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.

It's time for them to find another source of income.

The money they have made via this round tripping is enough.

Nothing lasts forever.

emerged01:

The way me I dey see am in long term dollar no go scarce o. Next month,there should be more of dollar,na Dangote to go dey supply fuel,there wont be need for the marketers to dey run after dollars for importation.

It's not only fuel this country imports besides Dangote alone won't be able to meet local demands and trust that other importers would want to remain in business. Dollar will still be needed for other products being imported. Until we have an economy largely dependent on local production, the demand for dollar will continue, whatever Tinubu is doing now will only be temporary, only the natural forces of production, demand supply will strengthen the naira, let's hope this is matched with enabling environment for local businesses and production especially to thrive else it will all be effort in futility

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

na that multiple taxation be my problem.
I know what I am suffering

Civetcat:


Tinubu is cleaning up Buhari and Jonathan’s mess in one week.
Jonathan invited all manner of vermins into the oil distribution whose only purpose was to steal .Within a period of 2 year , the subsidy regime became untenable. He ,Jonathan was asked to clean up the mess he made but refused. After 10 year , those vermin’s are so embedded in the system that it is better to just get rid of it altogether.
Buhari on the other hand created this exchange rate gap to benefit round-trippers. Both cases used ethnic considerations above national interest .

I don't know much about Jonathan and the oil marketers, but for sure Buhari allowed the loophole that led to round tripping cos it benefitted some of his people.

People hailing him are just talking nonsense. CBN should make Nigerian debit cards to start working abroad and they should make exchanging naira to usd easy via internet banking to send funds abroad. The black market rate will have drop to very close to the official rate. It’s because these aren’t possible that’s the reason the huge difference between the official rate and black market rate.

sonnie10:
Few days ago, someone said , “hope the new refinery would sell US dollars at a good price to the CBN” and we thought it was a joke
Yet again another government policy making it favorable for the refinery to sell dollar at almost the same price with the parallel market.
Meaning more money to the owner and a push up the Forbes ladder.

this is how, when and where the decision was made

LordAdam16:


E shock u abi?

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

-Lord

But it was APC supporters that said he was against tinubu and would be axed immediately tinubu wins

keymatt:
Capacity to inflict pain and misery you mean. When the wicked are in power the people suffer.

Make them just dey play

Tinubu reign as President would be like Chelsea last season

Greyworld:

But it was APC supporters that said he was against tinubu and would be axed immediately tinubu wins

Those are minions. Their opinions don't count.

-Lord

Can someone explain this post in a lay man's term... aka summary

LordAdam16:


Those are minions. Their opinions don't count.

-Lord

Okay then. Peace

Cantonese:


May I ask you why Tinubu and Buhari led the protests to vehemently oppose subsidy removal by GEJ in 2014?

He who brought them on , knows them ,should chase them away . They were new and not embedded within the system . He should have withdrawn all those new licenses.

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

You really think this is sustainable in an import dependent country like Nigeria? Fuel isn't the only thing we import and Dangote can't even meet local demands. Until this action is matched by dependable local production for most goods we import this will be exercise in futility. Forget the initial market reaction at the moment, only the natural forces of production, demand and supply will strengthen the naira, any other thing is temporary

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.

You seem to understand how public policy works. Nice one

Lordofalmajiri:

Omo binance rate go down o

Before nko?

Were you expecting it to be different?

Welcome to a new era.

Do you think banks.are going to sell dollar to you? How much do aboki sells there 765$, so what has BAT done?

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.

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.

No bro. People will still use them,especially when you need the cash.

Also, if you don't want your transactions monitored..I think. In the days when there were no Fx scarcity, people still patronised them...

PoliteActivist:


See a better method below

Easier said than done

Now watch dollar drop to 1000 in parallel market.

Ahmed0336:
Damn!!!

I'm so proud to be alive this moment.
Tinubu really understand how to run an economy.
It's so sad that PMB who was once a military officer didn't have the heart to do all these.

BAT, na man you be. 🤝

do you even know what you are saying but my joy is we are in the country together many of you will cry, the first thing Tinubu should do his to cut government running cost, cut the take home of executive and law maker after which you can come and negotiate with the masses.The goverment should discussed with Dangote refinary how much he will refine for Nigeria, you give him crude oil, he give you petroleum product. I will not talk much because the govt will fail

domDva:


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

Good move.
May he succeed.
God bless Nigeria

Mynd44:
So basically, government will reduce taking foreign loans to fund subsidy
Reduce the amount of FOREX used to defend the Naira

And effectively free up more funds for government spending. All these will be good if the government uses the freed up funds on infrastructure and people oriented policies.

Interesting times ahead

lol get off from your high horse

solacong:


Do banks have enough dollars for everybody?
Can banks give you $10K? Aboki will give you

It is very very difficult to remove aboki from the business, besides the banks are also the Aboki in disguise, it is a huge business

Let see how it goes but I'm positive about this.

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.

Very good tips. Security of the farms and the farmers is also very important. The major problems of high rise in price of food is because most farmers ran away from farms due to incessant attacks on them . What we need is basically to pray for President BAT and his team. Irorun igi ni irorun eye ...

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.

My gawd 👏🏽👏🏽👏🏽👏🏽!!!

This is so much unlike regular comments you get on Nairaland because the forum has been turned to a platform mostly for dimwits, ethnic jingoists, rabble rousers and jobless online trolls.

Standing ovation!!!

Your comments are so spot-on and so incisive that I hope it gets to those in government.

Omoawoke:


Easier said than done

That's why you do gradually as people and wages adjust.
Why suddenly so massively devalue official rate Naira when that's what the budget is based on. And how about those who sell $ to CBN , all of a sudden overnight they are being paid 600 instead of 400!

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

Correct...and one of the adequate infrastructures that should be on ground is grounding corruption at all level of the economy. The judiciary arm of the law must come alive to serve JUSTICE to all who deserve it, if not all these policies will just be like punishing Nigerians for the fun of it with nothing reasonable to show for it.

CORRUPTION IS A DEADLY VIRUS AGAINST GROWTH THAT MUST BE DEALT WITH FOR ALL THESE POLICIES TO TAKE EFFECT

The few people that are smart and intelligent will understand this!!!!!

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!

Ok

Parada:
See dead brain forming analyst
Those that senior your father n tutor dear not say all the rubbish you said out of bigotry n hate for the superior Yoruba Tinubu.

shut up. the guy you quoted is correct. with this move, Tinubu will be a total failure more than Buhari.

RomanGreen:


It's not only fuel this country imports besides Dangote alone won't be able to meet local demands and trust that other importers would want to remain in business. Dollar will still be needed for other products being imported. Until we have an economy largely dependent on local production, the demand for dollar will continue, whatever Tinubu is doing now will only be temporary, only the natural forces of production, demand supply will strengthen the naira, let's hope this is matched with enabling environment for local businesses and production especially to thrive else it will all be effort in futility

I belong to this guy school of thought. Those that are benefitting in the gap between official rate and black market are losing already and they are part of the people that create scarcity.

I just dey laugh....By next year we go know whatsup....all dis na sakamaje