Stats: 3,191,912 members, 7,945,941 topics. Date: Wednesday, 11 September 2024 at 09:48 AM |
Nairaland Forum / Nairaland / General / Politics / Sanusi, Foreign Reserves And The Naira (1119 Views)
Nigeria’s Foreign Reserves Grow To $36.9b / Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End / Foreign Reserves Hit $25bn – First Time In Five Months (2) (3) (4)
Sanusi, Foreign Reserves And The Naira by aloeman15(m): 3:55pm On Apr 23, 2016 |
First off, stealing never was, isn't and can never be corruption. At least as far as the law is concerned. Secondly, the original statement was made by a former chief justice. Do some research, get an education. To the topic- We all agree that sanusi was completely independent in how he ran the cbn. At least till he was forced out (and most of us haven't got A CLUE) of just how corrupt he was. But while independent, making decisions about the nation's fiscal policies, who can guess how much he spent DEFENDING the naira? Anyone? Just guess, na. $10 billion? $20 billion? $30 billion? $40 billion? ... What were the BENEFITS of all that money spent by him? Oh, oh, before that- How exactly did he defend the naira with dollars?! Like merlin? Or jason bourne? Maybe he was our very own gandalf! Sorry, no time to spoon-feed anyone. If you don't know how to look for information... Google is your friend. 2 Likes |
Re: Sanusi, Foreign Reserves And The Naira by Kainene77: 4:00pm On Apr 23, 2016 |
What is your point? 2 Likes |
Re: Sanusi, Foreign Reserves And The Naira by Nobody: 4:09pm On Apr 23, 2016 |
You thinking is too advanced for Nairaland. Breaking it down wont help either. It is no accident that Nigeria is a mess. |
Re: Sanusi, Foreign Reserves And The Naira by aloeman15(m): 4:26pm On Apr 23, 2016 |
Kainene77:To be clear, I'm not holding brief for gej. His blunders were as many as they were varied. But. There are independent agencies in our govt. Only the nass has oversight functions over them. Like the cbn, icpc, inec, etc. We always blame gej for not saving- which he did anyway- without asking these agencies to account for their actions. You cant spend tens of billions of dollars defending your currency and still expect the same reserves to increase. |
Re: Sanusi, Foreign Reserves And The Naira by jamesibor: 4:44pm On Apr 23, 2016 |
aloeman15: OP God bless you. I shudder when Nigerians accuse GEJ of depleting our foreign reserves when actually it was Sanusi as an independent CBN governor who squandered our Foreign reserves defending the naira. Nigerians are indeed gullible. 2 Likes |
Re: Sanusi, Foreign Reserves And The Naira by 4Play(m): 4:56pm On Apr 23, 2016 |
I hope the OP is not one of those PDP warriors but the role Sanusi played in laying the foundation for the present currency problems is under-appreciated. I have been trying to find some of my old Nairaland posts at the time. The CBN, off the top of my head and I stand to be corrected, spent $110bn over in currency management over 4 years. That was a crazy amount of money as it left our forex reserves dangerously low in the evening of an oil price crash which, unfortunately, has now happened. Emefiele continued on the same path and has proven to be even more inept. When people say OBJ left $60bn in reserves they fail to realise that most of that was CBN forex reserves and not OBJ's rainy day fund. 3 Likes |
Re: Sanusi, Foreign Reserves And The Naira by orisa37: 5:09pm On Apr 23, 2016 |
SLS brought in Jaiz Islamic Bank and funded it. Publish the Shareholders. SLS and Emefiele should be probed by NASS. |
Re: Sanusi, Foreign Reserves And The Naira by 4Play(m): 5:15pm On Apr 23, 2016 |
A bit more on this, here is an article I found re 2013 - Central Bank of Nigeria (CBN) shelled out some $26.6 billion from the nation's external reserves to save the naira from devaluation last year, according to information on the apex bank's website. Read more at: http://www.thenigerianvoice.com/news/133642/cbn-spends-266b-to-defend-the-naira.html $26.6 billion was just for 2013. I felt at the time that given low reserves, it would make more sense to preserve forex even though that would mean Naira depreciation. Part of the reason for the Naira's sharp collapse is that it was artificially held up in the first place by Sanusi and Emefiele's rather generous and short-sighted use of forex when oil prices were higher. Once dollar inflow reduced due to lower oil prices, with no forex from the CBN to support the inflated Naira value, a sharp correction in price was inevitable. It is important to revisit some of the things we did wrong before to avoid repetition in the future. Sadly, policy missteps are not studied objectively in Nigeria as ethno-religious politics clouds judgement. 1 Like |
Re: Sanusi, Foreign Reserves And The Naira by yaki84: 5:25pm On Apr 23, 2016 |
omenka, passingshot, midonian, orlando owoh, egift, demdem, goke, donphilous, modath come see wetin awa learned emir take awa reserve do while supervising the ministry of forex. |
Re: Sanusi, Foreign Reserves And The Naira by Caseless: 6:04pm On Apr 23, 2016 |
Smh |
Re: Sanusi, Foreign Reserves And The Naira by NavierStokes(m): 8:07pm On Apr 23, 2016 |
http://emerge-ng.com/newsletter-editr/how-sanusi-put-the-naira-in-trouble/ The writer of this article already did some good expose. |
Re: Sanusi, Foreign Reserves And The Naira by drss1(m): 8:18pm On Apr 23, 2016 |
Kainene77:his point is dat sanusi lamido is corrupt n was booted out of CBN by GEJ wen it was discovered by d financial times dat he's engage himsef in financial rascality. remember d 100 million donation he unilateraly donate to kano bomb victims, plus oda illicit activities ![]() d same man wasted d con3s international reserve defending d naira against dollar. na sanusi wey deplete nigeria's international reserve. 1 Like |
