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Nairaland Forum / Nairaland / General / Business / Has Osinbajo Tamed The Dollar? (31741 Views)
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Re: Has Osinbajo Tamed The Dollar? by 3kay945(m): 11:39am On Mar 02, 2017 |
How can you advise people to start hoarding dollars ![]() Which kind thing be this?! ![]() |
Re: Has Osinbajo Tamed The Dollar? by Boss13: 11:40am On Mar 02, 2017 |
Largeman4uall: At the moment, from an investment point of view, it is wiser to keep your savings in foreign currencies than in naira. The naira is losing value at a fast rate. If you don't want to do so - it is a choice, but the rich and privileged in this country are doing it. Until there is a restriction or a law to make it a crime. |
Re: Has Osinbajo Tamed The Dollar? by Nobody: 11:41am On Mar 02, 2017 |
Yes common sense is NOT common... it is obviously applies to you. Your weak point is banks are hoarding and are still hoarding.... banks don't HOARD their dollars 100%... they also get dollar inflow (pounds and euros) from outside Nigeria asides from the usual CBN sales of dollar to them! They are required by CBN to sell dollars to certain set of people using Form A. Go and learn basic economics! mykelmeezy: |
Re: Has Osinbajo Tamed The Dollar? by bayulll011(m): 11:41am On Mar 02, 2017 |
unclezuma: obviously your brain is heated up,if not you will know that it's a mistake I quoted you.instead to thread cautions you 're calling names and resort to abuse,shm reflections of failed home system,not everybody you talk anyhow to here go learn from home how to talk |
Re: Has Osinbajo Tamed The Dollar? by Nobody: 11:42am On Mar 02, 2017 |
deflover: You made a lot of sweeping statement without data. E.g the economy just stopped growing for the first time in 20 years. This is not true. The economy has been tanking since 2011. It was merely covered up by selling down reserves and oil reserve account. While the economy looked healthy FDI and reserves ( at an average oil price of $110 pb) was falling consistently. Please see the large quote below. " ..In 2012 as Nigeria was getting ready to rebase its economy showcasing that it was now the biggest economy in Africa, investors were staying away, by 2012 FDI had reduced from a yearly inflow of USD$8.841 billion in 2011 down to USD$7 billion in 2012……by 2013 FDI net inflow had further reduced to USD$5.6 billion, by 2014 with a foreign reserve of USD$37.5 billion…..FDI net inflow further reduced to USD$4.6 billion, and by 2015 with a foreign reserve of USD$31.3 billion, FDI net inflow had reduced to USD$3.1 billion. All time low since 2004..." As for defending the naira with reserves, there is no problem with this as the rate of accretion is larger than the rate of disbursement. The reserves will continue to grow albeit slowly. And it isn't just a blind defence of the naira but the empowerment of the small retail user. The very segment that we expect growth and the restructuring of the economy to come from. There is a big difference between selling down reserves to maintain a political naira and using a superior accretion rate to stimulate internal consumers. The funds aren't going out to Dubai, they are creating goods and services. Nigeria. Here is another quote from the article below that shows how we got here. "All the Excess crude oil sales were diverted into private pockets that eventually ended up in the economy which would have given Nigeria between USD$30 billion to USD$40 billion. Depletion of the foreign reserve ended up in private pockets and flooded the economy…USD$31 billion. The emptying of the Excess cruse account…..USD$40 billion The borrowing of dollars was used for re-current expenditures (salaries and travels) and they also ended up in people’s pockets and flooded the economy……..USD$21.8 billion. In essence the supply of the dollar was so much that it created stability for the demand in the economy even when the companies were mopping funds and leaving" I recommend you read this link as I couldn't have addressed your post better. There is a video you can watch in the piece. Let's use data and not anecdotes. https://leadershipandadvancement.com/2017/02/25/the-dollar-recession-obasanjo-jonathan-and-buhari-the-unknown-truth-behind-the-economy/ 1 Like 1 Share |
Re: Has Osinbajo Tamed The Dollar? by Boss13: 11:42am On Mar 02, 2017 |
Djailer: Is Osinbajo different from Buhari? Are they not in the same administration! Are they not in the same party? Did both of them not promised jointly during campaigns to deliver on their promises? |
Re: Has Osinbajo Tamed The Dollar? by dabraska: 11:43am On Mar 02, 2017 |
I totally agree. The fundamental problems need to be tackled. The cash is too much. But the people who can enforce these rules also have dorm accounts with large deposits of foreign currency. Even our acting president had quite an amount. Boss13: 1 Like |
Re: Has Osinbajo Tamed The Dollar? by Boss13: 11:46am On Mar 02, 2017 |
greenpasture: The OP is also saying the same thing. Recently Nigeria just borrowed $1billion using Eurobond and intend to borrow more $500million because the Acting President and Finance minister felt it was oversubscribed. Guess where the CBN is funding the PTA/BTA and schools fees from? Just like you said, the CBN is only funding consumption and the policy will back fire whether we like it or not. 1 Like |
