realmindz:


Most of those small African counties they hype only have one small town they develop to attract tourism...the other places are worse than the worst places in Nigeria

Don't mind them. That parrot what they are told without travelling there to see things for themselves.

t2luv1:

Hold your prayer Let me explain something to you. The rate at the I&E window is currently N742, whereas, at the Black market, it is N852, why the big spread? Answer Greediness. Your country's CBN deliberately prohibits the BDC from buying from the I&E window. The BDC are now forced to source for dollar from the Bank. The banks buy @ 742 then sell to the BDC @ 820 then BDC turns around and sells to the masses @ 855. Tell your Asiwaju to start looking into this. The same man removed subsidies without any plan in place to help the people.

Are we going back to the roundtripping era of Abacha corruption and looting? Or something worse

realmindz:

Most of those small African counties they hype only have one small town they develop to attract tourism...the other places are worse than the worst places in Nigeria

Other places are worse than our country outside the capital, in terms of water and electricity plus road conditions

Why not? When Nigeria have become dirt cheap. So foreigners can buy Nigeria's asset for little or nothing.

Devaluing your currency when you have 2% export, 98% import and zero incentive for reverse the trend is tantamount to economic suicide

Only in the news, while the street is in chaos

[quote author=FreeStuffsNG post=124650876]Naira Unification: Forex Inflow Rises By 28% To $1.41bn
Written by Bukola Idowu 2 weeks ago




Lets do our part by getting more finance education and we can steer toward our personal financial liberation in the mist of this inflation crisis. Remember , to every situation there is a win and lose. I choose to be on WINNING side


https://www.youtube.com/watch?v=uUPbNt48shU

This is contrary to what I was reading today.
The gist in general is that the inconsistent tracking of the parallel market is causing investors to hold on.
It appears there are still some doubts that the government can hold its nerve as the naira rate on the parallel market continues to decline.
There may be some currency subsidy already happening.

realmindz:
Any reason why you are looking forward to the economy to collapse?

This is the major problem of you guys.

Is he looking forward or just stating the obvious fact?

We have many adages in Africa that talk about how future can be view from today.

You people will see your leader making economic policies blunder but you'll just be expecting good result.

Irrespective of who you wanted to become president, why don't you wish your country success?

If at this age you still carry this mentality of "WISHING YOUR COUNTRY SUCCESS" obvious you're not in tune with reality.

Wishes can't change Naira from ₦870/$1 to ₦1/$1 good economic policies will do.

Wishes can't bring fuel price down to ₦180 good economic policies will do.

Wishes can't bring down inflation but good policies will do.

But when you have leaders who care not about development of the Nation but care only about their careers and pockets the economic is left for their defenders on WISHES.

There may be political enemies, arguments and all in America. But once an election is over, all Americans irrespective of who they voted for always want the country to progress. Even trump supporters have never wished that US fails under Biden. Why is our case different in Nigeria

Nobody wishes Nigeria failed and if wishes actually work, at least people who are wishing Nigeria to progress are many too, so the country should progress but what do we experience? Just the opposite.

But if people criticized unrealistic policies the same you "good wishers" will call them enemies of progress or Nation.

You'll see Gov throwing wrong policy you people will cheer them to heaven and see those who speak against it as enemies of the Nation.

But the reality on ground is that these so called leaders have nothing to offer but just to satisfy their selfish life style and ambition.

seguno2:


Are we going back to the roundtripping era of Abacha corruption and looting? Or something worse

This whole thing started with the last CBN head. He banned BDC from buying from the I & E window which then created an artificial scarcity of dollar. Nigeria Banks were making so much money from Forex trade and other bank charges there were never any incentives for them to do any thing related to commercial banking or giving out loans. It is easier to buy forex to pay school fees overseas than to obtain forex to do regular day to day business. Harmonizing the exchange rate is a very good idea but liberalizing the whole process will really bring real market forces into the flow process. Allow the BDC to buy at the i&E windows then you will really see the exchange rate goes down

