aribisala0:

What concrete steps can be taken in the immediate term to increase production that this Government is failing to take?

Turn Abuja to a mass farm, just 1 I won’t give more. I don’t want to even go to other state just the free land in the fct should be cultivated first

OfficialAPCNig:
Tinubu FX policy is wack.

So far it continues to fluctuate, it'll always give room for speculators to thrive.

Dollar was #1680+ few days ago.

It fell to #1600+

This morning it was #1520 and just now it's #1530.

Immediately I saw the dollar was down to #1520, I bought $350 dollar on *******.

It's now #1530.

I am selling once top #100 per dollar.

35k profit.

Now imagine how much those who are speculating with up to $1 million makes daily.

That's 100 million Naira for each trip.

The only way the government can stop us from speculating is by stopping those fluctuations.

But occasionally pumping in dollars into the market to push the rate down will only favour FX traders.

For those that will wail under this comment, FX trading is not illegal. It's perfectly a legal means to make money.

aribisala0

Just exactly 10 minutes I posted this, dollar is now #1540. Someone is definitely manipulating the dollar.

Govt just paid $400 million FX liabilities yesterday, dollar fell to #1520 and has started rising in less than 24 hours.

These guys are enriching themselves through round-tripping

kpakpakpa:

I will need a day atleast to explain this simple question so i will pass.

To summarize it for you, people like us are the reason why you are alive and typing at this moment because without our efforts put in farming, you may not see food to eat despite a dollar been sold at 5naira.

All i'm saying is for the governmet to stop chasing the dollar and make goods available at cheap price to the masses and every problem will settle on it own. I know of many people that will farm 10lines of cassava if the price of fertilizer and other things did not come down and you what that means.

If it will take you a whole day then, you are an empty vessel making noise. Just like 😂 Lol, despite knowing nothing about me, you bragging about how it's your efforts that is keeping me alive. Oga you are funny o.

aribisala0:

Oil production is increasing
Electricity production is on the right track
Food production is severely hampered by bandits but efforts are being made to deal with that

What concrete steps can be taken in the immediate term to increase production that this Government is failing to take?

Which efforts are been made? A bag of fertilizer was selling for 20-25k last which was difficult to buy, now is 40k. How do you expect price of food to come down later?

I have never spent a dollar in all my life but food is a necessity for every individual, why not focus on food production and security now to avert the unwanted hunger that is coming, a full stomach is better than a full pocket. All this dollar talks are noise to many now. The real problem is HUNGER

AlexBells:
Turn Abuja to a mass farm, just 1 I won’t give more. I don’t want to even go to other state just the free land in the fct should be cultivated first

What is a.mass farm? What does that mean
How does one turn Abuja to a mass farm?

If the general idea is that we should increase agricultural activity

That is not done with mouth
Farming is not with mouth
People need skills
You cannot just wake up and decree that
Let there be Twitter
Farming requires capital skilled people, infrastructure and so on
We are farming already at our level of knowledge and technology
A lot of people think You can just flick a switch and turn on farming. If it was that easy Africa won't be in crisis because of Ukraine war

I agree we should go into more farming but it is not going to be overnight success just like you have a Premiership and lower divisions so with farming
IN CUBA THEY PRODUCE TWENTY TONNES OF TOMATOES PER HECTARE IN NIGERIA WE PRODUCE FIVE IN A VERY GOOD YEAR

kpakpakpa:

Which efforts are been made? A bag of fertilizer was selling for 20-25k last which was difficult to buy, now is 40k. How do you expect price of food to come down later?

I have never spent a dollar in all my life but food is a necessity for every individual, why not focus on food production and security now to avert the unwanted hunger that is coming, a full stomach is better than a full pocket. All this dollar talks are noise to many now. The real problem is HUNGER

Can you talk about solutions instead of complaining
What to do?

Zxcvbnmghtr:


If it will take you a whole day then, you are an empty vessel making noise. Just like Lol, despite knowing nothing about me, you bragging about how it's your efforts that is keeping me alive. Oga you are funny o.

