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Nairaland Forum / Nairaland / General / Business / We Can’t Float Naira, Cbn Tells Imf (25681 Views)
We Have Enough FOREX, CBN Tells Investors / It Is A Criminal Act To Deface Naira – CBN Warns Nigerians / Recession: It’s Up To You, CBN Tells Government (2) (3) (4)
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Re: We Can’t Float Naira, Cbn Tells Imf by ephi123(f): 10:05am On Apr 22, 2017 |
twosquare: They are comparing to Venezuela because it is an oil-producing nation, but there are many other oil-producing nations managing their economies as best as they can so why do we have to compare ourselves to the worst? Should our standards be that low? I read just a few days ago that their inflation was 700%, is that the kind of country to use as a yardstick? I think not. |
Re: We Can’t Float Naira, Cbn Tells Imf by Hydrolysis(m): 10:05am On Apr 22, 2017 |
awoo47: |
Re: We Can’t Float Naira, Cbn Tells Imf by GoldHorse(m): 10:08am On Apr 22, 2017 |
alizma: Very evil! They don't have our interest at heart! |
Re: We Can’t Float Naira, Cbn Tells Imf by kitaatita: 10:22am On Apr 22, 2017 |
dabossman:I will plead guilty because I had rejected apparent welfarist attitude of our governments. The naira is being subsidized to satisfy an unproductive population who have voracious appetite for foreign goods and services. But I was narrow in my reasoning. Harvard economic theory and economic laws tend to forget the in Nigeria 'all things can never be equal' 1 Like |
Re: We Can’t Float Naira, Cbn Tells Imf by twosquare(m): 10:23am On Apr 22, 2017 |
ephi123:lol... That's true. Norway is also an oil-producing country... One of the best we have around but we are too quickly to pull the "population card." |
Re: We Can’t Float Naira, Cbn Tells Imf by ephi123(f): 10:25am On Apr 22, 2017 |
twosquare: Norway is bliss to live in, great standard of living too, I doubt if the oil price crash had much impact on them. But as you rightly pointed out, in terms of population, it's such a small country. |
Re: We Can’t Float Naira, Cbn Tells Imf by omorttee4u(m): 10:26am On Apr 22, 2017 |
How long will CBN continue with the policy of small state mentality. Big country like Nigeria need to float their currency. Let the demand and supply determine the stability of forex. You can't continue with the policy, that will difficult for you to monitor. I read on PUNCH the other day where Bank boycort the sales of dollar due to their shortage of Naira. I created thread about the similar thing the other time. but our financial sector refuse heed advice locally, now they are telling them internationally. Sometime you don't need some stress in some cases, just check the history how it was solved or how it been operated in other countries, like dubai and all that. So, CBN 's policy give chances for looters, with the floats of Currency every penny can be monitor. I'm not a blaming CBN for their intervention. They can do it in other to ease the scacity of the forex. At the sametime they should float it as well, whoever receiving money from abroad should get it in dollar not Naira. That alone can ease the forex pressure at the International market. |
Re: We Can’t Float Naira, Cbn Tells Imf by Nobody: 10:28am On Apr 22, 2017 |
LionDeLeo: Thats accurate. Floatation is positive for countries that manufacture for export. Their goods become competitive and favoured on the world markets. Nigeria doesnt have the manufacturing base to do that. It currently imports inflation via foreign goods. Inflation would skyrocket. Its principal export is crude oil and prices are fixed internationally - so no leeway. No. The only people shouting for floatation are people who want to buy assets dirt cheap and thereby enslave future generations. The government has called this correctly. 3 Likes 2 Shares |
Re: We Can’t Float Naira, Cbn Tells Imf by Originalsly: 10:44am On Apr 22, 2017 |
Hmmm.... raging calls by the global business community...... laughable? ....I think it's disrespectful and an insult. Nothing good for Nigeria can ever come from the IMF/World Bank..... vampires to Black nations. 1 Like 1 Share |
Re: We Can’t Float Naira, Cbn Tells Imf by olujastro: 10:54am On Apr 22, 2017 |
