₦airaland Forum

DeepSight:
Cart before horse. Remove subsidy gradually but make sure local refineries work fully first so you don't import petrol tied to the dollar. Float the naira if you must but make sure your are a net exporter first. Floatation of any local currency by an import dependent economy is suicide.

Besides, believe you me, even first world economies take measures to defend their currency. If you abandon your currency to the vagaries of the wind when you produce nothing, you are beyond daft. You are suicidal.

Cart before the horse. That's what's going on, and that's what you are championing. Tail wagging the dog. Upside down logic.

ghiloman28:
Yes I am. If the 3 too contestant contest again I will choose BAT again. My preferred candidate is sowore

Image123:
Lolz. Only an ignoramus will not expect the current economic quagmire anytime that the subsidy on fuel and forex was to be removed. Tinubu has my respect, he stuck to his words and promises. Buhari said "what is subsidy?" before his election, just like Obi and Atiku. But he backed out and left the mess for his successor.

Iamblessed85:
I keep saying this. For about a year now, i’ve not come across a dollar note in this country. I don’t have to and I don’t need it. I have been spending in naira. Who are those spending this dollar apart from importers?

Nice2023:
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If u are smart and not a tribalist,u would know that I don't blab.

First of all argue against the newspaper one.

ThenGoogle out 11th Bola tinubu colloquium.

Then,u will see that stubbornness is the reason why u guys are serial tribalists.

Nice2023:


I am not a foolish follower,the video are all there to see. He said and I quote,we will reduce the purchasing power of the people,and we can further slow down the economy and let us widen the tax net so and if its inclusive of Bola Tinubu and we shall take bigger and bigger taxes.

Culled from 11th Bola Tinubu colloquium.
Below is where he he said he does not believe in Nigeria.


In economics,when u reduce the purchasing power of the peoppe,what does it mean?

In the same economics,if u widen the tax net especially in a country that pays the lowest wage on the continent of Africa and the world at large,it means more poverty,hence the problem we are currently at now.

And to crown it all,coming from a man who told us in 1999 that he does not believe in Nigeria.

Oti kpari.

Nice2023:
U don't know what moving from consumption to productions means, that is why u will keep hating Obi.

How can u vote for a man who said he never believed in Nigeria?

A man who said,he will ensure he shrink the purchasing power of the people, and he never stopped there.

He equally promised that,he would widen the tax net to further impoverish the People.

Here u are comparing Obi with Atiku.

onatisi:
atiku has been presenting credible economic plans for the nation for the past 15 years, but the fake stories obj peddled about him won't even allow people to hear him out or listen to him,
when he made mention of selling the refineries, many people APC started shouting that Atiku is a thief, balabu. Now Tinubu has spent about 3b repairing the refineries and they are still not working, now fg is contemplating selling the refineries, what a waste of public funds.

APOPTOSIS:
I'm highly elated he floated it.
He should Float more.
Sometimes, some things are just blessing in disguise waiting to be tapped. He's fast creating more Billionaires

vaxx:
Defaulting issues has to do with the depreciation of the local currency against the dollar and that is linked to the country's high indebtedness. Same issues with Nigeria.

You see , Ghana was owing big , hence, the international capital market was closed to the government, the country didn't have foreign exchange to keep the exchange rate low. This caused in high inflation back then Ghana. We have no option than to join the imf again.


That is the only prudent means for a long time solution, we already enter into gold for oil swap deal with UAE, the imf suggest we abolished the practice

Most developed countries debt doubled and even tripled but due to the external factors like the covid 19 and Russia/ukraine war but they did not have the level of inflation Ghana had so they didn't default paying up their debt . Country that trapped into the mess also end up defaulting, zambia and ethiopia care case study . So Nigeria case might not be exceptional , your debt has doubled up , your inflation has step up further . Infact the scenario is just similar like Ghana.


