Was naira devalued?

What's Tinubu regime hiding from Nigerians ?

Or is it that commercial banks are trying to frustrate the effort of the present regime?

I want to pay my sister's tuition fee, I filled out a form A application in early March, After GTbank locked my 3.4m plus in my account for almost 4 months, see the mail I got from them today.

Is Tinubu a curse or blessings to Nigerians?

Yeah it's obviously been devalued since they mentioned unification of rates. I'd been expecting this and you can trust the banks to pick the most extreme point in the range. I had assumed they'll stick to the I & E window which is around N663 or thereabouts.

I wonder what Union Bank will tell me now. I have my tuition fees pending since May and my upkeep allowance pending since February!!

Odiegwu!!

Tadeus:
Was naira devalued?

What's Tinubu regime hiding from Nigerians ?

Or is it that commercial banks are trying to frustrate the effort of the present regime?

I want to pay my sister's tuition fee, I filled out a form A application in early March, After GTbank locked my 3.4m plus in my account for almost 4 months, see the mail I got from them today.

Is Tinubu a curse or blessings to Nigerians?

the government has been subsidizing FX while being broke. It was expected , all the subsidies be it fuel, electricity or exchange rate will go . I have two relatives in the uk na die dem dey so. They also applied for form A 2 months ago.

ednut1:
the government has been subsidizing FX while being broke. It was expected , all the subsidies be it fuel, electricity or exchange rate will go . I have two relatives in the uk na die dem dey so. They also applied for form A 2 months ago.

Very true. The subsidies had to go at one point. The window for arbitrage was too wide. People in the UK who aren't making enough there will see shege.

ednut1:
the government has been subsidizing FX while being broke. It was expected , all the subsidies be it fuel, electricity or exchange rate will go . I have two relatives in the uk na die dem dey so. They also applied for form A 2 months ago.

Subsidizing FX? How? Please educate me. I thought naira was devalued to #441 to $1 by previous regime. Where was the word 'FX subsidy " coming from? Was a $ equals to #650 in previous regime?

Please educate me

Tadeus:


Subsidizing FX? How? Please educate me. I thought naira was devalued to #441 to $1 by previous regime. Where was the word 'FX subsidy " coming from? Was a $ equals to #650 in previous regime?

Please educate me

educate yourself below . The cbn was defending the FX with foreign reserves so it doesn’t cross that 441. The chicken has come to roost abi na roast. The economy was badly run under Buhari/ Emiefele. The senate and HoR did nothing, APC their evil party still won presidential elections.

https://punchng.com/cbn-defends-naira-with-7-6bn-in-five-months/?amp


https://nairametrics.com/2019/10/21/cbn-intervenes-with-8-28-billion-to-defend-naira/?amp=1

https://tribuneonlineng.com/naira-depreciates-by-209-in-six-years/#

ednut1:
educate yourself below . The cbn was defending the FX with foreign reserves so it doesn’t cross that 441. The chicken has come to roost abi na roast. The economy was badly run under Buhari/ Emiefele. The senate and HoR did nothing, APC their evil party still won presidential elections.

https://punchng.com/cbn-defends-naira-with-7-6bn-in-five-months/?amp


https://nairametrics.com/2019/10/21/cbn-intervenes-with-8-28-billion-to-defend-naira/?amp=1

https://tribuneonlineng.com/naira-depreciates-by-209-in-six-years/#

Where are you getting all these unconfirmed figures?

Official rate was formally 180 naira to a dollar under Jonathan' regime. I never had that govt are subsidizing FX.

Can we all stop playing politics with sensitive issues like this. CBN claimed official rate was 441 naira to a dollar and black market is an open/free market. No country subsidize FX but you can devalue your currency for economic reasons.

Naira was devalued recently but the present regime don't want to inform Nigerians. Last month, we heard it when some economist challenged CBN to come out openly to deny naira devalue, but we did not hear anything, next thing is CBN granting commercial banks access to trade.


My understanding of subsidy was, for instance let's assume that a commodity cost 5naira, govt pay 2niara and tell the buyer to pay the remaining 3naira.

My understanding of official rate is the rate/cost of a commodity. This thing is sell 5naira, and it's 5naira everywhere. Reason when you buy the product 7naira, they call to black market. Black market is inflated price not official rate

So where do you see subsidy of FX?

Now my question is, during buhari regime, how much was dollar to naira?

Before you start your tribal and ethnicity nonsense here, I'm not against Tinubu, and I admire his kind of political game. But if I like someone doesn't mean I shouldn't question his/her action.

Tadeus:


Where are you getting all these unconfirmed figures?

Official rate was formally 180 naira to a dollar under Jonathan' regime. I never had that govt are subsidizing FX.

Can we all stop playing politics with sensitive issues like this. CBN claimed official rate was 441 naira to a dollar and black market is an open/free market. No country subsidize FX but you can devalue your currency for economic reasons.

Naira was devalued recently but the present regime don't want to inform Nigerians. Last month, we heard it when some economist challenged CBN to come out openly to deny naira devalue, but we did not hear anything, next thing is CBN granting commercial banks access to trade.


My understanding of subsidy was, for instance let's assume that a commodity cost 5naira, govt pay 2niara and tell the buyer to pay the remaining 3naira.

My understanding of official rate is the rate/cost of a commodity. This thing is sell 5naira, and it's 5naira everywhere. Reason when you buy the product 7naira, they call to black market. Black market is inflated price not official rate

So where do you see subsidy of FX?

Now my question is, during buhari regime, how much was dollar to naira?

Before you start your tribal and ethnicity nonsense here, I'm not against Tinubu, and I admire his kind of political game. But if I like someone doesn't mean I shouldn't question his/her action.

what do you mean unconfirmed figures. Are the newspapers getting the figures from their asses Did cbn debunk it Emiefele was also on video mentioning some of those things stated there. During GEJ oil was at all time high we had lots of foreign earnings from oil it was being defended/ subsidized. Black market and official rates were different. With this Tinubu move black market and official rates are around the same. Its appears the economics they taught you in secondary schools. You were not paying attention 🤣

https://www.ft.com/content/86bba660-6b7d-11e5-aca9-d87542bf8673 A video of emiefele defending naira pegging after oil crash