KingKO22:


So you are expecting solid foundation that past leaders couldn't achieve for decades to become reality within few months of Asiwaju administration?

CBN should have allowed Naira to keep falling even if it gets to 50,000 ? While he build the foundation of what ?


I don't know if this people have same brain as humans being

Past leaders never get dollars to 300 naira, only APC did meaning Buhari and Tinubu created the problems.

CountinBlessins:


Stop always talking like an illiterate tout. I assume you went to secondary school at least? What does Obi have to do with this ?

Illiterate

Obi is his nightmare.

Sadly, his lord and saviour Tinubu has succeeded in nothing but dragging the country to penury and shambles.

Take care of the smaller platforms too.

Ogonimilitant:
They defending naira with our reserve.
This government is fool

Oga, the only reason you had a low exchange rate for decades is because CBN use your reserve to defend the Naira not because of any goods and services you export. Long term solution to high exchange rate is for a more favourable balance of trade in favour of Nigeria. Nigeria as we speak is still a dumping ground for all manners of junks. If you don't believe, ask our Igbo brothers. There is no magic wand anywhere, to improve the exchange rate we have to deal with speculation, reduce import and increase export of goods and services. Simple but difficult solution to implement.

Y'all should stop this agbado and obedient thing and fight for your country, what gross stupidity is this?
P2P should be eliminated by the government by allowing dollar transaction on our naira debit card. Simple and straight forward but they won't do this cos they want to keep making money through the back door by selling to Bdc's.
We have so much tertiary institutions and graduates yet y'all act like illiterates. The government is fooling themselves and we should all put them in check and not fighting ourselves.

This article is complete junk. Shame on punch newspaper. The author does not even know what he/she is talking about.
Anonymous sources and conjecture littered everywhere.

I understand the government is acting a script to bring down cryptocurrency (whoever is playing that drum no concern me), but let's get serious.

We will NEVER have a consistently strong Nigerian Naira until we become a serious EXPORTING country. Boosting exports is the only sustainable way to strengthen the Naira. Then you can even play around and keep your currency high or low depending on national strategic priorities, like Japan.

Just this morning, Vanguard newspaper is reporting that manufacturers over the course of 1 year, incurred losses of 266billion Naira. So, our production capacities is on the low, meaning exports is weak, and we expect the Naira to be strong, because... Of course, Cardoso is CBN governor.
Dey play!

This blaming of BDCs, "currency speculators", interbank, cryptocurrency exchanges, etc is kindergarten stuff.

Let's get serious as a country.

I still don’t get it. The P2P, Crypto and Binance have been in operation for years and dollar was never this high until this olodo President decided to float the Naira, and now blaming everything but his useless policy. The gains recorded on naira was not as a result of the clampdown on crypto platforms, but the government has started defending naira with our reserve.

I It's quite obvious, this government is trying so hard to shut down any platform (whether genuine or no) where people can get real time updates on the exchange rates. These platforms have been doing damages to their propaganda. Hence, they tagged them illegal.

Ordinary Yahaya Bello unable no catch na the invisible one una wan catch. No crypto guy go honor una invitation.

maasoap:


And you still don't understand that this is part of why it is a scam?

Is crypto a Nigerian invention? Why is it only the naira that it's affecting?

KingKO22:


Enemy of progress wait and see

Pandora Obituary and his IPOBidients followers shall be humiliated by the grace of God

Nigeria shall be great again

You are deceiving yourself and calling Obi that is resting in his house.

What is the spectacular thing this government is doing to bring down the dollar as the promised Nigerians?

No serious planning on agricultural revolution,

No serious planning on Industrial revolution,

No serious planning on how to cut the cost of governance.

And you think going after trading platforms will give you what you want.

Oya continue naa!

But just remember that, Nigeria is not the only county where people are into trading with crypto currency.

Why didn't you ask yourself, HOW ARE THESE COUNTRIES RUNNING THEIRS?

ibabz:
I still don’t get it. The P2P, Crypto and Binance have been in operation for years and dollar was never this high until this olodo President decided to float the Naira, and now blaming everything but his useless policy. The gains recorded on naira was not as a result of the clampdown on crypto platforms, but the government has started selling dollars to BDC.

Very true, but in this country, government too like to push propaganda and the people themselves, who don't like to think critically, love to stay in ignorant bliss.

