oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this

Is called presidential powers and political will

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.

Meaning the dollar may hit the N1000 to $1 soon ?

oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this

They are the forces opposing before. Time is ripe, every right thinking now know the right thing to do. Propaganda doesn't work again.

Tinubu dey implement things we dey give people headache to understand

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.

How can one have millions in a naira account but can't spend when you travel out, some lunatic tells me I can only spend $100 monthly.

If you are waiting to spend dollars on your naira card, click the like button.... lol

President Tinubu has impressed me tremendously thus far. He is cleaning out a rotten system.

Godoverevery:


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

How did they factored them in?



Have our local FG owned refineries started operation?

Petrol import alone consumes more than 50% of Nigeria's FX. If we are still importing petrol, CBN will continue to run short of FX until we stop petrol importation completely and also boost our Agricultural sector to start exporting more.



More than 80% of containers that bring in goods into Nigeria go back to their country of origin or port of loading empty, its a sign of a dead national economy. We must regig and revamp our export, especially agro export which is the only thing we can export after crude oil to solve our FX shortage crises.




Failure to solve our low FX inflow while floating the USD to depend on free market demand and supply will only lead to uncontrolled crash of naira to maybe 1000 to 1 USD if not more in the coming weeks or months

BarrElChapo:


Meaning the dollar may hit the N1000 to $1 soon ?

Most definitely its headed that way if care isn't taken

grandstar:
Fantastic!
This has been long awaited! Long overdue!

I just hope the government can slash company tax to 12.5%. This could achieve the 10% yearly economic growth rate it seeks.

Even if it's 15% good, inclusive of the 2% education tax.

Oga consultant , sofferyna

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.

but tinubu released his manifesto before peter obi during the campaign and in his manifesto he promised to float the naira.
there is nothing like deceit here, he said he would do this during his campaign.

GOOD POLICY!!

Blackhacker:
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.

Mr. Big brain you just repeated what was said without explaining anything

For the first time, financial matters are left for finance experts.

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.

Subsidy removal will reduce the pressure on naira and pump more foreign earnings into the economy instead of paying some greedy fools as usual. This is a well planned out policy. I saw the analyst on arise TV today full of happiness and excitement enumerating the gains of this policy and even the executive with PHD in finance working with PWC also said the same on arise tv today .

Make una explain abeg too much sibberish

HappyPagan:
All these fuel price increase, dollar increase, igbo and loud price no change. To God be the glory.

This proves once again that Loud Sellers are the most Godly humans on earth

vastolord4:
Please who can interpret in plain english

Meaning exchange rate in this window will be determined by market players.

The CBN wants market forces to determine the exchange rate which will bring greater liquidity and stability

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.

Lol but you won't still get all those cheap CBN rate again na The rate wey ur bank give u that's what you will get which will be the same with the black market rate like all this online virtual Dollar card....

ofuonyebi:
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

You sound naive, is there any nation on the earth that doesn’t tie its money to the apron of the dollar ?

oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this

because he is a top notch accountant and also technocrat who want retire fine after presidency.

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 exactly what they just announced

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.

How can one have millions in a naira account but can't spend when you travel out, some lunatic tells me I can only spend $100 monthly.

If you are waiting to spend dollars on your naira card, click the like button.... lol

$100 or $20 ? Nevermind, you can’t even use your debit cards for foreign transactions. This is a good thing

tonytony208:


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

The koko.

Nice one


We sell anything materials

franchasofficia:
How did they factored them in?



Have our local FG owned refineries started operation?

Petrol import alone consumes more than 50% of Nigeria's FX. If we are still importing petrol, CBN will continue to run short of FX until we stop petrol importation completely and also boost our Agricultural sector to start exporting more.



More than 80% of containers that bring in goods into Nigeria go back to their country of origin or port of loading empty, its a sign of a dead national economy. We must regig and revamp our export, especially agro export which is the only thing we can export after crude oil to solve our FX shortage crises.




Failure to solve our low FX inflow while floating the USD to depend on free market demand and supply will only lead to uncontrolled crash of naira to maybe 1000 to 1 USD if not more in the coming weeks or months

what if it works out fine?? Will you take back this your doom predictions??

SERIOUS MATTER don arrive.......We no understand, we no understand....GO SCHOOL...mba. If na to rant about IPOB/ESN all of dem go begin form expert. Dem no dey gee una monthly 30K for CBN operations knowledge, na to disgrace una mama na papa on top IGBO HATE matter una sabi. Una go cry for dis Tinubu era....I pity the North. If any emir remain after 4 years.......from student loan policy, fuel price increase, cbn naira deregulation, open southern borders, ....Buhari should run o. The storm is coming. Peter Obi should just allow dis to play out, it is better for Igbo people to support the policies without catching any of the flak. Nobody can say Asiwaju is not brave -good start, more importantly, the SW is piping low in a way they would not if it were Peter Obi. It will be painful but I wish him well.

oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this

Lol, have you ever sit back and reason why he's been called Jagaban?. He's not a mere politician that they can Bleep with. He knows every loop holes, He's a Don politician. Corruption can only be fight successful by Corruption. Minus x Minus= +
I hope you get it now?

oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this

Because it's what most of the front line contenders plan to do so nobody get mouth and he is lucky to push it from the start, if he had wait any longer it would be hard to do. Beside we want a great nation, it comes at a cost.

oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this

I don't get. Is it a good thing or bad thing?

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

Oyibo man will put this writeup in the write perspectives, and everybody will understand it.
Education is not just about big grammar.

Just imagine, almost everyone here were asking for better clarification. And you called this edification.

vastolord4:
Please who can interpret in plain english

I don't want to be deceived with grammar... Can we now use our mastercards online?

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.

Me too. This policy will ensure that.

@ grandstar

Excellent case study on how to bamboozle the average Joe. Look at most of them candidly stating they're unable to understand the communique, clear as it is.

-Lord