₦airaland Forum

Stop whining the old man

Yemi cardoso has done remarkably well.

He deserves all the accolades.

Wetin una want make he tell tinipoo...that hard truth that he is the worst president in history and lose his properties in lagos or praise the dullard to massage his dead ego!!

Christmyhope:
The reason I am in support of Tinubu is because of his reform policies. I have longed for someone who will initiate such an audacious move but all our past presidents since 1999 have been timid and unenterprising. I never knew Tinubu would make such a move judging from widespread perception about him but he has taken me by surprise. If these reform policies are allowed for the next four years then Nigeria will achieve economy emancipation. Tinubu till 2032👍👍

Over 7m small businesses collapsed as a result of Tinubu reforms..acc to NESG.
No country can achieve any serious econ growth and development...
When 30% of small businesses shut down ...SMES are the engine room of any serious economy
BAT reforms favored the banks as such u should expect Elumelu to be happy......
Also, D number of Nigerians living in poverty rose from 81 million to approximately 139 million by late 2025
Economic reforms implemented by President Bola Ahmed Tinubu (BAT) have pushed approximately 58 million additional Nigerians into poverty.
While the reforms have created a more increased revenue for govt, they have not yet translated into relief for the average Nigerian.
And that's the major problem of reforms in Nigeria. since the 60s..
As at today, the standard living in Nigeria is damn poor...
U should have a balanced view before giving an opinion.....

PDPdestroyer:
Saying Tinubu surprised you with his good performance so far, means you never knew Tinubu. You were probably listening to Obidient pröpägändïsts who took lies and smear campaign to another level.

Those of us who knew him and witnessed the transformation and inventions he brought to governance as Lagos governor are the least surprised. This was the bare minimum we expected

What transformation and inventions did he bring to governance in Lagos for eight years as governor and for 27 years as the master planner beyond incessant increases in tax burden on the masses?

Tax burden for IGR growth that is not matched with improvement in basic services and utilities provided by well paid civil servants.

For 27 years, Tinubu, Fashola, Ambode and Sanwo Olu have failed to achieve a tiny fraction of what Jakande did in just four years before Buhari jailed him for corruption.

Let’s not even go back so far. Has Tinubu and his successor placeholders employed as many as 19,500 teachers for the past 27 years to make education free for all children, since they are progressive politicians?

That’s the number of teachers Makinde employed in five years without doing vuvuzela progreThief propaganda noise.

DeLaRue:
Some on Nairaland even say Cardoso knows nothing and that he's only CBN Governor be ause he is Yoruba. You just have to shake your head.

Recently, Mr Otedola said Mr Cardoso is the best CBN Governor in Nigeria's history. I have been saying that here on Nairaland for the best part of a year.

Now, Mr Elemelu is singing a similar chorus.

Many African Central Bank Governors are rushing to learn the mini miracle that the Nigerian CBN has performed in the past 2 years.

If you give me the option of Mr Cardoso, Mr Sanusi, and Mr Soludo,I will pick Mr Cardoso without blinking an eye because an unsung general who has led an army in a near-calamitous war, and won, is better that a flamboyant general who talks a good game but has never been to any war.

The miracle is simple........Professionalism!!!!

1. Denied "big men" from turning CBN into ATm machines where they used to go in and collect cash and dollars as and when needed (thats why the Northern elite hate Asiwaju........no free money from CBN.....even for dem so called big industrialists)

2. Agreed with his bosses i.e. Finance Minister and President that there shall be no political interference.

3. Brought Banking Supervision dept to Lagos as thats where they are needed

4. Weeded out professionally all the GFs & connected children of elites who were not ready to work

5. You cant see him hanging around or wining and dining with Bank MDs & Executives becos he doesnt need any favours from them. Hes a standalone guy

6. Took Forex to an open and transparent market where connections were not needed

7. He did not spare any bank who messed up......................they are all well behaved now and there is less news of Board & Mgt shenanegans in banks

To show you how are stable economy brings about confidence, go and ask the Airline companies how many young people flew to china for business in the last quarter 2025............................tens of thousands, just becos FOrex was stable and predictable the entire 2025

DeLaRue:
Some on Nairaland even say Cardoso knows nothing and that he's only CBN Governor be ause he is Yoruba. You just have to shake your head.

