Nigerians are quick to blame the whites,Europe and other tribes for their problems but they don't know that the cause of massive poverty scale in Nigeria comes chiefly from the federal government and CBN.

If naira was to appreciate in value let's say 1 naira equal 3 USD alongside with good policies implemented by the government to curb inflation,Nigeria would be one of the best place to stay and we would be respected globally just as kuwaitis and their currency are been held currently in high esteem.one Kuwait dinar equals 4 USD and there is no inflation in that country,Nigeria leaders chooses to kept the country in poverty as I would explain below.

The central bank of Nigeria purposely removed the naira peg to the dollar which was 180 naira to 1 dollar in 2014 under Jonathan and that contributed to the freefall of the naira because we don't have enough foreign exchange coming into the contry,infact so much naira in circulation in comparisation to other currencies made the naira value so useless.As we speak now naira is almost a 1,000 naira to 1 USD and it would grow worse.

Central bank should intervene and reduce the amount of naira in circulation by making the currency valuable i.e 1000 naira suppose to worth 50,000 naira.When this is done,the naira in circulation would be drastically reduced and naira would gain value.zambia,Egypt,morroco,SA,all have good currency exchange rates,they don't have two heads but Nigeria government prefer to see Nigerians suffer.

Nigerians should know that it is bad government and Currently Tinubu that is responsible for their poverty alongside with CBN by purposely devaluing our naira.

OMG

Alchemy528:
OMG

If them say make Dem vote competence idiots would say they prefer tribalism.

PaNnamdi:
Nigerians are quick to blame the whites,Europe and other tribes for their problems but they don't know that the cause of massive poverty scale in Nigeria comes chiefly from the federal government and CBN.

If naira was to appreciate in value let's say 1 naira equal 3 USD alongside with good policies implemented by the government to curb inflation,Nigeria would be one of the best place to stay and we would be respected globally just as kuwaitis and there currencies are been held currently in high esteem.one Kuwait dinar equals 4 USD and there is no inflation in that country,Nigeria leaders chooses to kept the country in poverty as I would explain below.

The central bank of Nigeria purposely removed the naira peg to the dollar which was 180 naira to 1 dollar in 2014 under Jonathan and that contributed to the downside of naira because we don't have enough foreign exchange coming into the contry,infact so much naira in circulation in comparisation to other currencies made the naira value so useless.As we speak now naira is almost a 1,000 naira to 1 USD and it would grow worse.

Central bank should intervene and reduce the amount of naira in circulation by making the currency valuable i.e 1000 naira suppose to worth 50,000 naira.When this is done,the naira in circulation would be drastically reduced and naira would gain value.zambia,Egypt,morroco,SA,all have good currency exchange rates,they don't have two heads but Nigeria government prefer to see Nigerians suffer.

Nigerians should no that it is bad government and Currently Tinubu that is responsible for their poverty alongsode with CBN by purposely devaluing our naira.

APC NIGERIAN RUN GOVERNMENT

VeeVeeMyLuv:
APC NIGERIAN RUN GOVERNMENT

"The central bank of Nigeria purposely removed the naira peg to the dollar which was 180 naira to 1 dollar in 2014 under Jonathan and that contributed to the freefall of the naira".

LET US RETURN TO THAT ERA.

FROM ORUNTO27 ORISAORUNTOSPEAKS
IT WAS UNCONSTITUTIONAL FOR JONATHAN AND HIS CBN TO REMOVE THE PEG AND DELIBERATELY DEVALUE THE NAIRA.

Congregation of ignoramuses.

CodeTemplar:
Congregation of ignoramuses.

Who ?

The intellectual misfits in this thread before you or those retards at Aso rock?

orisa37:
"The central bank of Nigeria purposely removed the naira peg to the dollar which was 180 naira to 1 dollar in 2014 under Jonathan and that contributed to the freefall of the naira".

LET US RETURN TO THAT ERA.

FROM ORUNTO27 ORISAORUNTOSPEAKS
IT WAS UNCONSTITUTIONAL FOR JONATHAN AND HIS CBN TO REMOVE THE PEG AND DELIBERATELY DEVALUE THE NAIRA.

You aren't getting it,it was pegged during Jonathan time buhari and balalaba completely destroyed naira.

Painfully before next year naira will hit 4,000 naira and a loaf of small bread would be sold 500 naira.

PaNnamdi:

You aren't getting it,it was pegged during Jonathan time buhari and balalaba completely destroyed naira.

Painfully before next year naira will hit 4,000 naira and a loaf of small bread would be sold 500 naira.

