Buhari first ever economic policy on returning as head of state was to impose restrictions on forex. The consequence of that policy is naira has been completely battered, why is that?
1.Buhari's policy means most multinationals simply relocated their fund. For a multinational company any policy that restricts it ability to do business is senseless.

2. Diaspora remittance which is pegged at $21 billion annually drastically reduced. The diaspora Nigeria see uncertainty and many simply decided to sit on their cash. Cities like Enugu have a substantial part of its economy sustained by remittance.

3. The fact that crude is receiving a battering did not help.

4. A lot of Nigerians relocated their foreign cash to private vaults.

5. New money in terms of new investment simply pulled back.

There are more reason but will restrict the discussion to 5 points above.

These five and other reasons meant dollar is scarce.

Solution
1. Buhari's government needs to lift the restrictions on forex trading. That policy only belong to the 80s when he was a military dictator.

2. If they want to stop the importation of certain commodities, why not use trade tariff?

3. Long term fix will be investing in infrastructure, education etc

You don't seem to have a good understanding of the issue you put out for discussion.
Diasporan remittances are not usually for investments but to care for people at home and do projects,celebrations etc. Who is that fool that will stop sending money home when there is forex outflow restriction? As an igbo man,I know as a fact that many of my people are rushing in funds for projects cashing in high dollar rate.
Difference is that most ppl use alternative means so as to maximize return on exchane rate.Why receive N200/$ when an get N350/$ by transfering the $$ to China/Dubai and my account in 9ja will be credited with Naira par?

If Govt follows your line of thought,our reserve will dry up in months and we will be unable to meet all our import fnding obligation and that will be the real CRISIS!

ezenaija:
You don't seem to have a good understanding of the issue you put out for discussion.
Diasporan remittances are not usually for investments but to care for people at home and do projects,celebrations etc. Who is that fool that will stop sending money home when there is forex outflow restriction? As an igbo man,I know as a fact that many of my people are rushing in funds for projects cashing in high dollar rate.
Difference is that most ppl use alternative means so as to maximize return on exchane rate.Why receive N200/$ when an get N350/$ by transfering the $$ to China/Dubai and my account in 9ja will be credited with Naira par?

No you have a limited grasp of the issue here.
Most diasporans are putting on hold their remittance hoping the naira situation will only get worse. Why send your money at #425 now when you can wait till next week and send it at #500?

Investing in infrastruuctUre and education is not a long term fix...It is a NO FIX because these have little to do with root cause of our present sitUation

ezenaija:
Investing in infrastruuctUre and education is not a long term fix...It is a NO FIX because these have little to do with root cause of our present sitUation

I classed infrastructure and education as long term fix because they take a long time to implement.
A road started today might not be ready by next year

Sofisticate:


No you have a limited grasp of the issue here.
Most diasporans are putting on hold their remittance hoping the naira situation will only get worse. Why send your money at #425 now when you can wait till next week and send it at #500?

YoU lie bro..
I know at least 2 cases who are making frantic effort to bring in today/2morrow to cash in.They are also mindful of rise in cost of goods catching up with rise in dollar price.

ezenaija:


YoU lie bro..
I know at least 2 cases who are making frantic effort to bring in today/2morrow to cash in.They are also mindful of rise in cost of goods catching up with rise in dollar price.

A short course in Junior secondary school business studies will help you understand how the economy works

If Goodluck Jonathan had not looted our oil boom and reserve,we won't be here!

LET US NOT BLAME THE MAN WHOSE LOT IT HAS BECOME TO CLEAN THE AUGEAN STABLE

ezenaija:
If Goodluck Jonathan had not looted our oil boom and reserve,we won't be here!

LET US NOT BLAME THE MAN WHOSE LOT IT HAS BECOME TO CLEAN THE AUGEAN STABLE

What evidence do you have? GEJ has not been charged with anything.

Sofisticate:


A short course in Junior secondary school business studies will help you understand how the economy works

I am not an economist and neither are you.So don't pretend to one!If you knew jack about economics,you won't say most of the ignorant things you posted above..
How can Nig begin to earn foreign exchange based revenue to fund its imports? That's the koko!

ezenaija:
If Govt follows your line of thought,our reserve will dry up in months and we will be unable to meet all our import fnding obligation and that will be the real CRISIS!

That's why devaluation is the only solution coupled with restrictions on govt spending.

How do you justify taken out the biggest budget with the largest deficit in the history of Nigeria and at the time of major slump in oil prices?

And by going by the budget we see it is just another scam to loot by these apc criminals parading as saints.

Devalue the naira, cut spendings and in turn you will see investments flow in.

ezenaija:
If Goodluck Jonathan had not looted our oil boom and reserve,we won't be here!

