With this restrictions and new rules from CBN expect Dollar to reach 2000Naira to 1 Dollar in a short while...but it's good policy anyway

EreluRoz:
I saw cap on the heading and it's just dick cap that came to my head 😆😆😆

Single life is not good I need to get married fast 😆

Please nobody should quote me

I will quote you

Are you female ? I’ll be in Nigeria this year

adonainana:
NIGERIA PLEASE LEARN AND STOP TRIAL AND ERROR

YOU WANT MORE DOLLARS VIA EXPORTS THEN PLS AS I HAVE WRITTEN DOWN HERE BEFORE

NIGERIA PLS GROW YOURSELF OUT OF POVERTY AND THIS DOLLAR ISSUES

DIVERSIFY THE ECONOMY WE BEG THEE

Nigeria must grow itself out of the problems it currently finds itself. Banning 43 items won’t help, mopping up extra dollars in the banks won’t help, even Dangote refinery won’t help.

Removing cap on international transfers won’t help

Floating the naira won’t help

Only growing what is free and what we used to do before we discovered oil and got cursed in its problem can save us

Agriculture

WE MUST DIVERSIFY THE ECONOMY.

The maths and economics behind this is simple. You import so much and you export just oil thus leaving you with a balance of trade deficit.
Even the oil you claim you export , you cannot refine it properly hence you have to sell the crude oil to countries that can refine it and you buy (IMPORT) it back.

What a waste.

WHY NOT DIVERSIFY THIS ECONOMY FOR CRYING OUT LOUD

INSTEAD of corpers shouting corper wee wee at camps from morning to night . CONVERT ALL NYSC camps to COCOA processing and packaging centres .

Incentivise corpers who are willing to go extra mile and become Agro prenurs by tripling their monthly allowance . Leave the corpers who are looking for white collar job after service alone

Grow cucumbers, lettuce, oranges, pineapples,

ONCE EVERY NYSC camp has been converted to a farming centre send entourages to Europe to look for buyers

Yes NIGERIAN CUCUMBERS, NIGERIAN COCOA, NIGERIAN ORANGES , in tons in their millions

See how much rain falls in this blessed land. Almost every single crop can grow here

Uk imports bananas all the way from South Africa and panama . PLEASE PEOPLE OF GOD. Which country is closer to the UK by sea. Panama or
South Africa

If European countries are NOT COOPERATING and done want imported NIGERIAN COCOA , NIGERIAN BANANAS CLOSE DOWN THIER EMBASSIES or better still sell part of NNPC to them and in return they must buy Nigerian cocoa .

Do you know how many coffee making companies in Europe need cocoa to make coffee and chocolate

AGRICULTURE IS FREE.

Build more NYSC camps and simply extend the scheme to poly graduates and do the same offer them big money to make them and work for the Cocoa farms and the banana Plantations.

The NYSC camps in the south can manufacture tons of food for export

The NYSC camps in the north can manufacture similar food groundnut, wheat etc for export

The Nigerian government in Abuja ensures this products are exported with speeed

What’s wrong with THE UK ONLY IMPORTING BANANAS from Nigeria

What’s wrong with going to France and seeing only imported Nigerian carrots

WHY OIL FOR GODS SAKE

Agriculture is free ,
Sunshine is free
Rain is free

Oil you need to go and first find it , extract the crude oil , find a way to go and refine it , THEN YOU CAN ONLY SELL THE refined oil the price OPEC is selling a barrel at the time of the date. The price of oil is pegged at the international market .

NIGERIA NIGERIA PLEASE WHY GO THROUGH THIS STRESS

PLEASE PLEASE DIVERSIFY THIS ECONOMY.

Go back to what you did before you discovered oil and the oil cursed you , and 50 years on the curse is visible .

Human beings eat and most human beings eat food that are grown inside the ground

No matter how rich a country is in oil , it most import it’s good from somewhere

Do you know how much arable land Nigeria alone has in the south .

Why are we wasting our time with this oil nonsense

Even if it’s bananas

Even if it’s mangoes

At least we know we officially supply another country mangoes and bananas full stop

Converting NYSC camps into mega farms and processing centres where rural farmers can sell their produce and from there the National government can use its power to get it out of the country to sell .