Kennitrust:
Does this crypto guys control others world currency like the way they are bent on destroying the value of our currency?

Ask the question properly.

Are these platforms only in Nigeria?
If not, why are they not "speculating" the other country's currencies?
Why are other countries not blaming cryptocurrency platforms for their economic woes?

Cryptocurrency existed before this government came to power, how come the previous governments didn't have the same problem this current government have?

Is Binance and the rest only operating in Nigeria?

How come some countries even take BTC as an official legal tender?

Yes, but propaganda does not fix the economy, but good policies do.

flybridgeom:

Very true, but in this country, government too like to push propaganda and the people themselves, who don't like to think critically, love to stay in ignorant bliss.

Anything to Make things work in Nigeria is welcomed.. if Nigeria works, many agitators won't have any reason.. we pray for a better changes this new week

KingKO22:


Enemy of progress wait and see

Pandora Obituary and his IPOBidients followers shall be humiliated by the grace of God

Nigeria shall be great again

Everybody na enemy of progress as long as they criticize APC/Tinubu govt. If we follow your logic, you and your people were enemies of progress of this country one time when GEJ was president.

Is it not the same dollars that "Emilokan" and other politicians shared to win their party primaries and the general election that they are trying to crash now? After they have used it to achieve their political ambition. There was a time prior to the election that party delegates of APC were displaying dollars received from primaries.

If someone ask innocently how does the govt plan to sustain the rise of the naira when we barely produce enough in this country, una go call am enemy of progress.

When someone ask why our foreign reserve is going down with the rise of the naira and asking if the foreign reserve is being used to defend the naira, una go call them enemies of progress. The same process that Emefiele used in defending the naira is what Cardoso is using, but make we nor talk because una papa na President.

Make una continue dey chase shadows.

KingKO22:


Enemy of progress wait and see

Pandora Obituary and his IPOBidients followers shall be humiliated by the grace of God

Nigeria shall be great again

Everybody na enemy of progress as long as they criticize APC/Tinubu govt. If we follow your logic, you and your people were enemies of progress of this country one time when GEJ was president.

Is it not the same dollars that "Emilokan" and other politicians shared to win their party primaries and the general election that they are trying to crash now? After they have used it to achieve their political ambition. There was a time prior to the election that party delegates of APC were displaying dollars received from primaries.

If someone ask innocently how does the govt plan to sustain the rise of the naira when we barely produce enough in this country, una go call am enemy of progress.

When someone ask why our foreign reserve is going down with the rise of the naira and asking if the foreign reserve is being used to defend the naira, una go call them enemies of progress. The same process that Emefiele used in defending the naira is what Cardoso is using, but make we nor talk because una papa na President.

Make una continue dey chase shadows

LandMann:
Naira is depreciating because inflation is rising.

There is a negative relationship between inflation and the value of a currency.

If inflation rises the value of a currency will fall.

Over the past two months Nigerians can confirm that inflation has been rising as cost of goods and services has been increasing. NBS also confirmed it. Yet, despite the rising inflation, Cardoso and CBN was using propaganda to prop up the value of the naira, which goes against any know economic principle. How long will CBN and Nigerian government continue to use propaganda to prop up the value of the naira?

The long term effect of this bad behaviour of CBN is that foreign investors and foreign lenders will lose confidence in Nigeria. When this happens the CBN and the government will have a bigger problem on it's hands that no amount of propaganda can solve.

If you want to truly fight naira depreciation then you have to fight the true cause which is inflation caused by several factors such as insecurity, high cost of power (fuel/diesel), terrible road infrastructure.

Insecurity has prevented farming and production of food, leading to high prices of foodstuffs.

Removal of subsidy has lead to high cost of diesel and fuel which serve as input in the production process and transportation process. Higher cost of production and transportation lead to high cost of goods, high inflation and lower value of naira. The government made it worse by recently increasing cost of electricity by around 300%. All this will lead to higher cost of production which will be transferred to the price of goods in the market.

Lastly the state of federal roads in Nigeria is beyond bad. It takes extremely long time to get goods from production point to final consumer because the roads are just terrible. The bad condition of Nigerian roads lead to delay in delivering goods, leading to waste of more diesel, accidents and damaged goods...all this is cost to the producer, seller or transporter and they factor it into the price of the goods which ends in higher prices, inflation and a depreciating naira.

All the above is just a summary of the real cause of naira depreciation. Instead of CBN and Nigerian government to be chasing Crypto they should focus on tackling the above issues.