LET US NOT BLAME THE MAN WHOSE LOT IT HAS BECOME TO CLEAN THE AUGEAN STABLE

FYI info, Sanusi as CBN governor floated the forex market during his tenure with over 150bn dollars.

If you must know, the monies earned during the last administration were also sold to the domestic forex market, some went to the external reserves which your useless governors went to court over to demand it he shared.

You are right, you know nothing about economics nor governance so just shut your trap.

At least you knew he was President.
He met a certain amont in our reserve and excess crude.
He earned so much from oil boom and saved little.
And financial progligacy being confessed by his aides.. Even Metuh has called him as witness haha!

ezenaija:
At least you knew he was President.
He met a certain amont in our reserve and excess crude.
He earned so much from oil boom and saved little.
And financial progligacy being confessed by his aides.. Even Metuh has called him as witness haha!

You know nothing.

Go and get an education or better yet handwork and stay out of issues you know nothing of.

What is even your business with the oil!

Did they drill one drop from.your Osun state?

Parasite

ezenaija:


I am not an economist and neither are you.So don't pretend to one!If you knew jack about economics,you won't say most of the ignorant things you posted above..
How can Nig begin to earn foreign exchange based revenue to fund its imports? That's the koko!

It is the illiterates you voted in as your government that doesn't know jack.

Didn't your government ask banks to stop accepting foreign currency?

You have been seriously scammed

How can Osun state under the parasitic aregberascal become less dependent on federal handouts and bailouts from bad loans they undertook in lieu of oil receipts?

How can Kano return to its prime agro-allied based economy when every month Abuja doles out free money drawn from oil receipts that is justified from a ridiculous censor figure?

How can Kogi continue to remain in abject poverty while sitting on huge and vast mineral deposits?

As long as the petrol dollar still oils this parasitic union, all the lazy states will continue to look at Abuja for money.

Every month, the 36 state governors send their finance commissioners to Abuja to share from oil revenue.

The resource control you deny the good people of the Niger Delta inadvertently is what is responsible for your poverty.

If Tajus in Osun can forget Abuja and the oil in the Niger Delta, won't they find an alternative to survive instead of dragging peanuts and salaries that aregberascal has sworn never to pay you ingrates?

For every evil jealous intentions you hold against the progress of the good people of the Niger Delta in controlling their own resources it has backfired and made you more impoverished.

Take a cue from the SE, these guys do not have time for state allocations and this has made the ibos the largest group within the middle class.
Self reliance and good old fashion hard work and not govt handouts is the only solution from your poverty.

You lot band out different nonsense like agriculture, tourism (as if any sane person will want to visit Nigeria outside business) , etc as an alternative to a mono economic but none of you are doing anything whatsoever to achieve this.

Imagine the Ooni of Ife telling the FG to come and exploit gold deposits in Osun. What stops you Tajus from panning for gold? The US frontiers were opened by the gold rush, so why are you lazy Tajus not mining for gold? Gold is better than cash at hand. Is it that you are so dependent on handouts and allergic to wealth that you are not mining the gold in Osun on your own? Go to Gembu in Taraba, there is a thriving gemstone and diamond mining town where Tarabans are making millions from diamond exploration and sales. The same with Kogi with tantalite.

Sometimes I just have to assume that most of you here are just the epitome of cluelessnes and poverty.

In conclusion, I want you to forget about oil. It's not like you produce a single drop of it. And before you mention Ondo, Ondo is not the whole SW and I am.very sure they will never accommodate you all like the way the aworis have in Lagos. And even at that Ondo produces only 30,000 bpd out of the over 2.5million barrels. You guys really need to wean yourselves off the petrol dollar and also purge yourselves of unnecessary jealousy and envy of the Niger Delta.

GworoChewinMaga:
How can Osun state under the parasitic aregberascal become less dependent on federal handouts and bailouts from bad loans they undertook in lieu of oil receipts?

How can Kano return to its prime agro-allied based economy when every month Abuja doles out free money drawn from oil receipts that is justified from a ridiculous censor figure?

How can Kogi continue to remain in abject poverty while sitting on huge and vast mineral deposits?

As long as the petrol dollar still oils this parasitic union, all the lazy states will continue to look at Abuja for money.

Every month, the 36 state governors send their finance commissioners to Abuja to share from oil revenue.

The resource control you deny the good people of the Niger Delta inadvertently is what is responsible for your poverty.

If Tajus in Osun can forget Abuja and the oil in the Niger Delta, won't they find an alternative to survive instead of dragging peanuts and salaries that aregberascal has sworn never to pay you ingrates?

For every evil jealous intentions you hold against the progress of the good people of the Niger Delta in controlling their own resources it has backfired and made you more impoverished.

Take a cue from the SE, these guys do not have time for state allocations and this has made the ibos the largest group within the middle class.
Self reliance and good old fashion hard work and not govt handouts is the only solution from your poverty.

