femisplash:

98% of our revenue goes into debt servicing, if Tinubu was not bold to remove subsidy and float the naira to curb fx round-tripping, in 5yrs, you may have to be sold to an Arab master for 50,000naira to feed your family. These pained losers should try and be reasonable (eventhough it's lacking in their faculty) than wailing brainlessly all the time.

JasonScoolari:
This is just the beginning.... First thing tomorrow, electricity tariff will hit everyone hard.

Sad thing is that one Kwara Polytechnic Nd2 dropout, living in the suburbs of Ilorin as a part-time agbero, with heavily a heavily padded Itel A2 as his major property and traits of mental disorder will come here to abuse Obidients and everyone who speaks against Tinubu and his tax killing government..

GeneralDae:

How do you know it's not being attended to?

koxyz:
The supply side is not beign attended to.I dont know how the appreciation will occur.

koxyz:

You should have listed the policies and strategies put in place to invalidate my statement.

Flets:
I have maintained that Tinubu opened up our forex market to the new cabal..... Banks, IMF, speculators etc. An import driven country with such huge balance of trade deficit has no reason to float its currency.

Tinubu's government will not escape an uprising because the situation is impossible. People will have to fight back or die.

How many businesses closed in one month?
How many jobs lost in a month?
The sense of hopelessness is unbearable

GeneralDae:

So central bank should keep subsidising forex and round tripping should continue?

JasonScoolari:
This is just the beginning.... First thing tomorrow, hike in Electricity Tariff will hit everyone hard.

Sad thing is that one Kwara Polytechnic Nd2 dropout, living in the suburbs of Ilorin as a part-time agbero, with a heavily padded Itel A2 as his major property and traits of mental disorder will come here to abuse Obidients and everyone who speaks against Tinubu and his tax killing government..

WantsandMore:
You just had to be vindictive, how are you any different?

JasonScoolari:
Vindictive? Did you learn that word today?

Flets:


I am sorry you don't understand the subject.

CBN could stop round tripping without floating the Naira. All that was needed was to remove all restrictions imposed by Emefiele's CBN and stop selling CBN to different folks at different rates... sell at a particular rate to all.

Floating the Naira is an entirely different animal. As huge as Chinese economy and market is, they could not afford to float their currency much more Nigeria that imports virtually everything. Una well at all?

GeneralDae:

So you believe the real value of the naira was 460/$ ??
You either float or you devalue by pegging at maybe 600. If you say everybody should access it at 460 naira (the overvalued price) then you would over-subsidise it.

GeneralDae:

So you believe the real value of the naira was 460/$ ??

You either float or you devalue by pegging at maybe 600. If you say everybody should access it at 460 naira (the overvalued price) then you would over-subsidise it.

What you probably meant to say is that the CBN should not float but devalue to 600 naira/$ and then remove all restrictions in order to kill the black market.

The CBN is however doing a managed float not a free float.

Flets:


Devaluing is the option, floating is not. You can even devalue to 700 and peg it there...... you can't float with the level of balance of trade deficit we have. What do we export outside crude?, do you know the volume of empty containers that gets shipped out daily from Nigeria?

With this floating, there is no real value... the speculators and manipulators will have a field day. USD will exchange for 1500 and there is nothing anyone will do about until CBN takes charge again

Flets:


And there is no managed float in this case..... you either fix a rate or you don't; you float or you don't. CBN does not have that unlimited supply of FX to handle a managed float

WantsandMore:
enlighten me

GeneralDae:

Devaluation in my opinion is a worse option. We do export officially more than we import. We export about 57 Billion dollars (80% crude oil and gas) and import 52 Billion dollars ( mostly electronics and PMS).

We have been devaluing the naira since the time of Babangida, where has it gotten us?

With managed free float, we can now allow the exports go freely through the official channel and give room for more dollars to be supplied to the I &E window. However, managed float here is the key.

GeneralDae:

They've started doing it already. They buy and sell.

jmoore:
The analysts are obviously myopic. Nigeria is an importing country, therefore expecting a dollar to be 650 naira next year won't happen. Tens of billions of dollars from crude oil revenue is not enough to meet the demand of forex.

Flets:


Your statistics are wrong. We import more than we export.
Nigeria's 2022 total export is 47Bn USD - https://www.statista.com/statistics/383166/export-of-goods-to-nigeria/#:~:text=Goods%20totaling%20at%20a%20value,dollars%20were%20exported%20from%20Nigeria.
Nigeria's 2022 total import is 53.6Bn USD - https://www.statista.com/statistics/383154/import-of-goods-to-nigeria/#:~:text=In%202022%2C%20goods%20valued%20at,dollars%20were%20imported%20into%20Nigeria.

How on earth do you believe that managed float will work in the corruption capital of the world where even the CBN officers and bankers are daily creating loopholes for sharp practices .... and this is in addition to the limited FX supply.

Flets:

And that is why it will continue to devalue until CBN is forced to fix the rate. There will be no equalization

jumper524:
If unethical caution is not taken, these Americans would still devalue our naira and blame it on some economic factor.

VenExchangee:

dre11:
The Nigerian naira has moved from being overvalued to undervalued following the government’s long-awaited foreign exchange reform, analysts at US-based Bank of America said in…




https://dailytrust.com/naira-now-undervalued-after-float-bank-of-america-says/

JasonScoolari:
This is just the beginning.... First thing tomorrow, hike in Electricity Tariff will hit everyone hard.

Sad thing is that one Kwara Polytechnic Nd2 dropout, living in the suburbs of Ilorin as a part-time agbero, with a heavily padded Itel A2 as his major property and traits of mental disorder will come here to abuse Obidients and everyone who speaks against Tinubu and his tax killing government..

JasonScoolari:
This is just the beginning.... First thing tomorrow, hike in Electricity Tariff will hit everyone hard.

Sad thing is that one Kwara Polytechnic Nd2 dropout, living in the suburbs of Ilorin as a part-time agbero, with a heavily padded Itel A2 as his major property and traits of mental disorder will come here to abuse Obidients and everyone who speaks against Tinubu and his tax killing government..