IF ELECTION MATERIALS can get anywhere surely rural farmers can get their produce to the nearest NYSC CAMP that would now serve as mega centres

Even local airports in Nigeria part of it can be conveyed to mega processing farms so some produce can easily be flown to Lagos ports

Please if any one with links to the FG in Abuja can see this . This is not just a passionate plea or advice. THIS IS WHAT WOULD SOLVE NIGERIA PROBLEM ONCE AND FOR ALL

Please we must grow our exports . Agriculture is the only area of
Life where you grow money in the soil.

There is a saying that a farmer can never be poor now imagine a country that exports food to feed the other countries

Please leave Dangote to be selling his own jeje and diversify the economy

Please I am pleading

Regards
Barrister Akinola Samuel Eluyefa
+447591683924

This is not possible at the mercy of fulani herders

skywalker240:

Agriculture, plus Fulani attacks plus kidnapping bandits ba?

Fix your security first

You this Fulani this Fulani that commit for here Abeg

We talking big mega farms

Big exports

Mega plantations

You talking Fulani herdsmen

How much is Nigerian population

How many people are of Fulani tribe out of the whole population

We talking big mega Mega farms with tons of tons of crops to export you are talking 10 illiterates roaming around with 10 cows

Kaybaba5:

This is not possible at the mercy of fulani herders

How many Fulani herdsmen have you seen in the thick bushes of Lagos , Ibadan, Osun , bayelsa

How many people live in Nigeria and how many people are even fulani by tribe self to begin

More less the rougue ones roaming about with their 10 cows

We talking mega farms

We talking mega processing units

Fulani ko filani ni

By creating free float and making Transfer Companies pay in Naira...it all makes sense...so the companies would want to keep doing business sending dollars for Nigerians. It seems like it must have been an agreement made with the Transfer companies like Western Unions, and MoneyGram...because without removing the caps...people will switch transfer companies and keep buying and selling via BDCs...so this makes sense.

nlfpmod:


https://nairametrics.com/2024/02/09/cbn-edges-towards-free-float-of-naira-with-discontinuation-of-cap-on-forex-transactions/

when you carry meaningless and worthless empty brained olodos and full everywhere because they sold their conscience to fill your pocket with money to sniff cocaine.


N/B: if you quote me for nonsense, na sango go use your mama toto test his new thunder bolt and if you are a muslim, know that I will yab your allah, mohammed and your mama join, infact, they are all worthless.

adonainana:
NIGERIA PLEASE LEARN AND STOP TRIAL AND ERROR

YOU WANT MORE DOLLARS VIA EXPORTS THEN PLS AS I HAVE WRITTEN DOWN HERE BEFORE

NIGERIA PLS GROW YOURSELF OUT OF POVERTY AND THIS DOLLAR ISSUES

DIVERSIFY THE ECONOMY WE BEG THEE

Nigeria must grow itself out of the problems it currently finds itself. Banning 43 items won’t help, mopping up extra dollars in the banks won’t help, even Dangote refinery won’t help.

Removing cap on international transfers won’t help

Floating the naira won’t help

Only growing what is free and what we used to do before we discovered oil and got cursed in its problem can save us

Agriculture

WE MUST DIVERSIFY THE ECONOMY.

The maths and economics behind this is simple. You import so much and you export just oil thus leaving you with a balance of trade deficit.
Even the oil you claim you export , you cannot refine it properly hence you have to sell the crude oil to countries that can refine it and you buy (IMPORT) it back.

What a waste.

WHY NOT DIVERSIFY THIS ECONOMY FOR CRYING OUT LOUD

INSTEAD of corpers shouting corper wee wee at camps from morning to night . CONVERT ALL NYSC camps to COCOA processing and packaging centres .

Incentivise corpers who are willing to go extra mile and become Agro prenurs by tripling their monthly allowance . Leave the corpers who are looking for white collar job after service alone

Grow cucumbers, lettuce, oranges, pineapples,

ONCE EVERY NYSC camp has been converted to a farming centre send entourages to Europe to look for buyers

Yes NIGERIAN CUCUMBERS, NIGERIAN COCOA, NIGERIAN ORANGES , in tons in their millions

See how much rain falls in this blessed land. Almost every single crop can grow here

Uk imports bananas all the way from South Africa and panama . PLEASE PEOPLE OF GOD. Which country is closer to the UK by sea. Panama or
South Africa

If European countries are NOT COOPERATING and done want imported NIGERIAN COCOA , NIGERIAN BANANAS CLOSE DOWN THIER EMBASSIES or better still sell part of NNPC to them and in return they must buy Nigerian cocoa .

