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Nairaland Forum / Nairaland / General / Politics / Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira (29074 Views)
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Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by tobenuel(m): 2:11pm On Feb 03 |
Three Yoruba men. the pepper go too much 1 Like |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by stacyadams: 2:12pm On Feb 03 |
unclejb2:APC urrcchins dey plant yam reap cassava |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by Agugbadin: 2:13pm On Feb 03 |
The parallel market is not a legitimate business. 1 Like |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by Emman08: 2:17pm On Feb 03 |
Meanwhile Cardoso hasn't held ONE monetary policy committee meeting since he was illegally appointed. This one na proper clown |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by jice(m): 2:21pm On Feb 03 |
All the brains nah Yoruba brain. How will this work? |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by pharmagba: 2:24pm On Feb 03 |
festacman:Spot on! The quickest is in agriculture What can we produce that we have competitive advantage We got the land and human resources |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by Ambassadors: 2:24pm On Feb 03 |
only a fool will believe these people and the current govt can rescue this economy. |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by Anatolia: 2:26pm On Feb 03 |
The three idiots are brainstorming. Nothing will come out of it. They are looking for quick fix. In a little while, their quick fix will unravel. Stop floating the naira! 1 Like |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by Anatolia: 2:30pm On Feb 03 |
lexy2014: Leave them in their fantasy. America is heavily dependent on imports. 1 Like |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by dfrost: 2:31pm On Feb 03 |
delpee: I agree with you, but then on a flip side, the machines used for local goods comes from where? |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by ojesymsym: 2:32pm On Feb 03 |
I am not a financial expert but I have noticed rather strangely that whatever USD amount is made available there are those with cash ready to buy them up. That is why CBN has been struggling to manage the high exchange rate situation. So rather than try to fight a trend of this type, the CBN can try to turn things around such that people can buy USD from them but only with enaira or whatever digital currency CBN uses. From that point onward, any money that enters as a digital currency will now stay as a digital currency. With time, say about 8 months, a lot of the excess liquidity flying around will reduce and voluntarily find their way as digital currency. With more people now having to use such digital currency, CBN will have better control over monetary policies. The security situation will also improve because not only will a lot more people start using digital currency for their day-to-day transactions, but cash will gradually begin to reduce, and ransom payment will also become more difficult. All BTA, PTA, Pilgrimage, Form M, or any request for forex will follow this route. It will also help to reduce round-tripping because after buying USD one time, the naira equivalent is now digital. You will from that point find it difficult to round trip since the trail will now be available. This will be far better than the haphazard approach that was used the last time that brought the economy down. Another beauty of this is that, those kidnappers who for some reason I believe are also stocking USD will push their money indirectly into digital currency, How? you may ask considering that they use the black market for their transactions. So, here is how even those who patronize the black market will also indirectly have their cash mopped up. For BDCs to also access USD, they will also have to exchange it with digital enaira, so that the money their customers pay to them will be entering the now-bostering enaira. This is just a draft idea but I believe it can be tweaked further by those who are experts. One temptation CBN should not fall for is to try to prevent those who legitimately have money in a dom account from accessing it or forcing them to take naira equivalent. It may sound good on paper but Lebanon and Argentina tried it but the result was disastrous. 2 Likes |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by EngrXrix(m): 2:33pm On Feb 03 |
dre11: Where is the science or mathematics to prove/justify this increase in cargo clearance? Is the customs a trading company that they need to increase the cost of clearance? If yes what are they producing? It’s bad enough the pressure on the naira is felt across the country and as a responsible government it is your duty to lighten this burden. What science has been carried out to justify this? Even if you have to increase the clearance duty, why does it have to be at the dollar to naira black market rate? It is high time we start asking the right questions. And to the senate, are you complicit with this? Don’t you care about the people that installed you there? How can a government parastatal just increase a price overnight without your deliberations and approval? It is high time we start asking the right questions. When the uk government wanted to increase visa fees. It was debilberated on and it was justified and all came to agreement that the visa and IHS fees be increased. Thats a government that has done its research by applying science and mathematics. What are we doing in this country called Nigeria?? 1 Like |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by APCNig: 2:33pm On Feb 03 |
Penguin2: You will cry tire. We are in government. We run the the show. Jonathan has become Tinubu:s friend, yet children filled with hatred and bitterness are still weeping uncontrollably |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by Ykc2(m): 2:34pm On Feb 03 |
