Política forex da nigéria

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 aprovação 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.
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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
O Banco Central da Nigéria, CBN, na quarta-feira, divulgou formalmente a tão aguardada política de câmbio flexível que permitiria que a janela de câmbio interbancário cambial fosse conduzida puramente pelas forças do mercado.
A nova política efetivamente remove controles no naira, permitindo o aumento do suprimento de dólares que ajudaria a fortalecer a fraca economia do país.
O governador da CBN, Godwin Emefiele, disse em Abuja no anúncio formal de que a nova estrutura operaria uma única janela de negociação, que será lançada na segunda-feira, com cerca de 10 comerciantes principais, a serem nomeados pelo banco.
Cada comerciante terá um volume mínimo de US $ 10 milhões.
O Sr. Emefiele disse que as reservas cambiais da Nigéria diminuíram de cerca de US $ 42,8 bilhões em janeiro de 2014 para cerca de US $ 26,7 bilhões em 10 de junho de 2016, com influxos mensais médios caindo de cerca de US $ 3,2 bilhões para níveis atuais abaixo de um bilhão de dólares por mês.
Apesar desses resultados, o governador do CBN disse que a demanda por câmbio aumentou significativamente, de uma conta de importação média de N148.3 bilhões por mês em 2005, para cerca de N917.6 bilhões por mês em 2015.
Para evitar o esgotamento das reservas, o Sr. Emefiele disse que o CBN optou por adotar ações políticas para priorizar as necessidades mais críticas de câmbio, bem como manter a estabilidade na taxa de câmbio.
As áreas de prioridade incluíam o cumprimento de cartas de crédito amadurecidas de bancos comerciais, importação de matérias-primas, plantas e equipamentos, importação de produtos petrolíferos e pagamentos de taxas escolares e despesas relacionadas.
Ele disse que o CBN conseguiu estabilizar a taxa de câmbio desde fevereiro de 2015, e eliminou os especuladores e os locadores do mercado cambial.
"Nossas reservas, apesar de terem caído, ainda são robustas e podem cobrir cerca de cinco meses de importações em relação ao benchmark internacional de três meses", disse o governador do CBN.
Ele disse que era hora de restaurar o mecanismo de ajuste automático da taxa de câmbio, com a reintrodução de um mercado de taxa de câmbio interbancário flexível.
O funcionamento do mercado, explicou, seria consistente com os objetivos do CBN de aumentar a eficiência e facilitar um mercado de câmbio líquido e transparente.
Os principais destaques do framework incluem:
1. O mercado deve funcionar como uma estrutura de mercado único através da janela interbancária / autónoma;
2. A Taxa de Câmbio será puramente orientada para o mercado usando o Sistema de Correspondência de Pedidos Thomson-Reuters, bem como o Livro de Negociação Conversacional;
3. O CBN participará do Mercado através de intervenções periódicas para comprar ou vender FX conforme necessário;
4. Para melhorar a dinâmica do mercado, a CBN apresentará os Distribuidores Primários da FX (FXPD) que seriam registrados pelo CBN para lidar diretamente com o Banco para grandes tamanhos comerciais com base em cotações de duas vias;
5. Estes Comerciantes Primários devem operar com outros negociantes no mercado interbancário, entre outras obrigações que serão estipuladas nas Diretrizes de Negociantes Primários de Câmbio (FXPD);
6. Não haverá spread pré-determinado nas transações manuais FX executadas através da intervenção CBN com os Dealers Primários, enquanto todos os Pontos FX comprados pelos Comerciantes Autorizados são transferíveis no Mercado FX Interbancário;
7. Os 41 itens classificados como "Não Válido para Câmbio", conforme detalhado em uma Circular CBN anterior, permanecerão inadmissíveis no mercado NX da Nigéria;
8. Para aumentar a liquidez no mercado, o CBN também pode oferecer adiantamentos FX de longo prazo de 6 a 12 meses ou qualquer teor em revendedores autorizados;
9. A venda dos encaminhamentos FX pelos concessionários autorizados aos usuários finais deve ser contratada, sem spreads predeterminados;
10. O CBN deve introduzir Futures não pagos no mercado (OTC) Naira, com taxas diárias no Sistema de Relatórios e Relatórios FMDQ aprovado pelo CBN.
11. O OTC FX Futures deve ser em valores não padronizados e diferentes tenores fixos, que podem ser vendidos em qualquer data, garantindo assim datas de vencimento personalizadas;
12. Os rendimentos de Influxo de Investimento Estrangeiro e Transferências de Dinheiro Internacionais serão comprados pelos Comerciantes Autorizados na Taxa Interbancária Diária; e.
13. Os exportadores não-petrolíferos agora têm acesso irrestrito aos seus resultados da FX.
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Em todo lugar está quieto. Achei que poderia obter algumas informações dos comentários e saber mais. Abi, ninguém entende essa gramática?
O que acontece agora aos estudantes nigerianos atualmente estudando no exterior? A Nigéria nunca teve isso tão ruim. Todo o governo anterior tem seus momentos altos e baixos e eles conseguiram a situação de tal forma que nunca precisamos passar por esse horror. Pela primeira vez em 17 anos, o naira nigeriano tornou-se inútil e o governo pareceu perdido quanto ao que fazer para mudar as coisas. Muitos pais com obrigação de taxas escolares no exterior agora têm que rezar muito.
Isso muda para você.
Leia novamente e veja que foi tomado cuidado.
Os 17 anos que destruíram todas as nossas escolas e tornaram totalmente incomparável que os pais enviassem seus filhos às escolas nigerianas. Se você ler bem, você entenderá que as taxas escolares ainda podem ser pagas através dos bancos, não foi interrompida.
