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CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate - Business (7) - Nairaland

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Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by JuanDeDios: 3:51pm On Jun 14, 2023
baralatie:

The price will not come down as long as you don't earn dollars.
The major dealer in dollars is the fg and the fg has its own dollar problems with the huge dollar debt the last government through on its neck.
And lack of dollar or deliberate withhold of dollar will always lead to speculative to drive the price lower.
Unless the fg has so much dollar largese to flood the market.
Then you have those import dollar bills
Of course. That's why in economics, they say "other things being equal". We're talking about the MANAGEMENT of our dollar stock. MAKING dollars is a different topic.
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by TheGoodJoe(m): 3:52pm On Jun 14, 2023
jackcanfield:
Sometimes the fact that we go to school doesn't mean we shouldn't think o, can we withstand the effects of floating the Naira after removing subsidy ... Please I don't want to be like I am against government policies, but floating currency requires data ,if we don't have data why we dey float currency.

We can, if we channel our private efforts to make money. Meaning, if we start exporting on a larger scale, we can enjoy floating.

MOVING FROM CONSUMPTION TO PRODUCTION.

We have to produce more.
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Nobody: 3:55pm On Jun 14, 2023
TheGoodJoe:


We can, if we channel our private efforts to make money. Meaning, if we start exporting on a larger scale, we can enjoy floating.

MOVING FROM CONSUMPTION TO PRODUCTION.

We have to produce more.
Without data you can export $1 trillion worth of goods and not know.

2 Likes

Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Basic123: 3:56pm On Jun 14, 2023
obailala:



OBI has always advocated for scrapping the multiple exchange rate and floating the Naira. Below is an OBI tweet from September last year.

@tinsel, Basic123... If you really want to know who the real idiots, fools and subhumans are, perhaps all you guys need do is look in the mirror.
Is this the manifesto?...or what his twitter handler just posted!

And what us the big deal if two students get a question right.

You children of hate should let the world rest with your wahala jare
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Nobody: 3:58pm On Jun 14, 2023
TheGoodJoe:


We can't keep up. The last government mortgaged everything. That is why I actually campaigned for Peter Obi (not trying to sound political), but we need someone who can make real hard choices to fix things.

We are using about 95% of our revenue to pay debts. No money to even run the government, let alone carryout schemes to make living easier. So all subsidies has to go, unfortunately, they are not ready to cut cost of governance, which must go.

You can't keep telling the citizens to endure while the government feeds large and loot large.

Me I am not interested in Baba Buhari regime, I can't change anything about it and I don't want to condemn Baba .I am more interested in Asiwaju of Nigeria solving the complex challenges we have.
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by nairalanda1(m): 3:59pm On Jun 14, 2023
If it stops roundtripping...good.

1 Like

Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by obailala(m): 4:02pm On Jun 14, 2023
Basic123:

Is this the manifesto?...or what his twitter handler just posted!

And what us the big deal if two students get a question right.

You children of hate should let the world rest with your wahala jare

Oga what are you talking about?... A person publicly screams the same idea over and over again, but in your bizarre logic and reasoning, he didnt say it cos I didnt show you a manifesto? What kind of reasoning is that?

What do you mean by saying 2 students can get a question right?... You and the fellows I quoted claimed OBI never said it, I took the pains to dig up and old tweet as proof yet this is the best reply you can vome up with?

3 Likes

Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by SKIBiNSKI(m): 4:04pm On Jun 14, 2023
How does all these rubbish put money in the pockets of or food on the tables of ordinary naigerians? undecided
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Basic123: 4:06pm On Jun 14, 2023
obailala:
Oga what are you talking about?... A person publicly screams the same idea over and over again, but in your bizarre logic and reasoning, he didnt say it cos I didnt show you a manifesto?
He said and so what is the big deal


So because of that other people copied from him.

Are you people brain working at all!


If answer to a question in 5,..it always be 5...if doesn't mean everyone that wrote 5 copied each other.by the way,single currency exchange channel has been the suggestions of all financial Pundits all this while!..just that buhari and your brother Emefiele failed to listen.

Enough of this you people baby attitude
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by JaskanFactor: 4:07pm On Jun 14, 2023
CodeTemplar:
yes.
Petrol subsidy is gone, education subsidy at tertiary level is gone, forex subsidy disguised as fixed rates too are gone.
That's what IMF and WB want for us but when you research the western countries and their welfare schemes, you will see they managed theirs well and sustained them when faced with abuse instead of scraping them. UK health insurance scheme is a good example of abused but well managed and sustained schemes.
Can our leaders think. We substituted a better scheme that drives production cost down for one that entails direct consumption. What a direction!

Its the same people that run UK that run nigeria and rest of the world,. So you can get the full picture of what the European racists that run nigeria are doing to black people worldwide.

there is no such thing as nigerian government, its still 100% colonial rule.

