Política forex da nigéria

CBN concorda com a política flexível de forex.
O anúncio ocorreu quando a economia da Nigéria enfrenta uma série de desafios, de uma moeda enfraquecida e inflação em espiral, ao crescimento negativo do PIB e ao aumento do desemprego.
O presidente Muhammadu Buhari se recusou a desvalorizar o naira, apesar do crescente abismo entre a taxa de câmbio oficial de 197/199 ao dólar e as taxas do mercado negro diminuíram 350.
A diferença levou a uma escassez de câmbio, atingindo as empresas e deixando os importadores de combustível incapazes de comprar suprimentos, fazendo com que as bombas secassem.
O governador do CBN, Godwin Emefiele, foi na última sexta-feira, instado por especialistas financeiros a fazerem uma virada na política para evitar um colapso fiscal, financeiro e econômico completo # 8221 ;.
Mas ele disse que o Comitê de Política Monetária (MPC) da CBN, que se reuniu segunda e terça-feira, decidiu na opção "# 8220; menos arriscada" # 8221; e concordou em adotar & # 8220; uma política de taxa de câmbio flexível & # 8221 ;.
Nenhum outro detalhe sobre o abandono da divisa da moeda estava imediatamente disponível, com o banco prometendo mais informações em & # 8220; próximos dias & # 8221 ;.
O economista Alan Cameron, da Exotix Partners em Londres, disse que espera que "# 8201; dois ou três níveis" sistema de câmbio, mantendo a taxa oficial para & # 8220; transações críticas & # 8221 ;.
& # 8220; eu acho que a Nigéria claramente tomou um grande sucesso depois de um ano de políticas da Buhari, onde ele não estava disposto a ter alguma flexibilidade, & # 8221; ele adicionou.
& # 8220; acho que o mercado verá isso positivamente, acho que os investidores poderiam dar uma nova olhada na Nigéria, mas precisamos de detalhes específicos sobre como o novo sistema vai funcionar. & # 8221;
Os problemas da Nigéria podem ser rastreados até a queda nos preços globais do petróleo desde meados de 2014, o que reduziu a receita das vendas de petróleo no valor de 70% da renda do governo.
A militância renovada no sul produtor de petróleo também atingiu a produção, reduzindo a produção para 1,4 milhões de barris por dia de um 2,2 milhões de bpd orçado.
Na semana passada, o National Bureau of Statistics anunciou que a economia nigeriana diminuiu 0,36 por cento no primeiro trimestre deste ano. No mesmo período, o desemprego aumentou para 12,1%.
A inflação subiu para 13,7% em abril.
Emefiele disse que a recessão foi "iminente", culpando a queda nos preços globais do petróleo, bem como os atrasos na aprovação do orçamento federal deste ano.
Mas em uma jogada surpresa, manteve as taxas de juros em espera em 12,0 por cento.
Para habilitar comentários e outros recursos interativos, mude para o mais avançado.
Emefiele e sua equipe devem ser demitidos.
O que você teria feito diferente. Por favor, conte-nos.
Nunca deve retirar o atual governador CBN. A política de taxa de câmbio flexível pode significar muitas coisas que não são necessariamente a desvalorização de Naira.

Forex: CBN joga Naira no mercado aberto, anula a taxa de câmbio N197 / $.
Por Emeka Anaeto, Editora Econômica, Emma Ujah, Peter Egwuatu & amp; Franklin Alli.
ABUJA - O Banco Central da Nigéria, CBN, anunciou ontem um regime de taxa de câmbio flexível com o objetivo de tornar as moedas estrangeiras mais acessíveis.
Com esta ação, o CBN anulou o regime de taxa de câmbio oficial de N197 / dólar.
O CBN tomou a medida após severas pressões sobre a reserva externa e a crise do abastecimento cambial.
O governador do CBN, o Sr. Godwin Emefiele, que anunciou isso no final da Reunião de Política Monetária, em Abuja, também disse que a Taxa de Política Monetária, MPR, foi mantida em 12 por cento; Rácio de Reserva de Caixa, 22,5 por cento; e Rácio de Liquidez, 30 por cento.
REUNIÃO: Da esquerda, Governador, Banco Central da Nigéria (Cbn), Godwin Emefiele; Diretor Geral, Política Econômica, Cbn, Sra. Sarah Alade e Diretor Geral de Operações, Sr. Suleiman Barau, na reunião do Comitê de Política de Monitoramento, em Abuja, ontem. Foto: Nan.
Em face das fortes pressões sobre as reservas externas e as crises da oferta de câmbio, o CBN abandonou sua política de taxa fixa em favor de um modelo de mercado flexível e múltiplo, o que implicava um regime de taxa de câmbio flutuante.
O Comitê de Política Monetária do banco do ápice, o MPC, que tomou essa decisão, optou por manter sua Taxa de Política Monetária, MPR, 12 por cento, Razão de Reserva de Caixa, CRR, em 22,5 por cento e Rácio de Liquidez em 30 por cento.
Os detalhes da nova política de mercado de câmbio, de acordo com o governador do CBN, o Sr. Godwin Emefiele, serão divulgados no devido tempo.
Ele, no entanto, disse que o banco apex manteria uma janela especial para financiar transações críticas em divisas, o que provavelmente atrairia uma taxa de concessão.
Por esse desenvolvimento, o mercado interbancário de câmbio, que já morreu por algum tempo, é revitalizado com base na taxa de câmbio sem restrições, enquanto os Bureaux de Change, BDCs continuariam suas operações, criando assim janelas de troca múltipla.
No entanto, ele descartou qualquer consideração pela canalização de câmbio para os BDCs.
Ao informar a mídia após a reunião do MPC, Emefiele explicou que "o MPC votou por unanimidade para adotar uma política de taxa de câmbio flexível para restaurar as propriedades de ajuste automático da taxa de câmbio", acrescentando que votou também para "manter uma pequena janela para financiar transações críticas "E que" os detalhes das operações do mercado serão divulgados pelo Banco Central no momento apropriado ".
Pelo novo regime de taxa de câmbio, a CBN permitiria que o Naira flutuasse contra o dólar norte-americano no mercado interbancário, em vez de manter uma pegada fixa.
O que isso significa, no entanto, é que os compradores de câmbio para importação de bens, feriados, taxas escolares, turismo médico, pagamentos on-line, etc., terão que partir das taxas determinadas pelo mercado interbancário e não poderão mais comprar forex na N199 ou qualquer outra taxa oficial que a CBN decida adotar.
Por este desenvolvimento, o mercado paralelo teria sido suprimido, enquanto haveria uma convergência de taxa próxima entre os diferentes segmentos de mercado, exceto a janela especial.
Isso também significa que tropeços e arbitragens redondos foram reduzidos.
No entanto, a taxa de câmbio deverá aumentar, mesmo que muitos concessionários já tenham especulado que as taxas aumentarão em mais de 50 por cento hoje.
Os analistas da Nairametrics disseram ontem: "Não está claro como isso funcionará, pois o CBN precisará colocar um quadro operacional estrutural massivo para garantir que isso funcione perfeitamente.
"Uma taxa determinada pelo mercado também exigirá regulamentos fortes em torno de um mercado que envolva todos com preços determinados no mercado.
"Um espera que o mercado negro desapareça, pois tudo o que você precisa fazer é caminhar até o banco e pedir comprar forex à taxa do mercado." # 8221;
Os analistas questionaram a sabedoria de anunciar uma mudança importante na política sem explicar como implementá-la.
"Qualquer liberalização real seria acompanhada por algum aperto, como uma medida de estabilização, pelo menos no curto prazo", disse Razia Khan, economista principal da África no Standard Chartered em Londres.
"Isso não parece ter sido considerado. Isso é, na melhor das hipóteses, curioso, na pior das hipóteses, muito preocupante.
Reagindo ao desenvolvimento, os analistas da Cowry Assets Management Limited disseram: "O CBN adotou uma política de taxa de câmbio mais flexível. Um sistema de taxa de câmbio flexível é um sistema monetário que permite que a taxa de câmbio seja determinada pela oferta e demanda.
"Em nossa opinião, as decisões políticas afetarão a economia em várias frentes: esperamos que a pressão inflacionária atual continue sem restrições à medida que o desembolso orçamentário começa. Além disso, espera-se que a taxa de juros continue a pairar nos níveis atuais com uma perspectiva aumentada de dois dígitos. O aumento provável da liquidez se esfrega através da Operação de Mercado Aberto em resposta ao aumento esperado das despesas orçamentárias. Naira permanecerá sob pressão, pois as forças do mercado ajustam a taxa de compensação da CBN fixa a uma taxa de mercado paralela mais realista. Provavelmente haverá influxos cambiais de contas domiciliárias estimadas em US $ 20 bilhões, uma vez que o risco cambial minimizará e as atividades do mercado de capitais deverão testemunhar uma recuperação gradual à medida que o risco de câmbio diminui, com a adoção de um regime cambial mais flexível ".
Inflação para aumentar ainda mais.
No entanto, os analistas da Vetiva Capital Management esperam que a inflação aumente no curto prazo. Eles disseram que "é claro que o MPC escolheu sua batalha com cuidado, decidindo afrouxar um dos principais impedimentos para o crescimento econômico (a iliquidez FX). Seguindo disso, esperamos que a imagem da inflação piora no curto prazo como resultado do surgimento de uma nova taxa de câmbio para os preços ao consumidor. Como observamos em nossa nota de inflação de abril, esperamos que a inflação retroceda em 2017 a partir de efeitos de base. Acreditamos que essa visão poderia ter encorajado ainda mais a determinação do MPC de adotar o framework FX mais flexível. & # 8221;
Mercados para promover desenvolvimento, ações, títulos para se reunir.
Os analistas da Vetiva acrescentaram: "Recordamos que os mercados financeiros se recuperaram logo após o anúncio da liberalização do setor de petróleo a jusante, em parte na expectativa de um pronunciamento oficial no quadro da FX. Agora que a notícia é oficial, esperamos uma reação brusca para empurrar a equidade e os mercados de renda fixa mais elevados nas próximas sessões, enquanto aguardamos a inauguração do novo quadro pelo CBN. Qualquer sustentabilidade, a partir de então, seria determinada pela forma como os mercados avaliam o novo quadro e suas perspectivas de melhorar a liquidez do estrangeiro. No geral, consideramos esse desenvolvimento positivo para a Nigéria ".
Governador, Banco Central da Nigéria (CBN), Godwin Emefiele.
LCCI exige esclarecimentos sobre "janela especial para transações críticas"
A Câmara de Comércio e Indústria de Lagos, LCCI, ontem, aplaudiu o Banco Central da Nigéria (CBN) por sua nova política de taxa de câmbio, mas exigiu que o banco esclarecesse o que descreveu como uma janela especial para transações críticas para as quais taxas preferenciais Aplique.
Em um comunicado, Muda Yusuf, Diretora Geral da LCCI, disse: "A LCCI elogia a decisão do CBN pela adoção de um regime de taxa de câmbio flexível em sua recente reunião do Comitê de Política Monetária, devido aos seus benefícios para a economia.
"No entanto, gostaríamos que o CBN esclarecesse a janela para transações críticas por causa de possíveis abusos e distorções que tal janela poderia criar. Poderia representar um risco para todo o sistema. Gostaríamos de ter certeza de que a janela para as transações críticas será gerenciada de forma transparente e de forma a não criar distorções na economia.
"Também agradecemos a decisão do CBN de abster-se de apertar ainda mais a política monetária neste momento.
"No entanto, como o CBN articula o quadro para o novo regime forex, propomos que seja devidamente considerada a seguinte:
"A economia deseja um mercado FOREX transparente que garanta condições de igualdade para todos os investidores. Precisa de clareza sobre o que o CBN descreve como uma janela especial para transações críticas para as quais taxas preferenciais serão aplicadas. Gostaríamos de cautela contra possíveis abusos e distorções que tal janela poderia criar. Poderia representar um risco para todo o sistema. Gostaríamos de ter certeza de que a janela para as transações críticas será gerenciada de forma transparente e de forma a não criar distorções na economia.
"As receitas de exportação, a importação de capital e as remessas da diáspora devem ser permitidas na economia através da janela autônoma às taxas de mercado prevalecentes. E os proprietários de tais fundos devem ter acesso sem restrições aos seus fundos.
"CBN deve revisitar a lista de itens que foram colocados na lista de exclusão do mercado cambial. Muitos insumos críticos das empresas de fabricação estão na lista e isso prejudicou as operações de tais empresas criando perdas significativas de emprego e produção ", disse ele.
O banco do ápice sofreu pressões imensas do Fundo Monetário Internacional, do FMI, de alguns analistas financeiros e interesses que representavam investidores estrangeiros para desvalorizar o Naira.
A administração de Buhari até agora resistiu às chamadas, explicando que sendo uma nação dependente das importações, não viu como essa estratégia beneficiaria a economia.
Na verdade, argumentou que a economia nigeriana seria pior com uma nova desvalorização do Naira.
O Sr. Emefiele disse que a economia foi enfraquecida até o ponto de contração, o que foi agravado pelo atraso na passagem do orçamento de 2016 que deveria ter fornecido o estímulo fiscal necessário. A crise do combustível, o aumento da tarifa de eletricidade, a alta taxa de desemprego foram identificados como fatores que levaram ao nível de inflação atual de mais de 13%.
O governador disse: "O comitê (MPC) reconheceu um ambiente macroeconômico gravemente enfraquecido, refletindo particularmente as pressões inflacionistas, a contração do produto real e o aumento do desemprego.
"Infelizmente, o atraso na passagem do orçamento de 2016 limitou o estímulo fiscal muito desejado, afim de reduzir a economia em relação a produção contracionada".
Ele prometeu, no entanto, que "o CBN desdobraria todos os seus instrumentos com a esperança de manter a economia à tona".
NESG se preocupa com a economia.
"Ter um mercado interbancário flexível é um bom passo na direção certa. A decisão do MPC de aceitar uma opção flexível para o mercado interbancário é louvável e isso é indicativo de muito mais alívio para o mercado cambial superaquecido. Com a reintrodução do mercado de câmbio flexível, esperamos, no devido tempo, ver mais entradas de forex através das remessas da diáspora e do investimento estrangeiro.
"Nós apelamos para o CBN para garantir que a nova política seja implementada o mais rápido possível, de modo a impedir a maré deslizante. Nós achamos que a pequena janela para financiar a transação crítica proposta pelo CBN deve ser limitada apenas às transações governamentais, especialmente na área de desenvolvimento de infra-estrutura ".
Bancos inseguros do que acontece hoje.
A maioria dos banqueiros que falaram com a Vanguard parece insegura sobre o que a direção do mercado seria hoje ou esta semana em relação à negociação cambial.
