Meringe:
In all sincerity, this CBN gov is the worst so far. Under his care, naira lost 100% value in the market. How can you justify that? His actions caused most of this wahala, not necessarily the fundamentals. In short, the actions of this govt caused this wahala. Policy somersault is a very dangerous one. You don't go on experience tour with the lives of 200 million Nigerians.
In the height of militancy and economic meltdown, Soludo and Sanuisi managed the situation respectively.


The much i expected the dollar to naira is 220 at low price of crude oil.


Conclusion : They economy management team are serious learners.

adebrave1:
I don't understand all these stuffs

My own be say when I want to buy garri, rice, tomatoes, pepper, yam, phones and other trivial things let them be cheap and affordable.

I studied biochemistry and as such I can't comprehend the forex trading stuff. I don't understand it all.


As far as e no affect garri and rice. No shit. If not the government are in trouble oh.

designking:
Nice move!

This government is really focused and plans deeply. You don't make forex policies by using sample data from very long past time frame. The best way to build a true forex system is to put out a strategy(demo) and test it against the current market fundamentals over a period of time; then re-access your system, adjust or approve it for full scale(live) use.

What this government has done is opening the Naira for real trading, creating more investors confidence, better volatility and liquidity. This will surely place the Nigeria economy ahead of most Africa economies.

Guyman02:
I want to digress to Libya Central bank from our own CBN.

How many people here know that Libya now has 2 currencies and 2 Central banks in Tripoli and Tobruk with 2 different governments since after Nato baked regime change?.
The Central bank in Eastern Libya has its Dinar now printed in Moscow Russia (recognized by Russia and China) while the Central Bank in Tripoli prints a different Dinar in London recognized by US and the West.

The IMF recognizes the Central Bank Governor of Eastern Libya as legitimate but not the bank while the Bank in Tripoli is recognized as legitimate but not the Governor. Confusion!

Russia and China have decided to get their fair share of Libya resources as the country is now on the verge of partition like Ukraine by supporting the Government in Eastern Libya led by General Khalifa Haftar against the UN backed western installed Prime Minister Fayez al-Sarraj in Tripoli.
Most of the oil is in Eastern Libya and the west has decided to back the militia group called 'the Dawn' from Misrata as the new Presidential guard and a new war is anticipated to commence soon to recapture Eastern Libya from Libyan National Army led by Gen Haftar by the western backed militia.

This is how Libya has been exploited since the murder of Gaddafi by Nato backed forces with most of their gold reserves and money about $200b in their foreign reserves stolen by western banksters.
This is why many of us are angry with PMB when he calls us corrupt in front of western press and leaders.

Adminisher:


It is extremely stxxid to say policy somersault caused Naira crash. The economy is not an egg. I don't know why people think there is a magic formulas for economic recovery.
There is no such thing. This measure is the best I have seen so far. Nigerians are highly innovative and hardworking.
Did I use the words "innovate" and "hardwork" ?. OK I did.
That is the way to succeed in Nigeria now.

The FG has made it easy now. Let me put it simply , it is now much cheaper to produce jeans in Nigeria than China even with the generator you will run and everything. Nigeria has no winter, it is also one of the few countries you can harvest some crops twice a year.

davide470:


The implication of this could be wide-ranging. However, we can only but conclude that the end of the black market is near as anyone and everyone can now buy dollars at any bank or with authorized dealers at a price that is market determined.

Key highlights of the press briefing.

1. Market moving to single market through interbank via a Reuters / FMDQ order matching system with 10 primary dealers (2 way quote mechanism) and other secondary detailers.

2. Primary dealers will operate the interbank market. CBN may intervene from time to time

3. Proceeds of FDI shall be purchased by authorised dealers at the daily interbank rates

4. Non-oil exporters are allowed unfettered access to export proceeds via the interbank rates

5. 41 items formerly constrained by CBN will still not be eligible for trade on interbank

6. To enhance liquidity, CBN may offer long dated 6 – 12 months forwards to authorised dealers. Forwards must be traded backed with no authorised spreads

7. New product : Now authorized NGN futures on the FMDQ OTC – which will allow non-standardised amounts, no fixed dates or tenors. Will allow businesses to hedge. Futures will be NGN settled.