With due respect sir, i did not mean i was feeding you. I just made a general statement so i'm sorry if you feel bad about it.

My point is food production and security should be the priority of the government now that hunger is doing testing.

SoNature:
Bola Tinubu met the dollar at 400 official rate and 600 at parallel market rate. Until it drops below what he met it, we have nothing to celebrate.

Again, nobody forced Tinubu to take that job! He lost sleep, spent a lot of money and travelled round to country to convince Nigerians that he was capable of doing the job! He should do it and stop seeking validation!

Don't mind the idiot. Nigerians have short memory and that's why politicians take them for a ride.

aribisala0:

Can you talk about solutions instead of complaining
What to do?

If you can't do a job you simply resign or get sacked.

OfficialAPCNig:

aribisala0

Just exactly 10 minutes I posted this, dollar is now #1540. Someone is definitely manipulating the dollar.

Govt just paid $400 million FX liabilities yesterday, dollar fell to #1520 and has started rising in less than 24 hours.

These guys are enriching themselves through round-tripping

It is the same with all currencies if you .float
Eventually it will settle
The dollar issue is a short term distraction
The number one issue is to secure our country and mechanize our farming
Number two is to reduce looting of government money and hopefully oil sales will buy us time
We must increase our electricity production and invest in health and education

Those are the issues as I see them

aribisala0:

What is a.mass farm? What does that mean
How does one turn Abuja to a mass farm?

If the general idea is that we should increase agricultural activity

That is not done with mouth
Farming is not with mouth
People need skills
You cannot just wake up and decree that
Let there be Twitter
Farming requires capital skilled people, infrastructure and so on
We are farming already at our level of knowledge and technology
A lot of people think You can just flick a switch and turn on farming. If it was that easy Africa won't be in crisis because of Ukraine war

I agree we should go into more farming but it is not going to be overnight success just like you have a Premiership and lower divisions so with farming
IN CUBA THEY PRODUCE TWENTY TONNES OF TOMATOES PER HECTARE IN NIGERIA WE PRODUCE FIVE IN A VERY GOOD YEAR

You are not prepared for governance abeg, after close to one year you are talking people need skill bla bla bla, nonsense. Ukraine that exporting grain globally as a government is stupid abi, Tibubu is not resourceful, he is all politics

aribisala0:

Can you talk about solutions instead of complaining
What to do?

I talked about some solutions already sir, i said the government should use that energy that is been use to crash the dollar and channel it to food production and security(i guess they will not because their concern is money anyway)

If for example bags of fertilizers are given freely to local farmers and other logistics are made available, half of our problem will be gone for good.

kpakpakpa:

I talked about some solutions already sir, i said the government should use that energy that is been use to crash the dollar and channel it to food production and security(i guess they will not because their concern is money anyway)

If for example bags of fertilizers are given freely to local farmers and other logistics are made available, half of our problem will be gone for good.

Those things are happening it is not just energy and that is not a short term thing
We have a knowledge,technology and infrastructure deficit in agriculture

Without electricity we cannot refrigerate at industrial scale,we cannot process and store and we cannot store so a lot of products are lost to spoilage

So agricultural investment is right but will not bring immediate relief to our hungry population

We have to admit that Nigerians are difficult people. Even if government issues free fertiliser somehow it will be diverted. That culture cannot end overnight but we should persevere
Look at What happened with palliative food

aribisala0:

It is the same with all currencies if you .float
Eventually it will settle
The dollar issue is a short term distraction
The number one issue is to secure our country and mechanize our farming
Number two is to reduce looting of government money and hopefully oil sales will buy us time
We must increase our electricity production and invest in health and education

Those are the issues as I see them

Nigeria reserve cannot support a floated FX regime.

Ngozi Okonjo pegged the FX rate and she was able to achieve a single digit inflation rate and near stable FX rate.

A year after they left office, Buhari floated the FX and Naira started tumbling.

People started roundtripping to make money from that misguided move.

Later, he got sense and pegged the dollar, which stabilized it a bit.

