ufotunang:
... Angola produce oil and refine their crude oil locally through their refinery into fuel, disel, and other petroleum products.....in Angola their refineries are working...so they refine their crude oil into fuel, disel and other petroleum products export this fuel , disel , and other petroleum products to other countries for sell to earn dollars, foreign currencies as revenue for their country...so that is why their money is strong and not tumbling....but in nigeria here our refineries are not working...we imporrt fuel, disel, kersone into nigeria and Nigeria is using dollars to import this fuel disel kersone...that is why dollars is scarce because the demand for dollars is high which is needed to import fuel, disel, kerosene and import other consumables goods, products for consumption..as nigeria is a consuming country...if our refineries are working .. like the Angola refineries are working...we will refine the crude oil into fuel, diisel, kerosene and export it to sell to other countries inorder to earn dollars, foreign currencies as revenue for nigeria....and dollars, forex will not be scarce in nigeria

please stop lying online everyone can Google this days and find out, Angola has only one refinery which produce just 20% of its domestic needs, they import 80% of their petroleum products.. What Angola does not have is a dichotomy of exchange rate.. They use one exchange rate for their FX.

Let me take my time to explain this dynamic to you pls, Nigeria gets bulk of dollars from IOCs, international Oil companies, those ones sell to the central bank at official rates, the CBN gives let's say 600 naira to the dollar to NNPC to import fuel, independent marketers are mostly expected to source for funds from black market at the rate of 950 to dollars and still be in competition with same NNPC to import fuel and sell in the same market. It won't work it's simple, that means subsidy if not of fuel is still in existence cos now it's subsidy of dollars.
What the CBN need to do is to buy dollars from the IOCs at the real market rate, the parallel market rate and sells to everyone under the cloud at the real market rate, since they are the singular bulk entity they can still control the market as a whale... No more restriction on any one that want to buy dollars at the bank or sell.. It will force black marketers out of the market, naira will stabilize.. To do economic projection will he simple.. What the market hate most is volatility, whether dollars goes up or down drastically is very bad for any economy, what ot needs is simply stability, that's all.. Am not holding brief fir either ApC, PDP nor LP.. What I need is that our government right now should convene top economist, bankers, industrialist, merchants in the country in a room and let them brainstorm and find a solution to this apocalypse that is coming.. To be for warned is to be for armed. This is not time for politics but hands on.. To solve this issue.. Dollar climbing up and up is making even the richest man in the country poorer.. Dangote is getting poorer with the drop in value of Naira.. Because that the money bulk of his wealth is quoted on with his shares in the Nigerian security exchange. It's not quoted in dollars.. We are all in trouble abeg..trading blames is nit the way out, yes I mentioned emefiele earlier in my quotes, but since we had a docile National assembly and Buhari who was clouded by nepotism, who had no idea how economy works, kept ministers who are not performing for eight years on seat plus a CBN governor who was on seat and borrowed 10 billion dollars from domestic market without any financial plan of repayment? We are bleeped.. We need hands on to get things right and it's still possible, abolish the official rate, demand will go down and the real market rate of Naira will be higher, dollar rate will come down.. That's the bitter truth.. No more BTA, no more foreign school fees, why in heck should a poor man be subsidizing the school fees of a rich man children because that's what it is now with that I and E window.

mrvitalis:

The state Buhari left Nigeria has little or nothing to do with where we are today

Yes it was bad but not this bad

Removing of fuel subsidy, floating naira without having backing brought us here

Buhari is a failure yes but at least he was careful
Tinubu and his team are even more ignorant than Buhari team and are too carefree

Economy no be by gra gra... You tackle is slowly

None, zero of tinubu policy has worked all backfired leaving us far worse where we started

Who says he wants to sincerely tackle anything, in d first place? Someone who'd nothing cogent to say during d campaigns. He only wanted the power and now, he does.

frankson1:




The CBN governor and deputies were confirmed today so let's see how they can change things.

I think the FG and CBN should embrace electronic banking system.

well I pray for them but the government has to take actions to cub the fall of the naira.. All hands must be in deck no politics has to be played on this.

