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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 (26667 Views)

Naira Now Undervalued After Float, Bank Of America Says / Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index / Naira Begins Recovery After Float, Closes At ₦‎664/$ At I&E Window (2) (3) (4)

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Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by Curious345: 9:13pm On Feb 09
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
please more SHARES than LIKES so lots of people can read this creativity
adonainana:
NIGERIA PLEASE LEARN AND STOP TRIAL AND ERROR

YOU WANT MORE DOLLARS VIA EXPORTS THEN PLS AS I HAVE WRITTEN DOWN HERE BEFORE

NIGERIA PLS GROW YOURSELF OUT OF POVERTY AND THIS DOLLAR ISSUES

DIVERSIFY THE ECONOMY WE BEG THEE

Nigeria must grow itself out of the problems it currently finds itself. Banning 43 items won’t help, mopping up extra dollars in the banks won’t help, even Dangote refinery won’t help.

Removing cap on international transfers won’t help

Floating the naira won’t help

Only growing what is free and what we used to do before we discovered oil and got cursed in its problem can save us

Agriculture

WE MUST DIVERSIFY THE ECONOMY.

The maths and economics behind this is simple. You import so much and you export just oil thus leaving you with a balance of trade deficit.
Even the oil you claim you export , you cannot refine it properly hence you have to sell the crude oil to countries that can refine it and you buy (IMPORT) it back.

What a waste.

WHY NOT DIVERSIFY THIS ECONOMY FOR CRYING OUT LOUD

INSTEAD of corpers shouting corper wee wee at camps from morning to night . CONVERT ALL NYSC camps to COCOA processing and packaging centres .

Incentivise corpers who are willing to go extra mile and become Agro prenurs by tripling their monthly allowance . Leave the corpers who are looking for white collar job after service alone

Grow cucumbers, lettuce, oranges, pineapples,

ONCE EVERY NYSC camp has been converted to a farming centre send entourages to Europe to look for buyers

Yes NIGERIAN CUCUMBERS, NIGERIAN COCOA, NIGERIAN ORANGES , in tons in their millions

See how much rain falls in this blessed land. Almost every single crop can grow here

Uk imports bananas all the way from South Africa and panama . PLEASE PEOPLE OF GOD. Which country is closer to the UK by sea. Panama or
South Africa

If European countries are NOT COOPERATING and done want imported NIGERIAN COCOA , NIGERIAN BANANAS CLOSE DOWN THIER EMBASSIES or better still sell part of NNPC to them and in return they must buy Nigerian cocoa .

Do you know how many coffee making companies in Europe need cocoa to make coffee and chocolate

AGRICULTURE IS FREE.

Build more NYSC camps and simply extend the scheme to poly graduates and do the same offer them big money to make them and work for the Cocoa farms and the banana Plantations.

The NYSC camps in the south can manufacture tons of food for export

The NYSC camps in the north can manufacture similar food groundnut, wheat etc for export

The Nigerian government in Abuja ensures this products are exported with speeed

What’s wrong with THE UK ONLY IMPORTING BANANAS from Nigeria

What’s wrong with going to France and seeing only imported Nigerian carrots

WHY OIL FOR GODS SAKE

Agriculture is free ,
Sunshine is free
Rain is free

Oil you need to go and first find it , extract the crude oil , find a way to go and refine it , THEN YOU CAN ONLY SELL THE refined oil the price OPEC is selling a barrel at the time of the date. The price of oil is pegged at the international market .

NIGERIA NIGERIA PLEASE WHY GO THROUGH THIS STRESS

PLEASE PLEASE DIVERSIFY THIS ECONOMY.

Go back to what you did before you discovered oil and the oil cursed you , and 50 years on the curse is visible .

Human beings eat and most human beings eat food that are grown inside the ground

No matter how rich a country is in oil , it most import it’s good from somewhere

Do you know how much arable land Nigeria alone has in the south .

Why are we wasting our time with this oil nonsense

Even if it’s bananas

Even if it’s mangoes

At least we know we officially supply another country mangoes and bananas full stop

Converting NYSC camps into mega farms and processing centres where rural farmers can sell their produce and from there the National government can use its power to get it out of the country to sell .

