Responding to a statement by the International Monetary Fund that the Nigerian naira is overvalued and increased exchange rate flexibility might be needed... (4) Comment
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victor ojinnaka Dublin, Ireland April 10, 2011
It is good to know that there are people like Sanusi Lamido Sanusi.He should keep up his good job.Don't ever back down for all these I M F GANGSTERS.
OBJ HOUSTON, TEXAS, USA February 22, 2011
Thank God we have a CBN governor with knowledge. Nigeria has not recovered from the demise of the devaluation that led to some of our current doldrums along with poor leadership and poor economic planning. All the points mentioned by Mr. Lamido struck the cord, and he must not allow IMF under any circumstance to dictate the exchange rate of our currency. The IMF has become an instrument for developed nations such as US to stifle the economy of upcoming nations. Nigeria and Argentina got sucked in to this game in the past and are yet to recover. If Nigeria falls to that trick again, it will be the end of civilization for Nigeria regardless of the price of oil because it will not matter
The governor of CBN Mr. Lamido must pressure the government for infrastructure build up to facilitate industrial development. It is the growth of our economy that will determine the rate of Naira exchange and not IMF. We need refineries to stop importation of fuel, we need constant power supply, and the government must have policies that encourage economic growth and investments in the private sector.
OMOTAYO, J. A. Lagos, NIGERIA February 21, 2011
Thank you Mr. Lamido. Your points are very clear. The IMF can only fool those who obtain certificates without knowledge. The greatest institutional problem of the world today is the IMF. There is no country where the IMF has its hold that is not in a debt / financial crisis. Nigeria cannot afford to be misled again by the IMF. It was the IMF that made the IBB regime to introduce First Tier Foreign Exchange Market, Second Tier Foreign Exchange Market, Foreign Exchange Market, Open Market Operations, etc under the destructive Structural Adjaustment Programme (SAP) policy thrust. The information then was that the Naira was overvalued at abour N0.68 : $1.00. Today, the outcome is clear: over 800 major industries then existing have closed down. The Naira : Dollar rate has thumbled from N0.68: $1.00 through N1.00 : $1.00, N2.00 : $1.00, N8.50: $1.00 to N151.00 : $1.00 today.
What else does the IMF want after crippling the Nigerian economy?
God bless Nigeria.
Paul I. Adujie New York City, United States February 21, 2011
I thank Governor Sanusi Lamido Sanusi for his reasoned stance against IMF attempts at manipulating our economy.
I thank you as well Mr. Omotayo for your clarity of thought and response up there to Governor Sanusi actions.