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VocalWalls:


It doesn't make anything easy for the masses. So it's all crap. They can go ahead to explain whatever they want to on paper.

When it's time, banks will still be banks.

'The Four Horsemen' comes to mind.

Actually, it makes things easy for Nigerians who make transactions with the dollar.. They will have a stable foreign exchange instead of being billed differently..

amakenny:
The day Buhari returns, he can order to wipe out the changes CBN is making now, and Buhari shall return to his old and unworkable fixing of Naira value to the Dollar.

Buhari is an Economic illiterate. All he seems to understand about a

Stop being dumb... Do you think anything happens in Nigeria without Buhari's approval?

gooodmorning. never meant to bother you. just wanted to tell u that its my birthday!

tbaba1234:


Actually, it makes things easy for Nigerians who make transactions with the dollar.. They will have a stable foreign exchange instead of being billed differently..

Let's give it time and observe.

It is well with our nation.

Same topic making front page twice. Hyperactive mods.

tbaba1234:
I am so happy that they did this... The economy can now begin to recover.

What is dis one saying bayi?, Wat does a flexible market for d Naira got to do with d economy recovering?, it actually shows d economy is getting worse, cos cbn were forced to adopt d move, and has long we keep on being an importing country nd only relying on oil for major foreign earning, and with d oil price falling, d economy will never recover.

This would help our local market, since it performance invariably affect foriegn exchange.

tbaba1234:


Stop being dumb... Do you think anything happens in Nigeria without Buhari's approval?

We have to praise Buhari for bending to Osinbajo and Tinubu 's suggestions. All Buhari cares about is the common man but there is a need to sometimes take tough decisions. As for economic literacy, even the UK did not want to liberalise foreign exchange market some years ago. They also had economic nationalism guiding them. A lot of money in $s will now flow through Nigeria and sadly it will be at high rates of the Naira. What this means is that Nigerians would be forced to be like China - all work and no play but there will be work for salaries that can only pay for locally produced goods at least for the next two years.

tbaba1234:


Stop being dumb... Do you think anything happens in Nigeria without Buhari's approval?

Dumb, have you not heard that CBN wrote Buhari in London to tell him about the changes? You are used to dictatorship. You believe an eighty something years old (yes eighty something years oil Buhari - because Nigerians of Buhari age use sworn affidavit of age -) can be atop every decision making process in Nigeria.

uselessgoat:
And after naming them Tomatoes and other foodstuffs will become cheaper E be like CBN and all their workers dey mad. Wetin concern hungry Nigerians with foreign exchange Market Mtcheew

when educated fellow talks ,illiterate should shot up.

adegeye38:

What is dis one saying bayi?, Wat does a flexible market for d Naira got to do with d economy recovering?, it actually shows d economy is getting worse, cos cbn were forced to adopt d move, and has long we keep on being an importing country nd only relying on oil for major foreign earning, and with d oil price falling, d economy will never recover.

Actually you are wrong. Nigeria is now the cheapest place to do business with low Naira. Let me make a PREDICTION.
At least $100bn in investments- factories, farms, refineries, roads and shares /stocks will FLOW INTO Nigeria in the next five years because of this move. However in the short run which is this year up to April next year......we go suffer ennn.

tbaba1234:


We did not float the Naira during the time of GEJ... We wasted billions defending it.

We have been forced to float it by economic realities.

Exactly his point..... Inncase you are not aware, these are austerity measures forced on the APC government. I remember a certain somebody who said he will make 1naira to be equal to a dollar and vowed that he will not devalue the naira as the common man will feel the impact most . fast forward some months later and here we are....

So you tell me if you had to choose would you prefer to choose austere times to a period of boom?

adegeye38:

What is dis one saying bayi?, Wat does a flexible market for d Naira got to do with d economy recovering?, it actually shows d economy is getting worse, cos cbn were forced to adopt d move, and has long we keep on being an importing country nd only relying on oil for major foreign earning, and with d oil price falling, d economy will never recover.

There are several implications for the new flexible scheme.

1. Investors that have held their money back or taken their money from the Nigerian economy will start to return. In the last two day, the NSA has made a bit of a rally due to the float (up over 6% in 2 days) and it will get better when the policy takes effect.

2. Oil makes up only 13% of the Nigerian GDP so the economy can survive without oil. The main problem is that government depends on Oil for over 70% of revenue. Nigeria needs investments to improve other sectors of the economy and it will not have happened under the former policy. The new policy is an incentive for investors to put their money.

