They just wan use grammar deceive us, People they told us that didn't went to school.

oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this

Because he is an independent person-the God father himself.
And I remind you again, education is good.

saysoo:
Just tell me how an average market man/woman will understand this jagon?

That’s the job of the press.

Where is NATIONAL ORIENTATION AGENCY to start braking down these policies for everyone to understand?

viodemus:
incoherent grammar, using words to confuse gullible nigerians.


These people are not serious. they love Faking.

They are finding ways to normalize suffering. This is suffering transition from Nzuzuari max to sillybu pro max.

They are trying to deflect their lack of solution. Is not like some are not intelligent people, but because the kind of progress they seek is for personal account and personal leverage impact They can try to suppress the truth of their actions, and put a wool over the eyes of the people, but their incompetence continues to shine through.

You people want to save some money, but many people know it is not really for impactful work; [b]but more so for treasury looting. [/b]These are not crises handlers. Not in economics, at nothing thus far. No signs of wisdom on the horizon yet. Their incompetence dey stink high. unnecessary shakara.


equalize the security forces for all, nstead of having an overwhelming hisba and tribalist sham forces. As much as this is a great selling point for the east, it is still good to wish for peace. The SE and close knits are not really represented, do something about it. It also shouldn't take much to open the non SW ports.

This has always been my fears. It is the same insane levels of corruption that bent over the country to the ground.

franchasofficia:
A good start for now.


But guess where the problem is?


CBN doesn't have enough dollar to meet Nigerians' usd demand, remember we are an import dependent country.


What it means is that Nigeria doesn't earn enough FX through export to meet up with the dollar demand of Nigerians, which means many Nigerians will be going to Aboki for dollar and Aboki will be determining the rate based on demand of dollar for the day, and this will definitely lead to uncontrolled crash of Naira value against USD.



I commend Tinubu for this good dollar floating policy, but it would have been better done after putting certain things in place to ensure CBN earns or have enough dollar to supply to all banks to sell to Nigerians.



One of those things that would earn us more FX and also reduce our FX outflow is putting our local refineries in working condition and leasing them out to private entities to run for Nigeria to reduce importation of petrol which gulps most of our FX. While fixing the national refineries, Dangote's refinery will also be ready and both combined would solve our importation of petrol which consumes majority of Nigeria's FX.

Dangote is there for them na.

franchasofficia:
A good start for now.


But guess where the problem is?


CBN doesn't have enough dollar to meet Nigerians' usd demand, remember we are an import dependent country.


What it means is that Nigeria doesn't earn enough FX through export to meet up with the dollar demand of Nigerians, which means many Nigerians will be going to Aboki for dollar and Aboki will be determining the rate based on demand of dollar for the day, and this will definitely lead to uncontrolled crash of Naira value against USD.



I commend Tinubu for this good dollar floating policy, but it would have been better done after putting certain things in place to ensure CBN earns or have enough dollar to supply to all banks to sell to Nigerians.



One of those things that would earn us more FX and also reduce our FX outflow is putting our local refineries in working condition and leasing them out to private entities to run for Nigeria to reduce importation of petrol which gulps most of our FX. While fixing the national refineries, Dangote's refinery will also be ready and both combined would solve our importation of petrol which consumes majority of Nigeria's FX.

His policy document from KPMG has highlighted this point and has made other avenues Nigeria can earn more FX. I didn't believe in this man but with the 50 page document I have seen and read, I strongly believe he is on the right track and maybe the man that changed Nigeria for the better. We can only now pray for divine health for him.

franchasofficia:
A good start for now.


But guess where the problem is?


CBN doesn't have enough dollar to meet Nigerians' usd demand, remember we are an import dependent country.


What it means is that Nigeria doesn't earn enough FX through export to meet up with the dollar demand of Nigerians, which means many Nigerians will be going to Aboki for dollar and Aboki will be determining the rate based on demand of dollar for the day, and this will definitely lead to uncontrolled crash of Naira value against USD.



I commend Tinubu for this good dollar floating policy, but it would have been better done after putting certain things in place to ensure CBN earns or have enough dollar to supply to all banks to sell to Nigerians.



One of those things that would earn us more FX and also reduce our FX outflow is putting our local refineries in working condition and leasing them out to private entities to run for Nigeria to reduce importation of petrol which gulps most of our FX. While fixing the national refineries, Dangote's refinery will also be ready and both combined would solve our importation of petrol which consumes majority of Nigeria's FX.

This is just like putting the cart before the horse. This enactment is just like rushing to a policy without solving the negative effect of that policy first. Our Nairaland warriors are praising the policy already and throwing jabs(demarking Obi already), anyways, let's see how the whole thing goes.

franchasofficia:
How did they factored them in?



