SendoSendal:
Forex rate is a function of demand and supply. NNPC and CBN can strengthen the Naira by bringing more dollars generated from daily crude sales out into the market but CBN should not defend the Naira again with our foreign reserves. Since its now freely floated, let the market continue to dictate rates based on the forces of demand and supply.

There is no market to dictate anything, it will continue to fall and as it falls more people are thrown Into poverty

Broadmind:
Na to go buy crypto keep remain. Cash out when dollar reach 3k. Because this kind guess work you just dey work again.
This kind starting wey bulaba take begin be like wetin go over choke Nigerians.

You go cash out when e reach 3N

Tinubu actually continued where Buhari stopped as he promised. Everybody knows that the whole decision Tinubu took was taken at the wrong time and time will tell. Nigeria might not recover from the effect anytime soon.

masseratti:
This can be solved by dollars electronic transfers, you can't get some amount of cash in American banks even.. You do transfer for international transactions, that will keep the cash in the system, if you allow aboki unfettered access to the dollars.. He will take it a and sell at higher rate,once the bank price is attractive.. More dollar volume will enter the system.. Nd for heavens sakes.. They should abandon the 3 windows and stick with one rates.. The parallel market rate.

This is the most ridiculous thing written here yet. There are countless apps you can use to transfer dollars instantly from US to Nigeria!

All these things you are saying is wishful thinking if the govt doesnt provide enabling environment for businesses to thrive.

How do you expect all these your dreams to work when there is

1. Poor electricity supply and expensive
2. Poor or non-existentrail track, water ways, roads and air freight = Logistics to move goods
3. High insecurity for farmers to ven produxe or people and good to even move
4. Multiple taxation on small business from local govt, state govt, fed govt, Omoniile etc.
5. Injustce everywhere whereby you cant even be assured of fair hearing and the evil doers including security personnel know they can get away with crime,
6. Poor healthcare to improve workers productivity
7. Poor utilities that drive industrialization like water supply, gaa supply etc
8. Nepotism that kills merit based excellence
9. Overpaid politicians who do absolutely nothing byt enrich themeselves with zero care for the citizens


We can go on and on on what the govt should have done that would make all these your dreams come through

Reference:
A rising dollar or falling local currency in normal productive economies brings relief to a certain degree because it makes exports more competitive and imports more expensive and thus less competitive. So a moderately rising dollar is something we should not abhor. Rather we should ride the tempestuous waves or headwinds of more expensive imported goods and services and start looking inwards.

Nigerian universities should be doing some thanksgiving for the share of the billion dollar offshore education industry because it costs a lot more to get a foreign education these days and a lot of folks are likely to cut short their studies abroad in the coming years for this reason.

Nigerian hospitals and medical professionals should be doing a jig and licking their lips in expectation of a share of the medical tourism pie.

And even our local religious camps and grounds should find solace when it costs a lot more to go on pilgrimage to the Middle east and Europe.

I cannot see any downsides here.
We either reform or go bust.
And this is where government should step up and act responsibly.
It should look at critical commodities, products and services we patronize out of an abundance of need and ACTIVELY promote their development and production here by either dragging foreigners kicking and screaming to invest here or by cultivating a new series of Dangotes, men and women of enterprise to do the business.

oluwaseyi0:
Our major problem is not corruption, our primary problem is that we are not producing much

Most of the ships that brings stuff to the country goes back empty-handed, curb all the corruption without physical goods and services to earn forex we will still go back to same level

we are very sentimental and mostly emotional people that's why opposition dangle corruption rather than lack of productivity and well all fall for it

^^^
Since we are doing root cause analysis, why are we not producing much?

Your reference to an 'opposition' is strange. What exactly do you mean?

