Ogene001:

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

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

Ogene001:

If you know what Ngige built within three years, yet he was kicked out

forgiveness:
Magical Tinubu

Biodun556:


Naira is not devalued

Dollar was scarce because Buhari fix the exchange rate

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

Ogene001:

If you know what Ngige built within three years, yet he was kicked out

dre11:



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

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

dre11:



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

forgiveness:
Magical Tinubu

whitekad:
Mad man where did u buy ur own and which bank u buy ur own, son of hatred Ipobic Biafra.

wallarwallar:



It wud be very hard for you to experience anything good in life if you don't believe in good things but always want to destroy others . The other idiot that claimed to bought dollar for 761 shud show us evidence . The fact that your candidate loose d election does not mean others can not deliver to us the new Nigeria we want only if you don't want to be part of the new Nigeria

wallarwallar:



It wud be very hard for you to experience anything good in life if you don't believe in good things but always want to destroy others . The other idiot that claimed to bought dollar for 761 shud show us evidence . The fact that your candidate loose d election does not mean others can not deliver to us the new Nigeria we want only if you don't want to be part of the new Nigeria

dacool1:


What sort of thing are u saying. It was scarce because we are not earning enough. It's simply because of balance of payments deficit.

So when the rate floats dollar supply will improve right?

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.

Ogene001:

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

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.

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

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

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

grandstar:


The purpose of selling dollars to the BDC is to crash the rate there and bring it close to the bank rate, which would end round tripping.

If it's crashed, there will be little room for roundtripping.

The problem during Buhari's term in office was that he, Buhari himself dictated the exchange rates and not the CBN and Emefiele enabled him.

For instance, in 2021 when the official rate was 410 and black market rate was 480 or so, the BDCs were making huge profits.

If the CBN had floated the Naira then at the official rate, many speculated the official rate would have slid to around 460, reducing huge arbitrage profits for the BDC.

But rather than devalue, the CBN preferred to ban the sale of dollars to the BDCs and requested anyone who wanted dollars to approach the banks. This was a collosal mistake as the process of obtaining dollars from banks is bureaucratic while from the BDCs was instant. This led to a quick crash of the Naira at the black market as it was starved of forex.

forgiveness:
Magical Tinubu

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

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

cybertron88:

They will now hav. All those dollars CBN was using to defend naira, will made available to banks. Aboki rate and bank rate no go pass N10. A lot of those overnight aboki millionaires will look for another trade. Wanted to buy dollars today for on-line purchase on AliExpress, I just told myself to calm down to months end.

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

optimusprime2:


To be honest I understand Buhari's moves very clearly now.

The reason he did that was because of a lot corrupt activities he was trying to block especially the ones from Petroleum & fuel Subsidy (don't forget he personally handled the Petroleum portfolio). These issues had the potential to make the Naira get devalued below its actual Economic strength.

The issue right now is Nigeria has a lot of loose areas which roam without control, so one can't afford to allow a free market for fx, as it would be open season for corrupt looting- trust me, if the common man benefits, the crooks would benefit 1000x's more.

Secondly security is a big issue, just imagine a scenario where Bandits are roaming free with an easily accessible FX market...

Lastly, with the current Economic situation of Nigeria, can the banking sector withstand the pressure of FX supply?

I assure you, it seems like a good move, but in the absence of a thoroughly thought out national Economic plan, two things will occur;

1- Further Devaluation of the Naira
2- A super inflation that would be driven by fx parallel markets, due to financial institutions inability to meet fx supply .

How you ask?
Because more FX would go out than come in due to all the wuru wuru that has been left unchecked.

jesmond3945:
i think you have to look at it the other way. It will lower demand. Remember why the demand was high because of the cbn fixed rate. It was attractive but now with this new policy people will think twice thereby reducing pressure on fx.