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líquido, gás ou outras substâncias similares.
PT por favor, quebre esta gramática para nós. O que toda essa gramática significa para o nigeriano comum? É o que queremos saber.
Eu acho que o que o Gb Gb confuso significa é que o banco do ápice finalmente entrou em colapso na posição de mercado paralelo. Em outras palavras, o cbn competirá com tal aumentar o valor de Naira em 20 ou como as forças de dd e ss determinam. Quanto aos produtos mencionados para o financiamento não importador, tais importadores não terão o direito de se aproximar do cbn para o fx, mas podem gerar aquele sempre que quiserem. Essa política foi feita para melhorar os fabricantes ou produtores locais.
Por que eles não baniram simplesmente a indústria especulativa & # 8216; destrutiva & # 8216; chamado mercado paralelo & # 8216; & # 8216 ;? Minha opinião é que cbn e o governo sem dúvida do governo do mercado paralelo ilegal é o desastre que visitou o valor do Naira.
Não é possível proibir tais negociações entre duas pessoas que optam por trocar entre eles livremente. Você tem seu dólar em casa e eu perguntei o quanto você quer vendê-lo, se conveniente para mim, então eu compro à sua taxa. Não olhe para o mercado paralelo como apenas os mallams, que é apenas uma forma do exemplo que dei acima, é simplesmente o livre comércio entre os indivíduos e, portanto, não pode ser banido.
Isso é realmente técnico. Pode não encontrar muitos comentários aqui. Desejo que ele continue assim e # 8230;
Exatamente. Você só encontrará homens e mulheres reais comentando sobre isso hoje.
O que a CBN fez para libertar o mercado de restrições de políticas que restringiram SS de entradas devido a preços duplos. Além disso, os comerciantes lidam muito com informações que antes não podem ser assumidas, uma vez que não havia uma direção clara sobre o que o governo queria fazer. A partir de agora haveria SS, mas ficará limitado. O lado DD precisa ser controlado, o que está causando o grave hiato que leva ao desequilíbrio. O lado DD é uma solução exigente para o problema a longo prazo na orientação política e orientação das pessoas que comprariam qualquer coisa, desde palitos a água pura do exterior. As despesas de educação (mesmo para as universidades do Gana estabelecidas pelos nigerianos) devem reduzir. Como a equação deve ser equilibrada, Naira tomaria uma queda horrível no mercado aberto, mas seria muito melhor quando o mercado se acalmasse. Os preços ou quantidades devem se ajustar a longo prazo.
MAS Buhari, que é desafiado academicamente, tem a capacidade de compreender os aspectos técnicos envolvidos nessa nova forex puorlicy?
Apenas ouça-o falar na próxima vez e comente sobre este movimento do CBN, você observará que ele irá evitar completamente o uso dos termos técnicos. O único jargão técnico ou financeiro que ele consegue pronunciar é a palavra "desvalorização", & # 8230; & # 8230; & # 8230; Oh Luggard!
Estou feliz que vocês estão deixando mais claro todos os dias, que há uma grande diferença entre uma pessoa que foi à escola e uma pessoa educada.
Esta música é a propósito: & # 8220; eu não canso, eu não me canso Eu volto para minha aldeia. Eu vou plantar cacau. Eu vou plantar mandioca e # 8230; & # 8221; Isso é o que todos devemos fazer se pudermos encontrar um GPS que possa nos ajudar a encontrar nosso caminho de volta e esquecer a tentativa do Governador do CBN em Planking Grammar. Não tenho certeza de que Emefiele sabe o que significa que ele está falando depois de gastar toda sua carreira bancária lidando com políticos em tecnicas envolvendo pouco mais do que & # 8216; Ghana-Must-Go & # 8217 ;, & # 8216; Alert & # 8217; e & # 8216; Commission Guaranteed & # 8217 ;. Esta é outra coisa boa que vem deste governo. Pelo menos, todo mundo está sendo obrigado a envolver questões reais que não estão envolvidas nos últimos 59 anos, enquanto os comissários públicos não faziam mais do que alinharem seus bolsos e lançar migalhas em seus bailarinos e colegas preferidos com duvidosas roupas como # 8216; industrial e # 8217 ;, # 8216; banqueiros & # 8217; e & # 8216; especialistas & # 8217 ;.
Este é um desenvolvimento bem-vindo. Está muito atrasado. A possibilidade de mais transações em ações e futuros é reconfortante. No entanto, a insistência do CBN em que os 41 itens excluídos na circular anterior permanecem inadmissíveis no mercado FX é algo contrário ao espírito do novo regime. Agradeço o fato de o CBN querer encorajar a produção local, mas esse objetivo deve ser alcançado através de medidas fiscais. Possivelmente, o governo está usando isso como uma margem de manobra para evitar a intrusão da OMC, mas à luz deste recente regime de FX, a CBN precisa se desvincular das medidas fiscais que são o mandato do Ministério das Finanças e são capazes de obscurecer sua postura no novo regime FX.
Este homem apenas está jogando figuras. Quais são os significados dessas datas?
Se você não tem um intervalo de datas, como você pode comparar o presente do passado? Em que base você pode fazer sua análise?
Leia o meu comentário anterior novamente, então vá embora e pense nisso.
Eu li & amp; pensei sobre isso, daí minha resposta. Tente e explique seus pensamentos adequadamente.
