ChybuzzDD:


I thought you supported the floating too?

The basic problem with Nigeria is that we are not earning enough forex. That has always been my position

As for the floating, I'm taking a wait and see. I neither support nor oppose it. But at the end of the day, so long as we are not earning enough forex.

Just like the subsidy removal, this is another crazy and ill-advised policy inplemented by a man who knows absolutely nothing about the most basic of the economic principles.

So, you agreed with TInubu and Buhari back in 2012 then?

I did not then, and I have been convinced that subsidy had to go once my eyes were opened back then

Plus, even if we wanted to keep the subsidy we 1) don;t have the money 2) are losing too much money 3) the thing was going to dwarf our earnings from fuel 4) our budget this year was 20 trillion naira, subsidy costs were projected to reach 14 trillion this year. That means we would have to borrow more money to cover the resulting deficit...had we kept subsidy.

Removing subsidy and keeping it are two hellish options. Removing it at least has the option of stimulating domestic production of fuel, and ending imports and massive corruption and smuggling. Keeping it puts us on track to be like Sri Lanka in a few years. Plus the DMO is already screaming at the government not to borrow any more.

We are, as I have said here, not the masters of our destiny.

Market forces should never be allowed to determine the value of a currency in an economy that has perpetually been plagued by dollar scarcity from poor forex earnings and excessive demands.

[/quote]

Perhaps, but if this government is really serious about diversification, things may improve. We wait and see...

Agadinaagwuofe:

The only practical and reliable policy that can halt the continuous rise of dollar is increment in cash reserve ie (when we have enough dollar in our reserve) and that can only happen when we increase our production and reduce importation. Any policy not woven around that is bound to fail in Nigeria I don't know any other country but it will fail here.

Can we export cassava and corn to increase the dollar reserves

lalasticlala:
Insecurity: Recruit 50 million youths into army, Tinubu urges FG

All Progressives Congress chieftain, Bola Tinubu, on Monday, urged the Federal Government to recruit at least 50 million youths into the Nigerian Army to boost Nigeria’s fight against terrorism, banditry and all forms of internal and external security threats confronting the nation.

Tinubu spoke at the 12th colloquium to celebrate his 69th birthday in Kano State.

He said, “We are under-policed and we are competing with armed robbers and bandits to recruit from the youths who are unemployed —33 per cent unemployed?”

“Recruit 50 million youths into the army,” he stated, adding that “what they will eat —cassava, corn, yam, will grow here.”

The APC chieftain, while reacting to recent statistics by the National Bureau of Statistics that over 23 million Nigerians are jobless, also urged the government to create jobs for youths in the agricultural value chains.

He said, “Don’t talk about illiteracy, anybody who can hold a gun, who can handle a gun, who can cock and shoot is technically competent to repair a tractor in the farm.”

https://punchng.com/insecurity-recruit-50-million-youths-into-army-tinubu-urges-fg/

RingRoadMafia:
May this forex scarcity favour me and my family 🤡

Typical Blackman mentality: always selfish and thinking about themselves.

Little wonder your countries are backward and undeveloped.

shortgun:
When we told them the drug baron knows nothing about how the economy works they called us names.

Imagine someone who only knows how to mobilize agberos to intimidate voters taking decisions on fiscal matters in 2023.

Someone who said "na statistics we go chop"

Honestly, it is a tragedy

shortgun:
When we told them the drug baron knows nothing about how the economy works they called us names.

Imagine someone who only knows how to mobilize agberos to intimidate voters taking decisions on fiscal matters in 2023.

Someone who said "na statistics we go chop"

He thought Nigeria is Lagos State that he ruled with tyranny.

NwaNimo1:
CBN should print some fake dollars to ease panic,

For posting this comment, you will be flogged 70,000 lashes of koboko laden with chilly pepper

PUSSYHOE:


Nigeria economy no dey inside ECONOMICS

I swear.

It is always different when it gets to Nigeria’s turn.

Raalsalghul:


Typical Blackman mentality: always selfish and thinking about themselves.

Little wonder your countries are backward and undeveloped.

That statement I made is popular amongst Tinubu supporters on social media. I meant it satirically hence the clown emoji and the meme. How is shortage of forex supposed to favour anyone living in a country that's largely dependent on importation?? You're named after a smart man, I expect you to know this. I'm only explaining it because I presume you're not in Nigeria. But even that is not an excuse because this very rhetoric was popular on Nairaland during and after the inauguration.

