aribisala0:

If no one knows what is your basis for saying

The volume of money available after subsidy removal does not reflect the volume being bandied about previously

Agboriotejoye:

The volume of money available after subsidy removal does not reflect the volume being bandied about previously

What are these volumes please share the figures you are talking about?

aribisala0:

What are these volumes please share the figures you are talking about?

Check online!!

The revenue accruing to the nation's purse since subsidy removal does not reflect anything in the region of $10bn that was being bandied as the cost of subsidy

Have you forgotten all the talk of subsidy removal will build roads, hospitals, electricity etc? Where is the money to build all that now?

Agboriotejoye:


Check online!!

The revenue accruing to the nation's purse since subsidy removal does not reflect anything in the region of $10bn that was being bandied as the cost of subsidy

Have you forgotten all the talk of subsidy removal will build roads, hospitals, electricity etc? Where is the money to build all that now?

Check online forbwhat?
You just come here to make nebulous and bogus claims and when called out You say

Check online

Check online for what?

Agboriotejoye:

I already answered this.
2002 and 2009 at least. Check my posts. I gave links to the guy when he asked. The method applied was more sensible and organised than this present one though

The energy used to type this is enough to answer my question.

Provide me with the link because I can't remember Yaradua/Jonathan government ever floated naira.

Be detailed in your analysis and don't speculate on economic and financial matters you are not privy to

Ttalk:


The energy used to type this is enough to answer my question.

Provide me with the link because I can't remember Yaradua/Jonathan government ever floated naira.

Be detailed in your analysis and don't speculate on economic and financial matters you are not privy to

What is wrong with you? I told you I already provided links in this same thread. Are you too lazy to browse through or am I obligated to repeat the same thing just for your pleasure? Go through the thread and you will see the links I provided for 2002 and 2009 when naira was floated.
You guys just want to defend Tinubu's incompetence with your own ignorance.
This is disgusting!!

aribisala0:

Check online forbwhat?
You just come here to make nebulous and bogus claims and when called out You say

Check online

Check online for what?

Are you too lazy to check Nigeria's revenue profile online?
Just say so and I'll help you
No need to burst a vein

aswani:


The Naira went in freefall because the effective subsidy was removed, it found its true value then. I believe it'll recover eventually and it would have by now of other populists presidents had made the tough decision.

Lagos scam exposed indeed, a scam who laid the template for a vibrant and working state where everyone runs to daily. You will wait and wait because I believe President Tinubu wil not fail regardless of naysayers like you.

Happy to see your proof of what the Afremix loan is for as you stated.

Omo things are pooling more and u are still defending incompetence, is it when people start during of hunger that ur eyes will open

thesolutions:

It takes being human. It is a collective responsibility. Every policy that the government may push forward requires human effort for it to work. But the Nigeria mentality is that any office you are appointed to head is your settlement. Where man dey work na there he dey chop is the reason nothing is working. We are our own problem.

Yes, I agree that the president is to be held accountable for the direction the country has headed, but I have seen him take genuine steps that should make things work but he has to obey quota so that regions and states are represented in his government. So the performance of the country's economy is dependent on the performance of his appointees and their deliveries on the economic policies.

excuses upon excuses.

Agboriotejoye:


What is wrong with you? I told you I already provided links in this same thread. Are you too lazy to browse through or am I obligated to repeat the same thing just for your pleasure? Go through the thread and you will see the links I provided for 2002 and 2009 when the naira was floated.
You guys just want to defend Tinubu's incompetence with your ignorance.
This is disgusting!!

You are the lazy one otherwise you would answer my question without resulting in all these diversions.

You wrote over 100 words to excuse yourself from answering my question when it would take you less than 10 words to post the link.

I put it to you that Yaradua/ Jonathan never floated naira under Sanusi as CBN governor.

Stop all this blind criticism, that is not how to play the opposition.

A genuine Nigerian will appreciate the damage to the economy right from 1999 and beyond and would not heap the blame on a government that is less than 1 year.

The truth is that Nigeria is broke and in debt. She is not generating enough revenue to finance its budget as we have been having budget deficits back to back.

The previous government had not been able to build or revive any of our refineries and a chunk of forex was being used to import refined oil.

A sane mind knows that there is no magic any government can perform to turn the ugly situation around overnight.