First class accountant entered and float it, in the name of FX unification, destroying the economy in the process.

So far we still have meagre reserve, FX will NEVER settle.

aribisala0:

Those things are happening it is not just energy and that is not a short term thing
We have a knowledge,technology and infrastructure deficit in agriculture

Without electricity we cannot refrigerate at industrial scale,we cannot process and store and we cannot store so a lot of products are lost to spoilage

So agricultural investment is right but will not bring immediate relief to our hungry population

We have to admit that Nigerians are difficult people. Even if government issues free fertiliser somehow it will be diverted. That culture cannot end overnight but we should persevere
Look at What happened with palliative food

Ok, i have heard you. Lets pray for the best then because the heat is becoming unbearable. May God or whatever BAT believes in give him the wisdom to end this hunger madness. It has never gotten to this level before.

OfficialAPCNig:

Nigeria reserve cannot support a floated FX regime.

Ngozi Okonjo pegged the FX rate and she was able to achieve a single digit inflation rate and near stable FX rate.

A year after they left office, Buhari floated the FX and Naira started tumbling.

People started roundtripping to make money from that misguided move. Research #AishaGate

Later, he got sense and pegged the dollar, which stabilized it a bit.

First class accountant entered and float it, in the name of FX unification, destroying the economy in the process.

So far we still have meagre reserve, FX will NEVER settle.

Reserves do not support floated currencies
That is not how it works
Only production does
Floated currencies force you to live within your means is what You produce
You learn to stop importing what You cannot afford and consume what you produce
So all this noise about bag of rice price will stop. You learn to eat cocoyam or yam and forget about rice bread and noodles . Right now Nigerians have a sense of entitlement to imports. Eventually whether it is 7000 it will settle and we will all start keeping chickens that lay eggs and growing plantain in our backyards with a fishpond.

It is only that that will bring us to our senses
Government is not to blame. We as A people must accept we are not productive

.

SoNature:
Bola Tinubu met the dollar at 400 official rate and 600 at parallel market rate. Until it drops below what he met it, we have nothing to celebrate.

Again, nobody forced Tinubu to take that job! He lost sleep, spent a lot of money and travelled round to country to convince Nigerians that he was capable of doing the job! He should do it and stop seeking validation!

The really painful thing is when I read comments such as this from educated people like you. What were we producing to make dollar #400 naira when buhari was there and #200 when Jonathan was there? They were using our foreign currency reserve to prop up the naira so that their Hausa friends could roundtrip it on the black market!!!

How come many of you don't understand this? This government has removed that support for the naira. That's why it went up so sharply. They're trying to stabilize it now. That's why it's coming down. Without a stable currency no investor would come to your country.

aribisala0:


Reserves do not support floated currencies
That is not how it works
Only production does
Floated currencies force you to live within your means is what You produce
You learn to stop importing what You cannot afford and consume what you produce
So all this noise about bag of rice price will stop. You learn to eat cocoyam or yam and forget about rice bread and noodles . Right now Nigerians have a sense of entitlement to imports. Eventually whether it is 7000 it will settle and we will all start keeping chickens that lay eggs and growing plantain in our backyards with a fishpond.

It is only that that will bring us to our senses
Government is not to blame. We as A people must accept we are not productive

You need a enough FX reserve to run a floated FX regime or you'll experience FX instability like we are doing.

FX instability is dangerous for an import dependent economy.

Again, there is nothing wrong with importation. In fact, importation even helps countries maintain competitive general price level and relatively stable inflation rate.

USA import volume in 2022 was $3.2 trillion. Chinese import 2023 Q4 was over $228 billion.

Countries that want to progress fully liberalise their economy.

Can you compare Nigeria under GEJ with his open-economy policy to APC's protectionist regimes.

NEVER.

Economics is simple. APC is just making it difficult with propaganda and dangerous beliefs like the one you shared here.

Our economy will start growing when Tinubu understands comparative advantage. You don't necessarily have to eat what you produced.

