Over the last few months, the Central Bank of Nigeria has implemented a number of controls regarding FX transactions in the country, which is a direct result of the lower FX revenue from oil sales. Here, we shall discuss those policies and their implications to the larger economy.

POLICY BASICS
Some of the CBN's FX policy controls include:
(1) Ban on deposits of cash foreign currencies into Nigerian domiciliary accounts
(2) Exclusion of certain import items from having access to the official CBN exchange rate
(3) Limits (and possibly outright ban) on the use of Naira Mastercard for ATM withdrawals outside the country, as well as online/POS transactions.
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POLICY JUSTIFICATION
Some of the reasons for the Central Bank’s position regarding FX transactions include:
(1) Protection of Foreign Reserves: Low FX ($) receipts due to declining oil prices has made it imperative for the CBN to protect the FR for use for importation of essential items. With FR standing at $29bn, Nigeria can barely meet 7 months of imports.
(2) Defending the Naira: With declining FX receipts into the Foreign Reserves, the common course of action to protect Reserves is for the CBN to devalue the Naira to control demand. However, the CBN has chosen to maintain the existing exchange rate by eliminating demand.
(3) Import-Substitution: It is part of government strategy to encourage use of locally manufactured/produced items instead of spending little FX on mindless exports
(4) Anti-money laundering: Due to dollarization of the economy in the wake of the last presidential elections, it is the desire of government to check illicit outflows of such FX funds. The Dasukigate revelations on how FX cash was moved from the CBN only goes to reinforce this fact.
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UNINTENDED CONSEQUENCES OF POLICY
While there are noble and Nationalistic objectives for the CBN to implement the various FX controls, it seems there could be unintended consequences that may be counter-productive to the larger economy, for instance:

(1) As many businesses (whose operations-chain depend on foreign inputs) find it difficult to access FX for their transactions, chances are that they will cut production resulting in lower corporate profits, lower tax to governments, and possibly personnel lay-offs.
(2) According to a recent report by the Lagos Chamber of Commerce and Industries (LCCI), private businesses have lost over N1.4tn as a result of the FX constraints being experienced in the country over the last 6 months. The LCCI, in its 2015 economic review, said it’s 2015 Q3 business environment review showed that FX restrictions by the CBN was one of the costliest policies in Nigeria in recent years.
(3) The numbers from the National Bureau of Statistics (NBS) puts 2015 Q3 GDP at 2.84% compared to 6.23% in 2014 Q3. The 2015 Q4 and 2016 Q1 numbers are likely to be even worse as businesses continue to hurt under the CBN’s FX policies.
(4) As private citizens find it difficult to fund their legitimate personal FX transactions, there is bound to be backlash on the government. The question would be why should private citizens be the ones paying the price for the recklessness of politicians?
(5) Prices in the market place are already reflecting the exchange rate of the parallel market, which completely defeats the inflation control objective of the CBN. Even banks now clear card transactions at over N250/$.
(6) Foreign Investors will continue to shun Nigeria for fear of not being able to access FX when they want to exit the country. This will continue to cause the the Stock Market to drop in value.
(7) There are chances of illegal outflows of FX cash through the borders. The CBN would be better off tracking these transactions through the banking system rather than allow them flow out through the borders.
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GOVERNMENT POLICY INCOHERENCE & HYPOCRISY
The import substitution objective of government is very noble and a good way of shifting the FX demand/supply equilibrium in favour of the Naira. The problem with the current approach is that there is zero clarity on what the government policies are regarding the economy, agriculture, industrialization, etc. The government is putting the cart before the horse by first placing bans before properly articulating its policy objectives.

The Presidency's intention to spend N3.6bn ($18m) on foreign cars smacks of hypocrisy. If the government truly believes that local consumption is the way forward, why does the government not lead by example by patronizing locally made cars (Innoson). If they are concerned about quality and safety, why not patronize locally assembled foreign cars (like Hyundai, Peugeot, etc)?
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CBN POWER TO DEFEND THE NAIRA IS LIMITED
An appropriate Naira exchange rate is determined largely by FX receipts from oil sales as well as the country’s Balance of Payments. As long as oil prices continue to stay low and we continue to have a negative NET Export balance, the value of the Naira is bound to eventually depreciate. Until we can reverse the FX demand/supply dynamics by, in the first instance, producing & consuming more of locally made items, and in the second instance, promoting export to earn more FX, the Naira value is always going to be determined by factors outside the control of monetary authorities.

