Is this good or bad news?


https://www.youtube.com/watch?v=qLfnRU66T0w

Very good news for capitalist like myself

This is a very good start very very good start

Allow marketer import freely

Action man

Interesting

He is definitely embracing an open economy of Nigeria to the world on a make or buy decision, that's a pure capitalist system, he is a
smart president....

This is very commendable from president TINUBU

E choke

Emi lokan

E sweet me ooo

How him wan take do the unified exchange rate ?

He is starting off on a bad note , even if he wants to remove fuel subsidy he shouldn't have mentioned it like this , this will only cause speculation and fuel hoarding immediately throwing Nigerians into another round of suffering in his first day in office ...

This is what he should have done :

Wait till he resumes tomorrow and then call in all the key stakeholders in oil importation and find out the true situation of things like how much is the actual daily consumption, how much fuel reserve do we currently have stored , how much is on the sea coming and plans to ease the population into the new price ..
In two weeks allow Independent oil marketers start selling at any price they want while the oil majors start selling at a controlled price of 200 , then when gradually increase oil majors prices every month till it's fully deregulated..

But with what Tinubu has just done he has opened the door for chaos as wicked Nigerians will start rushing to fill up their tanks and filling stations will start hoarding in other to cash out on new prices

Larry1960:



How him wan take do the unified exchange rate ?

The unified exchange rate is a myth in Nigeria as long as demand for dollars keep outweighing the supply of dollars , even if Tinubu floats the dollar to 1000 naira the next day it will all be bouught and sold in the black market for 1200 naira

This man go fit shock those way day downgrade am ooo .

yarimo:
This is very commendable from president TINUBU

There is nothing commendable here , he is starting off on a bad note , this will only lead to hardship this week...this is how y'all supported Buhari in nonsense till he acheived nothing in 8 years

SalamRushdie:


The unified exchange rate is a myth in Nigeria as long as demand for dollars keep outweighing the supply of dollars , even if Tinubu floats the dollar to 1000 naira the next day it will all be bouught and sold in the black market for 1200 naira

Yeah because I dey think how him wan clamp down on the black marketers

The only thing I think na if in two months time dangote refinery starts production as dangote promised, then the exchange rate fit come down

SalamRushdie:
He is starting off on a bad note , even if he wants to remove fuel subsidy he shouldn't have mentioned it like this , this will only cause speculation and fuel hoarding immediately throwing Nigerians into another round of suffering in his first day in office ...

This is what he should have done :

Wait till he resumes tomorrow and then call in all the key stakeholders in oil importation and find out the true situation of things like how much is the actual daily consumption, how much fuel reserve do we currently have stored , how much is on the sea coming and plans to ease the population into the new price ..
In two weeks allow Independent oil marketers start selling at any price they want while the oil majors start selling at a controlled price of 200 , then when gradually increase oil majors prices every month till it's fully deregulated..

But with what Tinubu has just done he has opened the door for chaos as wicked Nigerians will start rushing to fill up their tanks and filling stations will start hoarding in other to cash out on new prices

I agree with you that what he said might create speculation and hording but I believe he must have done assessment with industry players.

SalamRushdie:


The unified exchange rate is a myth in Nigeria as long as demand for dollars keep outweighing the supply of dollars , even if Tinubu floats the dollar to 1000 naira the next day it will all be bought and sold in the black market for 1200 naira

Not true he should throw it out to the open market. All Bureau de Change should be licensed.
As soon as we are all buying $ at 760naira, it might rise to 1000naira
Only way we can boost the naira and lower it compared to the dollar is by increasing exports.
Sell crude oil In naira.

It doesnt make sense to remove subsidy on petrol and then subsidize the US Dollars at CBN....Thats an ignorant move.
Once you start removing subsidy every other subsidy as to go...including dollar subsidy at CBN.

