SmartPolician:
For floating the naira knowing that Nigeria runs an import-dependent economy, Ebola no just get sense. $1 may reach #1k before December 2023.

Before end of this week you are saying December

AsomughaChuks05:
This is an opportunity for Nigerian entrepreneurs to start local manufacturing of most of the things Nigeria imports. It is the only panacea to reverse high rate of joblessness in the economy. It is an apt response to the current situation of the economy. Check out Japan. They became the second largest economy in the world until recently by heavily devaluing their currency against the dollar. Tinubu is on the right path.

It's their nose they will use to manufacture

Bovis:
CBN created the problems through Emefiele Naira redesign policy. Most of the naira he confiscated were not destroyed and have now found their way back into the system through corrupt CBN staff.

What are you talking about.?

SmartPolician:



Do you know what it takes to produce something in this country?

How will you power your machines? With diesel or petrol that's very expensive?

In fact, many people would prefer to import things than produce in Nigeria because importing from China is cheaper than producing in Nigeria.

Nigeria has no enabling infrastructure for driving businesses like steady power supply. If you run on diesel, you will incur huge losses.

Diesel was 650 last week. It is 750 today and rising. Few minutes ago, I bought 10k fuel the manager of the station ie my paddy, told me they sent 2 trucks, they only loaded one and told them to hang on till tomorrow as the second truck will be loaded at new price.
Based on the above, the manager adviced me to fill my tank, that there will be increase this evening or tomorrow latest. I had to buy extra 30k ie total fuel 40k!
How do you run a business, factory, transport etc under such cost?

obyno82:

Oga just have shame and stop lying abeg

Okay.....😁.....

joyandfaith:


Why should poor people suffer from few corrupt government officials? Subsidy was also removed on petrol because NCS cannot stop smuggling .

because they voted wrongly for 60yrs

SalamRushdie:


I am 100 percent sure you have never run a business

you they mind am, even established manufacturers and businesses are not finding the current economic situation funny

AsomughaChuks05:
This is an opportunity for Nigerian entrepreneurs to start local manufacturing of most of the things Nigeria imports. It is the only panacea to reverse high rate of joblessness in the economy. It is an apt response to the current situation of the economy. Check out Japan. They became the second largest economy in the world until recently by heavily devaluing their currency against the dollar. Tinubu is on the right path.

with what? Will they start local manufacturing when the price of fuel energy is so high, where is the fund or infrastructure to support that level of massive local manufacturing? Can't even differentiate who is more clueless between tinubu and his supporters.

EconomistXplain:
tinubu's major problem in the economy management is dangote who has refused to begin operation of his long awaited refinery project....

if he (dangote) does, then petrol import will stop... foreign exchange will b saved..huge demand for FX will decline...supply of FX will begin by major private firm....then naira and everything else will stabilize

so because an individual didn't open is company, the FG of a country should sit and fold their hands until one man open his private business?

Are we now in agreement to divide this country? Or are we still in that spot where we're ruminating over our apparent problems and failings?

Anyone wey be the case, make una tell us quick, so we all make informed decisions, going forward.

Una never see something, it would favor me and my family crew were una Dey? Yoruba go finally kill and bury Nigeria kpatakpata

What is happening is artificial skyrocketing of the naira and it is caused by the hoarding of the dollars by everybody in Nigeria,for a country where the dollar is not an official exchange currency the volume of dollar notes being displayed everyday, everytime and by almost every person is alarming,we are our own cause of this problem,ban the BDC's and monitor the banks strictly and also enact laws that would make trading and being caught with dollar notes that is more than a thousand dollars a crime.

If you pump in more forex into the country, people are going to still gobble it up and hoard it.

ogododo:


https://punchng.com/cbn-may-lose-control-of-the-naira/

So, this is how the news on the redesigned Naira notes faded away, right?

Nobody's even talking about the stress we went through early this year with the unnecessary cashless policy that made me to start begging for transport fare because of no single notes in circulation.

In a sane clime, the people concerned with that cashless policy would've been sentenced to life imprisonment or death like the Asian countries.

Our people are too dull to hold their leaders accountable.

