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.

It is not that Buhari lacked the capacity to take tough decisions, time and seasons dictate decisions at times. More importantly, personal conviction and understanding of the situation and the outcomes affect decision taking. We should never compare Buhari or Jonathan or Obasanjo government to Tinubu's government. Each government has its divine assignment at a particular point.

Tinubu's government has a very key divine assignment for Nigeria and Africa that is why there are many adversaries. Abiola divine assignment was to Africa but the adversaries never allowed him to deliver it. Abiola started Reparations to Africa global crusade years before he decided to contest for Presidency, till date, Africa remains where Abiola left it.

During the Presidential debate of 1993 on NTA, both aspirants ( Abiola & Tofa) were asked how they would control Exchange Rate that Naira to Dollar would be low and stable? Tofa said Naira would be pegged to Dollar (=N=10 to $1 or lower). ABIOLA said a Glasgow trained Accountant cannot say he would peg Naira / Dollar Exchange Rate. He said it is the economic forces that will determine the exchange rate. He said they would work on all the forces to stabilize the exchange rate. Abiola did not tell lie because he wants votes. That was a man on a mission. Nzeribe was on his propaganda noise that instead of a Yoruba man becoming a President, let Hausa continue. The Nzeribe people has now transformed into a movement. Nigeria must move forward.

China passed through this stage and survived it.

Badgers14:
I still don't understand this forex this and forex that in the Nigerian economy.

Why not eliminate BDCs entirely?

Why would anyone operate a bank account in another currency except Naira?

The common sense process would have been , if you want to pay your kids school fees, your suppliers in China, medical expenses etc..

You walk into your bank and complete the necessary protocols.. the bank tells you officla rate is 460 naira per dollar so if you want to send $10,000 overseas, your bank will deduct 4.6m from your account plus charges and send the money to wherever you need them. So it is not like your local bank sends the physical cash to the bank overseas.

But the system we operate currently. We have to go and source dollar from BDC and buy it at black market rate then bring the physical cash to the bank and deposit to effect our overseas transfer..

But when you go to the bank to withdraw dollar they tell you they don't have any dollar and direct you to BDC guys..

I find this very disturbing... and strange..

You are still a small boy with no financial knowledge.

Go and collect money from daddy to buy biscuit

PoliteActivist:


PO actually outlined very well the right way to do it but all you see in the media is that he said subsidy should be removed "immediately"

That's a lie,po promised tó remove subsidy immediately,the quote of pò u were referring to was in 2022

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 will not spoil business at all
The rates were practically unified until Buhari came to power your theory about bank account is theory. Diaspora Nigerians bring in millions every single day and people buy millions of dollars daily
whole operate on huge volumes and small margins maybe 2 to 10 Naira
Do you think the difference between the official rate and the parallel market goes to the Aboki on the street?
No
it goes to cronies of Emefiele and the likes of Mamman Daura

You forget that the animus actually buy dollars from the public at higher rates

BrownSugq:
LMAO 😂
Too many morons on this Nairaland.
They are hailing BAT for this irrational devaluation not knowing that Naira is about to hit the root in the parallel market.
Expect Naira at 1,000/$ by today evening

LMAO 😂

Bros I shock o

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.

Better calm down, we want goverment policies to succeed, for the new president to do well, why? If you are not in his inner circle, the only way to benefit is if the economy improves.
Even if the merging of the exchange rate is good (which is making you run mouth in ecstacy), how has it improved you or Nigerians if not made them poorer?
Do you understand that if you need personal travel allowance of maximum $4k, instead of paying ₦1,840,000, you will now be paying ₦2,520,000 with this increase in cbn rate?
Do you realise if you want to pay eg $10,000 school fees, or medical bill, instead of ₦4,600,000, it us now ₦6,300,000?
What is making you happy about being poorer?

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

How will Naira reach 1k?

The same Naira that has been strengthening against the dollar since Tuesday in the black market?

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.

If the suffering was brought by a candidate you did not support, will you accept it hoping to reap at the end?
Like you did under Jonathan?

Tinubu has started very well. There's nothing better than a decisive leader that does what is right no matter the opinion of uninformed majority. I pray for him to continue with these real reforms .

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.

It is a private business.
Anyway, ₦465 rate is subsidising the naira. It doesn't reflect reality when our inflow isn't much. I even expect the devaluation to be more than that. But with time, it will go down a bit when both Dangote and BUA refineries are functioning at optimal capacity.

Also, we should consider the BRICS nation. We do business more with them than with the 🇺🇸

PoliteActivist:


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!

The gap between the official and black market is too much. A lot of corruption happen in that gap.

The number of people that sell dollars to cbn at 460 are so few. How many people do that? Just some NGOs that are mandated to do it for audit purposes.

The corruption is that people become millionaires overnight simply by buying dollar from cbn at 460 and sell immediately at black market at 750. That’s where the majority sabotaging occurs and it is making a few very rich.

That needs to stop

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.

Valid point.

Hopefully our banks should start allowing us order from AliExpress directly

nedekid:

Better calm down, we want goverment policies to succeed, for the new president to do well, why? If you are not in his inner circle, the only way to benefit is if the economy improves.
Even if the merging of the exchange rate is good (which is making you run mouth in ecstacy), how has it improved you or Nigerians if not made them poorer?
Do you understand that if you need personal travel allowance of maximum $4k, instead of paying ₦1,840,000, you will now be paying ₦2,520,000 with this increase in cbn rate?
Do you realise if you want to pay eg $10,000 school fees, or medical bill, instead of ₦4,600,000, it us now ₦6,300,000?
What is making you happy about being poorer?

