CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex - Business (3) - Nairaland
Nairaland Forum › Nairaland General › Business › CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex (28294 Views)
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by Curious345: 9:13pm On Feb 09, 2024 |
I predict a revolution before August this year |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by IAmHim1: 9:19pm On Feb 09, 2024 |
please more SHARES than LIKES so lots of people can read this creativity adonainana: |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by LordReed(m): 9:21pm On Feb 09, 2024 |
nlfpmod:I think this is the problem with people who think market forces are self regulating. This is especially true of a place like Nigeria where price gouging is the order of the day. There is no way market forces are going to keep the price of dollar down. |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by sheu01: 9:21pm On Feb 09, 2024 |
Orubebe01:Kip shut, Is it not a failure Obi that u people were promoting wen we have other candidates that are young and far better than Tinubu, Peter Obi and Atiku. |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by TheBillyonaire: 9:22pm On Feb 09, 2024 |
Another step in the right direction. There will be massive increase in price of imported goods, so local production will be the focus. To thrive, we have to move from consumption of foreign goods to production and exports. |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by Emmabyte: 9:30pm On Feb 09, 2024 |
RIP naira |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by Bluffly: 9:30pm On Feb 09, 2024 |
Orubebe01:Just Tax and infrastructural planning and development. Increasing IGR is different from economic stability resulting at low cost of living. |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by solacong: 9:34pm On Feb 09, 2024 |
TheBillyonaire:in a consumer country like ours, where we import everything? he go clear, no be so subsidy was removed with any plan, we go learn by force! |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by solacong: 9:45pm On Feb 09, 2024 |
it simply means that getting dollars becomes tougher and the little available that might come into the country via pocket or smuggling would be very selling as the highest bidder, they felt those dollars coming in via transfer would be mopped by the government when it has exchanged for naira but they forgot the diaspora would also stop sending money to Nigeria with this their policy. Don't forget we have all these platforms where people can collect and exchange dollars and most of those organisations are not based in Nigeria it is well oh |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by lexy2014: 9:47pm On Feb 09, 2024 |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by Boldideas: 9:49pm On Feb 09, 2024 |
nlfpmod:Fix power, Fix Road, Fix Security, Fix our refineries and this dollar issue will die a natural death!!!! If power is fixed, industrialization will take it roots and move this country forward!!!! Stop all these speculations! Tinubu fix power!!! It is becoming a thing of ridicule for a nation like Nigeria not to have power!!! It is a thing of shame! Unless you're a witch too like your predecessors. |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by profmallor: 9:51pm On Feb 09, 2024 |
I trade in crypto and can see what looks like a naira crash in some days' time, if you have $$$ saved up consider benefitting from this hike to sell off some. The hike doesn't really make logical sense but as is done in crypto, whales hike prices when they want to sell off to maximize profit, I believe the Government themselves are responsible for this hike to allow them to make as much Naira as possible before the naira starts to gain. I might be wrong, but from what I see $$$ is about to crash against the Naira. Infact i think the price would settle to around N1,220 and N1,260 |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by LARRYOBRAIN(m): 9:51pm On Feb 09, 2024 |
Go and learn economic models. ValarDoharis: |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by lexy2014: 9:51pm On Feb 09, 2024 |
TheBillyonaire:are locally produced goods in Nigeria affordable? pls how much is a bag of locally produced rice, yam, milo, biscuits, cow meat, palm oil, garri? is anyone importing those items? which country in the world does not depend on imports? has UAE moved from consumption of foreign goods to production and exports? |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by lexy2014: 9:52pm On Feb 09, 2024 |
LARRYOBRAIN:since you have learnt economic models, pls tell us the economic models you have learnt and use them to explain what the CBN is doing and how it has stemmed the slide of the naira against other currencies? |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by ysg4real(m): 9:53pm On Feb 09, 2024 |
What some term 'Trial and Error, I see as data collection, trend observation, and adaptation—a hallmark of seasoned professionals confronting multifaceted challenges. Despite the mess he has inherited, Cardoso endeavors to right several years of rottenness and burying our head in the sand. Yet his boldness in addressing longstanding issues is absolutely commendable. Orubebe01: |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by lexy2014: 9:53pm On Feb 09, 2024 |
sheu01:where did he mention Obi in the comment you responded to? |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by occfx: 9:56pm On Feb 09, 2024 |
EreluRoz:You are not far from reality... APC policies are similar to dickk cap |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by ysg4real(m): 9:58pm On Feb 09, 2024 |
Indeed, prioritizing power fixes would have masisive effect but it doesnt mean mean neglecting other pressing issuess well. Addressing years of decay isn't a straightforward task; it's multifaceted and cascading. Just as one can multitask, tackling various challenges simultaneously is possible. We must acknowledge that Tinubu cannot simply wave a magic wand to solve everything; turning this massive ship around will take time. Boldideas: |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by occfx: 10:03pm On Feb 09, 2024 |
adonainana:We have lazy people in the north and the west... With due respect, only few people in the west are hard working. They just want the oil money by occupying all the top positions and loot the hell out of the economy |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by Johnthesuccess: 10:04pm On Feb 09, 2024 |