Floating your currency without resolving the main issue for sliding of your currency is suicide for that currency

Like obi said he would have devalued and pegged it at 650 .... This would have kept black market at 750 to 850

Use foreign loans meant only and only for the production industries to stabilize the currency then float

Any body with macro economics knowledge knows it's a balancing at

APC since 2015 have had zero I mean none macro economist in any key position

There is zero macro economist in tinubu cabinet again

His acting CBN governor is not a macro economist

If tinubu rules for 8 years naira would get to 4000 minimum

I think Naira is still more valued than South Korean currency.
I support CBN action.
We know what our problems in Nigeria is. Dollar value is not our major problem. Let's not politicise it

EmeeNaka:
I think Naira is still more valued than South Korean currency.
I support CBN action.
We know what our problems in Nigeria is. Dollar value is not our major problem. Let's not politicise it

And u are not ashamed of the rubbish u just typed.

So the economic situation of Nigeria and south korea is now the same.

What do you gain from been hypocritically wicked and evil just tell me.why are some Africans especially Nigerians so extremely heartless beats my wildest imagination.

MEEVEET:

Floating your currency without resolving the main issue for sliding of your currency is suicide for that currency

Like obi said he would have devalued and pegged it at 650 .... This would have kept black market at 750 to 850

Use foreign loans meant only and only for the production industries to stabilize the currency then float

Any body with macro economics knowledge knows it's a balancing at

APC since 2015 have had zero I mean none macro economist in any key position

There is zero macro economist in tinubu cabinet again

His acting CBN governor is not a macro economist

If tinubu rules for 8 years naira would get to 4000 minimum

China pegged their Yuan to Dollar at rate of 1USD to 8 Yuan since 2006 and the country have been doing well.pegging naira at 1 dollar to 50 naira is not a hard thing to do as we would still sell oil.even Saudi Arabia and Kuwait with high USD currencies values still sell oil so what's the excuse of Nigeria to deliberately weaken naira and render Nigerians poor?

FreestuffsNG helinues tdarkside madridguy alongside with other chronic zombies would avoid this thread with everything possible.

PaNnamdi:

China pegged their Yuan to Dollar at rate of 1USD to 8 Yuan since 2006 and the country have been doing well.pegging naira at 1 dollar to 50 naira is not a hard thing to do as we would still sell oil.even Saudi Arabia and Kuwait with high USD currencies values still sell oil so what's the excuse of Nigeria to deliberately weaken naira and render Nigerians poor?

FreestuffsNG helinues tdarkside madridguy alongside with other chronic zombies would avoid this thread with everything possible.

Lazy minded things, other than Federal Government crude oil, what do you export or do, to earn forex to defend your Naira?

What commodity does your state & local governments based on its comparative advantages export to earn foreign exchange for your state to help the foreign reserve?

The problem with you all, you are just too ignorantly lazy minded, and gloat with pride in your ignorance.

Be waiting for Tinubu to bring foreign exchange down for you lazy things.

Nonsense.

Hi

Burob:
Lazy minded things, other than Federal Government crude oil, what do you export or do, to earn forex to defend your Naira?

What commodity does your state & local governments based on its comparative advantages export to earn foreign exchange for your state to help the foreign reserve?

The problem with you all, you are just too ignorantly lazy minded, and gloat with pride in your ignorance.

Be waiting for Tinubu to bring foreign exchange down for you lazy things.

Nonsense.

Look at u,well I don't blame u,hate,ignorance and foolishness have modified your brain so much that u now reason almost exactly like a monkey.

Foolishman what are Zambians,SA exporting for them to have a strong forex value?what do u know about economics and foreign exchange?u are dabbling into an issue that is beyond your mental ability.

you just open mouth waaaaaa like a sick drowning hippotamus.

Your condition is complex

PaNnamdi:

And u are not ashamed of the rubbish u just typed.

So the economic situation of Nigeria and south korea is now the same.

What do you gain from been hypocritically wicked and evil just tell me.why are some Africans especially Nigerians so extremely heartless beats my wildest imagination.

You're rambling. Your ignorance is second to none.
We know what our problem in Nigeria is. Strong currency and weak currency have their own issues.
Senate President didn't devalue currency yesterday,but sent out a token for enjoyment to his colleagues. More than 50billion dollars were stolen between 2015 and 2023. And more are being stolen. That is the problem, not your currency.
An accountant from Kano state defrauded Nigeria to the tune of 80billion within two years of his appointment. Massive evil is going on in Nigeria.
Stop complaining about Naira value. So many countries are developing heavily even under low currency value.

I 'm not sure you understand how exchange rates are determined.

It's demand and supply. For as long as the demand for USD outweighs the supply, the value will keep going up relative to the Naira. For the value of the naira to go up, Dollar supply will need to increase or Demand for Dollar decrease.

The government floated Naira for the forces of Demand and Supply to have a major say on it's value, but the government has thus far failed to put deliberate policies in place to reduce demand for the Dollar. The government ought to ban impotation of non-essetial items to force down demand for the Dollar.

Now CBN is only responsible for the Monetary Policy but not the fiscal policy and other policies of government.