IF ELECTION MATERIALS can get anywhere surely rural farmers can get their produce to the nearest NYSC CAMP that would now serve as mega centres

Even local airports in Nigeria part of it can be conveyed to mega processing farms so some produce can easily be flown to Lagos ports

Please if any one with links to the FG in Abuja can see this . This is not just a passionate plea or advice. THIS IS WHAT WOULD SOLVE NIGERIA PROBLEM ONCE AND FOR ALL

Please we must grow our exports . Agriculture is the only area of
Life where you grow money in the soil.

There is a saying that a farmer can never be poor now imagine a country that exports food to feed the other countries

Please leave Dangote to be selling his own jeje and diversify the economy

Please I am pleading

Regards
Barrister Akinola Samuel Eluyefa
+447591683924

1 Like 3 Shares

Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by LordReed(m): 9:21pm On Feb 09
nlfpmod:


https://nairametrics.com/2024/02/09/cbn-edges-towards-free-float-of-naira-with-discontinuation-of-cap-on-forex-transactions/

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
Orubebe01:
Trial and error system of government grin grin grin

I thought they said that tinubu is a master strategist a first class graduate of accounting and that he built Lagos. We are seeing how he built the Lagos. grin

We warned you, but you never listened in the name of let's teach igbos a lesson they won't forget grin grin people that voted for him are being thought lesson that they will never forget, karma na your mate? grin grin grin

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
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.

1 Like

Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by Emmabyte: 9:30pm On Feb 09
RIP naira
Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by Bluffly: 9:30pm On Feb 09
Orubebe01:
Trial and error system of government grin grin grin

I thought they said that tinubu is a master strategist a first class graduate of accounting and that he built Lagos. We are seeing how he built the Lagos. grin

We warned you, but you never listened in the name of let's teach igbos a lesson they won't forget grin grin people that voted for him are being thought lesson that they will never forget, karma na your mate? grin grin grin
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
TheBillyonaire:
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.

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
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

4 Likes 1 Share

Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by lexy2014: 9:47pm On Feb 09
Helpfromabove1:
One day one policy
cheesy grin
Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by Boldideas: 9:49pm On Feb 09
nlfpmod:


https://nairametrics.com/2024/02/09/cbn-edges-towards-free-float-of-naira-with-discontinuation-of-cap-on-forex-transactions/

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.

3 Likes 1 Share

Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by profmallor: 9:51pm On Feb 09
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

1 Like

Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by LARRYOBRAIN(m): 9:51pm On Feb 09
Go and learn economic models.
ValarDoharis:
Patch patch CBN governor

1 Like

Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by lexy2014: 9:51pm On Feb 09
TheBillyonaire:
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.

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
LARRYOBRAIN:
Go and learn economic models.

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
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:
Trial and error system of government grin grin grin

I thought they said that tinubu is a master strategist a first class graduate of accounting and that he built Lagos. We are seeing how he built the Lagos. grin

We warned you, but you never listened in the name of let's teach igbos a lesson they won't forget grin grin people that voted for him are being thought lesson that they will never forget, karma na your mate? grin grin grin

1 Like

Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by lexy2014: 9:53pm On Feb 09
sheu01:


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.

where did he mention Obi in the comment you responded to?

1 Like 1 Share

Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by occfx: 9:56pm On Feb 09
EreluRoz:
I saw cap on the heading and it's just dick cap that came to my head 😆😆😆

Single life is not good I need to get married fast 😆

Please nobody should quote me

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
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:


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.

2 Likes

Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by occfx: 10:03pm On Feb 09
adonainana:
NIGERIA PLEASE LEARN AND STOP TRIAL AND ERROR

YOU WANT MORE DOLLARS VIA EXPORTS THEN PLS AS I HAVE WRITTEN DOWN HERE BEFORE

NIGERIA PLS GROW YOURSELF OUT OF POVERTY AND THIS DOLLAR ISSUES

DIVERSIFY THE ECONOMY WE BEG THEE

Nigeria must grow itself out of the problems it currently finds itself. Banning 43 items won’t help, mopping up extra dollars in the banks won’t help, even Dangote refinery won’t help.