The last time we followed this dangerous advice ( banning foreign rice to force Nigerians to eat local rice), the price of both commodities went out of range

abc115:
Dollar is falling, Naira is rising, and the people that always update us are in coma.

Nairaland nna weldone

Dey play.
What goes up in Nigeria never comes down.

predictor1:
The really painful thing is when I read comments such as this from educated people like you. What were we producing to make dollar #400 naira when buhari was there and #200 when Jonathan was there? They were using our foreign reserve to prop up the naira so that their Hausa friends could roundtrip it on the black market!!!

How come many of you don't understand this? This government has removed that support for the naira. That's why it went up so sharply. They're trying to stabilize it now. That's why it's coming down. Without a stable currency no investor would come to your country.

I understand your argument perfectly, but I have maintained that this isn't the right time to float the naira.

Peg the naira and only support those who genuinely need it through the official rate... businessmen, airlines, etc.

Why is the government giving USD to those going to pray in Mecca? What value do they add to the economy?

Devise means of generating USD for the country before floating the naira. Fix the NNPC to be more productive. For instance, why wasn't Nigeria meeting her OPEC crude oil export of 1.7 m bpd before it was slashed?

The NNPC can make Nigeria a lot of money but politicians turned it to their cash cow. Fix it!

Harness our gas reserves and sell Nigérian gas to those countries that need it. That way, you bring home more FX.

Afterwards, you float your naira and nobody will notice what happened because excess USD will increase its liquidity in Nigeria and crash the currency.

Believe it or not, what the CBN is doing now is quick fix. If they don't sustain it, naira will tank again.

kpakpakpa:

With due respect sir, i did not mean i was feeding you. I just made a general statement so i'm sorry if you feel bad about it.

My point is food production and security should be the priority of the government now that hunger is doing testing.

It's and has been so and like I said in my comment, it doesn't happen overnight. That's the reality. Don't expect magic. Managing the Naira is of great concern too.

Zxcvbnmghtr:


Local Production is key but it can't happen overnight. It's gradual process.

OfficialAPCNig:

You need a enough FX reserve to run a floated FX regime or you'll experience FX instability like we are doing.

FX instability is dangerous for an import dependent economy.

Again, there is nothing wrong with importation. In fact, importation even helps countries maintain competitive general price level and relatively stable inflation rate.

USA import volume in 2022 was $3.2 trillion. Chinese import 2023 Q4 was over $228 billion.

Countries that want to progress fully liberalise their economy.

Can you compare Nigeria under GEJ with his open-economy policy to APC's protectionist regimes.

NEVER.

Economics is simple. APC is just making it difficult with propaganda and dangerous beliefs like the one you shared here.

Our economy will start growing when Tinubu understands comparative advantage. You don't necessarily have to eat what you produced.

The last time we followed this dangerous advice ( banning foreign rice to force Nigerians to eat local rice), the price of both commodities went out of range

Actually in a genuine floated currency scenario you don't need that
It is just a market between buyers and sellers . In practice that is rare but that is what floats mean
The only currency able to do that is the US because of its status as a reserve currency
It is not reserves that support the dollar it is not even in the top ten countries when it comes to reserves
Nothing wrong with importation but you must pay for it somehow

We are happy about this and we do hope it is sustained.

abc115:
Dollar is falling, Naira is rising, and the people that always update us are in coma.

Nairaland nna weldone

Mek una no celebrate too soon sha, though it is the best for the country

Rubbish! Make naira rise to N160 to a dollar. That is what GEJ/PDP handed over to the jokers
Until then..

aribisala0:


Actually in a genuine floated currency scenario you don't need that
It is just a market between buyers and sellers . In practice that is rare but that is what floats mean
The only currency able to do that is the US because of its status as a reserve currency
It is not reserves that support the dollar it is not even in the top ten countries when it comes to reserves
Nothing wrong with importation but you must pay for it somehow

Dollar is now #1652 from #1520 yesterday.

As far as you don't have enough supply (reserve) FX rate fluctuations and volatility will be insane.