Fraud is the the only way to live fine in this worthless country.

Go legit and die poor

Emilo:
Exactly my tots. They think they can wish changes without changing from consumption to production issue. And we all know who can achieve this. I think Nigerians are not ready for change yet.

That was the simple economics we were taught now

To have a favorable trade balance, export must supercede import

But this people keep giving us english every year

ChybuzzDD:


The drunkard even stopped the naira4dollar policy that was encouraging the diasporians to send dollars to Nigeria every month and helped to increase the supply.

If the receiver would get the money at the same amount they got before the policy change, I don’t see why diasporas wouldn’t want to send.

Nigerians are significant part of the problem of this country. Why would everyone be commenting on international currency than those who really need it?

It is a sign of failed economy where what should be a majorly local economy has been over exposed for dollarized consumption.

One way to ease the cash crunch is to start paying remittances in Naira. This isn't new.

This should help ease the pressure!

A rising dollar or falling local currency in normal productive economies brings relief to a certain degree because it makes exports more competitive and imports more expensive and thus less competitive. So a moderately rising dollar is something we should not abhor. Rather we should ride the tempestuous waves or headwinds of more expensive imported goods and services and start looking inwards.

Nigerian universities should be doing some thanksgiving for the share of the billion dollar offshore education industry because it costs a lot more to get a foreign education these days and a lot of folks are likely to cut short their studies abroad in the coming years for this reason.

Nigerian hospitals and medical professionals should be doing a jig and licking their lips in expectation of a share of the medical tourism pie.

And even our local religious camps and grounds should find solace when it costs a lot more to go on pilgrimage to the Middle east and Europe.

I cannot see any downsides here.
We either reform or go bust.
And this is where government should step up and act responsibly.
It should look at critical commodities, products and services we patronize out of an abundance of need and ACTIVELY promote their development and production here by either dragging foreigners kicking and screaming to invest here or by cultivating a new series of Dangotes, men and women of enterprise to do the business.

Raalsalghul:


Typical Blackman mentality: always selfish and thinking about themselves.

Little wonder your countries are backward and undeveloped.

how is it that you couldn't recognise the very obvious sarcasm in that post?

Keep the believing.....
It's in the oppression of the many millions and the natural gift God has endowed this country that their hopes lie upon.
BAT must only remove subsidy if he will prove the actions since the non removal he championed......you see he can't....
So, how will we not be enslaved when the cabals hold the common wealth and know to a large extent they control it.... virtually everything.....
Buhari demystified our collective mumuism when eventually he rallied along Emefiele....
He hasn't spoken since ........
Gragra is allowed sha

Lol.
That awkward moment when you try to build an economy on thin air.

seguno2:


Can we export cassava and corn to increase the dollar reserves

.

Well he should find something in the country to export and earn dollars that is the only way we can increase our dollar earning and that will cushion effects of dollar scarcity or hoarding by the traders anything outside that will amount to knee fire brigade approach which will continue to devalue naira.

seguno2:


Can we export cassava and corn to increase the dollar reserves

Trust me, that cassava and corn export rehoeric is scam. Nigeria corn can’t beat US corn in international markets.
Cassava is not staples food in most rich countries and there are better cheaper alternatives for industrial starch. Cassava is only a local champion.
Those two items won’t move a needle in Nigeria foreign earnings.

ChybuzzDD:


You're just confusing yourself.

It's not working and will never work because of your 2nd and 3rd sentences.

How can you float it when the main problem is scarcity and still expect the floating to work?

If you don't have dollars .is that not shortage of supply?
If you have limited supply against unrestricted demand ,what will happen?
So I am asking you again.how is the floating of the dollars not working?

Brendaniel:
When you don't tackle problem from the root cause, this is what you get.

Tinubu is not tackling problems from the root cause because somehow he is part of the cause

We were analyzing country matter yesterday. Someone said that before naira will appreciate, it will take a while, atleast the 3 months. He said all the monies allegedly warehoused by politicians for the elections but could not be used, will not be needed in naira any longer. They will be changed to dollars. Billions of naira in cash. It will put pressure on fx. Once that is cleared, then we will see the naira appreciate.
Remind me of the fellow that was rumored to have had a war chest of 150b.

shortgun:
When we told them the drug baron knows nothing about how the economy works they called us names.

Imagine someone who only knows how to mobilize agberos to intimidate voters taking decisions on fiscal matters in 2023.