O presidente da associação de tesoureiros do banco, o Sr. David Adepoju, disse que os banqueiros não negociariam fora da política existente, já que a CBN não havia divulgado os detalhes da nova política.
Segundo ele, se o banco do ápice alocar câmbio com base na política existente que fixou a taxa de câmbio entre N197 e N199 para USD1, os bancos permaneceriam nessa taxa oficial.
No entanto, um tesoureiro em um dos bancos disse à Vanguard que, a partir de hoje, haveria taxas duplas nos bancos onde a taxa oficial poderia persistir em câmbio fornecido pela CBN na taxa oficial, enquanto as divisas de origem independente negociariam a taxa de mercado variando de N300 a cerca de N350 a USD1.
Bombardeio de gasodutos: as exportações de petróleo da Nigéria diminuem em 21.000bdd.
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Aviso Legal.
Tamanho do texto Pequeno Médio Grande.
Vanguard News.
Um jornal nigeriano e versão on-line da Vanguarda, uma publicação diária na Nigéria, que cobre notícias da Nigéria, delta do Níger, notícias nacionais gerais, política, negócios, energia, esportes, entretenimento, moda, estilo de vida histórias de interesse humano, etc.

política forex da Nigéria
Para começar a reverter o que seu governador, Godwin Emefiele, chamou de "recessão iminente" na economia nigeriana, o Banco Central da Nigéria anunciou na terça-feira uma nova política que garantiria maior flexibilidade na gestão do mercado cambial.
O governador do CBN, que fez o anúncio no final da reunião do Comitê de Política Monetária em Abuja, disse que os detalhes da nova política seriam divulgados nos próximos dias.
Ele disse que a nova política garantiria um melhor acesso às divisas para as empresas para impulsionar a economia.
Os analistas acreditam que o governo está planejando desvalorizar oficialmente o naira de sua taxa atual de 197 para o dólar, em um movimento desesperado para fortalecer a economia em dificuldades.
Dados recentes do National Bureau of Statistics indicaram que a economia se contraiu a cerca de 0,36 por cento no primeiro trimestre do ano, a primeira vez em mais de uma década.
Os especialistas dizem que a economia pode encolher novamente no segundo trimestre, que termina em junho, um desenvolvimento que efetivamente dará início à recessão na economia.
Um país é dito em recessão quando sua economia se encolhe em dois trimestres consecutivos.
O governador do CBN disse que a nova política não envolveria o retorno dos operadores da troca de câmbio, pois continuarão a fornecer seu câmbio no mercado autônomo.
"É hora de introduzir maior flexibilidade na gestão do mercado FOREX", disse o governador da CBN.
Depois de avaliar os vários perfis de risco disponíveis, o comitê decidiu adotar a opção menos arriscada adotando uma política de câmbio flexível para restaurar as propriedades de ajuste automático da taxa de câmbio.
Durante a reunião, a taxa de política monetária, MPR foi mantida em 12 por cento; Razão de Reserva de Caixa, CRR em 22,5% e índice de liquidez em 30%.
O Sr. Emefiele lamentou o mau desempenho da economia no primeiro trimestre de 2016 como resultado do aumento das pressões inflacionárias de choques severos relacionados à escassez de energia, aumentos de preços, escassez de divisas e demanda de consumo deprimida, entre outros.
O National Bureau of Statistics afirmou que a produção interna no período se contraiu a 0,36 por cento, o primeiro crescimento negativo em muitos anos, representando uma queda de 2,47 pontos percentuais em relação ao 2,1% registrado no último trimestre de 2015.
Ele disse que, apesar dos esforços do CBN para manter a economia à tona, eles parecem "insuficientes para evitar a iminente contração econômica", já que as condições que levaram à contração da economia no primeiro trimestre de 2016 permaneceram em grande parte não resolvidas.
Observando que muitas das condições que alimentam a inflação na economia estavam fora do controle direto da política monetária, o governador do CBN culpou o longo atraso na passagem do orçamento de 2016, o que criou várias distorções no sistema, particularmente no investimento.
"Muitas atividades na economia dependem do orçamento. O impasse orçamentário prolongado negou à economia a intervenção atempada de política fiscal complementar para estimular a atividade econômica em face da diminuição das entradas de capital estrangeiro ", afirmou.
O Sr. Emefiele lembrou que o MPC havia insinuado, em julho de 2015, a possibilidade de a economia cair em recessão, caso as medidas monetárias e fiscais não fossem tomadas pelas medidas monetárias e fiscais, afirmando que o impasse orçamental restringiu o estímulo fiscal à economia.
Consequentemente, ele disse que o Comitê mandou o CBN implementar reformas que promovam maior flexibilidade de taxa e transparência na operação do mercado de câmbio internacional.
Como parte das resoluções no final da reunião, o governador do CBN disse que o comitê reafirmou seu compromisso de manter a estabilidade de preços ao votar por unanimidade para adotar maior flexibilidade na administração da política cambial para restaurar as propriedades de ajuste automático da taxa de câmbio.
Outras resoluções incluídas para reter a taxa de política monetária em 12%; taxa de reserva de caixa em 22,50 por cento e índice de liquidez em 30 por cento, enquanto a janela assimétrica foi mantida a +200 e -500 pontos base em torno da MPR.
Ele disse que o CBN manteria uma pequena janela para financiar transações críticas nas áreas de suporte à importação de plantas e equipamentos necessários para estimular a produção de bens cujas matérias-primas estejam disponíveis localmente.
A política de flexibilidade, explicou ele, não significou a restauração dos operadores de câmbio de câmbio e o fornecimento de dólares pela CBN para financiar seus negócios, dizendo que continuariam a gerar moeda forte do mercado autônomo.
Sobre o impacto do dólar da escassez no fornecimento de combustível, o governador do CBN disse que o modelo de preços do combustível ainda era capaz de garantir lucros razoáveis ​​para os comerciantes de petróleo, mesmo que eles obtivessem câmbio em mais de N320 para o dólar para importar combustível e vender no limite preço de N145 por litro.
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Onde está o dinheiro feito sob a administração Jonathan? A FG deve considerar fazer ofertas que não podem ser recusadas a todas as pessoas envolvidas no saque.
Meu Querido querido, Rommel,
Não seja um hedeort. E quanto a recuperar algum saque de Obasanjo, IBB e Abdulsalami?
Lembre-se da receita de $ 12.7b da guerra do Golfo & # 8220; falta & # 8221; da NNPC de 1990 -1991? Eu me refiro à moeda perdida que fez Gani Fawehimi levar o juiz a Babangida (então ditador militar). O caso ainda estava no tribunal quando Gani morreu. Você se lembra? Ou seu papai nunca ama sua mãe nesse momento? Yeye shouldren!
Pelo menos vamos terminar de arrancar as frutas baixas antes de começarmos a escalar a árvore, e quanto a isso?
É claro que você não arrancou frutas da árvore antes. Quando você agita bem a árvore, todos os frutos caem uma vez, tanto baixos quanto altos. Você nunca pode dizer se os frutos em cima da árvore ainda estarão disponíveis no momento em que você terminar com os abaixo. Acho meu amigo. Pensar. Use seu cérebro. Ladrão na ladrão. É criminoso não investigar a fraude ea corrupção da era militar. Aqueles que viveram naquele tempo entendem o que quero dizer. Esses caras eram ladrões transparentes. Se eu puder perguntar, Buhari não estava gerenciando os fundos do Fundo Petrolífero que Abacha sediou na Europa? O que Buhari fez ou disse sobre isso? Você o ouviu chamar Abacha de um homem corrupto?
Veja, eu entendo seu ponto e paixão. PMB desempenhou o mesmo papel que Amb Kolade desempenhou na certeza-P para que você não possa pedir-lhe para responder pelo governo do presidente Jonathan. O presidente Buhari foi bem auditado pelo presidente Obasanjo e o auditor o descreveu em termos muito superlativos. Ele só recebeu a diferença entre o preço oficial e o excesso de Govt no preço da bomba. Eu não discuto seus fatos enquanto vivia os tempos dos militares, mas alguns deles já são pobres agora e não poderiam acreditar que alguém poderia ter roubado o tipo de dinheiro que foram roubados nos últimos 10 anos. Não me ensinaram a implorar um ladrão se ele fosse da minha tribo. O presidente Jonathan teve todo o tempo no mundo para investigar as pessoas que você mencionou, mas ele não fez tal coisa. Pelo menos ele poderia ter investigado o presidente Obasanjo ou seus ministros e assessores.
Estou bastante certo de que você nunca leu o relatório de Pius Okigbo que falou sobre os US $ 12,4 bilhões porque, se o fizesse, nunca dirá essas coisas, nenhum US $ 12,4 bilhões foi declarado desaparecido por qualquer painel na Nigéria, os rumores têm uma maneira de tomar uma vida dele sem verificação, é o que a maioria dos nincompoops fazem e a maioria dos nigerianos são nincompoops, pode interessar saber que Jonathan investigou então o candidato Buhari sobre o assunto relativo a um certo rumor de cerca de 2,8 bilhões de Naira cantados por Fella em o calor da eleição, para ver se ele poderia encontrar mancha para atacar o & # 8220; Mr Clean & # 8221; imagem criada pela APC para o Sr. Buhari e você sabe que o resultado dessa investigação foi? Bem, eu sei que você sabe que, além de pessoas como você, nenhuma pessoa séria usou essa argumentação porque era apenas um mero rumor.
Isto é como fechar a proibição da porta depois que o doki fugiu. A Nigéria já está em meio à estagflação. Quem é o ministro das Finanças inútil, ela é tão burra que não pensa em medidas para amortecer essa estagnação debilitante? Dummy Minister.
Eu pensei que você teria sugerido um.
Dumbass, agora você está culpando o ministro das Finanças. Quando seu burro Jonas estava roubando e compartilhando dinheiro, o que Iweala fez?
Não há ministro das Finanças. Temos um comissário de finanças no nível federal que se esconde por trás de todos, em vez de reforçar a fita.
Ela sempre re-ecoa o que outros ministros, o presidente Aides e funcionários públicos disseram. Estamos em um momento perigoso na Nigéria. Estamos indo para o dia do juízo final!
Meu Deus, então as políticas econômicas de Jonas estão levando a Nigéria a recessão ?! Verdadeiramente, um país merece os líderes que recebe!
Eles são escravos e Trump conhece-os muito bem. Jonathan, 12 meses depois? Os CEOs do mundo que são contratados para se virar em torno de corporações em dificuldades não dizem a seus irmãos repetidamente como as falhas do passado impediram que eles alcançassem o # 8211; eles são demitidos imediatamente.
Leia a história de General elétrico e como Jack Welsh manipulou suas experiências de volta (o livro de Jack Welsh).
Você é como o motorista de táxi Ibadan que prefere usar sua mão como sinal para desligar ou na estrada, enquanto seus traficantes estão todos intactos!
Você é analfabeto.
Não há necessidade de insultos emmanuel! Leia o meu comentário novamente e você verá que estamos na mesma página.
Desculpe, meu comentário foi realmente significado para o yemkik. Você está completamente em curso!
Obrigado por dizer a verdade que ele tem ouvidos que ele ouça.
A desvalorização da moeda não vai funcionar e faria mais danos ao país. devemos continuar forçando os importadores do item 41 a fornecer forex a partir de outras fontes e focar nosso forex na produção local. também precisamos fechar o fosso entre o mercado negro e o mercado oficial. Isso você pode fazer regulando o mercado forex e forçando alguns a fechar.
Oh meu! Parece que eles apenas terão que desvalorizar. Não vejo TB Joshua nem acredito necessariamente em suas previsões, mas não posso ajudar, mas lembro sua previsão para 2016 "O presidente fará tudo para rejeitar a reavaliação do naira - o que é uma boa idéia de um bom líder. Mas haverá uma pressão irresistível sobre a qual ele não poderá resistir. Nigerianos, apoiem e orem pelo seu líder. O futuro está chorando por ajuda "
HÁ BOM PRESSÃO EM NIGÉRIOS. Uma DEVALUAÇÃO OFICIAL DA NAIRA É DAFT.
A DEVALUAÇÃO OFICIAL ENVIARÁ A ECONOMIA EM UM ESPIRAL DE PONTOS NÃO ADMINISTRADOS.
O ACTUALMENTE DE 67,5% DE IMPOSTO NA GOLPE DE PETROLEIRO É DE FORMA INTEGRALMENTE PARA CONHECER SEU EFLAZAMENTO INFLACIONÁRIO.
PARA BUHARI FACING ANIVERSÁRIO DO 1º ANO MAIS DOLORES IMPOSTOS SOBRE NIGERIENS SERÁ PONTO DE TIPPING.
Este resumo da recessão estava fora dos dias atrás ... enquanto os tempos superiores desempenhavam o avestruz. PUNCH, VANGUARD E MESMO MODA E GOSSIP BLOGS COMO LINDA IKEJI REALIZOU AS SAD NEWS!
DID PT E APC PENSAM QUE PODERÃO ESCONDER ESTE PARA SEMPRE?
Os nigerianos querem comer o bolo e tê-lo. A administração do passado gerou nigeriano no buraco e agora estamos culpando o atual governo. O governo atual está processando e tentando recuperar o dinheiro roubado das pessoas, algumas pessoas, obviamente, burras estão gritando violação de direitos humanos e perseguição política. Por que esse governo não pode simplesmente levar o touro pelo chifre e cortar a Nigéria em seis regiões autônomas que me desconcerta. Não há saída para este país para entrar na liga da nação desenvolvida do que abraçar seis entidades autônomas regionais. Ele fomentará a concorrência econômica e tornará o governo federal menor e efetivo. Estamos diante da recessão econômica, devemos também enfrentar a recessão política. Por que devemos passar por essa angustiante experiência econômica e ainda estamos mantendo um legislador bicameral? Alguém pode me dizer o senso comum nisso? Por que devemos precisar de 36 estados de assembleias com esta situação econômica? Isso significa que nossos cérebros se evaporaram com todos os dinheiros desviados pela última administração? Por favor, quem responda a essas perguntas deve me ajudar.
BUHARI NÃO SOM NA ECONOMIA, ASSUNTOS ESTRANGEIROS - OBASANJO !!
PUNCH NEWS, 14 de maio de 2016.
O ex-presidente Olusegun Obasanjo diz que o presidente Muhammadu Buhari pode não fazer bem na economia e nos assuntos externos, exceto em questões militares.
"Buhari não é uma pessoa muito calorosa na economia e nas relações exteriores", disse Obasanjo.
