NewStats: 3,262,605 , 8,177,671 topics. Date: Tuesday, 03 June 2025 at 12:40 AM 6u6mr

Kukutente23:
It's all a fraud
The CBN is back to pegging exchange rate
Tinubu suffered Nigerians for nothing

Your concern should be how much is CBN pumping in then and now if at all it is pegged.

soik:
How come?

Binance and BDC

toluleke:
The floating will stabilise a lot of thing only if we begin to produce and export. Those who their currency dominate us will prefer to buy from us because it is cheaper

what are the "a lot of thing" that the floating will stabilise?

the UAE Dirham is 3.67 to a dollar. what are they producing and exporting?

Moyinoluwa35:
Your govt came and met dollar at 700 naira now urs shift to 1600, how this dullard won this election without presidential debate still a surprise

Who said he won?

lexy2014:


what are the "a lot of thing" that the floating will stabilise?

the UAE Dirham is 3.67 to a dollar. what are they producing and exporting?

Don't mind them. Tell them o

This govt deliberately destroyed the purchasing power

These guys by now should have been stoned with boulders.

Exchange rate at the official market is still higher than the black market or my eye didn't see well?

I am trying to see of i can be reading messages only.
But Nairaland wants me to comment even if i don't want to.

Moyinoluwa35:
Your govt came and met dollar at 700 naira now urs shift to 1600, how this dullard won this election without presidential debate still a surprise

Because dumb ronu people voted for him

Shaky shaky FX
Nigeria is in wahala under this entitled leaders

lexy2014:


what are the "a lot of thing" that the floating will stabilise?

the UAE Dirham is 3.67 to a dollar. what are they producing and exporting?

are you intelligent at all if you questions what UAE is producing and exporting ?

Nigeria won't have problems with forex too if our earnings from crude oil continue to Increase and our crude oil production and earnings didn't decreased . So many illiterates forming economic experts

PureFace1:


are you intelligent at all if you questions what UAE is producing and exporting ?

Nigeria won't have problems with forex too if our earnings from crude oil continue to Increase and our crude oil production and earnings didn't decreased . So many illiterates forming economic experts

off point.

what are the "a lot of thing" that the floating will stabilise?

the UAE Dirham is 3.67 to a dollar. what are they producing and exporting?

lexy2014:


off point.

what are the "a lot of thing" that the floating will stabilise?

the UAE Dirham is 3.67 to a dollar. what are they producing and exporting?

You are stupid if you don't know what UAE is producing and exporting

PureFace1:


You are stupid if you don't know what UAE is producing and exporting

that still leaves the questions unanswered.

what are the "a lot of thing" that the floating will stabilise?

the UAE Dirham is 3.67 to a dollar. what are they producing and exporting?

Before you float, you should first of all boost and encourage production by providing security to farmers and giving them loans. Subsidizing the price of tractors and fertilizers. That way, we will know that the government is serious. What they are doing now is just trial and error

toluleke:
The floating will stabilise a lot of thing only if we begin to produce and export. Those who their currency dominate us will prefer to buy from us because it is cheaper

This will make black market non lucrative. Black market era is gone technically

Let us drop Naira, and start spending kwacha

everythingtall3:
since i saw 193million for one borehole , i know tinubu has no plan for us

I tire bros, and he assented or sha approved the budget like that?

A thief cannot catch fellow thieves!

Moyinoluwa35:
Your govt came and met dollar at 700 naira now urs shift to 1600, how this dullard won this election without presidential debate still a surprise

we voted him.The propaganda from ur LP was too much.

They put Jonathan's picture in a coffin over 200 naira/ $ btw.

Greenfusion:

Bro, let's leave the human error out of this, you cannot employ your political cronies in key positions ignoring professionals and expect progress. . See, Nigeria cannot move forward until Nigeria is managed like a BUSINESS and ignore irrelevant focus on politics, then progress would start. By the time politician and Nigerians focus and concentrate on the work at hand and remove focus on the next election and lies, then we would start moving forward. Human error is not our problem at all.... it's greed, power, foolishness, wickedness and too much politics that's our major problem

Political cronies? Bro, be real please. Which key position is not occupied by an educated and qualified expert? Mention it and mention a more qualified person for it please. We are certainly not talking about ministerial positions which are mandated by the constitution, those are istrative positions and they are able enough as any other political party. If they are the ones you are referring to, let's leave the discussion.

