982-2003 when oil was low, and 2003-2014 when oil rose.

Blaming our current economic collapse on the collapse on the price of oil, is a direct criticism of the government's failure to diversify the economy. If you don't get that, sorry.

I'm surprised you buy that narrative that GDP is all about revenue. A simple question will then be why we've had over twenty years of consistent deficit budgeting but have had recession only twice.
Your growth representation of Nigeria's economy which you used to buttress your claim is factually wrong.
During the Abacha years, Nigeria's GDP grew steadily from 1.9 in 1995 to 4.1 in 1996 and maintained above 2 points growth in 97-98.
Also, from 1999-2003, we had explosive growth peaking at 14.6 in 2002 and none of those was ever less than 5 points. Go check the oil price in those periods. None ever climbed above $30. As a matter of fact, it was during the Iraq war that oil rose above $60!!
It's this bit of history that's always made me not buy that so-called break-even price cause I see it as a tacit absolving of the govt from its responsibilities. Any wonder this came up during this recessionist govt?
Note also that your quest for a surplus budget is not a cure for our economic malady at all. Achieving a surplus budget is quite simple in fact. Print more money and cut down on capital expenditures and voila your surplus budget is here!! The question will be to what end.
I'll share a piece written on this recession for you so you can see the direct nexus between economic policies and GDP, the biggest culprit being the border closure maintained amidst rising inflation. Right now, economists have come to accept where in stagflation.
Just as the first recession was more about Forex and not just fall in oil price as this govt has come to make people believe.
And yes. I agree the CBN governor does not control how much dollar comes into Nigeria but he can control how dollar leaves and by that stymie the effect of dollar availability on our economy.
The problem though is that we have a pliant governor who knows where his good standing with govt functionaries come from and is not prepared to sabotage that cosy relationship.
Funny you support deregulation and liberal policies and also support a CBN governor who is conservative and protectionist in outlook.

Agbegbaorogboye:
I'm surprised you buy that narrative that GDP is all about revenue. A simple question will then be why we've had over twenty years of consistent deficit budgeting but have had recession only twice

.

And it isn't lke the economy was healthy by the way.

Your growth representation of Nigeria's economy which you used to buttress your claim is factually wrong.
During the Abacha years, Nigeria's GDP grew steadily from 1.9 in 1995 to 4.1 in 1996 and maintained above 2 points growth in 97-98

Yes, and inflation fell too. Doesn't mean the economy was healthy, plus we were still heavily dependent on oil..

Also, from 1999-2003, we had explosive growth peaking at 14.6 in 2002 and none of those was ever less than 5 points. Go check the oil price in those periods. None ever climbed above $30. As a matter of fact, it was during the Iraq war that oil rose above $60!

Oil was on an upward trajectory then, plus our forex needs were not as much as they are now.
!

It's this bit of history that's always made me not buy that so-called break-even price cause I see it as a tacit absolving of the govt from its responsibilities. Any wonder this came up during this recessionist govt?

Thats for you. For me, breakeven means that Nigeria is not earning enough and we have to diversify our economy pronto . Which is why I don't support either apc or pdp....neither have ideas for diversifying our economy.

Note also that your quest for a surplus budget is not a cure for our economic malady at all. Achieving a surplus budget is quite simple in fact. Print more money and cut down on capital expenditures and voila your surplus budget is here!! The question will be to what end.

Print more money and get more inflation.....

Okay.

Plus guess what we would use to print more money....scarce forex.

I'm surprised you suport a Tnubu idea. An idea that was claptrap.

I'll share a piece written on this recession for you so you can see the direct nexus between economic policies and GDP, the biggest culprit being the border closure maintained amidst rising inflation. Right now, economists have come to accept where in stagflation.

I didn't support the border closure because i saw it as government avoiding the deregulation elephant . Plus it was rddiculous.

Just as the first recession was more about Forex and not just fall in oil price as this govt has come to make people believe

And where do we get most of our forex? Oil income. Yaradua was able to leave $60 billion in the reserves when he passed on because we had high oil pricess, including a record high of $100 and above in 2008. .

And yes. I agree the CBN governor does not control how much dollar comes into Nigeria but he can control how dollar leaves and by that stymie the effect of dollar availability on our economy.

Which in a way is what the gvernor is doing...dollar restrictions.

The problem though is that we have a pliant governor who knows where his good standing with govt functionaries come from and is not prepared to sabotage that cosy relationship.

Yeah, so he is a government appointee. What else is new.

Funny you support deregulation and liberal policies and also support a CBN governor who is conservative and protectionist in outlook.

Actually the reason why i am defending him is simple. He does not write the overal policy It is his boss the Minister of Finance and the President who do..and they are portectionists unlimited....and subsidy supporters. Whose hand got forced by low revenue from oil.

Plus if oil is not so important, why do we talk about it soo much?

We must deregulate...whethr Buhari orAtiku like it or not. We need the investment and the jobs, and the eventual low petrol prces.

uptimum123:
Sometimes I do wonder why President Buhari hasn't changed this man.

Gone are the days of Sanusi....That man did great things

Corrupt people like corrupt people.