Ttalk:


You are the lazy one otherwise you would answer my question without resulting in all these diversions.

You wrote over 100 words to excuse yourself from answering my question when it would take you less than 10 words to post the link.

I put it to you that Yaradua/ Jonathan never floated naira under Sanusi as CBN governor.

Stop all this blind criticism, that is not how to play the opposition.

A genuine Nigerian will appreciate the damage to the economy right from 1999 and beyond and would not heap the blame on a government that is less than 1 year.

The truth is that Nigeria is broke and in debt. She is not generating enough revenue to finance its budget as we have been having budget deficits back to back.

The previous government had not been able to build or revive any of our refineries and a chunk of forex was being used to import refined oil.

A sane mind knows that there is no magic any government can perform to turn the ugly situation around overnight.

Agboriotejoye:

I actually thought I was chatting with someone who knew what he was talking about. You claimed all PDP presidents including Bubu subsidised the naira without proof but you want me to provide proof they did not. It shows you don't have an understanding of the naira and CBN policy from ab historical view.
Anyways, this is a link below of Sanusi introducing the Dutch Auction System in 2009
https://www.vanguardngr.com/2009/07/cbn-re-introduces-dutch-auction-system/amp/

This is also a link below of then CBN gov Joseph Sanusi who first introduced the system to Nigeria under OBJ in 2002
https://www.centralbanking.com/central-banking/news/1408398/dutch-auction-won-depreciate-naira-cbn

Here.

It's right there on the first page with the links.

Who is the lazy one now?

Fvk off

nzechu:
Omo things are pooling more and u are still defending incompetence, is it when people start during of hunger that ur eyes will open

I am not defending anything, let's lay the blame exactly at the doorstep of those that started and ignored the rot, not the one that is currently having to fx it.

If President Tinubu suddenly decides to "Carry on regardless" like his predecessors and Peter Obi is elected afterwards and starts the painful process of turning things round, I will be the person defending him and ensuring President Tinubu gets his share of the blame. Chikena.

aswani:


I am not defending anything, let's lay the blame exactly at the doorstep of those that started and ignored the rot, not the one that is currently having to fx it.

If President Tinubu suddenly decides to "Carry on regardless" like his predecessors and Peter Obi is elected afterwards and starts the painful process of turning things round, I will be the person defending him and ensuring President Tinubu gets his share of the blame. Chikena.

did u know u just typed nonsense, no offense pls. Ok u HV to wait for another govt to be in power before u blame the present govt, are u kidding me.

U vote in someone to fix something instead of fixing it it gets worse, if he can't fix it at least leave it where it is, maintain the level of rot not widen it. As it is the past govt is better than this one, cos at least they maintained, it crashed slowly but this one

nzechu:
did u know u just typed nonsense, no offense pls. Ok u HV to wait for another govt to be in power before u blame the present govt, are u kidding me.

U vote in someone to fix something instead of fixing it it gets worse, if he can't fix it at least leave it where it is, maintain the level of rot not widen it. As it is the past govt is better than this one, cos at least they maintained, it crashed slowly but this one

I can't explain any better than I have, please go ahead and continue bashing President Tinubu whilst absolving previous governments who decided not to tackle the issue he is tackling.

Agboriotejoye:




Here.

It's right there on the first page with the links.

Who is the lazy one now?

Fvk off

Half baked education is worse than illiterate.

The link you post has noting to do with naira floating rather is was a WDAS wholesale Dutch Auction system which still placed the control and sales dollar to the bureau De change solely under the control of CBN where government determine the price and quantity of dollar supply to the economy.

Below is the extract from the link you post.

By Omoh Gabriel & Babajide Komolafe
LAGOS — THE Central Bank (CBN), said in a circular to all banks yesterday that it would lift foreign exchange controls for Nigerian buyers of U.S. dollars from Monday, following a decision by Governor


“The Central Bank of Nigeria hereby re-introduces the Wholesale Dutch Auction System with effect from Monday


on Tuesday to liberalise the foreign exchange market.


The CBN had imposed forex restrictions in January following huge capital flight from the country and replaced the Wholesale Dutch Auction System (WDAS) to try and stem a sharp decline in the exchange rate of the naira.

