₦airaland Forum

Ban crypto, ban aboki bureau de change, ban binance, all these places are where Nigerians hoard dollars.

BDC operators full Eko hotel, VGC, ikota shopping complex, hanging around every nook and cranny of the Lekki corridor, they even stand outside banks.

Floating of the naira is ill timed, our currency is weak, we don't export, no demand for naira, how will the naira appreciate?

Rescind this floating of naira now, support the naira, the economy booms, government makes more VAT and taxes.

Good, we can't allow a few greedy people enrich themselves on the detriment of our collective economic growth, and threat of economic disaster and social unrest. Government must do everything to bring down this value of the dollar.

please currency hoarders I know everyone wants to make a profit, but sabotaging your nation's economy to make a quick buck, is evil.

I agree, critical times call for critical actions, but can Tinubu do what's best for Nigeria, does he have the will to do good by Nigeria and Nigerians?

Okay more investment with public funds, but we hear NNPCL has not remitted nothing despite billions of public funds investment...the way public officials run public investment like private business in Nigeria is criminal.

Floating of the naira is a disaster, when Nigerians are hoarding and we are still dependent on dollars for all our imports...ill timed. You can only float naira when you don't depend solely on dollars for imports and produce enough for your local market. This floating is a disaster.

weak FG...no plans or will to change things. if you people cant find solutions, resign.

You know about almajiri but you and your religious leaders won't stop the wasteful culture and breeding of willing recruits to terrorists.

Tinubu is either scared of some people or he loves them too much to the detriment of Nigeria. Currency hoarders are making a mockery of your government, you are forming liberal, and don't want to take action.

Everytime pictures, but no development.

Floating of the naira will destroy Nigeria, ill timed move. The naira can not compete, so why float it?

I wonder the type of economic advisers we have...they are opting to destroy the home economy to impress IMF and world bank. Stooges

It's better to defend the naira against dollar, when prices are low, there is high demand and more businesses comes up, government makes more VAT, this can compensate for what is uses to defend naira...till we produce enough and discard dollars, since they can't approach BRICS or look for nations we can trade with, with our local currency.

Dear Nigerians hoarding dollars, in the long run, the economy will shrink, you won't gain at the end, low patronage for your business, high costs of everything you buy. By hoarding dollars for profit, you are being myopic, you will still spend those dollars on the expensive rates of everything and there is the threat of chaos and uprisings it can trigger due to the poor's inability to afford food. Nigerians think, why do we act so strange, no where in the world do citizens hoard dollars that is meant to fund imports and pay for international services etc...you hoarders are a big part of the problem of this astronomical increase in dollar rate against naira, this is what is fueling high costs of everything.

This floating of naira is a disaster, our demand for dollars keep increasing, the value over naira will keep increasing.

nairalanda1:
Currency swap is borrowing by another name.

We tried it under buhari. It did not work.

Currency swap is not borrowing if you don't know something ask, currency swap is exactly how it sounds... swapping of currency to pay for imports, exchanging national currencies instead of going to buy dollar to pay for imports. You Nigerians indeed enjoy enslavement...and most of you are dull, I thought I was talking with an intelligent person.

Currency swap is borrowing

Oga stop talking like a kid. Currency swap is exactly as it indicates currency exchange. You won't get another response from me, I dont banter with clueless people.

nairalanda1:
So we borrow more money then?

Because that is what you are advocating.

There is no miracle that would enable us to earn more forex to buffer the naira in a short period of time other than borrowing.

You didn't read the part about currency swap alternative, to reduce our demand for dollars to make payments for imports?

Read to assimilate before asking questions.

Borrowing is not bad as long as the borrowed money is well used, to enhance economy and standards of living, America today owes over 20trillion dollars to creditors.

The most important thing to do now, is the currency swap deal. We need solutions on this problem otherwise it will lead Nigeria to the abyss...stop asking me questions like you can't feel what is presently happening in Nigeria.

Who is your daddy

MT:
So tell me, what exactly are you selling apart from crude oil that is bringing in dollars for Nigeria?