Removing cap on international transfers won’t help

Floating the naira won’t help

Only growing what is free and what we used to do before we discovered oil and got cursed in its problem can save us

Agriculture

WE MUST DIVERSIFY THE ECONOMY.

The maths and economics behind this is simple. You import so much and you export just oil thus leaving you with a balance of trade deficit.
Even the oil you claim you export , you cannot refine it properly hence you have to sell the crude oil to countries that can refine it and you buy (IMPORT) it back.

What a waste.

WHY NOT DIVERSIFY THIS ECONOMY FOR CRYING OUT LOUD

INSTEAD of corpers shouting corper wee wee at camps from morning to night . CONVERT ALL NYSC camps to COCOA processing and packaging centres .

Incentivise corpers who are willing to go extra mile and become Agro prenurs by tripling their monthly allowance . Leave the corpers who are looking for white collar job after service alone

Grow cucumbers, lettuce, oranges, pineapples,

ONCE EVERY NYSC camp has been converted to a farming centre send entourages to Europe to look for buyers

Yes NIGERIAN CUCUMBERS, NIGERIAN COCOA, NIGERIAN ORANGES , in tons in their millions

See how much rain falls in this blessed land. Almost every single crop can grow here

Uk imports bananas all the way from South Africa and panama . PLEASE PEOPLE OF GOD. Which country is closer to the UK by sea. Panama or
South Africa

If European countries are NOT COOPERATING and done want imported NIGERIAN COCOA , NIGERIAN BANANAS CLOSE DOWN THIER EMBASSIES or better still sell part of NNPC to them and in return they must buy Nigerian cocoa .

Do you know how many coffee making companies in Europe need cocoa to make coffee and chocolate

AGRICULTURE IS FREE.

Build more NYSC camps and simply extend the scheme to poly graduates and do the same offer them big money to make them and work for the Cocoa farms and the banana Plantations.

The NYSC camps in the south can manufacture tons of food for export

The NYSC camps in the north can manufacture similar food groundnut, wheat etc for export

The Nigerian government in Abuja ensures this products are exported with speeed

What’s wrong with THE UK ONLY IMPORTING BANANAS from Nigeria

What’s wrong with going to France and seeing only imported Nigerian carrots

WHY OIL FOR GODS SAKE

Agriculture is free ,
Sunshine is free
Rain is free

Oil you need to go and first find it , extract the crude oil , find a way to go and refine it , THEN YOU CAN ONLY SELL THE refined oil the price OPEC is selling a barrel at the time of the date. The price of oil is pegged at the international market .

NIGERIA NIGERIA PLEASE WHY GO THROUGH THIS STRESS

PLEASE PLEASE DIVERSIFY THIS ECONOMY.

Go back to what you did before you discovered oil and the oil cursed you , and 50 years on the curse is visible .

Human beings eat and most human beings eat food that are grown inside the ground

No matter how rich a country is in oil , it most import it’s good from somewhere

Do you know how much arable land Nigeria alone has in the south .

Why are we wasting our time with this oil nonsense

Even if it’s bananas

Even if it’s mangoes

At least we know we officially supply another country mangoes and bananas full stop

Converting NYSC camps into mega farms and processing centres where rural farmers can sell their produce and from there the National government can use its power to get it out of the country to sell .

IF ELECTION MATERIALS can get anywhere surely rural farmers can get their produce to the nearest NYSC CAMP that would now serve as mega centres

Even local airports in Nigeria part of it can be conveyed to mega processing farms so some produce can easily be flown to Lagos ports

Please if any one with links to the FG in Abuja can see this . This is not just a passionate plea or advice. THIS IS WHAT WOULD SOLVE NIGERIA PROBLEM ONCE AND FOR ALL

Please we must grow our exports . Agriculture is the only area of
Life where you grow money in the soil.