And they mean for us to have a hard time or just die.

2 Likes 1 Share

Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by pandax: 4:12pm On Jun 14, 2023
TheGoodJoe:


We can, if we channel our private efforts to make money. Meaning, if we start exporting on a larger scale, we can enjoy floating.

MOVING FROM CONSUMPTION TO PRODUCTION.

We have to produce more.

Why dont we go and get the author of your last statement as our president as opposed to reading his books
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by crismark(m): 4:15pm On Jun 14, 2023
Globad:


Exactly

Dollar hoarders will offload

Speculators will offload

Foreign investors will come in

Dey play.
See as dollar scarce die for here
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by JaskanFactor: 4:16pm On Jun 14, 2023
Ebubu2:
too late. If you go to buy naira now, banks will give it at same rate with black market, if you go black market, same thing.

So kukuma hold your naira. taking advantage of dollar or Dollar arbitrage is over

what am saying is that the black market price too is going to start going up more than before.
I hope am wrong, but then again, has anything ever changed for the better in Nigeria since our fake independence .
They only gave independence so that they wont be blamed for the damage they do with thier puppet leaders.

2 Likes 2 Shares

Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by sapele914(m): 4:20pm On Jun 14, 2023
Tntsi:
Dont be deceived by all these long grammar and paid media promotion gigs all to promote tinubu.
All these have no effect common man on the street.

All these noise being made are paid media promotions to deceive those that will be deceived.

There is a moral burden on tinubu that is too heavy. He did not win the people. He does not have the people's mandate. And so he and his team are bombing the media space with flashy stuffs that have no content.
Watch out for more and more media propabgandas and thrash in the name of one thing or the other.

Nobody who steals political power uses it for the good of the people.
Almijiri go & meet the Governor of your state or your local government chairman that is closest to you, & stop disturbing my president that is in the FCT.
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Cromagnon: 4:25pm On Jun 14, 2023
Globad:
Hope people can now see what is meant by purposeful and deliberate leadership

With this policy, more foreign exchange inflow will come in. Naira may depreciate in the short run but it will appreciate in the long run
it won't appreciate o but it will be steady and not cheese investors away
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Cromagnon: 4:26pm On Jun 14, 2023
Jorussia:
This should have been done a long time ago.
Three economic oddities that have bled this
country for the past 3 years are about to end.
Fuel subsidy,multiple corrupt fx,and hopefully
Organised crude oil theft that has made us
Lose billions of dollars are buried in first two months of PBAT administration. PMB really brought the standard of so low,that many people began to think that everybody in APC are idiots like buhari.I pray the Lord help PBAT
to achieve uncommon success in the economy and security of this country in Jesus name Amen.
2 months abi 2 weeks
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Lush100(m): 4:27pm On Jun 14, 2023
9jaRealist:


Most nations subsidize PRODUCTION, not consumption (as we do in Nigeria)…
When price of imports rise, we ideally should become LESS “import dependent” and turn to local substitutes and/or inputs.

Furthermore, not quite sure what “income” you’re referring to?
Dangote’s earnings from, and exports to, other countries are repatriated in dollars (which should translate to MORE Naira).

Tinubu may well be a Drug Baron…
But this seems at first blush the BEST forex policy (no policy is perfect) for Nigeria, and hopefully his successor continues it. wink
>
.

Dollar for hajj, dollar for pilgrimage , etc.
That one should go.
But when u say subsidize consumption,
The impact of subsidizing the fx for importation raw material of which is part of production cost is subsidizing production.
That is because we are Import dependent.
I am not here to discuss who is a drug baron or not,

I'm talking of macro economic policy for the general wellbeing of the Nigerian economy.
U will not understand the implications of Dangote and the sister NNPC being privately owned and insitu in many countries.
I hope u know a lot of politicians are equity holders both in Dangote and NNPC.
If u think the whole fx will enter Nigeria,. Well.
Let see as it unfolds
Regards
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by OfoIgbo: 4:33pm On Jun 14, 2023
LegendHero:


I heard Tinubu and Obi of Onitsha the Igwe warrant chief are trying to buy the Onitsha palace and turn it to a drug den. Is it true?

Could it be that Tinubu and Obi of Onitsha is the main cause of thousands of Yebow youth scattered across prisons in Asia?

How Obi wan take get policy when the lunatic dosen’t even have a manifesto until when he saw Tinubu released his own?

Even when they were both governors, we can point to transformational policy that can be linked to Tinubu that other states copied but no one can talk of any policy from Obi the lunatic when he governed Anambla that other state copied.

Ojuku of cursed memory will be turning in his grave now when he say how disgraceful Obiwhisky supporters are trying so hard to claim Tinubu policies.