Do you know how many coffee making companies in Europe need cocoa to make coffee and chocolate

AGRICULTURE IS FREE.

Build more NYSC camps and simply extend the scheme to poly graduates and do the same offer them big money to make them and work for the Cocoa farms and the banana Plantations.

The NYSC camps in the south can manufacture tons of food for export

The NYSC camps in the north can manufacture similar food groundnut, wheat etc for export

The Nigerian government in Abuja ensures this products are exported with speeed

What’s wrong with THE UK ONLY IMPORTING BANANAS from Nigeria

What’s wrong with going to France and seeing only imported Nigerian carrots

WHY OIL FOR GODS SAKE

Agriculture is free ,
Sunshine is free
Rain is free

Oil you need to go and first find it , extract the crude oil , find a way to go and refine it , THEN YOU CAN ONLY SELL THE refined oil the price OPEC is selling a barrel at the time of the date. The price of oil is pegged at the international market .

NIGERIA NIGERIA PLEASE WHY GO THROUGH THIS STRESS

PLEASE PLEASE DIVERSIFY THIS ECONOMY.

Go back to what you did before you discovered oil and the oil cursed you , and 50 years on the curse is visible .

Human beings eat and most human beings eat food that are grown inside the ground

No matter how rich a country is in oil , it most import it’s good from somewhere

Do you know how much arable land Nigeria alone has in the south .

Why are we wasting our time with this oil nonsense

Even if it’s bananas

Even if it’s mangoes

At least we know we officially supply another country mangoes and bananas full stop

Converting NYSC camps into mega farms and processing centres where rural farmers can sell their produce and from there the National government can use its power to get it out of the country to sell .

IF ELECTION MATERIALS can get anywhere surely rural farmers can get their produce to the nearest NYSC CAMP that would now serve as mega centres

Even local airports in Nigeria part of it can be conveyed to mega processing farms so some produce can easily be flown to Lagos ports

Please if any one with links to the FG in Abuja can see this . This is not just a passionate plea or advice. THIS IS WHAT WOULD SOLVE NIGERIA PROBLEM ONCE AND FOR ALL

Please we must grow our exports . Agriculture is the only area of
Life where you grow money in the soil.

There is a saying that a farmer can never be poor now imagine a country that exports food to feed the other countries

Please leave Dangote to be selling his own jeje and diversify the economy

Please I am pleading

Regards
Barrister Akinola Samuel Eluyefa
+447591683924

You think suppliers are not already supplying carrots in France or bananas in uk?

nedekid:

You think suppliers are not already supplying carrots in France or bananas in uk?

Yes they are just like how every nation already has someone supplying it with refined oil . But there is always a buyer .

If you have a product that has a comparative advantage to sell you would get your own market share . It’s simple economics

As influential as British was in Nigeria from the language we speak to the commonwealth to almost everything , there is no one single MADE IN NIGERIA anything that you will find anywhere in the uk

THE ABOVE is the problem.

In the Middle Ages between 1067- 1500 Britain only exported wool . Yes I said it cotton wool, and made extreme wealth with it before it mechanised and the Industrial Revolution came

There is nothing like Made in Nigeria ( anything ) being sold anywhere on planet earth

This is why dollar is 1500 to 1 dollar and it will get worse as the years and decades go by

There are hundreds of chocolate making companies who need raw cocoa to process into chocolate and coffee. How many Nigerian cocoa is exported to these companies

So hope you understand better now
A country of Nigeria size 6 hours away form the uk should have something it should sell to it

Tesco in the uk shouldn’t have to be ordering bananas from Panama and South Africa

Nigeria has more fertile land than those two countries combined but THE OIL CURSE cursed Nigeria and made it choose the easier option of always looking for oil.

Oil that it can’t even refine properly in Proper quantities smh

EreluRoz:
I saw cap on the heading and it's just dick cap that came to my head 😆😆😆

Single life is not good I need to get married fast 😆

Please nobody should quote me

So the one they were doing that caused this economic collapse was restricted floating?
I wonder what would be the effect of this free floating. Confused elements.

adonainana:


Yes they are just like how every nation already has someone supplying it with refined oil . But there is always a buyer .

If you have a product that has a comparative advantage to sell you would get your own market share . It’s simple economics

As influential as British was in Nigeria from the language we speak to the commonwealth to almost everything , there is no one single MADE IN NIGERIA anything that you will find anywhere in the uk

THE ABOVE is the problem.

