I am obidient in heart and action. I believe that Nigeria should be greater that what it is now and the potential is very much there. That I criticize Tinubu does not mean I should not applaud good initiative. Nigeria is the only country we have. Tinubu will leave one day, but Nigeria will remain.

I for one never supported floating the Naira. It was a dumb move. What was required was for the government to do away wiyh multiple exchange rates created by Buhari for his cronies to to steal and shortchange us.

If CBN is using our reserves to defend the Naira, I support them to continue to do that but also look at policies that would discourage politicians and thieves from milking the economy through forex hoarding. Infact, the CBN should implement stringent measures that would reduce "forex trading" on our streets. Why would an able-bodied Nigerian be trading in currency when he ought to be in the farm?

Every BDC should be made to have a capital base of not less than $10m or Naira equivalent and a security deposit of same amount with the CBN. Thereafter, currency trading on the streets by unregistered entities, individuals, etc should be treated as economic sabotage with punishment ranging from 2-5 years without option of fine.

That said, patriotism does not mean we should applaud all government actions even when they are inimical to national progress, the more reason some of us opposed the idea of floating the Naira. If the government did not heed the warning when it did, by today the $ would have reached N2500. Yet, the defenders who now chide some of us would still have been defending government's irrational policies.

But CBN is denying it.

Good one, I am proud of you

slivertongue:
But CBN is denying it.

They can deny all they want, we know the truth. They are only denying because of what would be a backlash. However, no country allows its currency to float and depreciate uncontrollably.

We all saw when Russia Ruble was being depreciated due to trade sanctions. It fell by up to 40% of its value. Putin did not just allow such uncontrollable fall, he acted to stabilize the national currency. One measure was for the Russian Central Bank to hold an emergency meeting and took some stringent measures to stabilize it. Nigeria is not under any trade sanctions and we import even toothpicks, so what is the sense in allowing our currency to float to the extent of losing 360% of its value? That is insanity!

The CBN is denying it and talking jass about it.

What the president need now is Joseph kind of adviser that will turn our economy around.

Reverse psychology.

Who ever told you Naira was being defended with the Fx reserve?

FX reserve is not meant to be static. It moves up and down for every nation and Nigeria is not an exception.

LegendHero:
Reverse psychology.

Who ever told you Naira was being defended?

Oga go n sleep. You know nothing

MrProlific95:
Oga go n sleep. You know nothing

An Obedient telling me I know nothing is a compliment.

LegendHero:
Reverse psychology.

Who ever told you Naira was being defended with the Fx reserve?

FX reserve is not meant to be static. It moves up and down for every nation and Nigeria is not an exception.

Oga, even if Peter Obi was president, I will criticize him if he allows our currency to be floated, but building foreign reserves. Let me ask you, all the reserves that OBJ gathered, where are they today? Of what use was the reserves to the ordinary man on the street?

Floating a third world country's currency is like sending a boat into the sea without rudder is even a ship captain. It will keep drifting until it either hits a rock or iceberg or it capsizes.
Look back into our history as a nation. Which government has ever left the Naira to float so as to determine its value? Even IBB with the structural adjustment program did not allow it.

The ripple effect is always hyperinflation. As you have now. Even with Naira gains, the prices are not adjusting as quickly as the currency is improving. In most cases, it will never adjust, because the people do not see a stable system. That is Nigeria for you.

You people should stop sounding too cheap.

Make you tell us in what way Naira was defended?

And if your excuse is about the depleted foreign reserves, how much debt have we serviced? How much have we borrowed?How much the states are receiving monthly, how much increase to ministries budget..

Validated:

They can deny all they want, we know the truth. They are only denying because of what would be a backlash. However, no country allows its currency to float and depreciate uncontrollably.

We all saw when Russia Ruble was being depreciated due to trade sanctions. It fell by up to 40% of its value. Putin did not just allow such uncontrollable fall, he acted to stabilize the national currency. One measure was for the Russian Central Bank to hold an emergency meeting and took some stringent measures to stabilize it. Nigeria is not under any trade sanctions and we import even toothpicks, so what is the sense in allowing our currency to float to the extent of losing 360% of its value? That is insanity!

I am for the floating of currency but in a highly productive economy, politics of currency notwithstanding . But he could still have floated it with little damage if the economy was strong. Supporting the naira again will also do damages to the economy and people's of Nigeria because money will be thrown in but the cost of living won't reduce as it climbed

helinues:
You people should stop sounding too cheap.

Make you tell us in what way Naira was defended?

And if your excuse is about the depleted foreign reserves, how much debt have we serviced? How much have we borrowed?How much the states are receiving monthly, how much increase to ministries budget..

So in your small mind, Naira is appreciating without being defended. Your simpleton mind also tells you that there is no fuel subsidy.
I can appreciate the mindset of an agbado, not different from that of a ZB.
Good for you to swallow the lies, hook, line, sinker, the fisherman and his boot. Oh, you may as well swallow his boat to complete the show of shame!

