Many people in this forum is unintelligent and daft, y'all think you can buy dollar over the counter inside banks ? SMH!!
1. Naira has been devalued
2. Dollar is scarce because Nigeria is still importing more, and common sense should tell you that if a commodity is scarce, and there's high demand for that commodity, the price will skyrocket,
3. Nigeria depends on nothing more than crude oil to bring in FX, our Reserves has depleted because of mismanagement from previous government.

Now tell me how naira will appreciate?
Nigerians na who do una this thing?
Even some people you think is intelligent is daft!!
SMH!!

theophorus:
Some of these moves will make some people become Poor but it will create some form of equity.

Notice the AbokiFx guys are not complaining but if na people from one region like that dem go say dem dey destroy their business begin claim Victim.

You people are just too dull to assimilate this news. Nothing concern aboki FX, nothing concern aboki on the streets.

Ogene001:
The north will not like this. Tinubu scamed them. We Igbos are enjoying the free market economy. Abooki money changers have been thrown out of business

😂 😂 😂

stano2:
what are you producing?
What are you exporting?
We don't even export Tourism?
Tell me how exactly is naira going to be 300 to 1Usd

Relax..
Those are the bottlenecks...
From the monetary policies angle..
Fiscal policies will come along to complement monetary policies...
Once fiscal policies complement monetary policy...
We are on the right track...
National Econ Council will be announced today...
Tinubu has the technocrats he need...
to fix Naija...
Its not a days job...

Nonybb:
This man is making the 15,000 USD I have in my domiciliary account to be useless

Confirm the news before giving yourself BP

Google is your friend

imbless:
Many people in this forum is unintelligent and daft, y'all think you can buy dollar over the counter inside banks ? SMH!!
1. Naira has been devalued
2. Dollar is scarce because Nigeria is still importing more, and common sense should tell you that if a commodity is scare, and there's high demand for that commodity, the price will skyrocket,
3. Nigeria depends on nothing more than crude oil to bring in FX, our Reserves has depleted because mismanagement from previous government.

Now tell me how naira will appreciate?
Nigerians na who do una this thing?
Even some people you think is intelligent is daft!!
SMH!!

Sincerely I keep wondering how people believe it's an achievement to devalue the currency, remove subsidies etc

Go To The Bank

Kenneth4u205:
Keep on deceiving yourself. I bought dollar's for 761 Naira few minutes ago . The 664 rate you talking about only exist in theory book. But the physical reality on ground is 761 per dollar's

jcflex:
They wany to eradicate black market for us to have a unified exchange 💱 rate. You are here saying CBN should sell dollars to BDC.

Why do we have banks all arnd us. You want to create another round tripping.

Don't mind him. I saw the nonsense comment and just clicked share and passed.

KingKO22:
Asiwaju is our God sent



Naira might appreciate to 300 against dollars before December



Which of your grace would I deny


Thank you God for choosing Asiwaju for us

How will this benefit the ordinary Nigerian, will cost of living reduce?

Tinubu is working Nigeria is working

dre11:



https://www.thecable.ng/naira-begins-recovery-after-float-closes-at-n664-at-ie-window/amp

them fit don sack the website editors.

Ogene001:
The north will not like this. Tinubu scamed them. We Igbos are enjoying the free market economy. Abooki money changers have been thrown out of business

Always use your main moniker.
1st son, go and rest, nobody is measuring dick with Igbos.
Work on your mentality!

A bastard indicates he/her self among hundreds of people with fake blood flowing in there vain. Let leave politics aside pls, what our new sent from God president have been doing since he was inaugurated as Nigeria president, non of Obi or Atiku can break his records. Instead of we Nigerians to appreciate and support him with our prayers, some fools keep castigating is efforts all because the selfless interests and inexperienced/ lack of exposure mannerless orientation. Nigeria testimonies will we permanent you all like it or not.

theophorus:
Some of these moves will make some people become Poor but it will create some form of equity.

Notice the AbokiFx guys are not complaining but if na people from one region like that dem go say dem dey destroy their business begin claim Victim.

This is about an economic policy not a tribal issue. Everything must not be about tribe. Put your mind to productive things.

Ogene001:

Tinubu will bombard the media with endless propaganda to legitimize his fraudulent regime

Na you one say e favor Igbo, Na you one say na Propaganda. Who do you dis thing?

Ogene001:
The north will not like this. Tinubu scamed them. We Igbos are enjoying the free market economy. Abooki money changers have been thrown out of business

U are right and that is the truth.

forgiveness:
Magical Tinubu

KingKO22:
Pandora Obituary should go and withdraw his case against Asiwaju with immediate effect bcs the good news of Asiwaju achievement within short period of time is overwhelming even the international communities that Buhari has visited will start visiting our action Daddy soon




Action Daddy no be thank you Daddy

.😀🤣😂

Dotherightthing:
Great!

Where are the naysayers

KingKO22:
Asiwaju is our God sent



Naira might appreciate to 300 against dollars before December



Which of your grace would I deny


Thank you God for choosing Asiwaju for us

You obviously cannot read, typical of Tinubu supporters...go out now and buy dollar and see how much they will sell it to you, Tinubu already bombarding you all with propaganda and you are all falling for it because you lack the ability to think for yourselves.

joyandfaith:

Black market?

where else can you get dollars

A lot of people are getting this wrong. What this unified rate is basically trying to achieve AMONG other things is to reduce the arbitrage premium on naira ( difference between the official rate and "Aboki" rate).

The arbitrage premium on naira to dollar used to be #290-350 difference ( about 50-60% ) but now it's would be reduced to within 5-15% depending on the irrespective of the prevailing market force.