In the Middle Ages between 1067- 1500 Britain only exported wool . Yes I said it cotton wool, and made extreme wealth with it before it mechanised and the Industrial Revolution came

There is nothing like Made in Nigeria ( anything ) being sold anywhere on planet earth

This is why dollar is 1500 to 1 dollar and it will get worse as the years and decades go by

There are hundreds of chocolate making companies who need raw cocoa to process into chocolate and coffee. How many Nigerian cocoa is exported to these companies

So hope you understand better now
A country of Nigeria size 6 hours away form the uk should have something it should sell to it

Tesco in the uk shouldn’t have to be ordering bananas from Panama and South Africa

Nigeria has more fertile land than those two countries combined but THE OIL CURSE cursed Nigeria and made it choose the easier option of always looking for oil.

Oil that it can’t even refine properly in Proper quantities smh

Obviously you are an "abroadian" ie you do not stay in Nigeria.

Kindly read the before and after of Rotimi.
2016
https://www.forbes.com/sites/mfonobongnsehe/2016/06/27/meet-the-36-year-old-entrepreneur-who-owns-nigerias-2nd-largest-rice-farm/?sh=6f6da85f4dd6

2023
https://www.bbc.com/news/world-africa-65728764

Orubebe01:
Trial and error system of government

I thought they said that tinubu is a master strategist a first class graduate of accounting and that he built Lagos. We are seeing how he built the Lagos.

We warned you, but you never listened in the name of let's teach igbos a lesson they won't forget people that voted for him are being thought lesson that they will never forget, karma na your mate?

*Politeness*
Which kind teach Igbos a lesson? Is it Igbos that gave Obi Abuja and Lagos??

EreluRoz:
I saw cap on the heading and it's just dick cap that came to my head 😆😆😆

Single life is not good I need to get married fast 😆

Please nobody should quote me

*Politeness*
You are female then? Or gay male?

nedekid:

Obviously you are an "abroadian" ie you do not stay in Nigeria.

Kindly read the before and after of Rotimi.
2016
https://www.forbes.com/sites/mfonobongnsehe/2016/06/27/meet-the-36-year-old-entrepreneur-who-owns-nigerias-2nd-largest-rice-farm/?sh=6f6da85f4dd6

2023
https://www.bbc.com/news/world-africa-65728764

Your referenced article sort succinctly summarized the long winded comment I made earlier. Imagine if Nassarawa State or any other Northern State had to rely on large scale agro output for a huge portion of their monthly revenues and access to any other funds from Abjua was null.

Will that not change their whole mentality and approach to this annoying insecurity problem? Instead we see a scenario in Nassarawa where the State Government was even enabling an illegal nomadic vigilante group who are simply upgraded terrorists with Government patronage and protection.

Now an important large scale rice farmer is suddenly forced to flee to Senegal for crying out loud!! The illusion of easy oil money sure makes a lot of these states feel entitled and useless. What a pity...

adonainana:
.

There is a saying that a farmer can never be poor now imagine a country that exports food to feed the other countries

Please leave Dangote to be selling his own jeje and diversify the economy

Please I am pleading

Regards
Barrister Akinola Samuel Eluyefa
+447591683924

You are just assuming that the money is there to do all these; and even of the money were there and allocated it won't be siphoned off by corruption in the system. You are just assuming the govt will allocate billions and the billions will seamless go into farming which will seamlessly be exported into countries who can't get it cheaper elsewhere. And everything will just go great!

Orubebe01:
Trial and error system of government

I thought they said that tinubu is a master strategist a first class graduate of accounting and that he built Lagos. We are seeing how he built the Lagos.

We warned you, but you never listened in the name of let's teach igbos a lesson they won't forget people that voted for him are being thought lesson that they will never forget, karma na your mate?

Karma is the only thing in life that remains constant >:

You have said it well Barrister... God bless and I hope this message gets to them, please post it on X so that people can share till it reach them, also i'm planning to do a podcast regarding economy and i'll like to invite you sir. Thanks

adonainana:
NIGERIA PLEASE LEARN AND STOP TRIAL AND ERROR

YOU WANT MORE DOLLARS VIA EXPORTS THEN PLS AS I HAVE WRITTEN DOWN HERE BEFORE

NIGERIA PLS GROW YOURSELF OUT OF POVERTY AND THIS DOLLAR ISSUES

DIVERSIFY THE ECONOMY WE BEG THEE

Nigeria must grow itself out of the problems it currently finds itself. Banning 43 items won’t help, mopping up extra dollars in the banks won’t help, even Dangote refinery won’t help.

