https://www.youtube.com/watch?v=FamqBjkYp4o

I dont know why people are so dumb. just the Government has outwitted them and done the needful,they are not happy? there is no country in the world that do not defend her currency, one way or the other. bring out your hoarded Dollars before it is too late.

Damnnn

This government seems like a clueless one to me, they criticized the previous government policies but yet, still revert back to those same policies.

Anyways, if this would make the economy stable, and allow the poor breathe, then it is welcomed.

The poster is one of the people that doesn't want to see Nigeria move forward. How is the road to 2000? The road to 3000? So many so-called successful people in Nigeria got their wealth from destroying the economy for the masses.

If this is true
Then it's better


OP bitterness na infinity

What is the reason for reserve if you can not use it when it is needed most

You people don't want them to defend the naira because I don't understand all this flash news that keep flying around what is the problem with all this wicked people..

A govt that trash statistics will rely on trial and error, meanwhile the people whose life affected will come here to defend them

Government of lies, propaganda and deceit.

Where is the evidence in the video

What is Bloomberg's business to start with

These western countries don't want Nigeria/Africa to work

Someone should direct EFCC to stop the wild goose chase and go after the politicians that embezzled money in billions of dollars/pounds.

Government is defending the currency and giving you the poor masses breathing space but out of sheer desires to see this country destroyed, the same poor people are fighting against the defense.


If government should borrow to save naira and make it easier for me to live, government should do it. When they looted and didn't invest in Nigeria, I wasn't a part of it. Nigeria will not be destroyed because I want Obi to win.

The reason I voted for Obi is for better life and if Tinubu is giving me that, I will support him and his policies

michlins:
Government is defending the currency and giving you the poor masses breathing space but out of sheer desires to see this country destroyed, the same poor people are fighting against the defense.


If government should borrow to save naira and make it easier for me to live, government should do it. When they looted and didn't invest in Nigeria, I wasn't a part of it. Nigeria will not be destroyed because I want Obi to win.

The reason I voted for Obi is for better life and if Tinubu is giving me that, I will support him and his policies

Defending the naira is good thing as it helps the economy.


My problem with their approach is, are they putting a band aid on an issue to give the economy a quick win while crippling the economy long term?

FG knows what to do , all they are doing is just going round the problem instead of taking it head on.

I am still yet to understand why "roundtripping" have not been abolished.

Why would someone that needs to pay their supplier in China, need to go to BDC to buy dollar to come and pay into the bank to effect the transfer. It's not like the bank will take the money in cash to China.. the transaction is done electronically.

Why can't banks just deduct the money from customers account at official rate so the customer could pay their kids school fees, medical bills, or their foreign supplier?

Also, I do hope that FG is true to their word on clamping down on businesses that charges in dollars while doing business in Nigeria.

Not to forget increasing local production.. what is the government doing about improving the power supply.. if the government can improve electricity that would greatly reduce the cost of doing business and encourage more entrepreneurs.

Badgers14:


Defending the naira is good thing as it helps the economy.


My problem with their approach is, are they putting a band aid on an issue to give the economy a quick win while crippling the economy long term?

FG knows what to do , all they are doing is just going round the problem instead of taking it head on.

I am still yet to understand why "roundtripping" have not been abolished.

Why would someone that needs to pay their supplier in China, need to go to BDC to buy dollar to come and pay into the bank to effect the transfer. It's not like the bank will take the money in cash to China.. the transaction is done electronically.

Why can't banks just deduct the money from customers account at official rate so the customer could pay their kids school fees, medical bills, or their foreign supplier?

Also, I do hope that FG is true to their word on clamping down on businesses that chargers dollars while doing business in Nigeria.

Not to forget increasing local production.. what is the government doing about improving the lower supply.. if the government can improve electricity that would greatly reduce the cost of doing business and encourage more entrepreneurs.

now, you argued constructively. You pointed out some issues that needs to be addressed.

If the government fails to do the needful, they will use whatever resources that should use and make sure the currency stays stable. I don't care what they do. Just keep it stable. The masses are innocent of the whole mess.

There's so much looting you can do in a system before you reach the plateau and be forced to do what is necessary. Right now, I think Nigeria is heading there. Nigeria is getting to the point where the government will be forced to do its job in other to find the money to loot. There's so much borrowing, crude oil will take you before you're forced to fix the system,generate income before you can loot.

danzaki63:
I dont know why people are so dumb. just the Government has outwitted them and done the needful,they are not happy? there is no country in the world that do not defend her currency, one way or the other. bring out your hoarded Dollars before it is too late.

Never be so quick to judge!

Yes, central banks do defend their currency but you can never fight against the market and win.

If the foreign reserves has reduced by $2bn in the past 30days, it may be a strong indication that the Naira is stronger than it should.

Another chief worry is that simply flooding the market with dollars has been the primary means of defending the currency. The CBN has refused to tighten monetary to fight inflation which would have led to the strengthening of the Naira. A loose monetary policy encourages high demand for forex.

In addition, you have the issue of petrol subsidy. The CEO of Rainoil said that the government's spends about 600bn a month on the subsidy. Since gasoline is a dollar denominated product, a weaker Naira increases the cost of the subsidy and a stronger Naira the very opposite.

The petrol subsidy needs to be totally done away with by deregulating the price as already done with kerosene and diesel. Government no longer fixes their prices.

I feel the Naira's true value, considering the present fundamentals, should be between 1,300-1,400.

A weaker Naira is even needed. The country needs an "export or perish" mentality. That's what made Singapore, Japan, Taiwan and South Korea the wealthy countries they are today.

It is whenever Nigerias exports take a dive that the economy gets into trouble. By diversifying exports, it will not only enrich the economy, but make it more.stable. A disproportionate dependence on crude oil for both dollars earning and for government revenue, as well as fuel subsidies has been the country's nemesis.

Nigeria isn't used to export. When an export boom occurred due to the weakened Naira weeks ago, there was an uproar when trailer loads of food stuffs and cement were being shipped to neighboring countries. The mentality needs to change.