Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu - Politics

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Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu - Politics - Nairaland

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Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by nairavsdollars(f): 12:59pm On Feb 22

Itse Sagay, a senior advocate of Nigeria (SAN), says President Bola Tinubu must “urgently” stop the floating of the naira as a way of addressing the economic challenges in the country.

The naira tumbled to an all-time low of N1,900/$ at the official market on Tuesday before picking up steam to close at N1,524 at the close of trading on Wednesday, while at the parallel market, it closed at N1,860.

In June 2023, as part of a series of policies to ensure economic recovery, the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange (FX) market into the investors & exporters (I&E) window.

The FX market liberalisation policy saw the devaluation of the naira as the ‘willing buyer, willing seller’ model was introduced.

https://www.thecable.ng/sagay-to-tinubu-stop-naira-float-immediately-the-currency-is-very-weak

2 Likes 1 Share

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by Xscape1993(m): 1:00pm On Feb 22

What does the drug master knows about economy and Naira floating? The politicians are the main problem of the Naira. What a big pity!!!

78 Likes 3 Shares

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by Ogiame: 1:01pm On Feb 22

This one wey keep lips like cràse woman pussy should not disturb Tinubu with his unsolicited advice....

Prior to the General elections, he was everywhere singing the praises of Tinubu and his wife (Itsekiri connection) just to get juicy appointment...

I read in one of the national dailies where he was so confidently saying that Tinubu's emergence will see an overall turnaround in the nation's economy.

Here is the SAN giving unsolicited advice.

83 Likes 7 Shares

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by Frigga13: 1:01pm On Feb 22

Anything that will work .. is welcomed

Asiwaju must listen to proven advice... not those talking and ranting for foolishness sake

Nigeria must get right ..

8 Likes 2 Shares

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by Bobloco: 1:05pm On Feb 22

Tinubu is clueless and surrounded by dullards

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Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by History555: 1:24pm On Feb 22

I concur. Stop this floating stuff immediately

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Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by Racoon(m): 1:40pm On Feb 22

Debate, he said no and they made excuses for him. Now reality is clearer. The first class gbajue certificate forger has been exposed and demystified.

The impulsive tendency by the so called builder of Lagos debt-burden economy in succumbing to the neck constricting IMF plan of floating the naira just nailed his cluelessness and incompetency. Being itchy and shaky from sniffing white powder is not political sagacity.

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Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by PlutoChief: 1:58pm On Feb 22

Will he ever hear?

1 Like

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by civilserva: 1:59pm On Feb 22

Has he become overnight authority in economic matters? Let he remain as Buhari attack dog.

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Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by GanagiBitrus: 1:59pm On Feb 22

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by atobs4real(m): 1:59pm On Feb 22

Every body just dey throw advice since our oga no even understand wet in dey.
There is God oooooo.
Mama Patience Jonathan I sight uuuooo

9 Likes

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by NaijaCover(m): 2:00pm On Feb 22

Hmmmmmm

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by advanceDNA: 2:00pm On Feb 22

Baba will not listen....becos he needs to obey the IMF who wants a significant portion of their money back....
....and baba needs to steal more money which at this point, he can only get by borrowing from the IMF since he has crippled internal sources of revenue with virtually all companies posting losses....

But wait oooo.....what will happen if we don't return IMF's money?? grin

.can't we just return their money in in 2099...instead of using virtually all our oil generated revenue to be servicing loans and embezzling....

Will they seize Nigeria and arrest all of us??

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Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by MrBachelor: 2:00pm On Feb 22

Why?

Are you more knowledgeable than the master strategist, enh Sagay?

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Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by EyeCumInPiss: 2:00pm On Feb 22

Anyone with the spirit of discernment will know that Tinubu is a fallen demon on a 3-fold mission to Steal, to Kill and to Destroy.

Nigerians should brace for more Tinubulation. 👋

14 Likes 1 Share

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by Beautifulday: 2:00pm On Feb 22

Everybody just dey advice Tinubu up and down. Kai! What a failure. When you come to that junction where everyone dey give you advice. E don be for you

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Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by money121(m): 2:00pm On Feb 22

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by skj1377(m): 2:00pm On Feb 22

The idea of floating the Naira is wrong. Gov should determine the value of the Naira to dollar based on their strategic national interests. Floating the Naira makes it permanently unstable.

10 Likes 1 Share

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by WealthyNigerian: 2:00pm On Feb 22

EyeCumInPiss:
Tinubu is a fallen demon on a 3-fold mission to Steal, to Kill and to Destroy.

Nigerians should brace for more Tinubulation.

Wow!
See:

https://www.nairaland.com/8006355/nigerian-only-combined-cardiologist-nephrologist

1 Like

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by morikee: 2:01pm On Feb 22

We all know floating Naira will make everything worse as we barely export anything.

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Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by omowolewa: 2:01pm On Feb 22

The name itself is scary

Float and allow water waves determine where it goes. You lost control to the winds already.

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Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by Emma513: 2:01pm On Feb 22

Ok! Continue

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Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by casualobserver: 2:01pm On Feb 22

Tinubu needs to sustain the Naira float, it will settle where it settles. He should remove subsidy. All these people panicking because there is difficulty only show why successive governments have led to this point. They don’t have the balls to do the right thing. What kind of person is advocating g a return of subsidies either Forex or petrol?

You cannot change your life without pain. If it costs him his second term so be it but he needs to sustain the reforms.

6 Likes 2 Shares

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by emkz: 2:02pm On Feb 22

Major currencies like the $, €, £ and ¥ are floated.

But the market for trading such floated currencies are heavily regulated to prevent manipulation by speculators.

CBN has failed in regulating the forex market because historically, CBN plays in the market to defraud the government.

So no, the naira can float. The market itself, i.e., dealers, must not float.

One may argue that we are in problems because we are too import-dependent. The people who are mopping up dollars daily, what are they importing and what have they imported?

29 Likes 4 Shares

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by Firstorderwizard(m): 2:02pm On Feb 22

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by Helpfromabove1(m): 2:03pm On Feb 22

Very important

The power against the naira is much and he needs to reverse his decision and gradually take out the forces against the naira before coming to the floating the naira

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by Karleb(m): 2:03pm On Feb 22

So floating can be stopped and they've not done it? What?!

You can't convince me otherwise, Tinubu floated the rate so he can benefit from it and make his generation too wealthy.

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Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by BigDawsNet: 2:03pm On Feb 22

Mr Obi should pls borrow us his master plan... seems this current gov do not hav 1 single idea how to run an economy

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Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by Image123(m): 2:03pm On Feb 22

Lol. It's like telling the pilot that you're no longer going when the plane don take off.
Let's see the first to blink is the best move. FG should make sure that they follow the fall bumper to bumper with the parallel market.
It is been said earlier and i think i also read it/heard it elsewhere. Proper monitoring of banks and BDCs is key. Monitor EVERY transaction like a hawk, let there be transparency. Use cameras. Who is transferring and collecting what and for what purpose and to where. These must be clear to have headway. The government MUST mandate 247 videos of transactions at the banks and BDCs.

21 Likes 3 Shares

Re: Worsening Economy: Stop Floating Of Naira Immediately, Sagay Tells Tinubu by prinsam30: 2:04pm On Feb 22

Ebi N Pa Wa ooo

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