So if you are looking for someone to blame for what is happening to the Naira, blame the president. Why? He is actually also the one who appointed the acting CBN Governor

Burob:
Lazy minded things, other than Federal Government crude oil, what do you export or do, to earn forex to defend your Naira?

What commodity does your state & local governments based on its comparative advantages export to earn foreign exchange for your state to help the foreign reserve?

The problem with you all, you are just too ignorantly lazy minded, and gloat with pride in your ignorance.

Be waiting for Tinubu to bring foreign exchange down for you lazy things.

Nonsense.

you can tell me what Ghana, Kenya , Benin , Togo is etc is exporting yet their currency still remain stronger than naira. The earlier you guys realized it's bad policies by APC govt. Is killing us the better for you people

PaNnamdi:

China pegged their Yuan to Dollar at rate of 1USD to 8 Yuan since 2006 and the country have been doing well.pegging naira at 1 dollar to 50 naira is not a hard thing to do as we would still sell oil.even Saudi Arabia and Kuwait with high USD currencies values still sell oil so what's the excuse of Nigeria to deliberately weaken naira and render Nigerians poor?

FreestuffsNG helinues tdarkside madridguy alongside with other chronic zombies would avoid this thread with everything possible.

Exchange rate is just a measure of what you import over what you export

Like Peter obi said the solution is to be productive... Invest in Nigerians, give them access to credit in key areas

Ask any producer in Nigeria myself included the biggest issue we have is access to credit

My bank has been disturbing me to come take loan... Said I can take upto 50 million... I asked for interest they said 40% annually for 5 years... I laughed so hard... I borrow 50 million pay you 150 million in 5 years Lmaooo

At this point, I am disappointed in Tinubu's administration.
I'm sure he's confused at the moment.

PaNnamdi:

If them say make Dem vote competence idiots would say they prefer tribalism.

The whole of South East voted for their tribes man. But thank God he didn't win. The kind of incompetence we would have experienced in this country I no fit talk set. But thank God.

The question should be what is consuming the FX inflow in the country?
What are the products and services demanding USD for import? Should the government restrict them from accessing FX in the market?

Just like wale Edun said, their is huge backlogs of unmet FX demand, and all of them are in the market.

MEEVEET:

Exchange rate is just a measure of what you import over what you export

Like Peter obi said the solution is to be productive... Invest in Nigerians, give them access to credit in key areas

Yet Mr Peter Obi, who owns Next Supermarket, is one of the biggest importers in Nigeria. It's only people like you who can quote him and his inaccurate statistics.

FreeStuffsNG:
Yet Mr Peter Obi, who owns Next Supermarket, is one of the biggest importers in Nigeria. It's only people like you who can quote him and his inaccurate statistics.

Next sales 70% made in Nigeria...


But how would you know

Zxcvbnmghtr:


The whole of South East voted for their tribes man. But thank God he didn't win. The kind of incompetence we would have experienced in this country I no fit talk set. But thank God.

Look at this one
An unfortunate fellow dey thank god for his predicament

Well your situation is permanent and hopeless so I understand u

PaNnamdi:

Look at this one
An unfortunate fellow dey thank god for his predicament

Well your situation is permanent and hopeless so I understand u

Dis one has started changing mouth. You were the one that talked about voting based on tribe. And of course Peter Obi is very incompetent. Very very incompetent! Just like when he was Governor of Anambra state.

KingsCity:
I 'm not sure you understand how exchange rates are determined.

It's demand and supply. For as long as the demand for USD outweighs the supply, the value will keep going up relative to the Naira. For the value of the naira to go up, Dollar supply will need to increase or Demand for Dollar decrease.

The government floated Naira for the forces of Demand and Supply to have a major say on it's value, but the government has thus far failed to put deliberate policies in place to reduce demand for the Dollar. The government ought to ban impotation of non-essetial items to force down demand for the Dollar.

Now CBN is only responsible for the Monetary Policy but not the fiscal policy and other policies of government.

So if you are looking for someone to blame for what is happening to the Naira, blame the president. Why? He is actually also the one who appointed the acting CBN Governor

I get your point perfectly,but the omly thing to save nigeria at this point is to fix(peg)the exachange rate to the dollar to save the volatile naira from market forces.china did it to their yuan

But why can't tinubu and CBN do this simple thing na wetin dey vex me pass be dat.

FreeStuffsNG:
Yet Mr Peter Obi, who owns Next Supermarket, is one of the biggest importers in Nigeria. It's only people like you who can quote him and his inaccurate statistics.

Look at this unfortunate humanoid creature looking for opportunities to blame obi and Igbos.

Even in your sickbed and excruciating pains you will still blaming Igbos until you die as a useless fellow.

That's your destiny

The divided views and arguments on this topic reflect our tribal fault lines.