Atlantian:
2015 is not 1984. This is what happens when old soldier believes he can manage macro economy with nomadic ideas.

Wake me up when naira to a dollar rate is 500. This is good news to the picanto boys.

calebo101:
APC...

Zimbabwe, here we come.

Soon Naira will be competing with Zimbabwean dollars same way Buhari and Mugabe dey compete for oldest president in Africa. A president holding a business meeting with American investors and asking that no Nigerian business man be there . Who the business men wan partner with na?? Boko Haram??

onatisi:
don't mind them ,they were busy shouting sai buhari sai baba then without pausing to think how a 72 years old soldier will be able to manage the nation economy. Their hatred for gej blinded and blocked their sense of normal reasoning ,already fuel marketers are preparing another fuel price hike whether the govt likes it or not . By the time majority of nigerians spend all the monthly salary on transportation alone their brain will start working normally again.

BabyDaddy20:
[size=20pt]BABA GO SLOW a.k.a RETARDINHO 1 OF DUARA.[/size]

I told you guys not to vote for him but you wouldn't listen, Now let's enjoy the change we have been craving for.

begod:
your foolishness has no limit, u see things going from bad to worst you are there talking rubbish because of triberlism, fool.

doctokwus:

I feel d mistake he made was banning some importers from accessing foreign exchange from d CBN.
Since those people still had to import those items, they just had to source for d forex from the open market.
I bliv Emefiele or whatever he calls himself has been a disaster as d CBN gov.A new man needs to come onboard

onatisi:
the cbn gov did the right thing . If he had not banned those exporters ,will the banks be able to supply them all their forex? And secondly our currency would have been officially devalued to 250 by now at the bank rate and 320 at the black market because the truth is the banks simply don't have the forex. The fault still lies with baba dullard , who has not seen the urgency of the situation , there is direction or policy in place that the cbn seems to be following , to be honest the cbn gov is in a tight corner . By now ,the president and his ministers plus economic team should be brainstorming on how to rescue the naira but what we have a one man show paparazzi president .

doctokwus:

Without sounding patronising;pls tell me what PMB policies would have affected the naira value that much with a governor whose fiscal control mechanisms are emasculating the naira.
Yes,agreed in d long term diversification of our economy is d way to go,but in d short-term, Emefiele, has got his policies all wrong.U tell importers:' u can import all u want,but get your dollars from the black market',in a country with poor law enforcement mechanisms!
Let me give u an experience: someone wanted to get some dollars early this year;right there at d bank desk,they claimed they didn't have to sell,but direct u to a "mallam"that had to sell;inside the bank with him standing and his dollars visible for all to see!!
Of course his rate was about 30 above the bank displayed rate.

bushdoc9919:


But even if GEJ was in power...the same thing would have been happening.

We are too reliant on oil. If GEJ had transformed the economy as you people kept on telling us back then, we would not be in this mess. Buhari would have been forming with GEJs transformation

GEJ did do some good things.....car assembly plants, and railways. BUT.....the problem is that the material for the assembly plants is STILL being processed outside Nigeria....and the railways are being built with materials outside Nigeria. And Ajaokuta is STILL moribund. So...we are still relying on oil money to....keep the plants running. And power supply is still low.

You Nigerians right now should be telling Buhari to diversify the economy. You should also tell your governors the same thing. We have to give up the idea that there is unlimited oil money to share...and do as Japan, South Korea, China and Germany have done...turn to innovation , education and science to save us. APC should be serious about diversification. We no longer have the oil money....not when everyone now is producing oil, and America is close to ending its dependence on imported oil.

calebo101:
APC...

Zimbabwe, here we come.

Soon Naira will be competing with Zimbabwean dollars same way Buhari and Mugabe dey compete for oldest president in Africa. A president holding a business meeting with American investors and asking that no Nigerian business man be there . Who the business men wan partner with na?? Boko Haram??

warrior01:
You guys were warned but you went ahead and voted for it. So, serve you guys right

dammytosh:


I am sure your mother is the bread winner in your family.

That is why you get excited calling some one who has achieved greater things than what your father will ever achieve a retardeeno.

