₦airaland Forum

skj1377:
The idea of floating the Naira is wrong. Gov should determine the value of the Naira to dollar based on their strategic national interests. Floating the Naira makes it permanently unstable.

Governors should determine the value of a nation currency?? What did I just read?

Good idea sir, floating of naira also got effect on us. But sir what I know and very sure of is that, if anyone want to transform this country into a good please he should be ready to kill some people. If they don't go, bringing back this country to stand level will be very difficult.

civilserva:
Has he become overnight authority in economic matters? Let he remain as Buhari attack dog.

No serious leaves it currency entirely to the dictates of the market forces to influence as it pleases.

This is the reason USd & GBP currency symbol is not available on binance

Go search and find out.

History555:
I concur. Stop this floating stuff immediately

How?
The managed float system previously used requires the CBN to defend the currency by selling dollars.

Where is the dollars? Emefiele took a loan from two investment banks and used 70% of Nigeria's foreign reserves as collateral. Even the recent loan taken from an international finance institution used the entire crude proceeds for a year as collateral.

So where will CBN get dollars to go back to the managed float system?

nairavsdollars:
https://www.thecable.ng/sagay-to-tinubu-stop-naira-float-immediately-the-currency-is-very-weak

This man na another major clown in this country

Hahahahaha. Sapa done reach sagay side. We in the mountains of kuje are enjoying natural things.

I wonder why the president is not listening to sound advice

Frigga13:
Anything that will work .. is welcomed

Asiwaju must listen to proven advice... not those talking and ranting for foolishness sake

Nigeria must get right ..

Just look at yourself and ask yourself if you are ok?

Ogiame:
This one wey keep lips like cràse woman pussy should not disturb Tinubu with his unsolicited advice....

Prior to the General elections, he was everywhere singing the praises of Tinubu and his wife (Itsekiri connection) just to get juicy appointment...

I read in one of the national dailies where he was so confidently saying that Tinubu's emergence will see an overall turnaround in the nation's economy.

May God forbid Hoebi presidency

Here is the SAN giving unsolicited advice.

The level of Una emptiness dey out of this world. You and your people just talk without thinking. One direction hypocrites..

So because he supported Tinubu during elections, he should not advise him when necessary? I am sure if Peter Hoebi had won, nobody dare speak against his policies. You pple will roast them alive

skj1377:
The idea of floating the Naira is wrong. Gov should determine the value of the Naira to dollar based on their strategic national interests. Floating the Naira makes it permanently unstable.

When u over-borrow and u want to still borrow more....u won't have choice than to dance to the tune of the lender(IMF)

The werey needs to return some of money we borrowed so he can still borrow more....

......but embezzlement will not let them be able to use one stone(i.e..oil revenue) to kill two birds (i.e peg the currency and pay back the IMF)

Xscape1993:
What does the drug master knows about economy and Naira floating? The politicians are the main problem of the Naira. What a big pity!!!

The drug tribe are well known all over the world...The so called drug master wasnt caught with drugs unlike the zombie Chinedu who was caught and his families wanted to bribe the police with 4 million naira cash.
shameless people....

I disagree. Subsidizing forex and petrol is wasteful and drains one region.

Instead buy food and sell to Nigerian with only marginal profit. That should push prices of food down and buy govt more time to implement food based projects locally.

... Unfortunately, eBOLA is deaf and dumb! 😂😂😆😆😁😁🤣🤣😀😀💯💯💯
#the shyyythole from fry pan to FIRE 🔥🔥🔥🔥✅✅

prinsam30:
Ebi N Pa Wa ooo

Speak for yourself. Many people are cashing out in all of this problem.

OnionBandit:
The level of Una emptiness dey out of this world. You and your people just talk without thinking. One direction hypocrites..

So because he supported Tinubu during elections, he should not advise him when necessary? I am sure it Peter Hoebi had won, nobody dare speak against his policies. You pple will roast them alive

Are you done?

Damage done already
Late
When they were sharing dollars in election primaries they didn’t know Nigerians would follow suit

casualobserver:
Tinubu needs to sustain the Naira float, it will settle where it settles. He should remove subsidy. All these people panicking because there is difficulty only show why successive governments have led to this point. They don’t have the balls to do the right thing. What kind of person is advocating g a return of subsidies either Forex or petrol?

You cannot change your life without pain. If it costs him his second term so be it but he needs to sustain the reforms.

Your analogy doesn't apply to Nigeria situation. It is impossible for our weightless & unhealthy naira to withstand the dollar without support! The economy is zero, the nation has lots of debts & all these years of corruption and funds mismanagement effects are gradually coming up. It is either the govt stop the floating by paying to defend the naira or it's going to be very disastrous, because the depreciation is not going to stop!

