PassingShot:


The good quality of our president is he accepts sound advice/argument provided you're able to convince him.

He said he was not convinced that devaluing the Naira was best for Nigeria and he has been proved right.

Imagine what would have happened to our economy if he had devalued the Naira to say N250 to a dollar. I am sure it will have shot up to N500 at the black market.

But his refusal to do that, plus non-working of the two parallel rates (official and black market), have made Emefiele and his team to put on their thinking cap to find an acceptable solution to the problem.

Salute to PMB once more.

eph12:

Be optimistic for your own good. There's nothing patriotic about being pessimistic.

StoneLucifer:





It is obvious your skull is filled with saw dust

Farmerforlife:


Lol. You are counting chickens. Take care that the fellow doesn't have the last laugh. There are no bids and no sellers at this price, it is just to test the market. It will still go up when the banks realise that they are not going to get any dollars to buy at this price.

Ogetogeo:


That is not the problem, the problem is if these conditions my account officer is giving is the right way to access the dollar, then its DOA and also the quoted rates today of 253-260, which bank is selling that now and how do we access it?

PentiumPro:


Which Yeye PHD friend you spoke with? Who knows him? Where are his written papers on the economy? So because you spoke with one Yeye thing that call himself a PhD holder, we shouldn't be optimistic going forward? You and your Yeye friend can keep you pessimism in your house. These biafrans sef!!

murmee:
Whao! what an Expression. It seems Nairaland is now attracting well educated, better informed people and that is how it should be. May God wipe out all the barely educated, ignorant people posting annoying comments from Nairaland. Amen.

codeME:
There you go again, please be soft and gentle you are too beautiful for this.
Our ranting on Nairaland may not add any value to the naira or make N1 = 1$. It is a new policy lets be optimistic and give it some time. please Nigerians.

crazymommy:
I used the word "reduction" and not "elimination"... No one said parallel market will be erased totally...if parallel rate market is erased how will Bereau de change now exist..I said it will reduce the gap massively...I did not say it will eliminate it...

iwaeda:


ok o kontinue

PentiumPro:


Sometimes it's good be hard on these people wishing the worst economic crises in our dear nation. They are not propagating any tangible way forward, all they expresses is pessimism about the effort of the govt.

MuhdG:
Does this mean that even black market is at 253 cc passingshot

AkinropoIlori:
The little knowledge I have on this topic is that devaluation occurs in the fixed exchange regime while depreciation comes under the floating exchange rate.... under the floating exchange rate system like what every other writer has said there is no official exchange rate. The market creates its own supply and demand and adjust to equilibrium automatic by these market forces known as the forces of demand and supply which is known as the invisible hand by the classical economists like Adam Smith... So what the CBN did was to depreciate the currency in other to pave way for the floating system which will close the gap at the parallel market. One of the demerits of this regime is that there can't be stability in the exchange rate market because the demand must look for it supply in other to obtain equilibrium which changes from time to time.. My prediction is that the exchange market will continue to appreciate in an increasing returns in few days/weeks/ or even months but starts to increase in a decreasing return until stability is obtain. However, if the policy is hijack by the very few rich individuals who have access to foreign exchange it will make dollar more costlier at the expense of naira only creating more wealth for these very few rich individual at the expense of the masses..

NOETHNICITY:
Look here, u re strongly advised to go apply for the Npower scheme b4 its too late! And b4 I forget, don't quote me again!

ExplicitContent:
Mtchew, rubbish. I was still charged 330N to $ today...

TippyTop:
Expect the euphoria to be gone in a few weeks, Adeosun has no real economic blueprint to lure back investors.

shyling:

The question should have been what were the indices that made it fail? And are they still operational? How do we tackle them?

PassingShot:
Happy days are ahead of us.

With the news, the worst of our economic woes are behind us.

Kudos to the government for floating the Naira rather than devaluing it. A first in the history of Nigeria.

*Modified*

Some ignorant mourning wailers are saying floating the naira is same as devaluing it. Hell NO!

If you devalue the Naira, you fix an official exchange rate to it. E.g N250 to a dollar. With that approach, the black market rate will jump to beyond N400 to a dollar.

But with floating, many traders with high volume of dollars come in and trade dollars based on demand. In this approach, there is no official dollar rate set by the government. The rate is purely determined by how much dollars are demanded and how much dollars are available. This way, the Naira finds its true value.

tete7000:



If the Naira which was once fixed for N197 to a dollar crashes to N253 to a dollar, has the naira not been devalued? There are many ways to achieve the same thing; if floating the currency will cause its value to wane and govt took that option then govt has devalued naira. Your argument does not change that except you can show me govt. option has made naira appreciate.

MurphyG1:


Isnt the N 253 to a $ parrallel market rate? Or am I missing something here?

gboye1999:


We already had a shortage in the amount of dollars the CBN could offer the market even before Buhari administartion assumed office.
Crude oil prices started its plunge as from 2014 i believe.

iwaeda:


Zombies only see their lines of reasoning,one day reality will teach them sense.
They will know Economics is not for learners.
Prices of foreign goods,visa,tickets will sky rocketed because instead of #197 it will now be #253. Eating Aisha rice is very bad to the medular oblangata

AtlanticBreeze:

keep deceiving yourself.. This is not the first time Naira is being floated.. It was floated during babangida's regime and that was what crashed the strength of the naira to dollar then.. Let's see if naira doenst hit 500 to 1 dollar in few weeks time

kanor:
NO TRADE WAS AGREED ON THAT RATE! You guys did not read that? The rate will continue to increase in the next days ahead.