₦airaland Forum

Ofunaofu:
So the naira was actually floated. 

I thought Tinubu paid agents, BATerians said that the naira wasn't floated but rather that the naira was allowed to find its true value. 


I have asked them severally here, have the naira finally found its true value, but they keep changing the goal post and speaking from two sides of their mouth.

You are the confused one,when you float your currency,you allow it find it's true value wholly dependent on market forces.Though no govt would allow it's currency freely float without some form of govt control so things don't really get out of hand.

The value of the naira was cosmetic in the past as the output of our economy couldn't have naturally held the naira at 460.... It was heavily defended by the CBN and you needed your foreign reserves to keep shoring it up which has been proven long before now as unsustainable.

9jatriot:
Floating the exchange rate was a very bold step. Also fortunes favors the brave.

But I thought the exchange rate was floated by the then acting CBN governor before Cardoso took over office, abi my memory de fail me. A simple google search will clear my confusion but I non get the power to check now.

The CBN Governor himself acknowledged floating the currency but as a Tinubu unrepentant zombie, you are still bent on shifting the blame on someone else.

surgical:
its because Tinubu mumu na 4star general by now he would have seen why the sensible ones before him applied caution
Tinubu over sized ego ruined him

He should continue on same path till the economy Grinds to a halt like Zimbabwe,Argentina and Sri Lanka,Greece hasn't survived what happened to them.

ironheart:
You floated the naira and its not working. Wouldn't you unfloat it?

And who told you it isn't working,maybe not for you!!

etrouble:
Emilokan JAGABAN m.

What General Ibrahim Badamosi Babangida, General Sani Abacha, General Abdulsalami Abubakar, General Olusegun Obasanjo, General Muhammadu Buhari, Alhaji Musa Yar’Adua and Dr Goodluck Jonathan could not do for about 40 years, Emilokan JAGABAN did it in the first 30 minutes of his government.

Now you all should know whom the real General is.

You don't have sense, and we can see the effect on the economy now. You think those other leader were fools to dodge floating the naira.

9jatriot:
Floating the exchange rate was a very bold step. Also fortunes favors the brave.

But I thought the exchange rate was floated by the then acting CBN governor before Cardoso took over office, abi my memory de fail me. A simple google search will clear my confusion but I non get the power to check now.

Tinubu floated it o...just days after he became president

Ofunaofu:
So the naira was actually floated. 

I thought Tinubu paid agents, BATerians said that the naira wasn't floated but rather that the naira was allowed to find its true value. 


I have asked them severally here, have the naira finally found its true value, but they keep changing the goal post and speaking from two sides of their mouth.

yes you are consumption economy but not production economy, so before naira gain strength the must be a paradigm shift

Omooba77:
https://www.vanguardngr.com/2024/10/why-we-floated-the-naira-cardoso/

So as you floated the Naira, why is it still at where it is today?

Artscollection:
Idiots!!! You floated naira without adequate policies to checkmate the over bearing consequences such as high inflation and paying liveable wages

The guy is olodo! Period!
Ecn 101: F9

A country like Nigeria floating is currency, is on suicide mission! And they he had forced our Naira to commit 'Harakiri'. I just hope our Naira won't be heading to 'Zimbabwe direction'

Realtruth2023:
You don't have sense, and we can see the effect on the economy now. You think those other leader were fools to dodge floating the naira.

Abi o!
He has none of a sense!
They floated Naira as a result of their greed!

INTEGRITYA1:
If floating of Naira is counter productive, sure the effects are too harsh at the moment but we're still looking if it will be beneficial in the long run.

We understand the wider gap between official rate and parallel market back then and how some big wings are putting on Babariga and went to CBN to get Dollars on official rate and sell at almost double in parallel Market most especially during Emefiele.

It's seems Tinubu want to correct that abnormality by closing the gap but instead of floating the Naira, he could have find a way to bring the parallel Market rate down closer to the official rate. Because since CBN is still pumping/selling dollars to Bureau dey change and instruct them to sell within the agreed margin, it means Naira is not reflecting the real market value since CBN is still struggling to force the rate down in order not go up beyond the current range without which the rate must have go up further.

Though the floating of Naira actually increase the government earnings but there is no meaningful savings because government spending has really go up in the same manner and all what suppose to be gains has been eroded.

The major beneficiary of the policy are those living abroad and those earning foreign currencies because they are able to get more value when converting the foreign currencies to Naira and opportunity for them to do so much more back home when sending money home or investing in Nigeria.

Though it will eventually lead to overall net income from abroad.

But we are watching with Keen interest.

ogogoro logic. We are doing well.

Ofunaofu:
So the naira was actually floated. 

I thought Tinubu paid agents, BATerians said that the naira wasn't floated but rather that the naira was allowed to find its true value. 


I have asked them severally here, have the naira finally found its true value, but they keep changing the goal post and speaking from two sides of their mouth.

It's the same It's always been...a managed float. That's why there's a CBN rate. That's why there's a Black Market for dollars and other forex in Nigeria. Go on the CBN website and you will see their official or NAFEM or whatever rate.

A free float is the real thing. That's what Switzerland and Mexico and other productive countries operate. There's no Black Market for the South Africa Rand or the Japanese Yen. Their Central Banks have no official rate.

Good Luck to Nigeria

Lithiumite:
You are the confused one,when you float your currency,you allow it find it's true value wholly dependent on market forces.Though no govt would allow it's currency freely float without some form of govt control so things don't really get out of hand.

The value of the naira was cosmetic in the past as the output of our economy couldn't have naturally held the naira at 460.... It was heavily defended by the CBN and you needed your foreign reserves to keep shoring it up which has been proven long before now as unsustainable.

