abescom:
You guys should stop fooling around already. Is crude price the same as it was in the world market when it was 185?

Under whose regime did the naira started crashing due to the OIL factor? Use your head, it doesn't hurt.

If people like you were president Nigeria will keep going down. We rely on Crude and look where it has gotten us to. If we decide to diversify our economy and invest in other segments and not depend on crude, exports will have affected our GDP positively. But well you are as foolish as your leaders that's why you celebrate Mediocrity. Look at what economies like Holland, Ecuador, UAE, and China. Go read and learn.

dipoolowoo:
By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has disclosed that it was determined to bring down the exchange rate of the Naira per Dollar to the official rate of about N305.

This information was revealed on Wednesday, March 29, 2017, by the Acting Director of Corporate Communications Department of the CBN, Mr Isaac Okorafor.

Mr Okorafor, while speaking on a radio programme on RayPower FM, Fact File, assured Nigerians that the present success of the Naira at the foreign exchange market would be sustained.

On the programme, which was monitored by Business Post, the apex bank’s spokesman noted that the current development was mainly aimed to make the exchange rate on the major segments of the market stay at par.

‘We are bringing the rate down to the official CBN rate; N305 per Dollar, that is our aim as stressed by the Governor (Mr Godwin Emefiele),’ the CBN spokesman said on the show when asked if the apex bank would further bring down the exchange rate from the present N360 it directed banks to sell.

Since the CBN introduced a new forex policy, the Dollar has been on a free fall against the Naira at the market.

When the apex bank came up with the new policy in February, it ordered banks not to sell above N375 per Dollar, but because the Naira was selling at the parallel market at about N390, the CBN, few days ago, further brought down the rate to N360.

As at the time of filing this report on Wednesday morning, the Dollar at the black market was N375.

http://www.businesspost.ng/2017/03/29/well-push-dollar-to-n305-cbn-boasts/

Dem dey craze. Na there the rate dey before this administration take over? Anything more that #199 to a dollar is a WASHH. Even as I agreed the past administration bastadized forex. This CBN governor supposed to have been sacked long line ago. He collaborated the GEJ administration to rubbish our NAIRA...

Femolacaster:
I pray it happens ooo.

everybody prays so but dat wasn't where they picked it from Jonathan. $1-N 180 was d exchange rate

nairaman66:
Was that how the CBN met the Naira?? Just 305?? Take it lower than it was before and then you can be boastful Mr Emeifele!! Thanks

What is price of crude oil before? has it gone up beyond what it was ?

abescom:
They should stop the madness if the impact is not going to be felt by us. What's the point of the naira gaining grounds over the dollar if prices of commodities aren't going down?

Everyone especially people from certain regions in this country were shouting the rate of naira vs dollar was appalling which I agree ( even though I personally benefited from it). Now the dollar is now between N340 and N360 to a naira from the N520 record high but nothing has changed.

Unfortunately we still have prices of things in the market as high as anything but no one is talking about it? Many were quick to hurl abuses at the government and especially Buhari now the needful have been done but no one is criticising the disgusting marketers and market women who are our real problem.

Don't tell me for a minute that two weeks is not enough to crash down prices of stuffs that had gone up. Two weeks would certainly have been enough for them to skyrocket.

And don't tell me they need to sell what they have in stock before bringing new prices, they never had to wait before increasing their prices when prices was shooting up as if they were heading for the moon.

If only we can get on the back of the idiotas call importers, retailers, market women and etc as we do the government, maybe, just maybe things will change.

Am I angry? Yes, I am angry, it is obvious. £100 now has less value in naira terms which is what we want but the buying power is still as small as before when reverse should be the case. bleeping disgusting and rretarded bastados dem marketers, importers and market women.

Two things are responsible;

1. Poor government price policy to check mate market value of commodities

2. Law of price - It is easier for the price of goods to move up than to go down especially in Nigeria where we have greedy people. Commodities such as perishable/fast consumable goods supposed to have decrease now but exception can be given to luxury goods ( eg electronics, automobile, etc) whose consumption are low.