Removing cap on international transfers won’t help

Floating the naira won’t help

Only growing what is free and what we used to do before we discovered oil and got cursed in its problem can save us

Agriculture

WE MUST DIVERSIFY THE ECONOMY.

The maths and economics behind this is simple. You import so much and you export just oil thus leaving you with a balance of trade deficit.
Even the oil you claim you export , you cannot refine it properly hence you have to sell the crude oil to countries that can refine it and you buy (IMPORT) it back.

What a waste.

WHY NOT DIVERSIFY THIS ECONOMY FOR CRYING OUT LOUD

INSTEAD of corpers shouting corper wee wee at camps from morning to night . CONVERT ALL NYSC camps to COCOA processing and packaging centres .

Incentivise corpers who are willing to go extra mile and become Agro prenurs by tripling their monthly allowance . Leave the corpers who are looking for white collar job after service alone

Grow cucumbers, lettuce, oranges, pineapples,

ONCE EVERY NYSC camp has been converted to a farming centre send entourages to Europe to look for buyers

Yes NIGERIAN CUCUMBERS, NIGERIAN COCOA, NIGERIAN ORANGES , in tons in their millions

See how much rain falls in this blessed land. Almost every single crop can grow here

Uk imports bananas all the way from South Africa and panama . PLEASE PEOPLE OF GOD. Which country is closer to the UK by sea. Panama or
South Africa

If European countries are NOT COOPERATING and done want imported NIGERIAN COCOA , NIGERIAN BANANAS CLOSE DOWN THIER EMBASSIES or better still sell part of NNPC to them and in return they must buy Nigerian cocoa .

Do you know how many coffee making companies in Europe need cocoa to make coffee and chocolate

AGRICULTURE IS FREE.

Build more NYSC camps and simply extend the scheme to poly graduates and do the same offer them big money to make them and work for the Cocoa farms and the banana Plantations.

The NYSC camps in the south can manufacture tons of food for export

The NYSC camps in the north can manufacture similar food groundnut, wheat etc for export

The Nigerian government in Abuja ensures this products are exported with speeed

What’s wrong with THE UK ONLY IMPORTING BANANAS from Nigeria

What’s wrong with going to France and seeing only imported Nigerian carrots

WHY OIL FOR GODS SAKE

Agriculture is free ,
Sunshine is free
Rain is free

Oil you need to go and first find it , extract the crude oil , find a way to go and refine it , THEN YOU CAN ONLY SELL THE refined oil the price OPEC is selling a barrel at the time of the date. The price of oil is pegged at the international market .

NIGERIA NIGERIA PLEASE WHY GO THROUGH THIS STRESS

PLEASE PLEASE DIVERSIFY THIS ECONOMY.

Go back to what you did before you discovered oil and the oil cursed you , and 50 years on the curse is visible .

Human beings eat and most human beings eat food that are grown inside the ground

No matter how rich a country is in oil , it most import it’s good from somewhere

Do you know how much arable land Nigeria alone has in the south .

Why are we wasting our time with this oil nonsense

Even if it’s bananas

Even if it’s mangoes

At least we know we officially supply another country mangoes and bananas full stop

Converting NYSC camps into mega farms and processing centres where rural farmers can sell their produce and from there the National government can use its power to get it out of the country to sell .

IF ELECTION MATERIALS can get anywhere surely rural farmers can get their produce to the nearest NYSC CAMP that would now serve as mega centres

Even local airports in Nigeria part of it can be conveyed to mega processing farms so some produce can easily be flown to Lagos ports

Please if any one with links to the FG in Abuja can see this . This is not just a passionate plea or advice. THIS IS WHAT WOULD SOLVE NIGERIA PROBLEM ONCE AND FOR ALL

Please we must grow our exports . Agriculture is the only area of
Life where you grow money in the soil.

There is a saying that a farmer can never be poor now imagine a country that exports food to feed the other countries

Please leave Dangote to be selling his own jeje and diversify the economy

Please I am pleading

Regards
Barrister Akinola Samuel Eluyefa
+447591683924

coleon:

You sound so knowledgeable about the subject , can you break it down further pls.
Are there macroeconomic theories backing this . Perhaps you can cite examples of countries doing what you proposed.

