Godoverevery:


What you want is a miracle and is not possible.
This govt isn't even up to a year and you want them to make Nigeria agriculture power house.

I know much about agriculture cos am a farmer.
Even if we embark on serious Farming now it will take like 2yrs to achieve desire results.

Farming is a process and requires time.......we have annual crops etc. In ogun state where I have my farm I can tell you for a fact ogun state governor went on serious planting of cassava.

The north might have insecurity affecting farmers but do we have that in the south??
In this country decade back most family have a farm of there own but today everyone want fast money and no one want to farm again especially in the South.

You are from Ogun State, no wonder. I rest my case. But just know that the tail of a snake with pass the same spot that the head of the snake crossed awhile ago, if your jagaban starts and continue with rubbish, he will end with rubbish. Go and ask the Buhari he gave you for more info. Ire o

chigator2:


Who taught these people economics, if BDCs decides not to sell dollars for 2 years, my friend Dollar is a global reserve currency for a reason, foreign interests will flood this country with their own dollar.

You didn't read the writeup, if not you will understand that if you go to the market and a cow seller tells you he is selling his 25kg cow at the price of a 50kg cow, you will bargain and price it down to it's real value. Everything that happens after that is after effect and panic because in free market, Naira is worth less than 2000 NGN / USD so any reasonable person will hoard their dollar till it reaches true value.

"if BDC decide not to sell for 2years, foreign interests will flood this country with their own dollars". i bursted out laughing after reading this statement. this is the stupidity you get when people selling fan yogourt put mouth in matters that is beyond their low mental grade.

Putindbutt:

"if BDC decide not to sell for 2years, foreign interests will flood this country with their own dollars". i bursted out laughing after reading this statement. this is the stupidity you get when people selling fan yogourt put mouth in matters that is beyond their low mental grade.

Tell me more but this time say it without crying and with more sensible information. Don't just stop at sly jokes, engage me intectually without sounding like an agbo jedi seller.

chigator2:


Education has taken new lows in Nigeria so I remain not surprised. Prior to re-including BDCs in monetary policy for this currency scheme. BDCs got their dollar from transacting with the public and through back yard deals with commercial banks which notable experts have exposed and condemned.

The problem is not CBN selling directly to these people but it's the fact that they do it at a rate that artificially brings down the value of the dollar.

I shouldn't be arguing with people like you, you know why ? Because time always proves the truth right. We called out Buhari for 8 years over incompetency and failure, you coated your short-sightedness, bigotry and tribalism with all sort of excuses, deflections and jibes yet today we are vindicated. Continue defending rubbish, give it 10 years, your collective stupidity will manifest before your eyes.

The rest of sensible Africa is making giant strides but here their entire world revolves around Lagos. If Lagos builds a railway that was built in Indonesia 20 years ago, the entire country thinks they've made progress. Fools

Oga, when you want to do articles like this one, you should do some research on your points so you don't misinform the public.

Bureau De Change has always been operational in Nigeria, including during Buhari, Jonathan government. Emeifele tried to stop sale of forex to BDCs in 2021 but he couldn't sustain it eventually. What do you mean by: "re-including BDCs in monetary policy for this currency scheme"?

BDCs have always been buying dollars from CBN except for the ones that had withdrawn licences or those blacklisted. Though they also buy from the public and through back yard deals with commercial banks.

And honestly, this is the most unreasonable and idiotic statement I have read all day: "but here their entire world revolves around Lagos. If Lagos builds a railway that was built in Indonesia 20 years ago, the entire country thinks they've made progress. Fools"

Why would you say this?

chigator2:


Forget about the act itself, my problem is the long term sustainability. FG is spending $15m per week now, what happens if the true value of naira pushes lower, that 15m would have to become 25m to maintain price around 1400 and so on. Meawhile we can concentrate efforts towards the real problems.

The North will brag about their vast lands yet Nigeria can't become an agriculture powerhouse because the government has failed them in insecurity and lack of subsidised farming yet we are paying for subsidy in every angle. It is like blackmail, it will never stop and may only increase until you handle the matter or person they are using to blackmail you.