Re: Has Osinbajo Tamed The Dollar? by Boss13: 11:51am On Mar 02, 2017 |
dabraska: This has ALWAYS been the fundamental problem of Nigeria and not corruption. Laws are not drafted for the general good of the country, but to serve the selfish few and privileges. Laws and directives that harm the rich and privileged are quickly screamed at and those that promote their interest are quickly signed. We are in a jungle whether we know it or like it and in a jungle, only the strong survives. 2 Likes |
Re: Has Osinbajo Tamed The Dollar? by Djailer: 11:57am On Mar 02, 2017 |
Boss13: There's no political fact in your claims. And certainly no correlation with what the OP has asserted. Giving the fact that no two persons are the same and that a vice president has no real power, the role of acting president is clearly different from the role of vice president and Osinbanjo is taking some limited personal initiative now that his boss is on medical leave abroad. On the subject the OP raised, faulting the vice president's monetary directives on the indices of last year when the policy wasn't yet given is purely a case of intellectual dishonesty and ill wish for the vice president intervention on the free falling naira. |
Re: Has Osinbajo Tamed The Dollar? by Nobody: 12:01pm On Mar 02, 2017 |
Boss13: I absolutely disagree. First of all debt is not a problem if it builds infrastructure that grows the countries assets on its balance sheet. Second the CBN is catering for the very small Enterprises that make small overseas payments for things like hosting. There are only two ways to come out of recession; cut or spend. Nigeria has chosen infrastructural expenditure and the support of the millennial generation. Absolutely nothing wrong here. What I pointed out was that spending by the GEJ administration was criminal. It didn't improve the asset side and it didn't spur growth. Not all spending is the same. Tariffs on non essential items is at a 20 year plus high. So where is consumption being funded? Getting spending right is the key. Cutting is not an option in the Nigerian environment. 1 Like |
Re: Has Osinbajo Tamed The Dollar? by Caseless: 12:07pm On Mar 02, 2017 |
deflover:how people celebrated that move by osinbajo shows the level of illiteracy in our country. How can an import-dependent economy sustain such a policy by mere injection of funds /dollars into the system? Let's see how long they can sustain this. Naira will gain value when we start exporting more and importing less . It won't add value with this policy cos it's not sustainable. 1 Like |
Re: Has Osinbajo Tamed The Dollar? by Nobody: 12:07pm On Mar 02, 2017 |
bayulll011: Says an idiot who starts a quote with mind boggling insults; are you well at all? How am I supposed to know that was a mistake, it means you have serious psychological issues please go seek help. ![]() |
Re: Has Osinbajo Tamed The Dollar? by Boss13: 12:08pm On Mar 02, 2017 |
Djailer: I have addressed the OP comment is a separate post of mine and I completed agreed with him. I am only addressing this comment in which people tend to want to separate the president and the Vice President. There is something called Presidency in this country, if you are not aware and both the offices of the President and Vice President are within the Presidency. Who told you the VP has no real power! Yes the VP has his roles and duties, just like you have yours in your office and as a matter of fact, the VP is responsible for the economy. He chairs the Economic meetings and report to the President on the economy. This division is nonsense. I can agree that there is a bit of swiftness in trying to address some pertinent issues by the acting president, but the president and the Vice President are not different. They both have a mandate to deliver jointly. |
Re: Has Osinbajo Tamed The Dollar? by Boss13: 12:16pm On Mar 02, 2017 |
greenpasture: I did not say borrowing is wrong. Maybe you didn't read my comment well enough. However, I can say borrowing in Nigeria is wrong because we never seem to get it right. Our budgets are never implemented and yet we borrow to fund budget deficits. This only means we borrow for consumption, we eat our savings and then eat our borrowings and still cry out. I totally disagree with you on cutting down to get out of a recession. Well your term "cut" was vague so I don't know what you mean by cut. Cut down on what? Recession is when your economy is retracting and I believe you know this because I took time to read your previous comment. Based on that you need to produce more as an economy. Maybe your cutting may mean for individual companies who may tend to revise expenditure plans in view of a recession. But from a macroeconomic point of view - you SPEND the hell out of a recession. America, under Obamacare, did that and incurred $1.2trillion in debts. I also agree with you on spending right, a concept that is alien to Nigerian politicians. So I am really concerned when we borrow because such funds are used for the wrong things. |
Re: Has Osinbajo Tamed The Dollar? by Djailer: 12:27pm On Mar 02, 2017 |
