Less $ for them to steal...... They would have to switch to stealing naira.....

Southwest is just observing. Waiting for signal from above.

As it is Nigeria is not worth fighting for.

Exc2000:



funny thing is Diaspora forex earning has drastically reduced since NFIU , CBN and EFCC started messing with money transfer mediums

.

Messing with it ?

Can you shed more light ?

Is there any restriction on wire transfers ?

I don't need any headache abeg

Dreid cat fish for say. Call 09096260759 uyo

The die is cast!!! Very soon FG will start selling Nigerians into slavery for forex at the rate we are going!

Exc2000:


funny thing is Diaspora forex earning has drastically reduced since NFIU , CBN and EFCC started messing with money transfer mediums

Not entirely correct.
NFIU, CBN and EFCC disrupted money laundering of questionable Forex.

There is no Nigerian in Diaspora who wanted to send forex in-country that has had issues.

The government is clueless, but let's always put things in perspective.

fkj950ax:


Not entirely correct.
NFIU, CBN and EFCC disrupted money laundering of questionable Forex.

There is no Nigerian in Diaspora who wanted to send forex in-country that has had issues.

The government is clueless, but let's always put things in perspective.

Diaspora funds coming in majorly comes from Nigerians without documents and don't have access to formal banking in Europe and US

Normal

You plan is to force us to devalue,I would rather advice we substitute imports.. Starting from food to production chemicals .If we stop importing products from you country like you are from us then you would know how far.IMF giving us advise that would never benefit us,devalue our currency is all they preach meanwhile your currency stand on nothing but trust and its global visibility is waning away. You better start working with us as partners rather than subordinate

Osidazz19:
[s][/s]


Rubbish voodoo economic theory.

You are asking Buhari to do something that previous govts were not able to do even when oil was selling for more than 100 dollars per barrel.

what do you mean by previous government? if a driver can not drive very well, please ask him to park, there is no room for excuses!!!!

Kayode Oyero

A former United States Ambassador to Nigeria, John Campbell, says Nigeria is experiencing a shortage of Foreign Exchange due to the fall in international oil prices.

He said the dip in oil prices occasioned by the coronavirus pandemic has had a negative effect on the Federal Government’s revenue and its access to US dollars through oil exports.

This was contained in a piece by Campbell published on the website of the Council on Foreign Relations, a US nonprofit thinktank.

The PUNCH reports that oil closed at about $60 per barrel in December 2019 but has since plunged to about $25 per barrel in May 2020.

The former American envoy to Nigeria said, “Driven in part by the need for dollars, the government devalued the Nigerian currency, the naira, to 360 to the U.S. dollar, down from 306. That, apparently, was not enough. As of May 12, the naira is traded at 445 to the dollar on the street, and the one-year forward trading rate is 514 to the dollar, which means traders expect the exchange rate to fall even further.

“The Lagos stock exchange index is down about 12 percent since the start of the year. Because it is denominated in naira, and the naira has been devalued, the loss in value is even greater in terms of international currency. There are anecdotes (impossible to quantify) that rich Nigerians are getting out of the market and doing what they can to shelter their assets abroad—an old song in times of instability, whether economic or political.”

https://punchng.com/nigeria-running-out-of-forex-ex-us-envoy/

Federal government of Nigeria should immediately start the process to get Nigeria restructured.

There should be devolution of federal powers to the state or regions so that all this feeding bottle states that were spoonfed for years by the federal government will start to grow up and take care of their finances themselves.

NIGERIA NEEDS A WEAK CENTRE at the federal level.

IT IS OPPRESSIVE AND SHAMEFUL that all the rest regions in Nigeria just depends on crude oil from the Niger delta region for their budgetary allocations.

Coronavirus has come with the BIG CANE to teach bad leaders in Nigeria what the future is going to look like.

CRUDE OIL NEVER FINISH O ! but nobody is there to buy your crude oil.

The ship is just berthing in high sea attracting cost.

In principle, Nigeria is already in recession.

The excessive borrowing and depletion of the foreign reserve is a strong indicative signal to that fact.

