Omooba77:

https://www.vanguardngr.com/2024/10/why-we-floated-the-naira-cardoso/

I keep asking why will this CBN governor float naira for CBN official rate o catch up with parallel market, rather than force Parallel markets down to match up with CBN official rates.

See the mentality of a CBN Governor in Nigeria below.
"He explained further: “Our decision to raise the Monetary Policy Rate (MPR) to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation. Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these.’’


See the one in UK

allthingsgood:


U too like quarrel

Are you a BATerian?

This is the greatest mistakemade by this government so far.

I thought CBN was but it was a stupid decision

You devalued the naira by 25% because it was a condition by IMF to take their loans. You guys demonized emefiele but he said he wasn't gona float the naira & remove subsidy untill dangote refinery started production. That's how you know smart people not tribal quota system appointees

This flotation has clearly wiped off the purchasing power of the middle class; and has further widened the gap/disparity between the rich and the poor. Price of goods have gone up by 400%. Prices of fuel have gone up by 700%. So there is a huge net loss for govt. pool of companies paying taxes has shrunk. Pool of middle class paying taxes has shrunk. More Nigerians have been pushed into povrtty because of this policy

Foolish and senseless decision. You knew that Nigeria is not a producing country and heavily depend on imported goods and you still went ahead to float naira, here you are trying to defend yourself. Honestly, some people are demons yet they don't know that they are, I'm sure he is happy seeing people suffering like never before. This man and his family deserved to be jailed for life.

STFU

Indonesia floated its currency in 1998, prompted by the Asian Financial Crisis, and the Rupiah depreciated from 625 to $1 to 16,000 - $1 in the same year. As of 1998, Indonesia's GDP was $95bn. The country was bankrupt. It ran to IMF 4 times, had food shortages, and had massive riots. The rupiah gained value to 8,000 in 1999 and went back to 16,000. The economy started to grow gradually since then, witnessing a rise in non-oil export revenues and capital inflows into the Jakarta stock exchange.

The Rupiah has traded between 15,000 - 16,000 to the $ since 1999. Currency stability - easier flow of capital - easier investments - price stability - easier growth. I tried to explain in the thread that fx stability is a more important factor for economic growth, not the exchange rate, and Nigeria must choose between price stability and a pegged volatile fx rate. With the same period between 1998 - 2022, Nigeria's GDP grew from $218bn to $420bn with a pegged / fixed exchange rate system that we had to defend with our fx reserves while Indonesia moved from $95bn to $1.3trn. Fx reserves are meant to facilitate economic trade, Nigeria chose to use over $200bn of its reserve to defend a pegged currency.

Now my questions to you are :

1. Did the weak Rupiah prevent the Indonesian economy from growing from a gdp of $95bn to $1.3trn ?

2. Did the weak rupiah prevent consistent Gdp growth YOY?

3. Has Indonesia not done well with its weak currency?

4. Can Indonesia make $250bn from exports without a weak currency?

What is your point again?

People that should be stone to death.

Only problem with this man is his big head without any developmental ideas to make sound economic policies for the nation.
The Lagos Owo Ile syndrome and illegal taxing of Lagos residents, including pure water and puff-sellers
, and putting agbero at every corner to further :osteal from motorists.

That is the same economic mindset they took to ASO ROCK… What a shame!

Nonsense absolute nonsense.

u want to float the naira, at same time remove subsidy, at same time increase taxes? while in a preexisting inflation caused by ur previous incompetent government and under an unproductive economy? R u not mad?

ironheart:
You floated the naira and its not working. Wouldn't you unfloat it?

They should oooo. The system has been bastardized

The fool said he increased interest rate to curb the too much money in circulation.


Pls where is d too much money in circulation. Maybe d once in bullion vans in Boudilion

LIES,
LIES,
LIES.

EVEN SATAN SUPPORTED THE CRUCIFIXION THAT IT HELPED TO NURTURE.


ORISA37
JUST SAY THAT YOU WANT NAIRA TO BUILD PALACES IN IRAGBIJI AND SUPER CBN IN THE CALIPHATE FOR BOKOHARAMS.

