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.

OKORONKWOBRIGHT:
Before end of this week you are saying December

fx45:
You didn't wait for me to finish before showing your true colour. Stop complaining. Relax we will enjoy the Tulumbu misgovernance together. It will favour you and your family.

Asiwaju lokan!
4x4 - 2031 lokan!

SalamRushdie:


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

Timmi:


The CBN should not fund the Forex. Let the market determines the base that market will support.

There is no need to be subsidizing the rich folks sending their children to school abroad and also for their medical expenses. The bulk of the CBN subsidized fx is for these cronies.

The Punch editorial has been sponsored by these cabals that have no interest of the common man at heart.

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.

9jatriot:
Hmmm, would this not give victory to the so called cabal who need us to continue the regime of subsidy.

Is it possible they are the ones fighting back and fighting dirty? Many of the things you have suggested look like things we have been trying since God knows when. Take the issue of repairing the refineries. Remember Kachukwu (former minister of petroleum) staked his reputation then that the refinery under his watch will start working in 2 years also.

With all news coming from CBN, can we really afford to continue with trying to defend the naira? As a matter of fact, if we even get the dollar component right, the subsidy removal will resolve itself. If the dollar takes a consistent value for about 1 year, then industries can plan better but when today it is 800, tomorrow it jumps straight to 850 and now even 805 then all the permutations goes out of the window.

For me, it is the dollar part that worries me the most.

Crvrider:


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

Munamu:




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.

helinues:
May? When we are in August

EconomistXplain:



bro u dnt get it, dangote will buy crude from FG in naira in the worth of the equivalent of dollars so as to reduce to he pressure on the demand for FX...

again, we all know the the major activity dt will bring down the cost of dollors and subsequently cost of things in the market is not competition, but supply of FX...so dangote which has large capacity for export will join the trade of FX trade in Naija which is very very lucrative....that way, he will supply large amount of FX nd then ease naija's FX supply chain problem

papaeme:
An ACCOUNTANT without certificate can only tax his subjects to abject poverty

Know this and Know peace

Munamu:


Ok.why did the GMD NNPC said Dangote oil will not have effect on the price, and Dangote said so himself.

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

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.

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.

Abufo:




you must be a banker.........so you do not know banks and other speculators are having a field day with the gap between the two rates of the naira/dollar! if you do not understand this then you cannot be helped!

DeepSight:


I think you belong in a psychiatric hospital.

9jatriot:
No, he is correct, the only problem you should be asking him is how.

Processing things and exporting them is a good way to redeem the currency crash.
China will give an arm and a leg to have this kind of exchange rate.

DeepSight:


Perhaps you haven't thought this through. How do you rachet up production without power and in an economy dependent on imported refined petroleum products which you have just taken out of the reach of most people? You have tripled the cost of living, floated the naira at the same time thus guaranteeing a vicious cycle of increments and you are at the same time singing about increasing taxes across board. How does any of this help with becoming a producer and exporter of finished goods. Just yesterday the Manufacturers Association of Nigeria said many factories will have to close on account of increasing power costs as caused by VAT on diesel.

I repeat, the gentleman needs psychiatric attention, and if you were not being sarcastic, so do you.

SSpeter:
You have not said anything, you made a claim or should I say an assumption, then I queried that you should state emphatically the premise on which your claim was made. Don't shift the goal post by adding speculators, I only want to know how the banks are responsible

9jatriot:


So you see my friend, that what we should be thinking of doing at this time is to increase our export potentials.

ogododo:


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

Abufo:





Oga ...go and see the same claim I made on frontpage on nairaland, In the early 2000s I used to run the Dubai route from lagos for computer parts with my brothers.....we were in the air every other week..........one of our banker friends was always on the Ethipian airlines flight to dubai every weekend for over 1 year..........what was he doing? he was roud tripping Travellers cheques for his bank branch and he was not the only one from that cash rich branch! So I know what I am saying! The naira maybe weak but the naira is not as worthless as 950 naira....thaere is massive speculation going on nah................it takes 2 parties to create a market...now run along and go fill in the blanks!

SSpeter:
let us not dabble much on this I thought you had dealings at the head office, you see nothing happens in a bank branch. That is not where the FX players are. However do not mislead people, let the government take care of their mess, leave the banks alone