Orubebe01:Oloriburuku,what does your mumu Peter obi knows? Do you even understand that cbn policy? Read it well werey |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by Jlow2: 10:06pm On Feb 09, 2024 |
What if there is no foreign investment, what happens, |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by CaptainJune: 10:09pm On Feb 09, 2024 |
Jicks55:Expect the naira to fall massively with this policy. The free float of the exchange rate is the same as auctioning the dollar at the highest naira amount to a dollar. Does anyone know how an auction market operates? |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by cucumbar: 10:11pm On Feb 09, 2024 |
badoh:Shut up, you slowpoke. They stole power, claiming renewed hope. Let them perform. Don’t come here and gaslight people, otherwise, thunder will fire that your bald head o. |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by CaptainJune: 10:22pm On Feb 09, 2024 |
solacong:Your intelligence on the interpretation of this report deserves standing ovation. This is exactly what I highlighted in my previous post here. The dollar is now being auctioned to the highest bidder. That is how auction works. The result: the naira will fall faster and harder than before. I predict ₦4000 to the dollar by June or July this year. |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by IbeOkehie: 10:22pm On Feb 09, 2024 |
Note to CBN. You don't need to dance around it. It's either free float or continue with economic stagnation. We need a complete free floating naira. Hopefully Nigeria has learned some painful lessons about how markets work. Good Luck to Nigeria |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by J3susFr3ak: 10:35pm On Feb 09, 2024 |
ysg4real:Methinks, this slow unwieldy centralized system of Banking does not benefit from the stimulation of having different models or efforts compete to prove their worth. The United States has what...like, 12 different Regional Reserve Banks. These Reserve Banking Sysem resembles their Central Banking System with their Regional characterization hyperfocusing on the competitive advantages of their diverse economic landscape. They help banks within those regions focus more on each place's competitive advantage. Market forces right? Say what....why not borrow some good ideas from the diversified US Reserve System. Let the different regional spheres of the country (and they are more than just three or 6 regions mind you) lean more on their competitive advantages. So if the SW Region has its own Central Bank, the SS, SE, NE and the Middle Belt etc., have their own Banks with some initial sum of money (let's say, 500 million dollars for instance). At the end of one fiscal year....what kind of productive ventures did that Bank engage in and what is their gain or potential gain? If the Central policy statement for the NW is use that amount of money to cultivate 1 million hectares of land for Wheat or some other crop....since any revenue allocation in the future will come from whatever was generated from that effort? Don't you think that most states under an economic region will definitely want to be more serious about getting things right, including fighting insecurity since whatever money they can ever have comes from such productive efforts? If a state like Yobe then wants to buy 2 TVs and 2 ACs for 1 billion naira for their Mosques and mortuaries, well...that is their own "productive venture" worthy of whatever rewards they were hoping for. Over centralizing solutions by the Central Authorities would only resemble the gross failures of most Centralized economies of the past (Soviet's, Venzuela, today's falling economy of China etc.,). Point being, while broad policy directions are useful, with some large and successful economies today still needng to have an initial kickstart from Socialist/Planned elements to aggregate their Industrial and Agricultural output---the Nigerian experience simply shows that the oil revenues which covered a lot of the missing gaps, inefficiencies and corruption...can no longer do so. The Nigerian Government could afford to bankroll a lot of industries in the 70s and early 80s who were expected to be independely productive down the road. They only became nasty bee hive of nepotism and corruption also relying on the oil industry revenues to subsidize and bail them out. Those have mostly folded now with lack of access to capital and mostly self-less people who may have a vision to turn things around. Some central policy planning and direction has some value. But without some state based or regional rivalry to stimulate production and competition...the whole welfare state style economy will stymie any headway to any reasonable solutions. You treat states and regions who should actually be responsible adults like children....they will still be behaving like children for the next one thousand years still looking to Abuja for their monthly Christmas gift. |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by coleon(m): 10:40pm On Feb 09, 2024 |
GerogeI:You sound so knowledgeable about the subject , can you break it down further pls. Are there macroeconomic theories backing this . Perhaps you can cite examples of countries doing what you proposed. |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by ariesbull: 10:48pm On Feb 09, 2024 |
Orubebe01:Bunch of stupid shouting Ronuists |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by tollyboy5(m): 10:53pm On Feb 09, 2024 |
Orubebe01:You no warn anything. Stop making noise. You voted your favorite and he lost simple! |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by skywalker240(m): 10:54pm On Feb 09, 2024 |
adonainana:Agriculture, plus Fulani attacks plus kidnapping bandits ba? Fix your security first |
| Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by coleon(m): 10:58pm On Feb 09, 2024 |
IAmHim1:I had to read what you posted again and I must say oil full your head. The problem is many people like this abound in Nigeria with creative thinking that can solve Nigeria's problem but the system is so rotten that they can't even get close to leadership position. You see what you posted here if just one state governor in Nigeria is creative enough to adopt this as his only project for a year tenure, that state will be the richest in Nigeria. All what the 36 dundees elected as governor and the Chief Dundee in aso rock can think of is oil and how to share money every month. No creative thinking but how to share money, I have concluded that Nigeria is a caused country and God has planted the leaders there to ensure it fails perpetually. |
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