This news is almost 3 weeks old and so far nothing has improved in respect to this. People are suffering and desperation 'll drive a lot of men with families to feed to do crazy things and to think we are getting close to Mber month with no improvement yet, price of things which is already out of the grasp of many 'll continue to rise. £1 is almost #1200, $1 almost on its way to #900 it 'll be a miracle if it doesn't somehow hit #1000 by December. Student loan initiative is stupid as this 'll only cause more inflation n hike in students fees which 'll then force them to take the loan with outrageous debt to pay after sch without assurance of getting a decent Job to repay this loans

You can bamboozle the electorate with this kind of propaganda, but not the market.

The market can see through BS.

Make deliberate positive changes to the economy, just because a policy chokes the common man does not make that policy a good policy.

In summary..

Last week, the Naira weakened against the US Dollar in the Forward Contracts Market. The local currency depreciated by different percentages across various forward contracts: 4.74% at the 1-month tenor, 4.59% at the 2-month tenor, 4.47% at the 3-month tenor, 4.14% at the 6-month tenor, and 3.64% at the 12-month tenor, resulting in closing rates of N801.22, N810.72, N820.24, N849.13, and N910.26 respectively.

On the other hand, oil futures closed higher, with Brent Crude reaching $78.50 per barrel due to supply concerns caused by decisions from Saudi Arabia and Russia to cut production and export quotas. Bonny Light crude price also increased by 3.33%, closing at $78.76 per barrel.

Given the volatility in the foreign exchange market, analysts at Cowry Assets Research expect the market to adjust based on the forces of demand and supply, with the Naira likely to stabilize against the US Dollar, unless any further market distortions occur.

realmindz:


Any reason why you are looking forward to the economy to collapse?

Irrespective of who you wanted to become president, why don't you wish your country success?

There may be political enemies, arguments and all in America. But once an election is over, all Americans irrespective of who they voted for always want the country to progress. Even trump supporters have never wished that US fails under Biden. Why is our case different in Nigeria

Bro success is not a wish, it is a conscious effort. Your analogy of the USA is false.... Remember the capitol siege ?

t2luv1:

This whole thing started with the last CBN head. He banned BDC from buying from the I & E window which then created an artificial scarcity of dollar. Nigeria Banks were making so much money from Forex trade and other bank charges there were never any incentives for them to do any thing related to commercial banking or giving out loans. It is easier to buy forex to pay school fees overseas than to obtain forex to do regular day to day business. Harmonizing the exchange rate is a very good idea but liberalizing the whole process will really bring real market forces into the flow process. Allow the BDC to buy at the i&E windows then you will really see the exchange rate goes down

Has the exchange rate been harmonised, since we still have at least two rates, without liberalising the whole process

Fake fake news that have no impact on the plight of Nigerians

FreeStuffsNG:
Naira Unification: Forex Inflow Rises By 28% To $1.41bn
Written by Bukola Idowu 2 weeks ago


https://leadership.ng/naira-unification-forex-inflow-rises-by-28-to-1-41bn/

The reason for the increase is simply due to Japa of thousands of Nigerians to stable countries that plan their destination and future unlike all these fire brigade moves that is seeing hardship on the common masses

Not because of any unification of forex nonsense

seguno2:


Has the exchange rate been harmonised, since we still have at least two rates, without liberalising the whole process

Compared to what the exchange rates were previously current setup is a big improvement. Before the banks were making ridiculous profits just because the last CBN head was a banker. He wasn't an economist When one discusses the issue of Interest rates with 95% of Nigerians you might as well be speaking Swahili. It doesn't impact their lives as the exchange rates do. When you import 70% of the goods consumed by the masses exchange rates are up close and personal. The jury is still out on whether devaluation was the route to go. When currency speculators started the drumbeat of devaluation I am a bit guarded regarding their true motives. Buhari, Jonathan even Obasanjo never removed subsidies because they were all aware that there were no locally produced PMS to cushion the removal. Why Tinubu did it is still a mystery to me.

