franchasofficia:
I am a realist, an economy expert and an FX industry key player too even though I am an engineer by first profession.



I deal on FX on a daily basis.



My desire is for it to work out fine but I am just pointing out some loopholes.


Tinubu seems to have good intentions to surprise we his critics but he seems much in a rush in doing some of his good policies without proper planning and preparations.



If it works out fine, that will be awesome and a big plus for him, I will become one of his fans.




Its unfortunate my influence haven't reached the level of getting national attention, I would have published an article to guide Tinubu and his economic team on some of these policies and how to ensure they don't fail at the end

Basicend:


Confirm the reserve. It's not anything close to that.

Buhari has almost taken out everything.

PARADIZEPRIEST:
DANGOTE IS GOING TO FLOAT A BANK FOR SURE,WATCH OUT

okoloto:
The policy will work and naira will even appreciate with the policy. What guips our forex is fuel importation. Dangote coming on the stream will salvage that because he will be selling in local currency and will also bring in forex from his exporting the remaining product. Don't forget that we will also be selling crude, other exports, individual and cooperate businesses and foreign remitances from diasporians. What we import in a day can't be more than the crude we will sell that day.
Let's see as it goes but there is light at the end of the tunnel and jagaban is a marverick. He will create history for himself as the best leader Nigeria ever had.

Beverlyjean:


Mumu like u...they just devalued the naira which they denied just last week and u are jubilating... mumu people like us is the reason y their country will continue to sink

loswhite:
Tinubu did not destroy abokis. Abokis have destroyed Nigeria and they have always been a liability before amalgamation. Someone has to stop the madness. How can you fix rate of one currency for different class of pll?

tosyne2much:
The question now is that, with this new directive, will it eliminate Abokis we see at strategic places buying dollars?

Dialpad:
This is a good move, I know many are waiting to hear news of when we can start spending dollars on our naira cards.

How can one have millions in a naira account but can't spend when you travel out, some lunatic tells me I can only spend $100 monthly.

If you are waiting to spend dollars on your naira card, click the like button.... lol

oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this

jhydebaba:
Anything to make the naira strong is welcomed.

accordadoga27:
Welcome to the new Nigeria - The giant of Africa.


We thank everyone who voted in BAT.

As for the ones who fell for the propaganda, una eyes don clear now just in two weeks.

They told us we would see shege under Ashiwaju’s administration (the best governor in the history of Nigeria) but the land would be filled with honey under one man who failed woefully as a governor in small Anambra and some people believed.


Tinubu is sick, he is push and start, how many times has he collapsed since he assumed office?

We thank everyone who believed in Ashiwaju. Together we shall sing a new song.

As for the ones who don’t want Ashiwaju to succeed or progress, ode to n so eledumare, ori e lo ma ku si

Ashiwaju is not their father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s mate.

MrsTblooms:
To you economists, what does this one imply.

Don't think I don't understand it

oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this

accordadoga27:
Welcome to the new Nigeria - The giant of Africa.


We thank everyone who voted in BAT.

As for the ones who fell for the propaganda, una eyes don clear now just in two weeks.

They told us we would see shege under Ashiwaju’s administration (the best governor in the history of Nigeria) but the land would be filled with honey under one man who failed woefully as a governor in small Anambra and some people believed.


Tinubu is sick, he is push and start, how many times has he collapsed since he assumed office?

We thank everyone who believed in Ashiwaju. Together we shall sing a new song.

As for the ones who don’t want Ashiwaju to succeed or progress, ode to n so eledumare, ori e lo ma ku si

Ashiwaju is not their father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s mate.

oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this

Princewell2012:


Oyibo man will put this writeup in the write perspectives, and everybody will understand it.
Education is not just about big grammar.

Just imagine, almost everyone here were asking for better clarification. And you called this edification.

Moniya4Real:
I bet only educated people can comprehend the technicalities of the content of this stuff. People that say education is a scam …. I am sorry o

accordadoga27:
Welcome to the new Nigeria - The giant of Africa.


