MrSundry:
I just hope this is not another " trial and error"

If you have the magical solution, why not put it forward

Another trial and error
If this administration is feeling too big to learn from Elemiewele, they should at least meet with Sanusi Lamido…
It’s not rocket science…

skj1377:
What this central bank Governor is doing is crashing the currency. He had better stop this Naira floating policy and be more realistic.

Even if the policy is reversed, does the govt have enough forex to back dollar demand? The black market will still float supreme.
The stenght of the naira has to do with how much foreign currency the country can boast of, or how solid its local production can fight off foreign demand

Smithkafors:
Please can someone tell me any new thing the government is doing differently from previous government?..

Just one?.

Any improvement anywhere please?.

Seriously?

I don't even understand what the news mean... I guess the circular was not meant for common men like me

Abeg, those that it was meant for, who supposedly understand it, is it a good policy or not? What does it even mean (in layman's terms)?

ogolemati:
it's my turn,it's my turn under 8month dollar is now 1500 from 750 where the other generation curse left it.i said leave all this generation old men make them rest una no gree.you go just allow ancestors they run 21st century program.but on a serious note dollar should hit 2000 before June Biko any plan against it hitting 2000 by June fire

June too far!

Give it 2 weeks time!

Let d small dollars in my dorm aza be breevin fes!

ShobayoEmma:
Can any good news come out of APC government? only God knows.




Tinubu, a bad man with good intentions

How do you know his intentions.

Na statistics we go chop

Smithkafors:
Please can someone tell me any new thing the government is doing differently from previous government?..

Just one?.

Any improvement anywhere please?.

Nothing!! they are doing the same 'ol nothing!

masseratti:
Grammar, can someone please explain.

It means that if you have, if a bank has cash less than 20% of your money and it's going to 0% and you don't have need for it, maybe you have people in the abroad you can rely on, you can call them and find out what's really the problem with the exchange that makes it impossible for the naira to dollar rate to crash beyond what the masses can explain in their little way.

MrSundry:


Source: https://businessday.ng/news/article/cbn-imposes-limit-on-banks-foreign-currency-exposure/

OGA resign there's nothing you can do, the Naira will continue to fall, apart from crude oil what else do we export?

Even the crude Buhari has collected all sales since last year, nothing is coming from our present production, if you like bring the federal reserve Bank to Nigeria the naira will still fall

Rich4god:
If am right, what this means is that CBN is trying to ensure banks do not "buy" or "hold* too much foreign currency in their books.

Since our naira is crashing steadily, some banks might decide to buy or hold plenty foreign currency with the hope to profit from it after a period of time. So CBN is trying to ensure that banks don't expose their self so much to FX.

the banks are the inside thieves opening door for the thieves outside,

when you approach the bank for forex it either they claim not to have or give you little if you sabi grease palm ... when you para they will calm you down and refer you to aboki outside .. we are our own problem in these country

Smithkafors:
Please can someone tell me any new thing the government is doing differently from previous government?..

Just one?.

Any improvement anywhere please?.

It floated the naira and it is falling like rain.

macklef:

Even if the policy is reversed, does the govt have enough forex to back dollar demand? The black market will still float supreme.
The stenght of the naira has to do with how much foreign currency the country can boast of, or how solid its local production can fight off foreign demand

Yes. But not all Forex demand are legitimate. Our economy has to be regulated to prevent abuse of Forex request. Wealthy individuals want every Naira they make converted to dollars simply because they don't believe in Nigeria. A better regulated economy will filter out such Forex request.
Secondly, remittance from diasporas don't get to the central bank. What we have is an app that keeps Forex outside our economy only to credit recipient in Naira so the economy depends on only Government Dollar inflow from NNPC. A better regulated economy will stifle out such transaction. Finally am of the opinion that only Government should hold Forex. All domiciliary accounts should be closed.

If this clueless man had any shame, he will resign honourably. Who would have thought that Emefiele and Buhari will be better than others? Wonders of this world.

MrSundry:
I just hope this is not another " trial and error"

they all appear clueless and got no solution to the current problem Nigeria is face with

atiku4President:

It means that if you have, if a bank has cash less than 20% of your money and it's going to 0% and you don't have need for it, maybe you have people in the abroad you can rely on, you can call them and find out what's really the problem with the exchange that makes it impossible for the naira to dollar rate to crash beyond what the masses can explain in their little way.

This is the dumbest explanation I've ever heard

MrSundry:
I just hope this is not another " trial and error"

It seems to be.

We are deceiving ourselves in this country.

Badgers14:
Nonsense journalism from business day.. what does the whole thing mean.. how does business day think this would affect our current economic situation?

Journalism is just dying and free falling like the naira

With the level of deterioration in the country you still expect media to sugar coat things, ... even if media are we not feeling the extreme heat ...
journalism entails reporting events as they emerge without exaggerating or sugarcoating

Na statistics we go chop. Can this country be redeemed?

Dey play

Quote me..

For as long as virtual dollar exist like Binance
p2p in usdt e.t.c

Naira would never rise against dollar......

Solution....

Nigeria should change currency denomination with it's valuation..

It is only achievable if there is Peace and love to co exist as Nigeria,It is just to adopt a new currency policy valuation after adoption with effective process for integration with NIMC if effectively accurate up to 90%.

No gree for anybody!!!

Interpretation.


Even with naira,you can still defeat the above hurdles..



This process is very simple and self explanatory if interested to learn more from me as I can show you all....

All this big big grammar and the economy is in shambles !!’

ClearFlair:
Productivity is the only solution. Only Peter Obi understands these things. It is not by making mouth. Nothing will change until quality of life improves

Only obi Abi?

Then help us tell him to collect minister role under tinubu

Abracadabra economics..

ogawisdom:
Floating naira was a terrible decision at this point in time.

In a sane clime everyone will be on the street demanding a reversal.

But in Nigeria everyone will be playing with fire

Exactly my thoughts bro, it is a shame we have adapted to extremely poor situation in Nigeria

Rich4god:
If am right, what this means is that CBN is trying to ensure banks do not "buy" or "hold* too much foreign currency in their books.

Since our naira is crashing steadily, some banks might decide to buy or hold plenty foreign currency with the hope to profit from it after a period of time. So CBN is trying to ensure that banks don't expose their self so much to FX.

All rubbish..

They shouldn't have floated the currency...

Emifiele was bad however...he understood this very well and it's repercussions...

He vehemently opposed floating the naira when there were calls for it...

Official rates were stable at between 360 - 380 for nearly a year.. even when we experienced all sort of economic problems from the world..


Now balablue entered as official rates went higher than black markets..he hasn't stayed a year in office..he hasn't experienced any sudden war hunting the economy or any diseases or even global oil crash like Buhari experienced


When bast*ed floated the currency..fools celebrated and blamed bubu and emifiele for not doing this..

ClearFlair:
Productivity is the only solution. Only Peter Obi understands these things. It is not by making mouth. Nothing will change until quality of life improves

productivity can not happen overnight..it won't happen all of a sudden in 4 years..
Especially when you are referring to the kind of productivity that will bring in sufficient Forex to mitigate this crises

skj1377:
What this central bank Governor is doing is crashing the currency. He had better stop this Naira floating policy and be more realistic.

lol even your almighty dollar is floated....you font want them to float the currency. Please tell us what should they tie to ? Our oil sales or the money Yahoo boys are able to scam in a year?

The CBN working vigorously to harmonize the windows, and get the FX under a strict control system to be able to finally fortify the naira on the long run.

We'll get there whether the haters and sabotages want it or not.