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Nairaland Forum / Nairaland / General / Politics / Should CBN Print More Money To Aid Our Dwindling Economy? (21826 Views)
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Re: Should CBN Print More Money To Aid Our Dwindling Economy? by Nobody: 6:56pm On Oct 31, 2015 |
mazeltov:Actually, America is in a $16trillion debt and the only way it has been coping since 2013 is by printing more dollars. Stop forming to be an analyst when you are not. 3 Likes 1 Share |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by Nobody: 6:58pm On Oct 31, 2015 |
I have a printing press. Anytime Buhari is ready, I would gladly print Naira for him. 2 Likes
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Re: Should CBN Print More Money To Aid Our Dwindling Economy? by Donbrig: 7:01pm On Oct 31, 2015 |
In spite of all these economical problems, our foolish Godwin Emefiele wants to freeze over 25 Million customers bank accounts just because of BVN that is supposed to be a continuos process as it is done in SANE countries. Emefiele is only preparing the final burial rites for our dying economy. If the accounts of over 25million citizens are frozen, it will be extremely difficult for Nigeria to gain the trust and confidence of foreign and local investors. Emefiele had finished us. 1 Like |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by bookface: 7:01pm On Oct 31, 2015 |
Printing more money and allowing the Naira to devalue will have the same effect on the Naira. But printing more money is worse, because that will naturally cause inflation to rise. The best approach right now is fiscal consolidation - The government should reduce its size - and simultaneously increase infrastructure spending so as to offset the loss of jobs. E.g. The government can transfer public schools into private hands to reduce the burden from paying monthly salaries to teachers - while at the same time, increase infrastructure projects like railways - this should create thousands of engineering jobs. Where possible, the government should transfer labour into private hands. This is the best approach to cutting the incredible high recurrent expenditure, while allowing for room for infrastructure spending which the country badly needs. 3 Likes |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by namedoam: 7:01pm On Oct 31, 2015 |
NaijaTalkTown: You are absolutely correct. 1 Like 1 Share |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by ohemdave(m): 7:02pm On Oct 31, 2015 |
[quote author=scofieldsimba post=39535378]I just want to know if it is right for our Central bank to print more monies in order to heal our wounded economy.. We are deficit infrastructural. I think it won't be a bad idea if there is a special fund created by CBN to build roads,improve power, improve health care, and create more industries.. If the above author is paid to write this article then I can see the high level of insanity in him and his cohorts. Bad leadership culminate to bad governance and economy. This is a bad idea conceived by a bad fellow and from a wrong group. |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by Malakh: 7:02pm On Oct 31, 2015 |
NaijaTalkTown:I been wan correct the guy but I didn't feel like engaging him, good that u pointed it out |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by grailife(m): 7:03pm On Oct 31, 2015 |
If all politicians loots are recovered and put back to cbn then there is no need of printing more money #change 1 Like |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by bookface: 7:08pm On Oct 31, 2015 |
NaijaTalkTown: America is in 16 trillion dollar debt, but all that debt is denominated in US dollars, and most of that debt is owed to the US Federal reserve. America can afford to print money because its economy is big and diversified. The GDP of California alone is more than that of Nigeria, South Africa and Egypt combined. Stop spewing nonsense. |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by darlenese(f): 7:09pm On Oct 31, 2015 |
There will too much money in circulation if that happens |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by mazeltov(m): 7:11pm On Oct 31, 2015 |
dexpendable:as our main source of income. |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by Nobody: 7:14pm On Oct 31, 2015 |
darlenese: [size=18pt]Buharinomics[/size] 2 Likes
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Re: Should CBN Print More Money To Aid Our Dwindling Economy? by 3kay945(m): 7:16pm On Oct 31, 2015 |
jomoh: Enlighten me more. Who are people that would demand more due to false impression.? We Nigerian? How? Since the money is said to create something like infrastructure. |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by onatisi(m): 7:18pm On Oct 31, 2015 |
I have this funny feeling that this is exactly what buhari will do. He will print more naira,ppl can bokmark this thread and I know I will be vindicated in future. Buhari will resort to printing more naira it is just a matter of time |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by Nobody: 7:18pm On Oct 31, 2015 |
