Stats: 3,192,160 members, 7,946,935 topics. Date: Thursday, 12 September 2024 at 09:49 AM |
Nairaland Forum / Nairaland / General / Politics / Buhari Questions Benefit Of Currency Float Amid Weakened Naira (1344 Views)
Uche Secondus Elected PDP Chairman Amid Protests By Other Aspirants / 2019: North Central Leaders Float New Party - Newtelegraphonline / PDP Governors Plan To Float New Party (2) (3) (4)
Buhari Questions Benefit Of Currency Float Amid Weakened Naira by AtlanticBreeze: 3:47am On Jun 28, 2016 |
Nigeria's President Muhammadu Buhari on Monday told a gathering of business leaders that he did not see the benefit of the naira's currency peg against the U.S. dollar being removed. Nigeria's central bank abandoned the naira's 16-month old exchange rate peg, of 197 naira to a dollar, a week ago in an effort to alleviate the chronic foreign currency shortages that have choked growth in Africa's biggest economy. The naira ended at 282 to the dollar on Monday but was trading at round 350 on the black market. "I don't like the returns I get from the CBN (Central Bank of Nigeria)," said Buhari, addressing a group of business leaders that included Africa's richest man, Aliko Dangote, Zenith bank founder Jim Ovia and oil billionaire Femi Otedola. The 73-year-old former military ruler, addressing the group at his official residence in the capital, Abuja, said the devaluation of the naira in 1985 saw the naira trading at 1.3 to the dollar, whereas "now you need 300 or 350 naira to a dollar". "How much benefit can we derive from this ruthless devaluation of the naira? I'm not an economist neither a businessman - I fail to appreciate what is the economic explanation," said Buhari. In a June 3 letter to Buhari, seen by Reuters, the central bank governor said he hoped the naira would eventually trade at around 250 per dollar, a level the president had "approved". Buhari had consistently said he was opposed to the removal of the currency peg but, in an essay published in the Wall Street Journal earlier this month, appeared to back the adoption of a more flexible foreign exchange policy. The economy in Nigeria, an OPEC member, has been hit hard by the sharp drop in global oil prices since the country's crude oil sales make up about 90 percent of foreign exchange earnings and 70 percent of government revenues. Foreign exchange restrictions were imposed by the central bank last year in an attempt to conserve dwindling U.S. dollar reserves. "What has happen to us now is that we have manoeuvred ourselves into mono-economy which led to the collapse we are seeing now," said Buhari. (Writing by Alexis Akwagyiram) http://www.reuters.com/article/nigeria-currency-idUSL8N19J5MP |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by calaway: 3:53am On Jun 28, 2016 |
AtlanticBreeze: MAKE THE DULLARD ASK ME WELL WELL....BUT NA WHO I GO ASK? 1 Like |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by princefunmmy(m): 4:14am On Jun 28, 2016 |
So? Confused people, playing trial and error with the economy of the country 1 Like |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by patchsk(f): 4:19am On Jun 28, 2016 |
Buhari is simply a failure. 2 Likes 1 Share |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by AtlanticBreeze: 4:20am On Jun 28, 2016 |
This man is an embarrassment.... Anyway I'm happy Buhari is still committed to his campaign promise of making $1 = N1. Since CBN is not helping matters, I advice Buhari to use the military instead to stabilize the economy.. what an economic illieterate. Although I didnt support the free floating of the naira by CBN but I think Buhari should allow the CBN do it's work, this is purely and economic matter, not political. I wonder how a man that agreed he is an economic illiterate and without any economic advisers will want to direct the forex market.. smh 2 Likes |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by AtlanticBreeze: 4:20am On Jun 28, 2016 |
lalasticlala, seun |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by Sweetguy25: 4:24am On Jun 28, 2016 |
A certified dunce Nigerians have as a president. 2 Likes 1 Share |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by papaejima1: 4:32am On Jun 28, 2016 |
You are not an economist nor a businessman sir? What the bloody heck then are you doing running the business of governing Nigeria? You sincerely don't realise the business of governance is serious business? Nigeria, una don enter! 5 Likes |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by prstge007: 4:48am On Jun 28, 2016 |
AtlanticBreeze:look dear friend you cant be a professional in all areas, he has only allowed the expert or better to say the technocrat to take care of it while stating want he want as an end result. as a president the expected change didn't came up and he was worried. Before man and God I may not support some other things he was wrong about but yet being a president does mean he will wear lab coat put on apron and also helmet to operate, cook and engineer the country at the same. the ministers or whosoever is in the realm of affairs will submit a review based on there expertise then he will review to see the functionality of such. The proposed floating welcome by many economist in the country seems not working so what next then we shall move on from there. He may be getting so many things wrong but let us be fair as this matter affect us more. Let him question them why no change its normal if the system doesn't seem working 6 Likes 2 Shares |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by AtlanticBreeze: 4:54am On Jun 28, 2016 |
prstge007:so he expected the end result to be instantaneous? Lmaooo... what an economic illiterate you have just confirmed he is. 3 Likes |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by muri4mig(m): 4:59am On Jun 28, 2016 |
