The blame have been shifted from pdp to American govt.Can't you impose your own policy that can equal #1 to $1 too?yeye.

wristbangle:
Sunday Aborisade, Abuja.

Abdullahi said, “He (Emefiele) touched on the global economy conditions in which he informed us that we are not immune from external shocks that are currently going on in the world. These shocks include the following: declining commodity prices, geo-political tensions along important trading routes and tightening of monetary policies in the United States of America.

Lalasticlala

[size=14pt]I thought we've all agreed that it is Jonathan's fault. Please stop confusing us with another new opinion.
Everyone don't listen to the buffoon ; it is still Jonathan's fault; you hear?[/size]

Brainless man

kaeforum:


This is isnt APC matter, the economy has been mismanaged over the years, this climaxed during the GEJ administration, where there was uncontrolled looting of funds, imagine touts and criminals oil vandals given contracts to import navy war ship and contracts to protect our pipelines.

Not to talk of the over dependence on crude oil exports which killed the manufacturing industries and any industry capable of generating income from exporting, leading to over dependence on imports, imagine even tooth picks had and artisans, house helps prostitutes had to imported into naija cos every one got lazy due to oil awoof.

So stop the blame game join hands and rebuild the country. STOP WAILING.

anoda apc riffraff! Continu,, okpo!

This is the only person that has not blamed it on Jonathan

Bevista:
I think the CBN Governor was on point here.
---
Most people may not be aware of the Monetary Policy divergence between the US Fed and most other Central Banks in the world. The US Fed just increased its FFR by 25 basis points and is expected to continue doing so in the coming quarters and years. On the other hand, the CBN just reduced its MPR by 200 basis points. Also, the outlook for the US economy looks better while that of Nigeria looks gloomy.
---
For those who understand Finance & Investments, you will appreciate that this has increased the Yield on US financial assets while reducing the yield on Nigerian financial assets. Consequently, foreign portfolio investors (FIP) are moving their funds from Nigeria to the US. As they move out, they are converting Naira to dollars adding to the demand for dollars and the pressure on the Naira. These are "external shocks" completely outside the control of the president or the CBN Governor.

The pressure is on dollars and not Naira. There is so much Naira chasing few dollars

Bevista:
I think the CBN Governor was on point here.
---
Most people may not be aware of the Monetary Policy divergence between the US Fed and most other Central Banks in the world. The US Fed just increased its FFR by 25 basis points and is expected to continue doing so in the coming quarters and years. On the other hand, the CBN just reduced its MPR by 200 basis points. Also, the outlook for the US economy looks better while that of Nigeria looks gloomy.
---
For those who understand Finance & Investments, you will appreciate that this has increased the Yield on US financial assets while reducing the yield on Nigerian financial assets. Consequently, foreign portfolio investors (FIP) are moving their funds from Nigeria to the US. As they move out, they are converting Naira to dollars adding to the demand for dollars and the pressure on the Naira. These are "external shocks" completely outside the control of the president or the CBN Governor.

The fed raising interest rate wasn’t a shock to the market and must have been priced into the market way before the announcement. The dollar as expected did strengthen but any of such knee jerk reaction must have been met with the continual downward pressure created by commodity prices.

What he hasn’t told us is how he intends to close the gap between the official/parallel exchange rate. I strongly believe the imbalance was created largely due to his lack of policy direction.

unite4real:
The pressure is on dollars and not Naira

You could be right, it's all about perspectives. Do you think the pressure is on the US economy or on Nigerian economy?

jaybee3:
The fed raising interest rate wasn’t a shock to the market and must have been priced into the market way before the announcement. The dollar as expected did strengthen but any of such knee jerk reaction must have been met with the continual downward pressure created by commodity prices.

What he hasn’t told us is how he intends to close the gap between the official/parallel exchange rate. I strongly believe the imbalance was created largely due to his lack of policy direction.

It depends on your understanding of Shock. Sliding commodity prices is also considered as external shock. It doesn't have to be "sudden" in this context for it to be considered shock.
---
My earlier comment wasn't about his policy response but about the reality on ground. I still think the CBN response is subpar.