Obi that coward. If he had removed subsidy, the nation would have been grounded by now. He will probably be crying on TV with his womanly voice.

I am happy Tinubu is copying Obi's proposals, and seems to have abandoned his earlier proposal of feeding agbado to 50 million youths he will conscript into the army.

Peter Obi still outshone both Tinubu and Fashola in the five developmental areas that governors ought to be judged by. This is something you cannot take away from Obi.

Tinubu did not win his state Osun, Tinubu did not win Lagos. Tinubu did not win any of the KKK states. So how on earth did Tinubu get nearly two million votes more than the person they awarded the second place? Where did his votes come from.
He was clearly rejected by his people of Osun state, and Lagos state wher he set up his drug empire

Tinubu will have to explain, how in a FOUR HORSE RACE, where he did not win any of the major vote-bearing states, he still managed to "win" overwhelmingly.

But I am happy he is copying Peter Obi's policies though. I have nothing against him for doing that. It simply means he recognizes that Obi's policies are vastly superior to his Agbado policies
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Godgeteye: 4:40pm On Jun 14, 2023
Please unblock our Master card that is most important thing and stop this family business you people are doing with Nigeria. I should go and open a dollar account.that mean that I should see your brother when I want to buy things from aliexpess installed of my bank thanks.
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by viodemus: 4:52pm On Jun 14, 2023
I am trying hard to look for a good thing to commend him for, even after continuous daily failures, month 1 never finish, but he has already accumulated a competing Buhari 8 years failure.



I disagree with this policy like many other signings he has done so far, this would have been a good policy like others, but as usual no foresight, or is it a sinister way to move money for personal gains?

There is a reason that those before him, didn't succeed in these kinds of policy. You have to have a foundation to withstand these types of things. Manufacturing foundation, agricultural foundation, secure and enabling environment, an educated populace. You cannot cook a serious rice and stew in 3 mins like noodles wey you no customize. There is something called due diligence. Even Buhari wey dey score 2 for test, learnt that.

Is when it gets to 2000 per dollar/pounds/yuan . Sillybu is the laziest leader in the world so far. He puts too much personal sinister thought to his actions. Soon he will find a way to make 10000 naira and 100000 naira notes, for easy stealing. They brought him the idea, he saw how it will benefit him, and soon, he would throw a couple of parties for the signing. He has no idea how to run anything, even apc he couldn't run successfully.

3 Likes

Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Fearyourcreator: 5:13pm On Jun 14, 2023
Tntsi:
Dont be deceived by all these long grammar and paid media promotion gigs all to promote tinubu.
All these have no effect common man on the street.

All these noise being made are paid media promotions to deceive those that will be deceived.

There is a moral burden on tinubu that is too heavy. He did not win the people. He does not have the people's mandate. And so he and his team are bombing the media space with flashy stuffs that have no content.
Watch out for more and more media propabgandas and thrash in the name of one thing or the other.

Nobody who steals political power uses it for the good of the people.
Igbos are constituting nuisance of NL... Ori oyin ti baje
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by LegendHero(m): 5:17pm On Jun 14, 2023
OfoIgbo:


I am happy Tinubu is copying Obi's proposals, and seems to have abandoned his earlier proposal of feeding agbado to 50 million youths he will conscript into the army.

Peter Obi still outshone both Tinubu and Fashola in the five developmental areas that governors ought to be judged by. This is something you cannot take away from Obi.

Tinubu did not win his state Osun, Tinubu did not win Lagos. Tinubu did not win any of the KKK states. So how on earth did Tinubu get nearly two million votes more than the person they awarded the second place? Where did his votes come from.
He was clearly rejected by his people of Osun state, and Lagos state wher he set up his drug empire

Tinubu will have to explain, how in a FOUR HORSE RACE, where he did not win any of the major vote-bearing states, he still managed to "win" overwhelmingly.

But I am happy he is copying Peter Obi's policies though. I have nothing against him for doing that. It simply means he recognizes that Obi's policies are vastly superior to his Agbado policies

Lol Wetin we talk, Wetin this one dey reply with.

Who first released manifesto? No be Tinubu Abi Obi of Onitsha don dey give you drug overdose too?

@the bolded, mention one transformative policy that Peter Obi birthed when he was governor that other states are copying now. If you divert again it means you’re a coward.

Tinubu do not need to explain anything to losers. All though your Yebow ancestor history, you have never won any national election and never even came second. Azikiwe carried third through the ballot all his life behind Awolowo, Ojuku came distant last, Obi Pandoraa came third.

So why should Tinubu explain anything to Peter Obi who come from ancestors of second runner up? He came third in the election just as his third class degree. Loser loser loser.

