Re: Is CBN Defending The Naira Or Dollar? by Nukilia: 9:38am On May 01, 2017 |
MrSly:
It seems you are now used to the hardship. Was it $1=N380 when this government came to power. I don't wanna go into their empty promises of $1=N1. All we want from them now is to restore the economy to where it was when they met it. Goodluck in his corruption as APC made us to believe had a better economy than this pooh of APC lead govt. Forget it, this PMB government cannot restore shit. Let's just pray they finish up with their term and we shop for smart people to run our economy. |
Re: Is CBN Defending The Naira Or Dollar? by Reference(m): 9:53am On May 01, 2017 |
chiefeconomist: Mr. Boyo's knowledge of economics is very questionable. How on earth could you blame naira devaluation for all of Nigeria's ills? What many economists like Boyo fail to realise is that exchange rates are prices, they transmit what is happening in the underlying fundamentals. It's absolutely undeniable that Nigeria maintained an unwise fixed exchange rate system throughout the 1970s and most of the 1980s. That implied that there was no way to know when the naira's value was no longer realistic. We therefore kept the naira overvalued for far too long, which is precisely what turned Nigeria into an import-dependent country. When a currency is overvalued, imports become artificially cheap and exports become too expensive. It was in this backdrop that Nigeria was forced by reality to readjust its currency. My Boyo May blame the IMF for all things wrong in Nigeria but that doesn't change the fact that our own attitude toward the market led us to the fixed exchange rate regime which did the damage to our industrial based. Simple. QED. |
Re: Is CBN Defending The Naira Or Dollar? by omorttee4u(m): 10:14am On May 01, 2017 |
Our Govt official are so corrupt, especially those in financial sector controller. They have been toold severally to float the currency, they would never do it, that's where, they were able to corrupt and embezzle public funds.
I weep for my nation.
In other news. Before you quote me, read my post, where I enlighten ignorance folks that jump lashes on faceless forum, afterward, you read the topic I created. Happy holiday! 1 Like |
Re: Is CBN Defending The Naira Or Dollar? by messenger4891: 10:23am On May 01, 2017 |
story for the gods |
Re: Is CBN Defending The Naira Or Dollar? by Limitless72(m): 10:46am On May 01, 2017 |
Reference: The article is not creamy smooth but what I can say about this before awaiting responses is this: In letting the naira find its true market value remains the best tool for 'compelling' Nigerians to seek other means of obtaining it, whether generating their own, popularly called diversification or attracting those who already have it whether foreigners, exiles or locals to invest in dollars or dollar related enterprises. You simply cannot have a capitalist system which we operate with socialist guidelines. Someone somewhere is bound to be cheated, robbed and rendered poor and unfortunately in this case it is the 'common' man who has borne the brunt. Just like the fuel subsidy regime, the common man enjoys little benefit (his net fuel footprint is small but the cost to him of the loss of other social services such as roads, schools, hospitals is high, similarly with forex, the common man's share of the foreign reserve cannot be compared to that of the well to do on a personal and general scale.
What government through the CBN should do, once again like the fuel subsidy regime is a deliberate phased floating over a five, ten or twenty year period so that inflationary pressures are spread out but for the CBN to continue to use oil prlceeds to subsidise 'consumption' in large parts is just callous and generations to come will curse us for not making hay when the sun of big oil finally sets. Old habits are painful to leave. That's why this government with all the political capital it had, had the greatest opportunity to effect real change but it rather chose to maintain the status quo of big oil, cheap forex, consumption based socio-governmental structures. No lesson has been learnt, the Niger-Delta is quiet so they think Nigeria has succeeded. So the next recession will be worse. Much worse. Did you just say next recession...? Brother we still dey recession ooo E be like sey u believe Lai mohammad |
Re: Is CBN Defending The Naira Or Dollar? by ladgentle(m): 11:16am On May 01, 2017 |
MrSly:
It seems you are now used to the hardship. Was it $1=N380 when this government came to power. I don't wanna go into their empty promises of $1=N1. All we want from them now is to restore the economy to where it was when they met it. Goodluck in his corruption as APC made us to believe had a better economy than this pooh of APC lead govt. Please you guys should allow the intelligent ones to comment na. Please. |
Re: Is CBN Defending The Naira Or Dollar? by Nobody: 11:19am On May 01, 2017 |
MrSly:
It seems you are now used to the hardship. Was it $1=N380 when this government came to power. I don't wanna go into their empty promises of $1=N1. All we want from them now is to restore the economy to where it was when they met it. Goodluck in his corruption as APC made us to believe had a better economy than this pooh of APC lead govt. lol the that sounds funny. During gej tenor,the oil price was over $100,,also the rate was #170/$ and despite that,the reserves was depleted to $27b,...Don't forget that there was stability in the militant zones. When gmb came, the oil price came down to $35 from about $110 due to obvious global factors, including crisis in Niger Delta which hampered production.You can see there was no way gmb could have maintained the indices he met.But even at that, reserves is now $31b and Naira gradually picking |
Re: Is CBN Defending The Naira Or Dollar? by Chiedu4Trump: 11:26am On May 01, 2017 |
Baonel: I bet 98% of nairalanders will never read this long write up. Na prophet you be. |
Re: Is CBN Defending The Naira Or Dollar? by Today007: 11:54am On May 01, 2017 |
disception, divertion, corruption everywhere |
Re: Is CBN Defending The Naira Or Dollar? by dinggle: 1:03pm On May 01, 2017 |
They shoukd stop defending the naira it is hurting my pocket and I cant repatriate funds for investment in my village abi na only oyinbo investors una want? |
Re: Is CBN Defending The Naira Or Dollar? by 989900: 1:51pm On May 01, 2017 |
Boyo is using this medium once again to convey his belief (which I support) that the use of dollar certificates for payments will effectively reduce excess liquidity, and hugely help make the Naira stronger -- it can actually crash the dollar rate by 25-50% if honestly implemented!
