BOSSkesh:
All the saboteurs of our economy will face the wrath of tinubu and Allah

Spxz:
Hate to be tribalistic but mehn I blame yorubas and northerners they have finished us. Especially the yorubas na them foist this calamity on Nigeria

lightwind:
What is really the cause of this ?

kushe:


Quit for who now ?
Pls tell me who can fix this country at this point.
Zimbabwe
Venezuela
Argentina
Lebanon
Bangladesh
Nigeria
Children of the same mother and father.

grandstar:
The CBN has to increase interest rates to a level it can start slaying inflation. If done, the Naira would become stronger. I won't be surprised if it hits about 800.

However, it's as though Tinubu is worried that any steep rate rise lest it tilts the economy into a recession. This is inescapable.

With a stronger Naira and lower inflation, the positive effect would outweigh the any recession or downturn it brings.

Cheaper prices are like a God send.

The CBN needs to open up to how much is in the foreign reserves. The government has kept mum about it. If the rumor that it has fallen to $4bn is true, the country might have no choice but to approach the IMF

BOSSkesh:
All the saboteurs of our economy will face the wrath of tinubu and Allah

TOPCRUISE:
When $1 was equal to N197, they say if Nigerians vote for them they will make $1=N1. Nigerians voted for them.
They say imports is causing naira devaluation, Because of that they ban imports of rice and consumables and made Nigerians go hungry.
They say BDC are the ones hoarding dollars. Because of that they end sale of foreign exchange to them.
They say naira will do better if we become cashless and do away with old naira notes, Emefiele tortured us in doing that, yet inflation soared.
They say naira will do better if we remove fuel subsidy
Subsidy removal has made matters worse.
$1 is now equal to N1025.

You must be sick if you vote APC and you are still condemning APC.

grandstar:
The CBN has to increase interest rates to a level it can start slaying inflation. If done, the Naira would become stronger. I won't be surprised if it hits about 800.

However, it's as though Tinubu is worried that any steep rate rise lest it tilts the economy into a recession. This is inescapable.

With a stronger Naira and lower inflation, the positive effect would outweigh the any recession or downturn it brings.

Cheaper prices are like a God send.

The CBN needs to open up to how much is in the foreign reserves. The government has kept mum about it. If the rumor that it has fallen to $4bn is true, the country might have no choice but to approach the IMF

Saidfx:


The cunning scumbags from the east, you meant to say?? Go chop your $$$

Elvis2kay:


Why can't the wise man from East turn the economy of East to the best in Africa??

iwaeda:
•Forex crisis hinders raw materials procurement, causes financial problem – NECA

•SMEs decry impending shutdown, Reps probe airlines, schools demanding dollars


https://punchng.com/forex-crisis-naira-plunges-to-1025-job-losses-factory-shutdown-loom/

Angelfrost:


Your brain can do better than this... Don't disappoint those that raised you with such limited reasoning.

Even a child born yesterday knew precisely the level of rot in the economy long before Tinubu started campaigning.

Anyone campaigning or vying for such an office ought to have familiarized himself with every detail of the state of the nation, and laid down a clear action plan/blueprint to tackle the issues head on.

I keep telling you guys to quit electing people whose brains can't reason beyond winning elections, but you don't listen... You did it in 2015, repeated it in 2019, now did it again in 2023 (8 years of suffering down the road)!

You guys don't learn...

Bliss52:




Thank Allah

Alhamdulilai

My next cash out go Go boy, e go plenty


Best news ever

If you cashout just $100 na 100k
If you cashout just $1000 na #1m

Go and learn KDP publishing and write a book
Go and learn yahoo yahoo and cash out small small amount
Go and learn Affiliate marketing.
Go and learn Forex
Go and learn Canva graphics designing
Learn Charcoal exporting

You are happy your country keeps getting worse cos u make a few dollars here and there..Just dey play! By the time u even want to do anything tangible your Allah will not save u cos inflation cost to even benz benz u will spend through your nose!




.

kushe:


I actually totally agree with you,but what is the koko ?
We don't lost,how do we find our way to where we dey go ?