"Eu vou te dizer o que sei e vou te dizer o que não sei. Conheço o general Muhammadu Buhari. Ele serviu sob mim nas forças armadas. Suas características que eu sei, seu comportamento que eu conheço, ele não se desviou deles. Ele nunca foi um homem perfeito, ele não é um homem perfeito e nenhum líder pode ser um homem perfeito porque eles são seres humanos. Mas se você leu meu livro, o que eu disse sobre ele está correto. Ele não é uma pessoa calorosa quando se trata de ECONOMIA. NÃO É uma pessoa muito calorosa quando se trata de ASSUNTOS ESTRANGEIROS. Mas ele fará bem em questões de militares e ele fará bem na luta contra Boko Haram ".
* Obasanjo respondeu-lhe! Se & # 8216; gOD & # 8217; buhari não desperdiçou um tempo precioso na nomeação de ministros, ele teria tido uma equipe econômica no local para salvar a situação.
LIGUE O BLAME GAME BOY! HAVI UM CRESCIMENTO LIGADO NO FIM DE 2015 ... DIVULGANDO UM EFEITO POSITIVO DO REGIME ANTERIOR ... NARIZ NASTRADO APÓS O PRIMEIRO TRIMESTRE DE 2016 COM O BATON TOTALMENTE EM APC & # 8217; S MÃOS!
Risível. O OBJ não me provou que ele sabe alguma coisa sobre a economia. Nem sequer uma coisa sobre ciência política. Seu governo foi um desastre porque ele colocou o interesse a curto prazo de seu governo acima do interesse nacional de longo prazo. Julgar Buhari depois de apenas um ano no escritório em comparação com o PDP 16 anos é um não mais inteligente e não há corridas de palavras.
Por quê? APC, por que, por que, porquê?
DiaRiss Deus oooooooooo.
Buhari é um desastre. À nora e inútil para os nigerianos. A primeira vez que tivemos uma recessão foi em 1978-79, quando Shagari outro semi-analfabeto Fulani estava no poder. Agora, após 37 anos, outro Buhari, desafiado academicamente, que gastou mais de US $ 1,5 bilhão, está levando a Nigéria a uma recessão irreversível. Nunca na história da Nigéria tivemos conflito de armas e movimento de armas como vemos na Nigéria hoje, nem mesmo durante a guerra civil. Desde o dia em que Buhari assumiu o cargo, SORROWS, TEARS & amp; SANGUE tem sido uma marca comercial regular e os nigerianos estão sofrendo. Nada mais funciona e até mesmo o senhor Liar Mohammed tornou-se burro. Os membros da APC e os políticos, incluindo a presidência, empregam seus filhos, parentes e amigos em lucrativos empregos do Banco Central que nunca são anunciados, enquanto anunciam os empregos mal remunerados e perigosos como o do Exército nigeriano e A polícia recruta para que os pobres possam se alistar e depois serem mortos.
O CBN deve seguir em frente e desvalorizar o Naira do preço artificial e dar a essa economia um espaço de respiração para se recuperar. O valor real de Naira está entre a taxa de mercado oficial e do mercado negro. Não adianta adiar o inevitável e prolongar o sofrimento.
Nigéria atualmente obtém a maior parte do seu forex a partir de vendas de petróleo e remessa # 8211; da Nigéria que vivem no exterior e concedem. Dado que a taxa oficial é N197, a maioria das remessas (os nigerianos que enviam dinheiro para casa) que deveria estar chegando pelo canal bancário oficial foi redirecionada para pontos de venda não oficiais que podem pagar no mínimo N300 a um dólar na Nigéria. Como a CBN espera que o forex continue fluindo? O preço do petróleo permanecerá baixo nos próximos 2 anos. Qual é o ponto de manter uma política rígida que não ajudou a economia a crescer.
Devalue o Naira e deixe mais forex entrar no país. Não só a desvalorização aliviará a pressão na reserva, haverá mais entrada de IED na economia real. O governo da APC assegurará que o IDE flui para uma parte estratégica da economia que irá aumentar o crescimento e reduzir o desemprego.
Não sou fã de taxa de câmbio rígida. Distorce sempre a economia e incentiva a corrupção.
Por favor, não altere o seu moniker quando a desvalorização teria decorrido seis meses, porque lembro quando a economia da Nigéria está morta!
Por favor, note que você não é a Grécia e nenhum resgate para um país não-desenvolvido, administrado por um criador de gado irredentista!
O melhor é criar uma nova janela forex para produtos semi-luxuosos, não para desvalorizar o Naira.
Os importadores de bens de luxo semi podem ser sobrecarregados com uma taxa de dólar mais alta entre 199 e um dólar permanece.
Um custo maior de dólares para os fabricantes locais e a indústria do conhecimento poderia colapsar a economia.
Em qualquer caso, uma nova política de dólares não precisa ser apressada no lugar até meados de junho, para que não seja uma reação de joelhos.
Não estou de acordo com você.
O melhor é desintegrar ou reverter a confederação ou a governança regional, como foi o caso em 1960. Quando as regiões se tornam autônomas, haverá uma competição saudável e as estacas quadradas serão colocadas em buracos quadrados e as nomeações serão meramente meritórias. Os padrões serão iguais em toda a placa. As mesmas marcas de corte para exames em todos os estados da mesma região e os mesmos critérios para a avaliação do desempenho em todas as facetas da nossa vida nacional. As decisões serão desprovidas de sentimentos de pedestres e os políticos inúteis desafiados academicamente não terão espaço para operar. A corrupção será uma coisa do passado e os terroristas não terão mais recepção de tapete vermelho e esposa gratuita depois de estuprar o cativo. Além disso, todas as advertências de trabalho, incluindo a do Banco Central de cada região, serão publicadas e todos os cidadãos terão igualdade de oportunidades. Os porta-vozes de cada presidente serão eloquentes, conforme determinado através de um processo de seleção rigoroso com base na qualidade ou currículo e não no caso presente em que os porta-vozes presidenciais lutam com os tempos e a construção de sentenças. Além disso, os aspirantes presidenciais terão que comparecer a um debate e, nessas sessões, o seu semblante será desencadeado e o aspirante ao terrorista e o terrorista de proteção serão descobertos e ignorados e, gradualmente, a confiança será restaurada nas regiões e os investidores irão derrubar e a moeda local vai se recuperar. Esta é uma economia melhor.
Onde está & # 8221; confiança e integridade & # 8221; suporte com todas as suas ideias bonitas e articuladas? Sem um homem com consciência, todas as suas idéias acabarão onde estamos hoje. por causa da corrupção # 8230; .. você está cego para todas as figuras que são roubadas diariamente? ou você não se preocupa porque você simplesmente odeia PMB ??
Os norte-americanos não aceitam isso porque pensam que o fedralismo fiscal ou o governo regional é a maneira mais simples de travar a Nigéria. Eles vêem isso como uma armadilha na qual eles não estão preparados para cair.
Então, basicamente, o que você está defendendo é outro nível de divisas, onde teremos efetivamente a taxa oficial, taxa de mercado paralela e taxa de mercado de luxo definida pelo govt. Efetivamente três preços do dólar. Você já ouviu falar de um país chamado Venezuela?
CAN NIGERIA ESCAPE UMA RECESSÃO COM APC & amp; FASHOLA GERANDO 0 MEGAWATTS ??
SOCORRO! SOCORRO!! SOCORRO.
SOS.! TODAS AS MÃOS NO CONVÉS!
SEM HORA PARA A POLÍTICA! KAY SOYEMI, TUNDEMESS / TUNSJ / JULIUS, ROMMEL, MARIA, AMAZING2012.E PARA FORA DE SEUS COCOES DE OLHOS.
Trash Awosan, Comfortkay, Onike, Omoba1, etc. & # 8211; Wahala também; ele não pode sentar-se na vedação agora que seu Sai Baba finalmente destruiu a Nigéria!
Tudo o que posso dizer é reproduzir meu artigo escrito há dois meses.
& # 8220; O ministro não conseguiu resolver o fato.
que esse intervalo de tempo não aborda nem interrompe ou modifica o prejudicial.
efeitos sobre a economia do atual divisas, taxa de juros e liquidez.
políticas de aperto que saem do banco central da Nigéria. Cada.
O dia que passa das políticas do CBN está impedindo os investidores estrangeiros.
investimento, fechamento de fábricas nigerianas domésticas, prevenção de combustível.
Os comerciantes de acesso a câmbio necessários para importar combustível,
reduzindo significativamente a receita e a receita do governo federal derivadas por.
a autoridade dos portos nigerianos, impostos do governo federal do IVA devido a.
a falência de muitas entidades empresariais da Nigéria e o aumento da.
exército das nações dos desempregados.
Espera-se que a economia nigeriana não tenha já esbarrado.
antes que os efeitos de gotejamento da política fiscal da FG comecem a encontrá-la.
maneira de estimular a economia doméstica. # 8221;
Talvez você deva confrontar-se com Buhari e pedir-lhe para definir ou explicar o que ele entende pela Política Fiscal & # 8212; - e então, deixe-nos saber como ele falou em sua resposta. O macaco nunca pode dar à luz um pato. e Ducks só sonha em voar, mas nunca pode e nunca voará. É tão simples quanto o ABC.
Emefiele é incompetente. O ministro das Finanças nem sabe como fazer arithemética básica, não parece haver ninguém neste governo que tenha tratado com competência o tipo de complexo know-how econômico que a Nigéria precisa desesperadamente. A maioria dos ministros do governo de Buhari parece estar no trabalho e na profissão errados, eles estão completamente no mar, sem nenhum sinal de saber o que, quando, quando e como lidar com as funções mais básicas de um ministro. Pergunta-se como esse lote poderia virar esse monstruoso navio afundando chamado Nigéria, se eles quase não têm a menor idéia de como fazer o que menos importa as tediosas exigências da posição que ocupam! Assim como o último governo nos seus dias, eu apoio Buhari como cidadão patriótico, assim como eu apoiei todos os outros líderes nigerianos, pelo menos por causa do povo e por falta de uma escolha melhor. Mas então a verdade é como um mau cheiro insustentável, você pode sentir o cheiro a quilômetros de distância. Este governo é totalmente incompetente. As políticas da nossa só nos levarão a um deadend ruinoso. Suas políticas econômicas são grosseiras, as políticas sociais são incompatíveis, seu estilo político é abertamente divisivo, inesperadamente conflituoso até um ponto de autodestruição iminente, as políticas monetárias são absurdas e sem lógica, ele & As políticas anti-corrupção são tão seletivas como são terrivelmente obcecadas com a determinação de determinadas pontuações antigas de uma maneira que dá um nome ruim para a corrupção. Os nigerianos detestam a classe política corrupta, independentemente de suas festas, de modo que qualquer luta genuína sobre a corrupção deve ser sobre o partido antigo e o novo partido, os rivais passados ​​e os futuros rivais, mas sim deve ser sobre qualquer um e todos os corruptos. É tão simples quanto isso. Mais uma vez, ao tentar corrigir as fraquezas do sistema que, claro, funcionários corruptos exploram à vontade, o governo não deve jogar sujo, ele deve ser inteligente, mas também dentro das regras. É absurdo deter indefinidamente indivíduos que as evidências mostram roubaram dinheiro, mas que são obrigados a reembolsar esses fundos ou são considerados riscos de vôo. O governo não deveria tentar esse tipo de desculpas tolas porque tem os meios e recursos necessários para manter esses indivíduos sob supervisão 24/7, uma vez que eles são lançados, tem poderes para aproveitar seus documentos de viagem, congelar suas contas e ativos, mas não deve fazer mais do que deveria, especialmente, onde o braço executivo começa a julgar juiz e jurado em uma disputa sobre a qual é uma festa. Eu acredito em Buhari, mas sugere o Buhari que os nigerianos eleitos não é o mesmo que o Buhari que está agora em Aso Rock. Nós apenas vendemos um cachorro para comprar um babuíno?
Sim, você vendeu um cachorro para comprar uma cabra.
Premium Times Editor,
A Nigéria perdeu apenas 16 dólares por barril.
de petróleo bruto desde que Buhari retomou o cargo. Por que essa obsessão louca com os impostos.
e desvalorização acima de $ 16 & # 8211; quando de fato, o preço do petróleo bruto é de US $ 47 hoje.
custa US $ 9 em excesso por barril, com base no orçamento de 2015 de Buhari, de $ 38 por.
barril? Isso parece arrogância. Parece uma mentalidade feudalista de # 8216; EU SOU O.
ESTADO & # 8217 ;. Alguém perto do presidente Buhari deve alertá-lo.
Ainda não é 48.
horas desde que a Buhari impôs 67% de imposto sobre gasolina na estação de combustível. Essa bobagem.
A proposta de desvalorizar o Naira em cima disso será uma política altamente combustível.
menos de 48 horas. A revolta das pessoas poderia enviar o próprio presidente Buhari.
fora da vila em tumultos violentos completamente sem líderes ..
Um aumento geral dos preços através da desvalorização de Naira poderia levar a.
violência em massa. O presidente Buhari não deve confundir os envergonhados.
Atitude dos nigerianos sobre o aumento do preço do combustível para o consentimento absoluto para.
depreciação futura do valor da vida. Já é suficiente. Não há água.
por 14 dias correndo na capital comercial da Nigéria no estado de Lagos e ali.
Não houve eletricidade desde o 3 de janeiro, exceto três horas por semana. Aquele & # 8217; s.
sem vida. Essa não é a MUDANÇA de qualquer pessoa sã na Nigéria pode acreditar.
O dano já foi feito. Em agosto, a Nigéria anunciará oficialmente que sua economia está em recessão. Muitos investidores estrangeiros serão desencorajados a trazer seu investimento para a Nigéria. Outros podem querer dinamizar e se mudar para mercados mais promissores. Isso explica por que as espirais econômicas para baixo geralmente duram cerca de 3 anos antes da recuperação. Milhões perderão Jobs e renda. Os nigerianos terão que esperar até 2019 para que a economia se rebate e alcance o nível que era em 2014. Obrigado Buhari e Tinubu. Vocês são estrategistas de classe mundial!
Na verdade, o agradecimento pertence a Emefiele. São as políticas do CBN que deixam de funcionar a economia e não as políticas dirigidas pelo FG.
No Japão, esperaria ver a desculpa e a nota de suicídio da Emefiele na Europa e nos EUA, sua renúncia.
Como ele não está assumindo qualquer responsabilidade pessoal pela debacle, eu gostaria de acreditar que ele estava o tempo todo sob instruções estritas para não desvalorizar.
Eu teria acreditado nisso, mas pelo fato de eu estar ciente de que sua política de divisas começou em janeiro de 2015 (5 meses antes de ser assumido por Buhari).