Sheuns:
What you did was devalue the Naira. You didn’t float jack because our economy cannot support floating. World biggest economies control their forex, upcoming like us dey form lord to float.

I hope you understand that propping up your currency is a form of subsidy. You spend FX in sufficient mass to direct the price of FX towards the direction you wish. If you spend good money on that, it also means there is an opportunity cost in spending on power, education, health, digitization, etc.

Artscollection:
Idiots!!! You floated naira without adequate policies to checkmate the over bearing consequences such as high inflation and paying liveable wages

This cardoso is really a dummy. You work day and night on the monetary aspect of the economy leaving a huge gap in the fiscal policy. Ain't the two suppose to go and in hand.

For niw, we remain unproductive and companies continue to fold up as a result of harsh fiscal policies that are only geared towards squeezing money out of an already bleeding economy.

The truth Nigerians should like to know is that the cbn himself isn't sure things will ease anytime soon. That's why he cant give a timeline of when there's likely going to be improvement in the economy.

For now, they are dragging as many Nigerians into the poverty sinkhole with this floatation policy.

Bad news, dangote wont sell any cheal oil anytime soon.

MarketDispatch:


I keep asking why will this CBN governor float naira for CBN official rate o catch up with parallel market, rather than force Parallel markets down to match up with CBN official rates.

See the mentality of a CBN Governor in Nigeria below.
"He explained further: “Our decision to raise the Monetary Policy Rate (MPR) to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation. Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these.’’


See the one in UK

They want us all to pay for the deficiencies in the country. Imagine, saying that it will be painful to borrowers and they make economy for the people to force us to borrow money. That's the idea behind student loan, because they know many students will be affected as their parents may find it hard to fund their education

etrouble:
Emilokan JAGABAN m.

What General Ibrahim Badamosi Babangida, General Sani Abacha, General Abdulsalami Abubakar, General Olusegun Obasanjo, General Muhammadu Buhari, Alhaji Musa Yar’Adua and Dr Goodluck Jonathan could not do for about 40 years, Emilokan JAGABAN did it in the first 30 minutes of his government.

Now you all should know whom the real General is.

And it has always caused this in their region.

The general killer......

9jatriot:
Floating the exchange rate was a very bold step. Also fortunes favors the brave.

But I thought the exchange rate was floated by the then acting CBN governor before Cardoso took over office, abi my memory de fail me. A simple google search will clear my confusion but I non get the power to check now.

What is the outcome of the floating?

My happiness is thst tinubu followed Buhari's footsteps with nepotism ,Buhari's selected the best of the best among his fulani clan we see the result, today tinubu also selected the best of the best among his yoruba ethnic group as you can den never grind beans moi moi don dey smell ,by the tinubu finished with us if you see cow's footprint on ground you call it capital B

Floating the naira was only wey to stop giving aboki dollars at rediculous low rates to hoard and sell, as they destroyed naira value due to their ignorance.BUHARI WAS THE CULRIT HERE,EVENTHOUGH HIS SUCCRSSOR WONT CALL HIM OUT. like jacob sum buha deceived his consequencies

Point of correction they didn't float the naira, they simply devalued it but with poor planning

ironheart:
You floated the naira and its not working. Wouldn't you unfloat it?

WALE EDUN AND CARDOSO WHICH STATES ARE THEY FROM?
WHERE ARE THEIR CHILDREN RESIDENT?

oyeb15:
The fool said he increased interest rate to curb the too much money in circulation.


Pls where is d too much money in circulation. Maybe d once in bullion vans in Boudilion

Abi......oooo.......Because I can't see the money in circulation when income is extremely low and production capacity also

seguntijan:
Indonesia floated its currency in 1998, prompted by the Asian Financial Crisis, and the Rupiah depreciated from 625 to $1 to 16,000 - $1 in the same year. As of 1998, Indonesia's GDP was $95bn. The country was bankrupt. It ran to IMF 4 times, had food shortages, and had massive riots. The rupiah gained value to 8,000 in 1999 and went back to 16,000. The economy started to grow gradually since then, witnessing a rise in non-oil export revenues and capital inflows into the Jakarta stock exchange.