Saidfx:


Werey, no be your grandpa zik no gree regional government. History, you know not

Saidfx:


The cunning scumbags from the east, you meant to say?? Go chop your $$$

Angelfrost:


The way forward, the right way forward lies in the hands of the Parliament (The Senate)... Nothing you or I can do at this point.

The Senate is supposed to call the Executive to order, and if nothing changes, should begin Impeachment proceedings without delay.

Sadly, we don't have that kind of Parliament... Honestly, we don't have a Parliament.

So, there is really no way forward at this point... Except an Act of God, which I firmly believe will never happen. God won't meddle or intervene, no matter how many prayers we send on behalf of this nation.

This is why it seems like Democracy is not really working in Nigeria and most parts of Africa.

lightwind:
What is really the cause of this ?

coputa:
This is the result of neglect by successive government to diversity the economy.corruption is a major stumbling block.the short term solution is to peg the exchange rate.

Angelfrost:


My uncle told me in 2015 that it's good Jonathan left the seat for APC and Buhari.

That if Jonathan had won and remained, any great stride he took would not have satisfied most Nigerians... Idiots in this nation would have said the nation would have been better than that if Buhari and APC had been given a chance.

Let Tinubu deal with them all.

APC will surely bury this nation.

Yugoslavia247:


Not really.
The person I know is schooling and married.

Not sure she would have the time.

I talked to her about it before

kushe:
I listen to all the news analysis on the radio in the mornings and then Nigeria info in the afternoon to still hear people react but then I have found out that we have been analysing forever.
Nobody has the solution to our problems at the moment, not Tinubu,not Cardoso,not Peter Obi.
We are in deep shit and only honest people will acknowledge this.
My solution is keep trying but don't make a terrible situation dire.
I knew things were bad when a couple of days ago,as I was contemplating what to tell someone that was calling me,another call came in and then another. All billing,all relatives,different locations.
Nigeria breaks your heart.

Blitzking:
Who are those importing and what are they importing..this has to stop...so many irrelevant things being imported into this country by ppl stealing our common wealth and some unpatriotic citizens and making it difficult for industries that can improve our foreign exchange earning potential. The worse is after spending billions of our foreign exchange reserve in building a refinery that will bring foreign exchange into the Nigerian system. We are still starving the same refinery of crude oil. Saying we have pledged our crude to repay our debt. so we can't allocate some oils wells to sell crude to dangote and use the proceeds to repay our debt a win win for us..we are creating jobs..earning foreign exchange and repaying our debt at the sametime.

9gerian:
The genesis is the thinking that Nigeria has a foreign reserve of 33 billion USD as at the change of government only to later find out that the actual available is 3 billion USD. It turns out the previous government had artificially defended the Naira in a manner that completely depleted the foreign reserves on the one hand, and equally subsidized PMS consumption on the other hand all through foreign debts. Serious double whammy of exponential proportions that could have led to a Sri Lanka economic collapse kind of experience if continued.

The manner this was realized compounded issues, especially when the international banks declared a counter position against an initially corrected figure that the foreign reserves was about 18-20 billion (down from 33 billion) after adjusting for the declared foreign intervention debts of about 13 billion usd. As a result, currency Speculators (confident that the government can’t intervene much) doubled down to consistently buy up available dollar once made available through any government interventions. They know there is not enough reserve for the government to intervene or adequately supply the market. They are fully in charge controlling the market.

The other underlying cause is stolen crude oil that prevents Nigeria from meeting its daily opec quota. This one is a major cause in addition to the discovery that Some major oil wells were producing zero crude, hence the need for new major investments for finding and developing new wells. The inefficiencies and corruption (including the just removed fuel subsidy) in the oil/energy sector are actually the biggest undoing of the Nigerian economy. The close second undoing is the pervasive corruption in the land fueled by corrupt politicians and the even more corrupt civil service that constantly sabotage the people and economy for personal benefits. A very worrying development indeed.

It does appear that corporate governance was at its lowest ever during the last government.


The short term solution may be to stop the physical importation and use of dollar and other hard currency notes and taking such needs and transactions online for needed traceability and control.

Another solution (short to medium term) is to increase crude production intentionally through every possible means including stopping crude oil theft and the injection of new investments for starting new oil wells.