When the Central Bank of Nigeria used to set the value of the Naira and defend that value by artificially pumping Dollars into the market, you, as an ordinary citizen, did not benefit. It was another girl subsidy. But this time, the subsidy recipients were importers and people who wanted to ferry money out of Nigeria.

Last year, the CBN was projected to have spent $8 billion to defend the naira's value artificially. The year before, it spent almost $ billion. That is more than what Nigeria spends on infrastructure annually. And that money just flies out of our economy, benefiting traders and foreign investors rather than manufacturers.

It dissuaded local manufacturing of made in Nigeria goods and services because it almost guaranteed that imports would be cheaper. That is why Aliko Dangote had to close his tomato paste factory in Kano because Peter Obi could always import and sell cheaper, substandard tomato paste.

All that will gradually end with the floating of the Naira. Our reserves will no longer be used to defend the Naira. Those who wish to take Dollars, Pounds, Euros and Yuan out of the country can look for it where they can legally find it. Anywhere except the Central Bank of Nigeria.

Our reserves will be used to defend local production instead of foreign consumption. The price of goods in Peter Obi's Next Cash and Carry will rise because they are almost 100% imported.

The price of locally manufactured goods, like Innoson Vehicles, and Dangote Tomato paste, will also rise, but not at the same rate as imported goods will increase.

But you, as a citizen, will gain because the money previously used to defend the Naira will now instead be used to pay Nigerians a living wage, build infrastructure, and service the proposed student loans, amongst other things.

It is a win-win scenario. That is why nobody who loves Nigeria should attack this patriotic policy that all major Presidential candidates, except Rabiu Musa Kwankwaso, promised to implement.

Source:
Reno Omokri | Twitter
https://twitter.com/renoomokri/status/1669632741460017153?t=sMRxbfOan24R5FTyg9Afag&s=19

Until the average Nigerian starts enjoying improved standard of living, all these remain useless grammar.

Please grant Reno asylum so he can return back to Nigeria, so we can rest. He is seeking for a favour so he won't be arrested upon his return to Nigeria after all he did to the previous administration

I think Atiku gave Reno the task to finish Obi on Twitter

The guy dropping hit back to back

Obi name is living rent free in Reno Omokri brain

Nonybb:
If the idioooot doesn't attack Peter Obi, his manhood wouldn't rise

he liws to mention obi so he can get responses...


foolish man

Good one ....

It means if dollar rises against naira ..it will be difficult to import goods from u s to Nigeria..


So supply and demand for dollar will be the battle ground for local manufacturers and importers in an open market..


Chinedu and okoro ..how market today.

BATified23:
When the Central Bank of Nigeria used to set the value of the Naira and defend that value by artificially pumping Dollars into the market, you, as an ordinary citizen, did not benefit. It was another girl subsidy. But this time, the subsidy recipients were importers and people who wanted to ferry money out of Nigeria.

Last year, the CBN was projected to have spent $8 billion to defend the naira's value artificially. The year before, it spent almost $ billion. That is more than what Nigeria spends on infrastructure annually. And that money just flies out of our economy, benefiting traders and foreign investors rather than manufacturers.

It dissuaded local manufacturing of made in Nigeria goods and services because it almost guaranteed that imports would be cheaper. That is why Aliko Dangote had to close his tomato paste factory in Kano because Peter Obi could always import and sell cheaper, substandard tomato paste.

All that will gradually end with the floating of the Naira. Our reserves will no longer be used to defend the Naira. Those who wish to take Dollars, Pounds, Euros and Yuan out of the country can look for it where they can legally find it. Anywhere except the Central Bank of Nigeria.

Our reserves will be used to defend local production instead of foreign consumption. The price of goods in Peter Obi's Next Cash and Carry will rise because they are almost 100% imported.

The price of locally manufactured goods, like Innoson Vehicles, and Dangote Tomato paste, will also rise, but not at the same rate as imported goods will increase.

But you, as a citizen, will gain because the money previously used to defend the Naira will now instead be used to pay Nigerians a living wage, build infrastructure, and service the proposed student loans, amongst other things.

It is a win-win scenario. That is why nobody who loves Nigeria should attack this patriotic policy that all major Presidential candidates, except Rabiu Musa Kwankwaso, promised to implement.

