IVORY2009:


Scarcity nkor? ,Their business strive when there are scarcity

Are you sure you even understand what you are complaining about?

Fake news

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 .

Was it not the same Ur JAgaban and his cohorts that protested against GEJ from removing subsidy in 2012.

twosquare:
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...

They'd still have patronage,just that the margin will reduce drastically,since demand will fall so much for parallel fx.

sonnie10:

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.

Ok! You think,time will tell.

SavageResponse:
These are hard decisions that needed to be taken

so this means increase of goods & services

Take down this thread. It’s fake

Deltavariant:
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

True, it is the IMF playbook, but phones have always been sold at the Black market rate...and most of the things imported by private businesses...I believe only a few things will be affected.

Reference:


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.

.


The question you should be asking is why did black market thrive?
Is it because getting dollars through bank has always been a hassle.
Can they match the demand for dollars?

Let see if banks will make dollars available at that price to all individuals that need it. Until then, I am not moved by the news.

domDva:


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

You are what they called you. Happy to witness this fresh of breath air.

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?

Black market is 735 the last time I checked (yesterday).

PoliteActivist:


We haven't been doing anything

We have sir.gej once removed it fully and price went up to 140 before rlreducing it by half to 97 naira.once govt plans to remove it,they will be pressures for them not to.this is the best way to remove it sir

OkayDaddy:


Are you sure you even understand what you are complaining about?

Why not?

By the way, the person I responded to, has answered the question

domDva:


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

Fake news

nurex01:
if and only if the government uses the freed up funds on infrastructure and people oriented policies.

This is the big problem.
With very little accountability, the lack of a truly independent legislature and ineffectual political opposition there is a serious threat that more funds to government simply means more corruption, more waste and a fatter, more bloated government.

Naturally, in functional democracies the more the citizens are taxed and stressed (subsidy removals is taxation) the more they hold their governments to account and dictate how and on what money is spent on.

But Nigeria is a feudal state so the President can spend as he likes on what he likes through whom ever he likes and few will check him. So benefits can all be lost. This is the history of Nigeria. The bigger the resources the fatter the fat cats.

This is a good move,I heard there will tax waiver and tax holiday for investors......I will happy to hear that and I will be glad to work with this administration. Not like that dunce from daura.

Acidosis:


Ignore them. They defended Buhari's refusal to devalue the Naira. Now they're defending BAT's decision to devalue the Naira.

Just ignore them and "their mod."

You no see as the loser mynd dey support nonsense 😂

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.

How can one person have so much wisdom like this?.
I love this write up.

PoliteActivist:


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

Delta State bro ..
Ughelli to be precise

There's fire on the mountain. The Era of an evil genius. This Jagaban will wreck Nigerians.

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.

See as person dey yarn sense for here.

Well, as at this very moment, the official exchange rate for banks still remains 455 and not 630 as reported in this bulletin. Until we actually see it rise to 630, everything here remains heresy to my ears.

Thank God oooo Dem never devalue anything na rumour

babaolofin:


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.

The small tribal bigots have no idea what happened in the past. But the Nzeribe spirit is at work in them. Thank God the courts checkmated them.

I just pray that the tough reforms of this government will bring in the desired results of prosperity and peace

When has devaluation reduce toundtripping ? This is not the first time Nigeria is devaluing her currency yet the gap between the real value at CBN level and the parallel market is still high. Until Nigeria diversity her economy to make sure she earns dollars from major different angles, it will be the same story as usual. Anyway let's see how it all pans out.

For me, I don't think the parallel market price will drop drastically....I see an increase much later in the parallel market. All I see here is if you no dey earn in dollars, mehn you are on a long thing. Go and look for that business or job that will make you earn in dollars.

Is there a way to unify the black market to official rate?
Who controls black market unless they want everyone to have access to dollars from official sellers...


If government increases official rate to 630/$ what holds black market sellers from increasing there's to 1000/$

[quote author=Ahmed0336 post=123501673]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 this.

BAT, na man you be. 🤝[/quote......
Let us continue singing praises whether him do well it not
Sycophants are more dangerous than Bandits.

emerged01:

Ok! You think,time will tell.

It is good to be optimistic but the truth is that while Nigeria was sleeping, the ship sailed. For years. bad leadership plundered the economy and the money for building infrastructure. How is Nigeria going to complete in the global market? Is it in manufacturing? Can we stand China in any consumers goods?
Do we have the basic infrastructure to enable competitive production?
You cannot run generator and complete with someone using cheap nuclear powered electricity.
Even the much talked about agriculture, can you beat Thailand in rice? Malaysia in palm oil, US in corn and soy? Netherworlds and Argentina in cows.
Just tell me one thing we can take to the world market and dominate?
A good place to start is by trying to be self sustaining first,

babaolofin:


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.

I doubt you read my post. And if you did, then you did not understand.
Anyway, I don't expect your level of comprehension to be any better than the local agbero at oshodi bus stop.

Importation
Goods price will increase more hardship for everyone both APC AND PDP
Las las everyone go collect wotowoto

Reference:


This is the big problem.
With very little accountability, the lack of a truly independent legislature and ineffectual political opposition there is a serious threat that more funds to government simply means more corruption, more waste and a fatter, more bloated government.

Naturally, in functional democracies the more the citizens are taxed and stressed (subsidy removals is taxation) the more they hold their governments to account and dictate how and on what money is spent on.

But Nigeria is a feudal state so the President can spend as he likes on what he likes through whom ever he likes and few will check him. So benefits can all be lost. This is the history of Nigeria. The bigger the resources the fatter the fat cats.

you have said it all, we pray for a better Nation.