Dozis:

Nigeria was using her external reserve to support the exchange, that is what Tinubu said he stopped when he floated the naira.
During the time of GEJ, Nigeria was equally selling enough crude that we were seeing enough Petro dollars revenue. Go and check, Buhari has even collected advanced money for the crude we are yet to produce.
It's a simple math, you currency gains value when you have products that people are buying from you, they exchange their currency for yours, this adds value to your currency.

Clowns.
I am far from a Tinubu fan or believe in his competence but this argument guys like you sometimes come up with is laughable.
So when GEJ left,Nigeria crude exports declined?Gej tenure wherein ND militants were stealing crude like there was no tomorrow and ministers were siphoning part of our oil export earnings into their private pockets and foreign bank accounts?
GEJ tenure when people were travelling abroad to Dubai for every possible reason,even to buy Okrika shoes and bags to sell and people were travelling abroad for every manner of reasons,birthdays,get together,school child enrollment,graduation,parties etc.
Funny lots.

Kuda na papa

HITdemUP:
Anything to strengthen the Naira is welcome

so to kill another pesin bizness 2 is wc
just imagine if na you get the company

In continuation…Part 1.

Let me not say that Nigeria’s govt “love to see Nigerians suffer” but you should be the judge.

First scenario, either Musa, Tunde or Emeka wants to transfer N100k to his mum in the village through GTB. His mama in the village uses Ecobank. GTB will charge him N50-100 for stamp duty and tax for sending money. Ecobank will charge his Mama N50-100 for receiving. The money has reduced to N99,800.

Second scenario, Femi, Uche, or Adamu wants to send his mama N100k through his Opay. His mama uses Palmpay. He will send the money without any charge from Opay. They will even pay him at least N20-70 for sending money through them. Palmpay will gladly receive the money for his mama, for free. the N100k is intact.

Again, at month end, Musa, Tunde, or Emeka who uses GTB, First Bank, UBA, Access Bank etc, will start getting debit alerts up and down - they’ll call it “account maintenance” charge, “SMS alert” charge, etc.

Meanwhile, Femi, Uche, or Adamu who uses Opay or Palmpay will not get such charges. Rather, they’ll get a percentage for saving money on their platforms.

Hahahaha a very welcome development, 200million thiefry citizens

Temitopemo6e6:
In continuation…Part 1.

Let me not say that Nigeria’s govt “love to see Nigerians suffer” but you should be the judge.

First scenario, either Musa, Tunde or Emeka wants to transfer N100k to his mum in the village through GTB. His mama in the village uses Ecobank. GTB will charge him N50-100 for stamp duty and tax for sending money. Ecobank will charge his Mama N50-100 for receiving. The money has reduced to N99,800.

Second scenario, Femi, Uche, or Adamu wants to send his mama N100k through his Opay. His mama uses Palmpay. He will send the money without any charge from Opay. They will even pay him at least N20-70 for sending money through them. Palmpay will gladly receive the money for his mama, for free. the N100k is intact.

Again, at month end, Musa, Tunde, or Emeka who uses GTB, First Bank, UBA, Access Bank etc, will start getting debit alerts up and down - they’ll call it “account maintenance” charge, “SMS alert” charge, etc.

Meanwhile, Femi, Uche, or Adamu who uses Opay or Palmpay will not get such charges. Rather, they’ll get a percentage for saving money on their platforms.

a welcome development, 200million thiefry citizens including the foetus

martineverest:
Make una run remove una money from those Banks

nothing go do anybody money

Since 4pm I transferred money to someone and is pending till now, hope we are safe o.hmmm

xjiggy:
I don't know about them being used for crypto or money laundry but I just have a natural dislike for digital banks operating in Nigeria

The way I hate traditional banking now, ehh! Digital banking, thanks for coming to the rescue. The exploitation of commercial banks is just too much

BenuePolitician:
Opay and Moniepoint always seemed fraudulent to me. Am I the only person?

There's no fraud anywhere. All those trying to pull Opay down will fail woefully. They are just jealous and afraid of Opay with the high rate at which they are growing.
Something tells me these commercial banks have bribed that Cardoso to halt the high rate at which people are opening account with Opay. This ban will not last. Opay has come to stay whether they like it or not..

The CBN is desperately seeking new scapegoats in its worrisome goal of achieving a strong Naira.

This is obviously a flawed strategy as the market is fighting back. I feel the real value of the Naira should be around 1,400-1,500.

A weak Naira is desperately needed now to shore up exports. Nigeria needs to move urgently from being solely dependent on crude oil for at least 75% to no more than 33% in 10years time. This is possible.

This should be possible but the recent outcry over the export of foodstuffs and other items earlier this year exposed the country's total unpreparedness to change.

The next Tinubu step is to direct the CBN Governor to go house to house search in all the LGA in big cities to snatch all the Dollars in private homes with Force

Dozis:
Chasing shadows.
Someone should tell Tinubu and Cardoso to leave Crypto a d it's traders alone.
You're not exporting anything and importing everything, yet you want the naira to magically appreciate.

