All the countries around us in west Africa their currency are not running away. So why is the Naira fallen every single day despite all CBN has done to stop it.

There is a deliberate attack on d Naira to bring down d government.

What has cbn done to stop it?

KnowAll:
All the countries around us in west Africa their currency are not running away. So why is the Naira fallen every single day despite all CBN has done to stop it.

There is a deliberate attack on d Naira to bring down d government.

Its the citizenry's desire to always have fat exchange value that is killing it. The president didnt know the implications of removing the currency exchange peg. I am sure he is learning the hard way now. We warned against total removal of the peg but we were shunned.

What exacyis the reason for naira against current exchange

FarmPlanetNG:



Its the citizenry's desire to always have fat exchange value that is killing it. The president didnt know the implications of removing the currency exchange peg. I am sure he is learning the hard way now. We warned against total removal of the peg but we were shunned.

Then put the peg back then. It is obvious d so called free market is not working.

Then does the cbn have the dollar resources to sustain an import dependent market

Can the cbn sustain dollar speculation currently been practised

KnowAll:


Then put the peg back then. It is obvious d so called free market is not working.

Will the pegging of the nira solve the dollar crisis that bedevilled the last administration

baralatie:
Then does the cbn have the dollar resources to sustain an import dependent market

Is Ghana, Togo , Benin Republic not importing how come their currencies are not falling like the Naira. I am tired of hearing that it is because we are import dependent. Kenya imports too.

Last administration pegged the dollar naira rate and pipu were hoarding and making sure there was dollar scarcity
So

A government without laid down plans and a policy will continue to make excuses.

KnowAll:



Is Ghana, Togo , Benin Republic not importing how come their currencies are not falling like the Naira. I am tired of hearing that it is because we are import dependent. Kenya imports too.

What is the volume of imports of ghanat,Togo compared that to nigerias imports
Even at that these neighbours have most of their imports retransported to Nigeria again
Nigerian thirdly now resells petroleum products at a subsidized costs to these neighbouring communities.
So who do you think will feel the pinch ?

KnowAll:


Then put the peg back then. It is obvious d so called free market is not working.

Put the peg back you say?

By borrowing hard currencies to defend the naira like the last administration?

Use our scarce foreign exchange to defend it?

The truth there is no money anywhere to continue to defend the naira. It will naturally stabilise when the saboteurs realised that inflation also gulps whatever profit they make by hoarding dollars...And also whenever the power sector is revamped and Nigerians start local production of the current imported goods..

baralatie:

What is the volume of imports of ghanat,Togo compared that to nigerias imports
Even at that these neighbours have most of their imports retransported to Nigeria again
Nigerian thirdly now resells petroleum products at a subsidized costs to these neighbouring communities.
So who do you think will feel the pinch ?

Please remove Ghana, their own currency is also on a free fall.

baralatie:

What is the volume of imports of ghanat,Togo compared that to nigerias imports
Even at that these neighbours have most of their imports retransported to Nigeria again
Nigerian thirdly now resells petroleum products at a subsidized costs to these neighbouring communities.
So who do you think will feel the pinch ?

I don’t know y those guy cooking oil to make petroleum to be organised properly and produce cheap petrol devoid of any dollar implication.

KnowAll:
All the countries around us in west Africa their currency are not running away. So why is the Naira fallen every single day despite all CBN has done to stop it.

There is a deliberate attack on d Naira to bring down d government.

Let me educate you hopefully APC guys can learn

Like Peter obi always say... Exchange rate is not an issue stability of an exchange is the issue...

What do I mean.... If naira exchange for 2500 to a dollar and just moves between 2495 and 25005 for 5 years... It's better for the economy than naira exchanging 150 to a dollar today, 170 tomorrow, 130 next tomorrow 200 next week

When a currency is unstable, people would look for the next stable Fiat which is dollar which would cause dollar to increase in value which would cause more Unstableness of the local currency

The truth is 60% of dollars demand now is for savings people just want to save their money in dollar because naira is unstable

APC caused this by floating an unstable currency causing panic and didn't have the reserve to balance out the panic which made the naira more unstable and the circle continues

CilicMarin:


Please remove Ghana, their own currency is also on a free fall.

Well
Some pipu here were insinuating otherwise

baralatie:
Then does the cbn have the dollar resources to sustain an import dependent market

That's the propaganda they are feeding us with....that Nigeria is broke....that nigeria is not earning enough...they will also use population....yet the price of crude oil shoots with every new president

Now...Ask them how obasanjo ddnt borrow much.... cleared our debt and put enough in the foreign reserve to peg the exchange rate with this same huge population

They will now shift goal post to low export..and claim buying bullet proof cars is not the issue..

Ur Father is saying he's broke he can't afford to pay his childrens school and hospital bills but he goes to spray money at parties, buy new car and marry new wives...

is that not witchcraft ??

CilicMarin:


Please remove Ghana, their own currency is also on a free fall.

Their currency is not a free fall 11 to the dollar in d past one year. I deliberately monitor that one.

KnowAll:
All the countries around us in west Africa their currency are not running away. So why is the Naira fallen every single day despite all CBN has done to stop it.

