This is just a personal opinion, because I am not an expert in economic matters; I am just a freelance analyst of the Naira currency trend . The idea is to stop the free fall (devaluation) of the naira.

First, I will say the Central Bank of Nigeria (CBN) has been proactive. In the immediate past administration, it proposed many policies towards the stabilisation of the naira. My concept towards the stabilisation of the naira will be based on an existing framework from the CBN—using the E-Naira .

Note: E-Naira is a digital currency. It is not a cryptocurrency. Hence, we should use a stable value.

Thus, my proposed solution is "The Managed E-Naira Value Chain System."

So, let's dive in:

1. Following this concept, the CBN will create a digital platform (software, app, web, mobile) where only the CBN sells the E-Naira.

2. The CBN will only sell E-Naira to BDCs and IMTOs.

Now this is where it gets interesting:

3a. Instead of selling dollars to BDCs, the CBN will sell E-Naira to BDCs, while BDCs buy E-Naira from the CBN with dollars.

3b. IMTOs will have to get hard currencies from their customers and exchange/flip the hard currency to E-Naira, which can only be obtained from the CBN. This means IMTOs, too, will not be allowed to exchange e-currencies for Naira directly. E-Naira will be adopted for FX transactions through IMTOs and BDCs.

3c. Now, for this concept to work, the operators (buyers of E-Naira) will be regulated by the CBN (only IMTOs and BDCs should be allowed to buy E-Naira). Also, the exchange rate (value of dollars to E-Naira) will have to be regulated or managed by the CBN.

4. The CBN will have to reintroduce Form A and Form M for people to fill in for dollar requests since dollars will no longer be available for purchase from BDCs (BDCs will be using dollars to purchase E-Naira). BDCs will get dollars/hard currencies from customers while using the dollars to purchase e-naira from the CBN.

4b. Filling out Forms A and M will help weed out currency hoarders since requests for important FX will only be granted. Moreover, even if they lie, they can only change the dollars through a bank (directly to Naira) or BDC (via E-Naira).

5. When a customer brings hard currency to a BDC for exchange, the BDC will collect the dollar and send an equivalent amount of E-Naira to the customer's e-wallet. E-Naira can only be exchanged for Naira on the CBN E-Naira app.

6. Also, customers of commercial banks will be allowed to exchange [physical] hard currencies for Naira without going through the hassle of the CBN E-Naira wallet.

7. Commercial banks will not be allowed to sell e-currencies to BDCs. Instead, the commercial bank will give a monthly account of the dollars in its coffers. With the total amount of dollars in the banks, dollars received from IMTOs, and dollars from BDCs, the CBN can plan how to give dollars to people who need them (they filled out Forms A and M). This will help weed out currency hoarders.

N.B: Check the table below for an illustration of this concept....

How to deal with non-compliance in BDCs and IMTOs:
8a. E-Naira should be restricted to BDCs, IMTOs, and their customers using a CBN E-Naira app.

8b. A BDC shall only be in operation if it consistently purchases E-Naira from the CBN.

8c. IMTOs too must be mandated to purchase E-Naira if they must deal in naira. Any IMTO not willing to purchase E-Naira (with dollars) should stop dealing in the Naira.

8d. The CBN should monitor the accounts of every authorised BDC. Any BDC that does not purchase E-Naira in 2–3 months should lose its license or be suspended.

8e. IMTOs should allow people to exchange their hard currencies for E-Naira, which the customers will convert to Naira on the CBN E-Naira app. Banks should not be allowed to exchange, buy, or sell E-Naira. It will only be made possible on the CBN E-Naira app.

How this will stabilise the exchange rate:
9a. Remember that IMTOs and BDCs are buying E-Naira with dollars? They are also only selling E-Naira to customers (since they must use dollars to get E-Naira if they still want to be in operations).

9b. So, if a BDC pays a customer N1,700.00 for $1.00 since the BDC will purchase $1.00 worth of E-Naira for N1,300.00 from CBN, the BDC will make a loss of N400.00 per dollar.

