Ecbatana:
The US has never had a bigger opportunity to lord over Nigeria than now. Tinubu has a lot of baggage over there and will have to play along if he must remain president. The US will likely make him an offer he can't refuse; "do our bidding". Africa's most populous nation is likely in for a long ride. The US will continue to dish him subtle threats to remind him if he fails to play along. The cancelled meeting with the US president is an example.

Dangote's refinery may not function optimally as long as Tinubu is president because it profits the foreign powers more when we import petroleum products than when they are refined here. As a result, the " naira" may continue on a downward spiral and wrecking havoc on the purchasing power of Nigerians. If we are to tell ourselves the truth, the foreign powers are puppeteers whose plan is to continue to impoverish Africa by shielding our corrupt politicians and giving us ridiculous loans.

Economic experts will always tell you to allow market forces determine the exchange rate; true but what market forces are we talking about in the case of Nigeria: we export next to nothing. From where do we generate forex? Buhari and Emefiele had a fixed official exchange rate for reasons which can only be described as patriotic. Tinubu and Cardoso should tow the same path until our refineries begin to work; i.e if the powers that be will allow them. Allowing the naira to float freely is what the West has always wanted. By this action, many Nigerians have become poorer.


Tinubu may be shielded for his first term at least and nothing tangible about him will be brought to bare by either the CSU or the FBI. He is an asset to them and must be protected as long as he plays along.

seunmsg:


Under Emefiele, we fixed the exchange and defended the rate with all our forex earnings. As at when Tinubu took over, we barely have less than $4billion in our foreign reserve. Even at that, we are owing between $5-7b to foreign banks for unfulfilled letters of credit. Today, our LCs are being rejected because CBN can no longer pay.

Looking at all the above scenarios, you think it’s better to continue fixing and defending the Naira?

Well, maybe a short term fix till Dangote and PH refineries come on stream this year. Definitely not for a long time. We are not earning enough forex to defend the Naira at a fixed exchange rate. Floating is the only way to go but we need to fix local refineries first of its impact on petroleum prices.

Ecbatana:
The US has never had a bigger opportunity to lord over Nigeria than now. Tinubu has a lot of baggage over there and will have to play along if he must remain president. The US will likely make him an offer he can't refuse; "do our bidding". Africa's most populous nation is likely in for a long ride. The US will continue to dish him subtle threats to remind him if he fails to play along. The cancelled meeting with the US president is an example.

Dangote's refinery may not function optimally as long as Tinubu is president because it profits the foreign powers more when we import petroleum products than when they are refined here. As a result, the " naira" may continue on a downward spiral and wrecking havoc on the purchasing power of Nigerians. If we are to tell ourselves the truth, the foreign powers are puppeteers whose plan is to continue to impoverish Africa by shielding our corrupt politicians and giving us ridiculous loans.

Economic experts will always tell you to allow market forces determine the exchange rate; true but what market forces are we talking about in the case of Nigeria: we export next to nothing. From where do we generate forex? Buhari and Emefiele had a fixed official exchange rate for reasons which can only be described as patriotic. Tinubu and Cardoso should tow the same path until our refineries begin to work; i.e if the powers that be will allow them. Allowing the naira to float freely is what the West has always wanted. By this action, many Nigerians have become poorer.


Tinubu may be shielded for his first term at least and nothing tangible about him will be brought to bare by either the CSU or the FBI. He is an asset to them and must be protected as long as he plays along.

seunmsg:


Under Emefiele, we fixed the exchange and defended the rate with all our forex earnings. As at when Tinubu took over, we barely have less than $4billion in our foreign reserve. Even at that, we are owing between $5-7b to foreign banks for unfulfilled letters of credit. Today, our LCs are being rejected because CBN can no longer pay.

Looking at all the above scenarios, you think it’s better to continue fixing and defending the Naira?

Well, maybe a short term fix till Dangote and PH refineries come on stream this year. Definitely not for a long time. We are not earning enough forex to defend the Naira at a fixed exchange rate. Floating is the only way to go but we need to fix local refineries first of its impact on petroleum prices.

Ecbatana:
The US has never had a bigger opportunity to lord over Nigeria than now. Tinubu has a lot of baggage over there and will have to play along if he must remain president. The US will likely make him an offer he can't refuse; "do our bidding". Africa's most populous nation is likely in for a long ride. The US will continue to dish him subtle threats to remind him if he fails to play along. The cancelled meeting with the US president is an example.

Dangote's refinery may not function optimally as long as Tinubu is president because it profits the foreign powers more when we import petroleum products than when they are refined here. As a result, the " naira" may continue on a downward spiral and wrecking havoc on the purchasing power of Nigerians. If we are to tell ourselves the truth, the foreign powers are puppeteers whose plan is to continue to impoverish Africa by shielding our corrupt politicians and giving us ridiculous loans.

Economic experts will always tell you to allow market forces determine the exchange rate; true but what market forces are we talking about in the case of Nigeria: we export next to nothing. From where do we generate forex? Buhari and Emefiele had a fixed official exchange rate for reasons which can only be described as patriotic. Tinubu and Cardoso should tow the same path until our refineries begin to work; i.e if the powers that be will allow them. Allowing the naira to float freely is what the West has always wanted. By this action, many Nigerians have become poorer.


Tinubu may be shielded for his first term at least and nothing tangible about him will be brought to bare by either the CSU or the FBI. He is an asset to them and must be protected as long as he plays along.

tommy589:


How harder can it be for Nigerians in light of current happenings

Ecbatana:




Removal of subsidy and floating the naira at the same time are economic policies that have caused untold hardship for Nigerians especially of the middle and lower classes. Why can't part of the money realised from the subsidy removal be used to defend the naira at least till the refineries are up & running.

seunmsg:


We buy petrol in Naira and import in dollars. For years, we’ve been borrowing forex to import petroleum products. So, the savings from removal of subsidy is in naira and not dollars. We can’t defend the Naira with Naira.

Ecbatana:


If Buhari could find a way round our forex woes, Tinubu should more than double that. He is a southerner and we are meant to believe Southerners are smarter than their northern counterparts. You're doing a good job though, I give you
that.