We thank everyone who voted in BAT.

As for the ones who fell for the propaganda, una eyes don clear now just in two weeks.

They told us we would see shege under Ashiwaju’s administration (the best governor in the history of Nigeria) but the land would be filled with honey under one man who failed woefully as a governor in small Anambra and some people believed.


Tinubu is sick, he is push and start, how many times has he collapsed since he assumed office?

We thank everyone who believed in Ashiwaju. Together we shall sing a new song.

As for the ones who don’t want Ashiwaju to succeed or progress, ode to n so eledumare, ori e lo ma ku si

Ashiwaju is not their father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s mate.

franchasofficia:
A good start for now.


But guess where the problem is?


CBN doesn't have enough dollar to meet Nigerians' usd demand, remember we are an import dependent country.

I think the stoping of subsidy subscription on pms will add more for our foreign reserve.

What it means is that Nigeria doesn't earn enough FX through export to meet up with the dollar demand of Nigerians, which means many Nigerians will be going to Aboki for dollar and Aboki will be determining the rate based on demand of dollar for the day, and this will definitely lead to uncontrolled crash of Naira value against USD.



I commend Tinubu for this good dollar floating policy, but it would have been better done after putting certain things in place to ensure CBN earns or have enough dollar to supply to all banks to sell to Nigerians.



One of those things that would earn us more FX and also reduce our FX outflow is putting our local refineries in working condition and leasing them out to private entities to run for Nigeria to reduce importation of petrol which gulps most of our FX. While fixing the national refineries, Dangote's refinery will also be ready and both combined would solve our importation of petrol which consumes majority of Nigeria's FX.

Omoawoke:
I did not know the importance of that naira for dollar.
Anyway, it helped people make small small change

References1:
OPERATIONAL CHANGES TO THE FOREIGN EXCHANGE MARKET

The Central Bank of Nigeria (CBN) wishes to inform all authorized dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange (FX) Market:

• Abolishment of segmentation_ All segments are now collapsed into the Investors and Exporters (I&E) window Applications for medicals. school fees. BTA/PTA, and SMEs would continue to be processed through deposit money banks

• Re-introduction of the "Willing Buyer, Willing Seller model at the I&E Window. Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017 and referenced FMD/DIR/CIR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window

• The operational rate for all government-related transactions shall be the weighted average rate of the preceding day's executed transactions at the I&E window, calculated to two (2) decimal places

• Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures. Limits on overbought positions shall be zero.


• Re-introduction of order-based two-way quotes, with bid-ask spread of Ni. All transactions shall be cleared by a Central Counter Party (CCP). • Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades.

• The operational hours of trades shall be from 9am to 4pm, Nigeria time

• Cessation of RT200 Rebate Scheme and the Naira4Dollar Remittance Scheme, with effect from 30 June 2023.

Further guidance on these matters shall be communicated in due course All market participants and the general public are kindly enjoined to abide by these rules.

Ange a re-Ejernbi, PhD Director, Financial Markets
14 June 2023

Funflipper:


I am having the best time of my life! My obidient friends are now begining to realize what I was talking about when they thought I was sick in the head. Tinubu is like the stone the builders rejected which eventually became the cornerstone.

justjify:
Is CBN announcement of unification of FX windows likely to ease the FORM A wahala? 🤔

accordadoga27:
Welcome to the new Nigeria - The giant of Africa.


We thank everyone who voted in BAT.

As for the ones who fell for the propaganda, una eyes don clear now just in two weeks.

They told us we would see shege under Ashiwaju’s administration (the best governor in the history of Nigeria) but the land would be filled with honey under one man who failed woefully as a governor in small Anambra and some people believed.


Tinubu is sick, he is push and start, how many times has he collapsed since he assumed office?

We thank everyone who believed in Ashiwaju. Together we shall sing a new song.

As for the ones who don’t want Ashiwaju to succeed or progress, ode to n so eledumare, ori e lo ma ku si

Ashiwaju is not their father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s mate.

GemUnique:
Someone should please simplify these

oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this