It's not about importation alone Because, we have been importing for many years and it wasn't this bad. In fact, Buhari stopped the importation of 41 items which is still in effect till today

[Oga no dey cap rubbish dey talk watin u no. Who told you can open multiple accounts on opay nd kuda?quote author=GiZcorp post=129702060]

It can but it will be difficult... I say this because for instance, you can't have two savings accounts in one bank using your BVN, but for Kuda, opay, fairmoney and palmpay you can comfortably have as many accounts as you want provided you have different phone numbers. With this you can actually launder money.. And the level of monitoring of their activities is very poor[/quote]

Umueme:
If this is really going to strengthen the naira and not just a wishful grope in the dark, then it's a welcome development

#MyOpinion

Not really but will protect it from unrealistic market value. The naira won't be really strengthens if there is still high demand for foreign currency (importation).

seborrhic:

Clowns.
I am far from a Tinubu fan or believe in his competence but this argument guys like you sometimes come up with is laughable.
So when GEJ left,Nigeria crude exports declined.Gej wherein ND militants were stealing crude like there was no tomorrow and ministers were siphoning part of our export earnings into their private pockets and foreign bank accounts?
GEJ tenure when people were travelling abroad to Dubai for everything possible reason,even to buy Okrika and bags to sell and people were travelling abroad for every manner of reasons,birthdays,get together,school child enrollment,graduation,parties etc.
Funny lots

Look at yourself in the mirror very well and see the clown 🤡 that you are.
You've been fed with propaganda about GEJ government. If you are literate enough, you can check the indices of government and see that our economy was growing steadily under GEJ until the criminal Buhari came in.
Buhari and his gang of thieves stole Nigeria dry, the worst part is that he borrowed and stole what he borrowed, plunging Nigeria into the worst debt we have ever been in. Now we have another proper kleptomania that will finish the country finally.

xjiggy:
I don't know about them being used for crypto or money laundry but I just have a natural dislike for digital banks operating in Nigeria

Which generation do you belong to?

You sounds funny to me shaa

HITdemUP:
Anything to strengthen the Naira is welcome

The naira will not strengthen by just anything. There’s no backyard method to do this.
The only sustainable thing that will strengthen the naira is to increase the demand for it.

BeigJawnson:


Smiles, strengthen of naira is not what they are doing to give it muscle over dollar.

1. Nigeria should move from consumption to more of production. Many things imported should be locally made.

2. Corruption has to stop. Many of these corrupt people hoard dollars, waiting for it to scarce before they can realise for importers...

Why can't they importers use digital currency, must it be cash? Nigeria needs to strengthen our cashless policy

GiZcorp:


It can but it will be difficult... I say this because for instance, you can't have two savings accounts in one bank using your BVN, but for Kuda, opay, fairmoney and palmpay you can comfortably have as many accounts as you want provided you have different phone numbers. With this you can actually launder money.. And the level of monitoring of their activities is very poor

This is not true. You can have as many savings accounts as you want

New customers don’t have the force to affect forex rates
They’re just shopping blindly for solutions
Cardoso is not an operational banker but a former marketer in the bank.

Tomorrow, Tinubu and Cardoso will blame Bet9ja and Sportybet.

tspun:
From 950 to 1350 within 1 week
Some people are really behind this dollar crisis
So people really don't want to see Nigeria work

get sense you no wan get sense!

When you were stupidly making hasty decisions without brains and direction by float your currency, hiking everything.
What were you expecting? Blame no body but the your senseless president

Dozis:

Look at yourself in the mirror very well and see the clown 🤡 that you are.
You've been fed with propaganda about GEJ government. If you are literate enough, you can check the indices of government and see that our economy was growing steadily under GEJ until the criminal Buhari came in.
Buhari and his gang of thieves stole Nigeria dry, the worst part is that he borrowed and stole what he borrowed, plunging Nigeria into the worst debt we have ever been in. Now we have another proper kleptomania that will finish the country finally.

You said the ₦ is depreciating because we are not exporting and only importing.
During GEJ'S time parallel market was at best 300 or 400,so my question which you have shifted the goal post on is this:what was Nigeria exporting during GEJ's time that we are no longer exporting.Or did the amount of fuel Nigeria export suddenly drop after he left office?
Secondly,so since he left office Nigeria has been importing far more than was happening during his tenure?How could that be possible I ask you when the ₦ had far more value,making imports cheaper for individuals and businesses and when there were no restrictions on what could be imported during his time.
As I said I am no supporter or fan of Tinubu,but these argument being chorussed that the ₦ is depreciating because Nigeria is suddenly no longer exporting and is mainly importing,is not only nonsensical but is like what children that just entered JSS 1 would put up in a theatrical debate

Funny people. Me wey dey receive crypto trading money with my UBA account?

How much dollar is cbn getting daily on crude oil sales, they should publish it, the FG should redenominate the naira , since Mr tinubu said his policy is to reset the economy, let him create a new currency and scrap the naira.

It is sad that a particular sect of people will do anything to defend their brother even if he does not mean well for the people.

I have seen alot of pro tinubu post making front page the question is were was the naira before...

Dbarrzx:
Anything to help our naira is commendable

were was the naira before ?

Did the naira needed help If it did why is the situation worst now

Una know d main problem no be all dis one

tspun:
From 950 to 1350 within 1 week
Some people are really behind this dollar crisis
So people really don't want to see Nigeria work

blame obi and ipob

BenuePolitician:
Opay and Moniepoint always seemed fraudulent to me. Am I the only person?

When you’re a Benue politician ? I didn’t expect you to be brainy anyway

seborrhic:

You said the ₦ is depreciating because we are not exporting and only importing.
During GEJ'S time parallel market was at best 300 or 400,so my question which you have shifted the goal post on is this:what was Nigeria exporting during GEJ's time that we are no longer exporting.Or did the amount of fuel Nigeria export suddenly drop after he left office?
Secondly,so since he left office Nigeria has been importing far more than was happening during his tenure?How could that be possible I ask you when the ₦ had far more value,making imports cheaper for individuals and businesses and when there were no restrictions on what could be imported during his time.
As I said I am no supporter or fan of Tinubu,but these argument being chorussed that the ₦ is depreciating because Nigeria is suddenly no longer exporting and is mainly importing,is not only nonsensical but is like what children that just entered JSS 1 would put up in a theatrical debate

God bless you. This shows there are still sane people in this country.