Ok, deixe alargar a mente: olhe os dois conjuntos de datas & # 8212; um é de 2014 a 2016 e o ​​outro é de 2005 a 2015. Imagino que as mentes curiosas gostariam de entender o porquê? Por que um intervalo de 2 anos em um, mas 10 anos no outro? O que leva a mente a mais questões que eu não vou incomodar com você. Talvez eu esteja pensando demais, mas é assim que minha mente funciona. Nunca deixa de ler e fazer perguntas, lá!
Isso é porque são todos os dados que eles têm disponíveis & # 8230;
A última medida incentivará definitivamente as exportações domésticas. Ainda precisamos de estradas confiáveis ​​e eletricidade para aproveitar ao máximo. A especulação e o comércio de FX agora serão muito mais difíceis. Sim, tão doloroso quanto isso pode ser no curto prazo, essa nova política começará a criar as bases do futuro para a Nigéria.
& # 8220; 10 comerciantes primários, a serem nomeados pelo banco & # 8230; & # 8221; Por que o banco deve nomeá-los? Por que não deixá-lo aberto a todos, mas com uma legislação / advertência com uma pena muito pesada (pena de prisão inclusive) para quem viola o processo?
O meu presidente entende esses jargões econômicos? Emefiele, por favor, não confunda amooooo.
Como alguém pode se beneficiar desse evento?
Procure nossas histórias.
Propaganda.
Um novo vazamento: Paradise Papers.
Papeles do paraíso: segredos da elite global.
Propaganda.
Classificados.
Todo o conteúdo é protegido por direitos autorais © 2016 The Premium Times, Nigéria.

CBN anuncia nova política forex.
Atualizado: há um ano.
- Somente os comerciantes autorizados serão autorizados a negociar em mercados interbancários doravante.
- A CBN diz que divulgará diretrizes para revendedores primários na sexta-feira.
O Banco Central da Nigéria (CBN) anunciou oficialmente uma nova política cambial e listou algumas implicações do novo desenvolvimento.
A implicação disso é que a moeda nigeriana foi lançada e que haverá um mercado único para a aquisição da moeda estrangeira.
Godwin Emefiele, o governador do CBN, fez este anúncio durante uma conferência de imprensa em Abuja na tarde de quarta-feira.
Os analistas, incluindo os da Renaissance Capital Ltd, disseram esperar que o CBN permita que o naira enfraqueça em torno de uma faixa de negociação no mercado interbancário, enquanto aloca dólares a uma taxa fixa para as indústrias que o governo considera estratégicas.
De acordo com a Channels TV, o mercado funcionaria como uma estrutura de mercado único através do mercado interbancário e revendedores autorizados, uma implicação de que seria puramente um mercado cambial gerenciado pela plataforma Thompson Reuters.
Ele afirmou também que parte das notas-chave é que o CBN participaria por meio de intervenção periódica e iria introduzir os revendedores primários que lidam com o CBN numa base de cotações de duas vias, enquanto os principais comerciantes também devem lidar com outros jogadores no mercado interbancário .
Além disso, não haverá spreads pré-determinados em operações de divisas e todas as compras de divisas serão transferíveis, enquanto 41 itens permanecerão inadmissíveis no mercado cambial para operações de divisas.
Portanto, o CBN também oferecerá futuros de longo prazo de longo prazo e as vendas de forex a prazo para usuários finais devem ser contratadas, além de introduzir negociações não remuneradas de OTC forex para ajudar a moderada volatilidade.
Somente os distribuidores autorizados podem comprar o produto da forex diariamente nas diretrizes das taxas interbancárias, das quais a CBN diz que apresentará os revendedores primários na sexta-feira.
Consequentemente, a negociação interbancária começaria na segunda-feira, 20 de junho e os ténis e as taxas para o recurso forex liquidado OTC seriam anunciados no mesmo dia.
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Analisando a política forex da nigerias a partir de perspectivas de benefícios de custo.
Como o valor de câmbio real do naira contra outras moedas continua a alimentar o discurso público diariamente, o naira permanece precário contra outras moedas, especialmente o dólar, muitas partes interessadas dizem que, apesar de suas intenções mais nobres, as autoridades fiscais e monetárias podem ter que fazer mais para garantir a taxa de câmbio correta para a moeda nacional. Udo Onyeka relatórios.
Já não é novidade que o governo federal tenha se mostrado relutante em desvalorizar o naira. Talvez o que seja novo é como e quando a moeda da nação recuperaria seu valor perdido entre outras moedas do mundo. O presidente Muhammadu Buhari, enquanto informou os jornalistas seniores na semana passada sobre as atividades de seu governo no último ano, disse que está sob uma tremenda pressão para desvalorizar o naira. Buhari continuou a dizer que precisava ser educado sobre por que o naira seria desvalorizado. "Meu argumento foi que aqueles que desvalorizam suas moedas desenvolveram economias, onde há produção local e eles exportam o excesso. Eles têm uma infra-estrutura ótima. Então, eles desvalorizam suas moedas para vender seus produtos fora de suas margens e empregam seus povos. As pessoas simplesmente tiraram o dinheiro do país. Quantas fábricas construímos? Então eu me recusei a desvalorizar o Naira.
"Agora você precisa do N350 para obter um dollar! Eu desafiei os economistas nigerianos a me dizer quais os benefícios que a Nige¬ria ganhou com a desvalorização até agora. Quantas fábricas construímos matando o naira? Eu tenho que desistir renvamente porque os chamados economistas nigerianos vêm falar comigo, e quando eu crio problemas eles falam sobre minha cabeça em vez de dentro da minha cabeça. Para nos perdermos ao longo do N300 (todos os anos estamos perdendo o valor da moeda pela N100), para que? Deixe-os dizer-me quantas fábricas eles construíram. Eu me encontro em um estado muito difícil porque os economistas não podem me dizer por que devemos continuar a desvalorizar nosso Naira. As pessoas dizem importar, e descobrimos que estamos apenas importando comida! Agora estamos planejando parar a importação de arroz, trigo, milho em três anos. "Sobre o valor do naira, ainda estou agonizando sobre ele, que o naira deve ser reduzido a um nível tão desinteressado nos últimos 30 anos. Eu preciso ser educado sobre isso. Mas eu não governo este país sozinho.