However, I doubt if it can ever be implemented, for obvious reasons. ![undecided](https://www.nairaland.com/faces/undecided.png)
1 Like |
Re: Is CBN Defending The Naira Or Dollar? by nurex01(m): 1:51pm On May 01, 2017 |
To be sincere, corruption is everywhere now. |
Re: Is CBN Defending The Naira Or Dollar? by MrSly(m): 11:24pm On May 01, 2017 |
danjumakolo:
lol the that sounds funny. During gej tenor,the oil price was over $100,,also the rate was #170/$ and despite that,the reserves was depleted to $27b,...Don't forget that there was stability in the militant zones.
When gmb came, the oil price came down to $35 from about $110 due to obvious global factors, including crisis in Niger Delta which hampered production.You can see there was no way gmb could have maintained the indices he met.But even at that, reserves is now $31b and Naira gradually picking PMB was aware of the challenges before making his vain promises. Besides, does Niger delta crisis linger up till now? Whose forex policies devaluated naira to this abysmally low value? What has PMB done since his inauguration in order to stabilize naira. You can see for yourself that naira is on a free ride, hence the free fall. |
Re: Is CBN Defending The Naira Or Dollar? by MrSly(m): 11:27pm On May 01, 2017 |
ladgentle:
Please you guys should allow the intelligent ones to comment na. Please. what are you saying? I just marked you moniker, next time I will be more harsh. Always read on if you have nothing to say. To quote someone is not by force. |
Re: Is CBN Defending The Naira Or Dollar? by nurex01(m): 12:54pm On May 02, 2017 |
MrSly:
PMB was aware of the challenges before making his vain promises. Besides, does Niger delta crisis linger up till now? Whose forex policies devaluated naira to this abysmally low value? What has PMB done since his inauguration in order to stabilize naira. You can see for yourself that naira is on a free ride, hence the free fall. |
Re: Is CBN Defending The Naira Or Dollar? by Nobody: 6:46pm On May 02, 2017 |
MrSly:
PMB was aware of the challenges before making his vain promises. Besides, does Niger delta crisis linger up till now? Whose forex policies devaluated naira to this abysmally low value? What has PMB done since his inauguration in order to stabilize naira. You can see for yourself that naira is on a free ride, hence the free fall. So it's time to fire the cbn governor. |
Re: Is CBN Defending The Naira Or Dollar? by nurex01(m): 7:28pm On May 02, 2017 |
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Re: Is CBN Defending The Naira Or Dollar? by AtlanticBreeze: 10:55pm On May 02, 2017 |
lalasticlala, mynd44 please unban me from spambot |
Re: Is CBN Defending The Naira Or Dollar? by nurex01(m): 10:16pm On May 03, 2017 |
chiefeconomist: Mr. Boyo's knowledge of economics is very questionable. How on earth could you blame naira devaluation for all of Nigeria's ills? What many economists like Boyo fail to realise is that exchange rates are prices, they transmit what is happening in the underlying fundamentals. It's absolutely undeniable that Nigeria maintained an unwise fixed exchange rate system throughout the 1970s and most of the 1980s. That implied that there was no way to know when the naira's value was no longer realistic. We therefore kept the naira overvalued for far too long, which is precisely what turned Nigeria into an import-dependent country. When a currency is overvalued, imports become artificially cheap and exports become too expensive. It was in this backdrop that Nigeria was forced by reality to readjust its currency. My Boyo May blame the IMF for all things wrong in Nigeria but that doesn't change the fact that our own attitude toward the market led us to the fixed exchange rate regime which did the damage to our industrial based. Simple. I think the IMF of a thing should be blame on the Man called"I...". Hope u get that Sir? |