“The Central Bank of Nigeria hereby re-introduces the Wholesale Dutch Auction System with effect from Monday,” said Batari Musa, Director, CBN Trade and Exchange Department.

This is in a bid to stimulate activities in the interbank and stabilise the foreign exchange market.” The CBN initially announced the lifting of forex controls on Tuesday after its first monetary policy meeting under Sanusi.

In the circular dated July 8, 2009 entitled: “Revised Guidelines for the Operation of the Foreign Exchange Market: Wholesale Dutch Auction System” the apex bank said “further to the circular Ref: TED/FEM/FPC/GEN/01/088 of May 22, 2009 on the above subject, the Central Bank of Nigeria hereby re-introduces the Wholesale Dutch Auction System (WDAS) with effect from Monday 13th July, 2009. This is in a bid to stimulate activities in the inter-bank and stabilize the Foreign Exchange Market.

“Consequently, the guidelines for operating the system are as follows: henceforth the Central Bank of Nigeria (CBN) shall intervene in the Foreign Exchange Market through the Wholesale Dutch Auction System. The CBN shall announce on Monday and Wednesday the amount on offer for each auction at 8.30am.

Under this system, Authorised Dealers shall submit their bids on Monday and Wednesday, duly signed by two authorised signatories for any particular auction session between 9.00am and 10.30 am on the day of the auction; and b submit bids for no more than three tranches per auction, while the Central Bank of Nigeria reserves the right to reject bids that are deemed to be unrealistic.

“The bids should be submitted via Reuters Dealing 3000 Xtra System to the Abuja dealing line. The minimum bid amount by an Authorized Dealer shall be $100,000.00 and the currencies of transaction shall be the Naira and the United States dollar.

I don't know why you chose to be mischievous, you are indeed a dangerous person

Ttalk:


Half baked education is worse than illiterate.

The link you post has noting to do with naira floating rather is was a WDAS wholesale Dutch Auction system which still placed the control and sales dollar to the bureau De change solely under the control of CBN where government determine the price and quantity of dollar supply to the economy.

Below is the extract from the link you post.

By Omoh Gabriel & Babajide Komolafe
LAGOS — THE Central Bank (CBN), said in a circular to all banks yesterday that it would lift foreign exchange controls for Nigerian buyers of U.S. dollars from Monday, following a decision by Governor



The Central Bank of Nigeria hereby re-introduces the Wholesale Dutch Auction System with effect from Monday
on Tuesday to liberalise the foreign exchange market.

The CBN had imposed forex restrictions in January following huge capital flight from the country and replaced the Wholesale Dutch Auction System (WDAS) to try and stem a sharp decline in the exchange rate of the naira.

“The Central Bank of Nigeria hereby re-introduces the Wholesale Dutch Auction System with effect from Monday,” said Batari Musa, Director, CBN Trade and Exchange Department.

This is in a bid to stimulate activities in the interbank and stabilise the foreign exchange market.

 The CBN initially announced the lifting of forex controls on Tuesday after its first monetary policy meeting under Sanusi.

In the circular dated July 8, 2009 entitled: “Revised Guidelines for the Operation of the Foreign Exchange Market: Wholesale Dutch Auction System” the apex bank said “further to the circular Ref: TED/FEM/FPC/GEN/01/088 of May 22, 2009 on the above subject, the Central Bank of Nigeria hereby re-introduces the Wholesale Dutch Auction System (WDAS) with effect from Monday 13th July, 2009. This is in a bid to stimulate activities in the inter-bank and stabilize the Foreign Exchange Market.

“Consequently, the guidelines for operating the system are as follows: henceforth the Central Bank of Nigeria (CBN) shall intervene in the Foreign Exchange Market through the Wholesale Dutch Auction System. The CBN shall announce on Monday and Wednesday the amount on offer for each auction at 8.30am.

Under this system, Authorised Dealers shall submit their bids on Monday and Wednesday, duly signed by two authorised signatories for any particular auction session between 9.00am and 10.30 am on the day of the auction; and b submit bids for no more than three tranches per auction, while the Central Bank of Nigeria reserves the right to reject bids that are deemed to be unrealistic.

“The bids should be submitted via Reuters Dealing 3000 Xtra System to the Abuja dealing line. The minimum bid amount by an Authorized Dealer shall be $100,000.00 and the currencies of transaction shall be the Naira and the United States dollar.

