If the government knew it was going to devalue the naira, why wait till now? And Buhari defended pegging the naira at 197 as if he knew what he was doing.

centvin008:



http://www.vanguardngr.com/2016/05/forex-cbn-throws-naira-into-open-market/

Sekem Sekem Sekem Sekem Sekem Sekem Sekem Sekem Sekem

Naira just got devalued through the backdoor, and it was cloaked in plenty grammar....

economics-most important course ever!

jodeci:
1$ will eventually exchange for 700 NGN before year end ssince the rate will be determined by market forces.

The most confused clueless CBN governor ever there is.

jodeci:
1$ will eventually exchange for 700 NGN before year end ssince the rate will be determined by market forces.

The most confused clueless CBN governor ever there is.

but thats what u guys has been clamouring for: he placed restriction , u say buhari has tightened d economy, money no flow, he relaxes restriction, u guys start complaining; naira go loss value

kay9:


It's in English, bro.

Yes, it is in English, but if you're not good in advanced Economics how will you understand this message that is filled with professional terms. It should be in layman's English bro cos the message is not for Economists alone. Don't claim any knowledge here abeg.

segalex:
I support PMB most times but I honestly think he needs to gather Nigerians who are versed in economic matters and constitute a real economy team which will give this administration the necessary directives on how to run the economy.
The issue of making Osinbajo who is a lawyer the leader of your economy team doesn't make sense, if there's one area that this administration is seriously struggling, I think it's the area of economy and this needs to be corrected before it gets out of hand

Pls get your facts right. PMB did not make Osinbajo the leader of his economic team. Know Your Constitution! Third Schedule 18(a). This is a matter of Law. He is the Chairman of the NATIONAL Economic Council for the whole of Nigeria (i.e. Federation incl. states governed by the opposition). PMB has his Economic team who are members of the Federal cabinet and are all appointed.

It is just devaluation nothing more, I am yet to see any thing this govt said that ever come true, long overdue devaluation supposed save Nigeria trillion dollars, but apc hide it due to politics, thereby creating Avenue for more sharp activities in nigeria, full devaluation will only make rich to sufer, while the lower class will remain level

Medicine after dead.

Launching a book titled:

How to destroy a country's economy in one year.

By Muhammadu Buhari.

chigoizie7:



Commercial banks inclussive.

Thanks. But does this new policy put the black marketers out of business if fully implemented or will they still be in business?

Uduak2019:
Nairaland economists should come and interpret this voluminous, esoteric article/press release for us! The writer of this article intentionally made sure that ordinary Nigerians don't understand the new monetary policy

Let me simply put it in "David Cameron" way the Naira had been fantastically been devaluated.

dalaman:


Thanks. But does this new policy put the black marketers out of business if fully implemented or will they still be in business?

They will still be in business, but where do u think they get their fx?

Ur guess is as good as mine.

Same way commercial banks have agents all over the place that sells "mint" to Nigerians. Mints that was meant to be given for free in the banks. How many times have u recieved mint from the bank or tru d ATM? Or does it mean CBN does not recall old currency to replace with mint and supply to banks for general purpose?

That is the same way they deal with black marketers with regards to fx. They need more profits.

gratiaeo:
Who are the beneficiary of "special window" and what qualifies one? Buhari and his team are jokers

I wonder why most people are not talking about that here, goes to show most people didnt read or understand the fantastically packaged scam there. In other words we have special citizens, special children and special family. This leaders have successfully scraped the middle class in Nigeria

Nelkoko:
Me i NO understnd anyting 4 here.

I tell u.. no need of all dis long grammer.. d man shoul just tell us d new adopted exchange rate ... shikenan.

chigoizie7:


They will still be in business, but where do u think they get their fx?

Ur guess is as good as mine.

Same way commercial banks have agents all over the place that sells "mint" to Nigerians. Mints that was meant to be given for free in the banks. How many times have u recieved mint from the bank or tru d ATM? Or does it mean CBN does not recall old currency to replace with mint and supply to banks for general purpose?

That is the same way they deal with black marketers with regards to fx. They need more profits.

Thanks for the information. Please will the official rate once announced and black market rate differ much or will there be a convergence?