Bevista:
It depends on your understanding of Shock. Sliding commodity prices is also considered as external shock. It doesn't have to be "sudden" in this context for it to be considered shock.
---
My earlier comment wasn't about his policy response but about the reality on ground. I still think the CBN response is subpar.

I’m fully aware of shock in financial market terms. It’s simply an occurrence of unplanned event with dire consequences for the market hence the increase volatility (Vix index going through the roof).
Events such as earthquake, tsunami, terrorist actions in major economies, a big miss in eagerly awaited data (Non farm payroal, GDP et al), unexpected decision by the policy makers (Announcement of more QE, interest rate increase/decrease) blab la bla

The projection for commodity prices had always been negative since last year summer considering the Iran effect and stubbornly weekly inventory data showing over supplies In the market.

All these forecasts would have been priced in the market hence the usual retracement from the initial reaction.

How clued are you with market fundamentals?

u blame jona,

u blame bureau de change,

u blame US, u blame import...

diz made me remember dat tym wey i dey always fail for primary school, i'll den blame my match teacher say na because he get tribal mark...LUBBISH

Bevista:
I think the CBN Governor was on point here.
---
Most people may not be aware of the Monetary Policy divergence between the US Fed and most other Central Banks in the world. The US Fed just increased its FFR by 25 basis points and is expected to continue doing so in the coming quarters and years. On the other hand, the CBN just reduced its MPR by 200 basis points. Also, the outlook for the US economy looks better while that of Nigeria looks gloomy.
---
For those who understand Finance & Investments, you will appreciate that this has increased the Yield on US financial assets while reducing the yield on Nigerian financial assets. Consequently, foreign portfolio investors (FIP) are moving their funds from Nigeria to the US. As they move out, they are converting Naira to dollars adding to the demand for dollars and the pressure on the Naira. These are "external shocks" completely outside the control of the president or the CBN Governor.

Why are they moving their funds? I wanna know.

since we voted for change i dont know if things are getting better or getting worst oo, why did we vote for apc is it not for things to get better but everyday we keep hearing things are getting worst and differnt kind of blame, pls buhari pray for direction and divine wisdom with vision to move this country forward, I don't understand ur agenda

Bevista:
I think the CBN Governor was on point here.
---
Most people may not be aware of the Monetary Policy divergence between the US Fed and most other Central Banks in the world. The US Fed just increased its FFR by 25 basis points and is expected to continue doing so in the coming quarters and years. On the other hand, the CBN just reduced its MPR by 200 basis points. Also, the outlook for the US economy looks better while that of Nigeria looks gloomy.
---
For those who understand Finance & Investments, you will appreciate that this has increased the Yield on US financial assets while reducing the yield on Nigerian financial assets. Consequently, foreign portfolio investors (FIP) are moving their funds from Nigeria to the US. As they move out, they are converting Naira to dollars adding to the demand for dollars and the pressure on the Naira. These are "external shocks" completely outside the control of the president or the CBN Governor.

/
Your theory sounds good.

But the simple fact is that the US dollar index has been on a parabolic rise since last year. Every currency is down against US dollar from Euro, Canadian dollar, Australian dollar, Russian rubble(hit its lowest against US dollar last week), etc. to Nigerian naira. It is a global problem. If the currencies of G7 countries are taking a hit against the US dollar, how much more the currency of a poor and insignificant country like Nigeria? There is nothing Emefile or anyone in Nigeria can do about it. Naira will eventually gain some ground if and when an economic fundamental shock sends US dollar index spiraling out of control.
/

So it's no more GEJ

I read it very well and I join him to say that APC is indeed a joke.

wristbangle:


Did you read the article?

To help the Naira we must start buying Made In Nigeria products. Senate should buy Innosin vehicles with the N4.5b, local rice should be consumend and we should stop calling our goods Igbo made or Aba made or Ijebu. Patronise that shoemaker on your street and stop wearing only foreign things.

It is not USA but GEJ or last administration.