Nigeria actually need imf support

theenchanter:
u're very correct sir. but the salient question remains.... Why should demand for dollar be high in Nigeria? We don't spend dollar and only few people engage in import and export. So why the cause?

theenchanter:
u're very correct sir. but the salient question remains.... Why should demand for dollar be high in Nigeria? We don't spend dollar and only few people engage in import and export. So why the cause?

chrisooblog:
Well said unfortunately Emilokan is behaving as if the presidency fell on him in error. People are getting more agitated by the second and they won't be patient with him for even one month because of the biting inflation at the moment.

chrisooblog:
Honestly it beats me that we're still doing d**k measuring contests on top the same time wahala we're in. I would think Ghanaians would be more humble considering how their country's government have been defaulting on bond payments. Nigeria as bad as we currently are we pay our debts.

vaxx:
I understand you will fall back to population .

ProblemChild1:
I see, burst the bubble indeed. You don't know what's going on in Nigeria now. I swear you don't.

vaxx:
on what basis ?

An ordinary Ghanaian is under govt support. Health insurance, free education to the secondary level , A slightly higher minimum wages . So what grand of scheme are you looking at

vaxx:
like they say talk is cheap . For every little inched up in dollar price , it falls back directly to the masses pocket . The Orthodox medicine , the automobile product , even food are some giving example.


Even condom must be expensive in Nigeria now

vaxx:
strawmam argument, I dodged it


Open a space for it and let vaxx reply you, if you want vaxx opinion

predictor1:
If only Nigerians could do what the Kenyans did. Ruto did exactly the same things Tinubu did, removed subsidies, increased taxes, etc.
But Kenyans took to the street every Wednesday until Ruto caved in.

Celestialsword:
The Dollar is not the problem but reliance on foreign currencies for imports

Meksbig:
Came across her tiktok account and her ability with the ball is just mind-blowing. I always wondered why someone like her plays for Charlton and not a bigger club in England.

Seems she has embraced her Ghanaian heritage because she was in ghana in December for giving back to the community and now getting a callup to their team.

onegig:
A lot of you just talk without even reading up on things. Why are we so confident with spouting information when we do not have an understanding of it? Almost all countries have “exempt surplus” (“ES”) when it comes to funds repatriation to parent companies. Even some have extra level of taxes to discourage you moving such funds and keeping it local.

The only qualms I would have with this new CBN guidelines is the inconsistencies it creates in the markets. Businesses love stabilities in rules and regulations especially when it comes to finances. Cashflow is a big deal and lots do have multi year projects that such funds finance. To have such changed in such a short time the rules is just the only issue.

Yusufisraelj:
This will buy time for internal usage. 3 months no be play.

That 90 days gives green light not necessarily when you can send.

Meerahbel:
Thank you , but can we be more proactive than reactive in this country, before it happens we nip in the bud, Life has been lost

Paraman:
I wander why the Government don't want to import food on the short run... I don't just understand.

Kibbs:
If I may ask,

I've noticed for a while now that the likes of Roosa Ariyo and Zogg are no longer in contention

Why is that?

epainos:
Yes. Normally, govt should eradicate BDC. Those guys are the ones operating the black market and they work with banks. Govt is not serious. When they are, they will make commercial banks and some big players the only entity to exchange dollars...not those principalities called "bureau de change".

The real corruption is in banks. If banks can make maira scarce by not loading their ATMs aagainand using POS via money exchangers in the streets, then, they can do it to dollars too.

Govt knows what to do, but is not ready.

Just imagine the amount of money Wigwe the guy who died in a chopper crash accumulated. Look at his mansion. Lol. Cecilia Ibru did so many bad things in her bank in those days.
Erastus Agbola too destroyed so much. These bankers and major players like ex-Gen Danjuma, Dangote, Otedola, Adenuja, and many other billionaires are the reasons we are suffering. Na corruption.

They know what to do, but won't do it.

Naira is gonna crash further. And my prediction is that Bola Tinubu will be booted out of that seat soon. He will soon be disgraced if he doesn't sit tight.

mcbreeze:
Guessing work.
FG should work on our export. All this will stop

grandstar:
For the Naira to stop falling, the CBN should increase interest rates above that of inflation. That is global best practice.