8. CBN says they have enough liquidity to play in the market (it surpasses pent up demand)



http://nairametrics.com/its-official-cbn-floats-the-naira-the-implications-for-you-and-i/

erico2k2:

If I send one pound frm the UK to my baking I get 505 in my bank. By Monday it might be 510 or 520 not good.

okirahaj:
any economist or business administrator or accountant here to break those terms down to our understanding because I don't understand it at all.
pls I need the breakdown

davide470:



http://nairametrics.com/its-official-cbn-floats-the-naira-the-implications-for-you-and-i/

truthspeaks:
because he was able to decipher all dat d Op said, na him pain u like dis. U zombies tink evry1 is like u. Shameless ppl. Ur buhari jst devalued d naira meaning he jst packed his vomit aftr destroyin d economy wit his control n command policies. It's nw he z jst wakin up wit d CbN n realised dis is not 1985. Buhari = cluelessness

Guyman02:
I want to digress to Libya Central bank from our own CBN.

How many people here know that Libya now has 2 currencies and 2 Central banks in Tripoli and Tobruk with 2 different governments since after Nato baked regime change?.
The Central bank in Eastern Libya has its Dinar now printed in Moscow Russia (recognized by Russia and China) while the Central Bank in Tripoli prints a different Dinar in London recognized by US and the West.

The IMF recognizes the Central Bank Governor of Eastern Libya as legitimate but not the bank while the Bank in Tripoli is recognized as legitimate but not the Governor. Confusion!

Russia and China have decided to get their fair share of Libya resources as the country is now on the verge of partition like Ukraine by supporting the Government in Eastern Libya led by General Khalifa Haftar against the UN backed western installed Prime Minister Fayez al-Sarraj in Tripoli.
Most of the oil is in Eastern Libya and the west has decided to back the militia group called 'the Dawn' from Misrata as the new Presidential guard and a new war is anticipated to commence soon to recapture Eastern Libya from Libyan National Army led by Gen Haftar by the western backed militia.

This is how Libya has been exploited since the murder of Gaddafi by Nato backed forces with most of their gold reserves and money about $200b in their foreign reserves stolen by western banksters.
This is why many of us are angry with PMB when he calls us corrupt in front of western press and leaders.

erico2k2:

What you talking about?he just devalued the naira. Is this not what we ha e been saying all along

FredN:
Money market just got interesting.... see me rushing to the bank


I predict the price will rise sharply from N350 to around N500 then drop back after a couple of weeks to less than N300 .... if this government people don't change their mind halfway sha



That primary dealer stuff sha get as e be... I bet some people are going to be eternally rewarded for loyalty to change

Adminisher:


It is extremely stxxid to say policy somersault caused Naira crash. The economy is not an egg. I don't know why people think there is a magic formulas for economic recovery.
There is no such thing. This measure is the best I have seen so far. Nigerians are highly innovative and hardworking.
Did I use the words "innovate" and "hardwork" ?. OK I did.
That is the way to succeed in Nigeria now.

The FG has made it easy now. Let me put it simply , it is now much cheaper to produce jeans in Nigeria than China even with the generator you will run and everything. Nigeria has no winter, it is also one of the few countries you can harvest some crops twice a year.

blackpanda:


If u cant understand simple economis even after they broke it down for u, then its best u shut up and stop displaying your ignorance. All u know how to do is insult

MrDoGood:



I DON'T UNDERSTAND

PLEASE EXPLAIN

Adminisher:


It is extremely stxxid to say policy somersault caused Naira crash. The economy is not an egg. I don't know why people think there is a magic formulas for economic recovery.
There is no such thing. This measure is the best I have seen so far. Nigerians are highly innovative and hardworking.
Did I use the words "innovate" and "hardwork" ?. OK I did.
That is the way to succeed in Nigeria now.

The FG has made it easy now. Let me put it simply , it is now much cheaper to produce jeans in Nigeria than China even with the generator you will run and everything. Nigeria has no winter, it is also one of the few countries you can harvest some crops twice a year.

jpphilips:


What has this got to do with the subject? you see why Buhari is justified to call you anything anywhere because your brain is still on hire purchase, NONSENSE!!

wellmax:


where exactly? Tell us you don't understand the news or you just STFU

joseph1013:
After crashing the economy with his stubbornness, Buhari goes back to his vomit and does the same thing he swore not to do, both on local and international media.

May we not be cursed with leaders whose egos are bigger than the common good of the masses.

anonimi:


Indeed it is a good policy.
Let's hope that implementation will be just as good without too many EXCEPTIONS as with their CBN recruitment scandal.

designking:
Nice move!

This government is really focused and plans deeply. You don't make forex policies by using sample data from very long past time frame. The best way to build a true forex system is to put out a strategy(demo) and test it against the current market fundamentals over a period of time; then re-access your system, adjust or approve it for full scale(live) use.

What this government has done is opening the Naira for real trading, creating more investors confidence, better volatility and liquidity. This will surely place the Nigeria economy ahead of most Africa economies.