Lovely thread, for now the CBN appears to be achieving its short term plan which is to restore public confidence with regards to fx unfortunately in respect to iinflation, prices have refused to come down due to greed.

CBN is really serious about bankrupting speculators. If current trend is sustained, some of them may go back to their villages.

With this information, few people would be bold enough to buy at the parallel market NOW.

Bad market indeed for speculators...

Firstcitizen:
Speculators, unqualified arm chair economists and hoarders who were bleating that it will not work have all gone quiet

Lol....
U mean people like onatasi the fake and failed economic prophet?

donfemo:


Thank you very much. The Idiots met dollar at 185 and are boasting that they will push it to 305. just imagine the idiots. we will only commend CBN if dollar is NGN 120

U are just typing nonsense. How much is the current price of Brent/crude oil against 3-4years ago. Your major FX which proceeds from oil is not how it used to be and you know it.

Firstcitizen:
Speculators, unqualified arm chair economists and hoarders who were bleating that it will not work have all gone quiet

I hope you are not referring to Apostle Sule and his trusted cohort Reno O'Mockery?

Oga Soludo what is the next step as our Naira is gaining gradual momentum. Please say something.

donfemo:


If people like you were president Nigeria will keep going down. We rely on Crude and look where it has gotten us to. If we decide to diversify our economy and invest in other segments and not depend on crude, exports will have affected our GDP positively. But well you are as foolish as your leaders that's why you celebrate Mediocrity. Look at what economies like Holland, Ecuador, UAE, and China. Go read and learn.

This is even dumber than the first post. It is you who was shouting the government have no right to celebrate 305 to a dollar and I gave you reasons as to why celebrating it makes sense.

Lets not forget when naira was 185 to a dollar which is the price you want/expect it to get to before any celebration can be justifiable but isn't that unfair? How much is crude in the world market now? Less than $50 per barrel this morning.

When naira was 185 it was over $100 a barrel. Has the major source of forex for Nigeria changed since then? No. If you agree NO which you have to agree since it is a fact, then your expectation of the current regime is wicked and unreasonable.

Now let's go to the part where you said we should look for other source of income aside oil. I total agree with you but do you honestly think it will be done in one day? An article by newtelegraph late last year ( which has sadly been removed now but a little research will show you their figure was correct ) shows Nigeria needs at least 6 million metric tonnes of rice to SELF-SUSTAIN, not even export and we are only able to produce about 2 million metric tonnes by ourselves per year. You expect the remaining 4 million to be achieved in two years?

You lot are always quick to compare us to other good economies but are not willing to actually ACT to help the economy. How many kilos of rice do you produce for your own family? Are you not dependent on imports too? You are part of the problem, you have no right to be impatient.

modelmike7:
Weldone my President. Only God knows how much dollar would have been by now if it was the corrupt Government that remain in power, maybe 900 Naira to a dollar...... We were sitting on a time bomb all these wasteful past years, but the children of hate will never know that, they just keep blaming and hating blindly. God bless my president as he takes us back to the Promised Land.

how much was the dollar when the corrupt govt was in power?

You are quick to celebrate dollar coming back to #305 like that was the amount this useless govt met it.

You are one of the type who forget 2yrs suffering bcoz of 1wk enjoyment

wristbangle:


Two things are responsible;

1. Poor government price policy to check mate market value of commodities

2. Law of price - It is easier for the price of goods to move up than to go down especially in Nigeria where we have greedy people. Commodities such as perishable/fast consumable goods supposed to have decrease now but exception can be given to luxury goods ( eg electronics, automobile, etc) whose consumption are low.

I agree with number one. For number two I disagree slightly. The marketers, sellers and what have you if they were patriotic at all, would have applied the law of averages to bring down their price. But again, it is the government's fault.

LordAdam16:


Madam, the CBN knows the party is ending. They don't want a replay of 28/02/17 to 08/03/17 to occur. So, they're giving early indications that they are still on the offensive.

I wouldn't pass it off completely as hogwash. Who the gods want to destroy they first make mad.