mazeltov: American printed money, eurozone is printing money as we speak, Japan is printing money, its called quantitative easing, print money to buy bonds or borrow to govt. to spend. Central banks drop interest rate and keep inflation within the proper band. QE makes your product cheaper in the international market , your currncy as well. The peculair issue with Nigeria is our inflation rate is high @9.4 despite dropping energy cost , A reason CBN kept an MPR rate @13% , (cost of borrowing) if MPR rate are high, interest on borrowing and deposit go high, remember one person spending is another income, once company's and individuals pay so much interest on borrowed money, people borrow less and companies struggle to pay debts ,income drop, jobs are lost but inflation is kept at bay, since credit supply is limited, now the issue with naija is that, all other economic indices are southwards except inflation, employment down, consumer confidence down, GDP below projection, naira value down, foreign reserves down to support the naira as an import dependent country considering the drop in oil prices the economy mainstay. In order to fund our budget deficit, since it appears what we have will only support for payment for recurrent expenditure like salaries (cost of governance 25% of that) and debts, we can only borrow more from IMF or world bank , and other countries or through bonds, since every creditor doubts your economic strength to repay the debt , they charge higher interest which means more debts and future income losses. I don go offkey but the idea is this, Emefiele needs to drop interest rate, devalue the naira a little and print money before we fall into a recession . end of story 2 Likes |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by Nobody: 7:19pm On Oct 31, 2015 |
I think the OP made sense. Some people are screaming inflation without even analysing what the OP said. Anyways, it is true that Nigeria's infrastructure is poor just like it is in most African countries. Printing about 1.60% money above normal rate(or 1.60% of GDP) to develop the infrastructure of the country cannot cause any serious effect to the economy in the immediate future, and the better the economy is managed, the fewer the chances that it would even affect our economy at all in the long run. 1 Like |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by nobilie: 7:20pm On Oct 31, 2015 |
That's what happend to Zimbabwe. Here everybody is a millionaire but poor millionaires that can't do any tangible thing with the money. The true rich ones spend dollars in that country. May Nigeria never be like that. Amen. Every state need to look within (true federalism). 2 Likes |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by chuose: 7:26pm On Oct 31, 2015 |
NIJA'S ECONOMY WAS BOOMING UNDER OBJ & GEJ B00HARI & APC DON ENTER CHANGE DON ARRIVE, WAHALA DON SET! 1 Like |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by EternalTruths: 7:27pm On Oct 31, 2015 |
gabicon: What do you mean by bankable resources Please list them while not including agriculture and tax |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by Nobody: 7:30pm On Oct 31, 2015 |
@Rychard The problem with borrowing money from IMF and WB is that we will lose control of our economy to them. Their terms and conditions are very harsh and manipulative. But with the emergence of the Chinese-led BRICS and their $100bn development bank, I foresee a competition that will lead to creation of favorable conditions for borrowers. |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by 3kay945(m): 7:30pm On Oct 31, 2015 |
Everyone forming economist but couldn't lighting me up better. |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by bigpastor(m): 7:30pm On Oct 31, 2015 |
NOOOOOOOOOOOOOOO, tHEY SHOULD NOT |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by Nobody: 7:32pm On Oct 31, 2015 |
private individuals are already printing the naira inside their apartments while the fgn is dulling itself like 6 out of every 10 people are professional fraudsters, free-range prostitutes & armed robbers. welcome to the yahoo generation 2 Likes |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by Nobody: 7:36pm On Oct 31, 2015 |
bookface:An idiotic like you wouldn't know that I was correcting a fellow who claimed the US is not in debt. Btw, you forgot to mention that America's debt alone is larger than GDP of all African countries combined. Useless goat. |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by Yanks101: 7:38pm On Oct 31, 2015 |
NaijaTalkTown:dollar is the currency for international transactions. The US can afford to print more, Nigeria can't. 4 Likes |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by kinibigdeal(m): 7:38pm On Oct 31, 2015 |
Very funny question. I don't want to go too technical but let me give you a layman answer. We should diversify from mono-economy to a more open-economy. Even if you print a money from Lagos to Abuja it won't solve anything except we diversify, attracts investors, and use what Jonathan economic team use to stabilize the economy when the oil price index was down. Buhari made a mistake of canceling Jonathan economic policy, he wanted to bring change he knows nothing about. For example, GEJ ban the importation of rice to boost our local rice, that brought about what we called Rice pyramid, it as a great effect on our GDP, now the GDP is back to the way it was in 2008. Immediately PMB came in, he lift the ban and open our borders.PMB lack direction and strategics economic policy. Economic is not rice and beans. Hate it or like it, jonathan improve our economy. PMB is confused 3 Likes |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by tsdarkside(m): 7:41pm On Oct 31, 2015 |
kaybams1: very simply explaind,indeed.....printing more money,will not make the common man on the streets have more money in his pocket....its wishful thinking,but not reality............... |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by mazeltov(m): 7:51pm On Oct 31, 2015 |
