YEMI CARDOSO AND THE ARISE TV SESSION… Yemi Cardoso was wholly diplomatic in most of his responses in that session
1. If $2.3bn forward obligations were found to be contrived and inputed into the books , can we have a list of the beneficiaries and the originating entities involved in this heist or attempted heist ? 2. What of the unpaid LCs forwards and swaps of about $10bn with the deposit money banks? When is the CBN settling it ? 3. What did Buhari and Emefiele do with the N23TRILLION that was handed over to Buhari 4. What did Tinubu do with the N7.8trillion way and means monies that was printed and handed over to him in under 7 months [May 2023 to date ] ? 5. Have they stopped the way and means interventions, that created over N31trillion criminal slush funds that was used to attack the scarce dollar resources between May 2015 to December 2023? 6. When is the CBN going to stop the deposit money banks from lending ODs to states and LGAs… You cannot allow them to borrow to loot and expect not to have price and fx instability … 7. It sounds very comical when I read any Nigerian commentator submit that the naira is undervalued ? I used to sound same way in the past
What parameters did they used to arrive at their assessment of what the intrinsic exchange rate value of the naira to the dollar should be ?. You can only guage the true intrinsic exchange rate value of a local currency in relation to the global convertible currencies, based on its historical performances, the strength/depth of its productivity, strength, soundness and integrity of the institutions of the state. The Singaporean dollar for 33 years from [1990 to 2023] gained 18% over the USD, from SGD1.63 /USD1 in 1990 to SGD 1.34 /USD1 in 2023 The UAE Dirham has stayed at the same level of 3.67/$1 for over 15 years . Excellent fx stability… This reflects the productivity of the countries, and the full faith the global investing community have on the leadership, institutions and transparency of the systems within those climes 8. Yemi Cardoso should also realise that Nigeria Exchange rate should be a matter of national strategy rather than an outcome of global economic trends and their impacts on crude oil. What is Nigeria’s exchange rate strategy and what are our long term plan to accomplish it ..? One of my very good friends, brought a good perspective to this debate… For instance, Japan built an export led economy and intentionally kept the Yen at a level that fit its economic plan. When you hear the US claim that the Chinese “manipulate” their currency, the Yuan, it comes down to the fact that the Chinese decided to become the “factory of the world”, exporting huge amounts of various commodities to different parts of the world and building up a portfolio of $868.9billion in US government securities. This is the same strategy the Vietnamese are executing. Nigeria has a reported reserve of $30b+ that’s illiquid hence the exchange rate brouhaha. We mismanaged and looted our export proceeds and have kept no reserve. We deliberately misappropriated and looted our crude oil resources to the tune of $22bn annually under Buhari regime[ https://businessday.ng/editorial/article/revisiting-nnpcs-admission-of-1-9bn-crude-oil-theft-monthly/…] and it is yet to stop 8 months into the BAT reign … We allowed rogues/bandits in high places to mine and export billions of dollars worth of gold and other mineral resources out of Nigeria, which they never repatriated the fx proceeds back home . A major chunk of the insecurity we have today , especially, in the North is tied to this nefarious games What is the FGN doing to set things right in that area, and stop the insecurity via restructuring and devolution of our national security architecture? As at today, we have potentials to produce and export over $100bn worth of agro commodities annually , but we are not exporting much in that area We can stop the outflow of over $1.5bn we spend on dairy products and $2.4bn
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