CBN say forex boku so who we go believe

Not a shocker...

This is a good news because they were supposed to know that nothing last forever. Oil that is what the four cardinal points of this country rellied on. No vision, no plans. We all die here. Thank you Corona

Stupîd CBN is responsible for this.

They stopped Forex transfers from Forex accounts in all banks.


FOOLISH AND GREEDY PEOPLE JUST WANT TO RUIN THIS COUNTRY.

Since this idiot left Nigeria, he has never had anything good to say. If only he knew how much forex dey men hand. Abacha loot small

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

Last week they were buying dollars like crazy in Abuja. Officially it was 420 naira but people were selling for 450 so there is already some perceive sense of scarcity. The airports are not full functioning so travelers are not even bring any dollars in (so it makes sense).

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 BUHARI should fail us just bc his predecesor failed.

Oga reason b4 u yan

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.

If the funds those guys return home are enough, then why does the dollar keep appreciating over the Naira?

Oga, wake up...we need to diversify our economy because we import almost everything we use in this country. That's why the demand for dollars is high here.

Nigerians are so useless that they would condemn the little things the country produces because they say the imported products are better.

Funnily enough, they don't approach those foreign companies to give them jobs.

WHY WONT THEY RUN DRY WHEN THEY ARE BUSY COPYIN OYINBO DOING LOCKDOWN TIME YOU CANNOT AFFORD.
GOD PUNISH THEM.

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

Please you and who dey 2gether?

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.

Tell dem buddy!

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

.

With the current people in power and thier penchant for appointments & recruitment into sensitive positions based on connection instead of competence. They can't be trusted with such plans less they plunged us into Zimbabwean & Venezuelan situations

Forex360:


So BUHARI should fail us just bc his predecesor failed.

Oga reason b4 u yan

NO, go abck and read what I wrote.

Buhari couldn't do it simply because the govt was constraint especially in 2015/2016 when they were basically trying to keep the govt and the country afloat. The logic is very simple, if previous govts were unable to do it when oil was selling for 100 dollars PLUS, how do you expect a govt to do it with oil selling for 28 dollars? It flies on the face of logic, it's simply not possible. It's wishful thinking and nothing more.

Nigeria economy needs to diversify away from oil or else the nation is becoming a sinking ship. Oil is fast becoming the things of the past because it is dirty and a pollutant. There is a growing demand for electric car with the like of Tesla car. Have you drive a Tesla car? the car is impressive and many automakers are getting more interested in mass producing electric car for the future. But how can Nigeria diversify when electricity is not even constant in the economic hub of the nation which is Lagos State. To truly diversify , Sanwo-Olu and those in power needs to get serious about making electricity is a top priority in Lagos State. Once Lagos State have constant electricity, the rest of the nation can follow. With constant electric, an environment for business will be conductive, and money can be made. Oil price is not going to improve because with the like of Tesla and electric cars , gasoline cars are becoming less out of style. Oil is cheap but it is dirty and deadly. If the Chevron , Total and all big oil companies are recording losses, then expect Nigeria , Iran , Saudi Arabia and the rest of OPEC blog to follow.

We don't need forex

faceland:


Last week they were buying dollars like crazy in Abuja. Officially it was 420 naira but people were selling for 450 so there is already some perceive sense of scarcity. The airports are not full functioning so travelers are not even bring any dollars in (so it makes sense).

Hoarding the dollar doesn't even make much sense. unless you plan to spend the dollar directly in Nigeria. Because prices of goods increases as dollar increases.
And if you keep it for too long, it won't be accepted here in Nigeria, You will have to leave the country to spend it or store it with banks( which isn't a good idea, especially when dollar gets scarce). 'They will hardly give you that money in $$

WHY WONT THEY RUN DRY WHEN THEY ARE BUSY COPYIN OYINBO DOING LOCKDOWN TIME YOU CANNOT AFFORD.
WHY WHY AND WHY DO THEY CONTINUE LOCKING INSTATE ROADS WHILE COVID ORGANIC IS SOLVING COVID19 CASES?
THIS A SERIOUS CONSPIRACY AND CONSPIRATORS MUST BE WIPED OFF THE MAP.
GOD PUNISH THEM.

WHY WONT THEY RUN DRY WHEN THEY ARE BUSY COPYIN OYINBO DOING LOCKDOWN TIME YOU CANNOT AFFORD.
WHY WHY AND WHY DO THEY CONTINUE LOCKING INTERSTATE ROADS WHILE COVID ORGANIC IS SOLVING COVID19 CASES?
THIS A SERIOUS CONSPIRACY AND CONSPIRATORS MUST BE WIPED OFF THE MAP.
GOD PUNISH THEM.