Estou sob pressão e veremos como podemos acomodar os economistas ", disse ele. A Câmara de Comércio e Indústria de Lagos disse que a decisão do Banco Central da Nigéria, CBN, de adotar um regime de taxa de câmbio flexível era desejável à luz das realidades econômicas prevalecentes, acrescentando que, no entanto, há uma necessidade de clareza sobre o que o ápice descreve como uma janela especial para transações críticas para as quais taxas preferenciais serão aplicadas.
"Nós gostaríamos de advertir contra possíveis abusos e distorções que tal janela poderia criar. No momento imediato, é desejável o impedimento que permita a liquidez fluir para o mercado forex autônomo ", disse a LCCI. O declínio acentuado dos preços globais do petróleo, que reduziu a receita de vendas no valor de 70% da receita do governo e a queda resultante no país ganhos em moeda estrangeira, representaram uma séria ameaça para a nova administração do presidente Muhammadu Buhari, que surgiu em 29 de maio de 2015. Até poucos dias atrás, o governo e o Banco Central da Nigéria, CBN, não conseguiram superar ou mitigar indesejáveis resultado das políticas implementadas para renovar a economia.
A penúltima semana, o National Bureau of Statistics, NBS, anunciou que a economia nigeriana diminuiu 0,36 por cento no primeiro trimestre deste ano, com o desemprego aumentando para 12,1 por cento e inflação subindo para 13,7 por cento em abril. Mas no que alguns especialistas disseram que era uma jogada certa, o CBN concordou nesta terça-feira em apresentar uma maior flexibilidade no mercado cambial. O presidente 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 de até N350. A diferença levou a uma escassez de divisas, afetando negativamente as empresas e os importadores de combustíveis incapazes de comprar suprimentos, causando escassez de produtos que atingiram a nação desde dezembro de 2015.
O Comitê de Política Monetária do CBN, MPC, que reuniu segunda-feira e terça-feira, disse que a nação adotaria "uma política flexível de taxa de câmbio", mas detalhes sobre o abandono da divisão da moeda foram disponibilizados, com o banco de maca prometeu mais informações em "virar dias". De acordo com um economista da Exotix Partners em Londres, Alan Cameron, "sistema de câmbio de duas ou três camadas", mantendo a taxa oficial para "transações críticas". "Eu acho que a Nigéria claramente tomou um grande sucesso depois de um ano de políticas de Buhari, onde ele não estava disposto a ter alguma flexibilidade. "Eu acho que o mercado vai ver 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".
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 a curto prazo", disse o economista-chefe da África no Standard Chartered em Londres, Razia Khan. Mas muitos viram as mudanças acontecerem, o vice-presidente Yemi Osinbajo poucos dias antes da reunião do MPC ter sugerido mudanças no mês, dizendo que era necessária uma abordagem mais flexível para estimular o crescimento. Também o ministro de Estado da Petroluem, Emmauel Kachikwu, comentou na segunda-feira que o governo usaria uma taxa menor de N285 por dólar para as importações de petróleo, em vez de a taxa oficial fixada de N197 mostrou que as mudanças eram iminentes. Emefiele admitiu que a economia também deveria contratar no segundo trimestre, caindo na recessão oficial, mas culpou os atrasos na implementação deste orçamento por grande parte do declínio. A taxa de juros de referência do MPC permanece em 12 por cento, ao mesmo tempo que mantém as Razões de Reserva de Caixa existentes da CBN, CRR, para os bancos em 22,5 por cento.
As reservas cambiais da Nigéria caíram 2,7%, para US $ 26,56 bilhões, em relação ao mês anterior, de acordo com os dados do banco central, muitos dizem que a flexibilidade esperada poderia incluir uma renovação da política cambial. Um mergulho nos preços do petróleo consumiu as reservas estrangeiras do país, obrigando o CBN a introduzir controles cambiais, o que frustrou as empresas e causou a contratação da economia. As reservas de dólar da Nigéria caíram 10,7 por cento em relação ao ano anterior, quando atingiram US $ 29,7 bilhões. Mas, com justiça ao governo de Buhari e ao CBN, a resistência à desvalorização decorreu do fato de que a desvalorização anterior nunca alcançou muito e não poderia impactar positivamente sobre o bem-estar dos nigerianos.
O Fundo Monetário Internacional, FMI, elogiou a CBN por encerrar a janela forex semanalmente e outras respostas políticas às instabilidades, mas observou que as preocupações ainda persistem sobre os menores preços do petróleo. No entanto, o FMI chamou a desvalorização. O Diretor Gerente do Grupo da Afrinvest West Africa Limited, Ike Chioke, aconselhou o banco do ápice a desvalorizar, porque a iliquidez cambial e os baixos ganhos colocam o país em posição de incerteza, o que não permitirá que os investidores estrangeiros tragam seu dinheiro.
Na mesma linha, um economista e diretor administrativo da Financial Derivatives Limited, Bismarck Rewane, disse que a desvalorização disponibiliza mais naira para governos em vários níveis, bem como a disponibilidade do dólar e o valor real da unidade local. Algumas partes interessadas observaram que o CBN na gestão de questões monetárias.