That's the issue, it's such a basic concept that's why they are getting it wrong, looking for a high and mighty concept for solution. It's secondary school economics concept called or titled "Free Market" and "Pricing Mechanisim, the elasticity of demand and supply".

1. Float the naira simply means you want the exchange price determined by a free market.

2. Is that a free market is an idealisation and does not really exist for any product. But markets come closets its pricing mechanism.

3. Currencies are a strange product. They have no intrinsic value as they are all paper. Dollar, naira, pounds are all paper. Hence, they are have no demand in themselves, but do relative to an exchange, either for goods and services or for another currency, indirectly for goods and services. Which is the modern international trade. This is why you trade currency in pairs, not just on their own.
If you are into forex trading, trading platforms will offer you currency pairs, not just naira or usd. They will offer you usd/jpy pair for example.

5. Back to issue of floating the currency. Paper currencies are easy to manipulate, since they have no intrinsic value. USD and GBP are not floating in a free market. USD is backed by political power as the apex currency. USGovernment literarily prints as much usd as they want. The GBP is fixed as per British Monarchy pride. This is why the it's even a bad idea for developing economies to be using paper currencies rather than commodity backed currencies such as gold. They are all referencing USD because of the political consequences if doing otherwise.


6. IMF is behind the idea that floating your currency is good. Only the EURO is a major currency that is in a Relatively free Market. Chinese Yuan is not, it actually under valued. IMF serves the interest of OECD countries who primarily import raw materials from third world, and mostly do not float their currencies.

7.So let's say you have other reasons to float the naira other than getting a fair value, which may not be the case. For example to over come corruption St CBN. How should you do it?

First realise where the market is. A market is a place where suppliers and consumers come to exchange goods or services. The market for any currency exchange exists among importers and exporters. Not investors, etc. So the CBN exchange windows is only a tiny bit of the market, and is not the market.
Creating a platform for willing buyers and willing sellers is so much not a free market, its appalling for so many reasons.
a. A regulator owns the so called platform
b. Access to the market is limited
C. The real market players are not even on this platform
It's literarily how not to float your currency.
The real market exists on the Street, in the bank, at the BDC.

8. The real market. A market should have buyers and suppliers. For currency pairs, the buyers of one currency are the sellers of the other. So in real sense of it, banks, bdcs, abokis are not the sellers or suppliers, but what you call middle men performing the function of providing a platform for exchange.

Let's look at Naira/USD currency pairs.
The Buyers of USD, who are also the suppliers of Naira are local Nigerians who want to import items from other countries, who insist they must be paid in either their own currencies or USD. They are the Importers.

Who are the sellers of USD and Buyers of Naira. Ideally, they should be all the people in other countries who want to buy something from Nigeria. Basically, buyers if Nigerian crude, palm oil, charcoal, Coacoa, gold, etc in other countries.

The first problem with this market is that due to aberrations and misdirection especially from IMF, they do not exist in Nigeria. Because, Nigeria does not sell her exports in naira but in USD. So there are no buyers on naira and sellers of USD in the market. Oil companies only exchange as much of their earnings as they need to pay local salaries. Investors and travellers are relatively insignificant to the size of the market. CBN literarily collects are export earnings and starts selling or issuing them as firm M, form A, to government officials etc.

In summary, the two reason why you cannot say naira is gloating in a relatively free market are
A. No export demand to buy naira
B. Overcentralization of forex disbursement in the hands of CBN.


9. What should be the nature of a floating naira exchange. Just copy the Euro.
A. Both market forces of buyers and sellers must be in the market. Now we only have sellers of naira, and pseudo buyers of naira cloaked as banks and bdcs. The real buyers of naira should be exporters approaching Nigerian banks through their own banks to help them secure naira to buy cashew nuts, charcoal, cacao, crude oil.

B . Forex trade should happen at the banks, and BDCs, they are reported to CBN, not CBN actually collecting forex inflows from exports.

The exchange rate should reflect Nigerias trade balance export/import. If you do not know how to do this, just copy the Euro policies. All European exports are in Euro, not USD. This was a primary discussion in the 1990s (I use to listen on BBC focus on Africa then) when they introduced the Euro with the primary objectiive of countering the USD and protecting European trade balance. There are so many government and political prodings on currency, including dumping by China, so much that its literarily impossible to have a free floating currency market. But, at least, if we need to do it, we do it right like the Europeans.