Crypto has been in Nigeria since 2015 yet the naira did not lose as much value or fluctuate so widely as it is doing now that Tinubu in all his wisdom decided to announce subsidy removal and exchange rate deregulation on inauguration day knowing fully well we have the aforementioned problems bedeviling the country plus Nigeria does not produce sufficiently for export to earn foreign exchange.

Relying on propaganda to run the country will fail eventually.

Tinubu is a huge disappointment

Your theory is not always right else china with inflation rate of about 2% should have the strongest currency I the world. When you high inflation, you increase rate like CBN did to increase your currency rate but in this case, speculators are working hard to depreciate the naira.

Lool...you wanna explain away Tinubu's ineptitude?

StOla:



There is nothing Nigerians do not know how to ruin.

Even in the days of MMM United that employed Bitcoin payments, I remember how scandalously Nigerians were trading Bitcoin at rates that were outside of even the global dollar exchange rate of bitcoin.

Nigerians invented their own dollar exchange rate.

Good one, Nigeria shall be great again.
Meanwhile, if you need vtu website, blog or ecommerce website, I can create one for you with only 15k, promo price. Chat me on WhatsApp08066674014

Asiwaju was national leader of APC from 2015 and our economy started nosediving when his party took over in 2015

KingKO22:


So you are expecting solid foundation that past leaders couldn't achieve for decades to become reality within few months of Asiwaju administration?

CBN should have allowed Naira to keep falling even if it gets to 50,000 ? While he build the foundation of what ?


I don't know if this people have same brain as humans being

maasoap:


And you still don't understand that this is part of why it is a scam?

care to elaborate how it is then? We learn everyday

Babalegba:
Why can't they simply jail the idiots involved in this speculative crypto business. In China they would have been shot

rubbish!! Why have they not jailed those looting the economy dry... I didn't they jail that druggie who forged certificate to become a president

CountinBlessins:


Stop always talking like an illiterate tout. I assume you went to secondary school at least? What does Obi have to do with this ?

Illiterate

check well him to his doing cryptocurrency

HOPE YOU ARE NOT USING FOREIGN RESERVE TO CUSSION NAIRA FALL WHILE THE FOREIGN RESERVE WILL BE DEPLETED CONTINUALLY.

TTHEN CHASING CRYPTO AS A CLOUTH OF PERFORMACE..


IF THAT IS THE CASE AND ITS SUSTAINED , THE NEXT GOVERNMENT AND ECONOMY WILL NOT FIND IT EASY IF THE RESERVE IS TOTALLY DEPLETED JUST TO SHOW PERFORMANCE FOR A SHORT TERM











.

Saturnalia:


Thank you for this beautiful comment.

Unless the FG takes these currency speculators & manipulators head on with thunder for fire approach, trust me, these bastards will never stop undermining the Government’s effort to curbing the Naira’s depreciation; and these unscrupulous elements will continue cursing & blaming the Government for their own “Orchestrated Handiwork” because their candidate lost a credible election.

The security agencies should be unleashed to clamp down on all the P2P Platforms, slamming all their operators with severe punishment like Treason and having them sentenced to death by hanging or firing squad.

If any Civil Society Organization (CSO’s) speaks in their defense, revoke their licenses to operate in Nigeria and send them packing like it is done in Russia & China.

I wish I were the President, I swear, the masses would assume that Adolf Hitler reincarnated into Nigeria, because of the so much hell & gore I would unleash on these incorrigible bitter animals.

Tinubu and his economic team must be silly not to know the sources of their woes & coordinated campaign of sabotage.

It is glaring even to a new born baby.

When I saw their people over-inflating the prices of their goods & services, especially their “Accidented & Flooded” Tokunbo cars by almost 300% while blaming it on the Naira-Dollar rates, I just knew they have conspired in their village & WhatsApp meetings to frustrate the present administration and set the whole Country ablaze, just so they can continue celebrating the failure of “Any Government That Comes Into Power” as long as Nigerians refuse to endorse & vote their own agenda-driven candidates.

When Aisha Yesufu (Their Witchcraft First Lady) advised them to keep their Dollars close, you think she doesn’t know what she was saying?

Of course, she must have been privy to their secret plot to sink the Country using the currency speculators playbook.

Like I have always opined, every enemy of Nigeria will lose las las.

Jargon.....