China floats its exchange rate, yet their currency is strong because they have a strong export volume, which earns them enough foreign reserve.

Once you don't have a strong reserve, floating your FX rate is a huge mistake.

Demand and supply will determine it and this will cause huge volatility since supply won't be stable or at least predictable.

Euro, USD, and Japanese Yen all float their exchange rate.

In the Middle East, many countries including Jordan, Oman, Qatar, Saudi Arabia, and the United Arab Emirates peg to the U.S. dollar for stability.

NIGERIA has no business floating its currency.

What is the rate now

abc115:
Dollar is falling, Naira is rising, and the people that always update us are in coma.

Nairaland nna weldone

abc115:
Dollar is falling, Naira is rising, and the people that always update us are in coma.

Nairaland nna weldone

Nigeria and Mediocrity are blood sisters.

OfficialAPCNig:

Dollar is now #1652 from #1520 yesterday.

As far as you don't have enough supply (reserve) FX rate fluctuations and volatility will be insane.

China floats its exchange rate, yet their currency is strong because they have a strong export volume, which earns them enough foreign reserve.

Once you don't have a strong reserve, floating your FX rate is a huge mistake.

Demand and supply will determine it and this will cause huge volatility since supply won't be stable or at least predictable.

Euro, USD, and Japanese Yen all float their exchange rate.

In the Middle East, many countries including Jordan, Oman, Qatar, Saudi Arabia, and the United Arab Emirates peg to the U.S. dollar for stability.

NIGERIA has no business floating its currency.

You all will argue with economic indices and financial jargons from today till the rapture, but ignore the simple obvious fact - Nigerian leaders are rabidly stealing your oil and everything associated with it, and all the money.
In all of all the travails, you would never hear anything from the NNPC.

This is a behemoth of corruption for decades upon decades that even Obasanjo is still enjoying from till today.

Una go talk tire, tueh!

abc115:
Dollar is falling, Naira is rising, and the people that always update us are in coma.

Nairaland nna weldone

Don't worry update would commence once the dollar hit 2000 Naira as soon as all these CBN cosmetic tolo tolo policies crashes...!!!

OfficialAPCNig:

Dollar is now #1652 from #1520 yesterday.

As far as you don't have enough supply (reserve) FX rate fluctuations and volatility will be insane.

China floats its exchange rate, yet their currency is strong because they have a strong export volume, which earns them enough foreign reserve.

Once you don't have a strong reserve, floating your FX rate is a huge mistake.

Demand and supply will determine it and this will cause huge volatility since supply won't be stable or at least predictable.

Euro, USD, and Japanese Yen all float their exchange rate.

In the Middle East, many countries including Jordan, Oman, Qatar, Saudi Arabia, and the United Arab Emirates peg to the U.S. dollar for stability.

NIGERIA has no business floating its currency.

I am sorry you are repeating the same nonsense
Floating has nothing To do with reserves
It is more complex than that.
First there is nothing like strong reserve . If you don't replenish. It will run out
Which goes to How are reserves built up in the first place.
International trade is a zero sum game . If one country is growing reserves another is growing a trade deficit . A deficit is not necessarily a bad thing for example the US has had deficits every year for decades. Why then is the dollar strong? Confidence. If people have confidence in your country they will steal reserves of their own countries with So called strong reserves and take them to countries where they have confidence as Nigerian politicians have done
As long as you plug your system into the international financial system dominated by the dollar
Billions can leave your economy in a single day as Britain found out from the activities of one man George Soros on the historic Black Friday some 30 years ago

It is not reserves that matter So much as confidence. If there is no confidence reserves will empty in one day.You

What matters is equilibrium that something is coming in As something leaves.

If we are producing significantly we will be fine
We have built reserve s many times and ended up emptying them
The issue is not reserves but that we import TOO MUCH and those who have access to capital in Nigeria do not have confidence in our economy and so have a high demand for dollar

Now a significant part of that confidence crisis is down to the CBN behaviour e.g printing trillions of Naira and dispersing that in a corrupt way to people who use It to buy cheap dollars and then repeat the process