Even the LCCI believes that a “correction towards real effective exchange rate in the form of exchange rate adjustment is likely in Q1 2016”. The reality is that, sooner or later, the CBN is bound to do the needful (Naira devaluation). It is not a sign of weakness, it is simply responding to market realities.
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POLITICAL INFLUENCE ON MONETARY POLICIES
The president’s comments during his budget presentation to NASS as well as his recent media chat shows that the CBN FX policies is laced with the proverbial “voice of Esau and hand of Jacob”. Political considerations are usually at variance with monetary policy decisions; that is why Central Banks worldwide are setup to have a good measure of independence to enable them carryout their functions professionally without political influence.

No matter how genuine and noble it may be, it is my candid view that it is wrong for the president to have a DEFINITIVE position on monetary policy matters. Political leaders will typically have a one-dimensionally view of issues, while monetary authorities are trained to have a multi-dimensional view on macroeconomic issues. This does not mean that monetary policies and political considerations cannot be aligned for national interest.

POLICY ALTERNATIVES FOR THE CBN
Monetary policies are usually not an exact science, but more of a balancing act with a lot of variables and moving pieces. Monetary authorities would typically focus on a few variables depending on their priorities. However, an appropriate policy would normally account for as many variables as possible while ensuring that the NET impact on the economy is positive. Alternative policy for the CBN to consider without hurting the Foreign Reserves include:
(1) Officially depreciate the Naira to arrive at a new equilibrium demand/supply price. The rate at the parallel market can be used as a forward rate to guide the CBN in determining the new exchange rate. This will help the CBN maintain its Foreign Reserves position, while also helping to improve government revenue (especially for states).
(2) After the depreciation, the CBN can maintain another exchange rate (N197) for essential items like fuel imports and critical raw materials. Other non-essential items can then access FX at the new rate. This will ensure that the bank still maintains its inflation objective.
(3) If the Central Bank cannot do any of the above, they should – atleast – allow Nigerians to be able to source FX (at whatever rate available) to make legitimate transfers and payments regarding their business and personal needs. The bank should lift the ban on FX cash lodgments into bank accounts. With the recently enforced BVN, they can track all outflows to determine those they consider illicit.
(4) There should be no limits placed on naira mastercards. Banks should be allowed to source FX independently and to clear card transaction at what they consider an appropriate exchange rate.
(5) The CBN should also ensure that, henceforth, its policies are properly communicated. Such communication will include what the policy is about and what the policy is intended to achieve. They should adopt “forward guidance” to ensure that investors and the market are not kept in the dark about the Bank’s plans and policies. Uncertainty breeds volatility!

The CBN FX policy is similar to a scenario where there is not enough PMS in the country and yet the government fixes price at N87, while also making it impossible for any marketer to independently source for the product. Now, imagine that the government demands that everyone buy from only NNPC stations at the prevailing rate, simply because they do not want transport cost to go up, thus leading to a rise in prices of items in the market.

Most of you will agree that this would be complete nonsense, since most business and transporters will find it difficult to buy the scarce commodity at the few outlets. The reality is that, as painful as it may be, Nigerians would rather buy petrol at N200 for their businesses and personal needs rather not be able to see it to buy at all – atleast, pending when supply is normalized.

Ok nice thread

Okays

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Bevista, two exchange rate policies

How will that work ?

I agree with is buying Innoson automobiles in order to ensure scarce resources are not further frittered away!!!

You mentioned BVN inhibiting illicit outflow of FX, not true, it is being alleged that only genuine biz people are ready to release their BVNS to BDCs..

You also accurately mentioned that monetary policies aren't exact science, how can we ever be sure USD won't trade at 350-400$ if market forces are allowed free rein & individuals who have stockpiled USD in their bedroom safes are given leeway to do uninhibited outbound transfers??

modath:
Bevista, two exchange rate policies

How will that work ?

