decision that shows he is incompetent

He hasn't said something new

IMF /World Bank are not your friend , very wrong advise for an unproductive nation in huge debts

floating of Naira is not the issue, the issue is you can not do it if your economy is non productive and lacking behind , it’s an invitation for the Naira to Fight the USD without a center referee in a boxing match.

You are in already in huge debt, you don’t try it, it’s an indirect devaluation method for a weak economy like ours.

IMF not your friend

God will bless u Pengansann....many Nigerians are not intelligent....I have been shouting on social media that Tinubu should unfloat Naira back immediately..but no one is voicing. How can Tinubu listen to World Bank. How the fvk will he take advice from America to devalue ur naira further? My sadness is that Tinubu isn't prepared to reverse it. U guys should tell him.. them nor de shame put

Omooba77:
*Urges FG to curtail crude theft, shore up production



https://www.vanguardngr.com/2024/03/floating-of-naira-worst-economic-decision-pengassan/amp/

Jagaban goofed on this and it's very unfortunate that he listened to these kabu-kabu economists

Balabluu will continue to go from one blunder to another, until everybody gets sense

I am obidient for life!

FutureFocus:
IMF /World Bank are not your friend

God bless you mightily for this statement..

We only need his brain

Pclemenza:
We only need his brain

He nor get brain.. na akamu full am. If he can float ur naira like that. Shame never let am unfloat am

The reason why we are facing this difficulty is really not because the fuel subsidy was removed, it is mainly because of the exchange rate.

JagabanB:

Sorry, I am not here to prove anything to you, u have data, u have google, so if u didn't follow up on the campaign and their town hall meetings then I can't help you.
Most of u don't listen to what people u are supporting are saying, u are always looking for errors from opponents and asking us to provide evidence.
If u were alive and well with functioning device and data and u are not aware of this.
I can't help you.

Oga, provide proof or rest forever

No shalaye fc here

Well, keeping the naira on a 'pegged rate' would have still ended with us going into more debt, as we spend more and more dollars buffering the naira. Eventually, we would have had to float the naira anyway, and have severe debt.

PENGASSAN is right about fighting oil theft and fighting corruption, but at the end, we are not earning enough dollars.

Just keep this in perspective. Saudi Arabia once spent over 100 billion dollars in a year to keep their currency strong. And that was alarming to their government

I effing wish this was not happening, but all this arises from the fact that our economy is dependent on oil revenue, and oil prices. If we had had a diversifed economy, or the productive economy Obi argued for eloquently in his campaign, we may not have been in this hot pot of soup.

Pegging the exchange rate only benefited politicians and elites.

The economy was getting worse

USD was becoming more scarce that even banks couldn't give dollars to elligible customers.
People that needed dollars from the official window couldn't get it and so had to patonise black marketers.

The BDCs weren't also getting fx from the CBN because of scarcity and so they also sold at black market rates.

The black market demand further increased the difference between exchange rates by up ₦200 at certain times.

Politicians and Elites that had access to buy dollars at official rates were more encouraged to take advantage of the arbitrage opportunity and sell usd at the black market.
The majority of the already scarce USD meant for eligible customers went this way. You couldn't get usd from the bank at the official rates because the the supply is being cornered by the politicians and elites

Banks that had substantial USD balances, but were not getting enough USD from the CBN, sold their USD at black market rates on the side.

Jagabanarmy:

Jagaban goofed on this and it's very unfortunate that he listened to these kabu-kabu economists

And you still want us to believe Tinubu knows what he is doing?

femi4:
Oga, provide proof or rest forever

No shalaye fc here

Obi did call for the abolition of multiple exchange rates...which Nairametrics interpreted as a float of the naira...in 2022

The Labour Party (LP) presidential candidate, Mr Peter Obi, has stated that he would abandon the multiple exchange regime and reduce the inflation rate in Nigeria.

This was disclosed via a Twitter post where he listed some of the things he would do for the country if elected president in 2023.

He stated that the multiple exchange rate regime, which encourages capital flight and deters investment, has worsened the country’s forex situation.

Focus on Obi’s plan: To tackle inflation, he promised to remove fuel subsidies, address the fiscal imbalance and control Nigeria import dependent lifestyle. He said:

“We will remove import and forex restrictions and insist on a single forex market. The current system penalizes exporters who bring in forex by forcing them to sell at a rate they cannot source for forex when they need to purchase forex.
“This multiple exchange rate regime encourages capital flight and deters investment, and worsens Nigeria’s forex situation.
“We must look beyond total dependence on oil. We will reduce the subsidy cost by over 50% with concomitant measures and counter-balance policies and programs to cushion the impact of the removal of oil subsidy.”

SOURCE: Peter Obi plans to float the naira and combat inflation

Which ironically, TInubu has done , except for the subsidy cushion and focus on production...which is where tinubu is erring big time.

JagabanB:

You warned but supported a candidate who said he was going to do so?

Peter Obi will never float the naira. He is way smarter than that. He will remove fuel subsidy not float the naira

JagabanB:

This is just what Obidents are saying now that Obi would have put measures in place before removing subsidy when Obi said emphatically that he will remove subsidy "immediately without wasting time, it has to go".
They both said they will remove subsidy and float the naira.
Obi said, his own which I remember very well that "market forces will determine the value of the naira".
Why twisting narratives now?
Why??

