Hmmn, as at yesterday naira was exchanging for 226 to a dollar. Nigerians, this is serious and very pathetic.

Nancy on her AIT's money show programme last year interviewed a prof. who works with the U.N on the then impending oil Tsunami. The Prof. spoke passionately albeit gloomingly, he said the Nigerian government had no coherent plan to handle what was coming. Naira was 168 to a dollar during that show. Today, close to 60 naira has climbed on top of that figure!

Where are we headed, where are the think thanks in this country, where are the economic and financial gurus to profer solutions?

What is the future of we ordinary citizens as cost of imported goods start to sky rocket and jobs are lost on a per seconds level?

We need to declare a national emergency as a united front because our leaders have failed us. The President in his interview with Mo Abudu even told us that we are lucky! can you imagine! he listed Russia etc as countries going through the same thing as a result of fallen oil price.

Isn't that stories for the gods? would President Obama say that to the Americans?

Nairalanders, whats your take and advise on this issue? maybe our ideas will help who ever wins the election so that we can all nip in the bud a looming STAGFLATION that is about to infect this country.

(Pls this has got nothing to do with elections or partisanship, this is purely economic, if you don't have any constructive idea to contribute, stay aloof, thanks.)

Nawa ooooo

Typing

This gej is just a complete Badluck, I stop importing since. Just imagine others dat only rely on dis small importation buz to make end meet.

Hmmm serious matter

We cannot continue drowning like this. The impact will be heavy with the already poverty in the land. Thing must Change. Sai Buhari.

Guys

The truth is raft we have some economic saboteurs here in Nigeria

Naira has stabilized at 198 at the interbank market but speculation and rent seeking at the parallel market is alarming

There is also the political aspect of it
The Northerners that controls about 90% of the BDC market are deliberately devaluing the Naira by creating artificial scarcity to give the Govt of GEJ a bad name - They buy from CBN weekly at 198 and refuse to sell to the public

Way forward

1) CBN should ban deposit of more than $10,000 cash into any Dom account in Nigeria daily

2) CBN should stop USD cash withdrawal of more than $100,000 daily

3) EFCC and CBN should start the investigation of all Domiciliary accounts with balances in excess of $200k with emphasis on those that grew their balances via cash deposit in the last 6 months

With these steps , I can guarantee that the Naira will appreciate to 200 in the parallel market within 1 week

farobat:
Guys

The truth is raft we have some economic saboteurs here in Nigeria

Naira has stabilized at 198 at the interbank market but speculation and rent seeking at the parallel market is alarming

There is also the political aspect of it
The Northerners that controls about 90% of the BDC market are deliberately devaluing the Naira by creating artificial scarcity to give the Govt of GEJ a bad name - They buy from CBN weekly at 198 and refuse to sell to the public

This does not make sense even to a pry school student. Have you asked yourself who controls the CBN? Have you asked yourself why the CBN under FG (the same FG that is always ever so quick to blame north, opposition etc for all its failures) is still selling to the same people you accused of sabotaging the economy? The same CBN under FG is still empowering those that (according to you) want to give GEJ a bad name. The same CBN is effective in stopping the sale of dollars to ordinary citizens but will sell to those that will cause artificial scarcity (according to you) thereby sabotaging the economy.

Bros if you don't mind, please try another intelligent spin because this one cannot cover the obvious failure starring at all of us in the face.

Nigerians should keep calm coz help is on the way. Contrary to all the noise from FFK and his pay-master, the real issues that will decide this elections are the economy and insecurity.

Buhari/Oshinbajo team has an alternative plan in place to salvage this country from inept and incompetent management. It won't be long now guys.

Input 1.

Earmark and build diaspora estate consisting of 1 million flats (3 bed rooms each) using fallow lands in Ogun and Oyo state (proxies to Lagos airport). This mega estate must be world class with its own independent power supply. Grant federal C of O to authenticate the sales. Sell at a give away price of $30,000 per flat. Raise the loan for this project from World Bank (low interest, long term offer). Market the project globally.

With an inflow of $30 billion, there will be availability of dollars in Nigeria on a short term, so that the excess supply of dollar from these inflow can lead to the dollar falling against naira.

Many Nigerians in diaspora will like to own these highly secure assets and friends will rush to buy their flats close to each other. The buildings will be 20 storeys each, with 40 flats.

This project will create massive employment and it will help to strengthen our naira.

With a special agency handling this efficiently, it will be a win win for all and sundry.

Input 2 to come later

Like iv been yelling & will continue to do on this forum, I just cant wait to see Jonathans memoir after leaving office (hopefully by May
29th) titled -

HOW I ALMOST DESTROYED NIGERIA WITHOUT THE USE OF A SINGLE NUCLEAR WAR-HEAD!......
In other news, anyone interested in the
manufacture of SPEECH BOMBs, do check my
sigi......

kingviny:

Input 1.
Earmark and build diaspora estate consisting of 1 million flats (3 bed rooms each) using fallow lands in Ogun and Oyo state (proxies to Lagos airport). This mega estate must be world class with its own independent power supply. Grant federal C of O to authenticate the sales. Sell at a give away price of $30,000 per flat. Raise the loan for this project from World Bank (low interest, long term offer). Market the project globally.
With an inflow of $30 billion, there will be availability of dollars in Nigeria on a short term, so that the excess supply of dollar from these inflow can lead to the dollar falling against naira.
Many Nigerians in diaspora will like to own these highly secure assets and friends will rush to buy their flats close to each other. The buildings will be 20 storeys each, with 40 flats.
This project will create massive employment and it will help to strengthen our naira.
With a special agency handling this efficiently, it will be a win win for all and sundry.
Input 2 to come later

Who in diaspora wants to invest their money in Nigeria again after this?

You bunch of orang-utans have destroyed your homeland economically again. I would be surprised if any fool wants to invest his hard earned dollar or Euro currency in the pit hold called Nigeria. I invested 25 years earning in Nigeria and I will dissuade anyone from investing in our shit-homeland.

Blame Mr. Failure Jonathan

Adegbodolu1:


Who in diaspora wants to invest their money in Nigeria again after this?

You bunch of orang-utans have destroyed your homeland economically again. I would be surprised if any fool wants to invest his hard earned dollar or Euro currency in the pit hold called Nigeria. I invested 25 years earning in Nigeria and I will dissuade anyone from investing in our shit-homeland.

I can feel your pain. But will it be wise to throw away a baby's bathe water alongside the baby? this is the only country we all have. We all have to salvage it. The houses will be 70% completed with world bank loan before it will be sold, so it is not as if it is an idea that they would be selling.

If your investments failed, some have succeded. Such is life but I can tell you that Nigeria is a country that can make you rich if you invest properly.

This proposition is all about rescuing and not abandoning our country. Orangutan? bross that is not a polite metaphor.

There is not a lot you can do in the immediate to sterm the tide!

Nigeria is over dependent on export of crude oil while at the same time importing petrol. Hence our currency is subject to the gyrations of the oil market.

The way forward is the diversify the economy which Government is already doing.

But the emergency we have is to deploy as much resources as necessary to ensure that we stop importing petrol but refine all the petrol and kerosene here in Nigeria. Nigeria should if anything be a net exporter of PMS and Kerosene to at least other African Nations!

We should also consider Nationalising all oil wells! NNPC should be an effective business like Petrobas or Gazprom or BG or Saudi Aramco!