I agree with is buying Innoson automobiles in order to ensure scarce resources are not further frittered away!!!

You mentioned BVN inhibiting illicit outflow of FX, not true, it is being alleged that only genuine biz people are ready to release their BVNS to BDCs..

You also accurately mentioned that monetary policies aren't exact science, how can we ever be sure USD won't trade at 350-400$ if market forces are allowed free rein & individuals who have stockpiled USD in their bedroom safes are given leeway to do uninhibited outbound transfers??

Two Exchange Rates: The government recently permitted pilgrims to access exchange rate @ N160 while the official rate was N197. The government can have a special rate for essential items while the rest of us can access the other rate.
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I'm not proposing FLOATING the Naira and allowing it completely to the vagaries of Free Market. What I am saying is for the CBN to look at its Balance of Payments and adjust the rate to a more realistic level. That is what they have been doing for ages, so I don't know why they are grandstanding now. The rate in the parallel market can give an indication of what the equilibrium rate should be. Once you discount speculative demand, an ideal rate can be found around N240 - N250 range.
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Is it not better to encourage those with "stockpiled" dollars to release it into the banking system where it can be tracked and it can help facilitate trade? Right now, those monies are not adding any value to the Economy. Sooner or later, they may find their way out through our porous borders.

Amazing write-up

Bevista:
Two Exchange Rates: The government recently permitted pilgrims to access exchange rate @ N160 while the official rate was N197. The government can have a special rate for essential items while the rest of us can access the other rate.
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I'm not proposing FLOATING the Naira and allowing it completely to the vagaries of Free Market. What I am saying is for the CBN to look at its Balance of Payments and adjust the rate to a more realistic level. That is what they have been doing for ages, so I don't know why they are grandstanding now. The rate in the parallel market can give an indication of what the equilibrium rate should. Once you discount speculative demand, an ideal rate can be found around N240 - N250 range.
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Is it not better to encourage those with "stockpiled" dollars to release it into the banking system where it can be tracked and it can help facilitate foreign trade. Right now, those monies are not adding any value to the Economy. Sooner or later, they may find their way through our porous borders.

Pilgrimages happen 2x in a year , it is not a DAILY/ PERPETUAL TRANSACTION & I'm 150% against that policy & states using their scarce resources to fund activities that add no value to the society!!!

Bevista, can you honestly tell me that you believe deep in your heart that the "stockpiled" FX will be of benefit to the nation & not destined for Swiss /offshore accounts?

In the year 2011, sometime around July-sep, USD was 152-155 officially & it was trading @ 175-178 in the BM cos of scarcity for reasons I can't remember now, it eventually tapered back to 159-165 that it was before crude oil price tumbled... are we to assume that the 175-178 was the true value for that few months despite CBN rate & crude oil price being steady??

I'm semi illiterate in monetary policies but my sec sch level economics taught me about scale of preference, opportunity cost & NEEDS vs WANTS..

The problem is about "gradual" devaluation.putting a permanent govt fx price will not help the govt in the long because it is not addressing the issues properly.
The major demand on forex is
i,petroleum refined products

As long as Nigeria largely depends on importation of the product,the fx will be under pressure and the solution is to the devalue
2,running two distinct parallel market is a good move,if the two parallel are operating on level terms.
If the is round tripping of fx from govt to private
Policies,policies and more policies!
If the whole essence of govt is to pursue internal growth but the following exist
1,porous borders with smuggling cartels
2,a compromised NAFDAC on imported itemsitems
3,poor finance support from financial houses
3,inconclusive policies
Wetin you wan talk

modath:


Pilgrimages happen 2x in a year , it is not a DAILY/ PERPETUAL TRANSACTION & I'm 150% against that policy & states using their scarce resources to fund activities that add no value to the society!!!

Bevista, can you honestly tell me that you believe deep in your heart that the "stockpiled" FX will be of benefit to the nation & not destined for Swiss /offshore accounts?

In the year 2011, sometime around July-sep, USD was 152-155 officially & it was trading @ 175-178 in the BM cos of scarcity for reasons I can't remember now, it eventually tapered back to 159-165 that it was before crude oil price tumbled... are we to assume that the 175-178 was the true value for that few months despite CBN rate & crude oil price being steady??