You are talking like Onitsha main market or Ariara or Alaba crude and uncivilized trader. Is it immediately a policy is implemented that the results come out?

In China, it took many years of economic and social reorientations before the results manifested.

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.

Oga i hope u dey enjoy you 30k salary

Gajagojo:

It will not spoil business at all
The rates were practically unified until Buhari came to power your theory about bank account is theory. Diaspora Nigerians bring in millions every single day and people buy millions of dollars daily
whole operate on huge volumes and small margins maybe 2 to 10 Naira
Do you think the difference between the official rate and the parallel market goes to the Aboki on the street?
No
it goes to cronies of Emefiele and the likes of Mamman Daura

You forget that the animus actually buy dollars from the public at higher rates

Bro,we are saying the samething,when it is finally unified,the cronies of Emefiele will have lose their stands. I believe with this,there will be more dollars in the bank except there are saboteurs.

It will definitely reduce round-tripping

nairalanda1:


I'm looking at how this government would diversify the economy so that we can make more dollars for a stronger naira.

As for the exchange rate....while I am not sure about unifying it or bringing the official closer to the black market, if it reduces round tripping, good.

dalaman:


The banks are the ones doing the round triping themselves. But once the official rate is devalued to say 700 naira ro a dollar the black market rate will also drop and the business won't be attractive anymore.

The major issue here is not official rate to black market rate, the banks CANNOT satisfy the dollar need of nigerian at this time, so the black would be always there.

... you know our banks, even when they have the dollars, they would keep it for the highest bidder, they would tell you no dollar, for your eye like this one guy go come collect am.


the main issue is our economy should earn more dollar or find substitute to what nigeria are doing with dollar, once we have that equilibrium, the low demand for dollar would force down the price automaically

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 was against this man tinubu , but I pray he takes it along just like you explained. You have a good brain and nice plan.

Chai Tinubu don lule him don go devalue naira further all in a bid to have a unitary exchange rate that might not work and Also to attract Foreign investment. To Japa now go dey very expensive cos na CBN exchange rate those embassy they use

All this is the script of world bank and IMF, our eyes go see shege when the cost phones, TV, plane tickets begin to rise astronomically, Nigerian economy is not based on only PMS import driven but almost 80% of everything good is imported. Argentina once tried this nonsense but could not save the same from hyperinflation

taneez:
Same thing Buhari did when he came to power, allowing Naira float from 200 to .........

Let us see where this takes us.

This is not a float. It is a depreciation. Same as raising gasoline prices was never the same as subsidy removal or free market.

With time reality catches up and a return to the status quo happens.

Whether we like it or not, the black market rate is the closest to the real value of the naira. This is the value that encapsulates the entire economy both formal and informal, government and private in all forms of economic activity.

As long as there is a gap between the official and 'real' rate the Nigerian will exploit it. As long as there is a gap the average foreign exchange earner will seek to sell at the higher rate. He will not sell to banks.

So if the government is serious about dealing a final fatal blow to the black world of Nigeria's economy it has to match the black market rate stride for stride and better it in some cases.

Let the rates reflect the state, simple. Bit the way it is now, 750 to 630 is still attractive enough in a highly impoverished economy.

motionarena:


You are still a small boy with no financial knowledge.

Go and collect money from daddy to buy biscuit

E bi like say dem just buy phone give you abi?

You don borrow mb from airtel now two of us are online pinging..

Ofen times not one at the expense of the other agriculture is a priority and making sure that assistance get to the farmers and not those pretending to be farmers only to resell the equipment
Also still infrastructural development is important.

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.

emerged01:

Bro,we are saying the samething,when it is finally unified,the cronies of Emefiele will have lose their stands. I believe with this,there will be more dollars in the bank except there are saboteurs.

Well I do not know how they arrived at 631 there is no transparency in that. They should let market determine the rate. Rather than arbitrarily fixing a rate they should auction
We are not quite saying the same thing
Aboki business is legitimate,provides a useful service and not under threat
it is very different from corrupt CBN activity and would exist even if the CBN does not sell a single dollar
Diaspora remittances are more than what the CBN puts into the 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. 🤝

Is a pity, your type exist in this country...

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. 🤝

it's one thing to do this things to generate more funds for the economy it's another thing to have a plan all this things he has done, the masses are the ones suffering it and are still suffering it, it's way to early to praise anyone, there is massive corruption in Nigeria what then is the benefit if subsidy is removed and you generate more revenue only to be looted, don't tell me he is going to fight corruption you know that is a lie.

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.

Wisdom in your submission although your sound inverted

Nigerians 4get history so soon
Is this first tym naira will b devalued as mata of fact it as be done up to 3 tyms in d last 8yrs...wat was d result...
Diesel, gas, kerosene, subsidies had been removed a long tym ago....wat was d result...
The last i checked the prices never come down..
I repeat by next yr we will understand

nairalanda1:
Maybe this is the first step to unifying the rates.

Having said that, this is another sign of APC failure. The government is not earning enough dollars....so the naira keeps falling. For tinubu to strenthgen the naira...he must diversify the economy now.

it is our over-dependence on the dollar that is weakening our naira not earning power as you opined

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.

Is it possible for one to convert dollar to naira online and transfer it to ones bank account without losing a kobo or patronizing P2P and bereau de change?

how does this even change anything? black market still sells for 750 remember?

Very good development if you are planning to make naira worthless to dollars CBN sell dollars lower but they planning to sabotage the effort of the government and resell that dollars to bureau de change so now that the naira and dollar are the same rate now they should go and buy dollars at the CBN and sell it to bureau de change now