This is the problem I have with you lots. Defending incompetence and cluelessness with bold ignorance

The past one year and fews months have clearly shown that Buhari, Emefiele was far competent, managed the economy better than Tinubu and his patch patch CV CBN governor

Ofunaofu:
So the naira was actually floated. 

I thought Tinubu paid agents, BATerians said that the naira wasn't floated but rather that the naira was allowed to find its true value.


I have asked them severally here, have the naira finally found its true value, but they keep changing the goal post and speaking from two sides of their mouth.

That’s the definition of floating the naira

femi4:
That’s the definition of floating the naira

But Tinubu's paid agents, BATerians refused to acknowledge that

Lithiumite:
You are the confused one,when you float your currency,you allow it find it's true value wholly dependent on market forces.Though no govt would allow it's currency freely float without some form of govt control so things don't really get out of hand.

The value of the naira was cosmetic in the past as the output of our economy couldn't have naturally held the naira at 460.... It was heavily defended by the CBN and you needed your foreign reserves to keep shoring it up which has been proven long before now as unsustainable.

The value is still cosmetic, there is still some level of control. The true value of naira in exchange for a dollar isn't less than N2000

That's the same foolishness that happens to fuel price. Subsidy at N141 and subsidy at N1200

Brainless bunch of useless dingBATs 💯💯💯
The shyyythole is on a free fall 💯💯💯💯💯💯

Your bold decision has turned Nigerians to paupers

Go and sit down. Your economic policies are wack. Nigerians are suffering because you're incompetent.

In a free float, will subsidy be removed?

IbeOkehie:
It's the same It's always been...a managed float. That's why there's a CBN rate. That's why there's a Black Market for dollars and other forex in Nigeria. Go on the CBN website and you will see their official or NAFEM or whatever rate.

A free float is the real thing. That's what Switzerland and Mexico and other productive countries operate. There's no Black Market for the South Africa Rand or the Japanese Yen. Their Central Banks have no official rate.

Good Luck to Nigeria

It was important to address the Arbitrage and currency subsidy issue and in my opinion this should have not been the issue and followed in 6 to 9 months by the petrol subsidy removal. It was the timing I felt that was off.

I believe that your intentions are honourable and may God see us through this trying time.




orbitrag

Omooba77:
https://www.vanguardngr.com/2024/10/why-we-floated-the-naira-cardoso/

Love800:
In a free float, will subsidy be removed?

Yes. Subsidy is needed WHEN government sets a fixed price.

Or put it this way...subsidies are a predictable consequence of fixed prices.

So the EXISTENCE of a CBN rate means the government is paying a forex subsidy. The amount of subsidy is equal to the difference between the black market and official CBN rate

Good Luck to Nigeria

9jatriot:
Floating the exchange rate was a very bold step. Also fortunes favors the brave.

But I thought the exchange rate was floated by the then acting CBN governor before Cardoso took over office, abi my memory de fail me. A simple google search will clear my confusion but I non get the power to check now.

Bold step to failure, someone will beat his wife to stupor and still tag it a bold step

etrouble:
The road is rough and the task is tough, but with consistency and truthfulness, WE SHALL SUCCEED

You're in for a long thing. You go wait taya

naijaboy756:
Is there disparity now or not?

These guys just like higher bands of hardship

Fuel from #197 to #1200 both 197 and 1200 has subsidy payments

Naira from 460 to 1,600 both still has disparities

The thing de mad me my brother

9jatriot:
Floating the exchange rate was a very bold step. Also fortunes favors the brave.

But I thought the exchange rate was floated by the then acting CBN governor before Cardoso took over office, abi my memory de fail me. A simple google search will clear my confusion but I non get the power to check now.

How u go get strength 😁😁😁😁 to check when hunger don wipe u with USB cord 😁😁😁

Fortune's favors the brave indeed 😁😁😁

naijaboy756:
Is there disparity now or not?

These guys just like higher bands of hardship

Fuel from #197 to #1200 both 197 and 1200 has subsidy payments

Naira from 460 to 1,600 both still has disparities

Current fx disparities are tiny. Even in OECD countries there are minor disparities.

Fuel subsidy is significantly reduced and will reduce further.

Electricity subsidies are still a thing and will continue to give a human face to reforms.

The result of the reduction in subsidies is a superior balance of payments sheet with imports dropping and exports rising creating positive trade balances for the first time in years.

More long term fx flows using offshore gas fields are in play and the reserves have continued to rise dramatically.

So why no impact on street?

Government is favouring financing budget deficit with fx gains over a strong naira - brutal but necessary. Policy will change a) based on local adaptation and innovation. b) when unimpaired reserve threshold reaches x

Fiscal policy is non existent. Wale must make up or ship out.

But things are significantly better than they appear. Street may not agree but governments are not elected to carry out whims of street.

If street does not like them in 2027 it knows what to do.

Everything else is cho cho cho.

Opari

Oya naau, defloat am back to where you see am before 🥹🤣🤣🤣

Omooba77:
https://www.vanguardngr.com/2024/10/why-we-floated-the-naira-cardoso/

etrouble:
Cry well well. We shall run this government the way we like, but bearing in mind that one day we shall all give account

Hope by 2027 u go still get strength 😁😁😁😁

Eko ni baje 😁😁😁

ironheart:
You floated the naira and its not working. Wouldn't you unfloat it?

He has forgot the pin he used to float it, that means it will be hard to unfloat it. It's 2025-2026 end that they will remember the code to unfloat it.

chukwuibuipob:
This government is indeed, really working .They'll fix the country

Beloved Son 😁😁😁😁... hope you eaten today 😁😁😁


It really takes a lot of strength 😁😁😁 to defend evil 😁😁😁

On your mandate 😁😂😂😁😁😁

Stability and credibility in whose interest?
This is the major question the CBN governor has to answer.
Killing millions of the citizens to attain stability and credibility.