Someone who said "na statistics we go chop"

don’t mind them - is this not the same Tinubu who advised Buhari to print money to pay workers ? - a statement that Obaseki- Edo State APC Governor scream in 2017 that if Buhari did that, the naira will be dead overnight ? - that was why Tinubu instructed Oshiomole to make sure Obaseki is removed as Edo State Governor in 2020 for challenging Tinubu’s voodoo economics… to the extent Tinubu came to Benin to ensure Obaseki is defeated in 2020 … we all know the story and how it ended - that was when I lost the little respect (if any) for Tinubu …,

Is this not the same Tinubu who made that statement then or na another Tinubu we dey see dey form activity everywhere? no be lie - APC fit package sh it dem go call am moi moi 🤣

abegi na today ?

tishbite42:
Agbadonomics on full display
The Fulanis and Yorubas will damage Nigeria beyond repair

Igbos will do worse

nairalanda1:


The basic problem with Nigeria is that we are not earning enough forex. That has always been my position

As for the floating, I'm taking a wait and see. I neither support nor oppose it. But at the end of the day, so long as we are not earning enough forex.



So, you agreed with TInubu and Buhari back in 2012 then?

I did not then, and I have been convinced that subsidy had to go once my eyes were opened back then

Plus, even if we wanted to keep the subsidy we 1) don;t have the money 2) are losing too much money 3) the thing was going to dwarf our earnings from fuel 4) our budget this year was 20 trillion naira, subsidy costs were projected to reach 14 trillion this year. That means we would have to borrow more money to cover the resulting deficit...had we kept subsidy.

Removing subsidy and keeping it are two hellish options. Removing it at least has the option of stimulating domestic production of fuel, and ending imports and massive corruption and smuggling. Keeping it puts us on track to be like Sri Lanka in a few years. Plus the DMO is already screaming at the government not to borrow any more.

We are, as I have said here, not the masters of our destiny.



Perhaps, but if this government is really serious about diversification, things may improve. We wait and see...

Well articulated. I love your submission

ican2020:
No more floating of naira so that market forces can determine its value

Country with majority citizens who thinks with their anus instead of using their brains

How on earth will a consuming country like Nigeria even think of leaving its currency to market forces that’s is stupidity taken to level ten

We produce oil ńa, we will bring the dollar from the oil money

Raalsalghul:


Typical Blackman mentality: always selfish and thinking about themselves.

Little wonder your countries are backward and undeveloped.

Don't mind them. Very annoying set of people.
I do hear my church pastor and members also proclaiming that no matter the price of fuel in the country, even if they are selling it at 5000 per liter, the grace to buy it without blinking or flinching will be their portion in Jesus name and there will be an uproar of Ameeeeeen.
So does it mean they don't care about millions who will be trapped by the 5000 per liter fuel? Provided they can conviniently buy it? Yet we all want to run to a country where everyone is considered and not just a few select

Iyasaburi:


We produce oil ńa, we will bring the dollar from the oil money

Calculate your dollar earnings from oil and put it side by side with your dollar demand as a result of imports.
Also remember all your refined petroleum products is paid fo in dollars o

/
Just like the subsidy cabal, there are people (internal and external) profiting from the arbitrage who would do anything to protect their interests including sabotaging CBN policies, effecting acute shortage of forex and outright disregard of protocols to implement CBN policies.

Even Jesus Christ will not want to administer the nation called Nigeria.
/

Toluwanise247:
Nothing works at the beginning, even when God create the heavens and the earth, earth was void .
Time is the factor

Read the enlightened comments people are making. The government is treating the symptoms of the disease and not the disease itself. Even if we wait for a hundred years without being an exporting and production economy, there will always be a deficit of forex.

Agadinaagwuofe:


.

Well he should find something in the country to export and earn dollars that is the only way we can increase our dollar earning and that will cushion effects of dollar scarcity or hoarding by the traders anything outside that will amount to knee fire brigade approach which will continue to devalue naira.

I will add that we should change our behaviour as citizens as well. This might be a tough ask as Nigerians love imported products which put lot of pressure on Naira, especially our politicians.

Thank God there is no Emefiele or Igbo man to blame.

ambale:
This dollar issue no just get head, when them teach us different thing in school and practicing different things

Purchasing power is not increasing, exports not increasing and we say economy wan do well

Lets all be playing ooo

This wan that you put purchasing power for forex🤔🤔