Recently, Mr Otedola said Mr Cardoso is the best CBN Governor in Nigeria's history. I have been saying that here on Nairaland for the best part of a year.

Now, Mr Elemelu is singing a similar chorus.

Many African Central Bank Governors are rushing to learn the mini miracle that the Nigerian CBN has performed in the past 2 years.

If you give me the option of Mr Cardoso, Mr Sanusi, and Mr Soludo,I will pick Mr Cardoso without blinking an eye because an unsung general who has led an army in a near-calamitous war, and won, is better that a flamboyant general who talks a good game but has never been to any war.

Under Sanusi, there were no such thing as ATM charges and other bank charges we have today through which Nigerians are being robbed by Shylock Banks
Under Soludo, Nigerian Banks became mega Banks that started playing big on the African continent.
Forex management is not an exclusive thing for CBN. It requires more of political backing than economic know how
Cardoso is yet to match both men. Stop gassing infantilism abeg

DeLaRue:
Some on Nairaland even say Cardoso knows nothing and that he's only CBN Governor be ause he is Yoruba. You just have to shake your head.

Recently, Mr Otedola said Mr Cardoso is the best CBN Governor in Nigeria's history. I have been saying that here on Nairaland for the best part of a year.

Now, Mr Elemelu is singing a similar chorus.

Many African Central Bank Governors are rushing to learn the mini miracle that the Nigerian CBN has performed in the past 2 years.

If you give me the option of Mr Cardoso, Mr Sanusi, and Mr Soludo,I will pick Mr Cardoso without blinking an eye because an unsung general who has led an army in a near-calamitous war, and won, is better that a flamboyant general who talks a good game but has never been to any war.

I concur with you.

Had the Naira float been done since 1999, the economy would have been way better than it is today

anonimi:
Lagosians have endured Jagaban of Borgu’s reforms for 27 years of increasing TAX burden for 100 times growth in budget.

However, 20 million Lagosians are still suffering from kwashiorkor belly effects of drinking detty, shitty, smelling, disgraceful water.

What else do you think Bọla is doing with the money apart from stealing it? Stealing money to buy votes and bribe politicians for his reelection and 3rd term agenda to be life president.



https://www.youtube.com/watch?v=g5v-F81hNTs

Third term? Am I missing something here?

ArcSEMPECJ:
Lols....soon Bill gate and Elon Musk will have something to say as well...

Elumelu is only talking about his business just like Dangote will soon talk about his own soon...

All these is just for 2027 ....is like they have started campaigning through their online merchandise already and looking for ways to discredit Peter Obi and co.....lols 😂😂😂😂😂

These are real not audio Nnewi billionaires.
These guys don't roll with people like Obi.
Traders at upper uweka and Yesufu can do that not Otedola, Dangote and Elumelu. We are talking about economics not gala hawking or 4x4 shop billionaires. Please spot the difference.

Guk:
The miracle is simple........Professionalism!!!!

1. Denied "big men" from turning CBN into ATm machines where they used to go in and collect cash and dollars as and when needed (thats why the Northern elite hate Asiwaju........no free money from CBN.....even for dem so called big industrialists)

2. Agreed with his bosses i.e. Finance Minister and President that there shall be no political interference.

3. Brought Banking Supervision dept to Lagos as thats where they are needed

4. Weeded out professionally all the GFs & connected children of elites who were not ready to work

5. You cant see him hanging around or wining and dining with Bank MDs & Executives becos he doesnt need any favours from them. Hes a standalone guy

6. Took Forex to an open and transparent market where connections were not needed

7. He did not spare any bank who messed up......................they are all well behaved now and there is less news of Board & Mgt shenanegans in banks

To show you how are stable economy brings about confidence, go and ask the Airline companies how many young people flew to china for business in the last quarter 2025............................tens of thousands, just becos FOrex was stable and predictable the entire 2025

You write a lot but ignorantly
Where did you get the idea that the finance minister is boss to the CBN gov?
None of what you wrote makes much sense
If anything, banking supervision is more lax now than ever before

grandstar:
I concur with you.