I'm semi illiterate in monetary policies but my sec sch level economics taught me about scale of preference, opportunity cost & NEEDS vs WANTS..

What was happening wasis that you are paying dollars in order to sustain a naira:dollar regime.
If the govt had its way it would have devalued the naira against the dollar but it could not

modath:
Pilgrimages happen 2x in a year , it is not a DAILY/ PERPETUAL TRANSACTION & I'm 150% against that policy & states using their scarce resources to fund activities that add no value to the society!!!

Bevista, can you honestly tell me that you believe deep in your heart that the "stockpiled" FX will be of benefit to the nation & not destined for Swiss /offshore accounts?

In the year 2011, sometime around July-sep, USD was 152-155 officially & it was trading @ 175-178 in the BM cos of scarcity for reasons I can't remember now, it eventually tapered back to 159-165 that it was before crude oil price tumbled... are we to assume that the 175-178 was the true value for that few months despite CBN rate & crude oil price being steady??

I'm semi illiterate in monetary policies but my sec sch level economics taught me about scale of preference, opportunity cost & NEEDS vs WANTS..

The divergence between the official exchange rate and the parallel market is becoming extreme, indicating a dislocation in the market. It is true that part of the divergence is due to speculative demand but it is also true that a large part is due to macroeconomic fundamentals.
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The only reason the price in the parallel market can converge back towards the official rate is for oil price to rebound above $50. Failing that, the CBN's hand will be forced.
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Much of the cash $$$ in the system are not necessarily illicit. If your brother in the US sends you $50k to help build a house. You withdraw the $$ in cash because you want to get a good rate from your malam friend. Are you aware that that particular $50k has been sterilized, because I cannot buy it from the malam and use it for my import business??
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So, it is true that relaxing the policy might give room for invaluable outflows, but it will also allow for a lot of legitimate business/trade transactions.

Bevista:
The divergence between the official exchange rate and the parallel market is becoming extreme, indicating a dislocation in the market. It is true that part of the divergence is due to speculative demand but it is also true that a large part is due to macroeconomic fundamentals.
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The only reason the price in the parallel market can converge back towards the official rate is for oil price to rebound above $50. Failing that, the CBN's hand will be forced.
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Much of the cash $$$ in the system are not necessarily illicit. If your brother in the US sends you $50k to help build a house. You withdraw the $$ in cash because you want to get a good rate from your malam friend. Are you aware that that particular $50k has been sterilized, because I cannot buy it from the malam and use it for my import business??
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So, it is true that relaxing the policy might give room for invaluable outflows, but it will also allow for a lot of legitimate business/trade transactions.

Why don't you & mallam do acct to acct sale?

I don't agree with your analogy cos it is only in this country that we have street trading of currency & a carryover from military days!

Nothing stops acct to acct transfer of wired transfers cos they can be tracked!!!

Most of what we complain about are wants & I'm guilty as well, buying stuff on Amazon, Asos , Aliex is not life & death compulsory, we do it cos we can, now everyone is taking caution by force!! 270 to a USD is no joke!!

I'm sure some of the USD being traded must have come from Santa Dasuki's ATM.

We can debate back to forth but the truth we all know deep within us is that our income can't support our wants, so all we can do is get what we NEED & comot eye for long throat tinz..

Let me try and address the difficulting for instant devaluation and why pegging in the long run will be a problem!
1,Nigeria buys 48m litres of PMS @ $0.44/litre (#197=$1)
If it devalues to (#240=$1).that #43 is owed and paid buy the govt.(even though its dollars reserve is not eroded) but at the same time if refuses to devalue from #197 and supplies only oil.it dollars gets eroded and the parralel market price will continue to widen and generate more speculation leading to a wide margin!
(Which is good for an exporter anyway )

modath:


Why don't you & mallam do acct to acct sale?

I don't agree with your analogy cos it is only in this country that we have street trading of currency & a carryover from military days!

Nothing stops acct to acct transfer of wired transfers cos they can be tracked!!!

