We never balance from the naira wey dem ”float” and now this...🤷‍♂️

VULCAN:
Hahahaha.

You are chasing rats while lions eat your children.

An inept government and its supporters.

Peter Obi said "Let's move from consumption to production. "

The oafs shouted him down.

They said "Let's move from Buhari to Tinubu"

Now factories are closing down weekly.

We are following in the footsteps of Zimbabwe.

And animals in human skin as the Legend sang are saying "Give him more time"

"What he did in Lagos, he will do in Nigeria."

Lollz

Which Peter Obi are you referring to. Is it the one destroying Nigerian economy with unnecessary imports ?

Perhaps these people read our comments on Nairaland or actually know the solution but don't want to do it.

I keep saying this since last year, falling of Naira is not a reflection of our economy but the work of ignorant saboteurs who treat dollar like gold they can keep for future gain.

The solution is straightforward, create an app or channel that importers, foreign students, and others who actually needed dollar would be coverting their naira at official rate. Do away with BDG withiout looking back.

Why would dollar be controlling our economy when we are not even among top ten countries with highest importer of foreign goods. Government should totally ban locally uses of dollar for good.

Phoen1X:
As empty as their last eight years promises,...we have learmt not to mind them.

Nah Tinubu be president den? I actually understand your concern but party is big but there can only be 1 President

Vision101:
A few hours ago I wrote here that the fx rate is purely caused by speculation and roundtripping. There is so much arbitrage going on. Some people in their usual way with political undertone abused us.

I mentioned that a sudden policy will crash all this. I hadn't read this news then. It's basic economics that hence we are import dependent economy and if the consistent upward movement of the rates is a true reflection of the economy then the smallest packet of biscuit would not be less than #500. But this isn't the case. Then something artificial is going on.

Watch out for major policy that will shake naira in the first quarter of 2024.

I will keep repeating this: I'm an Igbo and apolitical. President BAT is the best among the three. He inherited so many problems but will not talk because buhari is from APC. The mess started from two years towards the end of Jonathan's regime but buhari rubbed shit everywhere.

Who put Buhari there to rub shit oga Apolitical?

Offpointng:
This is a wrong move by the FG. we Igbos want the Naira to continue on a free fall so we can ask our Yoruba people how far?? hope the increasing dollar will continue to favour them and their family?

Dem never see anything yet

You're a sad thing... No Igbo man thinks that way, it doesn't give them any joy to see naira fall so rapidly,

As usual, they use some tech words to deceive the people. Some mumu will still fall for it.

LikeAking:
Nothing go happen.

Ah swear! They wan create panick with there yeye talk After dem don print excess naira

Offpointng:
This is a wrong move by the FG. we Igbos want the Naira to continue on a free fall so we can ask our Yoruba people how far?? hope the increasing dollar will continue to favour them and their family?

Dem never see anything yet

. off road just go yabaleft

All this one is gbajue. Same with the so-called expected loan of $10b 'in coming weeks' reported by Bloomberg.

But it is a much needed gbajue, a necessary gbajue. Something the stoopid CBN governor should have done when he resumed. .

These kinds of news are a simple way to create FUD (fear, uncertainty and doubt) in the market. If the dud governor had spun these two gbajue stories two weeks ago, dollar for no rish this 1300 wey e rish so, but he/they didn't.

Let's see if the market will respond to the FUD..

Acekidc4:
People should give Tinubu time, he will surely perform and do wonders. You all will thank him later. Things are really bad, we all know but it won't be for long.

2 minutes Tinubu is who you think will perform?

@Skyview01

Who put Buhari there to rub shit oga Apolitical?


@me
Can one man alone make someone a president in a country of 200 million people with diverse nationalities?

Yéyé talk

FreeStuffsNG:


Remarks from the Minister of Finance and the CBN Governor at the National Economic Summit Group.
1. The FX market is illiquid because there is not enough supply of foreign exchange in the system due to various reasons.

2. The bleeding with respect to Nigerian resources has stopped.

3. The time to be concerned has gone as the country is now on the path of rebuilding.

4. There is enormous interest from foreign portfolio investors and foreign direct investors.

5. The President has signed an executive order that will effectively legally allow all the cash in the domestic economy to come into the system.