But what I sense is panic on the part of Okarofor, the CBN, and the FG. Unlike in the early days of this month when they started their second round of intervention, the oil price was rising, currency reserve was rising, and speculators still had lots of dollars in hand.

Now, the oil price have fallen, currency reserve is falling, and speculators have reduced their exposure in a big way. Seriously, speculators wouldn't make big losses now. They'd solely be eating up every cheap dollars they can lay their hands on.

If the CBN wants to, they can inject $1.5b to reduce the parallel rate to N305/$1. We all know they can't go lower, and as they've said, that's their target. This is the first time they've actually made that known in public. However, if they wanted to reduce it further, IMTO's will cease sending money to Nigeria. Investors will scream blue murder. Foreign remittance will stop increasing. The pressure on the foreign reserve will increase multiple fold. And FDI will halt completely (not that anything was coming in anyway).

When parallel rate appreciates to N305/$1 and there's no where else to go. There'd be only one direction for the rate to go. The fall will be the biggest fall in recent history.

I can't wait.

It's clear that the CBN and FG are masochists. And Nigerians wouldn't get pity, because it appears they too want to listen to blues.

-Lord

You sound really pained? Or are you one of those speculators hoarding dollars? My advice will be to sell now because I can tell you without fear of doubt that the mandate is to really bring the price down to 305

The truth is CBN has basically demonstrated that the so called demand for dollar is speculative.

On the fiip side, foreign investors won't be happy because they now have to spend more dollars to get naira despite the huge returns they get from their Nigerian investments.

I hear that the plan is to keep the market depressed till Dangot's refinery comes on board around end of 2017 circa start of 2018.m

Don't also forget the Diaspora Bond sold recently which was over subscribed so the CBN has enough dollar cash to play around with for now.

On a lighter note why hasn't the prices of essentials gone down?

A bottle of coca cola is now #120, who dollar help

budosky:
Push it back to where it was before the current administration came on board.. Then, you can be boastful.. Shikena

And can you try to push price of crude oil back to the price it was before this Govt take over power?

lytech1:

how much was the dollar when the corrupt govt was in power?

You are quick to celebrate dollar coming back to #305 like that was the amount this useless govt met it.

You are one of the type who forget 2yrs suffering bcoz of 1wk enjoyment

. . . . i said it... may God give you a more understanding heart my brother. Cheers.

LordAdam16


You are definitely a speculator. You want them to float the Naira so that guys like you can pounce on it and make it N1000/$. Tell me when did we float the Naira last?

And it seems you know more than the CBN guys. How i wish you can be made the CBN gov so that you float the Naira. But i will like to see your face when Naira falls to N1000/$ after a float, and how you will face the people of Nigeria as the CBN gov.

2 years ago Naira was less than N200 and you guys want us to believe the real value of the Naira is now 650/$. really? a more than 300% depreciation? haba.

And tell me the CBN Gov that did not defend the Naira with reserve?

Ask yourself $35B remittance yet Naira was on a free fall. Why? Where did all the dollars remitted go? Speculators and hoarding.

donfemo:


Thank you very much. The Idiots met dollar at 185 and are boasting that they will push it to 305. just imagine the idiots. we will only commend CBN if dollar is NGN 120

They thought we are f00ls.


That we gave them our mandate makes us no f00l.


How will somebody meet a price at 185 and boast about pushing it to 305 after we bought for 400 +

abescom:
I agree with number one. For number two I disagree slightly. The marketers, sellers and what have you if they were patriotic at all, would have applied the law of averages to bring down their price. But again, it is the government's fault.

If government apply price regulatory bodies, some Nigerians will abuse this same government and by virtue of this will say, government should allow market force take its course

modelmike7:
. . . . i said it... may God give you a more understanding heart my brother. Cheers.

am glad am chatting with an intelligent being...sorry,if my previous comment sound rude.



Pls try enlighten me more on this issue..

So far you have more understanding

FOOOOOLS U MET THE DOLLAR AT 200 AND UR BOASTING OF 300, THUNDER FIRE EMEFIEEEEELE

AntiWailer:


They thought we are f00ls.