Source:
Reno Omokri | Twitter
https://twitter.com/renoomokri/status/1669632741460017153?t=sMRxbfOan24R5FTyg9Afag&s=19

Hmmm, the advantages. Mr Omokiri didn't remember to give us the few disadvantages.

On a side note, I think President Tinubu by now should have recognized all these attention seeking from Reno before the thing go turn to hatred again.



We learn every day.

techmo:
I think Atiku gave Reno the task to finish Obi on Twitter

The guy dropping hit back to back

He's pained by the actions of Obidients. What they said about his family despite being Obi's former social media manager

That likely means more inflation

Well I trust the process....

Jagaban!!

BATified23:


He's pained by the actions of Obidients. What they said about his family despite being Obi's former social media manager

Honestly they went out of line.. cursing his wife, daughter and little kid

EyeCumInPiece:
Until the average Nigerian starts enjoying improved standard of living, all these remain useless grammar.

Standard of living?

A man who owns a mansion, a Lexus Jeep, wears readymade cloths by executive fashion designers and shoes to match, eats the best of food complain the most about the economy. My point here is, when you lat access people when they are complaining, you will realize that they are blessed but not grateful. That's what is mostly at play.

soojar:


Hmmm, the advantages. Mr Omokiri didn't remember to give us the few disadvantages.

On a side note, I think President Tinubu by now should have recognized all these attention seeking from Reno before the thing go turn to hatred again.



We learn every day.

Nonsense..

The only disavantages therein are the same problem that has eluded us for so long ." inflation and unemployment." ...

But with this statement coming from Reno l think Nigerians can now hope for something better..

Reno's statement below..


But you, as a citizen, will gain because the money previously used to defend the Naira will now instead be used to pay Nigerians a living wage, build infrastructure, and service the proposed student loans, amongst other things..


Reno Omokri | Twitter
https://twitter.com/renoomokri/status/1669632741460017153?t=sMRxbfOan24R5FTyg9Afag&s=19[/quote]

nobody explains government policies online better than Reno Omokri, tinubu should as a matter of urgency appoint intelligent people like this into his government regardless of their political affiliations. Reno omokri's loyalty is unwavering and i prefer him to ffk or even fayose

BATified23:
When the Central Bank of Nigeria used to set the value of the Naira and defend that value by artificially pumping Dollars into the market, you, as an ordinary citizen, did not benefit. It was another girl subsidy. But this time, the subsidy recipients were importers and people who wanted to ferry money out of Nigeria.

Last year, the CBN was projected to have spent $8 billion to defend the naira's value artificially. The year before, it spent almost $ billion. That is more than what Nigeria spends on infrastructure annually. And that money just flies out of our economy, benefiting traders and foreign investors rather than manufacturers.

It dissuaded local manufacturing of made in Nigeria goods and services because it almost guaranteed that imports would be cheaper. That is why Aliko Dangote had to close his tomato paste factory in Kano because Peter Obi could always import and sell cheaper, substandard tomato paste.

All that will gradually end with the floating of the Naira. Our reserves will no longer be used to defend the Naira. Those who wish to take Dollars, Pounds, Euros and Yuan out of the country can look for it where they can legally find it. Anywhere except the Central Bank of Nigeria.

Our reserves will be used to defend local production instead of foreign consumption. The price of goods in Peter Obi's Next Cash and Carry will rise because they are almost 100% imported.

The price of locally manufactured goods, like Innoson Vehicles, and Dangote Tomato paste, will also rise, but not at the same rate as imported goods will increase.

But you, as a citizen, will gain because the money previously used to defend the Naira will now instead be used to pay Nigerians a living wage, build infrastructure, and service the proposed student loans, amongst other things.

It is a win-win scenario. That is why nobody who loves Nigeria should attack this patriotic policy that all major Presidential candidates, except Rabiu Musa Kwankwaso, promised to implement.