Nothing is new under the sun anymore

PoliteActivist:


You are just assuming that the money is there to do all these; and even of the money were there and allocated it won't be siphoned off by corruption in the system. You are just assuming the govt will allocate billions and the billions will seamless go into farming which will seamlessly be exported into countries who can't get it cheaper elsewhere. And everything will just go great!

There is no assumption before 1970 before Nigeria found oil .

This is what Nigeria used to do

It exported groundnut , cashew nuts and because it had no oil to export anyway , it exported more than it imported. This is called a favourable balance of trade . No country on earth will witnesss a favourable balance of trade and its currency will suffer near the dollar

Once Nigeria discovered oil it became lazy, who cares about farming when already on calculator you can multiply the barrels of crude oil you can get from Nigeria delta by the price a barrel is sold on the international market

This is why some of our parents say Nigeria started to decline in the 1970’s .

The discovery of oil led to this , it began to only export oil which had a fixed international price

Also there is no way you will grow bananas pre 1970 for free somewhere in osun state and say there is no point exporting it because where you want to take it to they found it cheaper. This is not how international commerce works

Nobody is saying politicians don’t steal money the problem is don’t suffer from a balance of trade deficit year on year out . Exporting only oil and importing almost everything is why Nigeria is in this mess it is in . It has nothing to do with corruption in the grad scheme
Of things

It just got lazy and got cursed with OIL. Yea it’s a real curse it’s called the resource oil curse

No assumptions here it’s facts and what happened, happened before and unless changes are made . Dollar will always be sinking the naira . It’s just that simple

nedekid:

Obviously you are an "abroadian" ie you do not stay in Nigeria.

Kindly read the before and after of Rotimi.
2016
https://www.forbes.com/sites/mfonobongnsehe/2016/06/27/meet-the-36-year-old-entrepreneur-who-owns-nigerias-2nd-largest-rice-farm/?sh=6f6da85f4dd6

2023
https://www.bbc.com/news/world-africa-65728764

I am not abroad but I go there quite a lot

I read the article

The young graduate says he built a 45,000 hectares of rice farm with no funding from almost everyone he approached including the government

He also says his farm in nassarawa produces 8,000 metric tons of rice annually

Don’t know why sent the article but there goes my point imagine hundreds and hundreds of this type of farms

In the Middle Ages between 1065-1455 , England only exported wool . Yes wool

Wool is gotten from the cotton plant

So yes the cloth you are wearing is made from a plant

So imagine it didn’t want to do this cos bandits which were a real thing in the Middle Ages would stop people from going to farm

Go and ask Columbia farmers how they went to the farm despite Faac rebels waiting for them in the jungle

Nigeria needs to diversify the economy so it can earn more in exports than it currently imports

No currency in the world will survive near the dollar if a country experiences a balance of trade deficit year in year out .

Nigeria pls diversify

adonainana:


You this Fulani this Fulani that commit for here Abeg

We talking big mega farms

Big exports

Mega plantations

You talking Fulani herdsmen

How much is Nigerian population

How many people are of Fulani tribe out of the whole population

We talking big mega Mega farms with tons of tons of crops to export you are talking 10 illiterates roaming around with 10 cows

"Well-armed" illiterates. It's a good idea in theory. But still some things must be in place

But urchins claimed that the FG is no longer support the Naira?

stano2:
Speculations..
Expect naira to gain for some days, then drop again with full force

Wrong.

VeeVeeMyLuv:

No it won't

Didn't you see where he said the policy will make price of imported foreign goods very expensive and prohibitive

The rate will even be higher! Higher inflationary pressures, volatility of prices of imported goods. These guys don't have human feeling.

They should work towards stabilising FX and the economy.

Floating is how you stabilize the fx market and the economy–along with addressing supply issues, of course. How can anyone be against a policy that ends arbitrage, which enriches a few connected people at the expense of the rest of us? Floating will only increase the prices of goods if most legit traders were sourcing fx from the official market, which wasn't the case.

adonainana:


Yes they are just like how every nation already has someone supplying it with refined oil . But there is always a buyer .

If you have a product that has a comparative advantage to sell you would get your own market share . It’s simple economics

As influential as British was in Nigeria from the language we speak to the commonwealth to almost everything , there is no one single MADE IN NIGERIA anything that you will find anywhere in the uk

THE ABOVE is the problem.