That we gave them our mandate makes us no f00l.


How will somebody meet a price at 185 and boast about pushing it to 305 after we bought for 400 +

it was 199 not 185 and 250 at parallel

wristbangle:


U are just typing nonsense. How much is the current price Brent/crude oil against 3-4years ago. Your major FX which proceeds from oil is not how it used to be and you know it.

This una argument: oil prices were already low as of May 29, 2015. Besides, with all the fantastical tales of corruption involving the previous govt, one would have thought the emergence of the present govt, with its ultra-honest accounting for govt revenues, would have offset the impact of the oil price fall.

If the GEJ govt was looting all our money, and the Buhari govt isn't, why would an oil price fall be so painful for Nigerians when they were not benefiting much in the first place?

modelmike7:
Weldone my President. Only God knows how much dollar would have been by now if it was the corrupt Government that remain in power, maybe 900 Naira to a dollar...... We were sitting on a time bomb all these wasteful past years, but the children of hate will never know that, they just keep blaming and hating blindly. God bless my president as he takes us back to the Promised Land.

Depends. Emefiele would have probably done the same thing if GEJ was still in office.

One thing about the last 3 CBN governors...they cut theur teeth as young bankers back in the 1980's...when we really did not have the dollars due to the 1982 oil price collapse. So...as a result...they learned their lessons well...when dollars are scarce....restrict. When not....try and save.Either way...get some dollars.

989900:
With rates harmonizing, with over $40b dollars expected from diaspora remittances, and over $10b expected from FDIs this year, plus improvement in power and refining capabilities expected towards end year, I'd say sub N300 to $1 is already on the horizon.

Throw in campaign for local agricultural products and other manufactured products and non oil exports.

Then there is that little nut: cashless policy.

Dera, I remember you argued CBN's policy was not sustainable.

modelmike7:
Weldone my President. Only God knows how much dollar would have been by now if it was the corrupt Government that remain in power, maybe 900 Naira to a dollar...... We were sitting on a time bomb all these wasteful past years, but the children of hate will never know that, they just keep blaming and hating blindly. God bless my president as he takes us back to the Promised Land.

what is this one saying?

mentro:
Good news ooo. But I won't celebrate until it gets to 250..

I keep saying it N1 to $1 is the target. We seem to sound like N165 or thereabout was OK. It was already an extremely bad situation.
I pray we can fix our economy and get back on track to where we should be as a Nation.

LordAdam16:


Madam, the CBN knows the party is ending. They don't want a replay of 28/02/17 to 08/03/17 to occur. So, they're giving early indications that they are still on the offensive.

I wouldn't pass it off completely as hogwash. Who the gods want to destroy they first make mad.

But what I sense is panic on the part of Okarofor, the CBN, and the FG. Unlike in the early days of this month when they started their second round of intervention, the oil price was rising, currency reserve was rising, and speculators still had lots of dollars in hand.

Now, the oil price have fallen, currency reserve is falling, and speculators have reduced their exposure in a big way. Seriously, speculators wouldn't make big losses now. They'd solely be eating up every cheap dollars they can lay their hands on.

If the CBN wants to, they can inject $1.5b to reduce the parallel rate to N305/$1. We all know they can't go lower, and as they've said, that's their target. This is the first time they've actually made that known in public. However, if they wanted to reduce it further, IMTO's will cease sending money to Nigeria. Investors will scream blue murder. Foreign remittance will stop increasing. The pressure on the foreign reserve will increase multiple fold. And FDI will halt completely (not that anything was coming in anyway).

When parallel rate appreciates to N305/$1 and there's no where else to go. There'd be only one direction for the rate to go. The fall will be the biggest fall in recent history.

I can't wait.

It's clear that the CBN and FG are masochists. And Nigerians wouldn't get pity, because it appears they too want to listen to blues.

-Lord

I stopped reading when I discovered you want speculators to control the value of the Naira No sane govt will leave her currency in the hands of speculators. according to you CBN should float and not be concerned about the activities of Speculators who wants Naira to fall to N2000/$
i see you

wake me up when it's at 100