Exc2000:



we cant even sell our oil, even if they pay us $20 per barrel, our oil are at high sea accruing bills , demorage and storage / shiping fees

Tinubu's advise comes handy now, print in more Local currency to stimulate local purchasing power just has US are doing right now printing dollar, when the economy goes right CBN can mop up excess liquidity

Or They can use Atiku's model seeking us to sell National revenue generating Asset so as to generate forex and spend it on toothpick, gussi and prada.. and when the next recession comes we wont have anything to sell again

.

you don't print more Naira because USA is doing so.
Nigeria is too dependent on imports and you know the Naira is soo useless outside the shores of Nigeria.
Having too many Naira in circulation will only lead to hyper-inflation and you know the consequences if that should happen.

Racoon:
Of course this is happening because crude oil is our only source of foreign exchange with our mainly oil dependent mono-economy.

Buhari has been saying he wants to diversify Nigeria economy for 5 years now.when is he actually going to do that?

KnowAll:
Nigeria cannot run out of forex because the diaspora community sends in about $20 billion dollars every year. Where do u think that dollar ends, Nigeria central Bank.

stop saying rubbish

temptnow:
Comments like this can destroy the naira even more, cos there will be panic buying in the forex space

Story. Naira has gone to the dogs since. Face reality

GamalNasser:
Certainly , Nigerians will have to pay for electing a hyper Dullard like Buhari..

Hyper Dullard

DDeliverer:
Lol. Nigeria would soon start selling zombies to raise money..

Wahala too much abeg

Sarrki, dehvehlop, symplyleo run for your lifes

It is well.

Will the real yahoo Boys please stand up,we need dollars asap

Racoon:
Of course this is happening because crude oil is our only source of foreign exchange with our mainly oil dependent mono-economy.

Nigeria is joke of a country.

sevenhundred:
what do you mean by previous government? if a driver can not drive very well, please ask him to park, there is no room for excuses!!!!

He's asking the govt to takes these measures in 2015 when the govt was barely able to stay afloat and meet its financial obligations. Salaries were not being paid, oil was around 28 dollars a barrel by end of 2016 to 2016.

If you give a broken down car to the best F1 race car driver, there's nothing he can do with it. You cannot give a F1 race car driver like Hamilton a Honda car and expect him to compete with other race car drivers driving Ferrari cars built for racing.

Osidazz19:
[s][/s]


Rubbish voodoo economic theory.

You are asking Buhari to do something that previous govts were not able to do even when oil was selling for more than 100 dollars per barrel.

They were not able to do, or were not willing to do so??!... I believe the latter holds true!!!

If we can honestly agree on that, then Buhari ought to do better, and set the nation on a better path to progress... Many world leaders have achieved this, and are still achieving this!!!

We can't continue to excuse failures...

It is deliberate devaluing the naira, prominent people are gaining from the scarcity of forex

Kazim88:
Southwest is just observing. Waiting for signal from above.

As it is Nigeria is not worth fighting for.

As it is, the protracted experiment called Nigeria has run its course... Dissolution of this unmanageable entity gets more real everyday.

We shall overcome it together, foreign exchange or not, there's always a light at the end of the tunnel

Exc2000:



we cant even sell our oil, even if they pay us $20 per barrel, our oil are at high sea accruing bills , demorage and storage / shiping fees

Tinubu's advise comes handy now, print in more Local currency to stimulate local purchasing power just has US are doing right now printing dollar, when the economy goes right CBN can mop up excess liquidity

Or They can use Atiku's model seeking us to sell National revenue generating Asset so as to generate forex and spend it on toothpick, gussi and prada.. and when the next recession comes we wont have anything to sell again

.

There is lack of dollars and printing more naira wouldn't solve tht. We should just reopen the economy instead of following the trend of developed countries. If they see that enough countries are not panicking over coronavirus, they would themselves stop the lockdown in their country.

Guys please I need your help, I subscribe for mtn opera mini monthly plan since Sunday, but the thing no dey connect, even with latest opera mini, please somebody should help me out

Osidazz19:
[s][/s]
Rubbish voodoo economic theory.

You are asking Buhari to do something that previous govts were not able to do even when oil was selling for more than 100 dollars per barrel.

So this Buhari government is indistinguishable from previous governments and cannot change course from what they did. Good to know. They say madness is doing the same thing repeatedly and expecting different results.

I also wonder if it's also previous governments that made this government oversee a nearly 200% rise in external debt in 5 years, a 96% fall in excess crude account, and $7bn fall in forex reserves within a few months.