Ogene001:

If you know what Ngige built within three years, yet he was kicked out

GoodGovernance:


Your use of English does not suggest you are more intelligent than others.

Anyway, the logic behind the floating of the Naira,is for it to attain its natural market value,whether high or low,such that CBN would no longer further deplete our forex reserves,defending the Naira from falling.


The depletion of the forex reserves was boosted by the fixed rate regime,because CBN was supplying forex from the reserves,to meet up with the excess demand.

But when you float the Naira, the excess demand for forex ,would be automatically curtailed on a daily basis,no need for CBN intervention.


The more productive and less import dependent the economy becomes,the lower the demand for forex and thus the higher the value of the Naira.

It is a marathon race and not a sprint.

BloomingDale:
So that newspaper was right afterall. Thunder fire Tinubu, fire CBN, fire Emefiele and fire that new Yoruba head.

KingKO22:
Asiwaju is our God sent



Naira might appreciate to 300 against dollars before December



Which of your grace would I deny


Thank you God for choosing Asiwaju for us

optimusprime2:

Are you currently observing the inflation trend?

forgiveness:
Magical Tinubu

Ogene001:

If you know what Ngige built within three years, yet he was kicked out

fayomim:


Go to the bank

Kenneth4u205:
yes black market rate . The average Nigerian on the street doesn't have access to CBN rate .

grandstar:
Very good.

I had predicted the Naira's true value would be between 600-700.

Anyway, I feel the CBN must reduce the Form M red tape. The CBN should also resume sale of Dollars to the BDC. This would bring down the differential between the official and black market rate. It would be excellent if the differential can be reduced to a 2 or 3% band at most.

grandstar:


The purpose of selling dollars to the BDC is to crash the rate there and bring it close to the bank rate, which would end round tripping.

If it's crashed, there will be little room for roundtripping.

The problem during Buhari's term in office was that he, Buhari himself dictated the exchange rates and not the CBN and Emefiele enabled him.

For instance, in 2021 when the official rate was 410 and black market rate was 480 or so, the BDCs were making huge profits.

If the CBN had floated the Naira then at the official rate, many speculated the official rate would have slid to around 460, reducing huge arbitrage profits for the BDC.

But rather than devalue, the CBN preferred to ban the sale of dollars to the BDCs and requested anyone who wanted dollars to approach the banks. This was a collosal mistake as the process of obtaining dollars from banks is bureaucratic while from the BDCs was instant. This led to a quick crash of the Naira at the black market as it was starved of forex.

Nicenixon:
and thunder fire you and your own generation.

theophorus:
Some of these moves will make some people become Poor but it will create some form of equity.

Notice the AbokiFx guys are not complaining but if na people from one region like that dem go say dem dey destroy their business begin claim Victim.

Biodun556:


Naira is not devalued

Dollar was scarce because Buhari fix the exchange rate

jesmond3945:
yea. Demand for imported goods will call. This will drive investment to make things locally. Nigeria is slowly becoming a full fledged capitalist country like usa.

Nonybb:
This man is making the 15,000 USD I have in my domiciliary account to be useless

Ogene001:

If you know what Ngige built within three years, yet he was kicked out

Kenneth4u205:
Keep on deceiving yourself. I bought dollar's for 761 Naira few minutes ago . The 664 rate you talking about only exist in theory book. But the physical reality on ground is 761 per dollar's

Alwaysachick:



How will this benefit the ordinary Nigerian, will cost of living reduce?

KingKO22:
Pandora Obituary should go and withdraw his case against Asiwaju with immediate effect bcs the good news of Asiwaju achievement within short period of time is overwhelming even the international communities that Buhari has visited will start visiting our action Daddy soon
You are a big fuul




Action Daddy no be thank you Daddy

.😀🤣😂

loswhite:
Educate yourself with the new policy. floating the naira will remove the need of black market. It means you can get the dollar from the bank at the prevailing rate.

Flets:


USD will exchange for 1000 naira in 2 months

loswhite:
Educate yourself with the new policy. floating the naira will remove the need of black market. It means you can get the dollar from the bank at the prevailing rate.

GreaterFuture:

Should this Become the case, Will CBN be supplying it at that 1000/$ rate?

optimusprime2:

I see where you are going bro.
Note that there are two main issues that will propel inflation further;

-1 The power sector: Local industries will still suffer the expense of production due to the supply of power, that is still directly related to oil and gas prices (generators). Cost price increase.

-2 Transport and logistics costs are still directly related to oil and gas prices and this affects the masses directly. Cost price increase.

As for the capitalism model, yes! you couldn't have said it any better. The only thing is that in capitalism, the poor will be obliterated literally and the poverty index in Nigeria, is just toooo high to risk going that direction of full fledged Capitalism.

jesmond3945:
yea. Demand for imported goods will call. This will drive investment to make things locally. Nigeria is slowly becoming a full fledged capitalist country like usa.

Nonybb:
This man is making the 15,000 USD I have in my domiciliary account to be useless

Kenneth4u205:
Keep on deceiving yourself. I bought dollar's for 761 Naira few minutes ago . The 664 rate you talking about only exist in theory book. But the physical reality on ground is 761 per dollar's