₦airaland Forum

domDva:
https://dailytrust.com/exclusive-cbn-devalues-naira-to-630-1/

This country is gone... Rippling effect of poor economic and monetary policies. SPITS....!

sonnie10:
This is rubbish, black market is hitting 900 by tomorrow
Who will bet?

abeg no spoil our business o. In aboki voice "customer da da ni."

Few days ago, someone said , “hope the new refinery would sell US dollars at a good price to the CBN” and we thought it was a joke
Yet again another government policy making it favorable for the refinery to sell dollar at almost the same price with the parallel market.
Meaning more money to the owner and a push up the Forbes ladder.

Selfmotivated:
This country is gone... Rippling effect of poor economic and monetary policies. SPITS....!

abeg no spit on me o

domDva:
BAT is not here to smile, one thing you cannot take away from him is his capacity to take tough decisions, something that Buhari completely lacked.

These tough decisions are double edged, they can fail woefully. It's a gamble, if they fail, his presidency won't even reach 4 years. The entire country will be thrown into a very serious chaos.

Civetcat:
This is exactly one of obasanjo’s first move when he came to power . Tinubu is ticking along nicely. He is front loading all the shocks and the pain will be unbearable at first . But handled properly ,Nigerians will reap all the benefits.
The funny thing is that Nigerian were already paying a higher price for over 10 years .
My advice for Tinubu’s communications team is that they are not doing their job properly.Nigeria is not Lagos where you have a large professional class who understand the vagaries of economics. Even Lagos is full of dimwits.
There is a need to communicate policies, the reason for , the effects and its potential benefits directly to the populace.Go to the hinterland and market squares . Communicate directly with the people .
Get their buy ins . Look for quick easy wins . FVCK palliatives . Use that money and import 50000 cheap tractors from china and distribute them to farmers cooperatives.
Get enough railway rolling stocks on the train lines ASAP and build agriculture transportation and distribution hubs around the lines .
This can be achieved within 12 months . Tell those useless flyover, event center and street light building governors to invest state funds in areas of competitive advantage. For most , it is agriculture.
Absolutely ignore all those so called Harvard agricultural experts who have never stepped on a farm for one day in their lives with their yeye “cooking pot” and “telephone for farmers”programs of the past . Face the reality on the ground and not some half baked classroom theories.

You get brain! That's what I'm talking about. We have very large arable lands. With thousands of tractors, it will crash prices of food, reduce unemployment, boost exports, stabilise Naira, increase GDP etc.

Mynd44:
Hopefully, it leads to availability

We pray it leads to easiness for all Nigerians.
The queues are practically gone after the increment and the reconciliation.
Ogudu NNPC that was literally a no go area yesterday is without any queue this morning.Praises to the Merciful.
We pray He eases everything for Nigeria and Nigerians at home and abroad.

domDva:
BAT is not here to smile, one thing you cannot take away from him is his capacity to take tough decisions, something that Buhari completely lacked.

Batman The news is false.. Wait for official statement from CBN soon.

emerged01:
I think no effect,there wont be need to withdraw your dollar to exchange in the hands of Abokis. Every transaction will be done in the bank when you know that exchange rate is the same in the hands of Aboki.

Do banks have enough dollars for everybody?
Can banks give you $10K? Aboki will give you

It is very very difficult to remove aboki from the business, besides the banks are also the Aboki in disguise, it is a huge business

emerged01:
Unifying the exchange rate go spoil business for Abokis o. Because there wont be need to patronise them when you can easily convert your dollar to naira online and transferring it to your bank account without losing kobo.

It will not work.

You can't have USD in banks like that. Na parallel market e go still dey, with high price.


Expect 1000/1$

sonnie10:
Few days ago, someone said , “hope the new refinery would sell US dollars at a good price to the CBN” and we thought it was a joke
Yet again another government policy making it favorable for the refinery to sell dollar at almost the same price with the parallel market.
Meaning more money to the owner and a push up the Forbes ladder.

Dangote is going to have his fortune double at least once the refinery starts functioning fully, he wil issue an IPO and be using it to cash out. His fortunes will reach at least 60 billion dollars.

