Chai! Who do us this thing? Who sold this dummy to us as Messiah and economic Redeemer? God will surely judge those who contributed one way or the other in installing this government.

I haven't known or seen the definition of CLUELESS until now. May God please forgive the sins of our fathers and bless us with visionary, timely and pragmatic leaders.

Check my profile. When I advocated last year that fuel subsidy should be removed and flexible exchange rate be adopted, a lot of people castigated me. Not that they have superior argument but because PMB said subsidy should not be removed and Naira not devalued. With the recent development at least people will know that PMB needs help in understanding the dynamics of global economy

This is cool.Fixed rate regime is not healthy as it brings a wide gap between the official rate and black market rate..keeping the official rate for critical transaction is very ok

I nor go school. Could you guys please explain what this means?

repogirl:
Smh! After they have destroyed everything.

As if they didn't know they would eventually give in. What thriving economy isn't driven by supply and demand? Gosh!
---------------------------
I am so with you on this. The man is driving this country into the ground and very quickly too.

Its worrisome to say the least.

Economy is not only by theories! A government that don't listening to the voice of the masses is ban to fail.

Mixty:
The number of policy somersault by the government is alarming:
Yesterday: We won't increase fuel price
Today: they increase fuel price
Yesterday: We won't privatize refineries.
Today: We will privatize refineries by December
etc etc

And now.....

Yesterday: We will make 1 naira equal to 1 dollar
Today: We won't devalue the Naira at 199Naira to 1 dollar
Tomorrow: We will devalue Naira (flexible forex)

This government is the most clueless and confused government ever in the history of Nigeria

Am sure the writer has ND in waste management. Economy moves on with fluctuation of policies ,if you dont know please ask poor school drop out.

Coming from a government that did not want to devalue, this action is indicative of a bad state of the country economy. Artifically fixing the Naira did not work, just burnt through what ever forex reserve GEJ left behing. The China Yuan fix did not work either, as it did not relieve demand for the doller. Now devaluation, when we are hardly exporting anything. This action will only cause more inflationary pressure, and raise cost of living even further. Buharinomics has failied big time. This will essentially reduce the budget in real terms, 20 to 30% - I pressume Naira will settle 1 to 300 USD- and make it hard for APC to make meaningful infrasturual investiments. As Americans say, we are screwed through those that voted APC!

This simply means devaluation.
When the demand for dollar is high, as it most definitely will, it will invariably force the price of the dollar up.
The government is tactically putting the power to devalue or cause the Naira to appreciate in our hand.

All these empty heads.... I was wondering why it was only in Naija we were experincing Foreign exchange wahala. Trial and error government.

franciskaine:
Just don't devalue what is left of the naira. Those shouting devalue will come back to shout when a matchbox equals #100. Just imagine politicians returning all their looted funds in US dollars, we would have surplus dollar to augment our failing economy. But no, they had prefer keeping them in foreign countries. Corrupt politicians are the common enemy of all.

Pipe dream. If Buhari will lead by examples?
By returning the $billions of Nigerians money he been looting since1970s . Maybe, just maybe other looters evading the search and probes radials now will return theirs too.

"Technical devaluation"...

When the US was in trouble in 2008, Ben Benanke got it right at one short, the Nigerian monetary authorities seem to be experimenting. I see the dollar going to N500 before year end, sad as it sounds
Like I said in earlier response, Nigeria is import dependent and consumption oriented, as long as that continues, we will be in trouble

Nigerians should stop over demanding the dollar by cutting down on foreign trips, foreign education, etc

They should encourage Nigerians in the diaspora to be sending dollar to their families which will increase the supply of the dollar

The economy should be diversified, too much of dependency on oil

The tax system is all BS, that should be reviewed and broaden the tax base, apperently Emefiele seems to be asleep but Nigeria is blessed with smart monetary economists like Prof Obadan of Uniben, we need those, the fact that Emefiele succeded as a banker does not make him a monetary policy expert because CBN is policy focused not profit minded. I weep for my country

Me think Abacha had better knowledge of Economy than the current occupier.

LONG OVERDUE!

I knew this would happen.
Defending the Naira is too costly and there are not enough reserves to continue doing so.

Now that the reserves have almost been exhausted, they are doing the needful.

Lol, who are they deceiving? Probably the zombies. Why not call a spade a spade huh? They've customized devaluation to flexible exchange rate on forex. Lol!!
Scammers of the 1st Order.

Chai !, another deregulation of naira by the Buhari led government, this will skyrocketing the prices of already skyrocketed goods, because those with dollars will create artificial scarcity thereby making the exchange rate go up, this will follow later by devaluation of Naira.

Hediot man this CBN governor the worst since independence

Where are all the islamic banking money and thousands of billions dollars from looters our president was spending scarce resources travelling over the Arabia countries to get Guess they're on their ways coming.

benedictnsi:
This CBN people are just incompetent...... They seem confused and lacks bearing / direction

Buhari is the CBN. You heard him well when he said no need to devalue...

we warned them that it will not work. they thought we are lying. Japan tried it and got burnt. many issues would have been avoided

franciskaine:
devaluation has neva helped Nigeria economically, not even now. We are gonna be worse off.