Isso (janeiro de 2015) foi depois que Buhari disse aos eleitores em Owerri (Imo State), por exemplo, que ele não pretendia desvalorizar o Naira, mas preferiria vê-lo em paridade com o dólar. Nenhum governador nigeriano de CBN que pretenda manter seu trabalho negligenciaria essa declaração do então futuro presidente.
A eleição foi em março de 2015. Ninguém sabia que Buhari ganharia definitivamente as eleições em março. Emefiele deve assumir a responsabilidade pelas políticas que ele instituiu desde o ano passado janeiro.
Adivinhe onde o BUCK STOPS?
Com o governador da CBN que o CBN Act de 2007 coloca sob a responsabilidade exclusiva da política monetária e do controle da política cambial do estado. Essa Lei também tornou o CBN independente do FG em questões de política monetária.
Por favor, senhor deputado Dele, você continua a dizer que o CBN gov, que votou nele? # 8230; votávamos a favor do senhor deputado e da lei, ele é o principal responsável pela economia. O sucesso e os fracassos das políticas económicas são dele. . Mas ain, você preocupou-se que, apesar de todas as suas reivindicações sobre as falhas de Emefieles, buhari pareceu tão confiante nele. Apenas no caso de duvidar, lembre-se de quão ineficaz foi o effcc, buhari colocou o seu der, quem obtém crédito pelo sucesso até agora? Magu? & # 8230; O exército estava fazendo manobra tática aos países vizinhos, buhari mudou a liderança e hoje os resultados são claros, até mesmo o enigma das meninas chibok está sendo gradualmente resolvido.
Mas na economia, o buhari não tem tido bem sucesso, então é confortável passar o dinheiro ... De qualquer forma, quantos pessoas se lembram de quem o CBN gov esteve na primeira temporada de Buhari em 1983 nos dias da ESSNCO. Tudo o que deve ser detalhado é a direção econômica do país sob ele ..
A lei (Lei CBN) impõe o controle da política monetária e da política de taxa de câmbio no conselho do CBN, que é liderado pelo governador do CBN. Buhari não tem votos para remover um governador do CBN ou os votos no NASS (como Buhari precisaria 2/3 do NASS para remover um governador do CBN, vice-governador e diretores).
Nawa o. Quem é esse cara de Awogbeoba? O presidente não precisa remover ninguém. O governador do CBN, os deputados e o conselho fazem as políticas de acordo com a direção econômica do governo central.
O que você acha que é a função da equipe econômica do senhor presidente?
Posso assegurar-lhe se o emefile e o conselho não estão rebocando a linha da equipe do buhari, Lai mohammed e o próprio buhari teriam anunciado ao mundo as dificuldades que enfrentavam. Você pode levar isso ao banco.
O Banco Central da Nigéria, Shakespeare e a Destruição da economia nigeriana.
Por Dele Awogbeoba.
A nomeação de Godwin Emefiele como.
O governador da CBN em julho de 2014 pode ter acabado por ser Goodluck.
O compromisso mais famoso de Jonathan (GEJ) e o melhor da PDP.
plano B. Em um movimento clássico digno de menção em uma tragédia de Shakespeare,
A GEJ pode ter notado uma série de tendências importantes em julho de 2014. O.
Aliança entre o Norte político e o sudoeste político.
ele no pé político de volta. O único candidato que a APC poderia.
Logicamente colocar (que era capaz de ganhar as eleições de 2015) foi.
Buhari. Uma vez que ele conseguiu convencer o sudoeste político a confiar.
Ele, sua vitória foi assegurada.
A GEJ também pode ter sabido que Buhari.
é o último herói literário trágico. Muitas jogadas se concentraram em torno de um.
falhas de caráter central que afligem o presidente Buhari. Ele é.
nacionalista, determinado, idealista, poderoso, simples, arrogante,
tirânico, economicamente ignorante, inflexível, incapaz de aprender.
dos erros do passado e dos preguiçosos intelectuais. Foram essas mesmas qualidades.
que permitiu que seus antigos colegas militares derrubassem sem esforço.
ele em agosto de 1985. Godwin Emefiele, por outro lado, parece ser.
simples, inofensivo, humilde, suave falado, impotente e esperto. Nigerianos.
estão sendo atendido uma peça Shakespeare ao vivo, onde o personagem principal.
e herói trágico está sendo levado a sua destruição pelo simples, impotente.
ainda subindo astuto.
No momento em que Buhari assumiu.
GEJ, as finanças do governo federal estavam completamente arruinadas. Está.
economia obliterada, um serviço de dívida herdado e ainda não gerenciável.
obrigações incorridas pela aquisição imprudente de dívida por um.
incompetente ex-ministro das Finanças, baixos preços do petróleo, desafios em São Paulo.
vendendo seu petróleo para compradores dispostos, uma estrutura de custos teimosos do FG.
burocracia e uma guerra com um selvagem Boko Haram. O desafio foi para.
evitar que um desafio de receita FG se torne um impedimento significativo para.
the fast growing Nigerian economy.
In the past, the Nigerian state used.
fiscal and monetary policies in ways that checked excesses. The CBN in.
2011 adopted its policies in a manner that prevented over heating of the.
economy when the fiscal side of government policy (through reckless.
government spending) was pumping a lot of money into Nigerian economy.
At that time, the CBN tempered the economic implications of FG spending.
by increasing interest rates and withdrawing liquidity from the.
FG Fiscal Position.
Presently, Nigeria is facing an acute.
demand challenged economy. There is very little money in the system. O.
oil price is just shy of $40 a barrel at the time of writing. It costs.
Nigeria $32 a barrel to produce its oil. It still has challenges finding.
an end market for all its oil. Its 2016 budget shows that following.
years of debt acquisition (from the former PDP finance minister who.
proclaimed that Nigeria had a low debt to GDP level and consequently was.
able to acquire more debt in its boom time in “line with international.
best practices”) its debt service obligations is now a stubborn 1.45.
trillion naira a year. The Federal Government’s budget hopes that it.
would be able to raise 2.2 trillion naira from oil sales at $38 a.
barril. That means that 65% of Nigeria’s estimated oil revenue will be.
paid to its lenders as interests on debt. What is left over from FG.
revenue will absorbed by the over-bloated government bureaucracy.
(government workers, elected officials and political appointees). The FG.
hopes to borrow 2 trillion naira that will be used to stimulate the.
economy. No foreign lender or investor market will advance money to a.
borrower that spends 65% of its optimistically projected oil income on.
debt service obligations. Nigeria will barely get 10% of its projected.
borrowing aspirations met and will be unable to stimulate growth using.
fiscal measures (such as spending on capital projects). Nigeria’s.
economy was not helped by the timing of the implementation of the TSA by.
the FG which took 3 trillion naira out of circulation from the economy.
Shortly before the swearing in of.
President Buhari, the CBN had started implementing its notorious forex.
política. It started to implement a crude policy of exchange control by.
intentionally and significantly limiting the amount of naira available.
for purchase. This made many foreign investors already in Nigeria.
concerned that any money in Nigeria will be hard to extricate and it.
discouraged potential investors from bringing into Nigeria critical.
foreign investment and foreign currency into the Nigerian economy. JPM.
was so concerned, that it warned Nigeria that it faced expulsion from.
its index and with such expulsion will go billions of foreign currency.
inflows. Bloomberg’s Paul Wallace wrote an article on this issue on.
5, 2015 (before President Buhari’s swearing in) titled Nigeria’s woes.
deepen as central Bank Missteps on Currency.
By September 2015, JPM had expelled.
Nigeria from its index. Billions of foreign exchange flowing into.
Nigeria as a result of Nigeria’s inclusion in that index dried up. De outros.
foreign investors have stopped further investment into Nigeria. Isto é.
because any huge inflow into Nigeria will be exchanged into Naira via.
Nigeria’s banking system at the unrealistic government driven official.
exchange rate which is 40% more than the black market rate. Estrangeiro.
investors will effectively being paying 40% above market rate for any.
Nigerian valued investments. Many foreign investors have opted to use.
their hard earned money optimally and have passed on Nigeria for that.
reason. This in turn further exacerbates Nigeria’s foreign currency.
challenge and puts further downward pressure on the Naira.
Emefiele had played to President.
Buhari’s inherent nationalistic pride, arrogance and economic.
illiteracy. He had managed to convince Nigeria’s then sole administrator.
to equate a strong Naira to the outward manifestation of Nigeria’s.
economic strength and independence irrespective of the underlying.
economic fundamentals prevalent at the time. Buhari, before long,
became the face of this disastrous policy and its chief proponent in.
chief. At one time, he dared anyone to convince him of the merits of.
“murdering the naira”. At that point, he was perceived to be the driver.
of the policy rather than a President limited by the terms of the CBN.
Act of 2007 and the independence of the Governor of the CBN as enshrined.
Emefiele had (before our very eyes)
been transformed to the powerless, respectful and simple CBN governor.
taking instructions from an incompetent all powerful President rather.
than the reality of a cunning and incompetent CBN governor leading a.
stubborn and nationalistic but economically ignorant President down the.
road to political ruin.
Not done with the exchange control.
regime, the CBN governor then implemented a restricted imports strategy.
vis a vis foreign currency acquisition by the domestic manufacturing.
market that has now led to the unprecedented growth of unemployment in.
Nigeria and the future large scale collapse of many domestic.
The CBN has now delivered the.
ultimate knock out punch when the barely reported decision by the CBN to.
increase interest rates and to pull 744 billion naira from circulation.
within the economy through the banking system. This was done at a time.
in which Nigeria has no fiscal injection into the economy from the.
federal government, there is a significant absence of demand within the.
economy and Nigeria is facing a near recession. Elementary economics.
demand that in times of near or actual recession fiscal and monetary.
policy should be expansionary and not contractionary. Every western.
country that was affected by the economic downturn over the last couple.
of years have significantly slashed interest rates. The worry in the.
west is a negative interest rate environment not a double digit interest.
rate regime. High interest rates are imposed where an economy is.
overheated and needs to be cooled down. There is no precedent for high.
interest rates and contractionary monetary policies at a time when the.
economy is devoid of demand and the FG is devoid of cash that can be.
used to stimulate growth within the economy by spending money. O.
result will be the most debilitating economic downturn ever experienced.
in modern history.
One can only surmise that this new.
CBN policy was implemented to deal with rising inflation. Contudo,
Nigeria’s inflation is caused by the fall in the actual value of the.
Naira that has flowed into the price of imports sold in Nigeria or goods.
produced in Nigeria that consists of imported materials. Nigeria’s.
inflation is not caused by an excessive demand relative to supply driven.
inflation. The medicine prescribed by the doctor cannot cure the.
ailment that afflicts the sick patient. The patient’s health will.
deteriorate further because of the lack of knowledge of the doctor.
Aware that the CBN Act of 2007.
ensures that the CBN governor is independent of the FG and can only be.
removed by the President with the assent of the National Assembly,
Emefiele has insulated his position by bribing the major power centres.
within Nigeria by giving their wards unmerited appointments within the.
CBN. Buhari is effectively stuck with a CBN governor that will.
facilitate his quick transition from messier to the most hated and.
unpopular head of state in recent memory. Mr Tinubu (seemingly worried.
about the popularity of the APC federal government and its effect on his.
hard won south west political empire) aimed his missile at the wrong.
person. The minister of state for petroleum is not the existential.
threat to this APC government. It is the CBN governor.
Asiwaju Bola Tinubu’s hard won.
political empire’s further rise or fall is in the hands of that simple,
respectful yet cunning man that occupies the seat of the Governor of the.
Banco Central da Nigéria. What an interesting irony. I have always.
loved Shakespeare’s works. It appears that Emefiele does too.
Oga, on the removal of a governor, deputy governor and directors, you either LIED OR ARE IGNORANT!
ONLY THE GOVERNOR REQUIRES 2/3 OF NASS..NOT THE DEPUTY NOR DIRECTORS!
2)The Governor, Deputy Governor or Director shall cease to hold office in the Bank if he –
(a) becomes of unsound mind or, owing to ill health, is incapable of carrying out his duties;
(f) is removed by THE PRESIDENT:
*Provided that the removal of THE GOVERNOR shall be supported by two-thirds majority of the Senate praying that he be so removed.
I appear to have misread sub section (f). You are indeed correct that only the CBN governor needs 2/3 approval of the senate to remove.
THE CBN ACT 2007;
6. (1) There shall be for the Bank a Board of Directors (in this Act referred to as “the Board”) which shall be responsible for the policy and general administration of the affairs and business of the Bank.
(2) The Board shall consist of –
(a) a Governor who shall be the Chairman;
(b) four Deputy Governors;
(c) the Permanent Secretary, Federal Ministry of Finance;
(d) five Directors; and.
(e) Accountant-General of the Federation.
(3) The Board shall be responsible for –
(c) the formulation and implementation of exchange rate policy;
*ALL THE BOARD MEMBERS (WHO ARE RESPONSIBLE FOR FORMULATION AND IMPLEMENTATION OF FOREIGN EXCHANGE POLICY) ARE APPOINTED BY THE PRESIDENT.
HE HAS A DUTY AND RESPONSIBILITY TO ENSURE THOSE HE APPOINTED ARE ON THE SAME PAGE AS HIMSELF.
NOTE ALSO THE PERMSEC FROM THE FINANCE MINISTRY IS THE EYE AND EARS OF THE MINISTER OF FINANCE..WHO REPORTS TO MR PRESIDENT.
Mr Dele, it is an exercise in futility battling to exonerate a sitting president from the failure of a central Bank under his watch!
Do you really believe a CBN governor will take far reaching decisions without clearance from the President’s economic team of which he is a part??
THE FACT THAT BUHARI KEPT SAYING HE WAS ‘YET TO BE CONVINCED’ ABOUT DEVALUATION SHOULD TELL YOU THE FINAL DECISION IS HIS..THE BUCK STOPS ON HIS TABLE!
STOP FOOLING YOURSELF SIR.
The Governor was appointed by GEJ and he has a 5 year tenure , the 4 deputy governor were appointed by GEJ and they have a 5 year tenure, the five Directors were appointed by GEJ and they have a 4 year tenure, the perm sec and the Accountant-general were both appointed by Buhari.
Of the 12 member board, Buhari appointed 2 members. Buhari cannot sack any director or deputy governor or director without the support of 2/3 NASS.
2 members cannot overrule 10 members of the board.
Executive Board Members and their Profiles.
Mr. Godwin Emefiele (CON)
(Chairman, Board of Directors )
Dr. Sarah Alade (OON)
Deputy Governor, Economic Policy Directorate.
Alhaji Suleiman Barau (OON)
Deputy Governor, Operations Directorate.