Eles aconselharam que o banco do ápice deve implementar políticas que incentivem a entrada de divisas sem criar necessariamente uma tolerância para o branqueamento de capitais, acrescentando que, por meio do CBN, o CBN criou interferências significativas, distorções e luxações como conseqüência da As seguintes medidas de política: as restrições à utilização dos produtos de exportação, a negação de acesso ao mercado de câmbio para 41 grandes categorias de produtos, a proibição de entrega de dinheiro em contas domiciliárias e controles de câmbio apertados e alocação administrativa de divisas tipicamente caracterizam-se pela falta de transparência .
Mas o vice-presidente da Associação Nigeriana de Câmaras de Indústria de Minas e Agricultura, NACCIMA, Sr. Dele Oye, disse que o CBN tomou a decisão certa, afirmando que, considerando a crise que a economia da nação enfrenta atualmente não apenas o governo, mas também o privado Os cidadãos do país devem ajustar significativamente seus padrões de consumo. "É hora de segmentos da nossa sociedade fazer sacrifícios. Uma fixação em um padrão de consumo luxuoso não fará o país nada de bom.
O fato é que a receita não está lá. Os preços do petróleo diminuíram mais de 50% continuamente por quase um ano e da projeção global prevalecente, não é provável que melhore qualquer momento em breve. Diretor Geral da Câmara de Comércio e Indústria de Lagos, a LCCI, o Sr. Muda Yusuf disse que a decisão do CBN no forex ajudaria a consolidar o avanço da nação no arroz local, aves, óleo vegetal, açúcar, tomate e produção de têxteis, entre outros. A crescente pressão sobre o naira é causada pela alta demanda pelo dólar por importadores e especuladores, disseram os negociadores de divisas. A moeda local enfraqueceu em relação ao N350 no mercado paralelo nos últimos tempos, à medida que os importadores mexeram para que o dólar cumpra as obrigações no exterior.
Antes da última reunião do MPC na penúltima terça-feira, o CBN deixou sua taxa oficial inalterada em N197 ao dólar em sua janela interbancária. "A maioria das pessoas que nos vende (dólares) não está mais disposta, mas a demanda está se acumulando", afirmou o presidente em exercício, a Associação dos Operadores de Mudança de Gabinete, Aminu Gwadabe. De acordo com muitos analistas há mais negativos do que positivos que estão saindo das políticas do governo federal "Se olharmos os resultados que tivemos nos últimos quatro meses, eles são bastante drásticos no lado negativo. Produto Interno Bruto, PIB, está em declínio; o subemprego eo desemprego estão aumentando, e o nível geral de atividades econômicas é fraco.
O mercado de capitais também está em declínio. Saindo da posição que estávamos após as eleições, quando houve boa vontade local e internacional e tivemos a oportunidade de alavancar tudo isso, infelizmente, o investimento estrangeiro permaneceu estável do nível que tivemos no primeiro trimestre ", disse o Diretor Presidente , CEO, da RTC Advisory Services Limited, Opeyemi Agbaje. De acordo com o analista de políticas públicas, a situação acima só pode ser responsabilizada pela ausência de uma direção econômica. "A boa vontade, por si só, é insuficiente; ele precisa alavancar as políticas corretas ", disse ele. Os fabricantes, um componente vital de qualquer economia próspera, têm igualmente em diversas ocasiões as políticas criticadas do CBN, que dizem que não estão de acordo com as políticas fiscais do governo federal.
"O governador do CBN, com certeza, tem razões para o que está fazendo. Eu sei que ele carrega o interesse do país no coração, mas talvez a maneira como ele está indo sobre isso é defeituosa ", disse o presidente da Associação de Fabricantes da Nigéria, MAN, Frank Jacobs, antes da nova política forex. BC.

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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Mais em Headline Stories.
O governo nigeriano, Estados Unidos, gastou US $ 6,4 bilhões em intervenção no Nordeste em dois anos e # 8211; Oficial.
O presidente da APC escapa ao ataque da máfia.
Novos ataques relatados nas comunidades de Benue.
Buhari fala sobre a crise dos pastores, # 8216; nepotismo & # 8217;
O governo nigeriano arraigns funcionário público encontrado com 86 carros.
Bispos católicos para Buhari: Seu governo está falhando, sua boa vontade está sendo esgotada e # 8221;
O pessoal universitário não docente promete persistir com dois meses de greve.
Magu, Malami manipulando o sistema legal da Nigéria - Reps.
Buhari fala sobre a crise dos pastores, # 8216; nepotismo & # 8217;
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 encorajar 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 AND APC THINK THEY COULD HIDE THIS FOREVER??
Nigerians want to eat their cake and have it. The past administration ran Nigerian into the hole and now we are blaming the current government. The current government is prosecuting and trying to recoup the money stolen from the people, some obviously dumb people are shouting human right violation and political persecution. Why this government cannot just take the bull by the horn and slice Nigeria into six autonomous region baffles me. There is no way out for this country to make it into the league of developed nation than to embrace a six regional autonomous entities. It will foster economic competition and make the federal government smaller and effective. We are facing economic recession, we should also face political recession. Why should we be going through this harrowing economic experience and we are still keeping a bicameral legislator? Can somebody tell me the common sense in this? Why should we need 36 states house of assemblies with this economic situation? Does that mean that our brains has evaporated with all the monies embezzled by the last administration? Please whoever have answers to these questions should please help me.
BUHARI NOT SOUND IN ECONOMY, FOREIGN AFFAIRS - OBASANJO!!
PUNCH NEWS, May 14, 2016.