Moyinoluwa35:
Your govt came and met dollar at 700 naira now urs shift to 1600, how this dullard won this election without presidential debate still a surprise

Buhari win without debating too. Someone that was even delegating questions to his followers when asked questions on how he will rule the nation. He is not the dullard. na Nigerians wey vote am no know weytin dem dey do

What is the parrarell market?

nedu666:
Finally govt has seen the foolishness in floating the naira and has gone back to managed float. Unfortunately its too late because they have destabilised the purchasing power of naira and caused massive forex losses for businesses

The naira has NEVER been floated. It has NEVER happened, not even once. And that is a major contributor to Nigerian economic underperformance. Most...in fact probably all...prosperous, developed economies have a floating currency.

Before 1986, the value of naira was fixed by istrative order of the Minister of Finance

Then IBB introduced SAP in 1986 and naira went into a managed float. It has remained in a managed float ever since. Some governments allowed it to float wide, others restricted it to a narrow band.

So the naira has NEVER had a completely free float. The evidence is simple - in a free float there is no black market or parallel market. Naira has a strong parallel market.

If you go to Switzerland there is no parallel or black market for their currency the Swiss Franc. If you have a forex trading , you can trade the Swiss Franc at the same price as everyone else, including the government. ONE SINGLE PRICE FOR EVERYONE, the government never sets a price. That is a full and free float.

fabian063:
Before you float, you should first of all boost and encourage production by providing security to farmers and giving them loans. Subsidizing the price of tractors and fertilizers. That way, we will know that the government is serious. What they are doing now is just trial and error

Subsidies are ALWAYS harmful. They are not good. If nothing else, we know that subsidies CAUSE corruption. Subsidized industries or sectors are also inefficient and unproductive.

I'm sure you know fertilizer was subsidized in Nigeria for a loooong time. It was a major incentive for corruption. Government officials got rich on fertilizer corruption.

Federal Universities are subsidized....NIPOST is subsidized, government hospitals are subsidized, NNPC is subsidized. I rest my case.

Mandate1:
what are you producing presently?

If I'm to go by your school of thought, then the first step should be ensuring stable electricity, this way, businesses can produce more efficiently. Ensure that the naira is highly stable and favourable, so manufacturers can afford cheaper equipment and raw materials.

After these gains, you can now float when your production Base is strong enough to maximise export.

So tell me, how does floating and depreciation favour a non-productive economy?

To the two comments above, you have it all wrong. I know it's a little tricky to understand.

A free float of the naira is exactly what will CAUSE Nigeria to BECOME a productive nation, especially when combined with other free market policies like allowing individuals to own land, doing away with import and export controls of legal products and abolishing federal minimum wage laws.

The conditions that come with a such a free floating currency AND free market policies will MAKE Nigerians into a productive population.

Good Luck to Nigeria.

Thanks.

Moyinoluwa35:
Your govt came and met dollar at 700 naira now urs shift to 1600, how this dullard won this election without presidential debate still a surprise

My dear ask ya tribalistic people and those hausa morons that follow religion more than sense.

Moyinoluwa35:
Your govt came and met dollar at 700 naira now urs shift to 1600, how this dullard won this election without presidential debate still a surprise

Lol me too

IbeOkehie:


The naira has NEVER been floated. It has NEVER happened, not even once. And that is a major contributor to Nigerian economic underperformance. Most...in fact probably all...prosperous, developed economies have a floating currency.

Before 1986, the value of naira was fixed by istrative order of the Minister of Finance

Then IBB introduced SAP in 1986 and naira went into a managed float. It has remained in a managed float ever since. Some governments allowed it to float wide, others restricted it to a narrow band.

So the naira has NEVER had a completely free float. The evidence is simple - in a free float there is no black market or parallel market. Naira has a strong parallel market.

