All these policies on top 30k minimum wage. We are watching

Let me pretend I understand what they said.

accordadoga27:
Welcome to the new Nigeria - The giant of Africa.


We thank everyone who voted in BAT.

As for the ones who fell for the propaganda, una eyes don clear now just in two weeks.

They told us we would see shege under Ashiwaju’s administration (the best governor in the history of Nigeria) but the land will be filled with honey under one man who failed woefully as a governor in small Anambra and some people believed.


Tinubu is sick, he is push and start, how many times has he collapsed since he assumed office?

We thank everyone who believed in Ashiwaju. Together we shall sing a new song.

As for the ones who don’t want Ashiwaju to progress, ode to n so eledumare, ori e lo ma ku si

Ashiwaju is not their father’s father’s father’s mate.

We also thank those who didn't vote BAT

That is what democracy entails

If I say that I understood anything from this jargon, then I am the biggest liar in the world worthy of a place in the Guinness World Record.

slimthugchimee2:
Omoh the grammar here strong pass me
People wey no understand shishi gather here

Abeg person help me explain

I dey behind you abeg.

Metrofox:
una wan comot food from aboki mouth

They had 8 years of dollar freedom

References1:
OPERATIONAL CHANGES TO THE FOREIGN EXCHANGE MARKET

The Central Bank of Nigeria (CBN) wishes to inform all authorized dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange (FX) Market:

• Abolishment of segmentation_ All segments are now collapsed into the Investors and Exporters (I&E) window Applications for medicals. school fees. BTA/PTA, and SMEs would continue to be processed through deposit money banks

• Re-introduction of the "Willing Buyer, Willing Seller model at the I&E Window. Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017 and referenced FMD/DIR/CIR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window

• The operational rate for all government-related transactions shall be the weighted average rate of the preceding day's executed transactions at the I&E window, calculated to two (2) decimal places

• Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures. Limits on overbought positions shall be zero.


• Re-introduction of order-based two-way quotes, with bid-ask spread of Ni. All transactions shall be cleared by a Central Counter Party (CCP). • Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades.

• The operational hours of trades shall be from 9am to 4pm, Nigeria time

• Cessation of RT200 Rebate Scheme and the Naira4Dollar Remittance Scheme, with effect from 30 June 2023.

Further guidance on these matters shall be communicated in due course All market participants and the general public are kindly enjoined to abide by these rules.

Ange a re-Ejernbi, PhD Director, Financial Markets
14 June 2023

So, has this reduced naira dollar exchange rate? Ọ̀dẹ̀.

I swear majority of us don't understand this thing but I sha use scope carry am say e go be good thing

Na for this thread many nigerians no sabi

I don't care about all this till I can use my card to pay and buy what ever I want international the way it was before. Whether Google play or apple or any international online platform.

How would emiefele feel with all these changes happening 🤔

until you jokers at CBN stop tying the Naira to the apron of the US dollar...
i think all you are doing to Nigeria nation is a disservice...

you people in that house deliberately killed our Naira for your own ritual interests

A sheriff has come to search all you dirty saboteurs out

for days of glory to return to Nigeria

Nexterbread:
This is a welcome development

How is it a welcome development?

Slymonster:
I don't care about all this till I can use my card to pay and buy what ever I want international the way it was before. Whether Google play or apple or any international online platform.

That's what we are waiting for. They should let our cards breathe again.

Dialpad:
This is a good move, I know many are waiting to hear news of when we can start spending dollars on our naira cards.

If you are waiting, click the like button.... lol

Crypto next.

Seems the #5 for every $ will be affected.

Omo at this rate, tinubu's security should be tightened oOoOO.

franchasofficia:
A good start for now.


But guess where the problem is?


CBN doesn't have enough dollar to meet Nigerians' usd demand, remember we are an import dependent country.


What it means is that Nigeria doesn't earn enough FX through export to meet up with the dollar demand of Nigerians, which means many Nigerians will be going to Aboki for dollar and Aboki will be determining the rate based on demand of dollar for the day, and this will definitely lead to uncontrolled crash of Naira value against USD.



I commend Tinubu for this good dollar floating policy, but it would have been better done after putting certain things in place to ensure CBN earns or have enough dollar to supply to all banks to sell to Nigerians.



One of those things that would earn us more FX and also reduce our FX outflow is putting our local refineries in working condition and leasing them out to private entities to run for Nigeria to reduce importation of petrol which gulps most of our FX. While fixing the national refineries, Dangote's refinery will also be ready and both combined would solve our importation of petrol which consumes majority of Nigeria's FX.

And you think all what you listed they don't know and won't have factor it in before making this decision??

Let just wait and see for few weeks how it goes before panicking abeg

@samwillyco1
Too much financial grammar.


@me
Hahaha..... everybody's mouth don close. I enjoyed what I read but I will not explain. Let kids on this forum go and sleep for once.

Just tell me how an average market man/woman will understand this jagon?

It will push it higher, Naira will now be on free fall, technical devaluation

tonytony208:


So, has this reduced naira dollar exchange rate? Ọ̀dẹ̀.

lorbah001:
Seriously I am getting frightened by this pace...ah, BAT is outrunning even the supposed healthy clowns.

A better Nigeria is here and anyone wishing against her wellness will never succeed.

Hmmmmm!

It's just two weeks o!

Na 90 minutes football game dey last o!

It simply currency floating, supply and demand, market force. The central bank will not interfere and business will be done within 9am to 4pm. Though I prefer 8am to 5pm.

Crucialgem:
I swear majority of us don't understand this thing but I sha use scope carry am say e go be good thing

same here bro

slimthugchimee2:
Omoh the grammar here strong pass me
People wey no understand shishi gather here

Abeg person help me explain

Moniya4Real:
I bet only educated people can comprehend the technicalities of the content of this stuff. People that say education is a scam …. I am sorry o

Oga educated, explain.

malkomchris:
It will push it higher, Naira will now be on free fall, technical devaluation

Wow.

Thank you very much. This is very insightful[quote author=money121 post=123801339][/quote]

I don't understand jack of what I just read, can someone break it down for my comprehension pls.

Who is the next to be fired 🔥 ---- The Custom General.. that man should be kick out immediately

Ogene001:
Tinubu has destroyed abookis after deceiving them with Muslim/Muslim ticket and dancing in Kano. Peter Obi used to say these things but Tinubu was fooling around to deceive northerners when he had similar plans.

That's how to play politics.... Get the trophy first, by all means necessary....

Here is the what the news is all about for those of you with small brain:

CBN announces operational changes to the Nigerian FX Market: segmentation abolished, I&E window becomes the main segment. Willing Buyer, Willing Seller model reintroduced. Government-related transactions based on preceding day's I&E window rate. Prohibition of trading limits on oversold positions, permission to hedge short positions with OTC futures. Order-based two-way quotes reintroduced, cleared by a Central Counter Party. Order Book reintroduced for transparency. Trading hours from 9am to 4pm. RT200 Rebate Scheme and Naira4Dollar Remittance Scheme cease on June 30, 2023. Further guidance to be communicated. Participants urged to comply.

President Buhari finished Nigeria. He empowered too many cronies and I hope they are somehow made to vomit their loot.