alizma:

that will be after it hits $35b and above. be patient.

rusher14:


Yes it would float to 2,000 Naira to the dollar then you'll ask what manner of callous leader allows for unmitigated devaluation of currency.

bettercreature:
Currency floating can not work in Nigeria we are too greedy
It would have been up to 700 per dollar now if CBN didnt peg it

XXLDICK:

There's no way it will get to that amount.

It will only go to the range of the present black market rate and you know that.

XXLDICK:

There's no way it will get to that amount.

It will only go to the range of the present black market rate and you know that.

KINGwax007:
Zero sense. We knw ur type. Jonathan thet left $30billion, met $60bullion. Does like look like he saved at all? And crude oil was $115/barely as against $25 dt PMB met. Use some sense if u cld borrow any

obailala:
But isnt it clear already that the pegging isn't working?.. The greed of Nigerians would still not allow the pegging to work, people with links to CBN are presently making millions and billions daily from round tripping. I know of a friend who is a low level staff at CBn who made N5m in a week from just 1 round-tripping deal; if this could be made with the press of a button by a junior worker, I cant imagine what commercial bank directors and CBN big boys are making. This is what you get when the official rate is 305 and it sells 497 in the 'true' market.

I personally feel there's a limit to which the greed of BDCs can drive the Naira value if floated, but this greed is limitless when these same guys are given the freedom to round-trip. Take away the pegs, the Naira would crash further due to activities of dubious bankers and BDCs, but it would eventually balance out somewhere. The numerous values of the currency isn't encouraging investors who would want to come into the country; it's not also encouraging Nigerians in diaspora remitting funds home because no one would want to send dollars home and have it exchanged for N305 when he clearly knows it sells for N497 in the market. Finally the temptation of round-tripping is so strong that even the few manufacturers who get forex allocations end up round-tripping to the detriment of production. The big question is, has the pegging really worked?

XXLDICK:

Buhari isn't working at all.

He met $30B there.

Our foreign reserve should have been increasing rapidly if only he allowed/allows the currency to float on it's own.

The dullard keeps subsidizing the naira for a select few thereby creating loopholes for few people to make undeserved cash.

bettercreature:
At the CBN rate of 305 and black market of 497,Some important sectors of the economy are still enjoying 305 rates e.g the oil importers,manufacturers,airlines and so on,if CBN removes the peg today fuel will increase to over 250 naira per litre,flight will increase and inflation will increase again.I know some people are making lot of money from the exchange rate but its far better than floating the naira in a country where almost everybody want the downfall of Naira compared to egypt where currency floating is presently working as expected
When egypt removed the peg,egyptian dollar increased to 18 per usd but within days it appreciated back to 13 per dollar compared to Nigeria where everything turned upside down within days of currency floating

XXLDICK:

Please, if you want to reply me, do so but not with insults.

GEJ met $47B not $60B.

Now, drum this into your head; it is not everybody that doesn't support Buhari that supports GEJ. Those of us that still have our heads intact do not support both. I even prefer Buhari to GEJ.

Since you have decided to use statistics and comparison, how about comparing Buhari's to OBJ's

rusher14:


Laughing.

If the CBN refuses to pump dollars into the system there'll be no subsidy of black market.
This can only result in the dealers maxing out on every sale.
2,000 is a conservative figure.

obailala:
It would actually go beyond the current black market rates at first, don't underestimate the greed/wickedness/dubiousness of BDC/bank operators. But the fact is that after it goes beyond a certain point (may get to N600), things would balance out and there would be a reversal.

obailala:
It would actually go beyond the current black market rates at first, don't underestimate the greed/wickedness/dubiousness of BDC/bank operators. But the fact is that after it goes beyond a certain point (may get to N600), things would balance out and there would be a reversal.

bettercreature:
It's nonsense as long as 1 dollar is still equal to 497 naira and inflation is increasing daily

hmuhammad:
can you tell us how much GEJ met there when he assumed office?

XXLDICK:


Are talking based of speculation/theory/facts

After Egypt allowed their currency to float, I made sure I kept tab on their economy. The dollar only equalled their previous and likewise present black market rate

KINGwax007:

OBJ left $47billion, Yar adua left $60billion. Jonathan met $60billion and not $47billion. Oil was on an exponential rise when Yar adua resumed.

Now, the mission of both buhari and OBJ are far too different.

OBJ will always be my best president.

The only problem buhari had in the 80s and still has today is patriotism and the strong will to make Nigeria great. The reason he would always want to ban all imported products that could be produced within. Same as he did in 80s that made people thought his regime was hard. When IBB resumed, he started importation in full scale, giving import waivers to political friends and perceived foes. Our industries, which buhari tried to bring back, died again.

Same.thing he started again, let's hope people like you allow him.

By the way I heard that out manufacturing base has increased by 37%. That looks like bad news to many...

rusher14:

And the attitude of both Nations are comparable?

XXLDICK:

Yes

rusher14:


So how come they have electricity round the clock?

XXLDICK:

You said attitude, so what concerns it with electricity

Wetin even concern electricity with devaluation of naira.

Let me guess, probably you are gonna say we can't be a producing nation... Not having a comparative advantage...

9jakohai:


Yes....he also met oil prices falling...which meant that the reserve could not rise again....until oil prices went up.

Infact, one year ago....oil was at $28 per barrel. Now it is around $50.....meaning we can save some money after all.

And if he allowed the currency to float on its own....naira would have been over 1000 to $1....and our reserve would have been empty.

Compare with the last admin....which many of you think did a good job....who met the reserve at $60bn and oil prcies at $94 and above and went down to $30...in four years of high oil prices at $100 and above.

rusher14:


It is a reflection of our attitude an oil producing nation, blessed with various sources of energy that we cannot provide it round the clock.

The attitude of a nation determines how policies are formulated, how they would work and the countermeasures to provide when things go awry.

We continue to have an attitude problem expecting government to normalise currency exchange when in fact the citizens are not productive enough to export their products.

princemillla:



You've done him a huge favour by taking time to show him he lacks proper thinking - sometime I just snub such comment and carry on they are bunch of kids without iota of any proper thinking

he said “When I assumed office in 1999, I inherited $3.7 billion in reserve, while Buhari met $30 billion, almost 10 times of what I met then, and the price of oil then was $9. When it got to $20, I was dancing.

XXLDICK:

Buhari isn't working at all.

He met $30B there.

Our foreign reserve should have been increasing rapidly if only he allowed/allows the currency to float on it's own.

The dullard keeps subsidizing the naira for a select few thereby creating loopholes for few people to make undeserved cash.

banki:



wow.........
let me beg you guys to please join hands and make this country work, the elections of 2015 have come and gone.....

So he met 30billion in the reserves but had over 80% of contractors on capital projects not paid?
so h met 30billion in the reserves but 27 states couldn't pay salaries even before he became president and he has had to give them bail out? 3
times .

so he met 30billion in the reserves and some group of disgruntled elments like book haram. Fulani herdsmen. ipob, militants, political loosers would not let us sleep at night....

oya make una continue, that thing wey we dey find we go soon see am

XXLDICK:

Buhari isn't working at all.

He met $30B there.

Our foreign reserve should have been increasing rapidly if only he allowed/allows the currency to float on it's own.

The dullard keeps subsidizing the naira for a select few thereby creating loopholes for few people to make undeserved cash.

Jengem:


Bleep buhari mehn

I havebills to pay in dollars

XXLDICK:

Less than than a year after Buhari became president, the reserve fell from $30B to $25B. You want to tell me GEJ was owing contractors up to $5B

He gave states bail out 3 times, were they from the federal government's purse