modelmike7:
Weldone my President. Only God knows how much dollar would have been by now if it was the corrupt Government that remain in power, maybe 900 Naira to a dollar.... Our economy was sitting on a time bomb all these wasteful past years, but the children of hate will never know that, they just keep blaming and hating blindly. God bless my president as he takes us back to the Promised Land.

chi4ik:
must u reason through your anus always? what rate was one dollar when GEJ was d President? u just a dummy that u can't distinguish between success and propaganda.

mentro:
Good news ooo. But I won't celebrate until it gets to 250..

modelmike7:
Weldone my President. Only God knows how much dollar would have been by now if it was the corrupt Government that remain in power, maybe 900 Naira to a dollar.... Our economy was sitting on a time bomb all these wasteful past years, but the children of hate will never know that, they just keep blaming and hating blindly. God bless my president as he takes us back to the Promised Land.

DropShot:

Dera, I remember you argued CBN's policy was not sustainable.

989900:


Hi, can you screenshot it?

I have severely criticized the CBN and the President on countless number of times, ironically, they are now implementing some of same suggestions we've been screaming from forever.

mentro:
Good news ooo. But I won't celebrate until it gets to 250..

modelmike7:
Weldone my President. Only God knows how much dollar would have been by now if it was the corrupt Government that remain in power, maybe 900 Naira to a dollar.... Our economy was sitting on a time bomb all these wasteful past years, but the children of hate will never know that, they just keep blaming and hating blindly. God bless my president as he takes us back to the Promised Land.

mentro:
Good news ooo. But I won't celebrate until it gets to 250..

LordAdam16:


It wouldn't hit us VERY hard. It'd be hard, but it wouldn't be sth we can't manage. The Egyptian float led to a devaluation of 50%.

Nigeria has better fundamentals than Egypt, but even if we are to use 50%, that means the rate would fall from N306/$1 (today's rate) to N459/$1.

The major problem would be the impact on fuel prices, but the FG can combat that with increase of wages (which would be feasible since the earnings into the FG, State Government, and LG have been increasing and will increase). Nigeria's minimum wage is over due for review.

As for price of imports, well dollar fell to 520 and Nigerians didn't die.

The longer we delay, the longer we postpone the inevitable.

If we had done a full float when dollar was N250 in the official market, it'd have at most devalued to N375. Which is a rate the CBN is fighting to hold now.

There is no better time to act than now. Not tomorrow, not next year, not in the next decade. Now!

Sanusi, Riwane, Utomi, Soludo can't all be wrong. No one can be more patriotic than these people, and they've been calling for a float since the N199/$1 days. The FG and CBN were stubborn, yet they kept devaluing the rate first to N250, then to N306, early chatter is pointing to N350 next, and along the way they've been imposing unnecessary hardship on Nigerians, because investors who'd invest in the real sector have held back their funds, international organizations that'd give us the $30b loans needed to reboot the economy have held back (IMF, World Bank, even China).

Float the damn currency, yet APC is playing politics with the currency rate. Even to increase minimum wage, they've been playing politics discussing about it since late 2015. It's 2017, and it's clear they might want to announce an increase in 2018 to garner votes.

Speculators and hoarders are not the enemies, the CBN and FG are the enemies. They create avenue for the leeches to stay. Float the naira, and speculators and hoarders would pack their load. Foreign investors would come in with their billions of dollars and the pressure on the currency reserves will lighten. Saudi Arabia may have a show down with shale producers again, and we'll need a huge reserve to ride that wave, Russia, Canada, Norway, UAE, Qatar, Kuwait, are ready, Nigeria is busy fighting with speculators. Imagine our priorities.

Egypt received $9b in direct investment inonly 3 months after the float. That's aside the $12b with super low interest rates (as against our costly EU bonds). And that's aside $3.1b in portfolio investments. To put that in perspective, the entire amount of dollars sold to all licensed BDCs in Nigeria in a whole year at $8,000 per week is $1.2b.

Nigerians will not learn. As Onatisi usually says, na until their neck stretch like streetlight before them go get sense.

-Lord

nwabobo:


Somebody took dollar from 197 to 525 and now promising to take it down to 305 and you are hailing him. Are you well at all?

buffalowings:


increase wages?

when most state government have a huge backlog of unpaid salaries?

LordAdam16:


Even if they reduce minimum wage to N5k. States will still owe.

Moreover when the 18k wage was introduced, dollar traded at N135/$1 in the official market. Now, it is N305/$1 (more than 200% increase), yet state governments are still siphoning funds.

