JuanDeDios:

It won't. And nobody can actually stop Emefiele from "supplying dollars" all he wants. The floating he needs to do is abolish the "CBN rate". That will close the difference between the "black market" and the official rate (570:415 to, say, 520). This will end round-tripping and every dollar "supplied" by the CBN will actually help stabilize the market. Under the current system, a few fat cats benefit while SMEs and the common man suffer.

But he won't let go of the current system, which is how they "eat". That's why some people want to make him president.

abolish CBN rate and abduct black market . while not the others the other way round.

Isn't the currency already floating?, Despite your so called "interventions", look at how volatile it is
Aside how shitty the economy is, do what's best, ban those aboki and black market operators of fx and control everything by using a standardized inter-bank rate, it would help alot by reducing speculations and put things in your control

No monetary policy can save the naira free fall. As long as the country' forex earning is dwindling on a daily basis the naira must fall. All this guguru home grown policy can't do nothing

bibianna:
As if he knows what he's doing!

Mind control, obey later

Dailyparrot:


The central bank governor is saying that the country cannot afford to let naira float freely in the open market without some form of intervention.

IMF and World Bank wants the central bank to stop all forms of intervention, example, supplying dollar into the market to reduce the dollar scarcity that would have otherwise caused a decrease in the value of naira.

But CBN governor is saying that Nigeria cannot afford to do that because it will have serious consequences in the economy.

Naira could exchange for 2000 naira per dollar if CBN should allow it to float with the market forces (the forces of demand and supply).

e no go better for whoever suggest that nonsense for us.

Cars that used to go for 1.7m in 2014 is now 4m at present.

Shun bigotry, vote Peter Obi for your sake,as for me I am already in God's own Country.

No free fall for Naira.

Cap it at N700 to $1. I think it's about N600 now at the black market.

Instead of focusing of the cause.. CBN is running around managing the effects...how long can they run around... Only time will tell.. You can't stop whats coming..

bibianna:
As if he knows what he's doing!

yes he does , means nigeria should dump the naira for dollars and pounds , there by making it and automatical shit paper

Llyodsjids:
Isn't the currency already floating?, Despite your so called "interventions", look at how volatile it is
Aside how shitty the economy is, do what's best, ban those aboki and black market operators of fx and control everything by using a standardized inter-bank rate, it would help alot by reducing speculations and put things in your control

if it was naira would be #1000 to #1500

OlawaleBammie:
e no go better for whoever suggest that nonsense for us.

Cars that used to go for 1.7m in 2014 is now 4m at present.

The car na because of trade wars,lock down effects and global shock
Plus exchange rate sha

baralatie:

The car na because of trade wars,lock down effects and global shock
Plus exchange rate sha

esp the exchange rate bro.
Tins of 200 is now 600, 300% increase

Why would they float the Naira when he and the ruling elites are making insane wicked money now. Official rate is 410 and black market 560-580, over 100 naira difference. Criminals!!! Economic terrorists!!!

Abeg, can this Emefiele call the cbn gov of Russia to take basic lessions on how to handle currency?
Russian currency appreciated past the prewar value to 77 roubles to the dollar 2 days ago. How is that possible with all the sanctions?
Can any economist here explain to a lay man like me why despite no sanctions on us, despite the increase in oil price from our budgets $50 to $110-120 per barrel, naira still continues to depreciate, hitting 600 to $1 yesterday.
How naaa? How is this possible? Is someone hiding the dollar or is it that we are not earning money for our exports? Are oyinbo chopping our money?
Even if you say we own loans for useless infrastructure to maradi? Were the loans not taken with a budget of 50$ per barrel? Were we not going to pay the loans at that price of crude?
Why is our own different?

No be only float... Na fly... make den go park well

Pootle:
no CBN governor like soludo the rest are bunch of clowns

My broda that guy was smart

You are definitely deceiving us because of presidential ambition. To hell with your Jankara policy.

Nigerian government should know that world bank only cares about making profit for it's owners, let's stop appeasing world bank and IMF...we know economics, we can handle our economy ourselves

Rollsnjaguar:

Just blowing grammar up and down

Don't mind them o.

They use the English language to deceive us.
As if we don't know that the IMF/World Bank strategy is to make African nations a forever pauper nations.