9c. Also, if a BDC increases the price of its E-Naira from N1350.00 to, let's say, N1800.00, the customer will not buy because they will only be able to exchange it for N1,350.00 on the CBN E-Naira app. The customer also suffers a loss.

How this helps the bank:
10a. This means banking apps can convert FX earnings directly to Naira. Many would prefer to exchange directly to Naira without going through the hassle of E-Naira.

10b. IMTOs can use the CBN E-Naira app API to determine the volume of dollars needed to purchase an equivalent amount of E-Naira when a customer requests an exchange.

10c. Otherwise, an IMTO shall determine the average monthly volume of dollars flipped/exchanged for naira on its platform. An equivalent amount of E-naira shall be purchased monthly by IMTOs exchanging dollars for E-Naira.

How this tackles round-trips:
11a. Dollars obtained from outside the banking system will be brought back into the banking system.

11b. Using the Form A and Form M concepts, dollars will no longer be sold/given to individuals. However, the CBN will use a managed lending model for dollar buyers. Where dollar buyers in Nigeria must have a blocked account [more on this].

11c. Also, hard currencies will not be given in cash to people who own domiciliary accounts. They can use cards, transfer, etc. But for withdrawals, they either convert directly to Naira (through banks) or use E-Naira (through BDCs/CBN E-Naira app).

12. This is just a brief introduction to the concept, as further approaches, information, and references will be discussed with policymakers.

Summary
CBN should stop selling dollars to banks and BDCs. Instead, it should buy dollars from them at a controlled price. Anyone who needs dollars should get Form A and Form M from the CBN by applying through commercial banks.

amakanancy:

Don't mis-quote sir. The statement is easy to understand. We will raise is totally different from we will borrow... you can raise money without borrowing.

“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential.

I like your optimism. But, if they could raise it, they would have done it without announcement.

Also, someone that wants to raise 10 naira would first raise 1, 2, 3 naira and you would have seen the person is capable of raising 10 naira.

The last time this administration raised $3bn you can check how they did it.

Quiteparrot:
This country is finished, everybody is now chasing after the dollar, #1800/$ as at today. I'm so depressed right now, all my investments are in Naira. Mutual funds is giving me 11.5%, Bond at 15.7%, my purchasing power has been reduced by more than 50%. I sold my SUV about two years ago, hoping to buy something bigger, now the old version type I sold is now 14m for Nigeria used, I can't keep up. I had to close down my business because of government satanic policies, fixed investments wey I put eyes to dey use take care of family, devaluation and hyperinflation no gree, I'm so tired.

Each time I want to process a withdrawal from my mutual funds investment in order to starch it all in dollars, I get weary because of the monthly income I will earn from it which I've been using solely to take of my family, the more I tarry the more the dollar soar. Newbies should learn from my mistake, don't keep more than 20% of your investments in Naira, 80% should be dollar investment.

Is there anyway I can sell my 10 years SUKUK? Nigeria bonds is a loss in disguise

You have to comfort yourself because you are not alone. I was working remotely.

Towards the beginning of this administration I converted all my [little FX] earnings to naira thinking this government will just be blocking naira indescriminately, and I can also cushion whatever comes since I earn in FX.

So, I fixed the naira in Tbs thinking worst comes to worst, I can buy my FX back within a year.

Unfortunately, I lost the remote job, and my naira is extremely worthless within 9 months! Just waiting for the TBs to drop next month and I find my bearing. So, you are not alone.

Origin:
Short term fix.


As long as everyone continues to use importer rather than local goods. The demand for fx will always stack higher than the naira....

From your gate to your living room to your bedroom everyone uses 90% imported in their homes. Even when local is available and cheaper. We all still opt for these imported items.......



We all know the solution but the fruit of corruption is to steal as to use all that glitters that is not gold....

Buy local to grow the Naira.


And it is still the same corruption that has our fx rising because our main trade partner is China and we should be concerned about the yen but our loans and corruption is in dollars.

Well, it will be patriotism to buy local goods to grow the naira.