See all the wailers above me, their mental case has no remedy. He express his opinion. That means floating of FX is entirely CBN idea which currently seems not be working and the bulk of the blame will still be trace to him. Diversification which PMB so much believe in is the only solution to our current predicament. Before now, we have been using the proceed from the sale of crude oil to patch up the value of naira. With the collapse of the price of oil, we are exposed to the harsh reality of what the real value of Naira is. No more extral $ from crude oil sales to support the naira which make our naira now vulnerable. Even before GEJ left, the $ at the parallel market was around 216 which will eventually crash further by the day. Not even John maynard Keynes will be able to save the naira. Some of us think that best economist will make a better manager of the economy. I beg to differ in that line of thinking. It is a only a good and prudence leader with strong political will that can save the economy not the numbers of PHD that u have. Robert Mugabe is one of the most educated president the world has ever seen, but ask me how much does zimbawain $ exchange to US $. Their is no fast and rule about FX. The only solution to a weakened currency is diversification in order to reduce import bill and increase export to rake in more $. Floating or pegging, our naira will not be make better off without stimulating local production. In my humble opinion, let support PMB to steer this economy to the promise land rather than criticize him destructively. Whether we like it or not he will still their in the next 3 years. 6 Likes 1 Share |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by greatiyk4u(m): 5:04am On Jun 28, 2016 |
AtlanticBreeze: Liberate your self from this chronic hatred for PMB and see that he is actually acting like a true leader and manager Delegate a job to ur experts and monitor the progress based on the quality-time-cost-sustainability matrix 3 Likes |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by tuborme: 5:04am On Jun 28, 2016 |
Somebody should remind this senile old man that his inability to float the fx market and appoint an economic team as early as September 2015 caused speculators to take over the market and crash the naira. This Buhari does not know that a lot of businesses and MSEs have not recovered from the currency controls he instituted last year. This man once restricted people from making wire transfers and stopped businessmen from travelling with over $4000 against all international practices. How will businesses survive? 6 Likes 3 Shares |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by prstge007: 5:22am On Jun 28, 2016 |
AtlanticBreeze:broz you dont know the time period they gave when they brought up the idea.I am not here to defend him but see the state of our nation requires a short term approach. if opening the boarder for a time been would help let him.This same people may come up with theories of how dangerous it is to some laws of demand and supply that exist some where in there big fat account offshore. Now he has given them time to float in the air the weight of dollar did not give Naira chance to breath. I am tired mehn |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by AtlanticBreeze: 5:27am On Jun 28, 2016 |
greatiyk4u:Delegate indeed.. Why didnt he delegate the job initially to the CBN? wasn't he the one that pegged and is still insisting on pegging the naira at 197 per dollar? And fter the economy suffered greatly from that inane economic policy, he allowed the CBN to wade in, now the same economic dullard wants to monitor the progress based on "quality-time-cost-sustainability matrix" according to you? yeye 3 Likes 1 Share |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by Rose2014: 5:33am On Jun 28, 2016 |
E don happen ![]() ![]() ![]() ![]() ![]() ![]() ![]() 2 Likes
|
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by AtlanticBreeze: 5:33am On Jun 28, 2016 |
muri4mig:Fact is that Buhari is like a blind man leading the blind (zombies).. The same zombies supported Buhari for failing to devalue the naira, the same zombies still supported Buhari for agreeing to devalue (float) the naira.. people like passingshot and tbaba1234 criticized us when we disapproved the floating of the naira... The same zombies are now shifting the blame of devaluing the naira to the CBN? Buhari believes in diversification but is always on the media crying about oil prices and NDA militants? What has he done about diversification? Nothing? The same economic illiterate that doesn't have any economic advisers? Nigeria is progressing to Zimbabwe status with Buhari. 4 Likes 2 Shares |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by 989900: 5:36am On Jun 28, 2016 |
greatiyk4u: Leave him alone, he is doing what 'wailing zombies' do. #trutotype 1 Like |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by AtlanticBreeze: 5:39am On Jun 28, 2016 |
989900:maybe one of the zombies can help Buhari to appreciate the economic explanation: "How much benefit can we derive from this ruthless devaluation of the naira? I'm not an economist neither a businessman - I fail to appreciate what is the economic explanation," said Buhari. 2 Likes
|
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by Rose2014: 5:44am On Jun 28, 2016 |
post=46996218: Clueless ![]() 2 Likes 1 Share |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by Rose2014: 5:46am On Jun 28, 2016 |
Maths score ![]() Business score ![]() Economics score ![]() Social - all inclusive ![]() English- be the judge Law- ngwazikwa ![]() There is god o 4 Likes |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by DIKEnaWAR: 5:46am On Jun 28, 2016 |