drlaykay:if those in charge are not corrupt who born ordinary office workers to be corrupt? All over the world there is always counterfeit goods and medicine the other day USA police seized counterfeit goods worth 1billion dollars,back to the topic, tinubu and his lagos boys are all criminals , you can preach from here to Papua new Guinea it won't change anything, when you guys were busy shouting I don't care if buhari present nepa bill as school certificate today you want to preach to us about uprightness because tinubu is president may amadioha soda your yash 3 Likes 1 Share |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by Anatolia: 2:36pm On Feb 03 |
Scholace: Thanks for being reasonable. I will never support a dullard from my tribe against a far more competent person from another tribe. If Osinbajo was the one brought forth, I would have no issues with supporting him. |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by Drone95(m): 2:36pm On Feb 03 |
Ok. Happy brainstorming. Check out this free app — It Pays to Walk 🚶 https://sweatco.in/i/michaelayohilarious |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by Gucciblog: 2:37pm On Feb 03 |
delpee: Sharrap. Even the fuel you used to charge your phone is imported. The network you're using to browse is owned by foreigners. If I tell you to use firewood now, you will start crying 3 Likes |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by VeeVeeMyLuv(m): 2:43pm On Feb 03 |
Agugbadin:It is highly illegal In some country that's instant execution |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by VeeVeeMyLuv(m): 2:45pm On Feb 03 |
Anatolia:The wicked souls are using import dependent to justify the rapid devaluation of the naira 1 Like |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by newnigerdelta00: 2:45pm On Feb 03 |
Penguin2: You are the one that is frustrated because the government is not suffering |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by VeeVeeMyLuv(m): 2:47pm On Feb 03 |
ojesymsym:The CBN know what to do but they don't want to do the right thing They should first of all start by eliminating FX transaction in cash. It should be strictly digital where it can be traced and recorded. |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by Basicend: 2:49pm On Feb 03 |
Think9ja: Absolutely. |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by lightwind(m): 2:51pm On Feb 03 |
3 Yoruba brothers met each other hmmmm |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by coleon(m): 2:55pm On Feb 03 |
HeeBraHim2:Lol, look at this ill informed person. Dollar is on the rise since when? Are you just knowing dollar is on the rise since Tinubu became president since last year? So in your mind now dollar is no more on the rise and Tinubu's appointees have tackled it. We will have this conversation again next week. |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by Phraences: 3:06pm On Feb 03 |
Sirmwill: Exactly. It's easy to talk. Also easy to say the govt should convert Dom account to Naira. That's calling for free fall of Naira. 1 Like |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by PrettyIfy7: 3:08pm On Feb 03 |
Anything good thing to make naira strong and reduce the price of commodities in the market is a welcomed development but I doubt if anybody from APC can do that. Many politicians both those in power and those not in power have plenty of dollar notes (I mean billions of dollars) stashed secretly in their houses. Yet the ones in power and printing more naira notes. They reduce the amount of dollar in circulation and then increase the amount of naira in circulation. How then do u think naira will increase in value? If they can stop printing naira more naira notes and then bring out all the dollars in their custody then naira will bounce back. In fact, it will bring naira back to #200 per dollar. I'm very sure of this. Stop these corrupt politicians from stashing dollars in their homes and other secret places (even offshore accounts). Let EFCC storm their houses at 1am the way they treat yahoo boys and search everywhere. If we can reduce corruption to the minimum then this country will be a better place. But APC is corruption itself and can not fight itself. It's a pity. 1 Like |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by Godsonkemz(m): 3:10pm On Feb 03 |
Dem dey play... If after their brainstorming session, naira continues to fall, then their brain is empty. We need result, not unproductive sessions. |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by RepoMan007: 3:11pm On Feb 03 |
Lol. Local production is the way out and not some bureaucratic manoeuvre. |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by casualobserver: 3:22pm On Feb 03 |
They should just convert dom accounts into Naira. What are you doing with a domiciliary account if you are not involved in international trade….you are simply buying forex creating scarcity. It will be unpopular among the elite but it needs to be done. They are the ones killing the dollar. 2 Likes |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by Lanruze: 3:25pm On Feb 03 |
Under PBATs watch the Naira (N) has become the worst currency in Africa and the third worst currency in the whole world just behind Lebanese Dollars & Argentinas Peso. Baba should take this as a very big challenge to repair the economy. 2 Likes 1 Share |
Re: Edun, Cardoso, Olukoyede In Fresh Bid To Rescue Naira by seguno2: 3:25pm On Feb 03 |
Franklyspeakin: Just relax and calm down. Ẹ fọkàn balẹ̀. Tinubu alone made Lagos economy the third in Africa with his Chicago master plan. He is using the same strategy to make our national economy better for the common man. Let’s be patient and see the results in the short term. |
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