Most of what we complain about are wants & I'm guilty as well, buying stuff on Amazon, Asos , Aliex is not life & death compulsory, we do it cos we can, now everyone is taking caution by force!! 270 to a USD is no joke!!

I'm sure some of the USD being traded must have come from Santa Dasuki's ATM.

We can debate back to forth but the truth we all know deep within us is that our income can't support our wants, so all we can do is get what we NEED & comot eye for long throat tinz..

What you need is on that dollar prohibition list

modath:
Why don't you & mallam do acct to acct sale?

I don't agree with your analogy cos it is only in this country that we have street trading of currency & a carryover from military days!

Nothing stops acct to acct transfer of wired transfers cos they can be tracked!!!

Most of what we complain about are wants & I'm guilty as well, buying stuff on Amazon, Asos , Aliex is not life & death compulsory, we do it cos we can, now everyone is taking caution by force!! 270 to a USD is no joke!!

I'm sure some of the USD being traded must have come from Santa Dasuki's ATM.

We can debate back to forth but the truth we all know deep within us is that our income can't support our wants, so all we can do is get what we NEED & comot eye for long throat tinz..

*lol* @ your "longthroat" analogy.
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Back to serious business. There are a number of constraints regarding your account to account transfer explanation. First, the malam cannot even pay the dollars into his account. Even if you sold it to a BDC, they would still not pay it into their account since they would not be able to account for it with CBN. Secondly, even if they were able to pay it into their account and then transfer it to me, I still cannot transfer it out since it is considered local transfer. It is only when I get a direct international inflow that I am permitted to make international outbound transfer.
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Your sense of patriotism is well noted.

baralatie:
Let me try and address the difficulting for instant devaluation and why pegging in the long run will be a problem!
1,Nigeria buys 48m litres of PMS @ $0.44/litre (#197=$1)
If it devalues to (#240=$1).that #43 is owed and paid buy the govt.(even though its dollars reserve is not eroded) but at the same time if refuses to devalue from #197 and supplies only oil.it dollars gets eroded and the parralel market price will continue to widen and generate more speculation leading to a wide margin!
(Which is good for an exporter anyway )

There are two sides to the devaluation you referenced above. If the government devalues, cost of fuel imports will increase, but government revenue will also increase since every dollar earned from crude oil sales will now be exchanged for N240 instead of N197. This will not only benefit FG, but will also benefit state governments who are currently finding it difficult to pay salaries.

Bevista:
There are two sides to the devaluation you referenced above. If the government devalues, cost of fuel imports will increase, but government revenue will also increase since every dollar earned from crude oil sales will now be exchanged for N240 instead of N197. This will not only benefit FG, but will also benefit state governments who are currently finding it difficult to pay salaries.

What you have at devaluation is not increased earnings per se but increase in the volume of the naira at hand and it affects the fg because it is forced to pay that differential difference across board by
I,payment on its imports
ii,adjusting of local market prices to reflect its dollar purchase

But the above is not so for internal developed economies like china

Bevista:
*lol* @ your "longthroat" analogy.
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Back to serious business. There are a number of constraints regarding your account to account transfer explanation. First, the malam cannot even pay the dollars into his account. Even if you sold it to a BDC, they would still not pay it into their account since they would not be able to account for it with CBN. Secondly, even if they were able to pay it into their account and then transfer it to me, I still cannot transfer it out since it is considered local transfer. It is only when I get a direct international inflow that I am permitted to make international outbound transfer.
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Your sense of patriotism is well noted.

I made enquiries, as long as the primary source of FX is a wire transfer, it can move between accounts locally & still be able to find its way back out..

As for patriotism, This is the only country I have, I have no option B, Nigeria must be great, we must force it to be, you don't see south Africans running around like headless chickens.. we must reclaim our spot!!!

Been fortunate to travel a fair bit, most Nigerians in Diaspora are not doing significantly better or happier than we are, they just have cheaper food, better electricity & roads!! Most are suffering & smiling as well.

If we can improve by just 50%, 3/4 will run back home!! It is the economic realities that have kept our people shackled!!!

I still don't support devaluation, only the poor will suffer, someone who has looted 500m will not feel much impact but increasing transport fare from 100n to 200n will cause severe hardship to some... think about that!!!