We need dollars because we use it for trade, to order imports... imagine we do currency swap agreement with China, and buy 50% of all our imports from china, this will reduce our need for dollars drastically, and bring down the value. The reason dollar keeps getting high over naira is because of the demand for dollars, mainly to pay for imports...plus of course, this hoarding of dollars by Nigerians hoping it increases so they sell higher.

The key is looking for alternative to dollar, in paying for imports. It is not by force that we buy from all the nations of the world, we must buy from where pays us.

nairalanda1:
SO, where is he going to find the money to defend the naira.

With debt servicing being as high as 100% of our income, and effective forex reserves at 4 billion.?

Oga, I don't like tinubu, and I wish he was not voted in, but these things were facing us on May 29, 2023. Unless we have to borrow from IMF , whch you won't like.

But would you rather the hyper cost pull inflation continue due to high dollar rate, this might ground our informal sector, as people won't be able to demand anything again, this is how the vicious circle sets in. If he won't rescind naira floating, let him seek trade partners we can swap currencies with, to pay for imports. This is not rocket science, South Africa joined BRICS to remove itself from dollar domination on international trade system. We must do what works for Nigeria.

I heard one time, China is saying they are ready to do currency swap with us. Why is Tinubu scared of going in that direction?

I said it's ill timed, because before floating a nation's currency you must ensure you can compete with the dollar,.or seek alternative mode of paying for imports...

The floating of the naira is a bad idea, I wonder what the president hopes to achieve by floating naira. Ill advice, this dollar floating will destroy Tinubu's reputation, destroy Nigeria and our economy. Mr President policies are for the good of the people, stop following IMF dictates and advice they are all about their interest, all those envoys coming to Nigeria from USA and UK are coming here to preserve their interest which is killing our economy. Stop trying to impress IMF and foreign bodies. Nigeria can survive on it's own selling to itself, we can work with Asia and other African nations, we don't need the West, they need us.

President Tinubu rescind the naira floating.

Stop trying to impress IMF while Nigeria dies. If Nigerians are empowered, we will invest, build this nation and produce things we use, this floating is ill timed.

I agree with atiku on this, this naira floating is a bad decision at this time. Naira can't compete with dollars, if you want to float naira, at least strengthen it first, by selling crude and exports in naira, by reducing need for dollars to import etc...I wonder why all the technocrats and well read people he appointed don't know this.

Tinubu should rescind this decision to float naira, if a policy is not favorable you change it.

STEWpid:
Chai..



Oppositions role in engineering their party followers to constantly abuse and smear the image of those in power using social media is the cause of denting Nigeria's image globally.

While they're fighting and insulting their rivals in power, little they know that they're actually destroying the status and reputation of Nigeria as a country globally.

And the obidients clowns forget they suffer the consequences too, because they carry the Nigerian passport.

Tell the haters, especially those that call themselves obidients...they don't know they do themselves.

How can a senator be talking like this...charge him according to the constitution.

White men are freaks, can she keep up...they are all about kinky sex.

Obaseki Benin is not the only area in Edo state.

successmatters:
My brother, if I shut the doors of my shop, hunger will wire you mercilessly.

See senseless talk, please close it... criminals need to have their shop sealed and prosecuted.

Realtruth2023:
Oga stop being stupid and face reality. The hardship being experienced is not because of hoarding it is clearly because of the misnomer policies enacted by this government. Make una fear God abeg.

hoarders are part of the economic problems. mr hoarder and exploiter of nigerians, you will be prosecuted.

successmatters:
Protecting who?

Protecting buyers and allowing sellers to lose, you know how badly its will end. All Nigerians should be protected, buyers and sellers alike.

You are a seller, you are angry the consumer protections board is enforcing it's mandate. You better stick to proper practices or close shop.

Let consumer protections board, do it's work. Seems you are one of those hoarding goods and creating artificial scarcity, economic saboteurs will be prosecuted.

Remove dollar monopoly on our imports, Nigeria should firm trade organizations with nations that we have trade relationship with, so we pay in naira and receive their local currencies. Reduce cost of governance, reduce allowances of political office holders, appointees etc. State police is critical, give more power to states to create more laws to secure their states.