The Rupiah has traded between 15,000 - 16,000 to the $ since 1999. Currency stability - easier flow of capital - easier investments - price stability - easier growth. I tried to explain in the thread that fx stability is a more important factor for economic growth, not the exchange rate, and Nigeria must choose between price stability and a pegged volatile fx rate. With the same period between 1998 - 2022, Nigeria's GDP grew from $218bn to $420bn with a pegged / fixed exchange rate system that we had to defend with our fx reserves while Indonesia moved from $95bn to $1.3trn. Fx reserves are meant to facilitate economic trade, Nigeria chose to use over $200bn of its reserve to defend a pegged currency.

Now my questions to you are :

1. Did the weak Rupiah prevent the Indonesian economy from growing from a gdp of $95bn to $1.3trn ?

2. Did the weak rupiah prevent consistent Gdp growth YOY?

3. Has Indonesia not done well with its weak currency?

4. Can Indonesia make $250bn from exports without a weak currency?

What is your point again?

You compare the Indonesia economy that that is export driven by crude oil, sugar, tea, palm oil and manufacturing to a Nigerian economy that is bugged down by corruption in all sector.

At this rate, it'll take Nigeria 100 years before we'll witness meaningful development. You compare a country that has zero tolerance for corruption to ours. Wrong basis for comparison.

Are you aware that Indonesia has nine functioning refinery that are run by state entities.

Una go explain till una go Taya.

In Nigeria the maths never add up.

JP Morgan forecasted the naira to settle at 600 to the dollar.

https://www.thecable.ng/naira-to-appreciate-settle-at-n600-1-in-coming-months-says-jp-morgan/amp/

The world bank forecasted exponential growth with our savings from fuel subsidy removal.

https://www.worldbank.org/en/news/press-release/2023/12/13/turning-the-corner-time-to-move-from-reforms-to-results

We envisaged naira appreciation with the coming on board of Dangote refinery and the illusory PH refinery, yet the economy tanks.

Mr Cardoso, there’s no confidence here, accept your ineptitude and the heuristics you played with an economy as vital as Nigeria’s. Also admit the mindless steal ongoing in this administration, loan for crude, direct, concessions, grants all with no effects on the economy, where’s this black hole?

Omooba77:

https://www.vanguardngr.com/2024/10/why-we-floated-the-naira-cardoso/

These Lagos boys have very little or nothing to offer. I thought they will form a master strategy to handle the system but on the long run they became indifferent

etrouble:
Emilokan JAGABAN m.

What General Ibrahim Badamosi Babangida, General Sani Abacha, General Abdulsalami Abubakar, General Olusegun Obasanjo, General Muhammadu Buhari, Alhaji Musa Yar’Adua and Dr Goodluck Jonathan could not do for about 40 years, Emilokan JAGABAN did it in the first 30 minutes of his government.

Now you all should know whom the real General is.

What is the result of what tinubu did that you say past Nigerian leaders couldn't do?

How has it positively impacted the living standard of Nigerians?

Do you think those past leaders couldn't do it or they chose not to do because they have more wisdom and empathy than tinubu has?

Are tinubus actions not a case of having zeal without knowledge? Is it not a case of an ignorant man having confidence in his ignorance and mistaking it for being bold?

etrouble:
Emilokan JAGABAN m.

What General Ibrahim Badamosi Babangida, General Sani Abacha, General Abdulsalami Abubakar, General Olusegun Obasanjo, General Muhammadu Buhari, Alhaji Musa Yar’Adua and Dr Goodluck Jonathan could not do for about 40 years, Emilokan JAGABAN did it in the first 30 minutes of his government.

Now you all should know whom the real General is.

what is your purchasing power parity, ethnicity has eaten deep that even if you starve for years,it is ok

What's the gain of the floating? You IMF/World-Bank-guided governor! We still have blackmarket rate. You have high interest rate that can kill businesses.


He and his boss are clueless.