Validated:

So in your small mind, Naira is appreciating without being defended. Your simpleton mind also tells you that there is no fuel subsidy.
I can appreciate the mindset of an agbado, not different from that of a ZB.

Defended with what? Is it only dollar that Naira is bullying?

I find it strange when people say govt should not defend the currency that Enfield burnt tru 11 billion dollars defending the naira.

Please what is wrong in using reserve stock to defend the naira. Virtually every mono product economy does that. Even China with trillions defends the currency

What is defending the currency. Nnpc sells crude, the proceeds is paid to cbn, cbn now sells some of the proceeds to those who need forex. Check out, all opec members are doing the same thing. Yet misguided folks call it defending the naira.

If cbn is not using reserves to defend the naira, does it mean the 60 million dollars they sold to bdc in last one month is Nigeria actual forex demand. Also how much is sold to banks

helinues:


Defended with what? Is it only dollar that Naira is bullying?

It is a waste of time arguing with you. You know why?
This was how you defended Buhari's misrule calling him Our Darling Daddy for 8 years. After, you turned around to label him a failure contrary to your myopic position for 8 years.
Let me also remind you that in those unfateful 8 years, you called me "wailer", "unpatriotic" and "bad loser". Now you are at it again.

Some of you never learn and are truly unteachable.

I think we really tackle this people well.
Now they're changing narrative, how will some set of individuals be happy to hear bad news of their country is still surprising to me.

They will also teach their children how to hate their country.

Validated:

So in your small mind, Naira is appreciating without being defended. Your simpleton mind also tells you that there is no fuel subsidy.
I can appreciate the mindset of an agbado, not different from that of a ZB.
Good for you to swallow the lies, hook, line, sinker, the fisherman and his boot. Oh, you may as well swallow his boat to complete the show of shame!

Don't mind these people
Even the Asian tigers used their reserves to defend their currency during 1990's Asian currency crisis. Some burnt tru half their reserves to stabilise their currency

Validated:


It is a waste of time arguing with you. You know why?
This was how you defended Buhari's misrule calling him Our Darling Daddy for 8 years. After, you turned around to label him a failure contrary to your myopic position for 8 years.
Let me also remind you that in those unfateful 8 years, you called me "wailer", "unpatriotic" and "bad loser". Now you are at it again.

Some of you never learn and are truly unteachable.

We don detect easy way to make you and your likes to quickly Usain bolt from any thread, na to present undisputable facts, lobatan

tollyboy5:
I think we really tackle this people well.
Now they're changing narrative, how will some set of individuals be happy to hear bad news of their country is still surprising to me.

They will also teach their children how to hate their country.

Your last paragraph, the current set are probably taught by their grandpa's, the worries now is for them not to make the hatred generational things

Validated:


It is a waste of time arguing with you. You know why?
This was how you defended Buhari's misrule calling him Our Darling Daddy for 8 years. After, you turned around to label him a failure contrary to your myopic position for 8 years.
Let me also remind you that in those unfateful 8 years, you called me "wailer", "unpatriotic" and "bad loser". Now you are at it again.

Some of you never learn and are truly unteachable.

Heilanus, legendhero, mannqbbq and many others defended buhari as if he was jesus, telling us how he had transformed Nigeria to paradise. Only for same persons to now tell us tinubu is repairing the damage Buhari did to Nigeria.

helinues:

We don detect easy way to make you and your likes to quickly Usain bolt from any thread, na to present undisputable facts, lobatan

Begging the issue again, Buhari defenders.

One of the reasons for having the reserve in the first place is to bolster your domestic currency. I don't understand why some people are getting their knickers in a twist over it.

nedu666:


Heilanus, legendhero, mannqbbq and many others defended buhari as if he was jesus, telling us how he had transformed Nigeria to paradise. Only for same persons to now tell us tinubu is repairing the damage Buhari did to Nigeria.

You said repairing the damage right which means they are not doing things same way.

How come you and your likes for years have been doing things same way on this forum, those who you despite can never do good, never.

Why such mentality?

It's actually producing the right result, so it's a waste of time castigating it. When previous administrations were defending it, the black market rate was always steeply higher than the official market rate, but here we're having the NAFEX rate going a few naira higher than the black market rate. According to ABCON, this is the first time in 15 years.

helinues:


You said repairing the damage right which means they are not doing things same way.

How come you and your likes for years have been doing things same way on this forum, those who you despite can mever do good, never.

Why such mentality?

Need a job?

AngryMrMAN:


Need a job?

Need Brighter Grammar Book to comprehend what you quote?

AngryMrMAN:


Still removing ticks from your anus?

We are talking about how some naysayers have been claiming FG is defending Naira.

Try and be coherent. NL no be village square discussion