Have our local FG owned refineries started operation?

Petrol import alone consumes more than 50% of Nigeria's FX. If we are still importing petrol, CBN will continue to run short of FX until we stop petrol importation completely and also boost our Agricultural sector to start exporting more.



More than 80% of containers that bring in goods into Nigeria go back to their country of origin or port of loading empty, its a sign of a dead national economy. We must regig and revamp our export, especially agro export which is the only thing we can export after crude oil to solve our FX shortage crises.




Failure to solve our low FX inflow while floating the USD to depend on free market demand and supply will only lead to uncontrolled crash of naira to maybe 1000 to 1 USD if not more in the coming weeks or months

Defending the Naira week-in week-out for years is no longer sustainable..

As reported, removal of subsidy has drastically reduced our fuel consumption...which will reduce the amount of fuel we also import...FX will be saved on importation and also saved on subsidy.

Let us try something different.

bakol:
In a simple language, what that means is that government has Unified the Fx rate as opposed to the fraudulent multiple exchange rates we had before where CBN official rate was around N550 at a time and the black market rate was around N750. Unfortunately, the CBN rate was highly not assesible to the ordinary man thereby forcing everyone to patronise the Black market rates that the market forces has no control over. That encouraged racketeering among the BDC operators and some officials.

Now, the forces of DD and SS will determine the movement of the Naira to USD. For a start, the CBN has pegged 1USD to N750. Now, the power has been taken away from the few BDC operators who were arbitrarily determining the rates.

Everything you said is correct except that CBN has not yet pegged 1USD to N750. You can bid for dollars at the I and E windows for N500 if like. Banks were just bidding high to make sure they are successful

You are a very toxic person. Cursing upandan, One wonders how you relate with your neighbours in that squalor people like you are molded.
Can't you just read and make sensible comment without bleating a curse like a goat?

Meanwhile this is a welcomed policy. Good one in a good direction if it will be sustained.


.

lorbah001:
Seriously I am getting frightened by this pace...ah, BAT is outrunning even the supposed healthy clowns.

A better Nigeria is here and anyone wishing against her wellness will never succeed.

Ogene001:
Tinubu has destroyed abookis after deceiving them with Muslim/Muslim ticket and dancing in Kano. Peter Obi used to say these things but Tinubu was fooling around to deceive northerners when he had similar plans.

Which northerners exactly,Abi no be same thing Sunusi lamido has been advocating for so long?
We only know that it benefits very few that have the upper hands besides that the average man on the street has nothing to do with Dollar.
Don't be fooled the politicians and some of the high ranking civil servants are the biggest benefactors.

Dialpad:
This is a good move, I know many are waiting to hear news of when we can start spending dollars on our naira cards.

How can one have millions in a naira account but can't spend when you travel out, some lunatic tells me I can only spend $100 monthly.

If you are waiting to spend dollars on your naira card, click the like button.... lol

I can't wait bro

This is a welcome development in that the naira will be determined by the real force of demand and supply of dollars in the market.

One thing to note is that this policy will reveal the actual amount needed by importers to trade internationally especially when subsidy has been removed on petroleum products especially gasoline.

We all know that the petroleum subsidy is a huge scam being exploited by those in power, government connected people, some businessmen conniving with government officials to amass unearned wealth by claiming huge amount dollars spent to import petroleum products from the Federal government. This will marginally stop and government FX expenses will reduce.

In a nutshell, this policy will result to the following:

1. Real price of products will emerge as forces of demand and supply will come into effect.

2. No roundtripping of FX in the market where some people in CBN, commercial banks, BDCs and so on will connive together to exploit the loopholes in the market and amass wealth to themselves

3. It will encourage local manufacturers to source for their materials or input for productions locally and export finished products to earn more foreing currencies thereby bringing more supplies to the market.

4. It will encourage foreign companies, foreign investors to invest in Nigeria due to the confidence that their money or profit earned can be repatriated without any difficulty because they have easy access to the market for easy repatriation

5. More foreing earnings will be experienced in the long run as more investors will floor Nigeria markets.

6. Naira value will be appreciated in the long run as more investors will demand for Naira to set up their businesses in Nigeria.

I will stop here and update the implications of the new CBN forex policy later.