Mr. Adebayo Adelabu.
Deputy Governor, Corporate Services Directorate.
Dr. Okwu Joseph Nnanna.
Deputy Governor, Financial System Stability.
Non-executive Board Members and their Profiles.
Mr. Anthony Adeiza Adaba.
Alhaji Muhammad Musa Kafarati.
Mr. Collins Chike Chikeluba.
Mr. Ayuli Jemide.
Mr. Stanley I. Lawson.
Alhaji Ahmed Idris.
Mr Dele, just try a wee little bit to be true to yourself.
REGARDLESS OF WHEN THEY WERE APPOINTED, ARE YOU SAYING THEY WILL NOT BE REPORTING TO THE CURRENT PRESIDENT/ HIS TEAM??
DO YOU REALISE THE CBN GOVERNOR IS PART OF THE PRESIDENTS ECONOMIC TEAM?
ARE YOU UNAWARE THE POLICY DIRECTIONS OF THE ADMINISTRATION IS DETERMINED BY THE ECONOMIC TEAM AND NOT SOLELY THE CBN GOVERNOR??
Finally, if you can’t get this, you must be very dishonest: THE PRESIDENT KEPT ANNOUNCING TO THE WORLD HE WAS ‘YET TO BE CONVINCED’ ABOUT DEVALUATION!
DOESN’T THAT TELL YOU THE CBN GOVERNOR, BOARD MEMBERS AND COMMITTEE MEMBERS COULD NOT TAKE ANY ACTION UNLESS CLEARED/APPROVED BY BUHARI??
WHERE DOES THAT TELL YOU THE BUCK STOPS.
Ri muito! you are a funny guy! Keep defending the indefensible! Good day oga!
Buhari met a CBN governor embarking on a destructive policy position since January 2015. Up until December 2015, Emefiele was the only “expert” providing economic advice to the president on matters deemed to be within the competence of the CBN governor. The minister of finance and the minister of Budget got appointed and were given portfolios in December 2015. By that time Emefiele had the sole confidence of the president. We all know that complex economics is not the forte of Buhari. Emefiele has been pursuing destructive policies for over a year. It was just last week that the VP stated that he would try to influence a change of policy at the CBN. However, the power is with the CBN not the FG on matters of monetary policy of FX policy.
Read an article written by me in March this year.
The Central Bank of Nigeria, Shakespeare And The Destruction of the Nigerian Economy.
By Dele Awogbeoba.
The appointment of Godwin Emefiele as.
CBN governor in July 2014 may well have turned out to be Goodluck.
Jonathan’s (GEJ) most far sighted appointment ever and PDP’s ultimate.
plan B. In a classic move worthy of mention in a Shakespearean tragedy,
GEJ may well have noted a number of important trends in July 2014. The.
alliance between the political North and the political South West put.
him on the political back foot. The only candidate that the APC could.
logically put up (that was capable of winning the 2015 election) was.
Buhari. Once he was able to convince the political South West to trust.
him, his victory was assured.
GEJ may also have known that Buhari.
is the ultimate tragic literary hero. Many a play has centered around a.
central character similar flaws that besets president Buhari. Ele é.
nationalistic, determined, idealistic, powerful, simple, arrogant,
tyrannical, economically ignorant, inflexible, incapable of learning.
from past mistakes and intellectual lazy. It was these same qualities.
that allowed his former military colleagues to effortlessly overthrow.
him in August 1985. Godwin Emefiele on the other hand appears to be.
simple, harmless, humble, soft spoken, powerless and cunning. Nigerians.
are being served up a live Shakespearean play where the lead character.
and tragic hero is being led to his destruction by the simple, powerless.
yet cunning underling.
At the time Buhari took over from.
GEJ, the federal government finances had been completely ruined. Está.
savings obliterated, an inherited yet unmanageable debt service.
obligations incurred by the reckless acquisition of debt by an.
incompetent former finance minister, low oil prices, challenges in.
selling its oil to willing buyers, a stubborn costs structure of the FG.
bureaucracy and a war with a savage Boko Haram. The challenge was to.
prevent a FG revenue challenge from becoming a significant impediment to.
the fast growing Nigerian economy.
In the past, the Nigerian state used.
fiscal and monetary policies in ways that checked excesses. The CBN in.
2011 adopted its policies in a manner that prevented over heating of the.
economy when the fiscal side of government policy (through reckless.
government spending) was pumping a lot of money into Nigerian economy.
At that time, the CBN tempered the economic implications of FG spending.
by increasing interest rates and withdrawing liquidity from the.
FG Fiscal Position.
Presently, Nigeria is facing an acute.
demand challenged economy. There is very little money in the system. O.
oil price is just shy of $40 a barrel at the time of writing. It costs.
Nigeria $32 a barrel to produce its oil. It still has challenges finding.
an end market for all its oil. Its 2016 budget shows that following.
years of debt acquisition (from the former PDP finance minister who.
proclaimed that Nigeria had a low debt to GDP level and consequently was.
able to acquire more debt in its boom time in “line with international.
best practices”) its debt service obligations is now a stubborn 1.45.
trillion naira a year. The Federal Government’s budget hopes that it.
would be able to raise 2.2 trillion naira from oil sales at $38 a.
barril. That means that 65% of Nigeria’s estimated oil revenue will be.
paid to its lenders as interests on debt. What is left over from FG.
revenue will absorbed by the over-bloated government bureaucracy.
(government workers, elected officials and political appointees). The FG.
hopes to borrow 2 trillion naira that will be used to stimulate the.
economy. No foreign lender or investor market will advance money to a.
borrower that spends 65% of its optimistically projected oil income on.
debt service obligations. Nigeria will barely get 10% of its projected.
borrowing aspirations met and will be unable to stimulate growth using.
fiscal measures (such as spending on capital projects). Nigeria’s.
economy was not helped by the timing of the implementation of the TSA by.
the FG which took 3 trillion naira out of circulation from the economy.
Shortly before the swearing in of.
President Buhari, the CBN had started implementing its notorious forex.
política. It started to implement a crude policy of exchange control by.
intentionally and significantly limiting the amount of naira available.
for purchase. This made many foreign investors already in Nigeria.
concerned that any money in Nigeria will be hard to extricate and it.
discouraged potential investors from bringing into Nigeria critical.
foreign investment and foreign currency into the Nigerian economy. JPM.
was so concerned, that it warned Nigeria that it faced expulsion from.
its index and with such expulsion will go billions of foreign currency.
inflows. Bloomberg’s Paul Wallace wrote an article on this issue on.
5, 2015 (before President Buhari’s swearing in) titled Nigeria’s woes.
deepen as central Bank Missteps on Currency.
By September 2015, JPM had expelled.
Nigeria from its index. Billions of foreign exchange flowing into.
Nigeria as a result of Nigeria’s inclusion in that index dried up. De outros.
foreign investors have stopped further investment into Nigeria. Isto é.
because any huge inflow into Nigeria will be exchanged into Naira via.
Nigeria’s banking system at the unrealistic government driven official.
exchange rate which is 40% more than the black market rate. Estrangeiro.
investors will effectively being paying 40% above market rate for any.
Nigerian valued investments. Many foreign investors have opted to use.
their hard earned money optimally and have passed on Nigeria for that.
reason. This in turn further exacerbates Nigeria’s foreign currency.
challenge and puts further downward pressure on the Naira.
Emefiele had played to President.
Buhari’s inherent nationalistic pride, arrogance and economic.
illiteracy. He had managed to convince Nigeria’s then sole administrator.
to equate a strong Naira to the outward manifestation of Nigeria’s.
economic strength and independence irrespective of the underlying.
economic fundamentals prevalent at the time. Buhari, before long,
became the face of this disastrous policy and its chief proponent in.
chief. At one time, he dared anyone to convince him of the merits of.
“murdering the naira”. At that point, he was perceived to be the driver.
of the policy rather than a President limited by the terms of the CBN.
Act of 2007 and the independence of the Governor of the CBN as enshrined.
Emefiele had (before our very eyes)
been transformed to the powerless, respectful and simple CBN governor.
taking instructions from an incompetent all powerful President rather.
than the reality of a cunning and incompetent CBN governor leading a.
stubborn and nationalistic but economically ignorant President down the.
road to political ruin.
Not done with the exchange control.
regime, the CBN governor then implemented a restricted imports strategy.
vis a vis foreign currency acquisition by the domestic manufacturing.
market that has now led to the unprecedented growth of unemployment in.
Nigeria and the future large scale collapse of many domestic.
The CBN has now delivered the.
ultimate knock out punch when the barely reported decision by the CBN to.
increase interest rates and to pull 744 billion naira from circulation.
within the economy through the banking system. This was done at a time.
in which Nigeria has no fiscal injection into the economy from the.
federal government, there is a significant absence of demand within the.
economy and Nigeria is facing a near recession. Elementary economics.
demand that in times of near or actual recession fiscal and monetary.
policy should be expansionary and not contractionary. Every western.
country that was affected by the economic downturn over the last couple.
of years have significantly slashed interest rates. The worry in the.
west is a negative interest rate environment not a double digit interest.
rate regime. High interest rates are imposed where an economy is.
overheated and needs to be cooled down. There is no precedent for high.
interest rates and contractionary monetary policies at a time when the.
economy is devoid of demand and the FG is devoid of cash that can be.
used to stimulate growth within the economy by spending money. O.
result will be the most debilitating economic downturn ever experienced.
in modern history.
One can only surmise that this new.
CBN policy was implemented to deal with rising inflation. Contudo,
Nigeria’s inflation is caused by the fall in the actual value of the.
Naira that has flowed into the price of imports sold in Nigeria or goods.
produced in Nigeria that consists of imported materials. Nigeria’s.
inflation is not caused by an excessive demand relative to supply driven.
inflation. The medicine prescribed by the doctor cannot cure the.
ailment that afflicts the sick patient. The patient’s health will.
deteriorate further because of the lack of knowledge of the doctor.
Aware that the CBN Act of 2007.
ensures that the CBN governor is independent of the FG and can only be.
removed by the President with the assent of the National Assembly,
Emefiele has insulated his position by bribing the major power centres.
within Nigeria by giving their wards unmerited appointments within the.
CBN. Buhari is effectively stuck with a CBN governor that will.
facilitate his quick transition from messiah to the most hated and.
unpopular head of state in recent memory. Mr Tinubu (seemingly worried.
about the popularity of the APC federal government and its effect on his.
hard won south west political empire) aimed his missile at the wrong.
person. The minister of state for petroleum is not the existential.
threat to this APC government. It is the CBN governor.
Asiwaju Bola Tinubu’s hard won.
political empire’s further rise or fall is in the hands of that simple,
respectful yet cunning man that occupies the seat of the Governor of the.
Banco Central da Nigéria. What an interesting irony. I have always.
loved Shakespeare’s works. It appears that Emefiele does too.
I heard emir sanusi and a visiting world bank director advicing buhari to devalue naira and not emefiele.
12. – (1) in order to facilitate the attainment of the objective of price stability and to support the economic policy of the Federal Government, there shall be a Committee of the Bank known as the Monetary Policy Committee (in this Act referred to as “the MPC”).
(2) The MPC shall consist of –
(a) the Governor of the Bank who shall be the Chairman;
(b) the four Deputy Governors of the Bank;
(c) two members of the Board of Directors of the Bank;
(d) three members appointed by the President; and.
(e) two members appointed by the Governor.
* EXCEPT FOR (e) ABOVE, ALL THE MEMBERS OF THE MPC ARE APPOINTED BY THE PRESIDENT.
ALSO NOTE (d); “THREE MEMBERS APPOINTED BY THE PRESIDENT”
Those THREE are the eyes and ears of the president! It is IMMATERIAL if they were appointed by the previous regime or buhari. THEY STILL REPORT TO HIM!
As I said, GEJ had appointed the people referred to in (a), (b), (c) and the person that appointed the people listed in (e). 9 of the 12 members of the MPC were appointed by GEJ or the person appointed by GEJ.
Look at the section that deals with length of stay of a director . governor and deputy governor and director and how they can be removed.
The CBN Act makes the CBN independent. They do not report to the President. They may support the policies of the FG (which at the current time they are not).
Nobody devalues the currency or adopts hash economic policies during election period. I want to belive that Emefiele is intelligent enough and would have devalued immediately after the elections if he had his way.
Now you are making excuses for the incompetent Emefiele.
I guess from where you stand the President has no fault in this.
You smell evil and typical of Yorobber – never see wrong in their people. What is wrong of you? You blame Okonjo Iweala in the last administration and have changed the goal post now. evil!
Okonjo Iweala destroyed FG finances and made the FG devoid of policy tools to combat a revenue challenge. Emefiele has practically destroyed the Nigerian economy through his policies. I warned about this 2 months ago.
is currently facing an absence of demand within the economy (otherwise.
called a significant drop in GDP or a near or actual recession). Concordo.
with the minister that this is best addressed by policies that.
stimulate domestic demand. Our point of diversion is that the FG’s.
policy route will take some time to reflect itself within the domestic.
economy without even trying to address the negative and adverse current.
policy positions of the CBN’s monetary policy. The cheapest, most.
effective and quickest route to stimulating the economy is to.
discontinue the forex policy, drastically cut interest rates and have.
significantly less requirements for banks to keep liquidity with the.
CBN. Keeping the CBN policies as it currently is and applying an.
inconsistent stream of fiscal policies to the same environment may.
actually nullify the positive effects on the economy that the Nigerian.
Federal Government desires.”
absolute rubbish from a semi-illiterate. Nothing said.
What are the fundamentals that will stimulate growth? English or Yoruba? Common, tell me in vivid terms how Vehicle Assembly plants with ancillairy industries are encouraged by releasing FX to source some materials and would significantly boost employment, how Rice farming has been discontinued, hpw specific macro economic drivers are be managed to that effect.
Kemi seem to me a Girl friend brought into a Corporation as an eye for some major investors without deep knowledge of board room intrigues.
Her face betray her anytime. Such a woman as a cook would rock a family’s menu.
Incompetent who? Did I here you say incompetent Buhari? He is still the president, and no one else. Unfortunately Mohamed surrounded himself with incompetent cabinet. What is the dummy Finance Minister doing there? Vergonha.
Who is the innovator of 18 + 4 = 24?
Abati is that you. Stup*d yoruba hypocrite.
You are a liar. Don’t say that nobody knew that Mohamed Buhari would win the election. You all knew how to use Boko Haram to drive Jonathan out of office. When Mohamed swore that the blood of monkeys and baboons would flow if he lost the elect what else did you expect? Are you not the same voodoo economist who assured Nigerians that Naira would par the Dollar one to one when your master came to power? Anybody trusting you and your slave master is taking a fatal risk. Odale.
