Yourprick:
Goan sell those $$$, Naira appreciating to 1k hopefully 900 before year end

ivolt:

The only news that matters is whether the government has started earning more dollars.
Since the answer is no, then the "hoarders" only need to wait.

LordAdam16:


They leaked to the press that they'd receive funds this week from foreign lenders and start clearing the backlog.
They made this inaccurate disclosure because they had to stem the drop in the parallel market.

If this week had ended without any action on the backlog, it'd have led to a surge next week.
That's why they're tapping into the reserves.
Preliminary reports state they took out $1B.

I guess they'll stagger it every two weeks or thereabout until they receive the funds which they'll then use to plug the leaking reserve.
Meanwhile the downward pressure on rates will hold.
Ensuring a near-term band of 900-1100.

All of this is contingent on those funds coming in before the end of the year.
If they don't, we'd have a negative net reserve and rates will crash with a vengeance.
It'd have been great if the Dangote Refinery had commenced gasoline refining.
But while it may yet kick off before the end of the year. It'll take a while to ramp up.
Most of our crude is earmarked for export to secure prized $.

The CBN is trying to restore belief and confidence in their capacity to meet institutional obligations.
To that end, this is helpful.

-Lord

skultrick:


What app is this?

SocialJustice:
People who bought dollar above N1k to hoard are about to lose massively.

lionshare:

Have you checked the Nigeria Oil production levels in the last 3months? Check You will find your answer.

SocialJustice:
People who bought dollar above N1k to hoard are about to lose massively.

SocialJustice:
People who bought dollar above N1k to hoard are about to lose massively.

Ikaeniyan0:
Have you not been following the news?

obi58:


Kai don't say what you don't know.

Which CBN foreign reserves? Is CBN now an independent body?

Can CBN spend a dime of the foreign reserves without approval? If the FX deficit was the problem why has CBN not just debited the FX reserves all this while to flood the market? Why is the FG securing a $10bn loan to meet its matured FX obligations then?

Calitoscassius:
You always argue against yourself you claimed you are seen the positive result of the naira appreciations i ask you for proofs, gave you an example with the price of cement. You carefully avoided providing proofs and then tries to divert the to the same line, "this thread is not about the price of cement"


Fine, show me the proofs of the positive outcome that you claim to have seen. forget cement price, high food and commodities prices

ivolt:

The way to know real changes in foreign earnings is from official windows.
If you see a sustained downward trend of dollar, then the earnings has increased, otherwise,
it is business as usual and the government is just trying to scare neophytes in the short term.

SocialJustice:
People who bought dollar above N1k to hoard are about to lose massively.

Yourprick:
Goan sell those $$$, Naira appreciating to 1k hopefully 900 before year end

wittywriter:

Lolz...



Wittyness.

Yourprick:

https://www.tradingview.com/symbols/USDTNGN/

SocialJustice:
People who bought dollar above N1k to hoard are about to lose massively.

Gajagojo:


It is better you stay silent

Foreign reserves are not savings as many of you ignorantly believe and they are not "spent"

It is simply beyond your brain powers
When you see the word RESERVES
You ignorantly think they are savings that can be spent

That is not the case

Once again just admit you do not understand the issues and be silent

When the CBN settles Forex obligations it is exchanging forex for Naira and NOT SPENDING it

The Naira is simply a debt of the CBN and foreign investors are holding NAira set at a certain exchange rate contract.

That is why it is called BACKLOG. People have a contract with the CBN to take back its Naira
at a fixed rate . The CBN does not have the dollars to take back its Naira and that is why the Naira is crashing.The reserves are CBN ASSETS while the Naira is a CBN LIABILITY
Th fear is foreign reserves cannot cover all the naira that the CBN has been printing the longer it takes to settle the higher the exchange rate

Elliotwaveforec:
Thank God, we now have a technocrat as a minister of economy.

N500/$ wouldn't be a bad idea! It's good for price stability.

lionshare:

Well the official windows has shown the naira appreciating recently---perhaps you should check I/E window & Nafex over the last 10 days.

SoNature:


Sorry, I won't. Believe whatever you like. Someone like myself built ChatGPT from neutral feedback.

Truth234:


Nobody is losing anything if you understand the Nigerian economic structure. One, FG can't clear $13 billion forex obligations given our current external reserves and fiscal space.

The government that is looking to borrow over $7 billion to finance this year's budget will borrow even more next year amid record weak crude oil production. I commented so we can come back to it in February 2024.

PARADIZEPRIEST:
It is simple economics of demand and supply.The billions of dollars suppied into naija economy will stimulate Intl trade volumes to rise,MRE investors will arrive naija,china is already on ground to challenge dollars with BRICS,dollar is history in next 2years and naira will be strong because we got materials and human resource to drive our economy.

StarRiderr:
Story for the Gods APC and lies are like 5&6 with the way things are going in Nigeria before the end of December this year Dollar will be at the rate of NGN2500 to NGN3000 to 1USD no be bad prayer I dey pray for my Country oo but na the reality be that

Truth234:


Nobody is losing anything if you understand the Nigerian economic structure. One, FG can't clear $13 billion forex obligations given our current external reserves and fiscal space.

The government that is looking to borrow over $7 billion to finance this year's budget will borrow even more next year amid record weak crude oil production. I commented so we can come back to it in February 2024.

SocialJustice:
Stick to reality. It didn't even get to weekend before it fell below 1k and it will continue to fall. Those who bought N1300 done kpeme already like this.

Truth234:


Nobody is losing anything if you understand the Nigerian economic structure. One, FG can't clear $13 billion forex obligations given our current external reserves and fiscal space.

The government that is looking to borrow over $7 billion to finance this year's budget will borrow even more next year amid record weak crude oil production. I commented so we can come back to it in February 2024.

SoNature:


Every competent government works hard to grow its foreign reserves, not spend from it. If former presidents who came before Tinubu started spending that money, what would have Tinubu met?

Oops! I guess he didn't promise Nigerians anything; he's only enjoying his turn and has hired tons of online scallywags to defend his rascality.

SoNature:
I hope they aren't borrowing it or emptying Nigeria's foreign reserves to clear the backlog. Nigeria is struggling with FX, but the president plans to splash millions of dollars buying a yacht.

zionstaar75:
I'm not sure this one even finished secondary school

Ikaeniyan0:
The results Is already showing at the forex market. You're just arguing unreasonably.

The naira could have keep on falling, and even be more than #1300/$ by now