Who would have believed that Emefiele was such a genius when in comes to managing the Naira and keeping it somewhat stable to some extent?

Wonders shall never end!

nairalanda1:
So long as we are not earning enough dollars, anything the CBN does is grasping at straws

how is not earning in dollars the cause of the problem?

emkz:
These are just temporary measures and were bound to fail. The forex market in Nigetia is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know.

Since last week, dollars injected into the forex market are mopped up.

Who exactly are those mopping up the forex?

What economic activity is tied to the raid of the forex?

Ribadu claims the activities of speculators are responsible for the hike in dollar rates.

My question to Ribadu is: why are the speculators not afraid of the government?

For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers.

Who regulates those abokis?

If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem.

My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks.

What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures:

(1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop.

(2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs?

(3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market.

(4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law.

(5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated.

In summary, CBN needs to take drastic measures to regulate the market.

There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music.

Kill the black market for forex.

You sound like the savior Nigeria naira needs in a time like this. I wish you have the opportunity to be in the position to roll out these measures.

bluefilm:
Who would have believed that Emefiele was such a genius when in comes to managing the Naira and keeping it somewhat stable to some extent?

Wonders shall never end!

I get the feeling that naira free fall is not unconnected to an economy sabotage of some sort.

lexy2014:


how is not earning in dollars the cause of the problem?

So they have been saying o, I want to believe so too BUT one question I do ask is what about our African neighbours whose currency have been or are now stronger than ours...what are they doing that we ain't doing that led to earning in dollars more than us

The major problems of this bad government economy are as follows;
1. Removing subsidy immediately without preparations towards subsidy removal and the same money for subsidy being looted by the same corrupt people in government.

2. Increasing import tarifs and taxation without cutting the cost of running the government; No consistence tarrif policy leading to hoarding of goods, speculations and inflations.

The government creating bottlenecks for small and large scale businesses. How do you expect the economy to be working when you are destroying businesses with your wicked policies. A working government will always create an enabling environment for businesses to survive.

The same government tithing bottlenecks for businesses while preferring custom revenues because revenues from all other sectors No longer enough to meet their extravagant lifestyles.

Tjra:
How are the BDCs getting their cash?

Just ban all cash withdrawals from DOM accounts. Every withdrawal should be via FX sales transfer sales to Banks or Foreign suppliers with Form M or any other supporting document in place.

Ban all cash deposits as well. Set a deadline for all potential Dollar cash holders to deposit into their accounts. Something similar to Naira mop up of last year.

Speculators are having a field day because they can speculate/trade with cash and then still bring into the Banking system.

This is the only way ,they know it but will not implement it,because they are benefiting, they are not patriotic enough to forgo their advantages
They need cash to as store of value, also to bribe delegates during primaries, and other sundry bribery they may need to carry out from time to time.

Naira is heading to 2500NGN to dollar! Asiwaju, patch patch CBN gov & his full economy at the rate they are going, will beat PwC projections by a wide margin! PwC say na by 2025 naira go hit 2500 to a dollar, but the way it appears now with these bunch of clueless misfits, naira will clock 2500 before 2024 FY ends!

Economic Statistics is different from Bulablu economics of agberoism, sycophancy, snatch, grab & run with it!

Asiwaju get mind, see wetin reach the Igbos going by way of equity, he get mind go collect am......na this one he go know say, the gentility of a tiger is never an act of cowardice!

Akalia:
I get the feeling that naira free fall is not unconnected to an economy sabotage of some sort.

I have a feeling it is an economic sabotage on a larger scale on the international stage.

Just that Nigeria is caught up in the web as one of the unfortunate victims

But be that as it may, the present government is going to be blamed no matter what.

We the masses are the once feeling it because all these elite and politicians have their money saved in dollars already. E no concern them

Did they not tell him to relinquish power? Did they not give him enough sign that he is not wanted in the power click? Was he not disgraced enough, but he find his feloow corrupt buddies in INEC & judiciary led by the cripple white bearded CJN......oya lead well, na to dey bulablu! What a shameless old grandpa that should at best be at a home for elders with criminal past!

bluefilm:


I have a feeling it is an economic sabotage on a larger scale on the international stage.

Just that Nigeria is caught up in the web as one of the unfortunate victims

But be that as it may, the present government is going to be blamed no matter what.

SpecialAdviser:
Have they tried selling cocaine in dollars?
This is the area the president is an expert.
Just suggesting

Your brothers are the experts. The entire planet knows this

sterlingD:


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.

Exactly, our politicians started to disregard Naira to the extent that delegates for both primary and General elections refused to take Naira as bribes inorder to sell their votes....

The love for Dollar grew immensely under the watch of Tinubu who could rather give dollar than Naira in the primary and General elections.....all to act as a City boy....

I remember him saying " what money can't do, more money will do it" meaning that what Naira can't do, dollar will do it....

How much dollar was released for them from CBN and at what rate where they allowed to take the Dollar?

APC devalued Naira and made it a mockery from 2014-2015 and buried Naira in 2023 ....

Now they want to raise the same Naira from Death and give it life?

Nonsense and Agbadorians.....

We the masses are the ones feeling it because all these elite and politicians have their money saved in dollars already. E no concern them.

jieta:
I just love this your idea. The government can even give them loans to encourage those that are interested.

Exactly. Give them loans and exempt them from all levies and taxes. Infact ban all importation for a year or two except extremely essential commodities. We just aren’t ready yet

surgical:
This is the only way ,they know it but will not implement it,because they are benefiting, they are not patriotic enough to forgo their advantages
They need cash to as store of value, also to bribe delegates during primaries, and other sundry bribery they may need to carry out from time to time.

They are also guilty... their people are also involved,so how can they curb it. They know the panacea it it will directly or indirectly affect them. They are all saboteurs.

/
Let them keep chasing shadows. When they are ready, they should contact me, pay my "hefty" fees and I will get naira back on track. Right now arbitrage is paying well. All is well.

/

bluefilm:


I have a feeling it is an economic sabotage on a larger scale on the international stage.

Just that Nigeria is caught up in the web as one of the unfortunate victims

But be that as it may, the present government is going to be blamed no matter what.

Two wrongs can't make a right.

You cannot steal exams and expect to pass an interview.

With an overhyped failure as Head

What do you expect?

Haha, I remember on every occasion I talk argue against using billions to save the naira from free fall. The truth is that, they are not trying to save the naira, they only approve hundreds of billions which they will loot.

I really laugh at people who still believe in Nigeria, don't give yourself HBP.

nairalanda1:
So long as we are not earning enough dollars, anything the CBN does is grasping at straws

You guys are a huge joke. for your info what is Ghana doing to earn enough dollar and why is the Cedis not on a free fall like the naira.

GanagiBitrus:

I doubt if there is any shortcut to arresting Naira free fall.
Govt just has to start putting in place conducive environment to promote Local Industry, Mechanised Agriculture etc, & generally do more of exportation & less importation.

You guys are leaving the elephants to chase shadows.

fxexperts:
You guys are a huge joke. for your info what is Ghana doing to earn enough dollar and why is the Cedis not on a free fall like the naira.

You guys are leaving the elephants to chase shadows.

Seriously man, being abusive by calling me a joke is immature behavior

Seriously, better learn to start your comments by being polite. You know, without calling someone a joke.

If I treated you like that, you would be upset. Better act matured next time. You are effing better than this

And to respond to your point, Ghana is in serious economic trobule, with some of the same issues as us. They even have issues with rising poverty and economic turmoil. It does not mean that we should excuse our leaders though