My guy, you're an illiterate. i don't think you have ever entered basic economics class before. if you don't know something, you ask questions rather than embarrassing yourself. FG is spending $15million weekly?, who told you this bullshit?, do you think it's a bonaza or freebies that FG fritters away?.

chigator2:


You are from Ogun State, no wonder. I rest my case. But just know that the tail of a snake with pass the same spot that the head of the snake crossed awhile ago, if your jagaban starts and continue with rubbish, he will end with rubbish. Go and ask the Buhari he gave you for more info. Ire o

**You are from ogun state*no wonder* What that suppose to mean

Never knew I was conversing with a tribal bigot...what a shame.

If you don't like the fact that dollar is coming down you can hug live transformer.

See the epistle you write. Why you no write this type of epistle when the dollar was going up?

chigator2:


Tell me more but this time say it without crying and with more sensible information. Don't just stop at sly jokes, engage me intectually without sounding like an agbo jedi seller.

I should tell you more?, don't you have someone that passed through school in your house?, rather than find someone to explain the policies and guidelines to you, you rushed in here to expose how daft and illiterate you are. For your mind, u don create thread? smh, i no blame u. you making so many silly, dumb and senseless statements here and there, accept the fact that you're illiterate and strive to learn, clown.

chigator2:


It's obvious you know little. Continue, tomorrow another government will tell you how he inherited bad loans from predecessor so he can't do this or that, but as fela said Zombie go just dey look and possibly be smiling.

Insulting people will not make them accept your opinion. You have not been convincing with your arguments.

You have demonstrated some understanding but not deep understanding on the subject you have chosen to flog today

Wallade:


Oga, when you want to do articles like this one, you should do some research on your points so you don't misinform the public.

Bureau De Change has always been operational in Nigeria, including during Buhari, Jonathan government. Emeifele tried to stop sale of forex to BDCs in 2021 but he couldn't sustain it eventually. What do you mean by: "re-including BDCs in monetary policy for this currency scheme"?

BDCs have always been buying dollars from CBN except for the ones that had withdrawn licences or those blacklisted. Though they also buy from the public and through back yard deals with commercial banks.

And honestly, this is the most unreasonable and idiotic statement I have read all day: "but here their entire world revolves around Lagos. If Lagos builds a railway that was built in Indonesia 20 years ago, the entire country thinks they've made progress. Fools"

Why would you say this?

The guy is the dumbest i have seen on nairaland

chigator2:


You are from Ogun State, no wonder. I rest my case. But just know that the tail of a snake with pass the same spot that the head of the snake crossed awhile ago, if your jagaban starts and continue with rubbish, he will end with rubbish. Go and ask the Buhari he gave you for more info. Ire o

Wetin Jagaban do you? E collect your wife or food?

Putindbutt:

My guy, you're an illiterate. i don't think you have ever entered basic economics class before. if you don't know something, you ask questions rather than embarrassing yourself. FG is spending $15million weekly?, who told you this bullshit?, do you think it's a bonaza or freebies that FG fritters away?.

Someone that went to school but can not click the attached links to read. It's a pity. CBN released a list of selected 700+ BDCs that they will be given X amount of dollars weekly at the particular rate. The writer of that news article I referenced clearly went to school so he did the simple multiplication and arrived at that 15 million figure. Now go to school, boy.

I painfully took my time to read your submissions and what I can say is all of us are hypocrites . We want the dollar to come down but we prefer to use airtel and mtn to glo. Toyota cars to innosin. Calvin Klein designers clothes from Europe over our own agbada and bubba designs . We even prefer toothpicks from China over ours and we blame the government daily for our own stupidity .

Wallade:


Oga, when you want to do articles like this one, you should do some research on your points so you don't misinform the public.

Bureau De Change has always been operational in Nigeria, including during Buhari, Jonathan government. Emeifele tried to stop sale of forex to BDCs in 2021 but he couldn't sustain it eventually. What do you mean by: "re-including BDCs in monetary policy for this currency scheme"?

BDCs have always been buying dollars from CBN except for the ones that had withdrawn licences or those blacklisted. Though they also buy from the public and through back yard deals with commercial banks.

And honestly, this is the most unreasonable and idiotic statement I have read all day: "but here their entire world revolves around Lagos. If Lagos builds a railway that was built in Indonesia 20 years ago, the entire country thinks they've made progress. Fools"

Why would you say this?

