The Central Bank Of Nigeria tweeted this press release on Wednesday June 14, 2023....
Thursday, June 15, 2023
12 comments:
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ReplyDeleteThank you and they even extended processing time to 4 months
DeleteWhy would they do that?
DeleteWhat does this mean ?
ReplyDeleteNa. Only bbn you sabi, sometimes invest in reading about policies
Delete*Tinubu Directs CBN To Float The Naira*
ReplyDeleteIn case you don't know what floating the Naira means, it means that the government will no longer determine the Naira rate. There will be only one rate. And that is the rate determined by market forces. This means that the more you buy foreign goods, like the ones you see in Peter Obi's Next Cash and Carry, the more the Naira will collapse. And the more you buy made in Nigeria goods and services, like Innoson Motors, and Globacom telecommunications products, the more the Naira will rise.
The immediate impact of this will be that our foreign and local reserves will rise, since the Central Bank of Nigeria will not have to defend the Naira by unnecessarily injecting Dollars into the forex market. Another consequence is that exporters and importers, as well as students, pilgrims, tourists and health tourists will no longer have to approach the CBN for allocations, since the CBN rate no longer exists. What will exist is the single exchange rate.
Also, you will be able to travel with Naira and change it for Dollars, Pounds, Euro, Yuan, etc., abroad, as it was during the 70s
Okay... So that means it's a good thing right? Abi it's bad?
DeleteGod bless you for this statement. Those importing salad cream and tea and still lying about production economy when they were the ones destroying Nigeria are the ones Nigerians believe. Container economy jokers.
DeletePlease, let the private investors focus on natural gas energy solutions and those with the land and means focus on agricultural production and processing, not importation of hops and malt to damage the livers of those you've already impoverished with your imported products.
I still don't understand ðŸ˜ðŸ˜ðŸ˜. I only understand decline in price of transportation, food,rent,fees etc.
ReplyDeleteHahahahha we many for this boat.
DeleteBianca Bruno
It’s a good thing
ReplyDeleteCould be good or bad, we need to be intentional and have policies in place that will push Nigerian products to the forefront.
Delete