ephi123:Please do not compare Nigeria and Norway's economies as oil producing countries at all. I live in Norway and I can tell you there's a mighty difference between them. I won't touch on infrastructure or standard of living, just economic indices. Norway with 5million people has a foreign reserve of over $60b while Nigeria with 180million people is struggling with a mere $30b. Norway has the largest Sovereign wealth fund in the world of about $900b saved from oil alone for its future unborn generations. Nigeria has nothing. In 2014 the Norwegian currency which is fully floated was $1=6NOK and now it's 8.65NOK. While Nigeria would have been close to 1000naira for $1 if fully floated. Compare Oranges with Oranges: Nigeria, Angola, Venezuela. Thanks to Buhari coming in, Nigeria is the best performing economy among them. 1 Like |
Re: We Can’t Float Naira, Cbn Tells Imf by khalids: 10:56am On Apr 22, 2017 |
omorttee4u: O boy,....what are you saying, you are being too naive...........This text book solution does not work in this kind of economy.......For it to work, the term "ceteris paribus" must hold. Otherwise its just going to be a total disaster. Unique economies require unique solution......all this Harvard, IMF, World Bank poo, will not work here.......Postulate you own homegrown solution. |
Re: We Can’t Float Naira, Cbn Tells Imf by ephi123(f): 10:56am On Apr 22, 2017 |
olujastro: If you had read the comments properly, you would have realized what I and the guy I quoted were saying, is basically that we can't compare Nigeria to Norway because it has a far smaller population. If people like, they should continue comparing Nigeria to Venezuela, by the time inflation reaches 100%, they will realize the consequence of doing so. |
Re: We Can’t Float Naira, Cbn Tells Imf by olujastro: 11:01am On Apr 22, 2017 |
ephi123:I was going to quote this instead. I quoted the wrong comment. Alright no problem. |
Re: We Can’t Float Naira, Cbn Tells Imf by jeftalene(m): 11:06am On Apr 22, 2017 |
Meanwhile this link might interest you too; Why you need material schedule for your project https://www.nairaland.com/3755977/why-need-material-schedule-project |
Re: We Can’t Float Naira, Cbn Tells Imf by goodnews777: 11:13am On Apr 22, 2017 |
LionDeLeo: If IMF is beer parlour economics how you describe the economics of illiterate Buhari |
Re: We Can’t Float Naira, Cbn Tells Imf by omorttee4u(m): 11:21am On Apr 22, 2017 |
khalids: So, try and error policy our financial sectors are doing will work abi. Read my text wella, you will see sense in it. You can as well, read the topic I created about it. When I talk, is with experience not just talking. I brought out fault on their policy I read in PUNCH, you never talked bout it. No just condemn me, bring up point, that's where we learn. Our Commercial Bank has a lot to do with their cash (naira) not just investing in Forex. I'm not stopping CBN intervention. The floating is key. I indulge you to read the topic I created on my profile. I hope you understand. Thanks. |
Re: We Can’t Float Naira, Cbn Tells Imf by VirginFinder: 11:34am On Apr 22, 2017 |
curiositymaster: Speculators modath and EgunMogaji will be depressed by this news. They are still wishing for the Naira to fall to N500 so that they can cut their losses. Unfortunately, the Naira will NEVER slide past 400 again. |
Re: We Can’t Float Naira, Cbn Tells Imf by LionDeLeo: 11:48am On Apr 22, 2017 |
goodnews777: A typical definition of illiteracy. |
Re: We Can’t Float Naira, Cbn Tells Imf by sulaimon22: 12:12pm On Apr 22, 2017 |
Floating Naira will Only turn Nigeria into A Capitalist State Where the Private Individual will only have a say and determine the price of goods in the market Which I no Dangote and dem oteodola will b happy about, Even their so called called Mixed Economy is not yielding any positive result in Nigeria IMF sha wan suffer Nigerians finish When our Inflation rates is 17% we dy suffer like Dis wat if we go enta 30 hahha |
Re: We Can’t Float Naira, Cbn Tells Imf by VanBommel(m): 12:26pm On Apr 22, 2017 |
Guyman02:guy you get sense die 1 Like |
Re: We Can’t Float Naira, Cbn Tells Imf by alizma: 12:33pm On Apr 22, 2017 |
Kingspin:I hope you read the part, " leaving aside our corrupt leaders"? |
Re: We Can’t Float Naira, Cbn Tells Imf by temmytee007(m): 12:34pm On Apr 22, 2017 |
omorttee4u: I guess you just tried all you could to sound so brilliant but just so unfortunate that you so sounded the opposite....now maybe i should explain some little economics for you... the naira floating of a thing can not be logically implemented because in a society like ours where there are a lot of vampires branding themselves as currency speculators, a lot of wicked vultures calling themselves govt. officials plus selfish banks calling themselves financial stakeholders who will always like to take advantage of any vulnerabilities in the system, would just make the dollar high by buying most of the foreign currencies and hoarding it so as to make the price rise to an unbelievable high just to make 200-300% of profit within a very short period of time thereby leaving the general populace to a very high price of commodities(inflation) as we are not yet an exporting economy. in other word Nigeria must first of all be a big and net exporter of good and services before that policy can be implemented. I just hope you got my explanation. 1 Like |
