Ykc2:
until people like you organise one protest like you guys did when Jonathan was the president,people wishing nigeria to fail if wishing is working by now USA won't will be a country again because no other country likes their arrogance, blacks In America don't like America because of their past does that stop America from progressing? Make the country working stop giving excuses of people praying for it to fail

delpee:
I wish we could all decide to drastically reduce our taste for foreign goods.

Imported drinks, designer wear, luxurious cars, furniture, cosmetics, even toothpicks all require loads of forex. The truth is that if we concentrate our focus on patronising local producers more, they'll improve over time and we'll save more forex. Reno Omokri may sometimes sound like town crier, but he said as much. When given a deep thought, it's obvious that he's right.

seborrhic:
The Nation newspaper trying very hard,but very laughable to use propaganda to shore up the tarnished image of Emilokan.
What will EFCC do to shore u the naira when crooks like Akpabio are walking not just free but with enhanced powers in Nigeria.
The bitter truth is that so long that Nigeria is ruled by corrupt people,no amount of meetings can effectively curtail the doom we face.

festacman:
Managing the economy is more than fiscal and monetary manipulations. The key thing is productive economic activities.

- President Tinubu, please come back home sir. Nigeria needs a new economic foundation.
- Convoke a something like 'National Economic Conference' to develop a nationwide roadmap that will tap the economic potentials of geopolitical zones
- Set up a versatile economic think-tank and keep an open mind to their ideas. Look beyond Wale Edun and work with some crazy young minds to create out-of-box ideas for policies and programs.
- Develop short and long-term Economic and Development Plans and actively Implement it.
- Be positively strong-willed and don't sacrifice crucial things that MUST be done today for tomorrow's 2nd term. Nigerians will always appreciate positive results.
- Stimulate production in different aspects of the economy through incentives, make vital reforms of laws and processes, enthrone intentional concessions, etc.
- Move focus and relocate effort from attracting FDIs to encourage local industries, SMEs and entrepreneurs.
- Create more employments, boost local food production develop creative export drive strategies to earn forex.

casualobserver:

With due respect, think before you comment. 1. Who are the people with Dom accounts?
2: disporans do not send dollars to Nigeria to remain dollars. There is a Naira purpose for every dollar sent home.

The dollars you see in dom accounts are the elite buying dollars they do not need.

The $30b sitting in dom accounts are owned by no more than 1m people, 98% of which are well off. They don’t keep the money in dom accounts to do business but to preserve their wealth.

seguno2:


And the banks are not doing anything with the dollars in the dom accounts

casualobserver:


Why is the Naira falling? Because there is speculative purchase of dollars. Why is there speculative purchase? because people feel it wil continue to go lower and so it feeds on itself.

There is forex in the system, the problem is people are buying dollars not to purchase anything but to preserve their wealth, this is because we have dom accounts, so you can buy dollars and do nothing with it. Meanwhile those who have legitimate need for dollars are competeting with those who just want to buy dollars to put in their dom accounts.

The frenzy has started, Naira can easily hit N4000:$1. The only way to stop the slide is to ban dom accounts at which point the only people buying dollars will be those who have legitimate businesses and those willing to store in cash.

Mark it down that I said it here, the only solution and the only point at which the decline will stop is when dom accounts are banned.

Our yearly import bills are less than the yearly forex inflows (official and unofficial) so clearly this decline in Naira is speculation and hoarding.

Queseda:

What about those trading the naira against the dollar on crypto platforms like binance? I think they're the main culprit because their rate determines the black market rate

PressMyButton:
Brainstorming to block the loopholes that agents of corruption and retrogression use to shortchange the system. In a country where banks were holding up $50billion in excesses for speculative purposes. A country with large deposits of Uranium yet the citizens take dollars to import phone and car batteries from the Chinese who come here to mine away our uranium. In a country where we have leather in abundance yet the people import shoes, a country blessed with textile but her people waste dollars importing fake fabrics. A country with crude at its backyard yet import fuel with subsidy. So much importation of junks and fake products with scarce resources while the local industries are left to rot. A country on self destruct peopled by the most greedy of human species.

delpee:
I wish we could all decide to drastically reduce our taste for foreign goods.

Imported drinks, designer wear, luxurious cars, furniture, cosmetics, even toothpicks all require loads of forex. The truth is that if we concentrate our focus on patronising local producers more, they'll improve over time and we'll save more forex. Reno Omokri may sometimes sound like town crier, but he said as much. When given a deep thought, it's obvious that he's right.

drlaykay:

They don't like the treatment they got not that they pray the country fails.
And I have not told you that Nigeria is failing because of people's negative prayer. I'm only stating that it's an obvious evil and unpatriotic behavior.