We are hitting the ground running

HacheNoire:
When Asiwaju was meeting with the likes of Elumelu, Otedola, and different business moguls, I knew he already had his planned mapped out!

Every move Asiwaju is making has been pre planned before inauguration.

Elumelu should be appointed as the CBN governor,Emefailure should not be retrained.

HacheNoire:
When Asiwaju was meeting with the likes of Elumelu, Otedola, and different business moguls, I knew he already had his planned mapped out!

Every move Asiwaju is making has been pre planned before inauguration.

This president is a SAY AND DO person.

RepoMan007:
Double subsidy removal in action. Next is inflation of commodities and the cry of the masses, then comes a massive paradigm shift in how business run.

Were never gonna be easy decisions no matter how I look at it.

GREATIGB0MAN:
Rushing to Binanace RN

make my funds the intact o

Omo binance rate go down o

solacong:
Do banks have enough dollars for everybody?
Can banks give you $10K? Aboki will give you

It is very very difficult to remove aboki from the business, besides the banks are also the Aboki in disguise, it is a huge business

The banks are the ones doing the round triping themselves. But once the official rate is devalued to say 700 naira ro a dollar the black market rate will also drop and the business won't be attractive anymore.

emmachukwu99:
It will not work.

You can't have USD in banks like that. Na parallel market e go still dey, with high price.


Expect 1000/1$

But I heard parallel market has been gaining this week though.

justmi1:
Are infrastructures built in a day or without finding mechanism to save money going to the pockets of few? There are short term policies and long-term planning. Don't just comment, not a must to comment; save your data.

Don't think you are smart and others dont know what they are saying . Save your data also and be humble

Don't even sound like Nigeria is just starting up today

coputa:
Elumelu should be appointed as the CBN governor,Emefailure should not be retrained.

Elumelu?? Nah.

Civetcat:
This is exactly one of obasanjo’s first move when he came to power . Tinubu is ticking along nicely. He is front loading all the shocks and the pain will be unbearable at first . But handled properly ,Nigerians will reap all the benefits.
The funny thing is that Nigerian were already paying a higher price for over 10 years .
My advice for Tinubu’s communications team is that they are not doing their job properly.Nigeria is not Lagos where you have a large professional class who understand the vagaries of economics. Even Lagos is full of dimwits.
There is a need to communicate policies, the reason for , the effects and its potential benefits directly to the populace.Go to the hinterland and market squares . Communicate directly with the people .
Get their buy ins . Look for quick easy wins . FVCK palliatives . Use that money and import 50000 cheap tractors from china and distribute them to farmers cooperatives.
Get enough railway rolling stocks on the train lines ASAP and build agriculture transportation and distribution hubs around the lines .
This can be achieved within 12 months . Tell those useless flyover, event center and street light building governors to invest state funds in areas of competitive advantage. For most , it is agriculture.
Absolutely ignore all those so called Harvard agricultural experts who have never stepped on a farm for one day in their lives with their yeye “cooking pot” and “telephone for farmers”programs of the past . Face the reality on the ground and not some half baked classroom theories.

God bless you for this comment.

Same thing Buhari did when he came to power, allowing Naira float from 200 to .........

Let us see where this takes us.

Mynd44:
Nigeria has never had an experienced politician and economist driven President.

What is happening now is a president who knows some economics and has the political clout to get his work done. But all these is the presidential push.

Lets see what happens when those whose pockets will be affected will pushback. Will the government fold? That is where his political experience might be needed

Apt.

These 2 steps are in order, but there will be negotiations to stabilize the values on these steps to the their default benchmarks.

Next step should be decentralization of the Police System into State Police Departments, then followed by Resources Control by Federating units.

These last two steps will escalate growth and tighten security.