There is a saying that a farmer can never be poor now imagine a country that exports food to feed the other countries

Please leave Dangote to be selling his own jeje and diversify the economy

Please I am pleading

Regards
Barrister Akinola Samuel Eluyefa
+447591683924


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

1 Like

Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by Johnthesuccess: 10:04pm On Feb 09
Orubebe01:
Trial and error system of government grin grin grin

I thought they said that tinubu is a master strategist a first class graduate of accounting and that he built Lagos. We are seeing how he built the Lagos. grin

We warned you, but you never listened in the name of let's teach igbos a lesson they won't forget grin grin people that voted for him are being thought lesson that they will never forget, karma na your mate? grin grin grin



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
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
Jicks55:
Hmmm... Dollars might get to 2500 to a naira.
Allowing a free flow of our currency to the dollar is really not the best

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
badoh:

Do you know better than him or you think he's just making decisions solely on his own. He has Deputy governors and directors who are experts working together and sharing ideas on foreign exchange stability. Some of you just talk as if it is easy to manage Nigerian economy. Please if you know you're better and has the technical skill and ability that supercede theirs, make yourself available and help resuscitate Nigeria economy.
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.

2 Likes

Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by CaptainJune: 10:22pm On Feb 09
solacong:
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

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.

1 Like

Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by IbeOkehie: 10:22pm On Feb 09
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
ysg4real:
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.


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.

1 Like

Re: CBN Edges Towards Free Float Of Naira With Discontinuation Of Cap On Forex by coleon(m): 10:40pm On Feb 09
GerogeI:
I know I wrote this before, when the started touting floating naira as if they knew what it meant.

A free market has opposing market forces. So a floating naira must have two opposing forces. But because these olodos do not understand that currency' trade in pairs,
They think the opposing market forces are willing buyers and willing sellers. This is totally wrong. The market pricing opposing forces for currency are import demand and export demand.



For those moaning about how we must increase out export and production, this is not about trade balance. Nigeria's trade balance us not bad because oil price has been at 100 usd for a while.
For those talking about clamping down and converting people's forex accounts, that will actually have the opposite effect. The more you centralise and regulate, the more you are telling the market that usd is prime and naira us useless. The a third force, government is forcing devaluation of naira indirectly.

The truth is that I cannot believe either, that whole Central Bank does not grasp common secondary school economics concepts of demand and supply.

Import in (demand for) foreign currency and export in (demand for) local currency. Which we do not have.
In Nigeria the corrupt system makes it the worst, since the time of military theives to the civilian theives, we import in foreign currency, and export also in foreign currency. Naira is not even internationally exchangable by law following Awolowo's wisdom from the Biafran war.

As long as this is the case, there is no role for naira in the international trade, so floating it will put it under free fall. To float the naira, Nigeria's crude oil and other exports must be sold in naira. If you cannot do this, simply peg the exchange rate like the military theives did and stop deceiving yourselves!
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
Orubebe01:
Trial and error system of government grin grin grin

I thought they said that tinubu is a master strategist a first class graduate of accounting and that he built Lagos. We are seeing how he built the Lagos. grin

We warned you, but you never listened in the name of let's teach igbos a lesson they won't forget grin grin people that voted for him are being thought lesson that they will never forget, karma na your mate? grin grin grin
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
Orubebe01:


We warned you, but you never listened in the name of let's teach igbos a lesson they won't forget grin grin people that voted for him are being thought lesson that they will never forget, karma na your mate? grin grin grin
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
adonainana:
NIGERIA PLEASE LEARN AND STOP TRIAL AND ERROR

YOU WANT MORE DOLLARS VIA EXPORTS THEN PLS AS I HAVE WRITTEN DOWN HERE BEFORE

NIGERIA PLS GROW YOURSELF OUT OF POVERTY AND THIS DOLLAR ISSUES

DIVERSIFY THE ECONOMY WE BEG THEE

Nigeria must grow itself out of the problems it currently finds itself. Banning 43 items won’t help, mopping up extra dollars in the banks won’t help, even Dangote refinery won’t help.