Balkan:

There is a common misconception among people that only the Igbos are involved in importing goods into the country. This misconception might be fueling targeted policies that are intended to discourage or regulate the importation of goods into the country by Igbos.

However, it is important to note that such policies may have unintended consequences, such as creating more billionaires of Igbo extraction who have the resources and expertise to navigate the complexities of the importation business. Ultimately, it is important to have policies that are fair and equitable to all citizens, regardless of their ethnic or regional affiliations.

casualobserver:


Why is the Naira falling? Because there is speculative purchase of dollars. Why is there speculative purchase? because people feel it wil continue to go lower and so it feeds on itself.

There is forex in the system, the problem is people are buying dollars not to purchase anything but to preserve their wealth, this is because we have dom accounts, so you can buy dollars and do nothing with it. Meanwhile those who have legitimate need for dollars are competeting with those who just want to buy dollars to put in their dom accounts.

The frenzy has started, Naira can easily hit N4000:$1. The only way to stop the slide is to ban dom accounts at which point the only people buying dollars will be those who have legitimate businesses and those willing to store in cash.

Mark it down that I said it here, the only solution and the only point at which the decline will stop is when dom accounts are banned.

Our yearly import bills are less than the yearly forex inflows (official and unofficial) so clearly this decline in Naira is speculation and hoarding.

casualobserver:


I do not like to comment on things I know nothing about. I am no expert on Crypto, binance and all that…..however I wouldn’t worry about them because they are temporary people…when they buy, they must sell to crystallize their profit so the net effect is negligible unlike the dom account holder who buys dollars and keeps his money permanently in dollars. The trader creates demand when he buys and then creates a supply when he sells but the dom account holder is a hoarder, he creates demand but never sells….I may be wrong.

If I were to guess I would say they are trading based on the hoarding patterns of the dom account holders.

Celestialsword:
dollars stored in rooms at home by nigeria politicians is far more than those in Dom accounts.

It's no longer news that politicians no longer take their loot abroad,they are stored in different foreign currencies expecially the dollars

Queseda:

Most of them are exactly like Dom account holders, some have been buying on the platform since it was below N1000/$ and they can now sell with over 50% profit now that it's close to 1500/$. I really can't tell how much of effect it has on the black market but it definitely has some effect

casualobserver:


Oga please talk with some sense. Don accounts contain $30b

Oga nobody stores that amount of dollars at home.

Hhansome:
This administration will favor me and my family.

casualobserver:


There may be traders with don accounts but the true dom account holder is someone who has realized as far back as 2015-2019 that investing in property or stocks in Nigeria contrary to popular belief is a destroyer of wealth. Whereas Naira value may go up if you convert to dollars you likely lost money. So many professionals have resorted to investing abroad or keeping their money in dollar dom accounts. When they earn in Naira and convert to dollars, the money remains in dollars. Most of these people earn enough in Naira not to need to convert any of their dollars to Naira.

The currency trader on the other hand buys and sells so he creates demand and supply of dollars. But I believe they are simply following the direction dictated by the dom holders. So long as the dom holders are holding and not selling, Naira will continue falling. Again I am no expert.

casualobserver:
Why is the Naira falling? Because there is speculative purchase of dollars. Why is there speculative purchase? because people feel it wil continue to go lower and so it feeds on itself.

There is forex in the system, the problem is people are buying dollars not to purchase anything but to preserve their wealth, this is because we have dom accounts, so you can buy dollars and do nothing with it. Meanwhile those who have legitimate need for dollars are competeting with those who just want to buy dollars to put in their dom accounts.

The frenzy has started, Naira can easily hit N4000:$1. The only way to stop the slide is to ban dom accounts at which point the only people buying dollars will be those who have legitimate businesses and those willing to store in cash.

Mark it down that I said it here, the only solution and the only point at which the decline will stop is when dom accounts are banned.

Our yearly import bills are less than the yearly forex inflows (official and unofficial) so clearly this decline in Naira is speculation and hoarding.

Solababa91:
Nigeria Government no sabi anything called protective measures, must things degenerate before actions are taken? I just weak.

Balkan:

There is a common misconception among people that only the Igbos are involved in importing goods into the country. This misconception might be fueling targeted policies that are intended to discourage or regulate the importation of goods into the country by Igbos.

However, it is important to note that such policies may have unintended consequences, such as creating more billionaires of Igbo extraction who have the resources and expertise to navigate the complexities of the importation business. Ultimately, it is important to have policies that are fair and equitable to all citizens, regardless of their ethnic or regional affiliations.