In the Middle Ages between 1067- 1500 Britain only exported wool . Yes I said it cotton wool, and made extreme wealth with it before it mechanised and the Industrial Revolution came

There is nothing like Made in Nigeria ( anything ) being sold anywhere on planet earth

This is why dollar is 1500 to 1 dollar and it will get worse as the years and decades go by

There are hundreds of chocolate making companies who need raw cocoa to process into chocolate and coffee. How many Nigerian cocoa is exported to these companies

So hope you understand better now
A country of Nigeria size 6 hours away form the uk should have something it should sell to it

Tesco in the uk shouldn’t have to be ordering bananas from Panama and South Africa

Nigeria has more fertile land than those two countries combined but THE OIL CURSE cursed Nigeria and made it choose the easier option of always looking for oil.

Oil that it can’t even refine properly in Proper quantities smh

Going into mega agriculture for export is not a problem, so many youth are willing to do so. Will Nigeria govt(custom and all other charges at the seaport) encourage the youth.

How can we get the needed buyers over there

Orubebe01:
Trial and error system of government

I thought they said that tinubu is a master strategist a first class graduate of accounting and that he built Lagos. We are seeing how he built the Lagos.

We warned you, but you never listened in the name of let's teach igbos a lesson they won't forget people that voted for him are being thought lesson that they will never forget, karma na your mate?

Stop gloating, your parents in Anambra are already selling their kids because of hunger, na everybody e dey affect

Shantyken:


Going into mega agriculture for export is not a problem, so many youth are willing to do so. Will Nigeria govt(custom and all other charges at the seaport) encourage the youth.

How can we get the needed buyers over there

Nothing like export duties , it’s the countries you are exporting to that you pay import duties at ( cos Nigeria exports would be someone else imports )

Also this is why countries have embassies and entourage to negotiate deals and make deals abroad .

When is time to sell the cursed oil Nigeria knows how to find buyers , now time to sell organic food all of sudden it doesn’t know where to get buyers

There are buyers it’s what we have to sell to the world except crude oil is what we don’t have

Where does Nigeria get international buyers to buy its oil from

Even if Nigeria took a break from selling oil for the next 10 years once it resumes selling there is always a buyer

How much more food

There are buyers
Earth population grows hence the need the feed it food

Even the vegetarian movement in Europe these days even mean some need sources of food that are simply plant based

Nigeria just doesn’t want to export anything other than that cursed oil it thinks would save it

Made in Nigeria bananas alone in the right quantity would fix all this mess, not to mention other cash crops

Like doesn’t it even sound crazy that there is no crop on this planet that can’t grow in Nigeria . So why did we abadon what was even the easiest way of making money and start running after crude oil

Oil price is capped on the international market by barrel
By virtue of being an OPEC member too there is a limit of oil a country can release

So what’s the point of wasting anyone time over such a product

Like do you know many countries who have more money than Nigeria and don’t have oil

adonainana:


Nothing like export duties , it’s the countries you are exporting to that you pay import duties at ( cos Nigeria exports would be someone else imports )

Also this is why countries have embassies and entourage to negotiate deals and make deals abroad .

When is time to sell the cursed oil Nigeria knows how to find buyers , now time to sell organic food all of sudden it doesn’t know where to get buyers

There are buyers it’s what we have to sell to the world except crude oil is what we don’t have

Where does Nigeria get international buyers to buy its oil from

Even if Nigeria took a break from selling oil for the next 10 years once it resumes selling there is always a buyer

How much more food

There are buyers
Earth population grows hence the need the feed it food

Even the vegetarian movement in Europe these days even mean some need sources of food that are simply plant based

Nigeria just doesn’t want to export anything other than that cursed oil it thinks would save it

Made in Nigeria bananas alone in the right quantity would fix all this mess, not to mention other cash crops

Like doesn’t it even sound crazy that there is no crop on this planet that can’t grow in Nigeria . So why did we abadon what was even the easiest way of making money and start running after crude oil

Oil price is capped on the international market by barrel
By virtue of being an OPEC member too there is a limit of oil a country can release

So what’s the point of wasting anyone time over such a product

Like do you know many countries who have more money than Nigeria and don’t have oil

Pls what crop(s) can the willing youths of Niger delta go into. Presently am into palm oil

All na to stop aboki bureau de change business, and abokis don hoard all the dollars,
Just free abokis and their business make dollar no go enter 3k

EreluRoz:
Well, if the quote is not toxic it's fine

It's toxic