BLAME IT ON JONATHAN"....

priceaction:
Why are people complaining again. At least let the market forces do it's thing.. They narrow the exchange rates, you people complain. They relax it you people complain. Bring better solution, you don't have. The truth is that economy has sunk right from many years ago. It just shows physically now. If you are partisan thinking it is PDP or APC, you get it wrong. Because mwhen they want to steal, they do collabo to do it irrespective of the party..They don't care about us. Their family will hardly feel it even if the dollar trade is 500naira. Even if it is Gej on the throne , it won't be better

In Nigeria, economics application won't work because this part of the world is strange. This new policies will give banks and bdc opportunity to explore the flaw and go back to their crude ways creating artificial price way up. We should ask our self,why is stock market prices getting positive turn around for months now despite economic hardship. To me, bubu would have held on a bit, make peace with nd people instead of using forces,so that oil revenue inflows can improve since crude oil prices are picking up.

I don't know why God created Africans, we are just wicked and opportunist. When these people are looting without looking back, no one can challenge them. Look at all Caribbean, all our stolen money are used to develop those areas. All there unborn children have foreign nationality of their choice. If you steal and invest back to the country, the money will be enough to create many things back home. It's just unfortunate we found our self in this evil leadership mess. If to say we get our Independence same time as SA, Nigeria will be better than many European countries . so so unfortunate. Buhari can't do much as at this time.the are just helpless. So who will still suffer it?
Many people shouting devaluation will see the true meaning of it soon.

my brother u read my mind,heaven knws why God created africa and put human in there,their leaders are so wicked,silly and stupe,they stink of corruptions all their kids are in abroad they dont suffer the same way we common man do,u wonder why africa will never develop because all they know is selfish interest,no ideology,no development and no dream,things are getting bette

asids55:


please answer this question. ...how much was a barrel of crude during GEJ'S regime,and how much is it now?please do you even have an idea of what's behind this scarcity at all?I doubt that cause for u to suggest that we invite gej of all people to come help out means you dont

If I told u I wasn't expecting smeone to quote me then I am lying.
Crude oil started falling ryt frm GEJ era but b4 then, oil was on the high side. The guy tried savin thru d ECA but ur governors (nw ministers) forced him thru court cases to touch the money for their very sefish reasons. Also under GEJ, the foreign reserves was growing. He also tried making the people independent by diversfying. Now tell me, why blame GEJ for the sins of ur ministers. Have u held ur fvcking ministers accountable for the money they collected from the ECA. NO!!! Everybody is blaming GEJ. If ur president have the interest of the country at heart, he should probe those who benefitted frm the ECA ie if he has the balls and no skeleton in his cupboard and he should invited capable hands irrespective of the ethnic/political loyalty. Nigeria is bigger than one person/group.

proeast:
Trial & error government. I hope it benefits the economy immensely but having a special window is another avenue for round tripping & corruption because those with connections would always abuse it. Diaspora remmitances will also increase since banks will no longer cheat Nigerians recieving hard currencies by giving them naira at 197 when the true value is 350.

The true value of the naira is 197 internationally. I do a foreign business so I know what I'm saying. If my mastercard will pay me 350 naira per a dollar I will be very very happy. Your Hausa sabo black market people made the price 350 when CBN refused selling them dollars.

I knew dia administrate wld run dis country 2 d ground wen I saw d long awaited list of ministers. Most of our presidents Dnt knw anytin(or shd I illiterate economist). Take Obj 4 instance a man outa prison wit only military background & zero undastandin of d economy, yet dis man led 9ja tru d GLOBAL financial meltdown witout much casualties because he had brilliant minds on d steerin wheel of key sectors in d ecy. Fast forward 2 PMB dis man has no macro-economic undastin @ any level yet he appoints pple who are misfits & gets d media 2 hail d appointments as round pegs in round holes. Wen u hav kemi as min of Economy, fashola as minister of power osibanjo leadin econmic team, ow do u expct d country 2 do bera. Many pple wld argue dat GEJ dint do well in managin d Ecy durin his time even wen it rose 2 d largest in africa; however if u takin ova a new coy u inherit both its assets & liabilities. Buhari shd reorganize his econmic team, we hav sound pple both @ hme & abroad who can handle dis ecy, it's time 2 stop arse kissin. Stabilize power 1st b4 devaluin tins.