If you know obi will do all these things why did you vote for him?

fabian063:
Peter Obi will never float the naira. He is way smarter than that. He will remove fuel subsidy not float the naira

Well Obi did say this back in 2022

We will remove import and forex restrictions and insist on a single forex market. The current system penalizes exporters who bring in forex by forcing them to sell at a rate they cannot source for forex when they need to purchase forex.
“This multiple exchange rate regime encourages capital flight and deters investment, and worsens Nigeria’s forex situation.

which is kind of similar to what has happened now.

The reason why is because at the end, NIgeria was, as it was plain to see, running out of forex, and all the candidates knew that...and knew measures needed to be taken.

femi4:
Oga, provide proof or rest forever

No shalaye fc here

I have being waiting for the fool to provide evidence.he was busy running from pillar to post.very dumb fellow

People expected good from the man who gave us Buhari?

Baba wey use Lagos Lagos Lagos format people brain. As if he did anything there abi na investors build that Lagos only to chop tax money and toll gate money he knew about

Now see

Na now day dey break for una... mtcheeew

I was even thinking the worst economic decision was wen we allow emefiele change the colour of the Naira and set deadline for its acceptability!

eBOLA has only come to STEAL, KILL AND DESTROY!💯
No more, no less! 💯💯

nairalanda1:


Obi did call for the abolition of multiple exchange rates...which Nairametrics interpreted as a float of the naira...in 2022



SOURCE: Peter Obi plans to float the naira and combat inflation

Which ironically, TInubu has done , except for the subsidy cushion and focus on production...which is where tinubu is erring big time.

Oga , read the bolded again. He never said he would float the naira to solve the multiple exchange problem

JagabanB:

Sorry, I am not here to prove anything to you, u have data, u have google, so if u didn't follow up on the campaign and their town hall meetings then I can't help you.
Most of u don't listen to what people u are supporting are saying, u are always looking for errors from opponents and asking us to provide evidence.
If u were alive and well with functioning device and data and u are not aware of this.
I can't help you.

And you forget that he who alleges must prove it? my friend bring your proof

Abagworo:


None of them suggested absolute floating of Naira.

Stop this nonsense of "absolutely float the Naira" or absolutely remove subsidy.

These are difficult decisions and I'm glad Tinubu had the strength of will to do what was a necessary decision.

All the three major candidates agreed that a parallel FX market and the act of defending the Naira with borrowings was not proper and it was only kicking the can down the road.

What the CBN and FG have done is to let the market determine the value of the Naira, what they need to do as regulators is to with the EFCC and other law enforcement agencies go after rampant speculators.

It's only in Nigeria that speculators go unchecked, try that in USA and you might be looking at a long jail term. Financial crimes of that nature are frowned at and rightly so.

It's time that CBN continue to implement conventional monetary policies that guarantee the confidence of our currency while the FG need to cut cost all these jamboree flights to Qatar has to stop, the reckless spending of the legislative has to be curtailed.
The only big items in the budget across board should be infrastructure development, healthcare and education. Should be wage cuts across board for all political appointees.

That is the least Nigerians should seek

JagabanB:

This is just what Obidents are saying now that Obi would have put measures in place before removing subsidy when Obi said emphatically that he will remove subsidy "immediately without wasting time, it has to go".
They both said they will remove subsidy and float the naira.
Obi said, his own which I remember very well that "market forces will determine the value of the naira".
Why twisting narratives now?
Why??

All candidates unanimously suggested subsidy removal but none including Tinubu said they would float the Naira. Floating means allowing your currency value to be determined by speculators not devaluation

Floating the Naira was unhinging it from the dollar so that when the dollar takes a hit the Naira will not be affected

Abagworo:


None of them suggested absolute floating of Naira.

This is Obi.

JagabanB:

You warned but supported a candidate who said he was going to do so?

And He came to your house to tell You He will remove subsidy immediately without putting up necessary policies in place to tackle the effects??

You guys have been known to be hypocrites since the emergence of this Apc calamity in 2015,deep down your heart you know that Apc is the greatest disaster to befall this Country and the buhari govt made Nigerians extremely poor,to the extent that bearing this great tinubulation will be very tedious for the common man hustling legitimately to survive,but ofcus You soul is plainly rooted to my party my candidate must win politics, whatever happens next doesn't matter.

I don't expect anything meaningful from a man who doesn't believe in Nigeria,I don't expect anything meaningful from a dunce who doesn't have any blue print and plan for governance,JUST GRAB IT and RUN WITH IT is what We have going on

May the strongest stand tall on Grace.

I didn't want Atiku, Tinubu or Obi to be the president of Nigeria because I know they all have nothing to offer; however, I laugh so hard when people blame Tinubu for this economic hardship.

Nigeria was damaged a long time ago. Buhari was only borrowing disgustingly to patch things up. One day, e go burst. But before it bursts, we should see this.

Una still want subsidies? Go ahead. Get it. Force naira back to N150...and please, don't tackle corruption.

Three things we must tackle:
1. Corruption
2. Overpopulation (2 kids per woman)
3. Illiteracy
4. Local production

Tackling these issues above is the solution, and naira will suffer a bit. This is the truth.

I am happy Tinubu has made us all see where we are. If we want the easy way out now, then, we return to Buhari's style and keep borrowing na. But one day, a loaf of bread will be N70,000. Lol.

So PENGASSEN should go take back seat.