Former President Olusegun Obasanjo says President Muhammadu Buhari may not do well in economy and foreign affairs, except in military matters.
“Buhari is not a very hot person on the economy and foreign affairs,” Obasanjo said.
“I will tell you what I know and I will tell you what I don’t know. I know Gen. Muhammadu Buhari. He served under me in the military. His characteristics that I know, his behaviour that I know, he has not deviated from them. He was never a perfect man, he is not a perfect man and no leader can ever be a perfect man because they are human beings. But if you read my book, what I said about him is correct. HE IS NOT a hot person when it comes to ECONOMY. HE IS NOT a very hot person when it comes to FOREIGN AFFAIRS. But he will do well in matters of military and he will do well in fighting Boko Haram.”
*Obasanjo has answered you! If ‘gOD’ buhari had not wasted precious time in appointing ministers, he would have had an economic team in place to salvage the situation.
QUIT THE BLAME GAME BOY! THERE WAS A SLIGHT GROWTH AT THE END OF 2015..INDICATING A POSITIVE EFFECT FROM THE PREVIOUS REGIME..IT NOSE DIVED AFTER THE FIRST QUARTER OF 2016 WITH THE BATON FULLY IN APC’S HANDS!
Laughable. OBJ has not proved to me that he knows anything about the economy. Not even a thing about political science. His government was a disaster because he put the short term interest of his government above that of national long term interest. Judging Buhari after just one year in office compared to PDP 16 years is a no brainier and there is no pun intended.
Por quê? APC, why, WHY, WHYYYYY.
DiaRiss God oooooooooo.
Buhari is a disaster. Clueless and useless to Nigerians. The first time we had a recession was in 1978-79 when Shagari another semi-illiterate Fulani was in power. Now after 37 yrs, another academically challenged Buhari who has spent over $1.5b globetrotting is leading Nigeria into an irreversible recession. Never in Nigeria’s history have we had arms conflict and arms movement as we see in Nigeria today, not even during the civil war. From the day Buhari assumed office, SORROWS, TEARS & BLOOD have been a regular trademark and Nigerians are suffering. Nothing works anymore and even Mr Liar Mohammed has become dumb. APC members and politicians, including the presidency employ their children, relatives and friends in lucrative Central Bank Jobs that are never advertized, while they advertize the poorly paid and dangerous jobs like that of the Nigerian Army & Police recruits so that the poor can enlist and then get killed.
CBN should go ahead and devalue Naira from its artificial price and give this economy a breathing room to bounce back. The real value of Naira is between official and black market rate. There is no point delaying the inevitable and prolonging the suffering.
Nigeria currently get most of its forex from oil sale and remittance– from Nigeria living abroad and grant. Given the official rate is N197, most remittance (Nigerians sending money home) that should be coming through the official banking channel has been redirected to unofficial outlets that can pay out N300 minimum to a dollar in Nigeria. How does CBN expect forex to keep flowing in? Oil price will remain low for the next 2 yrs. What is the point of maintaining rigid policy that won’t help the economy grow.
Devalue the Naira and let more forex flows into the country. Not only will devaluation relieve the pressure on reserve, there will be more inflow of FDI into real economy. APC government shoul ensure that the FDI flows into strategic part of the economy that will enhance growth and reduce unemployment.
I am no fan of rigid exchange rate. It always distort the economy and encourage corruption.
Please do not change your moniker when the devaluation would have run for six months, because i will remind you when Nigeria economy is dead!
Please, note that you are not Greece and no Bailout for an undre-developing country managed by an irredentist cattle rearer!
The best thing is to create a new forex window for semi-luxury goods, not to devalue the Naira.
Semi luxury goods importers could be surcharged higher dollar rate whist 199 to a dollar remains.
A higher cost of dollars to local manufacturers and the knowledge industry could collapse the economy.
At any event a new dollar policy need not be rushed in place until mid June lest it be a knee-jerk reaction.
No. I disagree with you.
The best thing is to disintegrate or revert back to confederation or Regional governance as was the case in 1960. When regions become autonomous there will be healthy competition and square pegs will be placed in square holes and appointments will be purely on merit. Standards will be same across board. Same cut off marks for examinations in all states of the same region and same criteria for performance evaluation in all facets of our national life. Decisions will be devoid of pedestrian sentiments and the academically challenged useless politicians will have no space to operate. Corruption will be a thing of the past and terrorists will no longer have red carpet reception and free wife after raping the captive. Besides, all job averts including that of Central Bank of each region will be advertized and every citizen will stand equal opportunity. The spokespersons to each president will be eloquent chaps as determined through rigorous selection process based on quality or resume and not the present case where presidential spokesmen struggle with tenses and sentence construction. Besides, presidential aspirants will have to attend a debate and at such sessions their countenance will be unraveled and the terrorist loving and terrorist shielding aspirant will be spotted and axed…and gradually confidence will be restored in the regions and investors will pour in and the local currency will rebound. This is a better economics.
Where is ” trust and integrity ” stand with all your nice and articulate ideas ? Without a man with conscience, all your ideas will end up where we are today . because of corruption…..are you blind to all the figures being stolen daily ?? or you dont care bcause you simply hate PMB??
Northerners will not accept that because they think fiscal fedralism or regional govt is the simpliest way to brake up nigeria. They see it as a trap which they are not ready to fall into.
So basically what you are advocating is another tier for foreign exchange where we will have effectively the official rate, Parallel Market Rate, and Luxury Market rate set by govt. Effectively Three Prices for the dollar. Have you heard of a country called Venezuela?
CAN NIGERIA ESCAPE A RECESSION WITH APC & FASHOLA GENERATING 0 MEGAWATTS??