Boss13: I started by saying there's no political 'fact' in your claims. This is because there re some truth but certainly no facts. Even an adviser to the president is part of the Presidency. But this by no means indicate that they have independent powers of their own. In political reality, the vice president has no real powers Even in advance democracies like in America, the vice president has too little powers that even the house speaker is more powerful. There's no vital document that the vice president must sign failure which there would be no passage of a bill or release of fund. You should acquaint yourself with the portfolio of the vice president and see that it's not a very powerful office in the light that it is next to the president. It has no real powers and nowhere else is it more evident than in African democracies. There's a big difference or divide between the office of the president and vice president. |
Re: Has Osinbajo Tamed The Dollar? by Boss13: 12:38pm On Mar 02, 2017 |
In another news/thread - Dollars is trading at N460 - N470. Is the OP not right about his post? There is no magic in this. If you do the right thing, you get the right result. If you use palliatives, you get palliatives results. 2 Likes |
Re: Has Osinbajo Tamed The Dollar? by haulforte123: 12:45pm On Mar 02, 2017 |
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Re: Has Osinbajo Tamed The Dollar? by bayulll011(m): 1:32pm On Mar 02, 2017 |
unclezuma: Not suprised a slowpoke will always be one |
Re: Has Osinbajo Tamed The Dollar? by erico2k2(m): 1:42pm On Mar 02, 2017 |
deflover:we dey wait 1 Like |
Re: Has Osinbajo Tamed The Dollar? by Nobody: 1:49pm On Mar 02, 2017 |
Kolade9:simple |
Re: Has Osinbajo Tamed The Dollar? by ISTANDWITHBUHAR: 2:02pm On Mar 02, 2017 |
deflover: So people should be buying and hoarding the dollars because your prayer was for the economy to get back to her worse state so your likes can continue selling the dollars your hoard? You need to be arrested as one of those sabotaging the economy.. 1 Like |
Re: Has Osinbajo Tamed The Dollar? by erico2k2(m): 2:21pm On Mar 02, 2017 |
pressplay411:This is too harsh |
Re: Has Osinbajo Tamed The Dollar? by erico2k2(m): 2:25pm On Mar 02, 2017 |
ISTANDWITHBUHAR:I think you are missing the point, if I want to import in two months time, its a good idea to buy the green back now, cos from his analysis, the green back is going to bounce back cos the measures put in place are dummy, if you read btween the lines the FG has not solved the problem, it only postponed it hoping for a miracle. 1 Like |
Re: Has Osinbajo Tamed The Dollar? by Nobody: 3:06pm On Mar 02, 2017 |
Re: Has Osinbajo Tamed The Dollar? by Rolings: 3:13pm On Mar 02, 2017 |
mykelmeezy: So much contradicting statements from you. The government brought out the policy to score a political point because the last government depleted our reserves and gave out our foreign reserves to political godfathers coupled with dwindling oil revenues .......... what then did those who stole our dollars do? They unleashed their boys in the creek to cripple the economy all in the hope of making the government backtrack on its policy ............. but the strong determination of the government to ensure the right thing is done made sure they didn't succeed ........... now they have unleashed their internet warriors and paid bloggers just like the CBN governor have been saying. |
Re: Has Osinbajo Tamed The Dollar? by StepG: 3:17pm On Mar 02, 2017 |
ekanDamie:I concur |
Re: Has Osinbajo Tamed The Dollar? by raydatluvs(m): 3:31pm On Mar 02, 2017 |
MrMcJay:though I think the op is self serving with his goal but he made good points. Like the government can only sustain aiding the value of the dollar for long before the circle starts again. What we have now is a temporary fix that can only be sustained by good policies(which doesn't seem forthcoming). There is so much pressure in our microeconomic environment that these aids wouldn't sustainably calm. |
Re: Has Osinbajo Tamed The Dollar? by ISTANDWITHBUHAR: 3:48pm On Mar 02, 2017 |
Kolade9: Common sense is not common, Na them let am go up?sometimes i wonder if you guys even go school or did economics in school.. maybe na them also let price of crude oil come down then hahaha.. |
Re: Has Osinbajo Tamed The Dollar? by ISTANDWITHBUHAR: 3:50pm On Mar 02, 2017 |
erico2k2: And that's like praying for more dooms days to come now, We are happy it's falling and he is coming with useless analysis saying it will soon go back up.. Even if it will be should he say that if he is not praying for such to happen.... Can he pray for himself to get sick? |
Re: Has Osinbajo Tamed The Dollar? by bodejohn(m): 4:34pm On Mar 02, 2017 |
mykelmeezy: I think you would still had made sense without the quoted. No i don't have kids schooling abroad, and Yes, I will love to send my kids to schools abroad for the same reasons you mentioned. But come to think about it, what percentage of Nigerian students school abroad? Obviously the children of the rich, a larger percentage of the parents of these kids have milked Nigeria dry and made the educational sector useless for the children of average Nigerians. And you are still happy we will be subsidizing them at the expense of other Nigerians who have not been paid salaries for up to six or more months. We have become an alternative seeking people, and we want to cling to our fake lifestyles at the expense of the greater majority. |
Re: Has Osinbajo Tamed The Dollar? by bodejohn(m): 4:42pm On Mar 02, 2017 |
youngsahito: I agree with you, but it will take some time before this can come into the mainstream, what can we do before then? |
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