Hmm...

The CBN simply stopped defending the naira probably due to people calling them out.

However, the issue here is transparency which this administration sorely lacks.

The government is within its full rights and responsibilities to defend the naira to the extent it believes would cushion the effects of its other policies which have not been too effective so far.

Those who rely on FX transactions know what the government is saying is quite different from what it is doing, so they are cautious, one of the reasons prices of most commodities have refused to reduce.

If the government where to openly declare it would defend the naira and the extent to which it would do so, there would be stability and flunctions would reduce drastically since the FX users know what to expect and can plan for the medium to long term.

Coupled with this is the need to go after cabals who are the ones causing a major part of the FX problems. As long as they are left to thier devices, nothing would change.

Beautifulday:
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Anything them dey do make them do am well. E get something I wan buy.

CBN is dealing with it, too much pressure on dollar. They had to ban hotels and schools from demanding payments in dollars, stopped banks from dollar collateral, going after speculators and illegal BDCs. Nigerians are looking for dollar to pay tuition fees abroad, take Yayah Bello for example. There's a lot CBN is dealing with.

Op no get work to do.
Keep blaming Obidients for Tinubu's incompetence.
See him talking about floating as if he knows what floating of currency is.
Even the Tinubu you are defending is confused.

MaziX:
U think people don't want progress? You think we don't want to enjoy good life all over the nation.. should people clap that naira is falling? The people who promised us heaven on earth, why not let's face them.. I no dey support anybody. But make we dey use our head.. na all of us go suffer am

Tinubu did not promise heaven and earth. He promised to remove subsidy and float naira, he has kept to it. These policies are essential to refurbish the economy.

Forkthiefnubu:

Fork u for you know no one is jubilant, when ppl point out ur incompetent ways or criticize idiotic government policies u now try to paint it as unpatriotic when u are the real unpatriotic Nigerian

Unpatrotism is when idiots were saying naira would get to 2000 and keep jubilating at the fall of naira.

PressMyButton:
From 1100 back up to 1400, Obidients are jubilating once again, they are no longer saying CBN is defending the naira. Despite debunking their lies of CBN defending the naira when it was gaining.
Can we say Naira is falling when CBN is defending it?

you can't defend naira for a long time, they paused that was why naira began to fail again, all those naira gains were all artificial, what don't you understand

DMerciful:
Are you blind?
Is CBN issuing dollars at 1000 to BDCs loke before? E don cast

So, selling dollars means defending? Let me test your little brain. When last did CBN sold dollars to BDCs?

PressMyButton:

Unpatrotism is when idiots were saying naira would get to 2000 and keep jubilating at the fall of naira.

so are they responsible fir the fall of the naira

Kukutenla:

Any coincidence the value started to fall after CBN was called out by foreign media?

I recall some APC bots like you were accusing foreign media of being from a section of the country that hate good news

Which foreign media?, Bloomberg?, an Obidient writer?, what a joke. What was the breakdown analysis to back up his spurious claims?

Guy you don't understand basic economics. Stop copying and pasting trash from Cardoso's WhatsApp group.
You are talking about illegal BDCs why can't banks sell dollars directly?
You guys just think you are talking to MC Oluomo.

First, Tinubu is the cause of our economic woes.Apart from his clueless policies, he is seen as illegitimate and doesn't inspire hope like PO.

Imagine, what would have happened to diasporan remittances if PO was rightly declared President.
Do you know how many Nigerians would have returned?
Imagine if insecurity had been dealt with- which is possible; how many times rice alone would have been harvested in the last one year.
Do you know how that alone would have shored up dollars that Tinubu and Cardoso are looking for upandan?

If Obidients can selflessly contribute to see a new Nigeria and trust PO so much, what do you think would happen concerning job creation and trusting the leadership of PO if he told them give me 3months to do XYZ.
You clearly don't understand the importance of leadership

Nigerians can't trust Tinubu... Period

PressMyButton:

CBN is dealing with it, too much pressure on dollar. They had to ban hotels and schools from demanding payments in dollars, stopped banks from dollar collateral, going after speculators and illegal BDCs. Nigerians are looking for dollar to pay tuition fees abroad, take Yayah Bello for example. There's a lot CBN is dealing with.