If you go to Switzerland there is no parallel or black market for their currency the Swiss Franc. If you have a forex trading , you can trade the Swiss Franc at the same price as everyone else, including the government. ONE SINGLE PRICE FOR EVERYONE, the government never sets a price. That is a full and free float.



Subsidies are ALWAYS harmful. They are not good. If nothing else, we know that subsidies CAUSE corruption. Subsidized industries or sectors are also inefficient and unproductive.

I'm sure you know fertilizer was subsidized in Nigeria for a loooong time. It was a major incentive for corruption. Government officials got rich on fertilizer corruption.

Federal Universities are subsidized....NIPOST is subsidized, government hospitals are subsidized, NNPC is subsidized. I rest my case.



To the two comments above, you have it all wrong. I know it's a little tricky to understand.

A free float of the naira is exactly what will CAUSE Nigeria to BECOME a productive nation, especially when combined with other free market policies like allowing individuals to own land, doing away with import and export controls of legal products and abolishing federal minimum wage laws.

The conditions that come with a such a free floating currency AND free market policies will MAKE Nigerians into a productive population.

Good Luck to Nigeria.

Thanks.

you said all developed? China?

Mandate1:
you said all developed? China?

I altered my comment a little before you posted. Because I knew someone would dispute the statement. It now reads "most, probably all"

I hate how Nigerians like to see everything as a stark difference with no trends. This issue of China is a good one.

Is China a developed economy? The UN or WTO officially puts China in the developing or even poor country list. 🤔

Trends, pathways and phases do exist. That's the real answer to your question. As for China, she started trending towards development when Paramount Leader Deng Xiapong introduced some FREE MARKET reforms in 1978. The current leader Xi doesn't seem as comfortable with those policies and their current economic situation reflects that.

Thanks.

Good Luck to China.

Moyinoluwa35:
Your govt came and met dollar at 700 naira now urs shift to 1600, how this dullard won this election without presidential debate still a surprise

Obi won't preside over Nigeria .. una go cry tire .. negative news dey give una hope say Obi better bah... Dey play go .. they will sort me I go enjoy this country

For those interested:

https://www.timesng.com/news/headlines/358394-interview-why-sap-was-essential-for-nigerias-economy-olu-falae.html?tztc=1

Good Luck to Nigeria.

Blazetrailer:
....this is correct. All those story about floating the naira na wash. If you know, you know. As pointed out by a foreign financial magazine late last week, the govt of Nigeria devalued the currency intentionally...shikena. This would increase the value of their forex earnings in naira to fund the budget and the bloated govt. They have sold a dummy to the Nigerian populace, just like they did on subsidy. Unfortunately, we have dunderheads who still believe them, even the so called experts have failed to see this. Naira will hover between 1400 and 1600 for the foreseeable future. They know what thy are doing.


...


I

You are blessed.

Kukutente23:
It's all a fraud
The CBN is back to pegging exchange rate
Tinubu suffered Nigerians for nothing

There needs to be enough evidence to make this conclusion, so please explain. If it is the case that Nigeria is back to a currency peg, no one should be surprised because APC is a socialist party. The only reason the government has even countenanced some free market reforms like REDUCING fuel subsidy is because the treasury is EMPTY, Nigeria is bankrupt. Meaning, the government has no choice. The limited liberalization has been maximally axiomatic. No question about that.

A currency peg is the worst possible thing the government can do at this time. Nigerians don't seem understand the profound effect of a rigged currency on productivity. Look at it this way - a government controlled currency value translates to government control over the prices of ALL goods and services in the economy. That is literally true. Anyone that knows the effects of fixed and regulated prices can tell the level of destruction that will be wrought on any economy with such a policy.

Nigeria MUST float the naira if we want any hope of economic development. Not a managed float, not a corridor float, no windows or anything. Just do a FULL FREE FLOAT so the economy can grow in medium to long term, like 5 to 20 years...Nigeria would surely be on the level of South Africa, Chile and Portugal by then. Luckily, this is something that can be done IMMEDIATELY by the CBN with Presidential approval, without any need to consult the National Assembly.

Good Luck to Nigeria.