Workers should not be made to bear the brunt of state-sanctioned corruption. Let them increase the wage.

If they float the currency and it falls to 400-460, it'll represent a 300% increase in exchange rate from N135/$1, which will match the 300% increase in wage labor is asking for (FG says 45k minimum wage, labor is asking for 56k. Even if they agree at a middle ground of 50k, that's still around 300% increase). This is a crude calculation and not everyone's salary will increase by 300%, but an increase in salary even by 50-150% will greatly offset the impact of increased fuel price.

Moreoever, Dangote's refinery is coming onstream in 2018. The refinery should lower fuel price (if all goes as planned) and help the nation's FX balance sheet.

The FG is just suffering workers needlessly and dangling carrot in their faces, when they can make a good pie for workers. Recall that with increase of wages in the public sector, the private sector will follow.

-Lord

modelmike7:
Weldone my President. Only God knows how much dollar would have been by now if it was the corrupt Government that remain in power, maybe 900 Naira to a dollar.... Our economy was sitting on a time bomb all these wasteful past years, but the children of hate will never know that, they just keep blaming and hating blindly. God bless my president as he takes us back to the Promised Land.

nwabobo:


Somebody took dollar from 197 to 525 and now promising to take it down to 305 and you are hailing him. Are you well at all?

buffalowings:
[/quote][quote author=chi4ik post=55092127]must u reason through your anus always? what rate was one dollar when GEJ was d President? u just a dummy that u can't distinguish between success and propaganda.

Abudu2000:
it shall never be well with who ever did this to you

chi4ik:
must u reason through your anus always? what rate was one dollar when GEJ was d President? u just a dummy that u can't distinguish between success and propaganda.

dipoolowoo:
By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has disclosed that it was determined to bring down the exchange rate of the Naira per Dollar to the official rate of about N305.

This information was revealed on Wednesday, March 29, 2017, by the Acting Director of Corporate Communications Department of the CBN, Mr Isaac Okorafor.

Mr Okorafor, while speaking on a radio programme on RayPower FM, Fact File, assured Nigerians that the present success of the Naira at the foreign exchange market would be sustained.

On the programme, which was monitored by Business Post, the apex bank’s spokesman noted that the current development was mainly aimed to make the exchange rate on the major segments of the market stay at par.

‘We are bringing the rate down to the official CBN rate; N305 per Dollar, that is our aim as stressed by the Governor (Mr Godwin Emefiele),’ the CBN spokesman said on the show when asked if the apex bank would further bring down the exchange rate from the present N360 it directed banks to sell.

Since the CBN introduced a new forex policy, the Dollar has been on a free fall against the Naira at the market.

When the apex bank came up with the new policy in February, it ordered banks not to sell above N375 per Dollar, but because the Naira was selling at the parallel market at about N390, the CBN, few days ago, further brought down the rate to N360.

As at the time of filing this report on Wednesday morning, the Dollar at the black market was N375.

http://www.businesspost.ng/2017/03/29/well-push-dollar-to-n305-cbn-boasts/

DocHMD:
As an observant scientist and an avid businessman. I will say this is the best time to buy dollars and keep.

It will take at least 50 years of painstaking development for nigeria to become a major exporter which is the biggest factor that strenghten currencies. As long nigeria remains q consumer nation, the naira will keep fumbling, articificial methods of crashing the dollar remains UNSTABLE. All it takes is for one or two pipelines to go up in flames in the ever unstable Niger delta and your only major source of national income and reserve is threatened again.

I'm buying more cheap dollars.

budosky:
Push it back to where it was before the current administration came on board.. Then, you can be boastful.. Shikena

Why some people no get sense .....I mean common sense, you don't need to be too intelligent to know that conditions that where prevalent before this administration came on board had gone south, as such it will be almost impossible to go back to status quo. Atleast there are some appreciable progress in terms of forex which is good for the common man on the street. #Nigeriafirst

modelmike7:
Weldone my President. Only God knows how much dollar would have been by now if it was the corrupt Government that remain in power, maybe 900 Naira to a dollar.... Our economy was sitting on a time bomb all these wasteful past years, but the children of hate will never know that, they just keep blaming and hating blindly. God bless my president as he takes us back to the Promised Land.

nairaman66:
Was that how the CBN met the Naira?? Just 305?? Take it lower than it was before and then you can be boastful Mr Emeifele!! Thanks