Mindlog:


The realistic way of "defending" the Naira is by quantum leap in non-oil export, which Nigeria is sadly not in that frame....it is not by sentiments nor propaganda or is there a link to news that there was a boost in agricultural exports recently which boosted FX inflow?

For non-oil export, is Nigeria not exporting agric produce, mined mineral resources?. Demand for dollar and dollar speculators are the mjor issues. There's no propaganda here, we recorded one of the highest foreign portfolio inflows in Febuary and March.

PressMyButton:

Tinubu did not promise heaven and earth. He promised to remove subsidy and float naira, he has kept to it. These policies are essential to refurbish the economy.

so with those measures of tinubu is the economy better or worse by 600%, do you believe that after 1year of a glary useless policy things will get better

PressMyButton:

How much did Obi stack in Pand*ora account?

Honestly I don't really care about obi..

I voted him because he was much Berra than the pack that was being paraded

Every opec member defends their currency using a portion of their crude oil proceeds. But Nigeria cbn and cardodo thinks Nigeria is kind of special

PressMyButton:

For non-oil export, [b]is Nigeria not exporting agric produce.[/b]mined mineral resources?. Demand for dollar and dollar speculators are the mjor issues. There's no propaganda here, we recorded one of the highest foreign portfolio inflows in Febuary and March.

Containers/or daily flights of what agric produce and countries of destination?

PressMyButton:

Unpatrotism is when idiots were saying naira would get to 2000 and keep jubilating at the fall of naira.

Crap, you are a tyrant and power drunk , economist or even keen observers have said that and does that make them unpatriotic? If these were the days of Goodluck Jonathan u wud have said worse and strut around feeling superior and does that make u unpatriotic, you are not for Nigeria suddenly because of patriotism but because ur tribesman is in power nothing else , so all of the ppl that resist Abacha are unpatriotic? Abacha was a hero to some ppl mind you

Any need to reply a lazy youth? Yes, no, maybe? Yes. Don't be lazy use the internet! When Cardoso replied Bloomberg, the patch patch CBN gov stopped the defense. And the result was immediate, naira lost 400NGN within 8 days!

You can't borrow money from Bretton Woods Institutions and use same to defend your local currency, it's a breach of the loans t&c

PressMyButton:

Show me the breakdown from Bloomberg. Cable did their investigation perfectly, not an ipob/obidient writer writing for Bloomberg from a foreign country, he was talking from his ass.

Selling dollar at a particular price means fixing naira at that price. Whether it will stay at that price depends on the quantity sold. CBN is running out.

Your other question is useless

PressMyButton:

So, selling dollars means defending?
Let me test your little brain. When last did CBN sold dollars to BDCs?

From the people who has respect and humility.... Even a church GO, a law Prof & a literature Prof were all part and parcel of the Rot they enthroned!

See am. From people wey get respect. Even the wife was not spared. Anyway, what do I know.

Forkthiefnubu:

Crap, you are a tyrant and power drunk , economist or even keen observers have said that and does that make them unpatriotic? If these were the days of Goodluck Jonathan u wud have said worse and strut around feeling superior and does that make u unpatriotic, you are not for Nigeria suddenly because of patriotism but because ur tribesman is in power nothing else , so all of the ppl that resist Abacha are unpatriotic? Abacha was a hero to some ppl mind you

derecho:
.

BDCs have been in existence even before your father was born, if only banks could meet our needs, why was there a need to establish other financial institutions like microfinance and co?. Cardoso came in and repositioned BDCs from 5,000 to 1,580, flushed out illegal ones and make digital transactions compulsory and have them each open an account with CBN. How do you do away with a platform like that when deposit banks can't cater to all our needs.
How many Anambarians returned home when Obi was governor?, as we speak, why is a bag of rice costly in Anambra, what happened to Anambra rice?. We talking serious people, you're talking one Agulu fraud.

