EKONGKING:
Ban BDC is too difficult to ask.

What we are seeing is run on the currency similar to Argentina in 2000s. When ordinary citizens dont have trust in their currency , they will keep on accumulating dollars .

Happened in Argentina ,USSR, Yugoslavia , Venezuela ,Zimbabwe etc .

People including Politicians ,businesspersons and ordinary people have no faith in Naira .

Unfortunately the worst is yet to come .

If Nigeria does not collapse and disintegrate or become a failed state by 2030 . It will be truly a miracle .

Nigeria is already looking like a failed state...!

No single sector of the economy is standing. Not one.

The idea of floating a currency makes it speculation prone . A good example every December Naira will crash due to foreign coys repatriation of profits for the year. A speculator will simply buy in January sell in December year in year out. Best thing cancel this foolish policy before your gov is replaced.

True plus currency racketeering

Must these people always blame others for their level

Call off domiciliary accounts in Nigeria.

The problem will solve with other complement efforts.

mrvitalis:
Speculation is part of forex or any business in the world

Was there not speculators under PDP?
Was there not speculators when naira was stable?

The issue is not speculators the issue is this

Because of the rush to say we floated the naira.. Tinubu floated and unstable currency causing panic, people like me who don't need dollars in the near futures started demanding for dollars, which caused more instability

You guys don't even know the cause of the problem... There is no faith on the naira that's the fundamental issue

Tinubu government doesn't inspire faith at all

Perfectly said. Naira is loosing value on daily basis, making it difficult to have faith in it. Your #1m in the previous month,has depreciated to over 60%, making it difficult to keep same. In contrast dollar keeps appreciating .if the current situation persists,many Nigerians would prefer to rather store thier savings in dollars,than to keep taking the hardest risk of storing same in Naira, leading to more dollar demands,the overall effects would lead to dollar scarcity and hikes in the exchange rates. We may end up having a dollar to #5,000 or more

I just tire for 9ja matter, abeg wetin concern goat with aquarium?
Ribadu abi na ONSA naim wan fix out forex problems now?? Na wah oh.
9ja and putting square pegs in round holes don finally become sure draw, it must play

Mccullum:
Call off domiciliary accounts in Nigeria.

The problem will solve with other complement efforts.

It won't solve it at all
It will even aggravate it to even more scale

baralatie:

It won't solve it at all
It will even aggravate it to even more scale

How do you mean?

Planet247:


Perfectly said. Naira is loosing value on daily basis, making it difficult to have faith in it. Your #1m in the previous month,has depreciated to over 60%, making it difficult to keep same. In contrast dollar keeps appreciating .if the current situation persists,many Nigerians would prefer to rather store thier savings in dollars,than to keep taking the hardest risk of storing same in Naira, leading to more dollar demands,the overall effects would lead to dollar scarcity and hikes in the exchange rates. We may end up having a dollar to #5,000 or more

The solution is to borrow to defend the naira
U need to borrow, Obi then said he would borrow $15 billion to defend the naira

The main issue is no body trust Tinubu enough to give him that amount

No body trust his management skills

The $3 billion he got he mismanaged it

Yes,no doubt speculators have had a part in the depreciation,but speculation comes when there is loss in confidence in the goverment.
People become scared things would get worse,so either hold unto the dollars they have or scramble to buy to hold because they know that is more stable currency that would not be losing value on a daily basis.
Nothing NSA or CBN can do to curb the downward spiral.Its only a change of government that can restore confidence in the market.

Nuhu Ribadu is a complex idiot

Lies
You guys messed up by devaluing it

Usual bullocks!
Deliver or QUIT!
ENOUGH OF NONSENSE!
So called speculators ain't bigger than Nig!

You stopped us from sending money home in dollars, what happened, the naira depreciation rate increased.

I randomly check d rate on a per hour basis, right now, even unstable coins in crypto is more stable than the Nogerian currency.

But is is the international community that is the problem.
And people even support it.

too little too late.

The mass corruption and incompetence has come home to roost. The foreigners are not treating Nigeria with kids gloves any longer.

Speculators must be strictly regulated.

Mccullum:


How do you mean?