So why didn’t buhari and his ‘economic team’ reverse this Forex policy??
You must be very naive sir if you presume the CBN governor churns out policies without vetting by the ‘President’s men’.
His minister of finance and budget and national planning were sworn in in December 2015. The president appointed a special adviser on the economy in January 2016. Just last week, the VP started to say that he will begin to try and influence a change in policy at the CBN.
WHY was the minister for Finance Sworn in in Dec 2015??
WHY was the S. A on economy appointed in Jan 2016??
WHY did the V. P have to WAIT till ‘last week’ to SAY he WILL BEGIN to TRY to influence a change??
Oga, I hope you were not one of those who failed to see the DAMAGE being done to the economy when Buhari spent MONTHS trying to get ’round pegs for the round holes’??
EXCUSES IS ALL I SEE. THESE EXCUSES ARE NOT TENABLE IN CIVILISED SOCIETIES SIR!
All I can say is to reproduce my article written two months ago.
“The minister failed to address the fact.
that that time lag does not address nor stop or modify the harmful.
effects on the economy of the current forex, interest rate and liquidity.
squeeze policies coming out of the central bank of Nigeria. Cada.
passing day of the CBN policies are deterring foreign investors.
investment, closing domestic Nigerian factories, preventing fuel.
marketers from accessing foreign exchange needed to import fuel,
significantly reducing federal government income and revenue derived by.
the Nigerian Ports authority, federal government taxes from VAT due to.
the bankruptcy of many Nigerian corporate entities and increasing the.
nations army of the unemployed.
One hopes that the Nigerian economy would not already have crashed.
before the trickle effects of the FG fiscal policy starts to find its.
way into stimulating the domestic economy.”
The VP did not influence any change in the CBN policy. He was only the megaphone who went to the market place to announce a devaluation that was long decided in a meeting with Buhari and Emefiele attending.
In 1933 Franklin Roosevelt hired Mr Eccles a high school certificate holder as Fed Chairman who besides being the longest serving Fed chairman was also the man who single-handedly overhauled the Fed to what it’s today.
Emefiele was smuggled into CBN by Jim Ovia, Tony Elumelu and Dangote and playing their scripts. PMB is only allowing their until some to replace him is found and also he is helping this govt with vital information about the fraud called the CBN during GEJ govt.
The only mistake Emefiele made was to only ban 41 items instead from accessing forex officially instead of itemizing few imports to access forex from the CBN. And that he has finally done.
Ban some items from acccessing forex and itemize some items to access forex are those not one and the same? Are you okay?
You see that is why I have told you earlier that your problem is being stuck in the conventions of economics that never worked anywhere.
Short brain. Macro economic management is what drives any economy, while the micro economic management help stabilises it. In this case, the micro economic manager now run both together while the Macroeconomic manger has accepted to share federal allocation alone as her responsibility.
When she and Osinbajo were called common commissioners by Fani-Kayode, you all scorned him but we are all in the mess today.
Okonjo Iweala used her clout and contact to get other nations buy our oil as if selling crayfish and didi effective macro management (The liarly Yoroubas said she stole all the monies, so their daughter nor even know wetin to do – let her even steal all the monies so we can have a moving economy), but she achieved success. Today, we hardly sell anything, import nothing, produce nothing.
All that we had are all becoming scrap, no replacements or hope to produce replacements.
But Buhari has appointed follanis to every available office in the land, such that in the next 20 years, they will drive Nigeria without requisite knowledge or know-how. & # 8211; Doom!
Okonjo never used any clout to get buyers for Nigerian oil. Stop talking BS. This economy was destroyed by the CBN. I have written extensively on this issue 2 months ago and warned about the outcome of CBN driven policies.
is currently facing an absence of demand within the economy (otherwise.
called a significant drop in GDP or a near or actual recession). Concordo.
with the minister that this is best addressed by policies that.
stimulate domestic demand. Our point of diversion is that the FG’s.
policy route will take some time to reflect itself within the domestic.
economy without even trying to address the negative and adverse current.
policy positions of the CBN’s monetary policy. The cheapest, most.
effective and quickest route to stimulating the economy is to.
discontinue the forex policy, drastically cut interest rates and have.
significantly less requirements for banks to keep liquidity with the.
CBN. Keeping the CBN policies as it currently is and applying an.
inconsistent stream of fiscal policies to the same environment may.
actually nullify the positive effects on the economy that the Nigerian.
Federal Government desires.”
How does CBN destroy economy? One year of non-definite national policies, budget, stopped import (for a non-manufacturing country) without alternative productive activities is economic suicide.
Please let him release the $21 billion left in the Country reserve in weeks and we would go into receivership.
When a dead brained man the head of Customs to make laws for a country, did you expect that country to thrive?
The buck stops at Kemi and Buharis tables. The CBN moderates whatever those two put on the table, unfortunately, there is nothing on the table.
Buhari is pretending, because he has been told by the 1977-1985 fish head technocrats that if he devalue the Naira, he would have enough funds to run his budget upon conversion of the Dollar from Oil sale, not minding that all other factors such as large money chasing few goods would see inflation through the roof and eventually kill the economy. What the CBN HAS DONE OVER THE MONTHS IS MANAGEMENT BY EXCEPTION AND IF NOT FOR THAT, NIGERIA WOULD HAVE BEEN FULLY LIQUIDATED..
Please tell us what you would do differently if you were the CBN Governor or Minister of Finance.
I have written on them over the past one year. I have listed the many articles below for those you care to read.
The CBN governor needs to be sacked though.
What NOI cloud? NOI was the one who, acting as an economic hit woman, destroyed the economy. Rebuilding it is the difficult task before this government. It’s not going to be easy but it must be done.
Mention one single policy with which NOI supposedly destroyed the Nigerian economy. The woman has the international experience, exposure and qualifications from world-class universities. What has Buhari that qualifies him to run Nigeria in the 21st Century.
You mention one good policy of that economic hit woman who single-handedly transferred $12bn to a bunch of fraudster western bankers who falsely hide in the name of Paris Club of Creditor and was paid $600mn for facilitating the final looting of our national treasury? Don’t worry when she resides in Kuje Prison you and I will then have enough to talk about her.
Maybe some volks in Nigeria will believe your allegations against NOI without seeing a single proof, court indictment etc. I will not and in my clime nobody will. Leave such allegations where they belong to. Pegue?
Don’t worry, we have her accounts and those of her brother Chichi who fronted for her in doing the $600mn fee consulting for the so-called Paris Club Creditors.
You must come from Arewa. “Chichi” is not the name of a brother in Igbo land. You are not sure of your “facts”.
Who detsroyed what? when mumus like you said the woman should not save, you clapped for them becuase you wante to install a yeye man who has no brain except to set up a dictatorship.
I wanred when he started by running the Government alone for 6 months that his intention was to test the will power of Nigerians ahead of his totalitarian Government and you all shouted.
We are getting there. and you all should please note that dictators hurt even their family members to have full control and trowls like you would not be exception.
Falana would soon be in that pack; having become a critic of the failed government. The maga called wahala has also joined out of frustration.
What is ahead is dangerous and i urge Nigerians to prepare for revolt, because Abacha would be a child’s play.
A man who appoint foolanis who are less than 7% of Nigerian population to over 97% as heads of all FG Agencies, Department and Ministry is demonic and pose grave danger ahead!
This son of a betrayal tribe isnt worth your attention,
PDP govt appointed Emefiele, and his policy remains a reflection of the former govt.
With 2/3 senate approval.
Senators promised and given billions of naira so they could allow him to bow and go?
And now you fall my hand.
Is this analysis or apologies for failure??
My brother Buhari is a stark illiterate…he has nothing to offer o.
Stop apologizing for him o.
Don’t be too pessimistic for the country. But that lady Finance minister is out of her depth and has no clue. Probably owes her job to that first-class embezzler Tinubu. Who in Buhari’s government understands economics enough to save Nigeria now?
As much I’d like to disagree with Mo Mody, I can help but agree with his/her position. The short to medium term doesn’t look promising for the economy.
Are you aware that Mo Mody is a European modern day slave? Remember that slaves always live in a world of pessimism.
Let them recall soludo or ezekwesili or utomi, they are all apc.
You think Buhari is like OBJ or GEJ who were deceived by certificated morons? Buhari know the Soludo who stole CBN blind; Ezekwesili who the World Bank regretted having and as a result warned OBJ not make such silly recommendations; and Utomi the political economist who not has elementary knowledge of managing an economy but who has failed woefully in every private venture he ever participated in, would never make it on his list of his economic management team.
Ok name the people who can help your demi god buhari because nigeria needs surgry as soon as possible.
What we’ve had are foreign portfolio investors not greenfield FDIs, not even brownfield. So forget these so-called foreign investors because they are only international speculators chasing arbitrage.
useless and lying islamist ….continue eceiving your miserable self.
Should I reply nonsense?
Textbook economics, you said, which one is Buhari’s government practicing? You guys should be ashamed of yourselves for messing up a country with such a huge potential.
“Talking about frustration, those of you of living in the noise, chaos, pollution, insecurity, injustice, poor heath care service and human right violations have every reason to be frustrated. So, you just don’t worry about me. Having left Africa as a teenager, studying, working and spending all the adult years abroad and growing a family, coming back to live in Africa any time soon is not an option. So enjoy the chaos, you are used to it. I am not.”
Mo Mody remember you said this recently.
Now why are showing interest in our country?
Is Nigeria not noisy, chaotic, polluted and corrupt? Is the health care service, security and human rights improved? Are people not forced to go to India or Ghana for better health care? Educate me, Sir.
This is an understatement; the country is already in recession.
The consequences of fulani vindictive and archaic economic policies.
Buhari has killed the economy with his partisan and vindictive anti corruption fight.
I concur and just to add, he is Nigeria’s undertaker.
This thing wey dey come, na rain??
Mba oooooo na snow.
In the bid to “block leakages” arising from the corruption fight, Buhari through very bad economic policies blocked all avenues for genuine investors to access forex thereby bringing the country to its knees. Very embarrassing!
A case of medicine after death. One whole year of global goodwill and opportunities out the window; such a travesty!
Very painful we have a huge knowledge deficit in the presidency of the largest black country looking for economic prosperity.
We need a minimum of First degree for presidency henceforth in Nigeria.
The Naira at 350 Naira today is undervalued by Purchasing Power Parity assessment.
and it is made worse by demand push-inflation, added by petrol price increase of 67.5%
which will soon percolate into the high costs of producing goods and services to make.
hapless Nigerians’ confusion worse confounded. This is not the right context for any.
devaluation of the national currency. Nothing but recession and violence will follow.
Manufacturing companies gain absolutely nothing from national currency devaluation.
Nothing Nigeria produces locally has elastic demand overseas or much demand either.
No devaluation in a hugely import-dependent economy does not make sense, when you cannot defend your currency.
What does Nigeria produce apart from selling crude oil?
Do we have the infrastructure to produce just 50 per cent of our consumption today or even in the near future?
Does this government have the dollars to keep defending the naira at 199?
Why is the naira, despite it has not been officially devalued, 350 or more to 1 dollar in the black market?
You cannot stop the forces of demand and supply.
Buhari created room for speculators to cheat innocent and hardworking Nigerians.
Had he devalued in July or August last year, the naira might have stabilised at 250 naira to 1 dollar today.
To demonstrate crass ignorance and possibly dishonesty, they promised 1 dollar to 1 naira.
Anti-corruption is not macro-economics.
Antes tarde do que nunca.
I am already dehydrated from this topic. This is classic Buhari acting on critical issues belatedly.
He has just woken up to the death of the economy. He was warned last year by experts, but refused to enlighten his archaic ways.
They will continue to display ignorance.
I no know book O.
But I know that devaluation of the Naira is not the answer to total.
darkness in Nigeria, with no electricity supplied for months now, and, no water.
também. If recession is about to happen it means that there is no sensible economic.
meio Ambiente. That has nothing to do with making the Naira to become 500 to a.
dólar. What will become cheaper by that nonsense, when petrol price has just.
Has the 199 peg helped the naira? This is common sense.
Most people get dollars from the black market. How much is it now : 370 naira to 1 dollar. How has Buhari helped with his archaic, socialist policy?
We will continue to import most things in the foreseeable future, because we are not yet ready to produce.
You cannot overvalue the naira in an import-dependent economy, yet you do not have the dollars to do so.
Antes tarde do que nunca.
There is nothing belated in Buhari’s action. Government is a day-to-day running. He has is own plan and schedule of doing things. trying too many options at a time could even create worst economy than envisaged. Buhari is on the right course on the nation’s economy.
In running an economy, timing is critical.
This FX policy should have been in place since July last year.
Many articles were written by both local and foreign journalists.
But this archaic thinking of the government stuck its head in the sand.
Now the chicken has come to roost.
Is Muhamadu Buhari corrupt too?
President Buhari is an incompetent hypocrite. Do you know that President Buhari budgeted.
750 million Naira plus for the website of the Ministry of Solid Minerals under Kayode Fayemi?
Rather than close that and such corrupt windows Buhari wants the whole country to pay for it.
Nigerians must rise up now and reclaim their sovereignty, that is if they still half a brain left.
No website development anywhere in the world costs 750 million Naira plus. Commonsense!
THE INTERNATIONAL BUSINESS COMMUNITY SHALL WRITE OFF MUHAMADU BUHARI.
SHOULD HE EAT HIS WORDS NOW AND ANNOUNCE NAIRA DEVALUATION AS POLICY.
BUHARI WENT TO KENYA FEW MONTHS AGO TO CONDEMN NAIRA DEVALUATION.
HE THEN WENT GLOBAL ON AL JAZEERA TO ASSURE BUSINESS NO DEVALUATION.
Buhari administration is on course with its forex. What only happened was the reinforcement of the President’s official forex restriction policy by now making it abundantly clear that henceforth only critical imports such machinery and industrial raw materials that cannot be produced locally will be the ones to officially access forex. In other words, rather than 41 items banned from accessing forex officially, only few items will access forex officially, the rest should source from the market driven by demand and supply. We will see that few days from now, the CBN will announce these critical items to access forex from the CBN window, at a rate not determined by the market forces.
Buhari government are as confused as ever, going round in circles and regurgitating their vomit. BUHARI SHOULD RESIGN.
And clueless but treasury looter, Jonathan should come back? You must be kidding.
GEJ is history, stop turning back the hands of time by blaming the serial failures of Muhammadu Buhari on Jonathan. OBJ inherited a non existent economy but did not spend time blaming those before him. NIGERIANS ARE SEEING THROUGH THE INCOMPETENCE OF THE BUHARI JUNTA….BUHARI SHOULD THROW IN THE TOWEL AND RETIRE TO HIS RANCH AT DAURA.