DMerciful:
Selling dollar at a particular price means fixing naira at that price. Whether it will stay at that price depends on the quantity sold. CBN is running out.

Your other question is useless

This one is just talking jargons, if you don't understand something, why can't you stop making a fool of yourself.

PressMyButton:

Tinubu floated the naira which has closed the gap between the official and parrallel rate, the gap has close from 300naira difference to less than 20naira now. But Obidients lacked understanding.

And what is the effect on the economy according to your understanding?

I knew you are empty and daft.
Anyways, it was evident in your original post.Go and upgrade your craft because you ain't talking to illiterates

PressMyButton:

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BigkokoRep:
Any need to reply a lazy youth? Yes, no, maybe? Yes. Don't be lazy use the internet! When Cardoso replied Bloomberg, the patch patch CBN gov stopped the defense. And the result was immediate, naira lost 400NGN within 8 days!

You can't borrow money from Bretton Woods Institutions and use same to defend your local currency, it's a breach of the loans t&c

You weren't aware CBN sold dollars last week at 1,201 to BDCs?. Then why did naira fall within a week after the sales, if truly they "defended" it according to your little brain?

Anyway, riffraffs with data can spew whatever enters their corn drained head! You can't cheat market forces....

You go only try, but it will go back after helping you waste your FX. The problem is outline below:
1. Corruption: Asiwaju is seen as a typical corrupt African who has no oral shame. The evidence is all there for one to see, ganduje a bribe takers caught live on tap is Asiwaju party chairman.

2. Illegitimate rule. Do I need to state what everyone knows? The Deep State gave Asiwaju power after he cried like a little baby that it's own turn after helping a clueless incompetent slowpoke clinch power in 2015.

3. No hope at all. Asiwaju doesn't inspire hope. He works at cross purpose with his appointees. The most recent is Efcc chairman, olukayode whose efforts is made mockery off because of Akpabio, gandollar etc

Do I need to say more?

PressMyButton:

Which foreign media?, Bloomberg?, an Obidient writer?, what a joke. What was the breakdown analysis to back up his spurious claims?

The simple fact is we ain't earning enough dollars, and CBN doesn't have dollars to buffer the naira.

The rally was never gonna be permanent. I won't be surprised if naira doesn't keep deprecating

Beautifulday:
.


Defending the naira is not a bad thing. Naira is our money. We should defend it. I don't know why they stopped.

I need the rate down abeg

Leg chair economist , tomorrow they will make this one CBN governor lol Nigeria

We told people to hold their dollars closer. We're still insisting on that.

Cardoso has patch patch CV

PressMyButton:

This one is just talking jargons, if you don't understand something, why can't you stop making a fool of yourself.

Forkthiefnubu:

Crap, you are a tyrant and power drunk , economist or even keen observers have said that and does that make them unpatriotic? If these were the days of Goodluck Jonathan u wud have said worse and strut around feeling superior and does that make u unpatriotic, you are not for Nigeria suddenly because of patriotism but because ur tribesman is in power nothing else , so all of the ppl that resist Abacha are unpatriotic? Abacha was a hero to some ppl mind you

Naira became the best performing currency in the world in three months and the market recorded one of the highest FPI in febuary and march. More tears pls!

PressMyButton:

You weren't aware CBN sold dollars last week at 1,201 to BDCs?. Then why did naira fall within a week after the sales, if truly they "defended" it according to your little brain?

What are u saying ?

Forkthiefnubu:

Leg chair economist , tomorrow they will make this one CBN governor lol Nigeria

Every serious country defend their currency forget online noise.

China ban crypto to defend their currency before other countries begin get Sense

PressMyButton:

Naira became the best performing currency in the world in three months and the market recorded one of the highest FPI in febuary and march. More tears pls!

No need arguing with u , you are already gone maybe na the next generation of Nigerians