You nor even suppose enter this administration, you suppose don perish for Buhari tenure but it is not too late, if you continue like this your perishness is inevitable .

dedonfranco:
We go miss Buhari very soon.......God forbid.

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

🙄🙄

Mystiquefia:


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?

Wrong just bought dollar now 718

Octopusssy:
The Naira will always be weak in an import based economy

first fuel price increase, now it is devaluation of the Naira. Na WA oh. This month started on a very wicked note.

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

You didn't know this when Johnathan removed the subsidy? Wow!

twosquare:
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 🇺🇸

Some private businesses have more national security implications than federal agencies. For a country like Nigerian that is almost dependent on crude oil, any private player in the sector that controls the whole domestic market should be regulated differently.
If we allow them do whatever they want in the name of private business, their bad decisions or greed might hurt all
Remember the last US recession? It was caused by the big banks ( private businesses) due to lack of proper oversight.

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.

Diversify like say na within 24hrs e go work... Dey play ... All these things takes time

motionarena:


You are still a small boy with no financial knowledge.

Go and collect money from daddy to buy biscuit

you are a goat... someone raised important points that calls for concern and instead of you to give intelligent answers to his questions if u had any grey matter in your crevice you are yapping trash. Because you're a batist doesn't mean you should be stupid all the time.

Ekpa!

Mystiquefia:


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 possible. I think 630/$ is for first phase in unifying the exchange rate.

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.

You have turned economy and governance on its head. If he diversifies the economy, will you see the gain tomm. In the short term, he is freeing up lot of resources in USD and discouraging importation in order to have lot of money to immediately defend the naira and build up infrastructure.

If some of you are made the President, you will turn Nigeria to Somalia within 48 hours with your comical policies.

Hypocrites everywhere
Yimu 🫡

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!

Oga,we have been doing it gradually since gej time

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.

PMB's knowledge of economics was not only non-existent but worse, imposed it on the economy.

The fuel subsidy could have since been long gone in January 2016 but PMB failed to grab it with both hands.

It wasn't much about fear but he did not fully realize the damage it was doing to the economy and stook to his ignorant gun.

His government was a disaster!

domDva:


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

CBN says it is FAKE NEWS

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"

Which PO are you people always referencing. Talk is very cheap. If it is so easy, why is it that the same PO failed flatly as a governor in Anambra. We know those trying to cover up his lapses in the state but we know the truth. It will be in the interest of you all to support the current administration as it navigates very tough terrains. I could see as an economists he has being taking the right steps. He doesn't know it all so we will try to offer meaningful and practical advise where necessary and I hope you will join and support the winning team so that we can celebrate together the successes .

Lannister360:
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.

I'm not responsible for your pains Sir

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

if and only if the government uses the freed up funds on infrastructure and people oriented policies.

nairavsdollars:
Emefiele's juju man must be very powerful. His jazz worked well on Buhari, now it's working on President Agbado

They will remove him wt time.

Jagaban... A man of mission and action !!!

Teenaira:


Which PO are you people always referencing. Talk is very cheap. If it is so easy, why is it that the same PO failed flatly as a governor in Anambra. We know those trying to cover up his lapses in the state but we know the truth. It will be in the interest of you all to support the current administration as it navigates very tough terrains. I could see as an economists he has being taking the right steps. He doesn't know it all so we will try to offer meaningful and practical advise where necessary and I hope you will join and support the winning team so that we can celebrate together the successes .

If he failed in Anambra why are they all behind him and not behind their "successful" governors who hate him?? Anyway that's by the way, there are things you don't do rashly - like overnight make 1$ = 630 naira. How about budget that was set at 430? How about people who sell $ to govt - they'll overnight be getting 630 instead of 430!

emerged01:

Very possible. I think 630/$ is for first phase in unifying the exchange rate.

This is like a man chasing his shadow. He will never catch it except when the sun is overhead.
The only export Nigeria has is crude oil and the money from it is not enough to balance trade.
Therefore, import is still more than export and the demand for dollars will continue to exceed supply. This is called scarcity and it drives price of the particular scare item, in this case the dollar.

garfield1:


Oga,we have been doing it gradually since gej time

We haven't been doing anything

Mynd44:



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

Who will push back? Tinubu is a thug ... the canbals are all bullies ... bullies avoid confrontation with other bullies ... especially other bullies with clout and connections. There will be no pushing back.

If you voted for this government pls enjoy and stop bringing Peter Obi into the picture, Peter Obi won't be this heartless.

Fake News!

Nairaland, please make proper findings before posting anything on your homepage!

blackmantis:


I'm not responsible for your pains Sir

Your stupidity in supporting Tinubu is responsible for the pains Nigerians are feeling right now. You are a curse to the black race, your stupidity is affecting others.

While this is great, I will still not believe PBT until I see deliberate moves to cut down the cost of governance.

All I see is comments from people who have little or no knowledge of macroeconomics, exchange rate is the last thing you rush to temper with.

When a country devalues it currency against other currency, it means just one thing, that country is operating a mono economy, which is very bad. Why the rush to devalue the naira, who will it benefit, Dangote, Otedola, Elumelu?

Tinubu should prioritize diversification, import substitution policies to strengthen the manufacturing sector and allow our exchange rate yo float.

That was how Buhari poor policies were hailed until we became beggers online.

Honlucas:



Wrong just bought dollar now 718

Where? I'd like to buy some
I know a guy buying at 750 in Lagos. I'd resale to him

ejieddy:
While this is great, I will still not believe PBT until I see deliberate moves to cut down the cost of governance.

Lolllll u want to force dead horse to drink water in that area oo

domDva:


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

Half measures. Eliminate the damn dual window.

Epistasis:
Fake News!

Nairaland, please make proper findings before posting anything on your homepage!

CBN has made a denial. They accused Daily Trust Newspaper, the purveyor of the fake news of creating panic.