SalamRushdie:


I am 100 percent sure you have never run a business

so you that know how to do business, the government should be subsidizing dollar by allowing 2 prices(black market and official rate) stupid ibo man.u think Warehouse Economics is what we are talking about... Here

Abufo:




where is Hellinus? you no go see am here! Tinubu wants to remove a very profitable forex round tripping from a very criminally creative banking industry....it will never work! Unless you publically execute corrupt businessmen or start seizing banking licenses.........these people will never let go. Banks are holding tight to forex they did not earn .....forcing people to buy higher at a so called black market.......instantly creating avenues for arbitrage! Even a boi boi in alaba knows the game! Tinubu had better look for a street thug to appoint as CBN governor! work dey I swear!

Can you methodically tell me how the banks are responsible for this? go school una no gree

Since the floating of naira, CBN is no longer in control of naira; until the policy is reversed.

Blazebond:
What is happening is artificial skyrocketing of the naira and it is caused by the hoarding of the dollars by everybody in Nigeria,for a country where the dollar is not an official exchange currency the volume of dollar notes being displayed everyday, everytime and by almost every person is alarming,we are our own cause of this problem,ban the BDC's and monitor the banks strictly and also enact laws that would make trading and being caught with dollar notes that is more than a thousand dollars a crime.

BRILLANT

EconomistXplain:
tinubu's major problem in the economy management is dangote who has refused to begin operation of his long awaited refinery project....

if he (dangote) does, then petrol import will stop... foreign exchange will b saved..huge demand for FX will decline...supply of FX will begin by major private firm....then naira and everything else will stabilize

How will that help? Do you think FGN will sell crude oil to Dangote in naira? The NNPC already said Dangote oil will not have any effect on fuel price. The only hope is when there are a lot private refineries that will make prices competitive. The reasons why our refineries are down and can never function optimally is that FGN needs constant supply of dollars,and this can only be achieved by selling out crude to the world. Dangote too will have to source for dollar to buy crude from FGN, and to pay for the manpower and other services he will be importing.

Gratefullheart:
so you that know how to do business, the government should be subsidizing dollar by allowing 2 prices(black market and official rate) stupid ibo man.u think Warehouse Economics is what we are talking about... Here

Abeg go and sit down let your senior brothers wife cook for you , I know you live with your brother so abeg rest

Eriokanmi:
A very bad idea. Even those hailing the move at start are now wailing . They were thinking naira would never exceed 650 naira at the I&E window. Those who gave tinubu that idea simpy wanted him tp fail. Now, they've succeeded.

There's no way both cost-push and demand-pull inflation won't keep rising. How can the local industry grow with this bad policy? Local industries too dey buy materials for abroad nah. No be everything dem dey get locally. Every cost incurred would be incorporated into the cost of product per unit. Its a very bad move by tinubu. We're beginning to spend like those in the west, when the standard of living isn't relative.

Your last sentence has depth...

Emefiele, with Buhari, plundered our resources and destroyed the economy.

Through the CBN's balance sheet just released, it is now clear that Buhari , through the CBN ,took secret loans from international organisations like JP Morgan , Goldman Sachs, FX Forwards etc. I am talking of secret loans up to 15 billion dollars.

Secret in the sense that the national assembly was not even aware of it and therefore , after the loans were received , there was no appropriation. Buhari , Emefiele and their thieving band just kept spending and plundering.

Buhari took those secret loans and used our foreign reserves (built by past governments) as collateral.

This is in addition to other humongous loans that he took , with the approval of the 'o yes' national assembly, from world bank ,IMF , ADB and other international financial institutions. He also took loans from countries like China, France,India , Japan and Germany.

Buhari took more loans in 8 years than all the loans , when added together, taken by past governments of Nigeria since our independence in 1960. Let that sink. He took more loans in 8 years than what we took in our first 55 years as a country and with nothing tangible or infrastructures to show for it.

And yet that was not enough for Buhari and Emefiele.

It has now emerged that Emefiele printed 23 trillion Naira for Buhari to spend without any appropriation or oversight by the national assembly. The effects is what we are seeing today and has made the value of the Naira to continue to sink.

Go and read the CBN report just published and you will weep for what Buhari did to Nigeria. The man is worse than Abacha. Compared to Buhari, Jonathan is an angel.

I hope that those who voted him because "Osinbajo will handle the economy" can now clap for themselves.

