grandstar:


It will lead to a massive increase in forex supplies to meet importers needs

U can ask Egypt how they are fairing my brother and they will tell u it is all lies

atiku07:


U can ask Egypt how they are fairing my brother and they will tell u it is all lies

Lol. They don't know what IMF is doing.

Some western forces deliberately regulate the oil prices..you know y . You know those that always get hit....

Just imagine USA and co are members of OPEC

atiku07:


U can ask Egypt how they are fairing my brother and they will tell u it is all lies

Egypt's devaluation was timid and not professionally done.

The disparity between the official rate and the black market must not be more than 3%.In Egypt's case, it was up to 10% despite the devaluation. . The devaluation was not far reaching enough.

grandstar:


Egypt's devaluation was timid and not professionally done.

The disparity between the official rate and the black market must not be more than 3%.In Egypt's case, it was up to 10% despite the devaluation. . The devaluation was not far reaching enough.

I knew u will bring up an excuse again. Guess u are smarter than all the economist in Egypt. What do u think controls the black market? When demand is greater that supply how do u expect to achieve a 3% difference from the official rate as the case in Nigeria.

Conclusion

The Minister of Labour’s directive to the Nigerian banks and telecommunications companies, though well intentioned, is misconceived and invalid as same is ultravires his power as a Minister of Labour. The directive is therefore null and void and of no effect. The subsequent threat to revoke the licences of any erring bank and telecommunication company is certainly illegal as the Minister purports to exercise a power he does not have. The operating licences of the Nigerian banks and telecommunications companies may only be revoked by the CBN and the NCC in accordance with the provisions of their enabling Acts and other relevant legislations. Apart from lacking the power to revoke the operating licences of these companies, the Minister’s threat is also counter productive as revocation of operating licences implies total closure of operations and of course total retrenchment of their staff. The best the Honourable Minister can do in the circumstance is to appeal to these companies whose declining business fortunes is due to a combination of several factors including the harsh operating business environment, increasing cost of doing business occasioned by soaring energy costs, perennial power outage, multiple tax
regimes and forex crisis.

Bimbo Atilola is a legal practitioner and Editor-in-Chief, Labour Law Review

docjuli:
Conclusion

[s]The Minister of Labour’s directive to the Nigerian banks and telecommunications companies, though well intentioned, is misconceived and invalid as same is ultravires his power as a Minister of Labour. The directive is therefore null and void and of no effect. The subsequent threat to revoke the licences of any erring bank and telecommunication company is certainly illegal as the Minister purports to exercise a power he does not have. The operating licences of the Nigerian banks and telecommunications companies may only be revoked by the CBN and the NCC in accordance with the provisions of their enabling Acts and other relevant legislations. Apart from lacking the power to revoke the operating licences of these companies, the Minister’s threat is also counter productive as revocation of operating licences implies total closure of operations and of course total retrenchment of their staff. The best the Honourable Minister can do in the circumstance is to appeal to these companies whose declining business fortunes is due to a combination of several factors including the harsh operating business environment, increasing cost of doing business occasioned by soaring energy costs, perennial power outage, multiple tax
regimes and forex crisis.

Bimbo Atilola is a legal practitioner and Editor-in-Chief, Labour Law Review[/s]

Withdrawn licenses can be given to a new investor to acquire the bank, and the bank can also be natinalised. The telcos and banks should follow due process in declaring redundancy. In b/w the minister never personified, he said we, the government....and offcourse as a minis he is talking on behalf of the government.

grandstar:


It will lead to a massive increase in forex supplies to meet importers needs

my oga...naira have been devalued since.

How market now?

What's the next line? To say it came late?


All of una wey shout devaluation, i av been searching u guys out

koboko69:
my oga...naira have been devalued since.

How market now?

What's the next line? To say it came late?


All of una wey shout devaluation, i av been searching u guys out

The market has not been fully liberalised. The official rate and the black market rate must not have more than a 3% difference. There is still over a 20% difference. Government must allow the naira to fall further and close the gap.

Naira may need to fall to around 350 to bridge the gap or even more.

Because of the massive difference, the FG remains the primary supplier of forex to the market. This is not right. The difference simply needs to go.

Will you supply $10,000 to the market at 290 when it is worth 370 at the black market? That is the major koko.

Also, forex supply is declining due to poor confidence by the business community in the government.

This is the government's fault

grandstar:


The market has not been fully liberalised. The official rate and the black market rate must not have more than a 3% difference. There is still over a 20% difference. Government must allow the naira to fall further and close the gap.

Naira may need to fall to around 350 to bridge the gap or even more.

Because of the massive difference, the FG remains the primary supplier of forex to the market. This is not right. The difference simply needs to go.

Will you supply $10,000 to the market at 290 when it is worth 370 at the black market? That is the major koko.

Also, forex supply is declining due to poor confidence by the business community in the government.

This is the government's fault

U keep giving reasons and excuses. One thing u fail ti understand is, the main issue is scarcity. Why is it that anytime CBN intervenes, Naira appreciates.

You mean value of Naira allowed to be determined by demand and supply is not yet liberalized?