victory36:
IMF will only make it worse as seen in Sri Lanka and Ghana. The best option now is to increase oil production and exports like Angola did and rais interest rates to current inflation levels, no higher than that and go after establishments demanding dollars unnecessarily

Artscollection:


It has nothing to do with inflation at this point, the floating of the Exchange Windows at this point with subsidy removal is the main issue.

vRendoh:


What is the difference between APC and PDP? They are same one coin. Besides, We have a terrible civil service. Everybody! We are not ready yet my Broda.

grandstar:
The CBN has to increase interest rates to a level it can start slaying inflation. If done, the Naira would become stronger. I won't be surprised if it hits about 800.

However, it's as though Tinubu is worried that any steep rate rise lest it tilts the economy into a recession. This is inescapable.

With a stronger Naira and lower inflation, the positive effect would outweigh the any recession or downturn it brings.

Cheaper prices are like a God send.

The CBN needs to open up to how much is in the foreign reserves. The government has kept mum about it. If the rumor that it has fallen to $4bn is true, the country might have no choice but to approach the IMF

grandstar:


The IMF did not make it worse in Sri Lanka.

Was it the IMF that encouraged Sri Lanka to start borrowing recklessly from China? Were they the ones that banned the importation of synthetic fertilizers forcing the farmers to go organic leading to a collapse in food production? Were they the ones they carried out a terrorist attack on a church, leading to a nosedive in tourist visitors? We're they responsible for further division to the tourist industry caused by the COVID pandemic?

Sri Lanka suffered from a litany of problems a mile long.

IMF made nothing worse in Ghana. The IMF always demands low budget deficits or balanced budgets.
On the other hand, Ghana is notoriousfor large budget deficits which are inflationary and always leads to a depreciation of the Cedi. Ghana takes the blame for its budget deficit and not the IMF.

Simply hiking interest rates isn't enough to fill up the foreign reserves in the short term. The country desperately needs forex now.

A loan of between $20-30b is needed urgently and only thr IMF can provide it Government can pay it off once the foreign reserves reaches the desired level.

badoh:
What is the rate of naira to dollar at the I & E window used by the CBN as I realized many people used the rate at the parallel market to create panic. I understand it is people who don't have access to the I &E window that patronize the parallel market. The fact is for how long will government continue to defend the naira? For how long will government continue to pay subsidy which they believe only enrich certain forces? Honestly, anyone taking over the position of CBN governor at this period needs support and encouragement
For people that criticize without logic, can you do better if you're recommended as CBN governor? Remember fuel importation is one of the major thing putting pressure on the naira as Refineries are yet to come up. The government might have mistake floating the naira as their projection failed, what measures should be put in place to put a stop to the free fall of Naira?

TOPCRUISE:
When $1 was equal to N197, they say if Nigerians vote for them they will make $1=N1. Nigerians voted for them.
They say imports is causing naira devaluation, Because of that they ban imports of rice and consumables and made Nigerians go hungry.
They say BDC are the ones hoarding dollars. Because of that they end sale of foreign exchange to them.
They say naira will do better if we become cashless and do away with old naira notes, Emefiele tortured us by doing that, yet inflation soared.
They say naira will do better if we remove fuel subsidy.
Subsidy removal has made matters worse.
$1 is now equal to N1025.

You must be sick if you vote APC and you are still condemning APC.

Swiftgrp:

The Dangote Petrochemical Refinery and other refineries in PH
have to urgently start working by
November 2023 ending at over 95% capacity in order to conserve FX and strengthen the Naira since refined crude oil derivatives can be exported to also generate FX. More local jobs and businesses would be generated as well to make Nigerian folks happy with reduced hyperinflation.


Dangote Refinery will completely breakeven and be in profit in 2 years of operation so the modern refinery business model is highly profitable with Dangote Refinery being a major source of FX for the Central Bank (CBN).


Petrochemicals for export and local industrial use would make the Nigerian currency stronger while conserving a whopping 10 billion USD per annum from fuel subsidy removal.

Bliss52:




Thank Allah

Alhamdulilai

My next cash out go Go boy, e go plenty


Best news ever

If you cashout just $100 na 100k
If you cashout just $1000 na #1m

Go and learn KDP publishing and write a book
Go and learn yahoo yahoo and cash out small small amount
Go and learn Affiliate marketing.
Go and learn Forex
Go and learn Canva graphics designing
Learn Charcoal exporting





.