Captainswag225:
Buhari the daura liar, is dis how 1 naira will become 1 dollar? Smh na wa oo

refreshrate:

US Dollar or Zimbabwean Dollar? Nigerians are too eager without reading the fine print once they hear anything.
They promised 1Naira to 1 Dollar una no ask which of the dollars specifically?
chanji they wanted...chanji theyare getting!

onatisi:
my own grouse with buhari is this, he met a problem on ground and he knew about it,he and his party said they have the solutions all we are demanding is they START doing it . The problem is buhari doesn't seem to understand the precarious nature of the nation economic problems. He and his party are behaving as if things aren't bad and that they have all the time in the world . The bitter truth is oil prices will not be going up again for a very long time. With the way he is talking ,it is obvious he isn't thinking of initiating any serious economic policy this year ,maybe he is waiting next year budget . So even if cbn is making a mistake who will caution it. U talked about diversification , yes u are right. But will buhari and his cohort sit down to formulate policies on how to go about it All we want is for him to sit down and face this challenges ,we want him to start addressing the nation economic problems . We are tired of picture picture government .campaign is over .

Captainswag225:
LOL, EXACTLY.

kheni28:

Bros u r just goin back and forth.. barely 2month canT U SEE... afta DIS GOVT. U CAN ACCESS HIM.. NO B ANODA PERSON USE 6YRS?

bushdoc9919:


Good am.

The problem here is that thanks to the fall in oil price, we have no forex to buffer the naira.

(Part of the reason why we do not have enough forex is GEJs overspending. But even if GEJ had saved everything....it would have delayed ,not stopped the fall).

The solution is diversification of the economy from sale of resources like oil and even agric....into innovative industries.

We have to learn that the important thing about strong nations is that they are innovative economies.

Right now....APC is singing diversification. I hope they follow words with action.....or else we should look for new hands in 2019.

Atlantian:


but BUHARI is just too timid and overbearing. He wouldnt listen to anyone. Now the Naira is falling and he doesnt care to appoint Ministers of Economy, Trade and Manufacturing. We are just unlucky that Jonathan had to handover to this dictator, he likes working alone, he doesnt wanna appoint ministers because he thinks he knows all.

RIP Nigeria.

teeowl:
buhari... do something.

A more realistic approach of monetising foreign exchange allocations to the federating entities would probably be to disburse foreign exchange vouchers to the respective beneficiaries which could be redeemed for Naira as and when needed.

Futhermore, the above referred modus would, over time, ensure that both the interest rate and inflation rate fall to the desired single digit. This singular reform would go a long way to revert the economy to equilibrium.

onatisi:
this issue is very simple and not complicated at all. If the cbn gov hadn't stopped those importers from accessing bank forex ,believe me bank rates would have gone high as 280 by now. But what he said is ,he doesn't want those heavy importers to disturb the official rate that they should go else where for their forex ,this is to protect the official rate . When supply becomes limited or scarce ,you have to censor those you will give . What is needed now is fg policies to back up and help the cbn. The cbn alone can't do this ,someone mentioned diversification can cbn initiate policies for the nation diversification from oil dependency No . The point is we need to have a govt in place giving instructions and directions on how the nation is to be run.

989900:


While I would want to agree with you, OTOH, the CBN has created a 'free-for-all' buffet of currency round-tripping/racketeering.

As we speak, all the banks, BDCs and their cronies are making ridiculously insane amount of money from this, that they would not ever want it to stop -- if I were in on it, I wouldn't either! I doubt if there is any 'cheap-easier' way to make money on earth right now!

Such decision made by the CBN should have come with smarter/stricter/drastic regulations . . . not talking about hog wash restrictions like withdrawal limits. Well they can't and won't, because the porous system feeds them.

AlPeter:

but none of this would have happened if there was never a clueless one from Otuoke. He brought the nation to its kneels

onatisi:
I won't say the cbn gov method is 100% flawless but I understand how powerless he is in this situation. Many ppl want him to devalue the naira officially to like 240 but once he does this the black market rate will go up as high as 320 because the problem is there is not enough forex. So what he has done is ,limit the number of ppl having access to bank forex,limit the forex spending limit of cards and accounts and ban some importers. What he is sayying is they should take their wahala outside the official rate region and kill themselves off with the price .it will get to a stage the price will come down in the black market by itself . Because noone will be buying it due to its high rate . [s]By the time dollar goes high as 300 naira many importers will step back and stop buying[/s] .