muri4mig: So how has he started the so-called diversification? Buhari's body language and statement since he assumed office points to oil...oil..and oil. He kept lamenting about falling price of crude, how GEJ did not save money from oil windfall, how he wished to have another windfall during his time and planning to burn more money looking for oil in the Lake Chad basin. All of you clowns that brought an old man whose ideas are trapped in the 80's( he doesn't miss an opportunity to hurry back to the 80's with nostalgia), a failed cattle rearer, who conned us with his anti-corruption stance to lead this country to prosperity, in the 21st century, shall end up gnashing your teeth and crying. Your lives shall be run the way Buhari runs this country. No Nigerian President has the kind of support Buhari has gotten. From the Legislators, Judiciary, Human Rights Activists and Lawyers to the organised labour, press, associations, opposition and all of us either support him willingy or have been beaten into submission, yet he has refused to perform. Buhari's Presidency is dead on arrival bro. The man does not have it in him. Sit down quietly and analyse the decisions he has taken without bias and you'd discover the man knows nothing about modern governance. Has the economy not crashed on Buhari's head like in Zimbabwe under Mugabe? Why do you keep blaming a government that left office over a year ago for your failures? We started this warning when Buhari delayed in constituting his cabinet, that governance has been put on hold. From there he appointed Ministers and almost stopped short of making all of them Ministers of state with him as the substantive Minister. Now all of them are scared of bringing their ideas to the table because Buhari must vet it, even when he knows nothing about the field. Now governance is run by a few cabal whose sole aim is protecting 'their' hard-won power . I thought that Yar'adua was going to be the worst thing that happened to my country(in democracy) in my lifetime, I didn't know a Buhari was lurking in the corners to wreck this country. Point to one thing that is working under this government? Is it also the former government that has taken electricity from our homes and increased the tariff? Spare the bullcrap about gas pipeline vandalism. This government should ask the previous government how they secured the pipelines to deliver electricity, to an extent, to Nigerians(at a reduced rate!). If you think GEJ's people are frustrating Buhari's government by blowing oil installations, then you are no different from GEJ's people that said Boko haram was created to derail GEJ's govt by the north. Both theories are daft and baseless. Buhari would be better as Emir of Daura; leading prayers and sitting at home to read papers. Other than this, he is a looming disaster. We are waiting and watching how he handles the Buratai issue. That would say a lot about the only thing some people still think he has. 10 Likes 6 Shares |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by knightsTempler: 6:20am On Jun 28, 2016 |
DIKEnaWAR: God Bless my brother, you have said it all. This govt doesn't have anything to offer, it's so glaring. A govt that brings hardship on its citizenry in just 1 year deserves to be criticized and condemned. All the zombie that sees nothing wrong with this government should as a matter of urgency retrieve their conscience from Satan. |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by DIKEnaWAR: 6:26am On Jun 28, 2016 |
knightsTempler: It took Robert Mugabe 36 years (1980 -2016) to wreck Zimbabwe, Buhari has done 70% of same wrecking to Nigeria within a year in office. This government has taught me something: that many Nigerians are dull and empty skulls. That many people are not what we thought they were. For everyone's information, every successive government since 1960 till date, have engaged in massive looting of our resources. Let none of them pretend not to. |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by knightsTempler: 6:33am On Jun 28, 2016 |
DIKEnaWAR: Beyond party affiliation, as a Nigerian youth, there is something awfully backward about the idea of a Buhari presidency. There are some brands that packaging cannot sell, no matter the competence, creativity or innovation of the packager. This is the dilemma of the Buhari supporters. The law of diminishing returns is a reality his followers must come to terms with. Buhari's incompetence is nauseating. |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by freeze001(f): 6:58am On Jun 28, 2016 |
Geriatric governance populated by sickly and absolutely daft, doddering, aged bozos is what has dragged our economy to this parlous state. They just couldn't comprehend the speed of our growth recorded so they came to slow it down to a 'comfortable' level they could cope with. See Mr Daftus complaining of not seeing the effect of devaluing naira but he actually thinks it's normal that 13 months on, we're worse off than ever! This is just sickening! 1 Like |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by Nobody: 7:15am On Jun 28, 2016 |
The worst days are yet to come. Your President says he is neither an Economist nor a Businessman. The import of that statement is that he doesnt know anything about Economy. My Question is: What do you really know ? |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by oduastates: 7:17am On Jun 28, 2016 |
No benefit apart from the fact that thieves who have looted can bring back their loot and fetch more naira |
Re: Buhari Questions Benefit Of Currency Float Amid Weakened Naira by Nobody: 7:41am On Jun 28, 2016 |
Wetin concern me, na make my paypal exchanger dey worry 4 dat one |
(1) (Reply)
Budget Padding Scandal Confirms My Position On NASS -obasanjo / Supreme Court Strikes Out Jimoh's Appeal,Orders Appeal Court 2 Go On Wit Hearing / Nigeria Is Ranked 9th Among Countries Practicing Female Infanticide
(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. 100 |