[b]I am just trying to say the little things I know so why the insult? When they say America prints more money to pay off its debt, it does not mean a physical printing of money. Well, Some economic terms could be confusing anyway. America as a big economy has attained the level advanced internet banking. While money is created electronically, not by printing, yes printing is a reasonable analogy for what happens. The important thing to keep in mind is that the U.S. Federal Reserve's books are always balanced and to put more money into circulation, they buy up US government debt. Cash is a liability for the Federal Reserve, while the bonds they hold are an asset, and the two sides balance. The end result is that the price of government debt (the inverse of interest rates) goes up or down in response to the Federal Reserve's actions and generally, when a foreign individual or government wants to hold U.S. Dollars, they don't just hold cash or put it in a checking account somewhere. Cash pays nothing, so instead they loan the money back to the US government and hold US bonds. By lowering interest rates, the Fed makes dollars less attractive to foreigners, encouraging them to hold something other than dollar-denominated debt, which causes the dollar to lose value. Since US debt is denominated in dollars, this doesn't change the dollar amount owed on debt.Well, I may be wrong but Economics 101 says that printing more oney is a short-term fix to a financial problems, and downside to doing it is inflation. The more money there is in circulation, the less value a dollar has. The issue of monetry policy and its Economic effect are complicated.[/b] this is the little I know |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by mazeltov(m): 7:54pm On Oct 31, 2015 |
NaijaTalkTown:leave him, what do you expect when Mechanics are forming economist |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by ademusiwa7: 7:54pm On Oct 31, 2015 |
CBN is not going to answer, the CBN can only listen to ME or Buhari. That why they are showing you, that i should have many wives, so that many people could be able to make the decision. [size=18pt]I am not a governor of a state. I am the emperor of the country of the kindgom of western nigeria. I am not ambode, that you keep on posting. let me correct you there . I have power above civillian.. governors dont have power over duke of cities. But I have power over dukes of cities. the ooni of ife or others dukes are just dukes of towns, they have no power to approach emiefile for it. but I do. that is the mistake you are all making. The politician lack the understand of government hierarchy . Emiefile was picked because he knew me, my family background allow me to ask Emiefile. And give all of you the money, because I am the emperor of the kingdom of the country of western Nigeria. when lagos was suffering in debt, the correct thing they should have done was to ask me for the money, and i ask emiefile.. because you all can ask me apart from buhari Emiefile is not going to give you the money apart from me and buhari You people think I am telling lies, who I am. I am telling you the truth. I am the emperor of the country of western nigeria. So if Buhari refuse to give any of you money. You are expected to ask me to ask emiefile for it, and so i can take it from emiefile and give it to you. They the politician are suppose to ask me to ask Emiefile for the money. look this is how military/police barrack all looks like, and I have been complaining about the same thing. I am not going to wait for you to repair it anymore. I want to give it to them to do themself. if you like you dont believe, many of you are illiterate people. It is also going to be Christmas soon, the military/police need money to take care of their family. I notice all of you dont have a understanding how government work. you are been pick because you know me, so that you can ask me money to ask emiefile for the money.. apart from buhari. This is how government... You people should ask your friend for the meaning of my name. when the people of lagos were suffering because they did not read his book well. I assume, he was too proud ,did not ask me to ask Emiefile.. he was business wasting his time with tinubu and obasanjo.. The law allows me to ask Emiefile because I am the real emperor of the country of western nigeria. The military/police can ask me to Ask Emiefile for it too to repair it. But they never ask me. [/size] [size=28pt]You are suppose to contact me, like you contact buhari . [/size] [size=28pt]Most of your business too are also allowed to ask me , to ask Emiefile.. Have you seen Osibanjo give you money. No. the law does not allow him to do that. Law allow you people to ask me,so I can ask Emiefile for it. That is why they make most of you know me You people are illiterate, Emiefile is a governor and you dont have power to ask Emiefile for the money. apart from Buhari and me, Even Osibanjo have no power to ask Emiefile, only when Buhari leaves nigeria. Have seen Osibanjo repair his church thing. No. the only person that can ask Emiefile is me or buhari the people are suppose to ask me to ask emiefile.. [/size] www.nairaland.com/attachments/2112084_imag01011_jpeg22f41324a6263c210bb5382bcf37e026 [img]http://1.bp..com/-83xXF3qr4pg/VbaLwUqIaII/AAAAAAAGCJ8/8gZmbI_OHss/s400/0.jpg[/img] [img]http://3.bp..com/-j2oJyzQBsys/VbaLyN3RxaI/AAAAAAAGCKM/issF2tRAERo/s1600/2.jpg[/img] [img]http://2.bp..com/-QY755fNqiyM/VbaLxMuN4II/AAAAAAAGCKA/Z1v1ZEgidQo/s400/1.jpg[/img] 1 Like 1 Share |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by ademusiwa7: 7:56pm On Oct 31, 2015 |
[size=28pt]Illiterate people.. That is why Buhari was showing you, How he is treating Emiefile like this. So that I not be scared to ask Emiefile to give you people the money. Buhari is just showing me, to shout on emiefile [/size] [size=18pt]Inside military /police barrack.[/size] [img]http://2.bp..com/-gmR50z3hFng/Ub0oqNMnrNI/AAAAAAAAAXk/CMbguBDo2xo/s320/police+barrack.jpg[/img] [img]http://news2.onlinenigeria.com/thumbnail.php?file=Images1/One_of_the_buildings_in_Ojuelegba_barracks__Lagos_576091224.jpg&size=article_large[/img] [img]http://1.bp..com/-WhbKUUemkQo/VAPrzh_dsfI/AAAAAAAAHbU/guKBbe221iE/s1600/police%2Binspector%2Bkilled%2Blagos.jpg[/img] [img]http://2.bp..com/-ojcKcJ_jl7A/VbyXoon8_jI/AAAAAAACeZg/qCOj7AEBhHI/s640/Rear-view-of-a-building-in-Ojuelegba-barracks.jpg[/img] |
Re: Should CBN Print More Money To Aid Our Dwindling Economy? by confluence: 7:57pm On Oct 31, 2015 |
@kinibigdeal, i like your simple analysis, can you suggest a way out of this mess? |
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