remsonik:
Nigeria is down Chai! Afi ki olorun saanu wa lo ku....

It’s the true impact of Bihari’s decisions at play. The economy was being propped artificially till he japa. That is why he was threatening with running away to Niger and Niger defending him if Nigerians attack him when the full impact of his bad economic decisions hit us.

Which strong economy in the world run such aboki exchange ?

emerged01:
Unifying the exchange rate go spoil business for Abokis o. Because there wont be need to patronise them when you can easily convert your dollar to naira online and transferring it to your bank account without losing kobo.

Brainless orchines..

When Black market exchanged for 740 and CBN 430
Orchines: Arrest all the black marketers, they are the ones sabotaging our country.

Now the official rate has been pushed to where it's supposed to be.

Orchines: Tifnubu is the best after Afang soup...

Una go get sense before the end of four years

Omoh*30 😂

I hope this is not a trial-by-error policy. While watching the outcome, we pray for the best.

Yahoo boys go dey vex

domDva:
BAT is not here to smile, one thing you cannot take away from him is his capacity to take tough decisions, something that Buhari completely lacked.

Even if Tinubu rape your wife and shoot your leg you go still find one stupid excuse to support am because you are a slave who loves his chains. Ozuor.

Yahoo boys go dey vex

HacheNoire:
When Asiwaju was meeting with the likes of Elumelu, Otedola, and different business moguls, I knew he already had his planned mapped out!

Every move Asiwaju is making has been pre planned before inauguration.

Even if Tinubu rape your wife and shoot your leg you go still find one stupid excuse to support am because you are a slave who loves his chains. Ozuor.

Greyworld:
And Emilie is Still CBN governor.

E shock u abi?

Una go just dey rake like say una dey chop bottle.

-Lord

Civetcat:
This is exactly one of obasanjo’s first move when he came to power . Tinubu is ticking along nicely. He is front loading all the shocks and the pain will be unbearable at first . But handled properly ,Nigerians will reap all the benefits.
The funny thing is that Nigerian were already paying a higher price for over 10 years .
My advice for Tinubu’s communications team is that they are not doing their job properly.Nigeria is not Lagos where you have a large professional class who understand the vagaries of economics. Even Lagos is full of dimwits.
There is a need to communicate policies, the reason for , the effects and its potential benefits directly to the populace.Go to the hinterland and market squares . Communicate directly with the people .
Get their buy ins . Look for quick easy wins . FVCK palliatives . Use that money and import 50000 cheap tractors from china and distribute them to farmers cooperatives.
Get enough railway rolling stocks on the train lines ASAP and build agriculture transportation and distribution hubs around the lines .
This can be achieved within 12 months . Tell those useless flyover, event center and street light building governors to invest state funds in areas of competitive advantage. For most , it is agriculture.
Absolutely ignore all those so called Harvard agricultural experts who have never stepped on a farm for one day in their lives with their yeye “cooking pot” and “telephone for farmers”programs of the past . Face the reality on the ground and not some half baked classroom theories.

I hope tinubu's media people are reading this.

Especially in area of agriculture.

If food is cheap, every other thing will be luxury that people won't have to worry about.


All the freed up money must be channel to curbing food inflation.

Enough with the irrelevant fly overs already.

PoliteActivist:


For example you DON'T abruptly remove fuel subsidy. It is something you do gradually because of the hoarding that will ensue and the multiplier effect on the cost of everything. It can only be done gradually as wages of salary earners and people in general adjust to rises in prices accross the board!

Subsidy has been causing problem back to back, subsidy today subsidy tomorrow. Fuel scarcity today, fuel scarcity tomorrow. Subsidy issue has been a pain in the ass, a distraction…. So taking it out and let everybody eyes clear is a good way to go

nairalanda1:


The exchange gap was first created in the mid 1980;s by the IBB administration, and by 1992 we had a offical and parallel market for forex.

Buhari just created some additional cheap rates...including one for Muslim pilgrims at one point.

Not true the exchange rate gap existed long before IBB.
Bristol Hotel was the centre of Forex dealing even when Gowon was in power. Right from the moment Shagari took over from Awolowo as Finance Minister In 1971
When Adamu Ciroma was CBN governor there were several scandals
Those old enough to remember Bristol Hotel on Lagos Island know this .
If You were travelling abroad you could only get 1000 Naira = $1500 at official rates whilst it was selling for 2 to 3 Naira at Bristol Hotel
It was called Travel allowance and subject to a lot of fraud. If you wanted more you had to go to the Bristol.
What happened under IBB is he legalised Bureaux de changes whilst previously they were unregulated

Mynd44:

Nigeria has never had an experienced politician and economist driven President.

What is happening now is a president who knows some economics and has the political clout to get his work done. But all these is the presidential push.

