See people comparing Nigeria to Venezuela to console themselves

I laugh in Spanish. But your leaders travel to UK and US for medical healthcare, why can't they go to Venezuela since that is our comparable yardstick now? Jokers. Not only Venezuela, it's Colombia.

In any case, the IMF does not determine what we do, let the CBN take the best course of action. Eod.

davidif:


What is an apex bank?

CBN is the apex (highest) bank on the land.

Keemy88:
Shebi una float our currency last year. You guys are just foolish in my opinion. It was the same floating of the currency that skyrocketed the naira to 400 to a dollar.

When you saw naira was at 500 naira to a dollar, CBN now started their late die minute dollar invasion to the bank and bureau de change.

You people should float again you hear ...mumu people...

Who even brought the devilish idea to float our currency last year in the first place...that the Emefiele of a person approved.

APC government sha...kai..I weep for Nigeria.

It wasn't floating that pushed up the dollar price but the restrictions. The restrictions caused scarcity. The only thing that will save the Naira is if the official price is available to all such that black marketers can not find readily available market.

Guyman02:
The CBN spokesman mr Okoroafor called IMF request 'laughable', the Nigerian economy is better managed in the hands of Igbos (no tribal sentiment implied) because they will never ever trust the white man as sincere in his policies towards Africa and the British knew this which made them to ensure that power is skewed to the region that is more malleable.
We must continue to apply home grown solutions to our economic challenges if we want to get out of the woods and not from any foreign group which tries to pretend to be more clever than Nigerians.

This i totally agree with you, Igbos aside

musicwriter:
Very good.

And its time African countries entirely stop doing business with the world bank and IMF. These are colonial instruments set up by the west after the second world war to continue to control the economy of their colonies.

There's much more we can do in Inter-African co-operation. African nations should begin trading more among ourselves. Get your crude oil from Nigeria, get your cocoa supplies from Ghana and Ivory Coast, get your Gold from South Africa, get your diamonds from Botswana, get your tea and beverage raw materials from Kenya and Uganda, e.t.c. These are things we're already doing better than others, so there's definitely much more we can do within ourselves!!.

"The rich nations MUST rule the world, and they're to be assisted by rich people in poor countries"........ British dictator, Winston Churchill.

Why are you spreading false information na? Winston Churchill never said that. Or were did he tell you that in your dream?

menxer:

That syncs well with your moniker.

You're in tune with comic relief! Enjoy

donbenie:
Allowing the Naira to float is not in the best interest of a country with little or no economic diversity,a Naira at #700 to the dollar benefits only the speculators and economic Saboteurs..
IMF and Co are living in a synthetic bubble without putting the country's practical situation into account,l say kudos to the CBN for rejecting this half baked advice..Who IMF EPP?

You sabi, oversense dey worry you

sammyscholar:
CBN is the apex (highest) bank on the land.

Simply calling it the central bank would have sufficed.

I taya... I dnt undastnd 70% of wat is goin on in this thread

davidif:


Simply calling it the central bank would have sufficed.

yes.

The only thing IMF knows is "float your currency" and "devalue your currency". Look at the inflation rates in Egypt and Angola that followed their advice? When the structure is not on ground to take advantage of a devalued Naira, everybody that earns in Naira becomes automatically poorer.

Currency hoarders, speculators and looters from Jonathan and Obasanjo's government would be the one that would make money and become richer.

obailala:
Is this particular self adulation/encomium/patronisation really necessary?.... This is the exact sort of supremacist statements that fuels tribal envy/hate and the needless tribal fights.

Every region have its comparative advantage and we failed as a nation for turning a blind eye and pretending to be ignorant so as not to be termed tribalists. For example kids in the South West are very good with computer systems and software and Nigeria can become an international IT hub like India but lets not say it out so as not to promote the Yorubas because I am Igbo

Nkemakonam62:
Amidst raging calls by the global business community, especially at the ongoing Spring Meetings in Washington DC, USA, for the Nigerian government to float the Naira, and liberalise its financial market, the Central Bank of Nigeria (CBN), at the weekend said the country had no intension of floating its currency in the face of its many security challenges.
Proponents of the proposal to float the Naira had argued that it would make the Nigerian economy more competitive and encourage foreign investors to come into the country.

Students preparing for utme and waec will read your nonsense post and they will start misspelling INTENTION. Why not kukuma write in pidgin or your village language?

To be honest, it won't augur well if we float our currency due to speculators who will take advantage of the market albeit making inflation rate sky-rocket. Though it is the best thing to do but can only be effective in an high export based economy with little or no corruption.

;(I just lost my charger . What a big loss

ikp120:
Why are you spreading false information na? Winston Churchill never said that. Or were did he tell you that in your dream?

You have to go read your books, especially European oriental history, otherwise, just keep off my mention, please.