Mr. Godwin Emefiele, i can predict that your days are numbered as a CBN governor for blaming the free fall of Naira on US policy rather than on GEJ past government, you are a round peck in a square hole in this government, you would have received tutorial from Hell Rufia , Amechi, Liar mohammed and the Minister of Health before appearing before the senate committee. Why embarrassed the Federal government ? Waiting to hear you are fired soonest.

Crude @ $30 per barrel abi? What happened when it was $140/b

Tokt:
The summary of this is based on current challenges, we are currently not doing badly and on course to full recovery.

He has hoodwinked you.

Yes the country has problems but they have been compounded by the foriegn exchange restrictions introduced. The ban of 41 products from accessing thr CBN for forex and the refusal to devalue have seriously worsened the situation.

The other countries in our situation have not taken the same retrogressive steps.

The economic actions have been condemned by Soludo and Sanusi who are staunch Buharist.

The naira is heading to 400 to $1 by December if the expansionary budget is passed.

jaybee3:



The fed raising interest rate wasn’t a shock to the market and must have been priced into the market way before the announcement. The dollar as expected did strengthen but any of such knee jerk reaction must have been met with the continual downward pressure created by commodity prices.

What he hasn’t told us is how he intends to close the gap between the official/parallel exchange rate. I strongly believe the imbalance was created largely due to his lack of policy direction.

1,000,000,000,000 likes

The government introduced statist economic policies such as the foriegn exchange restrictions which have worsened the situation.

The naira will hit 400 by the end of the year if the expansionary budget is passed.

Soludo and Sanusi have both condemned these policies.

udemzy101:
Why are they moving their funds? I wanna know.

If you go back and read the last paragraph of my earlier comment, then you will notice that I tried to explain part of the reason.

Bevista:
I think the CBN Governor was on point here.
---
Most people may not be aware of the Monetary Policy divergence between the US Fed and most other Central Banks in the world. The US Fed just increased its FFR by 25 basis points and is expected to continue doing so in the coming quarters and years. On the other hand, the CBN just reduced its MPR by 200 basis points. Also, the outlook for the US economy looks better while that of Nigeria looks gloomy.
---
For those who understand Finance & Investments, you will appreciate that this has increased the Yield on US financial assets while reducing the yield on Nigerian financial assets. Consequently, foreign portfolio investors (FIP) are moving their funds from Nigeria to the US. As they move out, they are converting Naira to dollars adding to the demand for dollars and the pressure on the Naira. These are "external shocks" completely outside the control of the president or the CBN Governor.

then if that is the case, the CBN should equate her MPR to that of US Fed in order to retain the foreign investment or attract same. yes increasing the MPR will be injurious to local SME but out of two options the former is best for now at least to retain the foreign investment and prevent capital freight
the summary of everything is that Emefiele is incompetent.

Love Machine:
Can't the government devalue the American dollar so that inflation can be reduced?It's like some top politicians are benefitting from it

**grrhh** re you for real even my grandpapa no fit make such dumbo statement for God sake dd even read your post.mehn Smh! You tink sey na abracadabra them go use do am ni

ajayi01ibrahim:


**grrhh** re you for real even my grandpapa no fit make such dumbo statement for God sake dd even read your post.mehn Smh! You tink sey na abracadabra them go use do am ni

It is possible.Doorr!

Dollar will keep rising because USA is a country that is mostly law abiding. Investments are safe.

People from other countries even China bring their wealth for safe keeping in USA.

Even Europeans are buying property in Florida. Do foreigners come to Nigeria to buy property?

Does anyone even Nigerians feel safe investing in Nigeria? Little electricity, poor medical facilities, corrupt judiciary and police, poor roads, BAD thieving governments for over 30 years!

Why won't Naira crash?! Probably the rate will be $1 for #1000 by the end of 2016.

The oil that was covering decades of misrule is headed back to $10 a barrel so all the stealing that should have been invested have come home to roost.

ALL tribes and religions should look in the mirror and see how your LOCAL representatives have robbed you blind for more than 30 years. Even the thieving politicians and government officials keep most of their stolen loot in the USA and Swiss Banks.

If Nigerians really know how much was stolen they will stop feeling sorry for former government officials and support efforts by the present administration to recover some of the money.

wristbangle:

Did you read the article?

did you read his moniker