Removing cap on international transfers won’t help

Floating the naira won’t help

Only growing what is free and what we used to do before we discovered oil and got cursed in its problem can save us

Agriculture

WE MUST DIVERSIFY THE ECONOMY.

The maths and economics behind this is simple. You import so much and you export just oil thus leaving you with a balance of trade deficit.
Even the oil you claim you export , you cannot refine it properly hence you have to sell the crude oil to countries that can refine it and you buy (IMPORT) it back.

What a waste.

WHY NOT DIVERSIFY THIS ECONOMY FOR CRYING OUT LOUD

INSTEAD of corpers shouting corper wee wee at camps from morning to night . CONVERT ALL NYSC camps to COCOA processing and packaging centres .

Incentivise corpers who are willing to go extra mile and become Agro prenurs by tripling their monthly allowance . Leave the corpers who are looking for white collar job after service alone

Grow cucumbers, lettuce, oranges, pineapples,

ONCE EVERY NYSC camp has been converted to a farming centre send entourages to Europe to look for buyers

Yes NIGERIAN CUCUMBERS, NIGERIAN COCOA, NIGERIAN ORANGES , in tons in their millions

See how much rain falls in this blessed land. Almost every single crop can grow here

Uk imports bananas all the way from South Africa and panama . PLEASE PEOPLE OF GOD. Which country is closer to the UK by sea. Panama or
South Africa

If European countries are NOT COOPERATING and done want imported NIGERIAN COCOA , NIGERIAN BANANAS CLOSE DOWN THIER EMBASSIES or better still sell part of NNPC to them and in return they must buy Nigerian cocoa .

Do you know how many coffee making companies in Europe need cocoa to make coffee and chocolate

AGRICULTURE IS FREE.

Build more NYSC camps and simply extend the scheme to poly graduates and do the same offer them big money to make them and work for the Cocoa farms and the banana Plantations.

The NYSC camps in the south can manufacture tons of food for export

The NYSC camps in the north can manufacture similar food groundnut, wheat etc for export

The Nigerian government in Abuja ensures this products are exported with speeed

What’s wrong with THE UK ONLY IMPORTING BANANAS from Nigeria

What’s wrong with going to France and seeing only imported Nigerian carrots

WHY OIL FOR GODS SAKE

Agriculture is free ,
Sunshine is free
Rain is free

Oil you need to go and first find it , extract the crude oil , find a way to go and refine it , THEN YOU CAN ONLY SELL THE refined oil the price OPEC is selling a barrel at the time of the date. The price of oil is pegged at the international market .

NIGERIA NIGERIA PLEASE WHY GO THROUGH THIS STRESS

PLEASE PLEASE DIVERSIFY THIS ECONOMY.

Go back to what you did before you discovered oil and the oil cursed you , and 50 years on the curse is visible .

Human beings eat and most human beings eat food that are grown inside the ground

No matter how rich a country is in oil , it most import it’s good from somewhere

Do you know how much arable land Nigeria alone has in the south .

Why are we wasting our time with this oil nonsense

Even if it’s bananas

Even if it’s mangoes

At least we know we officially supply another country mangoes and bananas full stop

Converting NYSC camps into mega farms and processing centres where rural farmers can sell their produce and from there the National government can use its power to get it out of the country to sell .

IF ELECTION MATERIALS can get anywhere surely rural farmers can get their produce to the nearest NYSC CAMP that would now serve as mega centres

Even local airports in Nigeria part of it can be conveyed to mega processing farms so some produce can easily be flown to Lagos ports

Please if any one with links to the FG in Abuja can see this . This is not just a passionate plea or advice. THIS IS WHAT WOULD SOLVE NIGERIA PROBLEM ONCE AND FOR ALL

Please we must grow our exports . Agriculture is the only area of
Life where you grow money in the soil.

There is a saying that a farmer can never be poor now imagine a country that exports food to feed the other countries

Please leave Dangote to be selling his own jeje and diversify the economy

Please I am pleading

Regards
Barrister Akinola Samuel Eluyefa
+447591683924

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
IAmHim1:
please more SHARES than LIKES so lots of people can read this creativity
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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