Gosh Smetyms 1 begins 2 wonder if it's actually difficult 2 see tins 4rm a clear point of view

Harrisonwo:


If I told u I wasn't expecting smeone to quote me then I am lying.
Crude oil started falling ryt frm GEJ era but b4 then, oil was on the high side. The guy tried savin thru d ECA but ur governors (nw ministers) forced him thru court cases to touch the money for their very sefish reasons. Also under GEJ, the foreign reserves was growing. He also tried making the people independent by diversfying. Now tell me, why blame GEJ for the sins of ur ministers. Have u held ur fvcking ministers accountable for the money they collected from the ECA. NO!!! Everybody is blaming GEJ. If ur president have the interest of the country at heart, he should probe those who benefitted frm the ECA ie if he has the balls and no skeleton in his cupboard and he should invited capable hands irrespective of the ethnic/political loyalty. Nigeria is bigger than one person/group.

for the 6 yrs GEJ ruled this country,crude was selling for over 100$ for 5 years,and he still went on to squander the fx he inherited from yaradua,am not saying that I like the way things are going out now,but the fact that you mentioned that ediot as someone that can save us is so annoying,cause that guy did more harm than good when e was incharge...and please just take a sec to picture a nigeria which is still governed by Gej,where a barel sells for a Lil over 40$,and all those that looted public funds are still in power and who will surely still be hunting for more scarce fx...please truthfully tell me how u imagine nigeria will be

Thanks for making me laugh!

LastSurvivor:
But I warned u guys about this very dullard that failed Economics and Mathematics even in a forged waec result..
I warned u all..

Dam5reey:


If you had this time to comment... You would have read one thing or the other...
The Topic says everything..

Sign post I no even read

dalaman:


Thanks for the information. Please will the official rate once announced and black market rate differ much or will there be a convergence?

Well, until it is announced, no one knows d rate for now. Normally, CBN had refused selling fx to black marketers officially, so they(black marketers, source from commercial banks, and commercial banks add their profits,suffice it to say that black marketers will also add profit b4 dey sell) since it is now thrown open, let's still watch and see if the commercial banks will determine prices for black marketers, but they wouldn't, how will they source?

But bear in mind that from our external reserves, there is a limit to which we can operate on.

For the past few months, many Nigerian business(importers mainly) has been out of business for the restrictions on fx for certain commodities. + oil marketers going in to source fx elsewhere (no longer CBN). Don't u think demand will out weigh supply? I mean so many people demanding for the fx now as against the availability of fx.

Well, let's keep watching them and see how the market forces will determine currency value.


And den for ur question, they( black marketers and co) might come together to fix a price for their selfish interest. The FGN is not there to know how d market forces are fairing.(they don't have a strong task force team to monitor and regulate it since it is thrown open to any tom, dick and harry)

TechRev:
"Special window" there is your corruption for the fantastically corrupt nation. What is special window and what qualifies special window transactions and what rate will the special window get?

Special window is for his favored few. And they are looking for corruption.

This is why APC wont sack Emefiele

Nigeria can be confusing. PMB said he won't DEVALUE the Naira. What has he done now. Y isnt this government having an Economic Blueprint? I dont like criticism but this is a clear case of policy summersault

In one word - Naira Devaluation.

Harrisonwo:


If I told u I wasn't expecting smeone to quote me then I am lying.
Crude oil started falling ryt frm GEJ era but b4 then, oil was on the high side. The guy tried savin thru d ECA but ur governors (nw ministers) forced him thru court cases to touch the money for their very sefish reasons. Also under GEJ, the foreign reserves was growing. He also tried making the people independent by diversfying. Now tell me, why blame GEJ for the sins of ur ministers. Have u held ur fvcking ministers accountable for the money they collected from the ECA. NO!!! Everybody is blaming GEJ. If ur president have the interest of the country at heart, he should probe those who benefitted frm the ECA ie if he has the balls and no skeleton in his cupboard and he should invited capable hands irrespective of the ethnic/political loyalty. Nigeria is bigger than one person/group.

GEJ is to be blamed. He governed Nigeria during the oil bum. We made a lot of money from Oil during this period but where is the result today in our lives. Oil was sold for more than $100 per barrel during his time before it started dropping drastically when he was almost leaving office. Now its less than $50 per barrel. Do you know what such difference can make to our economy? See let's stop all this hatred for Buhari and face the truth.

GEJ made sure he ruined the economy before leaving so that the next government will suffer and the people suffers for not voting for him. I keep hearing people said. He gave freedom and liberty during his tenure. But that liberty brought about so many corruption and looting.