CodeTemplar:

Lol...20-30 billion usd. While IMF isn't the one with final say, that loan amount won't do more than anything 5 billion USD can do in mildly corrupt nations.

poweredcom:


Mumu Mr Nigeria , Nigeria is long gone it would be better let everybody scatter and form their own country...mind you am not igbo ...

After all in eastern europe there are small countries of 4 million and even less ...that broke out from former soviet union

Here in Nigeria we are deceiving our selves and impoverishing our mindset and look at what we are now today no levels no value as a nation and you as a coward is here to preach to us to love Nigeria

Thunder grind your generation i no blame you , its because all d little wealth you got , your parent placed you in the position , on a good day you cant hustle from scratch

Guy no just enter me o , i go finish you

Adolfnigeria:
Mark this post for future reference.

I insist that corruption is Nigeria's major problem.

Dangote and PH refinery will not solve this issue. Dangote is unwilling to provide PMS to the local market, because of the reintroduction of subsidy. the out-put from PH refinery is not enough to serve nigeria and the whole west africa market. Production in Nigeria of any commodity is among the highest in the world. Therefore, production of PMS from dangote refinery will most likely be more expensive than importing same from Russia/European refineries.

Dangote's debts are in dollars therefore he would sell PMS to NNPCL in dollars. Even the debts, used for the refineries, are in dollars and will be repaid in same. They would most likely prefer to export product to earn in dollars. Just the same way preference for the export of LNG is currently practiced.

Nigeria will go through another devaluation or borrow excessively. Almost 28 trillion in ways and means were printed by the government.

Our reserves are worst than the government is making it known. Do not hope on them, they will let you down. All our elites have their assets in dollars, including the president, bola tinubu. They pretend to care, whereas they do not.

Mark this post. Dangote and PH refinery will not favour us. Same way that nigeria is one of the biggest producers of gas, and Nigerians still pay higher price for gas.

Mark this post, it will be prophetic in a couple of months.

Bliss52:




Thank Allah

Alhamdulilai

My next cash out go Go boy, e go plenty


Best news ever

If you cashout just $100 na 100k
If you cashout just $1000 na #1m

Go and learn KDP publishing and write a book
Go and learn yahoo yahoo and cash out small small amount
Go and learn Affiliate marketing.
Go and learn Forex
Go and learn Canva graphics designing
Learn Charcoal exporting





.

AjaoEstater:
If Niger can close all their borders then Nigeria can continue being closed so far it has made us #4 in agricultural output worldwide and #1 in Africa. Like they say one man's trash is another man's gold. Nigeria will be the greatest and most advance Federation and country on Earth in our lifetime. Amen.

Note: Naira is worthy than any other currency in Africa except South African Rand. So this give citizens of Nigeria opportunity to buy everything in the continent. And when the Naira getting so strong coupled with low interest rate our national debt will reduce. Another Good news is that the world is in love with Nigeria this decade with The Black Book becoming #1 on Netflix worldwide and it was produced with a budget of one million dollars and filmed in Nigeria specifically Lagos State.

grandstar:


The IMF did not make it worse in Sri Lanka.

Was it the IMF that encouraged Sri Lanka to start borrowing recklessly from China? Were they the ones that banned the importation of synthetic fertilizers forcing the farmers to go organic leading to a collapse in food production? Were they the ones they carried out a terrorist attack on a church, leading to a nosedive in tourist visitors? We're they responsible for further division to the tourist industry caused by the COVID pandemic?

Sri Lanka suffered from a litany of problems a mile long.

IMF made nothing worse in Ghana. The IMF always demands low budget deficits or balanced budgets.
On the other hand, Ghana is notoriousfor large budget deficits which are inflationary and always leads to a depreciation of the Cedi. Ghana takes the blame for its budget deficit and not the IMF.

Simply hiking interest rates isn't enough to fill up the foreign reserves in the short term. The country desperately needs forex now.

A loan of between $20-30b is needed urgently and only thr IMF can provide it Government can pay it off once the foreign reserves reaches the desired level.

victory36:
The IMF made Sri Lankan government look stupid to it's people by cancelling pre-agreed loan deals despite meeting IMF policy reform demands which paralyzed government trust with the private sector due to harsh tax policies. Prices just kept rising as a result and the IMF kept demanding policy reforms. As a result, Sri Lankans were forced to resort to high interest Chinese loans as they had to fulfill obligations made to importers. Ghana's situation is as a result of pure mismanagement.

grandstar:


The ease at which the Naira depreciated or the ease producers pass on price increases is worrisome.

In countries where inflationary pressure is low, producers choose to absorb some of the increase or even all of it rather than pass it all to the consumer