MAY DAY! MAY DAY!! MAY DAY.
S. O.S.! ALL HANDS ON DECK!
NO TIME FOR POLITICS! KAY SOYEMI, TUNDEMESS/TUNSJ/JULIUS, ROMMEL, MARIA, AMAZING2012.E OUT OF YOUR SMELLY COCOONS.
Trash Awosan, Comfortkay, Onike, Omoba1, etc – Wahala too; he cannot seat on th fence now that his Sai Baba has finally destroyed Nigeria!
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.”
Maybe you should confront Buhari and ask him to define or explain what he understands by Fiscal policy —-and then let us know how he fared in his response. Monkey can never give birth to a Duck. and Ducks only dream of flying but never can and will never fly. Its as simple as ABC.
Emefiele is incompetent. The minister of finance doesnt even know how to do basic arithemetic, there doesnt seem to be anyone in this government who has competently dealt with the sort of complex economic know-how that Nigeria desperately needs. Most of the ministers in Buhari’s government appear to be in the wrong job and profession, they are completely at sea, without any sign of know what, where, when and how to handle the most basic functions of a minister. One wonders how this lot could turn around this monstrous sinking ship called Nigeria if they just about dont have a clue about how to do anything least tackle the tedious demands of the position they hold! Just like the last government in its erly days, I support Buhari as a patriotic citizen just as I have supported every other Nigerian head of state at least for the sake of the people and for want of a better choice. But then the truth is like an unsuppressible stench, you can smell it from miles away. This government is totally incompetent. It’s policies will only lead us to a ruinous deadend. Its economic policies are crass, it’s social policies reek of incompetence, its political style is outrightly divisive, unneccessarily confrontational even to a point of imminent self-destruction, it’s monetary policies are absurd and without logic, it’s anti-corruption policies are as selective as they are terribly obessessed with settling a certain old scores in a way that gives a bad name to anti-corruption. Nigerians detest the corrupt political class irrespective of their parties, so any genuine fight about corruption should ot be about the old party and the new party, past rivals and future rivals but rather it should be about anyone and everyone who is corrupt. É tão simples quanto isso. Again, in trying to correct the weaknesses in the system which of course corrupt officials exploit at will, the government must not play dirty, it must play smart but also within the rules. It is absurd to detain indefinitely individuals whom evidence shows stole money but who are either required to refund such funds or are considered flight risks. The government shouldnt mke that sort of silly excuses because it has the means nd resources to keep these individuals under 24/7 surveillance once released, it has the powers to seize their travelling documents, freeze their accounts and assets but it ought not to do more than it ought to especially where the executive arm starts actinv judge and jury in a dispute that it is a party to. I believe in Buhari but it ppears the Buhari that Nigerians elected is not the same as the Buhari that is now in Aso Rock. Did we just sell a dog to buy a baboon?
Yes, you sold a dog to buy a goat.
Premium Times Editor,
Nigeria lost just 16 dollars per barrel.
of crude oil since Buhari resumed office. Why this mad obsession with tax.
and devaluation over $16 – when in actual fact, crude oil price of $47 today.
yields $9 excess fund per barrel, based on Buhari’s 2016 budget of $38 per.
barril? This looks like hubris. It looks like feudalist mind-set of ‘I AM THE.
STATE’. Someone close to President Buhari should caution him.
It is not yet 48.
hours since Buhari imposed 67% tax on petrol at the fuel station. This nonsense.
proposal to devalue the Naira on top of that will be a highly combustible policy in.
less than 48 hours. A people’s revolt could send President Buhari himself running.
out of the villa in thoroughly leaderless violent riots..
A general price increase through Naira devaluation could lead to.
mass violence. President Buhari should not mistake the sheepish.
attitude of Nigerians over fuel price increase for absolute consent to.
future depreciation of the value of life. Já é suficiente. There’s no water.
for 14 days running in Nigeria’s commercial capital of Lagos state and there’s.
been no electricity since 3rd of January, except for three hours a week. That’s.
sem vida. That’s not the CHANGE any sane person in Nigeria can believe in.
The damage has been done. In August Nigeria will announce officially that her economy is in a recession. Many foreign Investors will be discouraged to bring their Investment to Nigeria. Others may wish to dinvest and move to more promising markets. This explains why economic downward spirals often last about 3 years before recovery. Millions will lose Jobs and income. Nigerians will have to wait till 2019 for the economy to rebounce and reach the level it was in 2014. Thank you Buhari, and Tinubu. You are world-class strategists!
Actually, the thanks belongs to Emefiele. It is the CBN policies crashing the economy not the FG driven policies.
In Japan one would expect to see Emefiele’s apology and suicide note, in Europe and the US, his resignation.
Since he is not taking any personal responsibility for the debacle, I would like to believe he was all the while under strict instructions not to devalue.
I would have believed that to but for the fact that I am aware that his forex policy started in January 2015 (5 months before Buhari was sworn in).
That (January 2015) was after Buhari told voters in Owerri (Imo State) for instance that he did not intend to devalue the Naira but would rather see it at parity to the dollar. No Nigerian CBN Governor intending to keep his job would neglect that statement of the then future president.
The election was in March 2015. Nobody knew that Buhari would definitively win the election in March. Emefiele must bear responsibility for the policies he instituted since last year January.
Guess where the BUCK STOPS?
With the CBN governor which the CBN Act of 2007 places with the sole responsibility for monetary policy and control of the exchange rate policy of the state. That Act also made the CBN independent of the FG on matters of monetary policy.