6. There is another executive order that will allow domestic issuance of foreign currency instruments.

7. Revamping of the FX market to ensure simplification and digitization of the FX market through a robust regulatory framework.

8. There is an expectation of a $10 billion inflow to clear the backlog of FX obligations in the coming weeks.

9. There will be supply of FX from NNPC, Sovereign wealth fund, foreign portfolio investors.
Check my signature for free stuffs!

All this talk na rubbish, your jagabandit knows nothing about the economy, soon they will start raiding the homes and bank accounts of ordinary Nigerians looking for what to sieze.

The value of a currency is not measured in exchange to $ but what the currency can buy. What can a 1000 naira buy? Speculation and greed drive the stock market either in Lagos or New York. Investors speculate if a particular stock value will go up in future and invest while the price is low, and when it goes up, you make profit. You are not going to make money in your investment if you do not speculate. People speculate when the price of an items is volatile. People speculate naira will fall cos the indicator suggested and convert their naira to $$ to be safer and that bring about more demand to $$ and increases in demand always bump the price up.
Government trying to punish speculators is like US government trying to send Elon Musk or Satoshi Nakamito to jail cos he found Tesla or Bitcoin.
Tunubu administration has no iota of ways to cushion the double effects of floating the naira and removing the subsidy at same time the effect just begin. The idea of going after parallel market operators will further increase demand of $$ and send naira to tailspin. Naira need help now to stabilize it or 2000 to a $$ before January.

Teenaira:


Every sensible person will know that the exchange rate of $ to Naira can not be N1200 to a dollar. What we have currently is pure speculations and I will sincerely like government to hit these criminals real hard. However, statement like the one coming from government now will be a subtle warning to these speculators creating artificial demand for dollar. There is no project the country is engaged in that requires the kind of dollars we consume daily currently. Government, either through the CBN or minister of finance should continue to let them know that government will use the big stick without any notice. That is likely going to make some of them stop the round tripping while the die hard may be caught in the act.

Teenaira:


Which Peter Obi are you referring to. Is it the one destroying Nigerian economy with unnecessary imports ?

Blindly repeating what you saw online just shows people you didn't go to school.

propaganda machine at work again..
Goebbels would be green with envy

Acekidc4:
People should give Tinubu time, he will surely perform and do wonders. You all will thank him later. Things are really bad, we all know but it won't be for long.

Things are very good. Everyone is enjoying. We are all happy in Nigeria. Anyone claiming to be suffering is probably from Ghana

The "Tinubu knows how to play politics" cl*wns have activated their propaganda teams

Near future?

Yinmu!

Shallow rhetoric at best. The currency is witnessing dollar supply-side shock. This was inevitable. The damaging policy of artificially supporting the naira is now severely constrained by a paucity of funds. Naira is finding its real market, non-intervention value- where it ought to be to attract FDI. Until we can create a productive economy and achieve a respectable level of trade balance through increased export, these policies will have very little effect!

I know a few foreign investors waiting for this naira-value correction to bring in investment, to limit their forex risk from the unsustainable support of the naira.

Lol.. In trouble?

Acekidc4:
People should give Tinubu time, he will surely perform and do wonders. You all will thank him later. Things are really bad, we all know but it won't be for long.

Zukwanike.

Una talk pass this one for buhari time.

Falling Naira reflect the present state of Nigeria economy. Take $$ out if the equation and ask how much stuff can you buy for 1000 naira? There is BDG everywhere in the world and their currencies still not on free fall.
Nigeria economy is import dependant and and as long as that remains, the value of naira will be volatile cos people will always need $$ to import basic stuff.
Another example is value of $$ to South Africa rand and Japan yen. 19 rand makes a 1$ while 150 yen makes a dollar. Japan is the 4th largest economy while South Africa is 36th. The value of a currency to a dollar is not the measurement of such currency but what the currency can buy and that takes me back to my first question, how much stuff can you buy with 1000 naira in Lagos?

yemmit90:
Perhaps these people read our comments on Nairaland or actually know the solution but don't want to do it.

I keep saying this since last year, falling of Naira is not a reflection of our economy but the work of ignorant saboteurs who treat dollar like gold they can keep for future gain.