This comment is highly unnecessary and any local paper that carries it ought to be sanctioned.
How do we even practice journalism here?
Do you know what this news alone can cause to the naira?

Angelfrost:


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...

The simple answer is that they were not able to do it and were not willing to try.
There are many reasons why most didn't try to do it. Even though oil was selling for good money under Jonathan, the govt still wasn't making enough money to set the country on the right path. That coupled with stealing and incompetence made the situation worse.
Nigeria is NOT a RICH country when you take into consideration it's population vs the amount of money it makes.
The fact that we have corrupt populace/leaders only exacerbate the financial problem that we already have. When you GDP (443 Billion Dollars) is less than half of that of New York city @ 1.5 TRILLION DOLLARS (9 Million Population) and you have 200 million t o feed is when you know that you are not rich.

Osidazz19:


NO, go abck and read what I wrote.

Buhari couldn't do it simply because the govt was constraint especially in 2015/2016 when they were basically trying to keep the govt and the country afloat. The logic is very simple, if previous govts were unable to do it when oil was selling for 100 dollars PLUS, how do you expect a govt to do it with oil selling for 28 dollars? It flies on the face of logic, it's simply not possible. It's wishful thinking and nothing more.

If I am to go back & read your comment then I think you should go back and read BUHARI's MANIFESTOS on how he plan to diversify our economy which made a lot of people to cast their hope on him.

Don't misunderstand me coz am not a member of any political party but I will like to stand with the truth.
The formal FRENCE president ruled for only one term and Called it a quiet coz he understood that he lack the charisma to take the French people to the next level.

If everything start failing at your care and u are pointing accusing fingers to those have been there b4 u then you are not fit for the tax

Is just like saying that the reason you are POOR is bc ur father was POOR.

#God Bess #staysafe

4Play:


We came into this crisis with the excess crude account (ECA) at $70m from $2bn just 2 years ago, forex reserves falling to $38bn in January this year from $45bn in June last year, and a tripling of foreign-currency denominated debt from $9.5bn in 2015 to circa $27bn today. These have left us more vulnerable than we should have been as we ran down our 'savings' (ECA & forex reserves) at the same time we were tripling our outgoings (debt repayments).


Because Nigeria is dependent on oil exports for forex, any government, no matter how competent, will struggle. But Buhari's government increases the likelihood of financial distress due to its economic illiteracy.

It should have taken the opportunity of the 2015/16 forex shortage to float the exchange rate and abolish the implicit subsidy in maintaining multiple exchange rates, and abolish fuel and electricity subsidies. These would have preserved cash and ensure the scarce money available to the government is used in beefing up infrastructure, healthcare and education.

I understand the urge to borrow from abroad as it tends to carry lower interest but we shouldn't do this unless we have built up enough fiscal buffers in the form of savings and lower budget deficits.

Any person who follows the history of oil prices will realise that it is a volatile commodity prone to sudden crashes. Government spending and borrowing should always be managed with this in mind until we wean ourselves from dependence on oil.

do you believe that guy will read and understand all this? They are not called zombie for nothing.

Farming should have been the way out but Nigeria is not serious, when it's time to encourage farmers, everybody will start incorporating their greatgrandmothers to the system in order to siphon the money thereby leaving the real farmers out. Another case is that no Microfinance bank in Nigeria is lending farmers money..... And there is threat of our brothers in the Bush (first citizens of Nigeria )

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

They don't need to sell people to slavery, let them call the ships to harbour, they will willingly embark to greener pastures, leaving the country for them to plunder.

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

And a certain president without certificate is seriously busy looking for oil in the sahel

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

Wahala too much abeg

A certain dead meat seller would be sold

donbachi:
Nigeria will make do with the recovered abacha's loots and states on igrs...till e go be.

You are so ignorant bout the topic.

Did you know that Nigeria imports over 90% of things they use in their country, hence the need for dollars to be used to import these goods and services from foreigners?

So, if there is little dollar for these humongous imports, the hyper inflation it will cause to both dollars and goods and services?

Brace up for the worst time since your dumb government has refused to tap into agriculture and other minerals to generate for ex.

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 don't be offended which way forward?because is obvious u guy's are not interested in solutions but blames ,how long do wish to continue this ur support for stipends?the economy is going down reality is steering us at the face ,blame is not the solution, read and articulate what that guy is saying, maybe he is a Buhari supporter like u ,but is time to tell each other the bitter truth.

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.

That money will be much reduced now because of the pandemic

How would a country as blessed as Nigeria put all it's hope on oil. No old news but this still amazes me

Well, for your UK used Smart TVs and air conditioner set, check my signature.