The way they make blunders shocks me.
Don't be surprised there's no reserve to service the shortfall.
Expect fuel hoarding starting from tomorrow.
Anyway, I already planned for this .
Let me see whether it would be sold cheaper in Ibadan or Ekiti

SalamRushdie:
He is starting off on a bad note , even if he wants to remove fuel subsidy he shouldn't have mentioned it like this , this will only cause speculation and fuel hoarding immediately throwing Nigerians into another round of suffering in his first day in office ...

This is what he should have done :

Wait till he resumes tomorrow and then call in all the key stakeholders in oil importation and find out the true situation of things like how much is the actual daily consumption, how much fuel reserve do we currently have stored , how much is on the sea coming and plans to ease the population into the new price ..
In two weeks allow Independent oil marketers start selling at any price they want while the oil majors start selling at a controlled price of 200 , then when gradually increase oil majors prices every month till it's fully deregulated..

But with what Tinubu has just done he has opened the door for chaos as wicked Nigerians will start rushing to fill up their tanks and filling stations will start hoarding in other to cash out on new prices

SalamRushdie:


The unified exchange rate is a myth in Nigeria as long as demand for dollars keep outweighing the supply of dollars , even if Tinubu floats the dollar to 1000 naira the next day it will all be bouught and sold in the black market for 1200 naira

This is not true.

At the current status of mutilated exchange rate, Nigeria is borrowing heavily to defend the Naira to the benefit of a few who can buy it at the controlled Central Bank exchange rate.

Firstorderwizard:
The way they make blunders shocks me.
Don't be surprised there's no reserve to service the shortfall.
Expect fuel hoarding starting from tomorrow.
Anyway, I already planned for this .
Let me see whether it would be sold cheaper in Ibadan or Ekiti

How how earth do you think he hasn't had meetings with stakeholders.

Don't forget he is an industrial stakeholder himself.

He clearly said Buhari made no provision for subsidy in the current budget.

Firstorderwizard:
The way they make blunders shocks me.
Don't be surprised there's no reserve to service the shortfall.
Expect fuel hoarding starting from tomorrow.
Anyway, I already planned for this .
Let me see whether it would be sold cheaper in Ibadan or Ekiti

Trust me we don't have upto 7 days of reserve and Dangote refinery is no where near ready to start production so for the next 6 months we must still import fuel

Firstorderwizard:
The way they make blunders shocks me.
Don't be surprised there's no reserve to service the shortfall.
Expect fuel hoarding starting from tomorrow.
Anyway, I already planned for this .
Let me see whether it would be sold cheaper in Ibadan or Ekiti

Not only will it be cheaper in Oyo or Ekiti to other SE states but it's scarcity will not be terrible in the SW than its going to be in the SE

Someone should tell him to work his magic so that banks can bring back international transaction limits, even if just $500 per month, mbok.

As for fuel subsidy, I want to believe he must have made the necessary consultations before making that proclamation... No right thinking person makes that declaration out of thin air

Yes, he's old... Yes, he slurs while speaking... Yes, he shakes while walking, BUT I believe he's got the right brains working for him and that's what matter

Let him keep up with this proactiveness, I'm sure Nigerians and the Nigerian economy will be better for it

Side note: I don't really trust Shettima and he should find a way that curb the excesses of Oluomo and his boys... Maybe send him on sabbatical

malali:


Not true he should throw it out to the open market. All Bureau de Change should be licensed.
As soon as we are all buying $ at 760naira, it might rise to 1000naira
Only way we can boost the naira and lower it compared to the dollar is by increasing exports.
Sell crude oil In naira.

It doesnt make sense to remove subsidy on petrol and then subsidize the US Dollars at CBN....Thats an ignorant move.
Once you start removing subsidy every other subsidy as to go...including dollar subsidy at CBN.

At the bolded, this was the same suggestion someone said to me a while back when I asked what could be done to improve the Naira.

Let our buyers source for Naira to buy our oil.

SalamRushdie:
He is starting off on a bad note , even if he wants to remove fuel subsidy he shouldn't have mentioned it like this , this will only cause speculation and fuel hoarding immediately throwing Nigerians into another round of suffering in his first day in office ...