Mind u, if the govt wants to start defending the naira, he is going to start from the current exchange value, same way they have started paying fuel subsidy at 700 naira, something they removed at 195 naira. The earlier he starts paying to defend the naira, the better! All these chasing of bdc are never going to solve anything.

Frigga13:
Anything that will work .. is welcomed

Asiwaju must listen to proven advice... not those talking and ranting for foolishness sake

Nigeria must get right ..

And what does Sagay know about the economy?

In what country? It's like you're living in Mars. The drug lord and his gang are the economic saboteurs.

Image123:
Lol. It's like telling the pilot that you're no longer going when the plane don take off.
Let's see the first to blink is the best move. FG should make sure that they follow the fall bumper to bumper with the parallel market.
It is been said earlier and i think i also read it/heard it elsewhere. Proper monitoring of banks and BDCs is key. Monitor EVERY transaction like a hawk, let there be transparency. Use cameras. Who is transferring and collecting what and for what purpose and to where. These must be clear to have headway. The government MUST mandate 247 videos of transactions at the banks and BDCs.

advanceDNA:
Baba will not listen....becos he needs to obey the IMF who wants a significant portion of their money back....
....and baba needs to steal more money which at this point, he can only get by borrowing from the IMF since he has crippled internal sources of revenue with virtually all companies posting losses....


But wait oooo.....what will happen if we don't return IMF's money?? .can't we just return their money in in 2099...instead of using virtually all our oil generated revenue to be servicing loans and embezzling....

Will they seize Nigeria and arrest all of us??

They want to borrow more, that's why.

skj1377:
The idea of floating the Naira is wrong. Gov should determine the value of the Naira to dollar based on their strategic national interests. Floating the Naira makes it permanently unstable.

Just like Abacha determined it at N22 - so that people with connections will continue to cash out through round tripping. Una well done.

casualobserver:
Tinubu needs to sustain the Naira float, it will settle where it settles. He should remove subsidy. .

It will never settle....

over corruption/embezzlement will never let it settle.....

U pple have not stopped to wonder how obansanjo did what these government is complaining they can't do now.....

Obasanjo cleared out debts..grew foreign reserve, and still maintained the subsidy on the currency and other crude oil products....

Tinubu think Nigeria is Lagos that he boasted he built...

Bluearrow:
Governors should determine the value of a nation currency?? What did I just read?

Yes. Ala Abacha determining it at N22 while arbitrage makes a few billionaires are our collective expense. Armchair economists ti take over.

COMRADES Tinubu is a goner

Electrochemistry:
They want to borrow more, that's why.

That's what I said naa......they have crippled the companies that will give them revenue and have no novel plans to generate more IGR .

....all their hope to do any projects and steal is to borrow more from the IMF.....

stagger:
How?
The managed float system previously used requires the CBN to defend the currency by selling dollars.

Where is the dollars? Emefiele took a loan from two investment banks and used 70% of Nigeria's foreign reserves as collateral. Even the recent loan taken from an international finance institution used the entire crude proceeds for a year as collateral.

So where will CBN get dollars to go back to the managed float system?

I think the problem is people think floating is why the naira is falling. As long as the CBN makes no effort to correct this misconception, these cacophony of advice will continue to come in. I'm sure Catholic Bishops or Northern Imams will ask Tinubu to reverse floating tomorrow.

VeeVeeMyLuv:
No serious leaves it currency entirely to the dictates of the market forces to influence as it pleases.

This is the reason USd & GBP currency symbol is not available on binance

Go search and find out.

The currency of every serious country floats. Go and find out.

Johnjustice:
I wonder why the president is not listening to sound advice

Because it's not sound at all.

RepoMan007:
I disagree. Subsidizing forex and petrol is wasteful and drains one region.

Instead buy food and sell to Nigerian with only marginal profit. That should push prices of food down and buy govt more time to implement food based projects locally.

Tell the CBN to educate the public on the matter. As long as people think (wrongly) that floating is what dropped the naira, this "advices" will continue.

In as much as japa pressure is consistent, politicians pressure with stolen funds is consistent, medical and educational tourism pressure is consistent amongst other things, the value of the naira will continue to drop until majority can only afford food and nothing else.

At that point and at this rate of the decline, the naira will balance at about 100,000 naira to a dollar.

Stop wetin Abi ogun wan kee this thief sagay ni?
Me wey dey expect $3600 from my baby…