Rather, unfortunately, in Nigeria, local goods too depends on dollar exchange rate. Garri went from 2k to 7.5k here per basin. Local rice went from 7500 to over 50k. A palm slippers went from 6k to 15k. Cement went from 2.2k to 10.5k. Are these not local goods?

Funny enough, the government even plans to make cement cheaper by allowing importation of cement. Something we produce locally. Doesn't that tell us something?

Nigeria's economic policy would require a unique approach.

malali:
Even if you raise 100 billion dollars.

As long as there are a few Nigerians with 10 billion naira cash at home, they will change it to dollars in no time.

And we are back to square one......The Banks are complicit as well, our banks need the "sanusi" treatment, Flush out culpable CEO/MD's

You have to address the looters, the corrupt officials, the money launderers, the currency traffickers, the currency hoarders.

Stop pretending they dont exist or they are untouchable.

These people are making a fool of your government and your strategies. You are now spending more than the "removed" subsidy to stabilize the naira....lol

Unfortunately, forex hoarders have increased. Most Nigerians that were unaware or unconcerned about the naira-dollar disparity are now aware. Also, diasporans now understand they make loses by investing in naira. Honestly, I don't know what this government can do. But borrowing dollars to stabilize naira to dollar exchange rate is a short-term solution.

mrvitalis:

The solution is to borrow to defend the naira
U need to borrow, Obi then said he would borrow $15 billion to defend the naira

The main issue is no body trust Tinubu enough to give him that amount

No body trust his management skills

The $3 billion he got he mismanaged it

E Even if the CBN borrows money to stabilize the naira, it will not work now. The value can drop briefly, but it will still go up due to free floating. Borrowing to stabilize the naira can only work if the naira is pegged/fixed. The official market can be controlled while the unofficial markets will be managed.

I sing this song very often too:

"The sun that rise in the morning is the sign of hope for a brighter day.
The sun that sets in the evening, brings forth life in abundance
Yes our is life
In every born child
Yes our lord is hope
He makes our dreams come true..."

But, I didn't hear it from any movie. I think I learnt the song while in primary school, which was way before 2012.

skydiver01:
For example, you can enquire from your bank, to start with, that you would like to buy monthly United States treasury bills (e.g. the 10, 20 or 30 years) and take it from there. Over time you will be in a position (unless you are already in a position) to open an account with an international Investment and Asset Management institution like Shroders who have been around for over 2000 years. Shroders was founded in 1800.

Thanks so much. I appreciate this information.

skydiver01:
Thank you and very precise 👍 I have never bought Nigerian Eurobonds in my life.

So, sir, if I may ask, which channel, app, or investment companies do you use to access foreign currency denominated investments from Nigeria?

Your aunt plans to resign when labour is working with the government (FG) to increase salaries?
1. She can wait to see what labour works with the government before considering resigning.
2. She should check out if she can get accommodation close to her place of work.
3. She needs to make a plan with her husband on the best way to solve the accommodation problem.

End that relationship and go find yourself another man.

He is your first. How many people even marry their first?

There are many young men out there looking for who to marry.

Forget this one and move on.

Are you planning to travel out of the country and you need capable managers to lease your factory to?

My client is actively looking out for a factory on lease. If you have a factory and you want to lease it out, then you can contact me as I have a client ready to partner with you.

The factory can be any of:

1. Bakery (specifically bread)
2. Table water
3. Restaurant
4. Furniture
5. Sawmill
6. Food and beverages
7. Others

Check signature for WhatsApp.

judicata:
I would deeply appreciate more responses pls.

naijacutee, FOD, dominique, pls help

Where is your location as I am looking towards partnership?

We can discuss this further if you want.

AngelicDamsel:
Lala: why are you calling me? I'm in church!

Commenters: Lala na snake.

Lala:

You are so fine! Will like to make friends. I sent you a connect via pm. Let's connect via email if you don't mind. Yours,

Jewessgratitud3:



Determine whether I like him? Abeg how old are you?
Did you not understand from the word go I said I didn't like him or which part did you not understand?