A private institution headed by secretive white elites. They own most of the central banks in Africa; if not all.

he is indirectly telling nigerians that they will soon let the naira float ,
once they deny something , they are indirectly telling nigerians that as time goes on they will soon let the naira float
#1000 =to $1

omorttee4u:
We shall see!

okeysoninv:
abolish CBN rate and abduct black market . while not the others the other way round.

Abolish black market? You kill the black market by abolishing CBN rate. You're sure you understand this issue?

No man can handle Nigeria's economy as well as Gov. Emefiele does.
#Meffy2023

As much as I don't like this administration I cannot think of too many cases where nations have listened to the IMF and the World Bank and succeeded. It always seems to go badly.

EMEFIELE IS CONFUSED. HE IS NOTHING LESS THAN A MAN FROM THE MOON. HE IS NOT IN NIGERIA. HE DOESN'T EVEN KNOW HOW MUCH BEANS AND RICE COST IN THE MARKET. HE IS NOT IN TOUCH WITH REALITY. SORRY EMEFIELE.

JuanDeDios:

Abolish black market? You kill the black market by abolishing CBN rate. You're sure you understand this issue?

tell me any country in which black market determine its value of currency. tell me any country that operates black market. until Nigeria weed out black market in our system the country will never progress. few cabals are holding the country at Ransom but most of you can't see it.

Useless cow after making it lost all its value

okeysoninv:
tell me any country in which black market determine its value of currency. tell me any country that operates black market. until Nigeria weed out black market in our system the country will never progress. few cabals are holding the country at Ransom but most of you can't see it.

You're arguing blindly. Chai.

Let me try again. The black market is abnormal. The reason we have it is because the CBN tries to fix a price that is below the market value ($1=N415). Holdlers of dollars will not sell at that price because it's below market value, hence you have the black market. If the CBN wakes up and says "Here, we're not fixing price anymore, let the market determine," all the money CBN ploughs into its "official market", a lof of which end up being round-triped by Alhajis and emirs and chiefs, will come into the single market. This will force the current "black market" price (N570) (at which most real sector players buy) to come down because more dollars will be available to the single market. Since there is no CBN artificial rate (which traders rarely have access to anyway), you no longer have a "black market" and the market forces rule the single market. This is better for the economy because dollar will come down. But it's not good for the few connected people (your "few cabals" ) and other crooks who are engaged in round tripping which is enabled by the dual market.

#Okbye

JuanDeDios:

You're arguing blindly. Chai.

Let me try again. The black market is abnormal. The reason we have it is because the CBN tries to fix a price that is below the market value ($1=N415). Holdlers of dollars will not sell at that price because it's below market value, hence you have the black market. If the CBN wakes up and says "Here, we're not fixing price anymore, let the market determine," all the money CBN ploughs into its "official market", a lof of which end up being round-triped by Alhajis and emirs and chiefs, will come into the single market. This will force the current "black market" price (N570) (at which most real sector players buy) to come down because more dollars will be available to the single market. Since there is no CBN artificial rate (which traders rarely have access to anyway), you no longer have a "black market" and the market forces rule the single market. This is better for the economy because dollar will come down. But it's not good for the few connected people (your "few cabals" ) and other crooks who are engaged in round tripping which is enabled by the dual market.

#Okbye

you have failed to mention any country operating black market currency regime . if you can't mention any country where black market determines the rate then stop spilling gibberish. fulanis and their cabal will cont. their round tripping until naira becomes worthless. from 2015 to 2022 naira has jumped from 190 to 600 something that has never occurred before.

Parachoko:

https://guardian.ng/news/nigeria-wont-float-naira-emefiele-tells-imf-world-bank/

Oyibo is not always right.

If this was taken in the best interest of Nigerians, just as Russia now accepts only the Ruble for Gas payment, then well done

okeysoninv:
you have failed to mention any country operating black market currency regime . if you can't mention any country where black market determines the rate then stop spilling gibberish. fulanis and their cabal will cont. their round tripping until naira becomes worthless. from 2015 to 2022 naira has jumped from 190 to 600 something that has never occurred before.

You're actually right. Just BAN the black market and we're good to go. Ban crime too and plough the money used to maintain police into infrastructure. Brilliant!

JuanDeDios:

You're actually right. Just BAN the black market and we're good to go. Ban crime too and plough the money used to maintain police into infrastructure. Brilliant!

You are not getting right, how come black market determines the actual rate of naira. these has been on debate since. it's only in Nigeria we have exchange of 420-600. it's only in Nigeria is where you can find oil prices going up but it won't reflect in the currency instead the currency is going down. where do we go from here