#COPIED

SalamRushdie:
I called this first many weeks ago and I never call Anything wrong..like I said then Tinubu had lost control of of the economy because of his poorly implemented fuel and Naira deregulation and remember I predicted that that naira will get to 1200 to a dollar and Petro 1050 per litre abd Tinubu will be forced to start regulating them again other to save his govt from a popular uprising....Nigerians will be the ultimate losers

But in all honesty sir
A man of your age shouldn't be this stupid
If buhari ruled Nigeria for 8 years
And had covered alot of damage done to the economy
Do you expect Tinubu or obi to fix it in 2months
Don't be tribalistic
Use your brain daddy

Thanks to obedient and Ronu who gave power to Tinubu

membranus:
Emefiele, with Buhari, plundered our resources and destroyed the economy.

Through the CBN's balance sheet just released, it is now clear that Buhari , through the CBN ,took secret loans from international organisations like JP Morgan , Goldman Sachs, FX Forwards etc. I am talking of secret loans up to 15 billion dollars.

Secret in the sense that the national assembly was not even aware of it and therefore , after the loans were received , there was no appropriation. Buhari , Emefiele and their thieving band just kept spending and plundering.

Buhari took those secret loans and used our foreign reserves (built by past governments) as collateral.

This is in addition to other humongous loans that he took , with the approval of the 'o yes' national assembly, from world bank ,IMF , ADB and other international financial institutions. He also took loans from countries like China, France,India , Japan and Germany.

Buhari took more loans in 8 years than all the loans , when added together, taken by past governments of Nigeria since our independence in 1960. Let that sink. He took more loans in 8 years than what we took in our first 55 years as a country and with nothing tangible or infrastructures to show for it.

And yet that was not enough for Buhari and Emefiele.

It has now emerged that Emefiele printed 23 trillion Naira for Buhari to spend without any appropriation or oversight by the national assembly. The effects is what we are seeing today and has made the value of the Naira to continue to sink.

Go and read the CBN report just published and you will weep for what Buhari did to Nigeria. The man is worse than Abacha. Compared to Buhari, Jonathan is an angel.

I hope that those who voted him because "Osinbajo will handle the economy" can now clap for themselves.

#COPIED

anyone with half a brain cell can see the propaganda here...

Unfortunately, many people are irredeemably stupid, so yea while I long expected that y'all will start singing this song on high pitch, certainly many will gobble it all up.

No worry. Some of us already know the game plan is to blame Buhari for everything now that Opolo eye holds sway, just as y'all blamed Jonathan for everything when Buhari held sway.

Very predictable...smh.

richeeyo:

But in all honesty sir
A man of your age shouldn't be this stupid
If buhari ruled Nigeria for 8 years
And had covered alot of damage done to the economy
Do you expect Tinubu or obi to fix it in 2months
Don't be tribalistic
Use your brain daddy

I never entertain people with Low IQ please ...I am in my 30s now and I am not your daddy , no be me say make you no make am quick in life

EconomistXplain:
tinubu's major problem in the economy management is dangote who has refused to begin operation of his long awaited refinery project....

if he (dangote) does, then petrol import will stop... foreign exchange will b saved..huge demand for FX will decline...supply of FX will begin by major private firm....then naira and everything else will stabilize

All these by just one refinery working. So what stopped them from making 3 work?

My dream for Nigeria. $1 - N2950
Petrol - N2500 per litre
maybe by then black people go enter street.

SalamRushdie:


I am 100 percent sure you have never run a business

You observed him well, some of these people just open their mouths waaah...

orisa37:
TINUBU MAY LOSE IT TOO IF HE DOES NOT DENOMINATE FAST. WALE EDUN IS HIMSELF SPURRING NONSENSE. THEY ALL HAVE FAT FOREIGN ACCOUNTS WHERE THEY STORE THE LOOTS.
TINUBU SHOULD AT LEAST DENOMINATE AT N180:$1 GEJ'S STANDARD.
MR PRESIDENT GIVES THE ORDER AND NOT AN UNSCRUPULOUS ADVISER OR SILLY SO CALLED GOVERNOR OF CBN.

That's only a temporary strategy. The only way is to look at what can be produced here and create massive support around it to reduce its import.

Even this will take like 2-3 years to achieve stability

fx45:
What development? What single infrastructure did Tulumbu build in Lagos? Mention just one and I'll credit your account with N50k this afternoon.

My dear there's non ooo just a propaganda his media warriors used.

ogododo:
Tinubu no sabi how to run economy. Na tax and tariff be him specialty. See how Lagos wowo.

Surely that's the only thing he understands tax tax tax and tarrif with nothing to show for it..