You lot band out different nonsense like agriculture, tourism (as if any sane person will want to visit Nigeria outside business) , etc as an alternative to a mono economic but none of you are doing anything whatsoever to achieve this.

Imagine the Ooni of Ife telling the FG to come and exploit gold deposits in Osun. What stops you Tajus from panning for gold? The US frontiers were opened by the gold rush, so why are you lazy Tajus not mining for gold? Gold is better than cash at hand. Is it that you are so dependent on handouts and allergic to wealth that you are not mining the gold in Osun on your own? Go to Gembu in Taraba, there is a thriving gemstone and diamond mining town where Tarabans are making millions from diamond exploration and sales. The same with Kogi with tantalite.

Sometimes I just have to assume that most of you here are just the epitome of cluelessnes and poverty.

In conclusion, I want you to forget about oil. It's not like you produce a single drop of it. And before you mention Ondo, Ondo is not the whole SW and I am.very sure they will never accommodate you all like the way the aworis have in Lagos. And even at that Ondo produces only 30,000 bpd out of the over 2.5million barrels. You guys really need to wean yourselves off the petrol dollar and also purge yourselves of unnecessary jealousy and envy of the Niger Delta.

Tell them

Another ignorant Wailler joins the fray!

Let's start with the basics:
How much did GEJ meet in foreign reserve and excess crude accounts when he took over and how much did he leave when he was leaving having sold oil double the price?
ANSWER PLS!

You quickly sUffered selective amnesia to forget that yoUr man and Okonjo had began to illegally deplete the ECA before the Govs insisted on sharing it!

GworoChewinMaga:


FYI info, Sanusi as CBN governor floated the forex market during his tenure with over 150bn dollars.

If you must know, the monies earned during the last administration were also sold to the domestic forex market, some went to the external reserves which your useless governors went to court over to demand it he shared.

You are right, you know nothing about economics nor governance so just shut your trap.

ezenaija:
At least you knew he was President.
He met a certain amont in our reserve and excess crude.
He earned so much from oil boom and saved little.
And financial progligacy being confessed by his aides.. Even Metuh has called him as witness haha!

If you like have the oil spike to $200 and the reserves jump to 500bn dollars as long as all of you jobless ingrate produce nothing then sooner or later that reserves will drop to zero

Better go back to cocoa now

ezenaija:
Another ignorant Wailler joins the fray!

Let's start with the basics:
How much did GEJ meet in foreign reserve and excess crude accounts when he took over and how much did he leave when he was leaving having sold oil double the price?
ANSWER PLS!

You quickly sUffered selective amnesia to forget that yoUr man and Okonjo had began to illegally deplete the ECA before the Govs insisted on sharing it!

Olodo, the Supreme Court ruled during GEJ's administration that both the ECA and external reserves were illegal.

State allocations spiked after this ruling which was instigated by your parasitic governors.

So with that alone, the reserves dropped.

As I told you earlier better go and farm cocoa and keep your leprous long throat off Niger Delta oil

Parasite

GworoChewinMaga:


You know nothing.

Go and get an education or better yet handwork and stay out of issues you know nothing of.

What is even your business with the oil!

Did they drill one drop from.your Osun state?

Parasite

I pity your parents who simply wasted their time and money birthing you and on giving you poor education! You got the kind of education that has left SouthEast the least sophisticated in political education!

ezenaija:


I pity your parents who simply wasted their time and money birthing you and on giving you poor education! You got the kind of education that has left SouthEast the least sophisticated in political education!

Where you from? Let me tell you about your region

ezenaija:


I pity your parents who simply wasted their time and money birthing you and on giving you poor education! You got the kind of education that has left SouthEast the least sophisticated in political education!

Look at this Taju claiming sophisticated


Poverty I am not ibo and if anything I will prefer to be identified as one rather than a jobless tout like you sophisticated rat.

Sofisticate:


Where you from? Let me tell you about your region

He is a Taju

ezenaija:
If Goodluck Jonathan had not looted our oil boom and reserve,we won't be here!

LET US NOT BLAME THE MAN WHOSE LOT IT HAS BECOME TO CLEAN THE AUGEAN STABLE

www.nairaland.com/attachments/3430507_czwh1zvusaakks_jpeg9df60aac2125e8d8d8838ccb7658ba6b

Half education is deadly!
With your half education,you can't know the difference. How can an illiterate call a govt that has a PRof of Law an illiterate government? I forgot an illierate can't know the difference.
Scammed was when GEJ opened the vaults to his looting gang

Sofisticate:


It is the illiterates you voted in as your government that doesn't know jack.

Didn't your government ask banks to stop accepting foreign currency?

You have been seriously scammed