This is what he should have done :

Wait till he resumes tomorrow and then call in all the key stakeholders in oil importation and find out the true situation of things like how much is the actual daily consumption, how much fuel reserve do we currently have stored , how much is on the sea coming and plans to ease the population into the new price ..
In two weeks allow Independent oil marketers start selling at any price they want while the oil majors start selling at a controlled price of 200 , then when gradually increase oil majors prices every month till it's fully deregulated..

But with what Tinubu has just done he has opened the door for chaos as wicked Nigerians will start rushing to fill up their tanks and filling stations will start hoarding in other to cash out on new prices

With that, you can’t blame him. Instead, you’ll blame the greedy attitude of some Nigerians..

What’s wrong in a president telling his people the plans? Carrying people along isn’t a bad thing!

Like now, we’re all dropping our opinions regarding the subsidy. Why? Because he’s revealing the plan to us! This is the way it should be exactly!

SalamRushdie:


The unified exchange rate is a myth in Nigeria as long as demand for dollars keep outweighing the supply of dollars , even if Tinubu floats the dollar to 1000 naira the next day it will all be bouught and sold in the black market for 1200 naira

Is their a solution to this?

GeneralPula:

With that, you can’t blame him. Instead, you’ll blame the greedy attitude of some Nigerians..

What’s wrong in a president telling his people the plans? Carrying people along isn’t a bad thing!

Like now, we’re all dropping our opinions regarding the subsidy. Why? Because he’s revealing the plan to us! This is the way it should be exactly!

Since you know the kind of people you are dealing with you should work around them ...I just went out now and like joke filling stations have shut their gates

SalamRushdie:


Since you know the kind of people you are dealing with you should work around them ...I just went out now and like joke filling stations have shut their gates

Wait, the subsidy hasn’t been removed yet right? So why are filling stations acting that way?

GeneralPula:

Is their a solution to this?

Its something I have always thought deeply about , the only way around this is to reduce the demand for the dollar by Nigerians and the ways to reduce demand is to look at what Nigeria used dollars for and fix those place ..We use dollars to

1 Hedge naira devaluation; many people like to store their wealth in Dollars so they can protect the value of their savings

2 : Education : Because of our bad education system we like to travel abroad to get better education and this puts demand on our froex supplies

3 : Importation : Nigeria is heavily reliants on importation and this puts the heaviest demand on our forex

4 : Japa : in a quest to escape the bad economy many Nigerians opt to migrate and migration requires Forex a lot .

So I would say the only way govt can slow down the demand for dollars is to fix all these place I have mentioned when we do that people will need less dollars and the price will stabilize but as long as the demand for dollars outweighs the supply people must speculate it in some sort of black mrket

GeneralPula:

Wait, the subsidy hasn’t been removed yet right? So why are filling stations acting that way?

Because they are greedy , they want to sell at the new price and make triple profit

SalamRushdie:


Its something I have always thought deeply about , the only way around this is to reduce the demand for the dollar by Nigerians and the ways to reduce demand is to look at what Nigeria used dollars for and fix those place ..We use dollars to

1 Hedge naira devaluation; many people like to store their wealth in Dollars so they can protect the value of their savings

2 : Education : Because of our bad education system we like to travel abroad to get better education and this puts demand on our froex supplies

3 : Importation : Nigeria is heavily reliants on importation and this puts the heaviest demand on our forex

4 : Japa : in a quest to escape the bad economy many Nigerians opt to migrate and migration requires Forex a lot .

So I would say the only way govt can slow down the demand for dollars is to fix all these place I have mentioned when we do that people will need less dollars and the price will stabilize but as long as the demand for dollars outweighs the supply people must speculate it in some sort of black mrket

Nice analysis..

How do you harmonise dollar rates without tough measures like banning importation of certain goods.
Not sure a single textile factory is still producing in the country

Baba Abeg remove am
No waste time

Larry1960:



How him wan take do the unified exchange rate ?

Me self I want to know