The CBN Governor Mr Cadoso policies had backfired,the naira is just like a jombo jet falling out of the skies.It seems that those in charge of the economy are now also as confused as the average nigerian man on the street.

Cadoso should know that the depreciating naira isn't caused by the black market but due lack of foreign investment and revenue generation by Nigeria,this had made the naira become extremely useless and isolated.

Some few days back I was trying to do an access Africa transfer to a merchant in Ghana who is also an access bank customer but the rates was like 10:1 if I were to proceed with the transaction.I approached the bank only to find out that the availability of the US dollars which could have initiated the swift interbank transfer is barely enough hence the extremely high charges.

Nigerians cannot make international transfers from their naira accounts or use their bank naira cards for international transactions because of lack of dollars from the banks to execute the transaction order.
Below are what Mr Cadoso should do to save Nigeria before going the Sri Lanka and Zimbabwe path.

1)PEG THE NAIRA TO THE DOLLAR

Mr Cadoso should step up his game.rather than ordering the banks to sell off their excess dollars ,he should use the available dollar reserves in the CBN to peg the depreciating naira at a fixed USD value.if the CBN for example have 4 billion USD left in our reserves,Cadoso should officially round up the naira in circulation to 40 billion naira.if this is done,the naira value would officially climb up and be fixed at 10 naira to the dollar and our naira would automatically have value.

2)PROVIDE DOLLARS TO BANKS AND ALSO PERMIT BANKS TO TRADE CRYPTO

The CBN should provide immediate dollar bailout to banks this will allow the banks to carry out trading orders with the naira during international transactions.Nigerian banks need to start trading heavily in cryptocurrencies to Generate forex for themselves.imagine a bank trading arbritrage with 100,000 USD on Coinbase,kraken and binance,this bank would be able to generate at least 20,000 USD daily from trading.Nigeria have no order alternative but to allow banks to immediately start doing crypto arbritrage in order to generate forex because we definitely have noting to offer that will give us sufficient dollars we need to make the naira strong on the floating exchange market

3)ENCOURAGE FOREIGN INVESTMENT IN OTHER COUNTRIES TO BRING FOREIGN EXCHANGE INTO NIGERIA

The CBN and Nigerian Government supposed to start setting up industries n Nigeria and also in foreign nations.This action will help bring the needed foreign currencies Nigeria need and also help boost our overall revenue generation.

Chinese firms trade massively in other nations and bring back revenue worth hundreds of billions of dollars back to china.If the Chinese can do this,I wonder why our Nigerian Government choose to sit down doing nothing and hoping for a sudden miracle.

4)THERE SHOULD BE A REGULATED PARALLEL MARKET FOR THE NAIRA AND US DOLLAR

There should be another regulated market for the naira and the us dollar transactions for Nigerians within Nigeria only.The trading activities going on in this markets shouldn't reflect on our officially fixed naira value.for example in this market the CBN can print more naira notes and lend to Nigerians in form of bussiness loans and salary payments,thereby making more naira available on the black market and cash available to nigerians while maintaing the scarcity and value of the naira on the international market.

Some crypto exchanges need to trade usdt/ngn on this black market rate while others need to trade the usdt/ngn on the official rates. this will create arbritrage bussiness and job opportunities for the massive unemployed and fustrated Nigerian youths to get something doing that generate money with their phones online and lead to a general drop in crime level.



Without these been done I see Nigeria entering into a heavy recession and poverty level that have never been experienced before in this country history.

Let him and is team step down

hmmn

ivolt:
hmmn

Hello oga
The hardship don reach yourside too

ufuosman:
Let him and is team step down

The man is just acting like a confused drunkard that knows nothing.if policies I layed up on this thread where to be applied the naira ought to be like 10 naira to the dollar but our greedy and confused politicians/economists in power won't want that to happen.

If things continue like this at this rate a kg of gas would be 4000 naira and a small loaf of bread would be 1000 naira before 2024 ends

Welcome to 2024 happy new year Nigerians

No be only peg, make dem tie neck am join the dollar.

Clueless Home Economics teachers as CBN and monetary policy makers.

gaby:
No be only peg, make dem tie neck am join the dollar.

Clueless Home Economics teachers as CBN and monetary policy makers.

E shock you

PaNnamdi:

E shock you

E shock me pass Buhari shock and ayam awia....

PaNnamdi:

The man is just acting like a confused drunkard that knows nothing.if policies I layed up on this thread where to be applied the naira ought to be like 10 naira to the dollar but our greedy and confused politicians/economists in power won't want that to happen.

People like you that add little or nothing to the system are the problem.

When last did you have inflow of forex into Nigeria for service rendered or commodity exported.

State governments export no commodities for forex, majority of Nigerians export or render no service for forex, yet they will be demanding for foreign exchange from1.4 million barrels per day of crude oil for 220 million people?

Make you dey wait for Cardozo to save you.

gaby:
No be only peg, make dem tie neck am join the dollar.

Clueless Home Economics teachers as CBN and monetary policy makers.

Lazy people way no dey export anything, dey demand for dollars.

Make CBN Governor do magic to hide their laziness, when last you render any service that you were paid in foreign exchange.

Majority no even get domicillary account, na those ones they open mouth pass.

blacknp:
Lazy people way no dey export anything, dey demand for dollars.

Make CBN Governor do magic to hide their laziness, when last you render any service that you were paid in foreign exchange.

