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Four Failed Cbn’s Attempts To Arrest Naira Free Fall - Business (2) - Nairaland

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Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Hedonisco: 2:07pm On Feb 21
When you put your Lagos Ronu dullards in charge of CBN and Ministry of Finance, I wonder what outcomes you're expecting.

You snatched a shaky mandate with mere 8m allocated votes. Rather than play the pacifist game by appointing competent Nigerians from across board to manage the country, you're forming 'winner takes it all' and turned Nigeria's Federal Government to an mgbattti mgbatti jamboree abi Lagos party. What has someone like Wale Edun accomplished in his private life other than his long spell as a commissioner in Lagos and boy boy of Tinumbu? What about Cardoso? Same thing.

Now you want empathy from Nigerians after you and your ronu brothers have destroyed the country?
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by yesloaded: 2:07pm On Feb 21
Babaken:
pride will not allow him

It's quite unfortunate honestly

1 Like 1 Share

Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by RepoMan007: 2:07pm On Feb 21
Only import substitution and local production can arrest it.

1 Like

Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Ndleabilli: 2:09pm On Feb 21
Just contact us for website design

Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Orlu13: 2:09pm On Feb 21
now it's my poor crypto and binance dat this tinubu wants to come after....
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by ArcSEMPECJ(m): 2:12pm On Feb 21
Lols...pls CBN shouldn't kee themselves....

During the election time, which currency was used by Tinubu and other contestants to share Bribes to delegates?

We are yet to tell ourselves the truth......

Everyone is just trying to adjust ........while the elites are celebrating with wines

1 Like

Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Okpokpo09: 2:12pm On Feb 21
Abeg Nigerians should help out o! Hunger wan finish us for Oyo state we need help. Any kind of food will be accepted help help help, our manhood don fall yakatta
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Spicycat(f): 2:13pm On Feb 21
The main problem is floating of the Naira, once this is reversed the government will reintroduce the corrupt conduit through which dollers will be injected into the economy and drive down tbe price of dollar.

This system is bad and corrupt but unfortunately it's the only way to drive down the exchange rate since we don't produce most of what we need.
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Pedyson: 2:18pm On Feb 21
Where are Nigerian Professors?
Our professors has zero impact on the country, they are as useless as the Naira.
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Wallade(m): 2:18pm On Feb 21
englishmart:
The CBN is currently run by incompetent people who have zero idea what the issue is, let alone the solution. Tinubu simply planted stooges with no requisite capacity to milk the country dry while they await some inexistent miracles.

That is not true
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by sterlingD(m): 2:20pm On Feb 21
ArcSEMPECJ:
Lols...pls CBN shouldn't kee themselves....

During the election time, which currency was used by Tinubu and other contestants to share Bribes to delegates?

We are yet to tell ourselves the truth......

Everyone is just trying to adjust ........while the elites are celebrating with wines

You have said it .This problem we are experiencing now started from around 2014/2015 campaign and election period and it took a frightening dimension during 2023 campaign and election period.
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Ykc2(m): 2:22pm On Feb 21
The way Apc members are pretending they knew nothing about naira free fall is mind boggling ,they were there when buhari was printing naira in secrecy they kept quiet ,today genuine business people are fighting to buy dollars with Nigerian politicians, no nigeria politician leaves his loots in naira, they are converting their loots to dollar even tinubu and his lagos boys too,today they want me to sell my hard-earned euro i was paid in austria to emilokan government at nigeria bank rate,na amadioha go soda their yash
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by bolabadmus38: 2:22pm On Feb 21
Raph82:
There's nothing like 4 failed CBN attempts to arrest naira free fall, all na scam. They know what to do to stop the free fall, only that we have lots of unpatriotic citizens in the affairs of administration.

Correct. He who comes to equity cones with clean hands. The challenge is that they will be affected too, Shikenah
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Maga123: 2:22pm On Feb 21
Employ the right people not mediocre
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Emman08: 2:22pm On Feb 21
Trial by error monetary policy grin grin
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Iamblessed85: 2:22pm On Feb 21
I would have expected the govt to declare a state of emergency on local production.

Itemize all the things we spend fx importing and design policies to support their local production even if slightly inferior, we will manage atleast for a while but No, all they know how to do is borrow and reloot

1 Like

Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by tuoyoojo(m): 2:23pm On Feb 21
Nigerian's economy be like

Go front small, reverse back, cut ur hand small, go front small, reserve back
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Dengoh(m): 2:24pm On Feb 21
They know exactly what to do when they are ready. Na innocent citizens I pity.
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by obinna58(m): 2:26pm On Feb 21
Spicycat:
The main problem is floating of the Naira, once this is reversed the government will reintroduce the corrupt conduit through which dollers will be injected into the economy and drive down tbe price of dollar.

This system is bad and corrupt but unfortunately it's the only way to drive down the exchange rate since we don't produce most of what we need.
Floating or no floating doesn’t change a thing, if you peg naira at a price then you should be ready to produce your own things, that’s almost same thing with floating it
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Artscollection: 2:26pm On Feb 21
Now everyone in naija is a speculator by default, you dont expect me to leave my hard earned money in naira after it has lost more than 50%.
Those idiots handling the economy just woke up and floated a weak currency without considering the effect on deposits in nigerian banks loosing money.