That research should be made by you. I didn't mention anything there out of head. Look it up, Emefiele stopped selling IN 2021,
https://www.cbn.gov.ng/Out/2021/CCD/CBN%20Update%202021%20(July)%20.pdf

this link directly from cbn website will download the official CBNUPDATE, July,2021 publication with Issue no: 2695-2394, Titled "CBN discontinues Sale of Forex to BDCs". So where are you coming from ? Ignorance ?

By saying BDCs were re-integrated into monetary policy, it means the CBN has once again made BDCs a tool for controlling market pressures on the value of the currency hence the special rate provided to select BDCs (Monetary Policy). Other than this these BDCs would have still bought dollar from CBN but not on a special relationship but as any other regular company or person.

Yes, you lots congregate in Lagos, Abuja, Port-Harcourt, Onitsha and Kano and think the country is doing well. Your country is rotting.

chigator2:


Someone that went to school but can not click the attached links to read. It's a pity. CBN released a list of 700+ BDCs that they will be giving X amount of dollars weekly at the particular rate. The writer of that news article I referenced clearly went to school so he did the multiplication. Now go to school, boy

The writer did not make any senseless claims as you are doing here, what the writer did was to give a report but you are here giving a simple report a personal interpretation full of illiteracy, stupidity and ignorance. You could have taken the news report to someone with a working brain to interprete it to you. i don't know how BDCs buying from CBN has become a bad thing or crime. i don't have the time to waste with your ignorant self. abeg shift.

chigator2:


That research should be made by you. I didn't mention anything there out of head. Look it up, Emefiele stopped selling IN 2021,
https://www.cbn.gov.ng/Out/2021/CCD/CBN%20Update%202021%20(July)%20.pdf

this link directly from cbn website will download the official CBNUPDATE, July,2021 publication with Issue no: 2695-2394, Titled "CBN discontinues Sale of Forex to BDCs". So where are you coming from ? Ignorance ?

By saying BDCs were re-integrated into monetary policy, it means the CBN has once again made BDCs a tool for controlling market pressures on the value of the currency hence the special rate provided to select BDCs (Monetary Policy). Other than this these BDCs would have still bought dollar from CBN but not on a special relationship but as any other regular company or person.

Yes, you lots congregate in Lagos, Abuja, Port-Harcourt, Onitsha and Kano and think the country is doing well. Your country is rotting.

Did you read this part on my post:

"Emeifele tried to stop sale of forex to BDCs in 2021 but he couldn't sustain it eventually".

CBN has approved the use of BDCs for ages. The operation of BDC predates you - you haven't been born since CBN started using BDCs to sell dollars to the public. BDCs were for good purpose until the state government, some commercial banks and speculators started using BDCs for nefarious, corrupt and manipulative activities.

Your statement : "Yes, you lots congregate in Lagos, Abuja, Port-Harcourt, Onitsha and Kano and think the country is doing well. Your country is rotting" is immature and unreasonable.

There is no correlation between the weight of one unit of currency in conversions and the strength of the economy. The weight of one unit of currency is indirectly decided by the government of that country based on how it wants to deal with present and past inflation and money supply.

this is why one Jordanian Dinar is worth nearly two American dollars and is worth more than 32,800 Vietnamese Dong, but Jordan’s economy is less than 1/5 the GDP of Vietnam.

The reason that Jordan is a poor country is because it has a GDP of roughly $38 billion USD and a per capita GDP of $4,087 USD. These are low values.
What males a country to be developed is when it engaged in production rather than the consumption which Nigeria is known for.
DEAL WITH THE TRUTH

[quote author=chigator2 post=129214065][/quote]

Your write up is very partisan. You're obviously anti-Tinubu.

You have chosen to throw away the fundamentals the new government met.

The previous government and the CBN governor had been fiddling with numbers. It was so bad that some present and future revenues from crude oil sales had already been spent.

The foreign reserves were empty. There was barely $3bn in it and there was $7bn in uncleared dollar contracts. Emefiele was determined to become president to hide the dirty mess he left behind.

Tinubu has chosen to keep mum rather than expose the stwnch his predecessor left behind as they belonged to the same party.

Was the floating necessary? Yes, economists here on Nairaland support it. Though it could have been better handled, it was necessary.

Now that things are settling down, what's your beef? By the way, Charles Soludo as the then governor of the CBN introduced the sale of dollars to BDCs which prime purpose was to reduce the spread between the official rate and the parallel rate and it worked brilliantly.