They should tell Obi of Onitsha to vacate his palace and come and learn how to win election from MC Oluomo. That Eze Kirikiri wey we lock for prison go soon get deported so he can explain Wetin him eye see for his people in upper Iweka about how to govern a sane space.

1 Like

Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Asswipemod: 5:18pm On Jun 14, 2023
Tntsi:
Dont be deceived by all these long grammar and paid media promotion gigs all to promote tinubu.
All these have no effect common man on the street.

All these noise being made are paid media promotions to deceive those that will be deceived.

There is a moral burden on tinubu that is too heavy. He did not win the people. He does not have the people's mandate. And so he and his team are bombing the media space with flashy stuffs that have no content.
Watch out for more and more media propabgandas and thrash in the name of one thing or the other.

Nobody who steals political power uses it for the good of the people.

Wailer Ranks. You will just kee yasef with 😫😫😫😫.

Meanwhile, Wailer Banton is not finding this funny.
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Bigcola(m): 5:31pm On Jun 14, 2023
why are you so bitter and pained, cry and wail till 2031,BAT will still be your president in these years.
Tntsi:
Dont be deceived by all these long grammar and paid media promotion gigs all to promote tinubu.
All these have no effect common man on the street.

All these noise being made are paid media promotions to deceive those that will be deceived.

There is a moral burden on tinubu that is too heavy. He did not win the people. He does not have the people's mandate. And so he and his team are bombing the media space with flashy stuffs that have no content.
Watch out for more and more media propabgandas and thrash in the name of one thing or the other.

Nobody who steals political power uses it for the good of the people.

1 Like

Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Segzy19: 5:37pm On Jun 14, 2023
Eyah! Pele o....


Tntsi:
Dont be deceived by all these long grammar and paid media promotion gigs all to promote tinubu.
All these have no effect common man on the street.

All these noise being made are paid media promotions to deceive those that will be deceived.

There is a moral burden on tinubu that is too heavy. He did not win the people. He does not have the people's mandate. And so he and his team are bombing the media space with flashy stuffs that have no content.
Watch out for more and more media propabgandas and thrash in the name of one thing or the other.

Nobody who steals political power uses it for the good of the people.
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by skj1377(m): 5:39pm On Jun 14, 2023
Imported petrol will become unaffordable. Like N1200 per litre
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by obi2eze: 6:07pm On Jun 14, 2023
9jatriot:
Hmmm, I was one of those who always opposed the free float because I felt we were not earning enough, but this your reason sounds sensible. I know FPI avoided Meffy and his voodoo policies because they could not repatriate money.

Anyway, we'll see
Agbado people are so deceptive and lack reasoning.
Naira will never appreciate as long as what caused it to depreciate in the first place isn't tackled. Is Nigeria not an import-based economy? What does Nigeria produce locally that's exported? Is Nigeria economically stable without imports? If you have the right answers to these questions then you can tell the future of the naira.

1 Like

Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by obi2eze: 6:09pm On Jun 14, 2023
Globad:
Hope people can now see what is meant by purposeful and deliberate leadership

With this policy, more foreign exchange inflow will come in. Naira may depreciate in the short run but it will appreciate in the long run

Big lie. This policy is a bad one. Nigerian economy is import-based so there will be more demand for foreign currency. You guys have been running this deceptive propaganda to delude the gullible. Naira will never appreciate with this useless policy.
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by occfx: 6:12pm On Jun 14, 2023
vannessa7:


It was Peter Obi that made Tinubu to perform wonders in Lagos state, better think of another storyline.

Which Lagos... Is it tinubu that made Abuja wonders too? You guys are gullible
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by obailala(m): 6:14pm On Jun 14, 2023
Basic123:

He said and so what is the big deal


So because of that other people copied from him.

Are you people brain working at all!


If answer to a question in 5,..it always be 5...if doesn't mean everyone that wrote 5 copied each other.by the way,single currency exchange channel has been the suggestions of all financial Pundits all this while!..just that buhari and your brother Emefiele failed to listen.

Enough of this you people baby attitude
You're the person who really should be asked that bolded question. Is your brain working at all?

I didnt mention anywhere whether anybody copied anybody; I'm not interested in that pointless line of discussion. The only reason I quoted you was because you inferrred that Peter OBI never denounced the multiple exchange rate system. I provided a tweet evidence to back my point that OBI indeed had always condemned the multiple exchange rates. Only for you to dismiss my claim by saying "a tweet wasnt a manifesto". How can a person with a functional brain say that? undecided
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by vannessa7(f): 6:17pm On Jun 14, 2023
occfx:


Which Lagos... Is it tinubu that made Abuja wonders too? You guys are gullible


Nay sayer, read:

https://www.nairaland.com/7176682/tinubus-achievements-lagos-governor

Abuja is a modern day inspired capital city while Lagos is an old one, we witnessed Tinubu transformation work live.

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