Majority no even get domicillary account, na those ones they open mouth pass.

Ekpa.

Come collect my FX salary make una use bullion van loot am go hide for houses na.

Empty numbs.

You'd think everyone here is as hungry and useless to self and others as you.

gaby:


Ekpa.

Come collect my FX salary make una use bullion van loot am go hide for houses na.

Empty numbs.

FX salary for Ghanaian Cedi, abi na Liberian dollar?

blacknp:
People like you that add little or nothing to the system are the problem.

When last did you have inflow of forex into Nigeria for service rendered or commodity exported.

State governments export no commodities for forex, majority of Nigerians export or render no service for forex, yet they will be demanding for foreign exchange from1.4 million barrels per day of crude oil for 220 million people?

Oga..is there an enabling environment to do that...? Even the multinationals are running away from the country and you are here trying to blame the man on the street...!!

When good policies are in place and things are working Nigerian would would always seize the opportunity to make themselves some good money..!!
Nigerians are not lazy people....why do you think Nigerians excel in working countries more than many and even sometimes including their own citizens too?

Just shut up your mouth and direct that question to the government and politicians who destroyed the country..!!

blacknp:
FX salary for Ghanaian Cedi, abi na Liberian dollar?

CFA.

Still holds more value than your naira, ironically.

gaby:


CFA.

Still holds more value than your naira, ironically.

Your Naira? They mock yourself because you be Liberian as suspected abi?

blacknp:
Your Naira? They mock yourself because you be Liberian as suspected abi?

Airhead. You'd soon need a wheelbarrow to ferry your Naira to purchase a loaf of bread that's if bakers can still be able to afford flour.

Floky215:


Oga..is there an enabling environment to do that...? Even the multinationals are running away from the country and you are here trying to blame the man on the street...!!

When good policies are in place and things are working Nigerian would would always seize the opportunity to make themselves some good money..!!
Nigerians are not lazy people....why do you think Nigerians excel in working countries more than many and even sometimes including their own citizens too?

Just shut up your mouth and direct that question to the government and politicians who destroyed the country..!!

I should direct the question because you no be Nigerian or nobody for your extended or nucleus family dey any tier of government for The Federal Republic of Nigeria abi?

You are not part of the government because you are a foreigner, so you cannot vie for any position in Nigeria?

gaby:


Airhead. You'd soon need a wheelbarrow to ferry your Naira to purchase a loaf of bread that's if bakers can still be able to afford flour.

Guy I dey make money in Euros & Naira, I have inflation proof.

We dey leverage.

blacknp:
Guy I dey make money in Euros & Naira, I have inflation proof.

We dey leverage.

We hear you....yinmu

Oya, swerve, go play for sand sand with your mates...

gaby:


We hear you....yinmu

Oya, swerve, go play for sand sand with your mates...

Adieus Amigo.

He and Tinubu should both resign.

There's nothing they can do that will work.

They are cursed already.

Tinubu has made an obvious blunder . Let's see how it goes

@PaNnamdi i commend your writing skill but i disagree with your views cos every point you raise seems to subjugate the economy as dollar appendage and also encourage Nigeria obsession with "dollar"

1. Pegging the naira to dollar won't work cos it sounds like faith without work, the Naira as to regain value by itself via trading activities, at the moment no stakeholder or trader has confidence in the "Naira" and that as futher deterioriated to Nigerians picking Dollar as a good store of value over the Naira,

solution : Govt must show preferencial treatmemts to the NAIRA, rebuilding confidence in the Naira is the magic for a start

2. Permiting local banks to trade crypto embroden derailed interest, how are banks suppose to protect the Naira when there money is tied in USSD, have you ever seen any cryto trader pray for dollar to fall.

Recommendation : banks don't need to trade crypto rather Banks should give mouth watering interest on Naira savings and grant loans with considerate interest rate, the logic here is to re-direct people back to Naira which will boost Naira esteem

3. Foreign Investors are like chickens always out for the corn, dangle a stable economy before int'l investor and the will rush after it like chicken picks on corn.
Our president travelling upandan is needless, we need to fix our economy 1st, investors are always watching and have there ears to the ground, lets put our house in order 1st.

Base on current Observation, it will be best if FG/CBN dissuade private domiliciary accounts because about 80% serve unproductive purpose, infact its either all existing domiliciary deposits are revert to Naira OR any private domiliciary deposits dormant for a week risk being reverted to "Naira"

Any attempt to re-direct excessive demand on dollar will boost the Naira

blacknp:
People like you that add little or nothing to the system are the problem.

When last did you have inflow of forex into Nigeria for service rendered or commodity exported.

State governments export no commodities for forex, majority of Nigerians export or render no service for forex, yet they will be demanding for foreign exchange from1.4 million barrels per day of crude oil for 220 million people?

Make you dey wait for Cardozo to save you.

As much as i agree we need to work on our productivity & export, i think Cardozo has crucial roles to play in saving the Naira

there is yoruba adage that says, agbara oni do wipe oun oni le'wo oni'lé ni oni gba fun i.e the erosion will not hesitate to wash off a house, it is the house owner that will resist it

So far what measures have FG/CBN implemented to dissuade dollarization of the economy" .. you can Imagine a govt parastatal like NPA justifying acceptance of "dollar" as payment, If the govt don't show believe in it own currency who will