The solution is straightforward, create an app or channel that importers, foreign students, and others who actually needed dollar would be coverting their naira at official rate. Do away with BDG withiout looking back.

Why would dollar be controlling our economy when we are not even among top ten countries with highest importer of foreign goods. Government should totally ban locally uses of dollar for good.

Acekidc4:
People should give Tinubu time, he will surely perform and do wonders. You all will thank him later. Things are really bad, we all know but it won't be for long.

Tinubu is continuity of APC and cannot perform any miracle now to even make life as good as it was as at May 2023. It will continue to get worse till he leaves office.

FreeStuffsNG:

Dey play ehn. Smh. Yi o ye o l'ola

Why are you so in defensive mode all of a sudden, do you think your shitty post above will save your ass of how bad you and your have been performing?
Instead of doing this shit why don't you spend those times lecturing and advising your ogas to rather invest on their citizens by providing them knowledge about industrialization and set them up with loans, this would have been more effective than sitting and complaining about fx hoarding

Teenaira:


Which Peter Obi are you referring to. Is it the one destroying Nigerian economy with unnecessary imports ?

Peter Obi brought in Sambiller, a beverage company into Nigeria. Aside that, he owns businesses that have employ thousands of Nigeria.

Now tell us, what production industry does Tinubu have? Aside his tax collection company he’s using to steal money, what other genuine business does he have?

Phoen1X:
As empty as their last eight years promises,...we have learmt not to mind them.

I think u ar wrong on this.

Kaa4:
L'ori iro!
There are TWO things involved here. Either they know where the problem is ( I know they know) and they are unwiling to do something about it, or they are not concerned about the plight of Nigerians (if Tinubu is concerned why does he have the largerst governmnet appointees ever for the Federal Government).

Maxxim:

Why are you so in defensive mode all of a sudden, do you think your shitty post above will save your ass of how bad you and your have been performing?
Instead of doing this shit why don't you spend those times lecturing and advising your ogas to rather invest on their citizens by providing them knowledge about industrialization and set them up with loans, this would have been more effective than sitting and complaining about fx hoarding

👇🏽👇🏽👇🏽👇🏽👇🏽

“Go to the rural areas, farms, markets, etc, to see those who are really suffering. The poor Nigerians are not on social media.

“You come online every day, post your pictures and videos, and still claim that you are suffering. My brother, you are not sincere to yourself.

“Today, our youths have misplaced priorities because they don’t think straight. They would rather stay online from morning till night instead of using their precious time and money for something tangible.”

FreeStuffsNG:
Speculators currently behind the unpatriotic and criminal arbitrage are already trapped with the executive orders and will get burnt las las ni

They want to keep on speculating , hype the overvalued street value of USD and call it parallel market price or projection. Smh. Eyin obaiye je lo ma re.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las. It's laughable ignorance when poorly educated people who have almost 100% of their day to day expenses in naira still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will. Not even EFCC that Mr Emefiele kept sending after them will make them stop.

I am 100% in support of the steps FG through CBN is taking to allow free float to determine our real aggregate demand till those unpatriotic elements are burnt by real market forces.

God bless President Bola Ahmed Tinubu. God bless Mr Cardoso. God bless Nigeria for ever! Check my signature for free stuffs!

I thought them don unify fx rste. Where the arbitrsge dey come from?

Offpointng:
This is a wrong move by the FG. we Igbos want the Naira to continue on a free fall so we can ask our Yoruba people how far?? hope the increasing dollar will continue to favour them and their family?

Dem never see anything yet

as much as I want to see your point of view!! This is the time Nigeria needs us , your candidate did not fill in the seat, support who so ever is there, you might not reap from it but trust me its a solid foundation for your generations to come

rontolo:
Shallow rhetoric at best. The currency is witnessing dollar supply-side shock. This was inevitable. The damaging policy of artificially supporting the naira is now severely constrained by a paucity of funds. Naira is finding its real market, non-intervention value- where it ought to be to attract FDI. Until we can create a productive economy and achieve a respectable level of trade balance through increased export, these policies will have very little effect!

I know a few foreign investors waiting for this naira-value correction to bring in investment, to limit their forex risk from the unsustainable support of the naira.

Best Comment here💯
Question is how far will the naira fall?
How ready are they to really attract massive FDI?