Winning123:
Floating of Naira is not the issue. The issue is that we were not selling enough oil to earn dollars due to stealing in the Niger Delta for many months. At some point we were only producing 800 thousand barrel per day instead of 1.7m barrel per day. All the useless Obi people don't know anything. Obi is lucky he did not win. This is not the best of time to be president of Nigeria. However I know we will pull through

We have never ever sold enough oil since the IBB- Abacha years.... We have no other income source and all these APC know it.
So why then would you go and do something silly like floating the naira ?
The outcome is no surprise and I suspect, deliberate sabotage.

Buhari messed up this country. The most uninspiring leader I have ever seen. Sad that Tinubu met a totally hopeless situation.

treesun:


https://businessday.ng/business-economy/article/trouble-looms-as-foreign-suppliers-reject-letters-of-credit/

GOOD

poiZon:

Buhari isn't better than anyone..
The boobytrap buhari set for his successor was so much, u no fit escape am.
That man literally took us back to stone age..
Soon Nigerians will start cooking with firewood n sawdust cos LPG and kerosene is now competing with BTC

But same people who saw and brought Buhari as the Messiah are the ones there now na

Kukutente23:
Hit the ground into a landmine

I asked Zombies when they were singing hosanna in the early days of this regime what exactly the plan was. I remember one of them saying Tinubu has done what no other president before him could do by removing subsidy. I told the guy subsidy removal was a means and not an end itself. It's the effects that determines if it was successful or not. The Tinubu govt simply hopped on the bandwagon of Western financial institutions by removing subsidy and devaluing naira on the first day in office. It shows poor managerial skill. Basic management requires that you do a SWOT analysis on your first day in office and not policy implementation. The thinking was FDI will rush into the country immediately the policies were implemented to circumvent the effects but that has not happened and we all know why.
Secondly, Jesus said a demon cannot cast out another demon. I want to add that both will instead learn to live together. Tinubu is attempting to solve Nigeria's structural problems without looking to tackle the corruption that's at the base of it. It's a big issue he needs to own up to. He might end up losing friends but he can't really achieve much or anything at all, if he is having sacred cows. Those cows are never satisfied. As long as they are around, he'll neve get anything out of them.
Lastly, the posturing of this govt is looking more like that of a wasteful one with the retinue of aides and appointees, the largest in our history. This in a time we claim to be broke. The West are usually very critical of such wastefulness. But besides that, the main challenge is how to ensure productivity. Most of those appointees don't even have offices as we speak. Yet they will draw salaries and other perks while loafing around Abuja. It's a disaster really

whoever you are... you just hit it spot on... this is pure truth

@mrvitalis
The state Buhari left Nigeria has little or nothing to do with where we are today

Yes it was bad but not this bad

Removing of fuel subsidy, floating naira without having backing brought us here

Buhari is a failure yes but at least he was careful
Tinubu and his team are even more ignorant than Buhari team and are too carefree

Economy no be by gra gra... You tackle is slowly

None, zero of tinubu policy has worked all backfired leaving us far worse where we started .


@me
Did you read the report that the backlog was pre Tinubu and that is was the nonpayment of the backlog that is making exporters to reject cbn's LC. Dollar from official source has dried up. What is the cause? Off course low export earning. This has led importers to source dollar from the pararel market. This is the reason for the ever increasing rate of exchange and widening gap between the official and pararel rates.

What is the solution? Increase exports and lower your imports. The export that you can increase immediately is oil. Therefore curtail oil theft and encourage production. That's why the president is courting the majors to come back to production.

Further source of inflow is to look for low fruits: FDI and diaspora inflow. Is that not what the president is doing?

I don't know how people think that a knocked engine of a car can come back to life easily by putting oil into it and start it.

Winning123:
Floating of Naira is not the issue. The issue is that we were not selling enough oil to earn dollars due to stealing in the Niger Delta for many months. At some point we were only producing 800 thousand barrel per day instead of 1.7m barrel per day. All the useless Obi people don't know anything. Obi is lucky he did not win. This is not the best of time to be president of Nigeria. However I know we will pull through

You, your family, tribes and states always putting hope in another region land and water oil/gas

Cant you look inward and see what you can do to better your lot ,

When the Niger delta leaves nigeria, you ppl always depending on oil will die of hunger and poverty,

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