GEJ can’t be history until we recover every penny stolen by GEJ and his gangs if thieves.
You will all perish trying to recover stolen, ole.
Buhari said he would turn Nigeria around in weeks, we are not talking Jonathan now. If a CEO known for managerial prowess is hired to turn around an ailing corporation, the board does not expect him to re-tell the story of what led to its state, but deliver.
Pleas use your brain. Buhari said he would par the Naira to the dollar, so N350.00 is equal to $1?
Please, show the evidence where Buhari said he turn Nigeria around in weeks. Let’s assume he said that, can you tell me how many weeks. Buhari has started turning Nigeria around, at least we have seen people being called to give account of their deeds while in political office. People are being sent to prison for stealing public money rather than “stealing is not corruption syndrome”. Very soon, all leakages will be blocked and the masses will be the beneficiaries. God forbid Nigerians to experience such government like that of Jonathan again.
Animal typical of every lying Islamist.
You are born to curse, what a cursed life!
He said 1 Naira will equal 1 Dollar. Charlie Boy is still waiting for him so he can ride is bike fron Naija to China.
Just remember how many years your paid master had been stolen from and looting the treasury. Buhari is on his way to make Naira regain its value. Sorry, it is very painful, there is now a road block to the free money. Lazy people.
Mr, Nigerians are tired of hearing this looting looting stuff of a thing. We want result and not this media anti-corruption fight. One year is gone, no result. Pls tell your president the clock is ticking.
Four weeks makes one month, twelve months makes one year, ten years makes one decade etc. Buhari’s $1 = 1naira promise was to be fulfil in weeks while chibok girls and boko haram were in months. Now we are already in years yet none the promises were fulfil. What do call a man like buhari?
This Jonathan syndrome is delusional. Did you read my comment or you only replied with your warped thought?
I have been around for as long as online media hit the stable in Nigeria and have rendered my voice consistently.
Let me know the moniker you used in this forum as at January 2015 and i will lead you to the day he had townhall meeting somewhere in Agidingbi Lagos State with Artisans.
I feel like puking when semi-literates like you say show where he said such things.
The World knows that Buhari is a failure and all International media, (including Al-Jezerra which has Islamic undertone wrote him off in December 2015) have all written him off.
You will continue to shout treasury looters till 2019. I pity you.
Your judgement is poor as demonstrated by your support for Jonathan that spared headed looting spree of Nigeria treasury at detriment of masses well-being. Hence, you have no moral right and credibility to speak on behalf of Nigerian masses which your benefactor put in abject poverty.
Please stop Jonathan History and let us move forward. You sound too silly!
You have just started demonstrating your real person. Nothing sensible is expected from you, anyway.
Mr, why is his judgement wrong? This gov’t is so so so confuse with their trial and error policies. From Forex restriction to flexible Forex policy and morons like you are clapping. Ode! Stop looking at the reverse mirror and look forward.
Both of you lack credibility to say something reasonable because you have a bad judgement. You supported a treasury looters to continue the loot of our treasury based on tribal sentiments, but people chose to send him packing. You vowed that he will never become elected as president and he is now the president, you failed. How can you be taken serious again. You lack credibility, go and sit somewhere.
Please tell us how much your president budgeted for his feeding and compare it with what the ‘treasury looter’ did. You also know how the budget was padded by the Executives but thank God for those at the National Assembly. Pls tell me wat your President has done better. I wonder why you’ve not asked y ur president is still using all the presidential jets he called a waste durin his campaign. Hey mr wake up!
Although i support Buhari, but i must say you have a point. These officials should cut their own everything before asking poor people to go and buy N145 PMS. It’s not right.
Only PDP were treasury looters….
Any way that is what the BAS*TARDT, your messiah is pushing out there….
And yet more than 90% of APC is PDP….
They thought after forex restrictions, they would have purnished the 5% that voted for buhari but what they saw is opposite while the 5% moves very strongly.
Use your real name, son of a betrayal tribe, slave.
Nigerians are just experimenting democracy but i tell you, they cant make that mistake of voting anybody with buhari’s level of education again.
Jonathan did not put Nigeria in abject poverty, the disingenuous MONSTER called Buhari did…
The F00Lish illiterate imagined that an uneven anti-corruption campaign (targeted intentionally to destroy all opposition, including the PDP) equates to economic policy….
Jonathan’s team managed to enunciate an economic policy that recorded the rebasing of the economy following which Nigeria moved quickly from being the 3rd largest economy in Africa to being the 1st…
Then came the 1d1ot Buhari to whom it never occurred that in messing up Jonathan’s legacy he was toiling with the destiny of Nigeria….
And in just 12 months of being in the saddle, here we are…..
The spiral has been so steep in just 12 months, that the 1d10t has no answer for his failure than blaming the past, than to say “see Jonathan’s government was so corrupt, and that is why I have no economic policy to fix Nigeria….”
The Central Bank of Nigeria, Shakespeare And The Destruction of the Nigerian Economy.
By Dele Awogbeoba.
The appointment of Godwin Emefiele as.
CBN governor in July 2014 may well have turned out to be Goodluck.
Jonathan’s (GEJ) most far sighted appointment ever and PDP’s ultimate.
plan B. In a classic move worthy of mention in a Shakespearean tragedy,
GEJ may well have noted a number of important trends in July 2014. The.
alliance between the political North and the political South West put.
him on the political back foot. The only candidate that the APC could.
logically put up (that was capable of winning the 2015 election) was.
Buhari. Once he was able to convince the political South West to trust.
him, his victory was assured.
GEJ may also have known that Buhari.
is the ultimate tragic literary hero. Many a play has centered around a.
central character similar flaws that besets president Buhari. Ele é.
nationalistic, determined, idealistic, powerful, simple, arrogant,
tyrannical, economically ignorant, inflexible, incapable of learning.
from past mistakes and intellectual lazy. It was these same qualities.
that allowed his former military colleagues to effortlessly overthrow.
him in August 1985. Godwin Emefiele on the other hand appears to be.
simple, harmless, humble, soft spoken, powerless and cunning. Nigerians.
are being served up a live Shakespearean play where the lead character.
and tragic hero is being led to his destruction by the simple, powerless.
yet cunning underling.
At the time Buhari took over from.
GEJ, the federal government finances had been completely ruined. Está.
savings obliterated, an inherited yet unmanageable debt service.
obligations incurred by the reckless acquisition of debt by an.
incompetent former finance minister, low oil prices, challenges in.
selling its oil to willing buyers, a stubborn costs structure of the FG.
bureaucracy and a war with a savage Boko Haram. The challenge was to.
prevent a FG revenue challenge from becoming a significant impediment to.
the fast growing Nigerian economy.
In the past, the Nigerian state used.
fiscal and monetary policies in ways that checked excesses. The CBN in.
2011 adopted its policies in a manner that prevented over heating of the.
economy when the fiscal side of government policy (through reckless.
government spending) was pumping a lot of money into Nigerian economy.
At that time, the CBN tempered the economic implications of FG spending.
by increasing interest rates and withdrawing liquidity from the.
FG Fiscal Position.
Presently, Nigeria is facing an acute.
demand challenged economy. There is very little money in the system. O.
oil price is just shy of $40 a barrel at the time of writing. It costs.
Nigeria $32 a barrel to produce its oil. It still has challenges finding.
an end market for all its oil. Its 2016 budget shows that following.
years of debt acquisition (from the former PDP finance minister who.
proclaimed that Nigeria had a low debt to GDP level and consequently was.
able to acquire more debt in its boom time in “line with international.
best practices”) its debt service obligations is now a stubborn 1.45.
trillion naira a year. The Federal Government’s budget hopes that it.
would be able to raise 2.2 trillion naira from oil sales at $38 a.
barril. That means that 65% of Nigeria’s estimated oil revenue will be.
paid to its lenders as interests on debt. What is left over from FG.
revenue will absorbed by the over-bloated government bureaucracy.
(government workers, elected officials and political appointees). The FG.
hopes to borrow 2 trillion naira that will be used to stimulate the.
economy. No foreign lender or investor market will advance money to a.
borrower that spends 65% of its optimistically projected oil income on.
debt service obligations. Nigeria will barely get 10% of its projected.
borrowing aspirations met and will be unable to stimulate growth using.
fiscal measures (such as spending on capital projects). Nigeria’s.
economy was not helped by the timing of the implementation of the TSA by.
the FG which took 3 trillion naira out of circulation from the economy.
Shortly before the swearing in of.
President Buhari, the CBN had started implementing its notorious forex.
política. It started to implement a crude policy of exchange control by.
intentionally and significantly limiting the amount of naira available.
for purchase. This made many foreign investors already in Nigeria.
concerned that any money in Nigeria will be hard to extricate and it.
discouraged potential investors from bringing into Nigeria critical.
foreign investment and foreign currency into the Nigerian economy. JPM.
was so concerned, that it warned Nigeria that it faced expulsion from.
its index and with such expulsion will go billions of foreign currency.
inflows. Bloomberg’s Paul Wallace wrote an article on this issue on.
February 5, 2015 (before President Buhari’s swearing in) titled Nigeria’s woes deepen as central Bank Missteps on Currency (www[dot]bloomberg[dot]com/news/articles/2015-02-05/nigeria-woes-deepen-as-jpmorgan-hits-emefiele-with-debt-warning).
By September 2015, JPM had expelled.
Nigeria from its index. Billions of foreign exchange flowing into.
Nigeria as a result of Nigeria’s inclusion in that index dried up. De outros.
foreign investors have stopped further investment into Nigeria. Isto é.
because any huge inflow into Nigeria will be exchanged into Naira via.
Nigeria’s banking system at the unrealistic government driven official.
exchange rate which is 40% more than the black market rate. Estrangeiro.
investors will effectively being paying 40% above market rate for any.
Nigerian valued investments. Many foreign investors have opted to use.
their hard earned money optimally and have passed on Nigeria for that.
reason. This in turn further exacerbates Nigeria’s foreign currency.
challenge and puts further downward pressure on the Naira.
Emefiele had played to President.
Buhari’s inherent nationalistic pride, arrogance and economic.
illiteracy. He had managed to convince Nigeria’s then sole administrator.
to equate a strong Naira to the outward manifestation of Nigeria’s.
economic strength and independence irrespective of the underlying.
economic fundamentals prevalent at the time. Buhari, before long,
became the face of this disastrous policy and its chief proponent in.
chief. At one time, he dared anyone to convince him of the merits of.
“murdering the naira”. At that point, he was perceived to be the driver.
of the policy rather than a President limited by the terms of the CBN.
Act of 2007 and the independence of the Governor of the CBN as enshrined.
Emefiele had (before our very eyes)
been transformed to the powerless, respectful and simple CBN governor.
taking instructions from an incompetent all powerful President rather.
than the reality of a cunning and incompetent CBN governor leading a.
stubborn and nationalistic but economically ignorant President down the.
road to political ruin.
Not done with the exchange control.
regime, the CBN governor then implemented a restricted imports strategy.
vis a vis foreign currency acquisition by the domestic manufacturing.
market that has now led to the unprecedented growth of unemployment in.
Nigeria and the future large scale collapse of many domestic.
The CBN has now delivered the.
ultimate knock out punch when the barely reported decision by the CBN to.
increase interest rates and to pull 744 billion naira from circulation.
within the economy through the banking system. This was done at a time.
in which Nigeria has no fiscal injection into the economy from the.
federal government, there is a significant absence of demand within the.
economy and Nigeria is facing a near recession. Elementary economics.
demand that in times of near or actual recession fiscal and monetary.
policy should be expansionary and not contractionary. Every western.
country that was affected by the economic downturn over the last couple.
of years have significantly slashed interest rates. The worry in the.
west is a negative interest rate environment not a double digit interest.
rate regime. High interest rates are imposed where an economy is.
overheated and needs to be cooled down. There is no precedent for high.
interest rates and contractionary monetary policies at a time when the.
economy is devoid of demand and the FG is devoid of cash that can be.
used to stimulate growth within the economy by spending money. O.
result will be the most debilitating economic downturn ever experienced.
in modern history.
One can only surmise that this new.
CBN policy was implemented to deal with rising inflation. Contudo,
Nigeria’s inflation is caused by the fall in the actual value of the.
Naira that has flowed into the price of imports sold in Nigeria or goods.
produced in Nigeria that consists of imported materials. Nigeria’s.
inflation is not caused by an excessive demand relative to supply driven.
inflation. The medicine prescribed by the doctor cannot cure the.
ailment that afflicts the sick patient. The patient’s health will.
deteriorate further because of the lack of knowledge of the doctor.
Aware that the CBN Act of 2007.
ensures that the CBN governor is independent of the FG and can only be.
removed by the President with the assent of the National Assembly,
Emefiele has insulated his position by bribing the major power centres.
within Nigeria by giving their wards unmerited appointments within the.
CBN. Buhari is effectively stuck with a CBN governor that will.
facilitate his quick transition from messier to the most hated and.
unpopular head of state in recent memory. Mr Tinubu (seemingly worried.
about the popularity of the APC federal government and its effect on his.
hard won south west political empire) aimed his missile at the wrong.
person. The minister of state for petroleum is not the existential.
threat to this APC government. It is the CBN governor.
Asiwaju Bola Tinubu’s hard won.
political empire’s further rise or fall is in the hands of that simple,
respectful yet cunning man that occupies the seat of the Governor of the.
Banco Central da Nigéria. What an interesting irony. I have always.
loved Shakespeare’s works. It appears that Emefiele does too.
In as much as I am no fan of Emefiele’s monetary policies, I strongly believe that there is an invisible hand from Aso-rock causing grid-lock on economic progress. If you check the policies of 1983/84 of the Buhari dictatorship, the over-regulation was almost of communist proportions and that is almost the strategy of today. The government simply wants to control and redistribute wealth to the north…….as simple as that.
The policy has predictably backfired and I do think the political calculations responsible for this anti free market ship emanates from Aso-rock.
There is no basis for such an assumption especially as Emefiele had been pursuing this policy from January 2015 (5 months before Buhari was sworn in). Emefiele was given a free hand and that has been the undoing of the country, the Nigerian economy and Buhari himself.
Buhari has severally made public statements about issues of monetary policy, he has stood publicly against devaluation for instance and he has also insisted on this negative FOREX policy. There are more than enough grounds to believe that he is solidly behind those policies.
tawanda Incommunicado?? Good name for a troll company.
We should try to imagine what clueless and treasury looters of PDP government would have down now having looted Nigerians dry before the election. God forbid, many people crying now would have started selling their children for their survival. People have short memory! This is not funny.