Re: We Can’t Float Naira, Cbn Tells Imf by austinvsb1(m): 1:02pm On Apr 22, 2017 |
loswhite: Disgustingly battered mentality is what you have there my friend. IMHO blacks and africans were inventors and innovators wayyy before the white man came and forced 'education' and 'religion' on us! If you feel that the sorry state of the african continent is beyond the colonialists doing, you have been effectively manipulated and brainwashed! 1 Like |
Re: We Can’t Float Naira, Cbn Tells Imf by Nobody: 1:33pm On Apr 22, 2017 |
Guyman02:Most of what you typed up here is just tribalistic, empty chest beating trash. There exists no evidence empirical or otherwise to back up your absurd notion that the economy is better off if controlled by ibos. This assertion is absolute garbage |
Re: We Can’t Float Naira, Cbn Tells Imf by loswhite(m): 1:42pm On Apr 22, 2017 |
austinvsb1:you lack understanding. Your problem is ur focus on race. What are nigerians doing for themselves? African leaders loot their ppl and hide the money in buildings...lol. What kind of inventors and innovators allow another race force their education and religion on them? If u where better u would have stood out rather Killing of twins and other disgusting practice was the order of the day. If you must knw the education and religion forced on them was a better alternative hence it was accepted but if u don't knw that then u must be coming from Pluto |
Re: We Can’t Float Naira, Cbn Tells Imf by gnykelly(m): 2:05pm On Apr 22, 2017 |
fatymore: it means that the forces of demand and supply should dictate price of dollar. in our case dollar will sell beyond it current price. |
Re: We Can’t Float Naira, Cbn Tells Imf by Nobody: 2:10pm On Apr 22, 2017 |
Guyman02: This is a needless statement that can only escalate arguments one way, mired down in inter-tribal cacophony. Self-respecting folks shouldn't take the bait. Besides, Okoroafor is a spokesman acting on the instruction from the Oga at the top. |
Re: We Can’t Float Naira, Cbn Tells Imf by omorttee4u(m): 3:33pm On Apr 22, 2017 |
temmytee007: I can see you rush to type what you know or understand by the Economy. All the poo typed, I'm aware of it as well, you don't seem to get my point. Let me break it down for! Like I stated in the thread i created . If you are to receive money from abroad, you are to be given dollar and not Naira. That's truly "floating of currency'' because the money is coming to CBN in dollar. The current policy can not be monitored, since every forex transaction is being is being traded in Naira. And you know we are in control of Naira. Now tell me, which one has loophole for corrupt Govt. Official. Mind you, Gov .can intervene by paying sch fees and medical to ease the pressure of the scacity. The only way the forex can drastically come down is, when the floating truly implemented, cos every citizen that receive forex transaction will definitely sell to BDC, . CBN selling to them here and there is too vulnerable, they will odd the forex and let it scarce. Where as Govt. Will keep increasing the sale to them until it tired. |
Re: We Can’t Float Naira, Cbn Tells Imf by Nobody: 4:46pm On Apr 22, 2017 |
VirginFinder: Amebo 1 Like
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Re: We Can’t Float Naira, Cbn Tells Imf by Mhyketh(m): 7:42pm On Apr 22, 2017 |
blackpanda:sorry to say, but the so-called dat seem to understand fiscal policy and d oda shits, seem to be confused, its clear they are lame if they don't get their homework right. No beef. |
Re: We Can’t Float Naira, Cbn Tells Imf by Nobody: 9:31pm On Apr 22, 2017 |
curiositymaster: And not even a sensible one at that. I don't even live in naija and if I want to speculate on currency that's available to me as an American, why would I choose an inconsequential currency like naira. |
Re: We Can’t Float Naira, Cbn Tells Imf by MabraO: 6:51am On Apr 23, 2017 |
davidif: If Dey allow market determines it that means we go dey buy pure water 2k per sachet |
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