He appointed the ministers and why would a minister you've appointed into office be more powerful than a president of a country like Nigeria. He is a failure and caused most of all this troubles we face now.

They squandered the Oil money among themselves and prefer to build other countries economy for them with money I and you should enjoy. Our cities look like ancient cities when it ought to look like Dubai or at least south africa by nowadays standard. We sold oil just like these oil countries did but they refused to build our country. They must not go free from this mess.

No comment

adeleye83:


GEJ is to be blamed. He governed Nigeria during the oil bum. We made a lot of money from Oil during this period but where is the result today in our lives. Oil was sold for more than $100 per barrel during his time before it started dropping drastically when he was almost leaving office. Now its less than $50 per barrel. Do you know what such difference can make to our economy? See let's stop all this hatred for Buhari and face the truth.

GEJ made sure he ruined the economy before leaving so that the next government will suffer and the people suffers for not voting for him. I keep hearing people said. He gave freedom and liberty during his tenure. But that liberty brought about so many corruption and looting.

He appointed the ministers and why would a minister you've appointed into office be more powerful than a president of a country like Nigeria. He is a failure and caused most of all this troubles we face now.

They squandered the Oil money among themselves and prefer to build other countries economy for them with money I and you should enjoy. Our cities look like ancient cities when it ought to look like Dubai or at least south africa by nowadays standard. We sold oil just like these oil countries did but they refused to build our country. They must not go free from this mess.

Who are the they, didn't he open ECA(excess crude account) for the country. ECA was an account used to save the excess gain from the sales of crude oil. Wasn't the amount there in billion '$. Why didn't you guys object the Nigerian governors forum when they were pressuring the man to withdraw money from the account and share among them. So after eating ur cake, another one was coming from heaven on a platter of gold. Didn't u knw the ECA was for the raining days. During GEJ, our fx was rising, ECA was rising nt until the governors out of greed for money to run their campaign sued the FG to court. Why didn't Nigerians object the NGF, u were all silent thinking that oil will always sell above $100/barrel. Now we r in this dire situation because of people lyk oshiomole, fashola, ameachi n co. Wat past administration did was borrow to aid in govt which other country do. Now wat r people lyk ameachi, fashola,and Co doing in the cabinet. Why ain't experienced peeps with record proven background given the chance to serve instead of political compensation which we have as ministers. WE BROUGHT THIS on our selves by keeping silent while the governors were dragging Jonathan around to spend our money, so we should leave wt it instead of blaming the man for wat isn't his fault. If Buhari has the interest of this country at heart, he should boot sme cabinet members out and bring in fresh people to turn the situation around. The council of state is also there to advise on wat to do.... shikena

asids55:


for the 6 yrs GEJ ruled this country,crude was selling for over 100$ for 5 years,and he still went on to squander the fx he inherited from yaradua,am not saying that I like the way things are going out now,but the fact that you mentioned that ediot as someone that can save us is so annoying,cause that guy did more harm than good when e was incharge...and please just take a sec to picture a nigeria which is still governed by Gej,where a barel sells for a Lil over 40$,and all those that looted public funds are still in power and who will surely still be hunting for more scarce fx...please truthfully tell me how u imagine nigeria will be

Who are the they, didn't he open ECA(excess crude account) for the country. ECA was an account used to save the excess gain from the sales of crude oil. Wasn't the amount there in billion '$. Why didn't you guys object the Nigerian governors forum when they were pressuring the man to withdraw money from the account and share among them. So after eating ur cake, another one was coming from heaven on a platter of gold. Didn't u knw the ECA was for the raining days. During GEJ, our fx was rising, ECA was rising nt until the governors out of greed for money to run their campaign sued the FG to court. Why didn't Nigerians object the NGF, u were all silent thinking that oil will always sell above $100/barrel. Now we r in this dire situation because of people lyk oshiomole, fashola, ameachi n co. Wat past administration did was borrow to aid in govt which other country do. Now wat r people lyk ameachi, fashola,and Co doing in the cabinet. Why ain't experienced peeps with record proven background given the chance to serve instead of political compensation which we have as ministers. WE BROUGHT THIS on our selves by keeping silent while the governors were dragging Jonathan around to spend our money, so we should leave wt it instead of blaming the man for wat isn't his fault. If Buhari has the interest of this country at heart, he should boot sme cabinet members out and bring in fresh people to turn the situation around. The council of state is also there to advise on wat to do.... shikena