Not even one zombie on fp

Not one

patrickcollins:
There is no market to dictate anything, it will continue to fall and as it falls more people are thrown Into poverty

Well
It does not have to fall they way you put it🙄🙄
It will cost govt to very disciplined but it can sustainably get itself in a stable dollar regime but it require serious work on the part of govt🤷🤷

PoliteActivist:


This is the most ridiculous thing written here yet. There are countless apps you can use to transfer dollars instantly from US to Nigeria!

at what rates? And charges, stop demonstrating your lack of knowledge in financial sector online..
If you can not understand the simple thing I said, ask so that it will be clear.. Most of if not your apps don't belong to the international swift system, they do their monetary transactions for you through a commercial banks.. One in their country other on the receiving countries.. They use 3rd parties..
Nig gov can limit amount of dollar cash been withdrawn on the counter and encourage FX transfer on the counter or bank app at rate cheaper than on the street.
If you flood the street with dollars, people will simply buy and keep.. Which in turns makes it's scares.. If you have any legitimate transaction, go to the bank and transfer or use your atm card abroad for your transactions.
Also the government need to sell the naira more to the IOCs or other companies Government get dollars from.. Find one or two reason to tax them for it.. It's our legal tender.. Oga I use to work in the sector I know the game well.. So please think before goy type next time.. Not everyone online is a juve

masseratti:
at what rates? And charges, stop demonstrating your lack of knowledge in financial sector online..
If you can not understand the simple thing I said, ask so that it will be clear.. Most of if not your apps don't belong to the international swift system, they do their monetary transactions for you through a commercial banks.. One in their country other on the receiving countries.. They use 3rd parties..
Nig gov can limit amount of dollar cash been withdrawn on the counter and encourage FX transfer on the counter or bank app at rate cheaper than on the street.
If you flood the street with dollars, people will simply buy and keep.. Which in turns makes it's scares.. If you have any legitimate transaction, go to the bank and transfer or use your atm card abroad for your transactions.
Also the government need to sell the naira more to the IOCs or other companies Government get dollars from.. Find one or two reason to tax them for it.. It's our legal tender.. Oga I use to work in the sector I know the game well.. So please think before goy type next time.. Not everyone online is a juve

Does e transact remove supply and demand constraints?

Is it not same dollar they will you to buy the refined products

SendoSendal:
Forex rate is a function of demand and supply. NNPC and CBN can strengthen the Naira by bringing more dollars generated from daily crude sales out into the market but CBN should not defend the Naira again with our foreign reserves. Since its now freely floated, let the market continue to dictate rates based on the forces of demand and supply.

Why didn't Seun post this?

Incredible128:
Why didn't Seun post this?

Leave oga seun o!🙄🙄🙄
Senior bris is working on flying high✍️🤷🤷🤷

This is absurd.
That new CBN acting governor should be removed immediately.
The parallel rate were driven by supply.
They ought to have fixed the supply issues and the dollar would have settled with the CBN rate.

baralatie:

How is it not working?
If you do not have dollars,how do you intend to sell?
If you don't export to earn dollars .then how to get dollars for your imports?

how then is it working?

Brendaniel:
When you don't tackle problem from the root cause, this is what you get.

Tinubu is not tackling problems from the root cause because somehow he is part of the cause

Renewed hope

This scarcity will favour me and family

Tinubu has hit (smashed) the ground running

ambale:
This dollar issue no just get head, when them teach us different thing in school and practicing different things

Purchasing power is not increasing, exports not increasing and we say economy wan do well

Lets all be playing ooo

Renewed hope

This scarcity will favour me and family

Tinubu has hit (smashed) the ground running

I just thought since he posts appreciation, it'd be appropriate if he posts depreciation too so everything would balance . Although on a serious note, I'm not happy with what's going on on the country presently as suffering has skyrocketed, the little middle class the country was managing is being wiped off with each passing day leaving everyone poor. May God help us

baralatie:

Leave oga seun o!🙄🙄🙄
Senior bris is working on flying high✍️🤷🤷🤷

He took important decision s although without plan has it would have been done gradually but tinubu behave as if he had score to settle with the nigerian people.

iyke2frankeze:
Tinubu actually continued where Buhari stopped as he promised. Everybody knows that the whole decision Tinubu took was taken at the wrong time and time will tell. Nigeria might not recover from the effect anytime soon.

Tinubunomics is just vibes and propaganda. Somebody wey say "na statistics we go chop?"

lexy2014:


how then is it working?

It is working because supply is limited and demand is unrestricted therefore dollar will🙄🙄🙄

waveman2:
He took important decision s although without plan has it would have been done gradually but tinubu behave as if he had score to settle with the nigerian people.