British source: https://www.soas.ac.uk/development/phdstudents/file80089.pdf

Noam Chomsky: https://chomsky.info/year01/

There is a TV show called billions......Season 2 Episode 5 shows the plan to devalue the Naira by some American billionaire's,the money they stand to make from it and how they plan to make it a reality.

IMF is platform for them to hide and carry out their evil acts,we see a lot of future events in the movies but we don't read meanings into it and I was so happy reading the reply they got from CBN and I really hope that NO stays No

Awoo88:

It wasn't floating that pushed up the dollar price but the restrictions. The restrictions caused scarcity. The only thing that will save the Naira is if the official price is available to all such that black marketers can not find readily available market.

You are right. The official price is not available to all because the bulk of the Dollars Nigeria earn is used to import refined petroleum which is very unfortunate considering that we have 4 refineries that can produce the petrol we are wasting our precious dollars to import.

What is even more amazing is that the corrupt system/Cabals in Nigeria always make sure that these refineries don't work at all or work haphazardly and they also prevent all Nigerian Governments from either privatising or selling off the refineries. The IMF know all this things and they are telling us to float the Naira and SINK Nigeria!

l love the idea of allowing countries detect how to govern themselves.

Enough of this international agencies imposing policies that are feasible based
on the countries internal mechanisms.

l will implore IMF and other international agencies to work with internal agencies
saddled with this responsibilities in proffering solutions.

musicwriter:
Very good.

And its time African countries entirely stop doing business with the world bank and IMF. These are colonial instruments set up by the west after the second world war to continue to control the economy of their colonies.

There's much more we can do in Inter-African co-operation. African nations should begin trading more among ourselves. Get your crude oil from Nigeria, get your cocoa supplies from Ghana and Ivory Coast, get your Gold from South Africa, get your diamonds from Botswana, get your tea and beverage raw materials from Kenya and Uganda, e.t.c. These are things we're already doing better than others, so there's definitely much more we can do within ourselves!!.

"The rich men of rich nations MUST rule the world , competing among themselves for the greater share of the spoils (colonies). And they are to be assisted by the rich men of the hungry nations”........ British dictator, Winston Churchill.

He continued "Our power place us above the rest, we are like rich men dwelling at peace within their habitation and therefore our right to rule . That's the way the world ought to be and will be”............. Winston Churchill.

lol.... can u even drill your crude oil without the white man? 57 years of independence with Nigerians as rulers no electricity no infrastructure...lol and u think white is the problem.... I bet u if we where under colonial rule till 1990 Nigeria would have been a far better country

musicwriter:
Very good.

And its time African countries entirely stop doing business with the world bank and IMF. These are colonial instruments set up by the west after the second world war to continue to control the economy of their colonies.

There's much more we can do in Inter-African co-operation. African nations should begin trading more among ourselves. Get your crude oil from Nigeria, get your cocoa supplies from Ghana and Ivory Coast, get your Gold from South Africa, get your diamonds from Botswana, get your tea and beverage raw materials from Kenya and Uganda, e.t.c. These are things we're already doing better than others, so there's definitely much more we can do within ourselves!!.

"The rich men of rich nations MUST rule the world , competing among themselves for the greater share of the spoils (colonies). And they are to be assisted by the rich men of the hungry nations”........ British dictator, Winston Churchill.

He continued "Our power place us above the rest, we are like rich men dwelling at peace within their habitation and therefore our right to rule . That's the way the world ought to be and will be”............. Winston Churchill.

for real U are a music writer.

Guyman02:
The CBN spokesman mr Okoroafor called IMF request 'laughable', the Nigerian economy is better managed in the hands of Igbos (no tribal sentiment implied) because they will never ever trust the white man as sincere in his policies towards Africa and the British knew this which made them to ensure that power is skewed to the region that is more malleable.
We must continue to apply home grown solutions to our economic challenges if we want to get out of the woods and not from any foreign group which tries to pretend to be more clever than Nigerians.

Modified;
For those quoting me because I mentioned Igbos and the economy let me add this.

Every region have its comparative advantage and we failed as a nation for turning a blind eye and pretending to be ignorant so as not to be termed tribalists. For example kids in the South West are very good with computer systems and software development and Nigeria can become an international IT hub like India if fully harnessed but lets not say it out so as not to promote the Yorubas because I am Igbo and the economy continues to lose in that sector

No tribal sentiment implied...I guess...other than the tribal sentiment you just implied.

You sound very much like Jimmy the Greek.

http://www.google.com.ng/url?q=https://m.youtube.com/watch%3Fv%3DxKtIqXMpHcY&sa=U&ved=0ahUKEwjekone0LfTAhUSIlAKHcXFA-QQtwIIMzAP&usg=AFQjCNEgrhIQAUUcNT6SMibItTsPzyRd2w

Guyman02:


Every region have its comparative advantage and we failed as a nation for turning a blind eye and pretending to be ignorant so as not to be termed tribalists. For example kids in the South West are very good with computer systems and software and Nigeria can become an international IT hub like India but lets not say it out so as not to promote the Yorubas because I am Igbo

Yeah u are right, every tribe has its comparative advantage. But then, considering the endemic tribal issues on this forum and in the country generally, the way the case is presented matters a lot in order not to attract some needless bad blood/envy.