Thanks

The Nigerian government has attempted to increase the supply of dollars by instituting a floating naira, which allows the currency to move in response to market forces. However, we are predominantly an export based economy, so our demand for dollars will always be higher than its supply. and when the demand for dollars remain so high, the naira will continue to collapse, depreciating more in value. This could lead the naira to reach even higher levels than #1200 against the dollar.____ My small kobo

bakol:
In a simple language, what that means is that government has Unified the Fx rate as opposed to the fraudulent multiple exchange rates we had before where CBN official rate was around N550 at a time and the black market rate was around N750. Unfortunately, the CBN rate was highly not assesible to the ordinary man thereby forcing everyone to patronise the Black market rates that the market forces has no control over. That encouraged racketeering among the BDC operators and some officials.

Now, the forces of DD and SS will determine the movement of the Naira to USD. For a start, the CBN has pegged 1USD to N750. Now, the power has been taken away from the few BDC operators who were arbitrarily determining the rates.

Why the pegging then, if the actual rate is to be determined by the forces of Demand and Supply?

bonnyhope:


Summary: everyone can access dollsr at flat rate

No more black market

Thanks

Kubernetes:


Meaning exchange rate in this window will be determined by market players.

The CBN wants market forces to determine the exchange rate which will bring greater liquidity and stability

Thanks

Seefinish:
Joke apart I don't understand what I have just read. If I tell you I understood what I have just read I am lying to myself

No more black or parallel market. We all access dollar at the same market.

Dialpad:
This is a good move, I know many are waiting to hear news of when we can start spending dollars on our naira cards.

How can one have millions in a naira account but can't spend when you travel out, some lunatic tells me I can only spend $100 monthly.

If you are waiting to spend dollars on your naira card, click the like button.... lol

Bro good morning, pls oh I don't understand this CBN new law...can you through more light in it for my understanding. Thanks in anticipation

bluefilm:


Why the pegging then, if the actual rate is to be determined by the forces of Demand and Supply?

Leave them. Let them be deceiving themselves

grandstar:
Fantastic!
This has been long awaited! Long overdue!

I just hope the government can slash company tax to 12.5%. This could achieve the 10% yearly economic growth rate it seeks.

Even if it's 15% good, inclusive of the 2% education tax.

EDT is now 3%

vastolord4:
Please who can interpret in plain english

It means government will no longer fox the exchange rate. The rate will be determined by the normal import/export window. If we have more dollars than people demand of it, the rate will fall and vice versa. With this, it just made the news that our stocks just gained almost a trillion Naira yesterday because investors were happy. There will be more foreign direct investment into the country and the rate will fall well well against the Naira.

oneluv4life:
The Nigerian government has attempted to increase the supply of dollars by instituting a floating naira, which allows the currency to move in response to market forces. However, we are predominantly an export based economy, so our demand for dollars will always be higher than its supply. and when the demand for dollars remain so high, the naira will continue to collapse, depreciating more in value. This could lead the naira to reach even higher levels than #1200 against the dollar.____ My small kobo

When we end the importation of PMS the rush for dollars will significantly reduce and the naira value will return.

This policy is useless as Nigeria is heavily dependent on import.

Naira will still fall freely.

oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this

He is the first president with finance background. His vice also has about 25 years banking career. He does not have a godfather so, he fears no one.

fawaz050:


EDT is now 3%

What's the black market rate today?

Taigaban:
When we end the importation of PMS the rush for dollars will significantly reduce and the naira value will return.

Even now, demand for dollars has reduced as demand for petrol has slumped.

grandstar:


What's the black market rate today?

I really don't understand why you are asking this

accordadoga27:
Welcome to the new Nigeria - The giant of Africa.


We thank everyone who voted in BAT.

As for the ones who fell for the propaganda, una eyes don clear now just in two weeks.

They told us we would see shege under Ashiwaju’s administration (the best governor in the history of Nigeria) but the land would be filled with honey under one man who failed woefully as a governor in small Anambra and some people believed.


Tinubu is sick, he is push and start, how many times has he collapsed since he assumed office?

We thank everyone who believed in Ashiwaju. Together we shall sing a new song.

As for the ones who don’t want Ashiwaju to succeed or progress, ode to n so eledumare, ori e lo ma ku si

Ashiwaju is not their father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s mate.

How is Nigeria the giant of Africa?

What has all u typed related to the topic?

Do you even understand a word that CBN said?

If u don't, why are u asslicking?

How is Tinubu the best governor in the history of Nigeria?

Do you care to explain how u arrived at that conclusion?

obi4eze:
This policy is useless as Nigeria is heavily dependent on import.

Naira will still fall freely.

It is exactly what the country needs.

If demand for dollar is greater than supply, the currency would depreciate, making imports costlier and less affordable while locally made products become cheaper and it's exports more competitive.

And if supply inflow is greater than demand, the currency would appreciate, making imports cheaper.