Civetcat:
This is exactly one of obasanjo’s first move when he came to power . Tinubu is ticking along nicely. He is front loading all the shocks and the pain will be unbearable at first . But handled properly ,Nigerians will reap all the benefits.
The funny thing is that Nigerian were already paying a higher price for over 10 years .
My advice for Tinubu’s communications team is that they are not doing their job properly.Nigeria is not Lagos where you have a large professional class who understand the vagaries of economics. Even Lagos is full of dimwits.
There is a need to communicate policies, the reason for , the effects and its potential benefits directly to the populace.Go to the hinterland and market squares . Communicate directly with the people .
Get their buy ins . Look for quick easy wins . FVCK palliatives . Use that money and import 50000 cheap tractors from china and distribute them to farmers cooperatives.
Get enough railway rolling stocks on the train lines ASAP and build agriculture transportation and distribution hubs around the lines .
This can be achieved within 12 months . Tell those useless flyover, event center and street light building governors to invest state funds in areas of competitive advantage. For most , it is agriculture.
Absolutely ignore all those so called Harvard agricultural experts who have never stepped on a farm for one day in their lives with their yeye “cooking pot” and “telephone for farmers”programs of the past . Face the reality on the ground and not some half baked classroom theories.

This comment is Point and kill, nothing to add. You nailed it bro.

Jesus!!!

Civetcat:
This is exactly one of obasanjo’s first move when he came to power . Tinubu is ticking along nicely. He is front loading all the shocks and the pain will be unbearable at first . But handled properly ,Nigerians will reap all the benefits.
The funny thing is that Nigerian were already paying a higher price for over 10 years .
My advice for Tinubu’s communications team is that they are not doing their job properly.Nigeria is not Lagos where you have a large professional class who understand the vagaries of economics. Even Lagos is full of dimwits.
There is a need to communicate policies, the reason for , the effects and its potential benefits directly to the populace.Go to the hinterland and market squares . Communicate directly with the people .
Get their buy ins . Look for quick easy wins . FVCK palliatives . Use that money and import 50000 cheap tractors from china and distribute them to farmers cooperatives.
Get enough railway rolling stocks on the train lines ASAP and build agriculture transportation and distribution hubs around the lines .
This can be achieved within 12 months . Tell those useless flyover, event center and street light building governors to invest state funds in areas of competitive advantage. For most , it is agriculture.
Absolutely ignore all those so called Harvard agricultural experts who have never stepped on a farm for one day in their lives with their yeye “cooking pot” and “telephone for farmers”programs of the past . Face the reality on the ground and not some half baked classroom theories.

On point

nairalanda1:
I'm looking at how this government would diversify the economy so that we can make more dollars for a stronger naira.

As for the exchange rate....while I am not sure about unifying it or bringing the official closer to the black market, if it reduces round tripping, good.

For real...people built mansions on this round tripping thing. If this move stops that, that would be a welcome development.

nairalanda1:
I'm looking at how this government would diversify the economy so that we can make more dollars for a stronger naira.

As for the exchange rate....while I am not sure about unifying it or bringing the official closer to the black market, if it reduces round tripping, good.

It will most definitely.

Those who do it should look for another source of income. It have do

Omoawoke:
Subsidy has been causing problem back to back, subsidy today subsidy tomorrow. Fuel scarcity today, fuel scarcity tomorrow. Subsidy issue has been a pain in the ass, a distraction…. So taking it out and let everybody eyes clear is a good way to go

See a better method below

I still don't understand this forex this and forex that in the Nigerian economy.

Why not eliminate BDCs entirely?

Why would anyone operate a bank account in another currency except Naira?

The common sense process would have been , if you want to pay your kids school fees, your suppliers in China, medical expenses etc..

You walk into your bank and complete the necessary protocols.. the bank tells you officla rate is 460 naira per dollar so if you want to send $10,000 overseas, your bank will deduct 4.6m from your account plus charges and send the money to wherever you need them. So it is not like your local bank sends the physical cash to the bank overseas.

But the system we operate currently. We have to go and source dollar from BDC and buy it at black market rate then bring the physical cash to the bank and deposit to effect our overseas transfer..

But when you go to the bank to withdraw dollar they tell you they don't have any dollar and direct you to BDC guys..

I find this very disturbing... and strange..

domDva:
BAT is not here to smile, one thing you cannot take away from him is his capacity to take tough decisions, something that Buhari completely lacked.

We are in it TOGETHER