Please Mr Dele , you keep saying CBN gov, who voted for him?…we voted for Mr President and by law he is the chief manager of the economy.. the success and failures of the economic policies are his to claim.. but ain’t you worried that despite all your claims on emefieles failures buhari has looked so confident in him. Just in case you doubt, remember how inefficient the effcc was , buhari put his man der , who gets credit for the success so far ? Magu?… The army were doing tactical manoeuvre to neighbouring countries, buhari changed the leadership and today the results are clear, even the conundrum of the chibok girls is being gradually getting resolved.
But in the economy buhari has not being quite successful so, its comfortable to pass the buck..Anyway how many people remember who CBN gov was in Buhari’s first stint in 1983 in d ESSNCO days. All that wud be profiled is the economic direction of the country under him..
The law (CBN Act) imposes control of monetary policy and the exchange rate policy in the board of the CBN which is headed by the CBN Governor. Buhari does not have the votes to remove a CBN governor or the votes in NASS (as Buhari would need 2/3 of NASS to remove a CBN governor , deputy governor and directors).
Nawa o. Who is this awogbeoba guy? The president does not need to remove anybody. The CBN governor, deputies and the board make policies in line with the economic direction of the Central government.
What do you suppose is the function of Mr President’s economic team?
I can assure you if emefile and the board are not towing the line of buhari’s team, Lai mohammed and buhari himself would have announced to the world the difficulties they were facing. You can take that to the bank.
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.
barrel. 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.
economia. 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.
razão. 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.
pessoa. 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; e.
(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.
barrel. 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.
economia. 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.
razão. 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.
pessoa. 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; e.
(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.
barrel. 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.
economia. 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.
razão. 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.
pessoa. 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.
Procure nossas histórias.
Propaganda.
Um novo vazamento: Paradise Papers.
Papeles do paraíso: segredos da elite global.
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Operações internacionais.
O mercado cambial na Nigéria.
A evolução do mercado de câmbio na Nigéria até o presente estado foi influenciada por uma série de fatores, como a mudança do padrão de comércio internacional, mudanças institucionais na economia e mudanças estruturais na produção. Antes do estabelecimento do Banco Central da Nigéria (CBN) em 1958 e da promulgação da Lei de Controle de Câmbio de 1962, o setor privado obteve o câmbio no mercado privado e mantido em saldos no exterior por bancos comerciais que atuaram como agentes para os exportadores locais. Durante este período, as exportações agrícolas contribuíram com a maior parte das receitas cambiais. O fato de a libra da Nigéria estar vinculada à libra esterlina britânica, com fácil conversibilidade, atrasou o desenvolvimento de um mercado de câmbio ativo. No entanto, com o estabelecimento do CBN e a subsequente centralização da autoridade cambial no Banco, a necessidade de desenvolver um mercado de câmbio local tornou-se primordial.
O aumento da exportação de petróleo bruto no início da década de 1970, após o aumento acentuado de seus preços, aumentou as receitas de câmbio oficiais. O mercado de câmbio experimentou um boom durante este período e a gestão dos recursos cambiais tornou-se necessária para garantir que a falta de crédito não surgisse. No entanto, não foi até 1982 que os controles de câmbio abrangentes foram aplicados como resultado da crise de câmbio estabelecida nesse ano. A crescente demanda de câmbio em um momento em que a oferta estava encolhida incentivou o desenvolvimento de um florescente mercado paralelo de divisas.
O sistema de controle de câmbio foi incapaz de desenvolver um mecanismo apropriado para alocação de divisas em consonância com o objetivo do equilíbrio interno. Isso levou à introdução do Mercado de Câmbio de segunda linha (SFEM) em setembro de 1986. No SFEM, a determinação da taxa de câmbio Naira e da alocação de divisas baseou-se nas forças do mercado. Para ampliar o escopo das Câmaras de Câmbio do Mercado de Câmbio foram introduzidas em 1989 para negociação em divisas de origem privada.
Como resultado da volatilidade das taxas, foram introduzidas novas reformas no Mercado de Câmbio em 1994. Entre elas, a vinculação formal da taxa de câmbio naira, a centralização das divisas no CBN, a restrição das Bureaux de Change para comprar divisas como agentes do CBN, a reafirmação da ilegalidade do mercado paralelo e a descontinuação de contas abertas e contas a cobrar como meio de setor de pagamentos.
O Mercado de Câmbio foi liberalizado em 1995 com a introdução de um Mercado de Câmbio Autônomo (AFEM) para a venda de divisas aos usuários finais pelo CBN através de revendedores autorizados selecionados a taxa de câmbio determinada pelo mercado. Além disso, as Bureaux de Change receberam mais uma vez o status de compradores e vendedores autorizados de câmbio. O mercado de câmbio foi liberalizado em outubro de 1999 com a introdução de um mercado interbancário cambial (IFEM).
Estrutura do Mercado Cambial da Nigéria.
O mercado cambial nigeriano testemunhou enormes mudanças. O mercado de câmbio de segunda linha (SFEM) foi introduzido em setembro de 1986, o mercado oficial unificado em 1987, o mercado de câmbio autônomo (AFEM) em 1995 e o mercado internacional de câmbio (IFEM) em 1999.
As Bureaux de Change foram licenciadas em 1989 para conceder acesso a pequenos usuários de câmbio e ampliar o mercado de câmbio oficialmente reconhecido. As taxas de câmbio nas Bureaux de Change são determinadas pelo mercado. Um mercado paralelo de divisas existe desde a era do controle cambial. Constatou-se que a escassez no setor oficial e os procedimentos burocráticos exigiam o crescimento e o desenvolvimento do mercado paralelo.