Worsening Naira/Dollar Exchange Rate, the real issues:

1. A cartel of the super-rich Nigerians is responsible for the death of the Naira.
2. The cartel has foreign collaborators.
3. The cartel’s primary intention is to embarrass the govt of Buhari.
4. The cartel’s secondary interest is to make huge profit by speculating on d Naira exchange rate.
5. The cartel members hold high reserves of dollars and pounds built from the loots of the past years.
6. Other rich Nigerians that are not members of the cartel, bankers, and liquid people, seeing that the Naira is losing value, are rushing to buy dollars and pounds just for keep to preserve the value of their cash reserve.
7. The run on the Naira will continue unless govt takes steps to smash the cartel: they may push the Naira/Dollar rate to 1000 because it pays them.
8. Bankers and Mallams are making excessive money now from forex trading. It pays more than oil biz and manufacturing.
9. A lot of round-tripping is going on as many that buy dollar low from CBN will sell part or all to forex racketeers to make quick money.


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Arrant rubbish! Cartel ko! Cortex ni!

GoldCircle:
Arrant rubbish! Cartel ko! Cortex ni!

kilomode e mo.
go back to cartoon section.

Then the solution is simple CBN should start selling dollars at parallel/market rate let see what he naira is worth without oil

This article reeks of economic illiteracy.

Sanusi has unrelentingly condemned Buhari's mishandling of the forex market buoyed by his persistent desire to sell forex way below the real cost.

Until Buhari goes and Emefiele as well, the forex market will be in a dreadful state

sultaan:
Then the solution is simple CBN should start selling dollars at parallel/market rate let see what he naira is worth without oil

True. But then the parallel market would just keep hiking their rate even further. Unless they can be checked.