Note, the black market will not disappear, just like the subsidy removal on PMS, it will ONLY reduced round tripping

Naira was floated so that everyone could have access to it, in a short time you will be to access dollar in banks.

Kenneth4u205:
yes black market rate . The average Nigerian on the street doesn't have access to CBN rate .

BloomingDale:
So that newspaper was right afterall. Thunder fire Tinubu, fire CBN, fire Emefiele and fire that new Yoruba head.

The paper was not right. It was Buhari that permanently fixed official exchange rate to 445 which is not natural

Tinubu only make the naira to appear in it's true form, he didn't devalue it

Parachoko:
You should have wait till tomorrow and buy it from any of the Bank

Oga, no bank will sell to you except if your transaction is Form A or Form M based and such funds are not usually released to customers but sent directly to the concerned counterparts viz schools or hospitals abroad or offshore suppliers of goods. The only time you might receive physical USD or other foreign currency from banks is if it's for BTA and even that is treated on a high priority basis now. So don't get your hopes too high in respect of accessing USD (cash) at the official rate.

Go change am to naira ASAP.

Nonybb:
This man is making the 15,000 USD I have in my domiciliary account to be useless

imbless:
Many people in this forum is unintelligent and daft, y'all think you can buy dollar over the counter inside banks ? SMH!!
1. Naira has been devalued
2. Dollar is scarce because Nigeria is still importing more, and common sense should tell you that if a commodity is scare, and there's high demand for that commodity, the price will skyrocket,
3. Nigeria depends on nothing more than crude oil to bring in FX, our Reserves has depleted because mismanagement from previous government.

Now tell me how naira will appreciate?
Nigerians na who do una this thing?
Even some people you think is intelligent is daft!!
SMH!!

Naira is not devalued

Dollar was scarce because Buhari fix the exchange rate

Nothing of such up north, infact northerners are very happy with Tinubu so far, na you e d pain e for be pandaroma obi but ahap na Tinubu wey una no like!
All Nigerians will be benefit from any positives in the government.
Enjoy our working President and shun this your illusions! 😂😂😂

Ogene001:
The north will not like this. Tinubu scamed them. We Igbos are enjoying the free market economy. Abooki money changers have been thrown out of business

Kenneth4u205:
Keep on deceiving yourself. I bought dollar's for 761 Naira few minutes ago . The 664 rate you talking about only exist in theory book. But the physical reality on ground is 761 per dollar's

I was about to say, where is this 664? The price I see is 760+.

grandstar:
Very good.

I had predicted the Naira's true value would be between 600-700.

Anyway, I feel the CBN must reduce the Form M red tape. The CBN should also resume sale of Dollars to the BDC. This would bring down the differential between the official and black market rate. It would be excellent if the differential can be reduced to a 2 or 3% band at most.

the naira will further depreciate became the supply side of the naira supply is weak to compete with its demand side

Parachoko:
You should have wait till tomorrow and buy it from any of the Bank

Which of the banks? The N664 to $1 is for the elites and government officials

Some people don't like good news, but Tinubu is changing the narrative!
Maybe na him devalue Naira for there obidient county 🤣🤣🤣🤣

Biodun556:


Naira is not devalued

Dollar was scarce because Buhari fix the exchange rate

imbless:
Many people in this forum is unintelligent and daft, y'all think you can buy dollar over the counter inside banks ? SMH!!
1. Naira has been devalued
2. Dollar is scarce because Nigeria is still importing more, and common sense should tell you that if a commodity is scare, and there's high demand for that commodity, the price will skyrocket,
3. Nigeria depends on nothing more than crude oil to bring in FX, our Reserves has depleted because mismanagement from previous government.

Now tell me how naira will appreciate?
Nigerians na who do una this thing?
Even some people you think is intelligent is daft!!
SMH!!

Your use of English does not suggest you are more intelligent than others.

Anyway, the logic behind the floating of the Naira,is for it to attain its natural market value,whether high or low,such that CBN would no longer further deplete our forex reserves,defending the Naira from falling.


The depletion of the forex reserves was boosted by the fixed rate regime,because CBN was supplying forex from the reserves,to meet up with the excess demand.

But when you float the Naira, the excess demand for forex ,would be automatically curtailed on a daily basis,no need for CBN intervention.


The more productive and less import dependent the economy becomes,the lower the demand for forex and thus the higher the value of the Naira.

It is a marathon race and not a sprint.

You can as well buy a dollar for 1000k if been irrational.
It's a free market economy for now on. Choose where to buy and how much to buy.

Kenneth4u205:
Keep on deceiving yourself. I bought dollar's for 761 Naira few minutes ago . The 664 rate you talking about only exist in theory book. But the physical reality on the ground is 761 per dollar's

Leebeedo:


Which bank? There is no dollar at the banks and its very scarce. With common sense, anything that is scarce has a high ................... fill in the gap. Until 🇳🇬 stops eye service and fix the real issue by increasing export to earn more dollars and reducing import, dollar will remain scarce and the value will be high in nigeria

My brother, if not for the remittances from Nigerians in diaspora, this country would have folded up economically. These people don't understand the simple fact that the price of forex is about your imports and exports as you rightly said. A country that doesn't work to produce ANYTHING and yet they keep reproducing themselves like rats and they only have ambition to get more and more from all around the world to consume and flaunt! I FEAR FOR THIS COUNTRY! They keep wasting government money to collect meaningless degrees but the most common sense concepts to grasp and adjust their ways they can't follow. I mean, WHO DO US!