₦airaland Forum

Kukutente23:
https://punchng.com/naira-falls-to-n1-000-in-official-market/

Optimum2023:
Not news. Reminds us of those COVID-19 days when the CDC would reel out daily number of infections, deaths and recoveries. At a point, we all got used to it and stopped caring because it became part of normal life. It was expected.

Vision101:
Where are we going in this country with this clueless govt?
I thought they've started paying the backlog and naira will firm up.
This is the first time in history that naira will hit N1000 at the official market.
APC is a massive, unmitigated disaster!!


@me
Who accumulated the backlog? Another person shit and another come they suffer to clear the shit.

Blaze14k:
Mind you this no way near improvement. We need to see the naira at 700 to a dollar that is were I will start praising tinubu

Kukutente23:
Where are we going in this country with this clueless govt?
I thought they've started paying the backlog and naira will firm up.
This is the first time in history that naira will hit N1000 at the official market.
APC is a massive, unmitigated disaster!!

Racoon:
The it will favour me and my family crew, over to you guys.

israelmao:
For Nigerian currency regain or gain our refineries must work and Dangote Refinery and his cohorts should stop playing politics in commencing operation,round-tripling of dollar and its hoarding must stop.

Wallade:
Your comment hit the nail on the head. Whatever monetary policy Cardoso and co. introduce must be in tandem with fiscal policies of the government to successfully improve living standards and value of the Nigerian currency.

Nigeria must enforce laws against dollarization of the economy. So many transactions are done within Nigeria in dollars and forex. The Nigerian government must discourage this development. The government is also guilty because major transactions and contracts too are awarded in dollars by the government. Properties in real estate, airline ticket sales, solid mineral resources and bulk petroleum products are sold in forex within Nigeria.

The major import item in Nigeria is petroleum products, it is sourced from a major product (crude oil) that we export. We must urgently start local production of petroleum products to reduce, to the barest minimum, the imports of petroleum products. This will reduce over 50% demand for dollars in the I and E window and parallel market.

CBN should terminate all Bureau De Change licenses and declare that business illegal in Nigeria. Anyone who wants to buy or sell forex should approach the commercial and regional banks or deposit money banks. CBN must also regulate and monitor the forex transactions of all deposit money banks to ensure there are no foul practices and perversion in the banks with respect to forex trade. This will bring significant, about 80% - 90%, of forex in Nigeria into the I and E Window or under the control of CBN.