shyling:

Must you? I expect youths like you to posses critical reasoning skills and not just screaming in support of politicians without having an inkling of what is being discussed...

AtlanticBreeze:

[s]go and check your history.. there is nothing on ground to support the floating of the naira.. You will rejoice today and also find a way to deceive the zombies when the effects begin to show. This was how you lots hailed buhari for not devaluing the naira and also hailed him for devaluing the naira. smh[/s]

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.

989900:


I call BS.

AtlanticBreeze:

coming from the same set of people that believed buhari will turn N1 to $1. The same people that hailed buhari for not devaluing the naira. I will jump and pass.. keep wishing

989900:


Yeah right . . .

AtlanticBreeze:

sorry inugo.. Let the FG keep pumping dollar to support the floating and lets see how long it lasts.. ha

PassingShot:

Stop pretending to be smart. You are not and that's the truth.

How does the govt pump dollars in floating arrangement to defend the Naira?

PassingShot:

Stop pretending to be smart. You are not and that's the truth.

How does the govt pump dollars in floating arrangement to defend the Naira?

AtlanticBreeze:

what is the structure to support the floating of the naira... if you are saying there is no structure that means the naira will soon become useless. My guess is that govt will pump in dollars to prevent dollar scarcity or what is the plan? You think you can just come here and be blabbling floating the naira up and down

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

AtlanticBreeze:

what is the structure to support the floating of the naira... if you are saying there is no structure that means the naira will soon become useless. My guess is that govt will pump in dollars to prevent dollar scarcity or what is the plan? You think you can just come here and be blabbling floating the naira up and down

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

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.

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

Sunnynwa:


Where will they get the dollar to be pumping?



Therein lies the problem....

crazymommy:
As expected....about 3 days ago a guy on a thread said he wants to sell his 10000$ Which he said he bought at the rate of 302 but that he wants to wait till it gets to 400naira per dollar,I adviced him that he should better sell it at that moment when it was around 350 because anything can happen on Monday which is today because I believe that the market might possibly fall in between the official price and the last parallel market price and that should be around 250-290.guess what??the guy said I am deceiving myself...that he is very intelligent and he believes that the dollar price will even open higher on Monday which is today....I hope the overconfident ignorant fellow his reading this...the annoying thing about some people on nairaland is that they feel they know it ALL and they are not ready to hear the opinion of any other person especially if it is coming from a woman....smh...

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.

BlackMerchant:


You are the one deceiving yourself. Babangida never floated the Naira as PMB is doing now. Rather, Babangida devalued the Naira as part of the Structural Adjustment Programme(SAP), as part of the conditions given by IMF for its loan to Nigeria at that time. The floating of the Naira today is a very novel idea by Emefiele. Please stop misinforming people.