No we won't, I was against it before, like CBN. But on looking at all the data coming out from NBS since Q3 last year, you will agree with me that if forex policy is not adjusted our inflation will continue to rise with unemployment as our major GDP contributor, services sector dropped for the first time in over 12 years. This is because we are import dependent economy and oil take over 70 percent of our foreign exchange, so it is important CBN allow importers to source for their forex at a more flexible rate instead of the previous rigid policy.

This govt. is useless, why devalue our currency. They just fine tune the grammar ( flexible forex) to deceive their fellow zombie.

Congratulations to the president and his cbn team for this action. Always better to try alternate means, when current solutions are not yielding desire results.

Am in big trouble Sha. After sex, Bae said I shud pass her the pant I threw over the bed corner and now that I checked there, there are 2 panties and I don't even remember which color was hers! What should I do?

cc omenka, modath, Ngenekwu, dropshot, fulanimafia, and other Buharists, you all defended his stance against devaluation of the naira religiously, oya come and comment na, make una no dey pretend as if una no see this thread

I wrote this article on the right to law concerning freedom of speech and not intentionally to attack any persons or political party but for the interest and well being of Nigerians and to protect this country against fraudulent activities. if any persons or group of persons find this not true or not accurate. then they can come out clean with reply to explain or correct the wrong impression.



And I start. sometime ago the sanusi leadership of CBN stop banks from paying dollars to citizens. this is what I called a monopolise foreign currency economy. even when money is sent to Nigeria in dollars the bank would simply pay the recipient in the imposed naira equivalent by the CBN. this was the beginning of the era when dollars became scarce in the Nigeria market.


small private owned bureau de change were the biggest hit by this CBN policy. poor bureau de change who relied so much on dollars from common Nigerian citizens packed out of business. those who use to buy dollars from citizens who received foreign remittance had to find alternate sources for dollars and this mark the beginning when dollars rise upward in the black market.

The official price on the dollar is a scam and of what use? since the citizens cannot obtain it officially from bank or neither the CBN except they go through the black market.

This is not only a cheat to the masses by the CBN but also causes inflation. A monopoly currency trade is a fraudulent activities where only the elite and those opportune to determine the price in black market.

I received a foreign remittance and I need to pay tithe in the said foreign currency. What happened? The bank refuse to pay me with the foreign currency rather they pay me in local currency equivalent impose by the CBN. and I had to go to black market to buy back the same foreign currency in exorbitant price. The bank and CBN sells my foreign currency to the bureau de change they make a lot if proceed from this scam..

Thanks to Nigerians who stays and work in abroad, as they said there is no country in the world where you can't find Nigerians. Rate this with our traveling spirit.


These people contributed very well enough to our foreign exchange. If you go to all the bank right now, you will be amazed with the numbers of queue from people who want to receive foreign remittance. This happens on daily basis.

foreign remittance from friends and family and including yahoo boys account of 40% of our foreign currency in circulation. in 2015 the World bank and CIA spy on foreign remittances index shows Nigeria is the number 1 of highest remittance
Received.

The so-called oil proceeds every year is been loted and taken back to foreign countries by our politicians.

many people think that the peg on our naira to dollars is for the interest of the public, but that its not true. If the CBN allows bank to pay citizens in dollars. The market force will determine the price on the black market.

As I was Told. The CBN Chiefs has a bureau de change outlet. the policy makers (referees) also plays the midfield, more like they award contract to themselves. They simply collect peoples dollars at N199 they impose and sold it back to the people at N320.

I also read it somewhere that our President wife is now operating a bureau de change. Wake up Nigeria how long will you continued to be fooled.

As this policy remains there will be no change but rather it will get worst and expect more inflation. Not until this policy is reversed and let bank start paying people in dollars for foreign remittance. There well be enough dollars to go round and this will stabilize the forex market.


By Joel3. Nairaland.

www.nairaland.com/3068379/expose-currency-policy-how-cbn

The dollar is not a legal tender in Nigeria so why do you allow some unscrupulous elements to jeopardize the economy. Key advice ban BDC so that exchange should be carried out in commercial banks hence unnecessary demand can be avoided. Further trading dollars out side money deposit banks should be seen as an offence or any body involved be treated the same way General Bamaiyi did to drugs addict. So we should also not allow the activities of law breakers to destroy our country. Concern Citizens for Better Nigeria

The useless Dullard of Daura, the only holder of a combined Doctorate Degree in Gworo chewing and the rearing of gay cattle, and who goes by the name Dullardpo Dundee Dulardinho, has finally killed the Nigerian Economy.

This govt has proven to be a fraud.




If you still support these bastards despite the scam stating at you then you're worse than ineffectual buffoon

It baffles me when I see people act lukewarm.

The same group of people that said Sai Baba are now shouting crucify him.

Support the government you voted into power na! Stand by them. Pray for them,

shebi some people gave their life savings to support their campaign. ...

Don't get me wrong fella my philosophy reads " you either live for something or die for nothing"

Oburu na ina eri awo, rie nke gbara agba. So that if you are called a frog eater you will boldly agree that you eat frog.

You don't eat dog meat abi? But u will use your teeth to cut the meat for your yard people..

hypocrites.....