Go and learn comprehension skills. Until then stop reading my posts.

Thank you

Okay, I hear you. But, we are still saying the same thing. I think you are the one who needs to sharpen her comprehension skills.

You don't like a guy, but you can give him a list that mandates him to give you gifts/material things? You've not even told him you don't like him yet?!

Don't do that again. It's not christianly. Bye.

Jewessgratitud3:


What's all these ones saying? Before won't be get married after I rejected him? Or what exactly are you crying about?

Biko excuse me.

I'm not referring to how you rejected him. I'm only letting you see that the guy was boxed up enough to spend money on his marriage and travel, you confirmed he was not broke.

So, he wasn't stingy. He only wanted to be sure where he's putting his money.

Next time, don't use a list of items you want a man to purchase for you to determine your likeness for him.

You used to sing in the choir, right?
I believe you attend church.
While I am not here to castigate anyone, can you tell me what gave you the moral justification for this:

Though he too was acting stingy that Christmas period after giving him a list of what I needed....

You knew you did not like this guy, why give him a list of items you want to travel with?

The people you're taking those items on your list to would praise you, while you in turn will call the guy "mumu pastor."

Also, the guy not buying whatever you have on the list does not make him stingy. You even confirmed he married the other lady and they travelled abroad together.

In my opinion, I see the guy had a better use for his money.

Muyiwabiggy:


Sharrap there! Sex ko sexy ni. If sex ws the forbidden fruit why then did God tell them to multiply and be fruitful, I mean how are they supposed to fulfill that ordinance? Bongo tea! And pls don't tell crap about unlawful sex between Adam and Eve cos last time I checked they were already married immediately Eve was made from him abi wetin Genesis 2 vs 21 - 24 say?

There is no controversy about this topic. Like I said the forbidden fruit cannever be sex!

Gen 2:9 - And the LORD God made all kinds of trees grow out of the ground -trees that were pleasing to the eye and good for food. In the middle of the garden were the tree of life and the tree of the knowledge of good and evil. (NIV)

The garden had two trees in the middle, the tree of life and the tree of knowledge. The trees grew from the soil/ground.

P.S: My last contribution to this thread because the OP is uncouth.

Dtruthspeaker:


Ok you meant "solemnize". Thank God O!

Solemnization only meant marriage which is couple-ling (coupling) of a male and female and then they are husband and wife.

That was what God instituted.

But as you can see them Adam did not touch his wife especially as they were blessed to be fruitful as proven by the absence of pregnancy like Mary and Joseph before the time of The Holy Spirit was fulfilled.

Thus, while God had instituted marriage and theur marriage, He had not yet instituted the consumation of the marriage (which is sex) which the couple were waiting for its permission before Satan came and did his evil of intermeddling with the marriage.

If you had dated a virgin you would clearly see the "Don't touch Rule" which is why virgins beg you not to touch and defile them for it is their life and death!

There is no need for your explanation, I don't need it.

Dtruthspeaker:


So when a priests blesses your marriage he had sex with the 2 of you eh? It's like you are a mad person. Bye bye.

I am not supposed to reply you again, because from all ramifications, I should not be your agemate. I was only trying to let you see things in the right perspective. I am not even saying I'm right because, obviously I am not the writer of the Bible. Yeah, I made a mistake in the construct, but saying you love the Holy spirit and saying someone is mad? You most be the most certified christian on earth! In fact, every christian should copy your lifestyle!!

Anyways, I modified what I earlier posted, and this is it again:

The forbidden fruit is not sex and it can never be sex.
Check the passage you quoted, read it from Gen 1:27-28. In fact, your passage actually proved that God solemnized the first marriage! Wow!

I just saw it today from that passage that he [God] prayed for them and said, be fruitful and multiply. What other solemnization do you want?

Do not interpret the Bible with your logic. If logic works, fine, but sometimes logic cannot be used to interprete what is in the word, so take them with the literary meaning.