Lets see what happens when those whose pockets will be affected will pushback. Will the government fold? That is where his political experience might be needed

@mynd44 how do I get my thread about order cancellation on Jumia to frontpage? They've stopped responding to my emails. Calling the customer care number is just a waste of airtime and time itself
Thanks.
This is the thread:
https://www.nairaland.com/7698332/jumia-please-refund-me
.

As laudable as this is, we have to and see counter reactions.. government should know those whose pockets will be affected will push back and devise new strategy. Lets see if @officialAbat and his goons will have answers and strength for there new approach.

Also, government have to earn more dollars to sustain this. Only one way of doing that is to diversify. Let earn more of dollars from many different fronts.

Most importantly, government should not backdown when sabos (rich, influentials and highly connect) individuals that have hitherto beneffited from unpatriotic activities fight back. We should expect they wont go down without a fight. It is now keft for government to look out for them, especially among the civil service, the most corrupt arm/ part of government.

Mynd44:

Nigeria has never had an experienced politician and economist driven President.

What is happening now is a president who knows some economics and has the political clout to get his work done. But all these is the presidential push.

Lets see what happens when those whose pockets will be affected will pushback. Will the government fold? That is where his political experience might be needed

My thoughts exactly. Does Tinubu have the courage to step on peoples' toes? Including those who helped him on this journey, if it will lead to the growth of the nation. I am by no means a BAT supporter but if he can stiffen up and address the foundational issues of Nigeria then great, he'll have my support . Otherwise, I'm afraid his reign would be tantamount to building castles in sand. All it would take is for the worst amongst us to grace that seat then boom! We're back to square one.

domDva:


https://dailytrust.com/exclusive-cbn-devalues-naira-to-630-1/

E don finally happen again.

Hotwest:
Dollar will reach 1knaira to a dollar with bad mumu decisions without adequate infrastructure on ground to manage the decision

his is actually my fear , these decisions may end up been counter productive if care isnt taken.

This is rubbish, black market is hitting 900 by tomorrow
Who will bet?

Finally ...a president with balls,with this move and Dangote's expected supply in July, Naira should gain with USD by at least 100Naira

The fraudulent amateur aka sillybu, director of a low flying, building level maneuver administration, is just continually showing his naivete. He really got away with his lack of leadership experience in Lagos. No wonder, even him was delusional on his past achievements, and started yelling that he created Lagos.



He just subsidized the currency. Force floating it. He has not built foundation, but he is trying to build a heavy structure on a faulty foundation. In real life, the house will not fall immediately, but one heavy vibration, one heavy rainfall, or when people pack in - way below the capacity expected, the building will just collapse. It is something similar he is doing.


As concerned as we are, we should stand by and be doing us, while we watch his fo*lery on display, his impersonation lies are catching up to him. If you try to help him now, he will claim credit and be forming genius.


Nigeria is in for the an aimless journey and tribulations of an extremely aloof driver. One chance tinz. It is becoming clearer and clearer, that the fraud will not practice equality and might resort to divisiveness to deceive peoples daily attentions.

You call it good, Dnt you think this devaluation would also affect the price of dollar in black market ? So the circle goes round, nothing is really changing.

Devaluation might bring in Investor, but how many foreign investors are confident on policies in Nigeria at this time.

We should focus on what would make us earn more dollars to our economy and not devaluation

I want to see how it pans out at the end of the day. Making policies alone is not enough but the effects on the masses is what matters. Are we going to see positive effects? What happens to production and manufacturing?

iCauseTrouble:
What effect will this have on people that earn in dollars?

I think no effect,there wont be need to withdraw your dollar to exchange in the hands of Abokis. Every transaction will be done in the bank when you know that exchange rate is the same in the hands of Aboki.

my take is.
since subsidy had been removed now and gone for good. what sacrifices will the elites or political class offers too. will they be driving 20 vehicles in a convoy, will they be allowed to go for medical trips with array if aides too. if Nigerians will bear the brunt more. what else can the people benefit like?
On the devaluation of Naira. its a good step to eradicate parallel market since the CBN is now turned to ABOKI FX as the BDCs who have privileges to getting $$$ in CBN but ordinary Nigerians cant get it. the only thing is Customs will have to increase their tariffs which will bounce back on the people in the economy.
the Nigerian nomenclature is a corrupt one which can take a strong will person to do..

Uncle Bola is really stepping on toes. Oladeji245 o ti ri nkan kan. You go suffer well well

The Naira will always be weak in an import based economy

How did they arrive at 630 in the first place. We need to know the details of this.

If it to chase the black marketers then the CBN had better have enough in it's warchest or the black rate will surge after a while.

Though 750 to 630 will reduce illegitimate profits from round tripping but the gap remains too wide to exert enough pulling power to crush the black market.

A full float is what Nigeria needs. Depreciation alone is not enough.

Hotwest:
Dollar will reach 1knaira to a dollar with bad mumu decisions without adequate infrastructure on ground to manage the decision

Are infrastructures built in a day or without finding mechanism to save money going to the pockets of few? There are short term policies and long-term planning. Don't just comment, not a must to comment; save your data.