baralatie:

If you don't have dollars .is that not shortage of supply?
If you have limited supply against unrestricted demand ,what will happen?
So I am asking you again.how is the floating of the dollars not working?

sonnie10:


If the receiver would get the money at the same amount they got before the policy change, I don’t see why diasporas wouldn’t want to send.

Iyasaburi:


Igbos will do worse

PUSSYHOE:


Nigeria economy no dey inside ECONOMICS

Reference:
A rising dollar or falling local currency in normal productive economies brings relief to a certain degree because it makes exports more competitive and imports more expensive and thus less competitive. So a moderately rising dollar is something we should not abhor. Rather we should ride the tempestuous waves or headwinds of more expensive imported goods and services and start looking inwards.

Nigerian universities should be doing some thanksgiving for the share of the billion dollar offshore education industry because it costs a lot more to get a foreign education these days and a lot of folks are likely to cut short their studies abroad in the coming years for this reason.

Nigerian hospitals and medical professionals should be doing a jig and licking their lips in expectation of a share of the medical tourism pie.

And even our local religious camps and grounds should find solace when it costs a lot more to go on pilgrimage to the Middle east and Europe.

I cannot see any downsides here.
We either reform or go bust.
And this is where government should step up and act responsibly.
It should look at critical commodities, products and services we patronize out of an abundance of need and ACTIVELY promote their development and production here by either dragging foreigners kicking and screaming to invest here or by cultivating a new series of Dangotes, men and women of enterprise to do the business.

iwaeda:


https://www.vanguardngr.com/2023/06/forex-scarcity-persists-as-cbn-resumes-intervention/

ChybuzzDD:


The policy was encouraging many people to send more dollars back home so their relatives could get higher incentives.

I and my colleagues have been sending dollars every month to Nigeria since 2021 when it was put in place till this June, even when it wasn't necessary.

I don't think any of us will be doing that again, except for emergencies, which don't happen every month.

senatordave1:

Tinubu better pass obi

sonnie10:

It makes no difference. Then if you send $100 , the receivers gets it and changes at abk for 7300 (naira) . Now if you send the same amount, the receiver goes to the bank or abk and gets 7500 (naira).
So it makes no difference.

ChybuzzDD:


How did you arrive at this?
It's not true

See how it works:
There's 5 naira incentive for every $1 you send to Nigeria. So, if you send $5000, your relative in Nigeria withdraws the $5000 from the bank, gets a total incentive of 5x5000 =25,000naira.

He then proceeds to the black market to sell the $5000 at the prevailing rate which hasn't been lower than 750, except in early 2021.

As a result of this free 25k he receives, he encourages you to send more and you comply, just to ensure he gets more free money and stop disturbing you/stealing from your project money.


This is what i and many others have been doing since February 2021 when the policy was initiated, and i'm very sure it helped to increase the inflow into the country significantly.

mariahAngel:
Buhari really did irreparable damage to the Nigerian economy.

ChybuzzDD:


Floating is not working because[b] it has failed to crash the rate [/b] as the idiots who implemented ignorantly expected.

Floating shouldn't be there in the first place.

The right policies should be those that will help increase the supply and not those that will float it and allow the already high forces of demand to destroy it.

masseratti:
in a way.. A very good way.. It will.. Dollar cash on the street will never stop for hoarders.. If its transfers, they have no reason to hoard, it will be left strictly for genuine business transaction, the pressure on the dollar will go down, if we continue to have this useless currency traders in the street.. Our currency will never be stable, have you seen any black market in a stable develop country?
Ours is even worse, what goes up hardly comes down. The restrictions should stay, but it should be very easy to transfer dollar, simple.

mariahAngel:

Onye amuma, when again did you say we're getting back our mandate, because I'm beginning to doubt your amuma?