Why are you so upset the market turbulence is winding down?

All I see is piigggs in pains

They are stunned that the Naira has appreciated rather than depreciate to 2,500 as they anticipated so that they can attack Tinubu.

CBN has the responsibility to provide dollars to those to genuinely need it.

We don't spend dollars in Nigeria. So will the CBN eat the dollars in its coffers

The most important thing is that our foreign reserve is RISING.

Also, the various market rates have been merged. So nobody is desperate to change dollars at the aboooki place anymore. The dollars now gets exchanged in the banks.

Etc Etc

So in other words,the goverment should fold it's hands and let speculators determine the exchange rate?
Everyone is shouting production.
When GEJ some ill informed are now routing as a better manager(I actually believe he is far better with a better team than Tinubu) had ₦ at 200-300,was there priduction.
No country,even the US with it's 100% capitalist economy allows their country to be determined by speculators.
If for example Elon Musk with his war chest of at least $100b in cash decides to go on a buying spree of the $ in order to hold and hoard it or even to allow other speculators to have a free reign,the US treasury,secret service,FBI will go after him because his speculator activities is distorting the market

JoeyNaza:


exactly, South Korea is still exporting Samsung and other electronics to us with their "bad" currency yet if this government had their way, they will lose 50 million dollars a month to bring the rate to 700 Naira so that agbado people will be celebrating meanwhile factories are closing down, food crisis is till an issue, no jobs, insecurity yakpa. Who are we fooling.

You are an illiterate.
Factories are closing down because the cost of production is very high.
What is the cause of this very high production cost?The dollar because with naira depreciating massively the cost of inputs,even the ones sourced locally have gone through the roof.
Electricity companies,logistics companies all have increased prices due to the dollar issue because those other items or services they use are indirectly affected by dollar cost.
Even the local farmer in Nigeria has to increase prices because when he/she goes to the market cost of other stuff have increased.
Illiterates with illusions of being smart.

chigator2:


Who taught these people economics, if BDCs decides not to sell dollars for 2 years, my friend Dollar is a global reserve currency for a reason, foreign interests will flood this country with their own dollar.

You didn't read the writeup, if not you will understand that if you go to the market and a cow seller tells you he is selling his 25kg cow at the price of a 50kg cow, you will bargain and price it down to it's real value. Everything that happens after that is after effect and panic because in free market, Naira is worth less than 2000 NGN / USD so any reasonable person will hoard their dollar till it reaches true value.

You sound very pained. Hoard your dollars and you will lose even more. In fact,I think you should take a loan and buy more dollars. It should be worth 5000 naira to one dollar by next month. Enemies of Nigeria and Nigerian children will lose.

helinues:
Simple basic economics.

What caused the high rate of dollar ? Scarcity

Who caused the scarcity? some BDC operators, Terrorists sponsor, Binance, government too.

Now that those horading the dollar have been arrested, that means there would be more dollar in circulation hence rate reduction.

You're so disgusting.

hedonido:


You're so disgusting.

Because I refused to swallow una fabricated bunkum right?

helinues:


Are the above your real issue about Naira gaining strength as one of the operators bah?

Naira loosing to dollar una dey shout, naira gaining strength una too dey foam for mouth..

Na wah for some of you people oo

He does not like the present government. Most likely an Obi supporter.

oga go and read and understand the meaning of the word floating the naira! Floating the does not mean the CBN will no longer sell dollars to banks and others. What it means is that demand and supply will determine the price. Unlike before when there was no dollar but the CBN will still defend the naira with borrowed dollar, this is not the case now. CBN will only sell what the have. If they sell short, those that have can bid and increase the price. That's floating the naira

Where are all those yaribs corn-fused people that were yapping trash.

Go and look it up, your country's foreign reserve just fell by $950m in just 17 days. Do you know what foreign reserve is ?

To solve the problem, your incompetent government is worsening the case because when they can't continue again, the market forces will look at a depleted foreign reserve and price the Naira even worse than the 2000 per USD you were running from.

APC came in 10 years ago on the back of the current president but instead of building the hedge and improving our macro economics, the sponsored propaganda and rubbish, today, the country hasn't moved an inch forward, you are busy celebrating patch patch temporary solutions.

Continue deceiving yourselves, you will learn.