Re: Sanusi, Foreign Reserves And The Naira by drss1(m): 8:21pm On Apr 23, 2016 |
yaki84:ah u dey call dis ones ![]() 2 Likes |
Re: Sanusi, Foreign Reserves And The Naira by Standing5(m): 11:09pm On Apr 23, 2016 |
Our productivity level outside oil is crazily low and we had to defend it with excess or otherwise reserve fund. Sanusi isn't alone here . . . Iweala n others too are involved. |
Re: Sanusi, Foreign Reserves And The Naira by naijaking1: 11:22pm On Apr 23, 2016 |
drss1: That's why Buhari's fight against corruption without bringing in his fellow Fulani thief and image manipulator is a big joke. Just like Buhari, Sanusi came into office pretending to be an angel, but when he was summoned to give account of his "donations" he quickly ran to a corrupt judge an obtained an injunction to stop the probe. We have not forgotten. 1 Like |
Re: Sanusi, Foreign Reserves And The Naira by drss1(m): 7:05am On Apr 24, 2016 |
naijaking1:true talk. 1 Like |
Re: Sanusi, Foreign Reserves And The Naira by aloeman15(m): 1:39pm On Apr 25, 2016 |
The purpose of the thread was to help remove the scales from the eyes of either blind or paid supporters of buhari- mind you, they don't actually support the GOVT he's heading, just the one man. Those who've robbed us blind or thrown away our commonwealth must be made to pay. Simple. But beyond that, how does this govt expect anything other than what's happening now, when learning from the past seems entirely beyond them?! How do you enforce forex restrictions without IMMEDIATELY carrying out MASSIVE infrastructural development? Does a father tell his children that henceforth, they'll only eat what they grow themselves, without having prepared a farm he intends to harvest their next meal from? When he immediately stops giving money for food, what are his children supposed to do? When kachiku said last year that the nnpc would be the sole importer of petroleum products, did he tell anyone at his announcement if he had the capacity and how he planned to manage the logistics for the entire nation? These form the most basic parts of statecraft- knowing what to do, seeking input from stakeholders and communicating your plans effectively. But was there any attempt by him to confer- BEFOREHAND with those who'd garnered the experience he needed to succeed? Meanwhile, fashola just exported his style of governance to the national stage- Pay us more money so we can (hopefully) provide you with better services. Heh. Ignorance married pride and gave birth to incompetence... |
Re: Sanusi, Foreign Reserves And The Naira by obailala(m): 2:43pm On Apr 25, 2016 |
aloeman15:Would you rather have all the restrictions lifted and the nation brought to ground zero in a month?... Any suggestions? I agree with the idea that soooooo much was being squandered by past governments to defend the Naira. I may not be an economist to know how these things work, but channelling those funds into massive infrastructural development should have been a better alternative instead of spending billions of dollars defending the Naira. Unfortunately today, the billions are no more and the Naira cannot be defended. Massive borrowing to support massive infrastructural development seems to be the option being taken now. Hopefully, it helps. |
Re: Sanusi, Foreign Reserves And The Naira by obailala(m): 2:52pm On Apr 25, 2016 |
drss1:A very lame attempt at playing the blame game. I suppose Emefiele should also be blamed for all the economic woes of the country today?... The military chiefs and police/civil defence chiefs should also be blamed for all the insecurity in the country today? |
Re: Sanusi, Foreign Reserves And The Naira by aloeman15(m): 5:21pm On Apr 25, 2016 |
obailala:Yes. They're to be held accountable. If you can't elucidate what you're doing, why, when, how and exactly what results we should expect from you as well as a timeline for your policy implementation (also known as competence), then the question is- Are you a trained, skilled professional, or just a hack with a 'make we see weda e go wok'? This is where you see the difference between us and great nations. Do they have any honor? If you're given a job and things get worse under your watch without sound, fact-based reasons why, you resign. Keep your integrity intact. Or you're forced out. And shamed. And prosecuted. Examples abound. These are the terms buhari's supporters thought he was going to establish in his govt. In the entire civil service and armed forces, only these few being 'persecuted' stole money?! Haba alhaji... |
Re: Sanusi, Foreign Reserves And The Naira by 989900B: 5:34pm On Apr 25, 2016 |
It is not as straightforward as y'all seem to make it. |
Re: Sanusi, Foreign Reserves And The Naira by aloeman15(m): 11:59pm On Apr 25, 2016 |
989900B:You're right. There is not a single nation whose politics is straightforward. This is usually because of all the wheeling and dealing that takes place due to vested interests. All quite understandable. Besides- Who's asking for it to be?! But when you can't give me any cogent reasons for economic hardship AND no light AND no fuel AND no security?! Guy, come on. Isn't it time to call a spade a spade? 1 Like |
(1) (Reply)
Senate Forgery: I’m Innocent - Ekweremadu / Ogun State Government / Photos: Aisha Buhari Arrives Sokoto State For Burial
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 41 |