FreeStuffsNG:
In a matter of time, the FDI inflow will pick up too. Those unpatriotic elements who are hoarding USD will eventually get burnt and will still be prosecuted.
Asiwaju Bola Ahmed Tinubu is the best! God bless Nigeria for ever!

thief prosecute thief?

ebufa:




Stop yapping okpa guy! you should focus on remittances from naija diaspora....that is the real economy! How do you attract Nigerians to invest in their country,the way Ghanaians abroad are doing...even now many Nigerians are buying up homes in Ghana and Rwanda..............rule with equity and justice,so that Nigerians feel safe and secure in their homes...not looking the other way ,while fulanis run riot all over Nigeria ,maiming ppl! Let escobar bite the bullet and go after the saheliansavages killing people....and we may just forgive him for his electoral heist!

Hater of our Country spotted! What's stopping you from shifting base to your Ghana? You'll not end well. So much for your Ghanaian economy:

Some group of people don’t want to be hearing news like this , all they want is bad news generation of sadists

Ikaeniyan0:
Can you explain why you feel naira will be #1000/$1?

You are a mumu Your guy. Stop being stupid!!! Jettison tribalism and open your eyes to the reality. O ye guy with a backward mindset. I know you live sufferings a lot.

You dey mind the mumu failure

Ikaeniyan0:
Can you explain why you feel naira will be #1000/$1?

TheboyGhost:
Propaganda
..

If Naira does not get to 1000 a. $ by December then know say no be me dey talk.

Una like suffer...

Una go suffer well well I swear

for ur family alone

FreeStuffsNG:
Naira Unification: Forex Inflow Rises By 28% To $1.41bn
Written by Bukola Idowu 2 weeks ago





https://leadership.ng/naira-unification-forex-inflow-rises-by-28-to-1-41bn/

For heavens sake why are you doing all this propaganda naaaaa. Most of us in the financial space that process trade and remittances are not seeing any inflows, even CBN had to do a meeting with all Banks and IMTO providers yesterday. Haaa!!!!! Oga fear God and stop all these lies and propaganda. If someone insults you because of this, you will start reporting to mods to ban that person. Have conscience and fear God, and not money. Because if you fear God, you will not be spreading misinformation like this.

ibtommy:

You are a mumu Your guy. Stop being stupid!!! Jettison tribalism and open your eyes to the reality. O ye guy with a backward mindset. I know you live sufferings a lot.

?

FreeStuffsNG:
In a matter of time, the FDI inflow will pick up too. Those unpatriotic elements who are hoarding USD will eventually get burnt and will still be prosecuted.
Asiwaju Bola Ahmed Tinubu is the best! God bless Nigeria for ever! Check my signature for free stuffs!

Oga stop all this, we in the financial industry see the data and it is not working. Even the rates are still not unified, the parallel market rate is still very high than the I&E window. Please fear God and not money so that you will say the truth and stop the misinformation.

helinues:
Good

Enemies of Nigeria should stay away from this thread or we go send thunder to them.

You guys should fear God and not money so that you will speak the truth always. CBN had a meeting with banks on this issue because it is not working at all.

realmindz:


Any reason why you are looking forward to the economy to collapse?

Irrespective of who you wanted to become president, why don't you wish your country success?

There may be political enemies, arguments and all in America. But once an election is over, all Americans irrespective of who they voted for always want the country to progress. Even trump supporters have never wished that US fails under Biden. Why is our case different in Nigeria

Nigeria is an enemy state to my country Biafra, why should I not pray for her downfall?

TheboyGhost:


Nigeria is an enemy state to my country Biafra, why should I not pray for her downfall?

But Biafra does not exist as a country.

Tell me, if you are to fill a form for a very important application and they ask for your nationality, what do you put?