Had the Naira float been done since 1999, the economy would have been way better than it is today

The naira was floated from 1999 to 2014
Stop revising history

success1smyn:
Third term? Am I missing something here?

How many terms has Jagaban used in Lagos State directly and by proxy with his master plan?

Is he not a worse dictator and more powerful president than Obasanjo was when he tried and failed to get a third term for life president? Obasanjo failed because Atiku led other democratic heroes to kill the bill despite Ghana must go bags of bribes to NASS members.




https://www.youtube.com/watch?v=vPytmuhYDAU?si=REq-v5hBZADcy_qu

Baawaa:
Sorted on papers not in real sense,this Elumelu is a scammer

Pls when last did you enter bank to get dollars?

Ofunaofu:
Tony Elumelu is not being objective, he’s being political. Trying to be in the good books of Mr President

A banker of his stature knows better. Liquidity is not value. Availability is not strength. You don’t clap because dollars can now be found at N1,400 after policies helped drag the naira from N460. That’s not progress, that’s currency collapse dressed up as reform.

The naira recorded one of the fastest currency collapses in the world under Tinubu.

Infact, the naira achieved something remarkable, a record-breaking collapse.

Celebrating dollar supply after a over 200 percent currency destruction is economic gaslighting. It’s like setting a house on fire and then demanding applause for reducing the smoke.

And let’s be honest with ourselves; the biggest relief on FX demand from fuel imports came from Dangote Refinery, a private investment, not from government brilliance. Attempting to frame that as policy success is convenient amnesia.

Scarcity may have eased, but the damage is real. The purchasing power wiped out, the businesses crushed, the savings eroded, those don’t disappear because a banker chooses to praise power.

That’s not economic analysis.

Please don’t call this cowboy a banker

DeLaRue:
Some on Nairaland even say Cardoso knows nothing and that he's only CBN Governor be ause he is Yoruba. You just have to shake your head.

Recently, Mr Otedola said Mr Cardoso is the best CBN Governor in Nigeria's history. I have been saying that here on Nairaland for the best part of a year.

Now, Mr Elemelu is singing a similar chorus.

Many African Central Bank Governors are rushing to learn the mini miracle that the Nigerian CBN has performed in the past 2 years.

If you give me the option of Mr Cardoso, Mr Sanusi, and Mr Soludo,I will pick Mr Cardoso without blinking an eye because an unsung general who has led an army in a near-calamitous war, and won, is better than a flamboyant general who talks a good game but has never been to any war.

Gbamsulotey hahaha mucheche Oturugbeke ooooooooo mucheche Hahaha 😂

Basic123:
https://punchng.com/elumelu-meets-tinubu-says-dollar-scarcity-over-fx-market-sorted/

this are men that matter and are knowledgable about how economy of a country works, but one common trader with waec as his highest educational attainment will sit in his 2*2 in onitsha market and start analysing economic and thinks he knows better than those more knowledgeable than him, no be juju be that😂😂😂

Christmyhope:
The reason I am in support of Tinubu is because of his reform policies. I have longed for someone who will initiate such an audacious move but all our past presidents since 1999 have been timid and unenterprising. I never knew Tinubu would make such a move judging from widespread perception about him but he has taken me by surprise. If these reform policies are allowed for the next four years then Nigeria will achieve economy emancipation. Tinubu till 2032👍👍

A whole lot of reform strategies are in the pipeline while some are already germinating presently. Kudos to President Bola Ahmed Tinubu for that. However, what he lacks is the required empathy for cushioning the effects those daring reforms are causing.

Yeah dollar scarsity is over but Naira is yet to find it footing at 1400 Naira per Dollar. Whatever the case maybe it shouldnt be above 700 Naira per Dollar as per prepolicy black market rate.