This is a great thread.

I don't agree with running parallel exchange rates, all that it will do is encourage bankers to connive with FX dealers and it will defeat the purpose.I believe it's time we acknowledge the realities of diminshed revenues in our mono product economy. This is how I'll propose to change the existing monetary policy:

1. Devalue the naira to something more realistic and closer to the parallel market. Let it float with given limits maybe plus or minus 20 naira
2. Lower interest rates to reinflate the economy so more money is available and cheap to lend. Yes. Inflation will increase but consumers will have more money to spend.
3. Place outright bans on any product that can be sourced locally and review the policy on a product by product basis if it's becoming scarce. A tiered approach to enforce the bans should be considered, so stuff like toothpick, tomato puree, chicken etc can be Class A. Products that deserve total bans and Class C may just be tariffs
4. Place transaction limits on cards for personal use and be more liberal with business cards. Banks should come out with cards for Business vs. Personal cards. Improves tracking and taxable income
5. They know the politicians and contractors that benefitted from the dollarization of our economy. So a blanket ban is shortsighted. Remove the draconian policy of limiting inflows and outflows of dollars into domiciled accounts and track the aforementioned people.
6. Any import of farm or processing equipment that encourages exports should be subsidised and the proof of receipt of such should be at the custom. This should be done using rebates to avoid people getting subsidies and channeling the money for alternative use.
7. Redesign the monies collected via Remita, so that it spends more time at the banks which fRees up cash for lending and trade. CBN can track those using some clearing mechanism.


Without doing something to our monetary policies, the economy will crash before the end of second quarter. They are killing the economy the more this ill-advised policy continues.


And outside of monetary policy, Buhari and his goons needs to communicate an economic vision that brings about everything. Give it targets, goals and milestones. Without a vision and an enabling environment, Nigeria is doomed to fail.

kayfra:
This is a great thread.

I don't agree with running parallel exchange rates, all that it will do is encourage bankers to connive with FX dealers and it will defeat the purpose.I believe it's time we acknowledge the realities of diminshed revenues in our mono product economy. This is how I'll propose to change the existing monetary policy:

1. Devalue the naira to something more realistic and closer to the parallel market. Let it float with given limits maybe plus or minus 20 naira
2. Lower interest rates to reinflate the economy so more money is available and cheap to lend. Yes. Inflation will increase but consumers will have more money to spend.
3. Place outright bans on any product that can be sourced locally and review the policy on a product by product basis if it's becoming scarce. A tiered approach to enforce the bans should be considered, so stuff like toothpick, tomato puree, chicken etc can be Class A. Products that deserve total bans and Class C may just be tariffs
4. Place transaction limits on cards for personal use and be more liberal with business cards. Banks should come out with cards for Business vs. Personal cards. Improves tracking and taxable income
5. They know the politicians and contractors that benefitted from the dollarization of our economy. So a blanket ban is shortsighted. Remove the draconian policy of limiting inflows and outflows of dollars into domiciled accounts and track the aforementioned people.
6. Any import of farm or processing equipment that encourages exports should be subsidised and the proof of receipt of such should be at the custom. This should be done using rebates to avoid people getting subsidies and channeling the money for alternative use.
7. Redesign the monies collected via Remita, so that it spends more time at the banks which fRees up cash for lending and trade. CBN can track those using some clearing mechanism.


Without doing something to our monetary policies, the economy will crash before the end of second quarter. They are killing the economy the more this ill-advised policy continues.


And outside of monetary policy, Buhari and his goons needs to communicate an economic vision that brings about everything. Give it targets, goals and milestones. Without a vision and an enabling environment, Nigeria is doomed to fail.

Just perfect! Couldn't dispute anything you wrote there.

Hopefully, Keynesian economics will work when the government borrows forex and starts spending on capital projects. With that and the measures enunciated in this thread, we'll have some hope. But if we only rely on government spending while stifling commerce, then all we have is a widening deficit gap with no growth in real GDP. Deficit is not a big deal if real GDP grows.

