Flets:


CBN already told you they will sell at market rate. If they sell at a lower rate, that means its no more floating.
That means we are back to where we started if CBN sells at a rate lower than market rate because everyone will target same CBN FX.

Nigeria does not have sufficient FX supply to float the exchange 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

Maski87:

But the bank has to have the dollar to sell remember you can't print the dollar as you print naira

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

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

You're extremely short-sighted.
So this initial gragra is actually tripping you guys?

.😀🤣😂

joyandfaith:

Black market?

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.

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.

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.

Ogene001:

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

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

TollinsN:

It either showed the limit of your negotiating power or buying from old stock since no one will like to sell at a loss. Stiff competition for buyers will force the Naira into equilibrium.

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

loswhite:
Lets assume you need 100 usd from the bank and your gtb naira card does not have limit. will you still go to hausa quarter?

MoneyMustBMade:
How come am buying dollar at 765/$ from aboki them
This people are just creating confusion

BigIyanga:

Story.. so after selling old stock, you will be forced to buy at higher price

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

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

ModCaller:
The calm before the storm. Only those who have traded Forex will understand what just happened. We call it pull back

Ogene001:

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

TollinsN:

Your reply shows you just posted the wrong information. You don't know how the market runs

Edusouls:
hei shut up, that man knows governance like the back of his palms, no be today something, check his records as Lagos state government, he turned Lagos into a bustling and economically hub of Nigeria

okuta007:


you can not decree exchange rate - it is based on the laws of demand and supply

what has Nigeria produced since May 29 to make $1 = N600+ ?

Tinubu who said Nigeria should print trillions to pay salaries in 2017 ?

i just dey laff ona

All this na good face to get him government get legitimacy - once the court says he won fair and square (God forbids)

All these thieves will switch to default mode --- stealing and stealing and mismanagement

An dog can not learn new tricks - Tinubu is a corrupt thief and nothing good can come from a mandate thief

LikeAking:


Nigeria the manufacturer plenty things..

It's just the looting and our senseless taste for foriegn goods and foriegn land.

BigIyanga:

It seems you flunked econs 101.. lol. You’re bereft of hoe things work in real life.