Let us assume we have only one currency exchange platform and we do not practised dual currency exchange(no aboki selling currency on the streets,bureau de change canceled,only accredited cbn channel for trade is available)
It becomes important that the govt will be the sole supplier of those dollars to met the demand(this is not possible as govt cannot unilaterally empty it's dollar vault to the public who are literally buying anything imported)
The current system itself is hinged on bdc,banks and importers waiting on the cbn to sell it's dollar reserves(with little organization offloading their own dollar reservess...meaning they want to empty the cbn dollar vault).
It is here that the speculators and racketeers thrive because they know that govt cannot meet the demand and the little dollars in the hands of individuals cannot sustain the cycle.they just push up the prices
Now if in the event the little private domiciliary is locked.Ha they racketeers will shout ope o!
They will just bombard cbn with demand that the cbn itself will be overwhelmed

Ibrahimcoomasie:


https://www.vanguardngr.com/2024/02/speculators-undermine-measures-to-stabilize-foreign-exchange-market-ribadu/amp/

Indeed.

mrvitalis:

The solution is to borrow to defend the naira
U need to borrow, Obi then said he would borrow $15 billion to defend the naira

The main issue is no body trust Tinubu enough to give him that amount

No body trust his management skills

The $3 billion he got he mismanaged it

You want to borrow $15 billion ton defend wetin?
Seriously you don't even understand the problem you are getting yourself into

Anybody holding dollar should be sent to life imprisonment; an economic saboteur is a murderer.

baralatie:

You want to borrow $15 billion ton defend wetin?
Seriously you don't even understand the problem you are getting yourself into

There is no way you can stabilize the naira without borrowing... What you do with the borrowed funds is the issue

NaijaSumigan:
These thieves are the enemy of Nigeria. Until they all are gathered in a building and killed, Nigeria won't work.

Many of these politicians have several millions and billions stolen and kept in their various accounts, yet they claim economy isn't fine.

Tomorrow, they will still steal again. They all are grown up fools... Imagine at such age and position, stealing funds that are meant to develop the Country.

You can see something is wrong with their heads... Fools and very lazy sets of politicians... They see politics as a means to amass wealth... Lazy bastards

They are lazy and foolish as you’ve said. Why would people keep looting and stealing money meant for millions of people that entrust you to make good decisions for them.

An average black man is greedy. Greed is the main reason Africa as a continent isn’t progressing when compared to others.

mrvitalis:

The solution is to borrow to defend the naira
U need to borrow, Obi then said he would borrow $15 billion to defend the naira

The main issue is no body trust Tinubu enough to give him that amount

No body trust his management skills

The $3 billion he got he mismanaged it

E Even if the CBN borrows money to stabilize the naira, it will not work now. The value can drop briefly, but it will still go up due to free floating. Borrowing to stabilize the naira can only work if the naira is pegged/fixed. The official market can be controlled while the unofficial markets will be managed.

Kenneth4u205:
Ribadu ex police man is now an economics under dullard TINUBU?

He has access to information, you don't.

Angelfrost:
You imbeciles can't just do without blame games...!

Ribadu is blaming speculators
Onanuga is blaming Peter Obi
Others are blaming Buhari


Meanwhile, Reno is blaming average Nigerians for choosing foreign products over local products as if they are in charge of policy making.

you can see they don't have a team,that is their major problem

Ribadu, if you don't know the speculators, why are you NSA?

I don't remember any NSA complaining.

As NSA, even a devil incarnate must fear you because you can ruin his life.

Godfullsam:
If the issue fx scarcity must end, the president has to be ready to step on toes.

Most bank officials, government officials, law makers, governors and the president himself are hoarding dollars in their various homes.

No body has the right to own dollars at all, it is not our legal tender.
Government should go after these dollar slaves, ransack their homes and jail anyone found with any foreign currency.

The government should end the activities of bureau de change with immediate effect and convert every dollar accounts in various banks to naira equivalents.
Government impose 300% tax on importation of luxury goods also.

Government should take the fight against corruption and economic saboteur serious .

Trials, prosecution and possible execution of these criminals should be done on live television for all to see and learn.
Government should include subjects that has to do with patriotism into school curriculum.

Our current leaders are a product of the society.

Are you sure Tinubu and his children are not hoarding dollars at home too? Don't be too sure they are not.

No be this same Ribadu dey smile sheepishly for where an Islamic cleric dey publicly talk felony?

It's up to us to make our country work. It really is up to us