God help us.

kayfra:
Hopefully, Keynesian economics will work when the government borrows forex and starts spending on capital projects. With that and the measures enunciated in this thread, we'll have some hope. But if we only rely on government spending while stifling commerce, then all we have is a widening deficit gap with no growth in real GDP. Deficit is not a big deal if real GDP grows.

God help us.

Thank goodness we still have folks with sound macroeconomic understanding.

The president needs to steer clear of directly interfering with monetary policies. He should focus on getting his cabinet to come up with appropriate fiscal policies that covers Agriculture, Solid Minerals, Industries, Trade, etc.
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This government communication strategy is so out of sync. The government should leverage the goodwill it enjoys by effectively engaging with citizens about the direction of the government and the whole country.

This is 2016 not 1980. This days, Capital move with the speed of light. Once there is uncertainty, investors immediately move to the next best destination.

Bevista:
Thank goodness we still have folks with sound macroeconomic understanding.

The president needs to steer clear of directly interfering with monetary policies. He should focus on getting his cabinet to come up with appropriate fiscal policies that covers Agriculture, Solid Minerals, Industries, Trade, etc.
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This government communication strategy is so out of sync. The government should leverage the goodwill it enjoys by effectively engaging with citizens about the direction of the government and the whole country.

This is 2016 not 1980. This days, Capital move with the speed of light. Once there is uncertainty, investors immediately move to the next best destination.

I accused Buhari as a visionless leader on facebook 4 months ago and I was attacked. We have no clear fiscal policy and above all, we don't have an economic messenger and crusader that will lift consumer confidence which in turn, will encourage spending and investments.

All these things are interconnected. You just can't shout corruption and corruption every single day. Did we elect the IG of Police or an attorney general? We elected a president and part of his job is to articulate and communicate a fiscal policy that can be dumbed down into an elevator speech!

Yes their policies are always designed to suffer the common man and greatly favour the elites and political class.

Kayfra,

No argument about the economic policy, you nailed everything with precision.... but.. PMB not having a vision I disagree with, we live in a peculiar country... nothing is the way they ought to be, so you can't blanket your opinion!!

Ordinary TSA to track revenue and expenditure is facing stiff opposition & for the special love of God, what sanity exist in importing toothpicks & taking a bullion van into CBN vault to cart away Forex to grease party loyalists' palms!!

What kind of country has judges who sell black market injunctions that grants an individual lifetime immunity from prosecution for crimes bordering on financial impropriety

Kayfra, point to another country you know of in the whole world facing so much problems all at the same time!!! Security, internal strife, corruption, economic meltdown, divisive politicking etc & all is still well with!!

OP..
Well articulated. I honestly could not find anything to disagree with in your write up after reading twice.

modath:

Kayfra,

No argument about the economic policy, you nailed everything with precision.... but.. PMB not having a vision I disagree with, we live in a peculiar country... nothing is the way they ought to be, so you can't blanket your opinion!!

Ordinary TSA to track revenue and expenditure is facing stiff opposition & for the special love of God, what sanity exist in importing toothpicks & taking a bullion van into CBN vault to cart away Forex to grease party loyalists' palms!!

What kind of country has judges who sell black market injunctions that grants an individual lifetime immunity from prosecution for crimes bordering on financial impropriety

Kayfra, point to another country you know of in the whole world facing so much problems all at the same time!!! Security, internal strife, corruption, economic meltdown, divisive politicking etc & all is still well with!!

Hey he offered himself for the job given the circumstances, so we have to hold him accountable. Each country has it's challenges but a great leader will rise above them. Imagine what Deng Xiaoping faced when he took over the reigns of Singapore? Look at the country now.

Allow armchair critics like myself to punch holes away. Lolz

@OP: Great write up. Please note though that Innoson is a local assembly automobile plant just like Peugeot Nigeria etc.
Innosun assembles vehicles sourced from Dongfeng Special Vehicle Bus Co., Ltd. China. The only difference between Innosun and the likes of PAN etc is that Innosun was able to reach an agreement with Dongfeng to re-brand the assembled vehicles under the banner of Innosun motors.
This was discussed before: https://www.nairaland.com/1962232/pictures-presidency-officials-now-use/8#27387531