I know you did not see this but God actually blessed animals and cause them to have sex in Gen 1:22. He did the same for man in Gen 1:28 [Thanks to you, I'm just seeing this today].

The forbidden fruit cannever be sex because the way man was sent out of the garden is to prevent man from eating the fruit of immortality. The fruit that man ate is the fruit of knowledge. That is the only thing that distinguish us from animals and make us equal with celestial beings.

On the other hand, celestial beings are only higher than humans because they are immortal (eaten the fruit of immortality), the one God did not want us to steal.

Dtruthspeaker:

I answered it above your comment.

The forbidden fruit is not sex and it can never be sex.
Check the passage you quoted, read it from Gen 1:27-28. In fact, your passage actually proved that God solemnized the first marriage! Wow!

I just saw it today from that passage that he [God] prayed for them and said, be fruitful and multiply. What other solemnization do you want?

Do not interpret the Bible with your logic. If logic works, fine, but sometimes logic cannot be used to interprete what is in the word, so take them with the literary meaning.

I know you did not see this but God actually blessed animals and cause them to have sex in Gen 1:22. He did the same for man in Gen 1:28 [Thanks to you, I'm just seeing this today].

The forbidden fruit cannever be sex because the way man was sent out of the garden is to prevent man from eating the fruit of immortality. The fruit that man ate is the fruit of knowledge. That is the only thing that distinguish us from animals and make us equal with celestial beings.

On the other hand, celestial beings are only higher than humans because they are immortal (eaten the fruit of immortality), the one God did not want us to steal.

What is the latest about this training? Has the login issues and dashboard problems been resolved?

The organisers did not send a message to that effect.

Is this programme still going on as planned?

Her calculation on that page shows 5,280,000.00 naira. She still has 4,720,000.00 naira that she couldn't explain how it would be spent out of the proposed 10m.

Sometimes I wonder if these people actually know what they are saying.

Ten million might actually be the amount spent by some people in the middle class on a wedding. But, it's not a standard. She herself couldn't explain how a wedding would gulp 10m. Just trying to pressure people unnecessarily.

frog12:
the lesson here be say: keep anything of value away from untrusted people.
the woman did not know the husband has bad character
i suspect she knew but decided to ignore it.

She may not know. I've read stories and heard some men say what they can do to their wives.

Let's assume the story is true, when a man says "he will never want his wife to progress above him," to what extent do you think the man can go?

If it will not shock you, some men boastfully tell their friends the quoted texts.

frog12:
wetin you learn from it?

Well, I'm a content creator cum creative writer, so every story is important to me (there's always something to learn).

Flattire:
How on earth will she have her life savings in an ATM card with the Pin known by her husband.?
Your life savings account shouldn't even have an ATM card not to talk of the one with an already known pin.
On another note, doesn't she get alert on every withdrawal? Abi which kind story be this?

A man that is jobless for that matter. The man will just be checking the balance anytime she asks him to go and withdraw cash. In his mind, he'll feel like, "my wife has money o, chai!"

Pootle:


no mind the dumb mods moving rubbish to fp, nonsense story she brew to create hate

The story looks fabricated, but one can learn one or two things from it.

obinna58:

Women understanding
When they call una fish brain, una go begin fighting like tiger, you’ll understand motherhood when you give birth, then if you read your words again shame go catch

@obinna58, what is wrong with the woman leaving the kids with their father?

Simeonjoe1:


Ok atleast we've agreed on gender roles.

Now to black tax. There's absolutely nothing wrong with black tax. Your immediate family and extended are entitled to your money, yes your hard earned money.

Africa is a homogeneous society who has tried hard to instill western values into our fabrics yet we failed to to adobt a 100% this has lead to cultural clashes that had compounded our problems.
We are a homogeneous group, we have no central collecting system, majority of your produce are share within the family which everyone contribute.
If you're the biggest person in that family you contribute more while even expecting less from family members, hence the feed on you.