I don't know why you chose to be mischievous, you are indeed a dangerous person

A pity. You even have the nerve to call me half baked on something you never knew

Keep reading the bolded till it makes sense to you.

You're really an apology when it comes to knowledge and you're so confident in it.

A pity

Agboriotejoye:


A pity. You even have the nerve to call me half baked on something you never knew

Keep reading the bolded till it makes sense to you.

You're really an apology when it comes to knowledge and you're so confident in it.

A pity

I agree all this needless insults is unnecessary but you cannot be offended by it considering you used similar words against me.

Personally I couldn't care less about being insulted on a faceless forum. I just think it is rich you dishing it out and not being able to receive it.

Good afternoon

A country that even your naira is scarce and hard to find, doesn't that tell u that those in government are clueless and lack ideas to turn your economy around,not to talk of foreign currency scarcity when you run an unproductive economy and 90%import based?
If u like get 100 Tinubus ,if u do not run an export based economy and produce most of the basic things the people consume,u are only fooling yourself.u need to stop importation of most basic things and get them produced here so that naira is retained in the economy then u will see the NAIRA bouncing back

aswani:


I agree all this needless insults is unnecessary but you cannot be offended by it considering you used similar words against me.

Personally I couldn't care less about being insulted on a faceless forum. I just think it is rich you dishing it out and not being able to receive it.

Good afternoon

You care much more for the so-called insults than the facts
Look at your fellow denialist up there making a total caricature of himself
That's exactly what I was correcting you for
I think it is pitiable to be dishonest with ourselves and willfully play dumb just because you want to defend politicians

Agboriotejoye:


A pity. You even have the nerve to call me half baked on something you never knew

Keep reading the bolded till it makes sense to you.

You're an apology when it comes to knowledge and you're so confident in it.

A pity

Stop embarrassing yourself, and read to understand the entire message and not just pick words from a context.

1. What is WDAS?
2. Is WDAS the same as naira floating?
3. Who determines forex rates in the currency floating system?
4. Who controls the price e of the dollar in WDAS?

Answer these questions without dribbling yourself if you are not a product of miracle centres

Ttalk:


Stop embarrassing yourself, and read to understand the entire message and not just pick words from a context.

1. What is WDAS?
2. Is WDAS the same as naira floating?
3. Who determines forex rates in the currency floating system?
4. Who controls the price e of the dollar in WDAS?

Answer these questions without dribbling yourself if you are not a product of miracle centres

First of all, have you ever heard of WDAS before you read the link? Answer truthfully.

If you have not, which i know you have not, do you understand a tiny little bit of what you read?

If you did not, which I know you did not, how did you come to the conclusion that it does not imply floating the naira?

If you are able to answer these questions, you are well on your way to getting the answers you asked for in 1-4 above.

Haywix:


This is the first time I'll comment in a long time cause I hate engaging brain dead people on Nairaland... what you said here is rubbish.

The basic things needed for production is not provided.

1. Electricity
2. Good road
3. Long term loans

If you can't blame government for this then you're a fool... you government make billions on tax on Generator importing, that's the reason you don't have stable electricity till now and you want to blame the citizens?

You forgot to add security, which is totally absent in Nigeria.

Agboriotejoye:


What is wrong with you? I told you I already provided links in this same thread. Are you too lazy to browse through or am I obligated to repeat the same thing just for your pleasure? Go through the thread and you will see the links I provided for 2002 and 2009 when naira was floated.
You guys just want to defend Tinubu's incompetence with your own ignorance.
This is disgusting!!

Naira floated which year, or you are referring to your imaginary Biafra pounds?

blacknp:
Naira floated which year, or you are referring to your imaginary Biafra pounds?

Don't be funny. I already responded to the guy. You kids online who only woke up when APC took power thinks Nigeria did not exist before APC. APC has even made Nigeria worse on all indices than it met the country

blacknp:
Naira floated which year, or you are referring to your imaginary Biafra pounds?

The guy is talking as if he just landed from Jupiter, imagine the audacity in pushing those lies because of an article he picked from the dustbin.

Even the article stated clearly what Sanusi introduced as WDAS which still placed the control of fx in the Apex bank, but the guy just decided to be dumb