0

Ofunaofu:
Tony Elumelu is not being objective, he’s being political. Trying to be in the good books of Mr President

A banker of his stature knows better. Liquidity is not value. Availability is not strength. You don’t clap because dollars can now be found at N1,400 after policies helped drag the naira from N460. That’s not progress, that’s currency collapse dressed up as reform.

The naira recorded one of the fastest currency collapses in the world under Tinubu.

Infact, the naira achieved something remarkable, a record-breaking collapse.

Celebrating dollar supply after a over 200 percent currency destruction is economic gaslighting. It’s like setting a house on fire and then demanding applause for reducing the smoke.

And let’s be honest with ourselves; the biggest relief on FX demand from fuel imports came from Dangote Refinery, a private investment, not from government brilliance. Attempting to frame that as policy success is convenient amnesia.

Scarcity may have eased, but the damage is real. The purchasing power wiped out, the businesses crushed, the savings eroded, those don’t disappear because a banker chooses to praise power.

That’s not economic analysis.

You said Tinubu met the exchange rate at $1-N460.

Aside that, he also met two other things: a net reserve of $3.99bn, and the CBN owing buyers of forex $7bn.

The net foteign reserves actual means forex the central bank actually has access to, and not the gross sum.

The $3.99bn could barely cover one month of imports instead of the recommended minimum of
of 4 months.

The $7bn debt owed to purchasers of forex was also another of its own.

The twin problems indicated one thing: the Naira had been sold below its true market value, and that was why the reserves were empty and the CBN was $7bn. Demand was far greater than supply.

When the Naira was floated, an exchange rate of 750-900 was what Tinubu was hoping, but eventually it settled at around 1,500.

Did Dangote refinery help the CBN stabilize the exchange rate? It might have helped but i dont thinks its to the magnitude people are harping about.

Dont forget there's still the massive importation of petrol going on which gulps billions of dollars annually.

Ojuntana:
The naira was floated from 1999 to 2014
Stop revising history

I am not an economist but will not accept the Naira was floated.

When Charles Soludo was the CBN governor, he introduced a flexible exchange rate system which reduced the difference between the official and parrallel exchange rate to 2% or less. This he largely achieved by selling dollars to BDCs.

This made it possible for the average joe to purchase close to the CBN rate.

However, the floating exchange rate intriduced by Cardoso, does away with the BDC altogether.

Ojuntana:
The naira was floated from 1999 to 2014
Stop revising history

Attached

grandstar:
Attached

Is the naira fully floated or managed float now

grandstar:
I am not an economist but will not accept the Naira was floated.

When Charles Soludo was the CBN governor, he introduced a flexible exchange rate system which reduced the difference between the official and parrallel exchange rate to 2% or less. This he largely achieved by selling dollars to BDCs.

This made it possible for the average joe to purchase close to the CBN rate.

However, the floating exchange rate intriduced by Cardoso, does away with the BDC altogether.

Are you sure you know what you're saying?
Man just increased dollar sales to BDCs from 50k to 150k dollars

Ojuntana:
Are you sure you know what you're saying?
Man just increased dollar sales to BDCs from 50k to 150k dollars

The BDCs complained that were left out of the forex maeket, that bisiness was suffering. I feel that was why the CBN threw them that bone.

I also suspect it is Tinubu doing anything to curry votes as election draws near. He needs to buy up the Northerners who control the parallel market.
I am worried Tinubu might have thrown the country under the bus to appease them.

It was $20,000 a weak when Charles Soludo, and the same amount until Emefiele abolished it in 2021.

Why $150k a week? It makes no sense.

Someone is using your brain to drink garri 🤣🤣🤣

Christmyhope:
The reason I am in support of Tinubu is because of his reform policies. I have longed for someone who will initiate such an audacious move but all our past presidents since 1999 have been timid and unenterprising. I never knew Tinubu would make such a move judging from widespread perception about him but he has taken me by surprise. If these reform policies are allowed for the next four years then Nigeria will achieve economy emancipation. Tinubu till 2032👍👍

Ofunaofu:
helinus, saying N460 to a dollar was subsidized doesn’t erase the fact that the naira moved to over N1,400 to a dollar under Tinubu. You can debate the mechanism all day, but you can’t debate arithmetic. That’s not reform, that’s devaluation aided by thoughtless policies

If Tinubu promises N300 to a dollar like he did and delivers N1,400 to a dollar, Nigerians are allowed to ask questions. That’s not distraction; that’s accountability.