Source:
Reno Omokri | Twitter
https://twitter.com/renoomokri/status/1669632741460017153?t=sMRxbfOan24R5FTyg9Afag&s=19

Bullshit economies. Every country with insufficient supply of dollars use their foreign reserves to defend their currency. It is not peculiar to Nigeria. That is why its called a managed float as against free float or hard peg. Also tomato paste and foreign goods in supermarkets do not account for a large percentage of Nigeria imports. Rather imported fuel, petrol chemical byproducts like resin, hdp, lldpe, raw materials, motor vehicles account for majority of imports. Irrespective of wat tinubu did, the greatest supplier of forex will still be the central bank tru oil and gas revenues. Reno is becoming desperate in all these obi, obi, obi.

Reno calling Obi name give his rubbish post attention

oyebanji44:


Nonsense..

The only disavantages therein are the same problem that has eluded us for so long ." inflation and unemployment." ...

But with this statement coming from Reno l think Nigerians can now hope for something better..

Reno's statement below..


But you, as a citizen, will gain because the money previously used to defend the Naira will now instead be used to pay Nigerians a living wage, build infrastructure, and service the proposed student loans, amongst other things..


Reno Omokri | Twitter
https://twitter.com/renoomokri/status/1669632741460017153?t=sMRxbfOan24R5FTyg9Afag&s=19

You have made a good point, at the bolded is unnecessary. Nothing in this world has advantage without a disadvantage. In fact, you just listed 2 disadvantages yourself.

Just commenting on Reno does not mean I disagree with him on this policy




We learn every day.

Reno and his infantile economics. The government's actions so far have primarily resulted in the devaluation of the Naira. Unfortunately, the underlying factors that contribute to the devaluation, such as imports, foreign school fees, and medical tourism, remain unaddressed.

To effectively tackle these issues, it is crucial for us to focus on implementing comprehensive measures rather than relying on superficial laws and pronouncements. We need to work towards developing sustainable solutions that address the root causes of the devaluation and promote economic stability.

By addressing the factors that put pressure on the Naira's value, such as reducing excessive imports, improving the quality of education and healthcare domestically, and encouraging investments in these sectors, we can gradually strengthen the currency and achieve a more stable economic environment.

It is essential for policymakers and stakeholders to come together and devise holistic strategies that encompass various aspects of the economy. This will require careful planning, effective implementation, and continuous monitoring to ensure long-term success.

Let us emphasize the importance of tackling these challenges head-on, as it is only through concerted efforts and a comprehensive approach that we can achieve sustainable economic growth and stability for our nation.

I think this Renophone has some nairaland mods in his pockets.. he might have bought the position sef with the naira float benefit

oyebanji44:
Good one ....

It means if dollar rises against naira ..it will be difficult to import goods from u s to Nigeria..


So supply and demand for dollar will be the battle ground for local manufacturers and importers in an open market..


Chinedu and okoro ..how market today.

Importers will still buy dollars. You the consumer will bear the burden because the price of goods will increase.

You have to be myopic to think that bad adminstration has eyes for tribalism. Everyone go collect the breakfast.

BATified23:
When the Central Bank of Nigeria used to set the value of the Naira and defend that value by artificially pumping Dollars into the market, you, as an ordinary citizen, did not benefit. It was another girl subsidy. But this time, the subsidy recipients were importers and people who wanted to ferry money out of Nigeria.

Last year, the CBN was projected to have spent $8 billion to defend the naira's value artificially. The year before, it spent almost $ billion. That is more than what Nigeria spends on infrastructure annually. And that money just flies out of our economy, benefiting traders and foreign investors rather than manufacturers.

It dissuaded local manufacturing of made in Nigeria goods and services because it almost guaranteed that imports would be cheaper. That is why Aliko Dangote had to close his tomato paste factory in Kano because Peter Obi could always import and sell cheaper, substandard tomato paste.

All that will gradually end with the floating of the Naira. Our reserves will no longer be used to defend the Naira. Those who wish to take Dollars, Pounds, Euros and Yuan out of the country can look for it where they can legally find it. Anywhere except the Central Bank of Nigeria.

Our reserves will be used to defend local production instead of foreign consumption. The price of goods in Peter Obi's Next Cash and Carry will rise because they are almost 100% imported.

The price of locally manufactured goods, like Innoson Vehicles, and Dangote Tomato paste, will also rise, but not at the same rate as imported goods will increase.