In advising nations like Nigeria to float her currency, the Bretton Wood institutions have not taken cognizance of the peculiarities of our system. Their advice, which I believe is suspect, assumes an ideal economic state in which the simple laws of DD and SS will determine market equilibrium.

Is the IMF or World Bank aware that some $43M is hiding in some Ikoyi flat waiting to distort the market once we float the Naira?

Are they aware that N485.85M is lurking at some BDC waiting to consume any available FX?

Have they factored in whatever volumes of currencies are corruptly hidden in God knows how many flats, BDC shops, airport lockers, sceptic tanks or under the caps of God knows how many thieves all over the country?

How do you dare float your fragile currency in the face of such mass of speculators with large volumes of funds outside the financial system?

Let us continue to implement the locally decided policies of BVN, TSA, whistle blowing etc till we sanitise the financial system to a large extent. Then can we start talking about floating the Naira. Nigeria becoming a net-exporter of petroleum products will also be a critical advantage to hold before this supposed float.

kitaatita:

If you follow developments, so called economists had pressured Mr. Buhari when he refused to float the Naira. When CBN eventually experimented with the naira float, the economy was torn to shreds and benefited only the criminals. I hope CBN is wiser now, no should mean no.

Here's someone who remembers events clearly and doesn't suffer from the usually Nigerian collective amnesia.

It was that experiment that led to the dollar skyrocketing to about N500. I don't think we have structures that will make it work, and too many people out to exploit all the current loopholes.

modath, I need your take on this

Abagworo:
No oil dependent economy is doing as well as Nigeria.

Thank God for this!

Keemy88:
Shebi una float our currency last year. You guys are just foolish in my opinion. It was the same floating of the currency that skyrocketed the naira to 400 to a dollar.

When you saw naira was at 500 naira to a dollar, CBN now started their late die minute dollar invasion to the bank and bureau de change.

You people should float again you hear ...mumu people...

Who even brought the devilish idea to float our currency last year in the first place...that the Emefiele of a person approved.

APC government sha...kai..I weep for Nigeria.

it is u wailers that shouted currency shld b floated now u are shouting why?

Guyman02:
The CBN spokesman mr Okoroafor called IMF request 'laughable', the Nigerian economy is better managed in the hands of Igbos (no tribal sentiment implied) because they will never ever trust the white man as sincere in his policies towards Africa and the British knew this which made them to ensure that power is skewed to the region that is more malleable.
We must continue to apply home grown solutions to our economic challenges if we want to get out of the woods and not from any foreign group which tries to pretend to be more clever than Nigerians.

Modified;
For those quoting me because I mentioned Igbos and the economy let me add this.

Every region have its comparative advantage and we failed as a nation for turning a blind eye and pretending to be ignorant so as not to be termed tribalists. For example kids in the South West are very good with computer systems and software development and Nigeria can become an international IT hub like India if fully harnessed but lets not say it out so as not to promote the Yorubas because I am Igbo and the economy continues to lose in that sector

emefiele na igbo shay u like how he runs d economy.

Only if the government get sense. How did other countries achieved development? Nigeria is at mess everytime.

ephi123:
See people comparing Nigeria to Venezuela to console themselves

I laugh in Spanish. But your leaders travel to UK and US for medical healthcare, why can't they go to Venezuela since that is our comparable yardstick now? Jokers. Not only Venezuela, it's Colombia.

In any case, the IMF does not determine what we do, let the CBN take the best course of action. Eod.

I think you are getting it wrong. Those who compared Nigeria to Venezuela are doing a comparison of economic failure... That Nigeria is following same formula they did that made their economy to collapse... Only difference is that we're not a socialist state. Venezuela, right now, is in trouble... Down to their last reserve, inflation is super high, crime rate way off the roof, people queuing for food and looting stores, connected citizens flying out of the country...

alizma:
World Bank is technically owned and controlled by few powerful countries, some of which see Nigeria potential(leaving aside our corrupt leaders) as threat. they know more than the CBN, they know the implications of floating the naira in the face of poor infrastructure and corrupt minded top official, past and presently in govt. but they just want to see Nigeria go down economically. they came with conditional loan, it was rejected and they went back and adjusted their terms with the hope of getting Nigeria to take the loan, then they came with devaluation strategy and now they are telling us to float the naira. World Bank is evil

Nigeria is the senior evil. For Christ sake how did other countries made their economy great? Your leaders are simply empty, only good in making noise.