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Nairaland Forum / Nairaland / General / Politics / Naira Floating by Tinubu was Ill-advised-Atiku (12545 Views)
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Re: Naira Floating by Tinubu was Ill-advised-Atiku by NAC1666: 1:16am On Feb 19 |
AllTheWayUp:Tinubu took Hasty decision without giving it an Economist view 1 Like |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by DeepSight(m): 1:17am On Feb 19 |
IndexMode: Gbam! |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by MT: 1:19am On Feb 19 |
DeepSight: Look at the bolded and read what i am about to type carefully. Let us assume naira has not been floated now. And it is trading 700 naira to a dollar but meanwhile the true ratio of naira to dollar, as we can see now is 1dollar = 1500 naira. Now if the importer wants to import, the importer will pay FG at the rate of 700 naira to a dollar , which means the FG will add 800 naira for each litre to make up the true value of the naira. It is still the same thing! You think the importer is importing at 700 naira to a dollar, hell no!....they are actually importing at 1500 naira to a dollar with the FG borrowing money to add to the differential. Tell me how does that pay us? It is a bubble 2 Likes |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Gajagojo: 1:21am On Feb 19 |
DeepSight:Just keep quiet and stick to what you know Commodities are sold on futures contracts to enable businesses plan and avoid shocks All that twaddle you are writing is bluster aka shakara You are out of your depth and should shut your mouth E.g Bonny light for June 2024 Delivery is trading for $77.24 today https://oilprice.com/futures/wti/ |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by DeepSight(m): 1:22am On Feb 19 |
MT: The point is that the FG would not being paying any such differential if it hadnt floated the naira. Afterall, it hadnt been doing so previously. You cant just imagine "the true value of the naira" and say that the FG would be paying the differential on such an imaginary "true value" if it hasnt been floated and is still 700 naira. Get it? |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by onuman: 1:23am On Feb 19 |
Atiku, the man, Tinubu, wouldn't have become president if you had not emerged and bought the presidential ticket of PDP in 2023 because of your distaste for possible emergence of a president from the SE region of Nigeria. All your presidential election struggles have been for apex political leadership of Nigeria to remain in the hands of your Fulani ethnic group. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by DeepSight(m): 1:25am On Feb 19 |
Gajagojo: Sharrap! Tell me - when futures are sold - when is value taken for them - now, or in the future? Obviously if value is taken in the future that entirely nonsensifies the meaning of futures. You take value on future flows today, not in the future - otherwise they are not future flows. I have told you that you are an illiterate. Accept it. Illiterates are still human beings. So you are still human. Don't cry, accept who you are. Its not your fault you could not be sent to school. Life happens |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by MT: 1:26am On Feb 19 |
DeepSight: Now we are getting somewhere. The FG has various tools to determine the true value of the naira to a dollar. They will know it is 1500 naira to a dollar even if naira has not been floated, they always know the differential to pay. They always benchmark dollars to a realistic value, otherwise what you are saying is Nigeria can sell a dollar for 100 naira since Naira has not been floated,. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Gajagojo: 1:28am On Feb 19 |
DeepSight:You are an empty noise maker https://oilprice.com/futures/wti/ Bonny light is quoted there way into the future $68.37 is the price for May 2026 All these bluster is to cover your shame we can see through you |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by DeepSight(m): 1:29am On Feb 19 |
MT: What you are suggesting is that prior to the floatation the FG had been paying subsidy with N1500 as the true value of the dollar in its mind. This is not only not the case, it is ridiculous. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by DeepSight(m): 1:30am On Feb 19 |
Gajagojo: I said, when does one take value for it, olodo? If it is that English is over your head, let me translate it - when does one get paid? |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by MT: 1:31am On Feb 19 |
DeepSight: No. The benchmark of a dollar to naira is fluid and determined by various tools. It fluctuates but currently it is 1USD = 1500 naira. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by DeepSight(m): 1:32am On Feb 19 |
MT: Exactly, so when it was not yet N1, 500 to the dollar, the FG would not have been paying such a differential. It would have been paying the differential which tallied with the exchange rate at the time. Capisce? |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by MT: 1:35am On Feb 19 |
DeepSight: Yes you are correct but that differential accumulates to a lot of money which Nigeria can not bear. So they result to borrowing with high interest rates, which the nation continues to service. Now, it has become a burden. Nigeria cannot continue along that path. Sanusi Lamido has been shouting about this. Even Iweala said Jonathan lacked the political will to save for rainy days. This is the end results. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by DeepSight(m): 1:37am On Feb 19 |
MT: Well we can agree the country has been very badly managed. Pleasure speaking with you. Good night. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by MT: 1:39am On Feb 19 |
DeepSight: Agreed. Rest well |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Sannisege: 1:51am On Feb 19 |
Gajagojo:I disagree with you boss. The first part of statement stated that Atiku is not in support of “managed” fx system. But the later part of the statement highlighted how to manage the floating of the naira. However, I do not support Atiku because he is partly responsible for the crisis we have today having sold our national assets to himself and cronies. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Gajagojo: 2:03am On Feb 19 |