See how the swine Buuhari and his relentless propaganda machine has messed up with your fish brain….
He has made you believe that corruption flew over the head of APC politicians and squarely settled on the PDP…..
You have been scammed, nay fooled.
You have just said nothing. No one is talking about who is corrupt or not. It will take a preceding administration to Buhari to reveal any maladministration and corruption of his regime. Right now, it is an open secret that Jonathan and his aides were on mission to loot Nigeria to non-existence going by the confessions and revelations that are in public domain. This is type of democracy the masses needed and we voted for it. If this is being scammed, Nigerians would accept to be scammed than to be looted dry. Sorry, free money is gone. Lazy man!
The opposition is dead in Nigeria, no thanks to Boooohari’s FITNA!
Booohari is suffering from some irritating messianic complex, and is thus out on a mission to shred up the opposition; and what better way to execute the task than to brand it, and drape it in a tegumen comparable only to an execrable rubbish.
Is it a dead opposition that can take over from APC in 2019 to then proceed to probe it? You know you are just apologizing for the undertaker.
And today’s politicians have become wiser: the Buhari/Jonathan tango has taught them about the danger inherent in conceding defeat to an unrelentingly vicious and propagandizing opposition…..
Buhari has successfully reversed the democratic gains and legacy which Jonathan even if in default managed to bequeath to the nation……
We might be scammed as you believe. If so then that is a temporary situation .
It’s a far cry from having a brain fried which is what your is’– FRIED !
“He who bears rule over men must be just”….so admonishes the holy Scriptures…
To be just means to do justice; to do justice means to display no favoritism; it means to be even-handed, to brandish an even balance like Lady Justice whose eyes were bandaged so as not to be beholden to no person, friend or foe…
Nobody is in contest with mentally paraplegic Buhari’s vaunted anti-corruption campaign. I am rather in contest with the fact that the so-called campaign is not guided by the Justice principle; it bears no signature of even-handedness, and that in itself is corruption….
You cannot use corruption to fight corruption…..which is why his vaunted anti-corruption war has practically killed the opposition in Nigeria; and in the death of the opposition democracy dies while the rise of totalitarian dictatorship becomes inevitable….
Furtively Boohari is dragging Nigeria into Hitler-style Fascist Totalitarianism….
His skewed anti-corruption campaign is also at the root of the asphyxiation which the the national economy is currently experiencing, with its imminent death not far to see….
May the scales fall from your eyes so you can see that Boohari’s vaunted anti-corruption war is only self-serving and a recipe for impending disaster.
Buhari administration is on course with its forex. What only happened was the reinforcement of the President’s official forex restriction policy by now making it abundantly clear that henceforth only critical imports such machinery and industrial raw materials that cannot be produced locally will be the ones to officially access forex. In other words, rather than 41 items banned from accessing forex officially, only few items will access forex officially, the rest should source from the market driven by demand and supply. We will see that few days from now, the CBN will announce these critical items to access forex from the CBN window, at a rate not determined by the market forces.
Isn’t this room for corruption? When you have two different exchange rates people would take advantage. Just free float the Naira and let everyone compete for fx without restrictions. This government seems fixated on controls when what is required is liberalisation. It’s time to free the economy and let market forces work.
SAM, Pax didn’t understand your opinion.
Did he say anything knew different from other neoliberal apostles who are obsessed with liberalism?
Market forces are mostly driven by monopolists assisted by some faceless western economic jihadists. China is today the second largest economy not by allowing so called market forces but by government systematic interventions and controls. America and China are in the fiercest currency warfare. Why didn’t they allow market forces to determine the value of their currencies? I can under sell to put you our of business and later raise my price now as a monopolist.
Buhari adminisration has no option but has just accepted the terms dictated by the IMF to allow a flexible exchange rate policy for the Naira in order to access loans from IMF and World Bank. Having wasted a lot of time and after all the loud-mouthed-talk about western economic jihadists, local solutions, China currency swap and all what not, they had to swallow the humble now that the economy has gone into recession. All that could have been avoided.
The opinions of European economic slaves do not matter in Nigeria. If you want us to listen to you, relocate to Nigeria so that we first cleanse you of your slave mentality and restore your lost confidence back….
Sure, you have always a local, Nigerian solution. And that is why you are where you are today.
This is the same route that made Abacha loot inexhaustible.
Godfatherizm. vs competency on trial in nigeria.
My take is that there should be no special window. Let the exchange rate float and let no individual including PMB get foreign currency at 197 for any reason whatsoever. No importation of machinery, pilgrimage to Saudi Arabia or Israel/Rome, estacode for Ministers or Legislators to go abroad, etc be released as special whatever by the CBN.
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Nigeria: As New CBN Forex Policy Begins Today - Banks, BDCS Target U. S.$21 Billion Annual Diaspora Remittances.
More on This.
Nigeria: Naira Takes Dramatic Knock as Forex Policy Kicks In.
Nigeria Central Bank's 'Flexible' Forex Regime Begins.
Nigeria Central Bank's 'Flexible' Forex Regime Begins.
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As the new forex policy introduced by the Central Bank of Nigeria (CBN) takes off today, banks and Bureau De Change Operators (BDCs) are looking forward to handling the $21billion annual Diaspora remittances to the country.
But this will be sequel to the BDCs obtaining CBN's Forex Primary Dealership (FXPD) licences, which qualifies them for forex market operations in the new regime introduced by the apex bank.
The Association of Bureau De Change Operators of Nigeria (ABCON), in anticipation of its share of the Diaspora remittances in the new dispensation, yesterday faulted the stringent conditions set by the CBN for obtaining the operating licence.
This is as Fitch Ratings has stated that the shift to a more flexible foreign exchange regime will not only support growth but could help the country to adjust to lower oil prices.
ABCON president, Alhaji Aminu Gwadabe, told LEADERSHIP yesterday that the policy would establish a new cartel in the banking industry and place only a few banks in advantaged positions, effectively sidelining BDCs in the process.
The association has called on the apex bank grant it one out of the 10 FXPDs to be issued soon, saying that it was already in talks with the apex bank over the matter.
Stating the group's position on the CBN's flexible forex policy, Gwadabe said that as a major and critical stakeholder in the forex business, it would be against standard business practice to exclude bureaux de change (BDC) operators from the workings of the new CBN forex policy.
According to him, granting the association the FXPD licence would enable bureaux de change operators to access Diaspora remittances estimated at $21 billion annually and, by extension, deepen dollar liquidity in the system.
ABCON has also asked the CBN to grant it self-regulatory status that would enable it monitor and supervise its members' compliance with the extant regulatory requirements on the new forex regime.
He disclosed that there are about 3,000 BDCs under the ABCON umbrella, and that granting one of the about 10 FXPD licences to the group would be in the interest of the financial system and the economy.
The FXPDs qualified lenders are registered authorised dealers designated to deal with the CBN on large trade sizes on a two-way quote basis. They will serve as the bulk traders dealing directly with the CBN on forex matters.
The CBN is expected to announce some banks as Forex Primary Dealers soon, to drive the flexible forex policy implementation.
Already, a CBN guideline for the FXPDs stipulated that to qualify as an FXPD, a bank is required to have a minimum of N400 billion in total foreign currency assets, minimum shareholders fund unimpaired by losses of at least N200 billion and minimum liquidity ratio of 40 per cent.
Regime will help Nigeria adjust to low oil prices - Fitch.
Deposit Money Banks (DMBs) will set the first exchange rate of the naira versus the dollar when the currency is allowed to float freely today after the Central Bank of Nigeria (CBN) abandoned its dollar peg, a senior banking source said weekend.
Fitch Ratings said the shift to a more flexible foreign exchange regime will not only support growth but could help the country to adjust to lower oil prices.
On Wednesday, the central bank said it would float the national currency today, but it has given few details on how the new rules will be implemented.
In their first detailed guidance, central bank officials told bank chief executives at a meeting on Friday that lenders would set the first naira rate to the dollar based on demand without intervention from the central bank, one senior banking official told Reuters.
A central bank source said that CBN governor, Godwin Emefiele, was at the meeting and confirmed that commercial banks will determine the market rate from today.
More on This.
Nigeria: Naira Takes Dramatic Knock as Forex Policy Kicks In.
Nigeria Central Bank's 'Flexible' Forex Regime Begins.
Nigeria Central Bank's 'Flexible' Forex Regime Begins.
The central bank officials also told the bankers it did not commit itself to clearing up a backlog of hard currency estimated at around $4 billion but will intervene if needed, the banking official said.
He also said the central bank would open up licences for primary market dealers beyond the initial target of eight to 10 participants that it had announced on Wednesday.
Bid-offer spreads for trading would be set at one naira, and banks are required to publish their buy and sell rates on a daily basis, the banking source said, adding that the central bank will evaluate the performance of the new regime by December.
Primary dealers can handle volumes of $5 million between themselves as the standard order size and can trade up to $1 million with any other dealer, the source said.
After a meeting with CBN officials and bank chief executives on Friday, banks asked their clients to send them pending letters of credit (LCs), for them to resubmit, and to quote a rate at which they want to buy dollars, the source said, adding that customers had so far submitted bids between N210 and N290 to the dollar.
"I got a memo from my bank yesterday asking us to contact all our customers with pending LCs to resubmit their LCs and say at what rate they would want to buy the dollars," the source stated. "Liquidity will likely return to the market because the central bank will now sell its dollars at higher rates."
The central bank has pegged the naira rate at N197 to the dollar for the past 16 months after a slump in oil revenues hammered public finances and its foreign reserves. But the currency trades at around N355 on the parallel market.
According to the CBN, there is a $4 billion backlog of demand in the market which could take three to four weeks to clear.
The central bank could not be immediately reached for comment.
A leading global rating agency, Fitch Ratings, has lauded the CBN's decision to end the currency peg, saying that the shift to a more flexible foreign exchange regime will not only support growth but could help the country to adjust to lower oil prices.
In a statement issued yesterday, Fitch, however, warned that the implementation of the new forex policy may present challenges if not properly managed, explaining that establishing the new framework's credibility would be key to its effectiveness in attracting portfolio flows and Foreign Direct Investments to make up for lower oil export receipts.
Fitch Ratings further stated that the CBN's previous policy of restricting access to the official Forex market and supporting the naira had been negative for Nigeria's sovereign credit profile rather than risk the inflationary impact of devaluation.
It also pointed out that defending the naira had lowered reserves and increased external vulnerabilities, while a shortage of hard currency had weighed on the non-oil economy.
A agência sustentou que a mudança de política era consistente com sua visão de que o CBN lutaria para defender o naira indefinidamente.
The statement reads, "But a backlog of unmet dollar demand (estimates range from $4billion to $9billion) has built up and any inability to clear a significant portion of that backlog early in the transition would hinder the effectiveness of the new framework.
"The CBN will introduce a new non-deliverable forward to try to limit exchange-rate volatility under the new system, by moving some of the dollar demand to the futures market and away from the spot market.
"Even so, the CBN will probably have to deploy a large portion of its international reserves during the first week(s) of implementation. It also reserves the right to intervene by buying and selling Forex to smooth market movements, although it has made no specific announcements about trading bands or break points that might lead to intervention. Nigeria's unorthodox Forex policy has made raising external financing more difficult.
"Allowing the market to determine the value of the naira could ease this, although we think much potential FDI may remain on the sidelines until a clearer picture emerges of how the new system is functioning. Foreign investment in the domestic bond market is very low and not likely to increase in the near term. High demand for Forex after devaluation may also limit the benefit to the current account from recovering oil prices."
Fitch, which stated that an increase in Forex liquidity would support a potential recovery in growth in second half of 2016, observed that "Nigeria's GDP contracted 0.36 per cent year-on-year in the first three months of this year, and we think this contraction has probably continued in second quarter of 2016 due to hard currency shortages, and unrest in the Niger Delta lowering oil production."
It asserted that Naira devaluation could lead to a further spike in inflation, which rose to a six-year high of 15.6 per cent in May, "but we think the inflation pass-through from the official rate is limited and a fall in the parallel rate would be deflationary, which, along with the increasing availability of hard currency, could lower inflation.
"We will assess the implications of Nigeria's new exchange rate policy on its economy and external finances as part of our next review of the country's 'BB-'/Negative sovereign rating. Our base case for Nigerian banks is that regulatory total capital ratios will not decline significantly under the new regime. Any impact will be offset by still strong profitability and high levels of internal capital generation. The new Forex regime crucially also provides access to US dollars for the banks to meet their internal and external obligations."
Rewane hail Dangote over capital market stability.
Chairman, Heirs Holdings, Tony Elumelu, has hailed the President of Dangote Group, Aliko Dangote, saying he has contributed enormously to the growth of the Nigerian Stock Exchange (NSE).
Elumelu, who is also the chairman of Transcorp Hilton, spoke at a two-day stakeholders' forum on realizing the full potential of the Nigerian economy through proactive capital market legislation.
He said that Dangote's cement has helped to deepen the market and the Nigerian economy, just as he added that the private sector has the most capital to drive the country's economy.
Alhaji Dangote is a strong promoter of local content development in Nigeria and his company, Dangote Cement, the biggest quoted company in West Africa and controls a third of the Nigerian Stock Exchange.
Mr. Elumelu, who presented a keynote paper entitled: "Deepening the capital market to include privatised and systematically important entities," expressed the regre that only few state-owned privatised enterprises were so far listed on the stock market.
He said the government must focus on providing the enabling environment for businesses to thrive.
On his part, the chief executive of Financial Derivatives Company Ltd, Mr. Bismark Rewane, remarked that if the Dangote Cement were to be discounted from the Nigerian stock market, the market would be in trouble.
Rewane presented a paper entitled: "The Nigerian Capital Market: Becoming Africa's Most Modern, Efficient and Internationally Competitive by 2025.'
He said there was the need to ask questions about what went wrong despite all the economic measures put in place by successive governments and concluded that the Nigerian economy was lacking in investor confidence.
Speaking earlier in a paper entitled: "Demutualising the Nigerian Stock Exchange", the chief executive of the NSE, Mr Oscar Onyema, said the demutualisation of the Exchange will be favuorable to all stakeholders.
"Demutualisation will support the economy in its ability to withstand domestic and international economic shocks. It will also support the federal government in driving Nigeria's economy," he said.
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As the flexible exchange rate policy takes off today, there is no less than $4 billion worth of unmet demand, which has… Leia mais & raquo;
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Naira Now 280/$1 As Flexible Regime Begins.
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Flexible Forex Regime Takes Off, Faces U. S.$4 Billion Demand.
Naira Now 280/$1 As Flexible Regime Begins.
Flexible Forex Regime Takes Off, Faces U. S.$4 Billion Demand.
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