1 Like

Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Wallade(m): 2:31pm On Feb 21
CBN needs to withdraw all BDC licences and declare transactions in forex outside the DM Banks illegal. Anyone who wants to buy or sell Forex should approach the commercial and deposit money banks.

Outlaw payments and transactions on rent/lease or sale of properties within Nigeria in forex.

Payment for air travel tickets in forex must be stopped. Any airline that can't quote their fares and receive payment in naira should leave the Nigerian market.

Payment for major commodities bulk purchase like petroleum products, within Nigeria should only be denominated in naira.

Sustain forex liquidity in all Deposit Money banks in Nigeria.

Stop payment of forex to recipients of MoneyGram, Western Union and others. The recipient must receive the equivalent in naira into bank accounts or across counter.

Ultimately CBN should reduce the level of dollarization of the Nigerian economy.

1 Like

Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by AlphaHakimi: 2:32pm On Feb 21
Apart from the other factors that affect the naira, the governors also have some blame in this.

Once allocation is shared, state governors mop up the available dollars in the banks and because of this demand, the naira depreciates.
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by ScamDemicEra: 2:35pm On Feb 21
Hedonisco:
When you put your Lagos Ronu dullards in charge of CBN and Ministry of Finance, I wonder what outcomes you're expecting.

You snatched a shaky mandate with mere 8m allocated votes. Rather than play the pacifist game by appointing competent Nigerians from across board to manage the country, you're forming 'winner takes it all' and turned Nigeria's Federal Government to an mgbattti mgbatti jamboree abi Lagos party. What has someone like Wale Edun accomplished in his private life other than his long spell as a commissioner in Lagos and boy boy of Tinumbu? What about Cardoso? Same thing.

Now you want empathy from Nigerians after you and your ronu brothers have destroyed the country?
..... they know something you don't know !!

They know crap is about to hit the fan -New World Order phoenix (crash the old for the new to emerge). Ever since 2015 its all been come and chop no pretenses.

Buhari and friends and cronies grabbed as much as they could, now it's Tinubu's friends and cronie's turn. Shettima might even be impatient and do something -watch out !!
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by jieta: 2:38pm On Feb 21
Iamblessed85:
I would have expected the govt to declare a state of emergency on local production.

Itemize all the things we spend fx importing and design policies to support their local production even if slightly inferior, we will manage atleast for a while but No, all they know how to do is borrow and reloot
I just love this your idea. The government can even give them loans to encourage those that are interested.

1 Like

Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Obwork: 2:38pm On Feb 21
What happens when you don't know that it's an algorithm that runs the markets.

The Naira is at the mercy of the IMF.

1 Like

Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by alt3r3g0: 2:39pm On Feb 21
As long as there is no fight against corruption, and the largese of 1 billion for 37 man panel continues, the theives would continue to mop up any dollar in circulation

1 Like

Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Pickmycall: 2:41pm On Feb 21
The very first day that tinubu announced naira floating was when the dollar started growing up everyday and the naira started losing it value.Even the IMF was flabbergasted by such reckless pronouncement.
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Obinoscopy(m): 2:44pm On Feb 21
I knew this would happen. This is simple economics. There is no magic in economics. Your naira will keep depreciating as long as we don't focus on massive production policies.

The demand for dollars (due to our import driven economy) is so much more than the supply of dollars. Attacking the Aboki's and other people who are just trying to survive is attacking the symptoms instead of attacking the disease. This is sheer stupidity.
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by jaydeeking(m): 2:45pm On Feb 21
How can they increase officially exchange rate for custom duty to over 1400 naira and expect the currency to stabilise. The simple reason for all these is the exchange rate the government is using. A currency cannot be valued if in a spate of less than 6 months you increase the price for importation. So long as we remain a consumption driven economy, the government must reduce the price for importation and duties to encourage direct foreign investment in the country and promote trade and services.
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Ahigbo1: 2:45pm On Feb 21
They know how to plunge the economy into mess, but can't rescue it. Bunch of inepts!
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by seborrhic: 2:46pm On Feb 21
People don't still get it.
Either by choice or by forces unknown,everyone that has anything to do with dollar access or need have lost confidence in the ability of BAT to improve things so there is the scramble to mop up every dollar as it becomes available because the dollar secures your money from being valueless.
The bitter truth,that I am also reluctant to admit is that as long as Tinubu remains in office,things would continue to get worse,so the ONLY way out is for him to step down.
So one way or the other Nigerians that want to at best stop the free slide to collapse,deaths and destruction is to get Tinubu out by hook or crook.
As painful and not the best solution as it sounds,a military take over would at least take him out of the equation,then we all decide how to move from there,if he can't be forced out through pressure and civil action.
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Inspirer1: 2:49pm On Feb 21
englishmart:
The CBN is currently run by incompetent people who have zero idea what the issue is, let alone the solution. Tinubu simply planted stooges with no requisite capacity to milk the country dry while they await some inexistent miracles.
I think at this stage, govt should call for a national dialogue devoid of political, religious or tribal sentiment, with no one superior to another, on the way forward, we just have to put our differences behind us if truly we want progress.

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