But you, as a citizen, will gain because the money previously used to defend the Naira will now instead be used to pay Nigerians a living wage, build infrastructure, and service the proposed student loans, amongst other things.

It is a win-win scenario. That is why nobody who loves Nigeria should attack this patriotic policy that all major Presidential candidates, except Rabiu Musa Kwankwaso, promised to implement.

Source:
Reno Omokri | Twitter
https://twitter.com/renoomokri/status/1669632741460017153?t=sMRxbfOan24R5FTyg9Afag&s=19

In conclusion, PMB was an incompetent failure that destroyed the economy as well as livelihoods and businesses of many of his fellow citizens

PS: We must demand someone better than Kwankwaso (who is just a Buhari regen) from the North when they say it is their turn again in 2031. God bless Nigeria ❤️

jmoore:


Importers will still buy dollars. You the consumer will bear the burden because the price of goods will increase.

U don't understand.. see

The exchange rate will keep fluctuating at the forex market...

Today increase ,tomorrow decrease.or today fall ,tomorrow rise so on and on

So this will discourage importers and black market dealers ( Abokis)..

Yes correct ..there would be an inflation but it can be reduced through the increase of salaries and other palliatives ..l mean the effect on citizens

Another disavantage ,

could be unemployment.but according to what Reno said in his last statement ..l believe unemployment will be reduced too

The good thing about this policy is that the average Nigerian can easily switch to whatever Forex they want to save their wealth.

China FX holdings are largely in the hands of individuals and corporations .

The CCP does not seek to protect the Yuan by centralising Forex access.

Although the west has been screaming their heads off that the CCP is operating a policy that undermines the Chinese Yuan so as to make their exports more competitive, the actual scenario is that Chinese businesses hold more FX in Chinese banks than the Chinese govt

The only negative thing about this is the "hot investors" in New York and London who will be investing in short term in the Lagos stock market.

These investors treat stock markets the world over as a cold shower - quick in, quick out.

They will invest hundreds of millions and pull out the minute they see a 1% share increase , thus putting pressure on the Forex and stock markets .

This is the liberalisation that the likes of Goldman Sach are seeking in our Forex market so as to cash out .

It's also highly dangerous for securities like bonds .

And you did not advise your master to do the same foolish man. Do you also know that the University tuition fees will rise to about 400k? And the pms price will move to about 750/liter?

wegevv:


In conclusion, PMB was an incompetent failure that destroyed the economy as well as livelihoods and businesses of many of his fellow citizens

PS: We must demand someone better than Kwankwaso (who is just a Buhari regen) from the North when they say it is their turn again in 2031. God bless Nigeria ❤️

you cannot say that till you see 1460days of PBAT?

In my own opinion, the issue of FX exposure will fizzle out so businesses will have level playing ground to transact. That way, exchange rate will settle at a point maybe around #550-#600 to dollar.
No more tears of robbing Peter to pay Paul.. or some getting dollar and NAFEX rates while others get at NIFEX rates.. all that otilo.

It dissuaded local manufacturing of made in Nigeria goods and services because it almost guaranteed that imports would be cheaper. That is why Aliko Dangote had to close his tomato paste factory in Kano because Peter Obi could always import and sell cheaper, substandard tomato paste.

Walahi this Reno no go make heaven

oyebanji44:


U don't understand.. see

The exchange rate will keep fluctuating at the forex market...

Today increase ,tomorrow decrease.or today fall ,tomorrow rise so on and on

So this will discourage importers and black market dealers ( Abokis)..

Yes correct ..there would be an inflation but it can be reduced through the increase of salaries and other palliatives

Another disavantage ,

could be unemployment.but according to what Reno said in his last statement ..l believe unemployment will be reduced too

You want to reduce inflation by increasing salaries? Is the government employing all workers?

Is it the government that will pay the salaries of those working in private business?

Customs makes trillions from import and you are hopeful importation will stop.


You are not a trader so you don't have a clue about trading. The only thing that will discourage an importer is when we can produce goods that are cheaper than imported ones.

Nonybb:
If the idioooot doesn't attack Peter Obi, his manhood wouldn't rise

Thank God he still has his manhood, unlike Peter Obituary that is searching for his at the election tribunal.