The CBN gods must be crazy

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Because it’s getting out of hand.

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First, it was the corporate dollar debit card restrictions. Then eventually, even personal debit cards were restricted to $300 a day. I was nearly stranded in Kenya when the BVN palaver manifested itself, I couldn’t even hail an Uber. And now this :point_up:t5:

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Because as @ today exchange rate on parallel market is N269 to $1,
Because Banks are feeling the squeeze on dollar supply,
Because Oil revenue which is our major source of forex has nearly gone zilch,
Because there is almost no growth sector for output…hence the consumerization of Nigeria = poor economy

Because, Government is clueless as to how to solve our economic woes beyond use of monetary policies.

Because shit is about to hit the fan, Ask the Greeks!

All hail CBN

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The guy has no business going to Kenya to spend his Nigeria earned money.
That is capital flight.

269 in the parallel market is because a lot of us have started saving in dollars in preparation for the next couple of years.
The int’l market rate is still 199+

Internet businesses rely on forex. Some of our opex has gone 20% in the last 6months. Budget and planning for startups is crazy because i dont see any startup who coud have budgeted with 2015 dollar value of 270. By the way, who is the minister in charge of ICT in Nigeria?

It’s going to be a long 7yrs because the government will win re-election in 2019.
We should all get used to this.

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This is a joke, right?

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You cannot be serious.[quote=“Uduak, post:3, topic:3646”]
The guy has no business going to Kenya to spend his Nigeria earned money.That is capital flight.
[/quote]

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Dude,

Capital flight bawo.

When you refer to int’l market rates, please note that it is limited to professional services and international trading in the context of form A and form M transactions.

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Oil has not gone zilch :rage: stop saying nonsense :rage: the price only reduced…

Nigeria makes at least 2M bpd.

Before the price fell it was at 2M * $110 = $220m PER DAY
$220m * 30days = $6.6bn per month
$6.6bn * 12 = over $79.6bn per year from OIL alone

Now its 2M * $40 = $80m PER DAY.
$80 * 30 = $2.4bn per month
$2.4bn * 12 = over $28.8bn per year from OIL alone

The above excludes Agriculture, tourism, sea ports revenue, non oil companies tax e.t.c.

NIGERIA IS NOT BROKE AND ITS ECONOMY IS DEFINITELY NOT POOR

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Dear @Godmode,

Figures are cool to throw around, but when you are ready for a decent lecture on the Nigerian economy, inbox me.

Cheers!

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Figures are not cool… I hate figures… but they don’t lie… when you’re ready to open your eyes on the Nigerian economy inbox me :rage:

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Nigeria shouldn’t be broke, mismanagement and over dependence on imports has killed us. In 2011 or so, Revenue from FIRS is in the trillions, in the same range with our budget, like @Godmode said, there is still Customs, Agriculture and so on.

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I totally agree. That’s how Greece was cool till it became uncool. However consider these:

  1. You lose over 63% of your oil revenue from $110 to $40 (note that next year’s budget is predicated on $38; whilst some forecasts have been pegged at sub $30). Do you know the impact of that on a business, talk less GOVERNMENT?
  2. Iran is about to join the fray with over 1M bpd
  3. For reasons best known banks will lend to you based on 35% of your disposable income i.e. net income. This same rule applies to GOVERNMENT meaning further squeeze. J.P Morgan has delisted Nigeria.
  4. CRR was brought down to 25% from 31% in the wake of TSA implementation simply to spur lending and boost liability position of banks. Most of the TSA funds cater to recurrent expenditure.
  5. Nigerian economy is heavily dependent on oil I reiterate and over 60% of that revenue is gone.
  6. Tax earnings last year was claimed to be 4.9 Trillion - source FIRS. You can only get tax when businesses are profitable.

We are 170 Million plus and sadly we quantify our economy by revenues and abracadabra accounting. World bank says over 100 Million Nigerians live below poverty level.

When Buhari is going about telling countries we are broke, he knows what he is talking about. Remind me how many state governors have started complaining about inability to pay minimum wage.

Sorry, I forgot this is a tech site. Let’s take this offline.

Cheers

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Ok sir.

:neutral_face:

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Nigeria’s population is not more than 100 million… Nigeria’s richest billionaire’s business is about cement yet the states that have the resources (Kogi and Ogun) have very low IGR…

Buhari may be president but academically he is not on the level of a lot of Nigerians… So he can say what they tell him to say not what he knows…

If Nigeria is that badly affected how come Angola that is the largest producer of oil in Africa is not complaining…

You sound like a paid zombie defending his paymasters…

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Sorry where do you live? Under a rock?

You just exposed your ignorance…i apologize for trying to enlighten you.

Apples and oranges = Nigeria and Angola!

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The truth is, we really don’t know how many we are in Nigeria.

Let’s talk about Nigeria’s problems over a few beers like you proposed.

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what ignorance :dizzy_face:

Have you ever looked at India, China and other over populated cities :sweat:

There’s usually no space and these cities have 10 times the size of Nigeria’s most populous state(Lagos)…

The high population you’ve been seeing for years is meant for rigging elections and getting higher state allocations…

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I agree… But it’s fanta i take o.

Just a quick one NCC and NBS website give a good idea of population figures inre GSM penetration and census.

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Dude, Nigeria doesn’t earn 100% of it’s oil revenue. Your figures are far from reality.

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That’s not my fault… but Nigeria earns billions of $$$ monthly from oil… Where did they see all the money they are dashing each other…

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we earn 40%, still a lot of cash. The reason why we are in trouble is because we mismanaged, has nothing do with the drop in oil revenue.