Europeans on the other hand from history pay their taxes to their bourgeois and manor lords, which constitute the government, we pays ours to our family (check traditional Africa home it's a compound with many rooms where grand, sons and wives, uncles and other extended family lives. The house is build by the most influential in the family and he provides majorly for all the extensions with the family working for him, this system is not only practiced in Africa, check South America its also their way. Where majority of the family work for the most influential male and her cather for all the family problems.

Africans pays the least number of tax. Check our tax /gdp it's the lowest in the world, that's because we are not used to paying tax for a central government.
While in Europe taxes can be as high as 40%
So if Nigeria charges you 15% as taxes for the government, the other 25% is your black tax =they are meant for your parents, siblings, grandparents and extended family members. The more you earn the more they expect from you, hence they are entitled.
With this homogeneous mindset, if we decide to adopt the western ways and say nobody is entitled to your money then we are inviting problem, and as the government will punish tax evaders your family can also pepper you for not meeting your obligations.

Nigeria does not pay lower taxes than any other parts of the world, especially for business people. Check out the taxes paid by business people in Nigeria. You will even pay your own personal income tax asides company tax.

It was the past administration that helped by waiving tax (federal tax) for business people that make less than 25m annually.

However, I am not even trying to change your orientation about black tax. But, whether you like it or not, it will continue to be one of the major reasons for propagation of corruption.

Simeonjoe1:


There's nothing wrong with black tax. And Nigerians are not dangerous people, infact we are one of the best. Why then are Nigerians bad? Because of our hard socioeconomic climate. Bad economy brings the worst and desperation in people hence Nigeria factor.

The abroad you mentioned, men earned way more than women, men contribute way more in the family than women (its never 50/50, a research even shows that men contributed 70% to household finances in the US, and in some 100%).
This shows even in advance society men will always contribute more financially, that's why the advocacy for equal gender pay is still a touching stone.

Make God just provide for everybody (all men out there). Nature is never fair to men. Men are created to toil and suffer for others before you'll even consider yourself.

Yeah, we are saying the same thing. Like you posited, abroad some women still contribute 30% to the home. It means there is no hard rule to how you run your home.

Nobody is saying it should be 50-50 here. In fact, it can be 90-10 or 80-20.

And, no, everything is wrong with black tax. The economy you want to grow how will it grow when the leaders are under pressure to use money to satisfy everybody in their villages?

Simeonjoe1:


True, but note majority of women are not really like that, they are not created to cater for majority of finances. Even if she start doing at first she'll starts grumbling later, as an man you'll even feel less of yourself and uncomfortable when a woman start catering for majority of the responsibility no matter how learned you are.
Omo that's why I pray for conditions where a man can no longer meet his financial obligations due to economic hardship, even if it happens it shouldn't be for long..
This in particular had caused a lot of marital problems

The situation you described here majorly happens in Nigeria. Something is fundamentally wrong with our perception of marriage. Can you go abroad as a woman and expect the man to carry all the financial burdens in the home?

Nigerians are dangerous people everywhere they go because of pressure such as these.

The same man black tax, he's also expected to provide 100% for wife and kids before they see him as a man.

Many Nigerians will continue to steal till Jesus comes. You know why?

Because we have a warped mentality such as the one where a man is expected to conjure money out of thin air in a restrogressive economy.

ekerintee:
so what happens if the man is not financially strong like the woman, the woman will just fold her hands and will not support .You dont need to tell a resaponsible woman to help in little things.If there is a monthly bill of 500k , what stops the woman from voluntarily paying 50k.if a man earns very well to carry 100% of the bills, nothing is wrong if he carries it 100% but what i see now are bunch of women who dont care if the man is able to carry all d load, all they after is for the man to carry all even if he will steal or do rituals for them to live comfortably.There is no fast rule,every family is differnt.A man and woman shud support each other,there is nothing wrong if a woman decides on her own to be responsible for some aspect of the bills as a way of support.

This is what I'm saying man. They turned relationship and marriage to something else.

In a nutshell, men should start committing suicide if they cannot meet up with the needs of their family even if they have wives that work and make good money. Whereas, the women are supposed to be there as helpmate.