Sannisege:Not sure what you are disagreeing with. Can you clarify? The following are the words attributed to Atiku "A managed-floating system would have been a preferred option. " I am struggling to get your point What is your point exactly? |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by MasterTeeUSA: 2:18am On Feb 19 |
CBN will manage floats daily...how will that restore confidence in investors...when that might take years to get to a uniform Forex market. It is best to suffer now magally...then begin to enjoy...the President has 4yrs...if the 1st year is terrible and stabilizes by Year 2....Year 3 and 4 will be amazing and that is how to govern. I hate abandoned projects ...set goals you can complete within your terms and create templates for others...but don't start something and force the person taking over to complete them including bad contracts. AllTheWayUp: |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by tsdarkside(m): 2:42am On Feb 19 |
ezegenigbonine: then it has to stop.it will do nigeria no good.... you dont earn in dollars in nigeria you wan use dollars in nigeria....?? how is that gonna work....?? you want a nigeria only for rich people....?? toothpick is a stvpid excuss....you have chewin sticks that black people have been usin for centuries.... you dont have to reinvent the wheel for things to work in nigeria.... most of the things you want from abroad is already available in nigeria....it just look different.... whats the difference between a agege bread stuffed with akara and european sandwich....?? its all the same thing.... na longthroat nahim dey worry una.... 1 Like |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Pjoe238: 6:07am On Feb 19 |
So, you are waiting for the opposition to tell your drvglord how to rule. Builder of Lagos indeed. he forget his building materials at Alausa ElSudani: 2 Likes |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by chrisdolly(m): 6:41am On Feb 19 |
I love your comment and it shows you're not blinded by hate. What Tinubu administration has done already is still what AA is talking about but in his case, he said the FX should still be seldomly patched as against total floating done by the present administration. AA indeed knows the consequences of government patching the FX market after floating it, you need to support it with atleast $1.5m or so every month which is not realistic. The best bet is for us to allow these policies being implemented by the Cardoso led CBN to yield result in the long run. We are going through a phase of life that is very difficult but surmountable, we will enjoy in due course and AA knows this. Ire ooo APOPTOSIS: |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Brushstrokes20: 6:43am On Feb 19 |
Spot on👏👏👏👏 eBOLA is all shades of disasters, blunders, nuisance and redundance 💯 El druggie has only come to STEAL, KILL AND DESTROY 💯💯 |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Johnjustice: 6:48am On Feb 19 |
I agree with atiku on this, this naira floating is a bad decision at this time. Naira can't compete with dollars, if you want to float naira, at least strengthen it first, by selling crude and exports in naira, by reducing need for dollars to import etc...I wonder why all the technocrats and well read people he appointed don't know this. Tinubu should rescind this decision to float naira, if a policy is not favorable you change it. |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by Timmi: 7:12am On Feb 19 |
AllTheWayUp: Posting on X, Omokri wrote: “You come on the Internet with MTN. You are wearing a $250 human hair wig that was sacrificed in an Indian temple and then shipped to Nigeria as ‘Brazilian’ hair, your clothes come from Italy, your shoes from Spain, and you had Quaker oats from England for breakfast, with eggs from South Africa, which you ate while watching DSTV also from South Africa, and you are heaping curses on Bola Tinubu over the state of the Naira? “You are the problem with the Naira. You, with your MTN data. High Dollar kpa e mbe! If you are not producing locally or consuming locally and you come to social media to complain, then you don’t yet understand that the Naira has been floated. If you like throw tantrums from now until 2027, the dollar will not come down until you start consuming made-in-Nigeria goods and services. “If your money is not circulating in made-in-Nigital goods and services, no power on Earth can make your Naira circulate with higher purchasing power. This is about economics. This is not propaganda. Drive with Innoson, Call with Glo, Build with Dangote, Eat with Nasco.” |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by frog12: 7:33am On Feb 19 |
Atiku doesn't understand it. He is playing to the gallery |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by GeneralDae: 7:34am On Feb 19 |
Gajagojo:So why is the price of diesel 1300 and the price of PMS 600? |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by cmikel: 7:40am On Feb 19 |
THEM SAY NA STATISTICS WE GO CHOP? TO SPIE OBI BUT NOW THAT'S WHY THEY ARE OFFERING BAD GOVERNANCE THEY ARE SUPPOSED TO LOOK AT COUNTIES WITH POPULATION AND CAPACITY LIKE OURS WHO FLOATED THEIR CURRENCY AND LOOK AT OUTCOMES OF THEIR DATA. BUT INSTEAD THEY ARE THINKING MANAGING A COUNTRY LIKE A STATE WERE YOU CAN HAVE CONTROL OF EVERY TOM DYK AND HARRY OF THE STATE AND TWEEK IT THE WAY YOU WANTED. . |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by PARADIZEPRIEST: 7:46am On Feb 19 |
You have no dollar reserve to defend naira from buha8wasted years President TinubuGovt floated naira to desrupt speculators among bdcs,e dey pain you? If not naira for sumasault reach N3000. Una no know econs? This one wey no get school cert dey blame experts ni? |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by cjudy(m): 8:20am On Feb 19 |
dawno2008:
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Re: Naira Floating by Tinubu was Ill-advised-Atiku by onatisi(m): 8:35am On Feb 19 |
thanks a lot for your insightful and balanced response , omohayek: |
Re: Naira Floating by Tinubu was Ill-advised-Atiku by ezegenigbonine: 8:37am On Feb 19 |
tsdarkside: What of your electronics gadgets, like that phone you are using? Is it already in nigeria |
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