There is a deliberate attack on d Naira to bring down d government.

Tinubu is the C-in-C with all the paraphernalia and of office under his control.

If there is an attack on the naira then it is his job to stop the attack.If he fails to stop it then he is clueless and a colossal failure.

Cardoso gets up, gets dressed and go to a work he knows nothing about, likewise the likes of Adelabu and the rest of them...sad. We have so many heavily paid representatives and senators who care nothing about the people they supposedly represent plus the C-in-C who has no blueprint for government! Unfortunately, nobody wants the country to get any better

KnowAll:


Then put the peg back then. It is obvious d so called free market is not working.

Would the president listen. We have been crying that the moneues gained from subsidy removal can retain the peg very well and at far cheaper cost than previous years, yet the president discredits the opinions of others, assuming the stature of a demigod. The countrys collapse is imminent as the currency collapse equates the countrys collapse.


I earn in pounds on a weekly basis, but seeing the rates our currency is devalued on a weekly makes it look sickening to me.

KnowAll:


Their currency is not a free fall 11 to the dollar in d past one year. I deliberately monitor that one.

You are not following then..

The Ghana cedi ended 2023 with a year-to-date depreciation of 15.57% to the US dollar in the retail market. On the interbank market, the local currency lost about 27.81% in value to the dollar.

CilicMarin:


Put the peg back you say?

By borrowing hard currencies to defend the naira like the last administration?

Use our scarce foreign exchange to defend it?

The truth there is no money anywhere to continue to defend the naira. It will naturally stabilise when the saboteurs realised that inflation also gulps whatever profit they make by hoarding dollars...And also whenever the power sector is revamped and Nigerians start local production of the current imported goods..

.calm yourself down. The markets is in thrmoil across all sectors. Production doesnt overnight. There has to be a national policy to drive production over a ten years period and dyring that duration, out currency would and should be pegged. And as we begin to massively boos production and earn foreign earnings, we take away the peg. Please all the trillions saced from feul subsidy removal, cant some of it be used for pegging as was done before now?


Nigeria earns well enough to ensure currency stability

CilicMarin:


You are not following then..

The Ghana cedi ended 2023 with a year-to-date depreciation of 15.57% to the US dollar in the retail market. On the interbank market, the local currency lost about 27.81% in value to the dollar.

That is grammar, all I can tell u it has been exchanging for the dollar in and around 11 to 1 in the last one year. Google it.

FarmPlanetNG:


.calm yourself down. The markets is in thrmoil across all sectors. Production doesnt overnight. There has to be a national policy to drive production over a ten years period and dyring that duration, out currency would and should be pegged. And as we begin to massively boos production and earn foreign earnings, we take away the peg. Please all the trillions saced from feul subsidy removal, cant some of it be used for pegging as was done before now?


Nigeria earns well enough to ensure currency stability

You mean, we should go back to round tripping? Feeding our scarce resources to few businesses and political oligarchies, why other critical areas of governance continue to suffer?

The truth remains that Nigeria doesn't have the resources to continue to defend the naira.

CilicMarin:


You mean, we should go back to round tripping? Feeding our scarce resources to few businesses and political oligarchies, why other critical areas of governance continue to suffer?

The truth remains that Nigeria doesn't have the resources to continue to defend the naira.

Nigeria isnt the only country in the world.pegging its currency

Nigeria ia rich enough to oeg her currency


There is nothing like oligarchs, structure the pegging even feul subsidy and with structured accountability, there wont be massove abuse


I asked you a question, how much do you think Nigeria saves per month and then tell me if it is inadequate to cater for the currency pegging that ensures price stability

KnowAll:



Is Ghana, Togo , Benin Republic not importing how come their currencies are not falling like the Naira. I am tired of hearing that it is because we are import dependent. Kenya imports too.

Everything boils down to the incompetency of those managing the economy starting from the illegal president. Like you rightly said our neighbouring countries are also importing but their currencies are not racing to the bottom like ours.

KnowAll:
All the countries around us in west Africa their currency are not running away. So why is the Naira fallen every single day despite all CBN has done to stop it.

There is a deliberate attack on d Naira to bring down d government.

I believe its a deliberate attack... as worse as the formal government was....as emefele tiff reach.. the naira/exchange rates wasn't that bad...

This dude came in, in less Dan a month and he wiped off Average Nigerians from the surface of the earth...

Now is either Rich, or poor

FarmPlanetNG:


.calm yourself down. The markets is in thrmoil across all sectors. Production doesnt overnight. There has to be a national policy to drive production over a ten years period and dyring that duration, out currency would and should be pegged. And as we begin to massively boos production and earn foreign earnings, we take away the peg. Please all the trillions saced from feul subsidy removal, cant some of it be used for pegging as was done before now?


Nigeria earns well enough to ensure currency stability

How much does Nigeria earn in dollar and how much does Nigeria spend in dollars excluding the servicing of debts

Don't know why people are using alternate tell act to comment

baralatie:

How much does Nigeria earn in dollar and how much does Nigeria spend in dollars excluding the servicing of debts

Arithmetic i choose to keep to myself and ask people to verify to see if we cant afford it easily