Newspapers are now sourcing their news from social media.

No more real journalism.

Teenaira:


Oga, the only reason you had a low exchange rate for decades is because CBN use your reserve to defend the Naira not because of any goods and services you export. Long term solution to high exchange rate is for a more favourable balance of trade in favour of Nigeria. Nigeria as we speak is still a dumping ground for all manners of junks. If you don't believe, ask our Igbo brothers. There is no magic wand anywhere, to improve the exchange rate we have to deal with speculation, reduce import and increase export of goods and services. Simple but difficult solution to implement.

Your government from counselor to President use foreign products, go to foreign schools, hospitals, vacations, drive foreign cars etc

Election time, they use USD to bribe people and delegates, turning naira to toilet paper in the process

After getting into power, they steal money, convert to dollars and other foreign currencies, then smuggle them out to other countries to buy properties.

They dont even invest it here in businesses or infrastructure. They allow our infrastructure rotten and embezzle whatever allocation they enmark (albeit padded and bloated) for same infrastructure only to steal them again.

You ignored these visible rubbish we have been seening for more than 40 years to blame cryptocurrency that's not even local to Nigeria or her economy.

What do you call this?
Is it that our educational system has been designed for us not to have critical thinkers?
To produce zombies who just love to follow the media narratives?

Whatever is trending is supported without real time questioning by the people?

The same currency is still being defended by the FG just like before, not knowing this means you obviously don't know anything about rate and the financial markets.

They're still defending the naira after allowing it to get to almost ₦2000.

Everything you're seeing now is artificial.

You don't pray for magic when you have nothing you export to serve as a comparative advantage for your local currency.

Naira can't be floated without getting to ₦5000, they realised this, so they started defending it with our reserve secretly while fooling gullibles on how Binance or Aboki FX made naira crash like these entities weren't existing before they took over last year.

Nigerians think and stop acting like zombies.

Eh Banks are doing worse , they control all the stolen govt money in Nigeria and they are enjoying it . and they know

omoredia:
Crack down on bdc that's all that needs to be done. Let banks handle bdc in this country for more regulation and transparency.

It doesnt make sense for a group of illterates to be given cheap dollars which they will then use to be trade and speculate.

Ban bdcs now!

Amayabor1:


Everybody na enemy of progress as long as they criticize APC/Tinubu govt. If we follow your logic, you and your people were enemies of progress of this country one time when GEJ was president.

Is it not the same dollars that "Emilokan" and other politicians shared to win their party primaries and the general election that they are trying to crash now? After they have used it to achieve their political ambition. There was a time prior to the election that party delegates of APC were displaying dollars received from primaries.

If someone ask innocently how does the govt plan to sustain the rise of the naira when we barely produce enough in this country, una go call am enemy of progress.

When someone ask why our foreign reserve is going down with the rise of the naira and asking if the foreign reserve is being used to defend the naira, una go call them enemies of progress. The same process that Emefiele used in defending the naira is what Cardoso is using, but make we nor talk because una papa na President.

Make una continue dey chase shadows

Well said.

Their miscrant supporters no get sense.

AmuOtu:
Chasing shadow as usual.

same shadow that produced effect earlier??

Oloriburuku

flybridgeom:
This article is complete junk. Shame on punch newspaper. The author does not even know what he/she is talking about.
Anonymous sources and conjecture littered everywhere.

I understand the government is acting a script to bring down cryptocurrency (whoever is playing that drum no concern me), but let's get serious.

We will NEVER have a consistently strong Nigerian Naira until we become a serious EXPORTING country. Boosting exports is the only sustainable way to strengthen the Naira. Then you can even play around and keep your currency high or low depending on national strategic priorities, like Japan.

Just this morning, Vanguard newspaper is reporting that manufacturers over the course of 1 year, incurred losses of 266billion Naira. So, our production capacities is on the low, meaning exports is weak, and we expect the Naira to be strong, because... Of course, Cardoso is CBN governor.
Dey play!

This blaming of BDCs, "currency speculators", interbank, cryptocurrency exchanges, etc is kindergarten stuff.

Let's get serious as a country.

It's a lie. Sabotage and speculation are responsible for Naira's decline, not about not exporting much. Kenya's shilling was 88 to a dollar in 2014; today it's 144. Naira was 216; today it's 1,100+. Ours shouldn't exceed 350 if not for intentional sabotage.