He has no choose🙄🙄🙄
It is either he makes these decisions or else ✍️✍️✍️✍️
They are part of the surfac of problems plaguing his govt.
There are other things that he need to d Al with🤔🤔🤔
As the man is trying to solve one another one pops up because the root cause we're left unattended to🤷🤷🤷🤷

PUSSYHOE:
So the float policy no work? Is like we need another kind of animal to come rule us and kill corruption. Nothing works

It will never work. USD rate today scared me. Those in government today are criminals. They are only using the medium to transfer their stuck dollars overseas

baralatie:

This wan that you put purchasing power for forex🤔🤔

Is peoples purchasing power not part of what strengthens an economy

If there is high purchasing power, wont we be able to buy Nigeria made goods?

Abi u sef just wan talk

mrvitalis:

Na your president no sabi basic economics principles

Economics doesn't care about propaganda

Tinubu better pass obi

🙄🙄🙄🙄

🤷🤷🤷

PUSSYHOE:
So the float policy no work? Is like we need another kind of animal to come rule us and kill corruption. Nothing works

The reason it will never work is very simple. Lack of sincerity and transparency, not to mention accountability of the very government that brought the policy and executed the same policy. Simply put, the very dishonesty of the government that brought this government into power who is seriously compromised. They can't speak truth to themselves and they would never admit their wrong but be shouting let the poor breathe when their actions says otherwise.

senatordave1:

Tinubu better pass obi

Isn't it obvious, the economy is still trending downwards, only smart people can bring such results.

So lets us continue to equate deception and lies with being smart and intelligent. That man doesnt understand jack about Nigeria and Nigerians. If he did, his approach will be different and his strategies will suggest otherwise but this is just a man who is happy he is rewarded for his years of mischieves and compromise and just exercising his authority based on lies. A house built on pack of lies and deceits will just continue to fail not matter the good ideas.

What culture does his character bring to governance? Nothing because he himself is shrouded in secrecy.

baralatie:

Does e transact remove supply and demand constraints?

in a way.. A very good way.. It will.. Dollar cash on the street will never stop for hoarders.. If its transfers, they have no reason to hoard, it will be left strictly for genuine business transaction, the pressure on the dollar will go down, if we continue to have this useless currency traders in the street.. Our currency will never be stable, have you seen any black market in a stable develop country?
Ours is even worse, what goes up hardly comes down. The restrictions should stay, but it should be very easy to transfer dollar, simple.

https://www.youtube.com/watch?v=Cxe6ZcnxS_U

shortgun:
When we told them the drug baron knows nothing about how the economy works they called us names.

Imagine someone who only knows how to mobilize agberos to intimidate voters taking decisions on fiscal matters in 2023.

Someone who said "na statistics we go chop?" No accountant worth his salt will make this statement.

No country in the world"completely" floats it's currency including the USA and China.

An intelligent president will know that the only "market forces" that exists in Nigeria are greedy monopolistic corrupt individuals who will take advantage of any haphazard policy to enrich themselves.

Tinubu did not speak a single word in France where world leaders gathered, how exactly is he going to attract foreign investors into the country?

God will continue to bless you
You have spoken my mind

masseratti:
at what rates? And charges, stop demonstrating your lack of knowledge in financial sector online..
If you can not understand the simple thing I said, ask so that it will be clear.. Most of if not your apps don't belong to the international swift system, they do their monetary transactions for you through a commercial banks.. One in their country other on the receiving countries.. They use 3rd parties..
Nig gov can limit amount of dollar cash been withdrawn on the counter and encourage FX transfer on the counter or bank app at rate cheaper than on the street.
If you flood the street with dollars, people will simply buy and keep.. Which in turns makes it's scares.. If you have any legitimate transaction, go to the bank and transfer or use your atm card abroad for your transactions.
Also the government need to sell the naira more to the IOCs or other companies Government get dollars from.. Find one or two reason to tax them for it.. It's our legal tender.. Oga I use to work in the sector I know the game well.. So please think before goy type next time.. Not everyone online is a juve

You OBVIOUSLY don't know what you are talking about.
At what rates? Asking this question tells me you know NOTHING about this. My man, you send $1, the receiver in Nigeria receives exactly $1. The transaction fees are minimal - $1 per $100, not to exceed a small set amount.
And you obviously don't know how forex works. No one hoards dollars more than Chinese govt, so what? There is more than enough available. The thing is to bring it into Nigeria, not preventing people from hoarding dollars. You can make Naira scarce - like Emefiele tried to do. That will definitely dramatically increase the exchange rate of the Naira - but it will also likely lead to serious recession and eventually lowering of wages!