Yes, exchange rate systems can be distorted. But correcting a distortion shouldn’t wipe out over 200% of currency value overnight and then be marketed as progress. Stability after collapse is not the same as strength.

On Dangote Refinery , let’s be honest. It was conceived, financed, and built privately over many years. Its existence exposes decades of policy failure in an oil-producing country importing fuel. That’s structural weakness, not a sudden policy miracle. If anything, it shows private capital succeeding despite government bottlenecks, not because of them.

Like I stated earlier, liquidity is not value. Availability is not prosperity.
You measure economic success by purchasing power, business survival, cost of living, and wage growth not by whether, Banks, BDCs have dollars in stock.

If citizens earn the same but pay triple for food, fuel, school fees, and rent, FX reforms becomes a very expensive headline.

Reform should make people stronger.
If people feel poorer, then celebration is premature.

Like I said above, you are not being sincere.

Which of the past presidents embarked on this kind of of reforms and policies? There are some decisions that president Tinubu has taken that others don't have the confidence of introducing some of the policies which initially might be tough but at the end, make things better

Nigeria problem did not start in 2023, majority of the current problems started before this government.

Nigerians did not elect a magician or

Ofunaofu:
Tony Elumelu is not being objective, he’s being political. Trying to be in the good books of Mr President

A banker of his stature knows better. Liquidity is not value. Availability is not strength. You don’t clap because dollars can now be found at N1,400 after policies helped drag the naira from N460. That’s not progress, that’s currency collapse dressed up as reform.

The naira recorded one of the fastest currency collapses in the world under Tinubu.

Infact, the naira achieved something remarkable, a record-breaking collapse.

Celebrating dollar supply after a over 200 percent currency destruction is economic gaslighting. It’s like setting a house on fire and then demanding applause for reducing the smoke.

And let’s be honest with ourselves; the biggest relief on FX demand from fuel imports came from Dangote Refinery, a private investment, not from government brilliance. Attempting to frame that as policy success is convenient amnesia.

Scarcity may have eased, but the damage is real. The purchasing power wiped out, the businesses crushed, the savings eroded, those don’t disappear because a banker chooses to praise power.

That’s not economic analysis.

"A banker of his stature knows better. Liquidity is not value. Availability is not strength. You don’t clap because dollars can now be found at N1,400 after policies helped drag the naira from N460. That’s not progress, that’s currency collapse dressed up as reform"

This is complete utter nonsense.

Ofunaofu:
Tony Elumelu is not being objective, he’s being political. Trying to be in the good books of Mr President

A banker of his stature knows better. Liquidity is not value. Availability is not strength. You don’t clap because dollars can now be found at N1,400 after policies helped drag the naira from N460. That’s not progress, that’s currency collapse dressed up as reform.

The naira recorded one of the fastest currency collapses in the world under Tinubu.

Infact, the naira achieved something remarkable, a record-breaking collapse.

Celebrating dollar supply after a over 200 percent currency destruction is economic gaslighting. It’s like setting a house on fire and then demanding applause for reducing the smoke.

And let’s be honest with ourselves; the biggest relief on FX demand from fuel imports came from Dangote Refinery, a private investment, not from government brilliance. Attempting to frame that as policy success is convenient amnesia.

Scarcity may have eased, but the damage is real. The purchasing power wiped out, the businesses crushed, the savings eroded, those don’t disappear because a banker chooses to praise power.

That’s not economic analysis.

You go wail tire. Keep crying while those that matters are giving kudos to Tinubus management of the economy. First it was NOI then Soludo , then Otedola and now Elumelu. So, you want to review Elumelus assessment. You and your Messiah with your consumption to production jingle and China going back to China Nonsense are very laughable. Nobody takes Obi and his supporters analysis seriously, Obi is a trader. Keep parroting your infantile propaganda with your Yes Daddy!