LordAdam16:


Float the damn Naira, mk everybody rest. Implement decent fiscal policies, so the negative effects of the float is bearable. Increase wages (you can't ask people to use wage of N150/$1 to buy goods of N450/$1 (or even N350/$1)--that's EVIL). For those that want to say increase wages when to pay current one na war need to understand that even if minimum wage decrease to 5,000; many state governments will still struggle to pay (or is not not state governors that are still diverting Paris Club refunds).

Nigerians are already using parallel market rate. All the things we buy except petrol is based on parallel market rate.

The foremost major fallout from a float, if decent fiscal policies right now is that fuel price will increase (and yes price of goods will marginally increase as a result).

But we need to ask ourselves, where we want mk we take the injection? Because, we go take injection, that one dey certain. Do we want to continue using unsustainable policies that only make speculators and our elite richer at our expense, with depleted reserves; or do we want to end the currency war and focus on building the economy.

Think of it, even with the currency war, the Nigerian economy thanks to our resilient nature is already showing signs of coming out of recession (with virtually no radical new fiscal policy change). What happens when we end the war?

-Lord

Swegzfreak:


Sold to yemibayo

Thanks for the trust bro

kazeemmuka:
$86 Skrill still available, reach me on WhatsApp if you need it at very friendly rate.

puskin:


You seem to have forgotten that presently.......non-oil dollar receipts are now greater than oil receipts.

With these two combined.......why would you feel that they would stop selling to banks & BDCs anytime soon.

Oil prices being $100 then was just oil boom then. It was never going to remain at that price forever.

LordAdam16:


At the bolded? If you mean government's non-oil dollar receipt is greater than oil receipt, then I need to ask whether that is in Nigeria of 2017 or Nigeria of 3017.

2.2m barrels at avg of $50 for 365 days is around $40b. Oil revenue makes more than 80% of our government's dollar receipts.

Remittance from the diaspora of $35b does not go to the government. Even at that oil and gas dollar receipts is higher than non-oil dollar receipts as at today. Remittance increased from $21b in 2015 to $35b in 2016, it did not stop dollar in black market from rising from N220+ in 2015 to N400+ in 2016.

Nobody is saying or even speculating that the CBN would stop selling dollars to banks or BDC anytime soon. We are just saying that they wouldn't be able to regulate the exchange rate using the amount of dollar they pump into the market.

It is very simple to understand. There was a time when the CBN was forming Bruce Lee by pegging the exchange rate to 199 and managing parallel market rate at N250-N300 using interventions. Have you forgotten?

When they changed the peg to N305 did it stop them from selling dollars? If CBN floats the Naira today, they'll still sell dollars.

This is very simple stuff that a primary 5 kid will understand.

-Lord

MonsieurCoder:


There is one question I have been pondering on for some time. Who is using all these dollars they are pumping? The intervention started at the beginning of this month --march--when most international students were done paying their fees. So where has the money been going to? They have pumped almost 1 billion USD already in just march when no one is requesting for Form A to pay school fees. What happens by August when virtually all Students in the diaspora start requesting for Form A for school fees and Accommodation fees? That means if they keep up with this by the end of October it's cockroaches and rats that will be left in our reserves.

puskin:


Is it not floating that was done that brought it to 520/USD then.......and was still showing signs of depreciating further.

U think floating a currency during recession, reduced oil exports, reduced oil prices and with our corrupt minds is the best way for the NGN.

Forget IMF, World Bank & Textbook lingua........those things don't apply to Nigerian economy.

LordAdam16:


Oga, nobody is putting sentiments here. I still have relatives who earn based on 18k salary (based on N150/$1 exchange rate) but buy things in the market based on N500/$1 (things never come down yet). In fact, even if I earn in dollars and get more naira with high exchange rate, na still the same market I go buy things at high exchange rate.

As long as you are at the bottom of the ladder, you are a loser. You and I are losers. Those higher up (politicians, religious leaders, and their cohorts, and international speculators. All of them be the speculators) are the winners.

They are the ones that will mop up millions/billions of dollars now that it is 400 and then wait until it increases to 450 or 520 to sell to the importers that will import things you and I will buy.

So waiting till the policy fails doesn't make you or I winners or losers based on our opinions. As long as the policy is not sustainable from the get go, we are all losers regardless of opinions. Because when the parallel rate fall, you will not force importers that imported now that dollar is 400 to sell based on N400/$1. They'll sell based on whatever rate it falls to.

Don't play to the whims of the politicians. Short gains benefits them and hurts you.

-Lord

kazeemmuka:

$82 sold. $4 remaining.

LordAdam16:


At the bolded? If you mean government's non-oil dollar receipt is greater than oil receipt, then I need to ask whether that is in Nigeria of 2017 or Nigeria of 3017.

2.2m barrels at avg of $50 for 365 days is around $40b. Oil revenue makes more than 80% of our government's dollar receipts.

Remittance from the diaspora of $35b does not go to the government. Even at that oil and gas dollar receipts is higher than non-oil dollar receipts as at today. Remittance increased from $21b in 2015 to $35b in 2016, it did not stop dollar in black market from rising from N220+ in 2015 to N400+ in 2016.

Nobody is saying or even speculating that the CBN would stop selling dollars to banks or BDC anytime soon. We are just saying that they wouldn't be able to regulate the exchange rate using the amount of dollar they pump into the market.

It is very simple to understand. There was a time when the CBN was forming Bruce Lee by pegging the exchange rate to 199 and managing parallel market rate at N250-N300 using interventions. Have you forgotten?

When they changed the peg to N305 did it stop them from selling dollars? If CBN floats the Naira today, they'll still sell dollars.

This is very simple stuff that a primary 5 kid will understand.

-Lord

QingQamal:



Spoken like a true primary 5 kid!

DCTrendy:



whatz the latest rate bro?

LaconicINC:
you say Wetin, is that a chemical compound, who de use am

kazeemmuka:

1k6h pere.

MANDILAX:
SKRILL NEEDED! I need $1500 skrill fund.
I prefer bulk sellers so pls don't approach me with less than $50.
My buying rate is 390/$.
Ask about me or check my resume, i gidigba for ground integrity wise.
WhatsApp +234 9 0 3 4 9 9 6 9 3 1. (Put +234)

ANBAKO:


So your point is that soaring Dollar benefits the masses?
2 wrongs do not make a right!!! My major concern about your point of view (which you are entitled to) is that you do not see any good good thing in a rising NGN. Wait till the Naira starts falling (to 520), then your "hypothesis" will be glaring. For now let who can enjoy the ride and the relatively cheap dollar. Yes the fundamentals is not yet addressed but this is a right step in a right direction. Let govt remove the disparity between the FX market and the parallel market.

NB:I am not a loser! You don't know me!!!