3. The flexible forex policy is just a first step, the next step is the creation of legal and regulatory policies to support investments in the Nigerian economy. You can not get off import dependence without investments whether local or foreign.

I think both CBN and the Minister for Finance are confused. In simple logic, Banks are now the new face of BDC

amakenny:
The day Buhari returns, he can even order to wipe out the changes CBN is making now;

and Buhari shall return to his old and unworkable method of fixing of Naira value to the Dollar.

Buhari is an Economic illiterate; all Buhari seems to understand about Nigeria's economy is oil revenues pouring into Nigeria's coffers.

Buhari has sat on top of managing cheap cash from crude oil most of his adult life in Nigeria's government circle;

managing cheap cash from crude oil is about the only Economics Buhari understands;

else, how could Buhari promise Nigerians during the election campaign that he would make one Naira equal to a Dollar?

I'm interested in the last sentence of your post. Can you please provide evidence of that statement credited to PMB? Pls don't bring just the headline from Vanguard but the quoted words of the General.

Thanks.

adrianstylez:
I used to complain when $1 was N150. I'd purchase something online for $100 and I'd be charged 15k. But now it's double the amount. Chai. The good ol' days.

You will never know what you have until you loose it.
So you better appreciate the new rate, it might be 700 to $1 in the next few months and you will say something like
"I'd purchase something online for $100 and i'd be charged 35k, now it is double the amount. Chai. The good ol' days."

Floating of the currency is a way of reducing pressure on our foreign reserve and it's aim is for a short term in other to bring stability to the currency .hence the exchange rate will be determined by the law of supply and demand .

VocalWalls:


It doesn't make anything easy for the masses. So it's all crap. They can go ahead to explain whatever they want to on paper.

When it's time, banks will still be banks.

'The Four Horsemen' comes to mind.

My greatest fear is the banking sector. I hope because of there greed they will not scuttle this bold idea.

Today is my birthday pls wish me well

seunfape:
when educated fellow talks ,illiterate should shot up.

It is very obvious that you're very educated just that your teacher forgot to teach you the difference between shot and shut. Olodo rabata

ONLY If BUHARI CAN REMAIN IN UK FOR SOME YEARS FOR OUR ECONOMY TO RECOVER

tbaba1234:


Actually, it makes things easy for Nigerians who make transactions with the dollar.. They will have a stable foreign exchange instead of being billed differently..

We have suffered the fruits of stubborness for a long time.
The question remains on why Buhari drags his foot on implementing
sound economic policy only to give in when many things have fallen
apart.
I am sure if this decision had been taken earlier , most of the capital
flights out of Nigeria would have been prevented.

Adminisher:


Actually you are wrong. Nigeria is now the cheapest place to do business with low Naira. Let me make a PREDICTION.
At least $100bn in investments- factories, farms, refineries, roads and shares /stocks will FLOW INTO Nigeria in the next five years because of this move. However in the short run which is this year up to April next year......we go suffer ennn.

We can begin to feel the impacts in the next 6 months. We will also have a lot of investments in the petroleum sector especially with the deregulation of petroleum.

AdmiralDru:

This is what i dont like about some nairalanders.What does this question got to do with wishing a brother happy birthday

ALL I SEE IN THIS IS BUBU AND APC RUNNING FROM PILLAR TO POST..I MISS AUNT NGOZI

neocortex:


We have suffered the fruits of stubborness for a long time.
The question remains on why Buhari drags his foot on implementing
sound economic policy only to give in when many things have fallen
apart.
I am sure if this decision had been taken earlier , most of the capital
flights out of Nigeria would have been prevented.

I agree, but things will gradually bounce back in next few months.... Buhari should just leave the economics to the economists. I know he has good intentions, but sometimes we have to make sound economic decisions.

Will WU and MG give us raw dollar?

wallex1983:
Something is missing.

Where is the name of Saraki's bank here?

Wetin be the bank name sef?

heritage bank

Exactly what I'm thinking. Will they be paying for money transfer foreign currency?

tinsel:

My greatest fear is the banking sector. I hope because of there greed they will not scuttle this bold idea.

Trust me, they will still show themselves...

For a long while they cheated people and bought for 199, yet sold for up to 400 per dollar. Wickedness.