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Nairaland Forum / Nairaland / General / Politics / Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma (4418 Views)
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Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by AlexBells(m): 3:33pm On Feb 28 |
aribisala0:Turn Abuja to a mass farm, just 1 I won’t give more. I don’t want to even go to other state just the free land in the fct should be cultivated first 1 Like |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by OfficialAPCNig: 3:37pm On Feb 28 |
OfficialAPCNig:aribisala0 Just exactly 10 minutes I posted this, dollar is now #1540. Someone is definitely manipulating the dollar. Govt just paid $400 million FX liabilities yesterday, dollar fell to #1520 and has started rising in less than 24 hours. These guys are enriching themselves through round-tripping 1 Like |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by Zxcvbnmghtr: 3:38pm On Feb 28 |
kpakpakpa: If it will take you a whole day then, you are an empty vessel making noise. Just like 😂 Lol, despite knowing nothing about me, you bragging about how it's your efforts that is keeping me alive. Oga you are funny o. |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by kpakpakpa(m): 3:42pm On Feb 28 |
aribisala0:Which efforts are been made? A bag of fertilizer was selling for 20-25k last which was difficult to buy, now is 40k. How do you expect price of food to come down later? I have never spent a dollar in all my life but food is a necessity for every individual, why not focus on food production and security now to avert the unwanted hunger that is coming, a full stomach is better than a full pocket. All this dollar talks are noise to many now. The real problem is HUNGER 3 Likes |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by aribisala0(m): 3:43pm On Feb 28 |
AlexBells:What is a.mass farm? What does that mean How does one turn Abuja to a mass farm? If the general idea is that we should increase agricultural activity That is not done with mouth Farming is not with mouth People need skills You cannot just wake up and decree that Let there be Twitter Farming requires capital skilled people, infrastructure and so on We are farming already at our level of knowledge and technology A lot of people think You can just flick a switch and turn on farming. If it was that easy Africa won't be in crisis because of Ukraine war I agree we should go into more farming but it is not going to be overnight success just like you have a Premiership and lower divisions so with farming IN CUBA THEY PRODUCE TWENTY TONNES OF TOMATOES PER HECTARE IN NIGERIA WE PRODUCE FIVE IN A VERY GOOD YEAR |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by aribisala0(m): 3:45pm On Feb 28 |
kpakpakpa:Can you talk about solutions instead of complaining What to do? |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by kpakpakpa(m): 3:47pm On Feb 28 |
Zxcvbnmghtr:With due respect sir, i did not mean i was feeding you. I just made a general statement so i'm sorry if you feel bad about it. My point is food production and security should be the priority of the government now that hunger is doing testing. 4 Likes |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by Otunbakayce: 3:49pm On Feb 28 |
SoNature:Don't mind the idiot. Nigerians have short memory and that's why politicians take them for a ride. |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by Otunbakayce: 3:50pm On Feb 28 |
aribisala0:If you can't do a job you simply resign or get sacked. 3 Likes |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by aribisala0(m): 3:51pm On Feb 28 |
OfficialAPCNig:It is the same with all currencies if you .float Eventually it will settle The dollar issue is a short term distraction The number one issue is to secure our country and mechanize our farming Number two is to reduce looting of government money and hopefully oil sales will buy us time We must increase our electricity production and invest in health and education Those are the issues as I see them 3 Likes |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by AlexBells(m): 3:52pm On Feb 28 |
aribisala0:You are not prepared for governance abeg, after close to one year you are talking people need skill bla bla bla, nonsense. Ukraine that exporting grain globally as a government is stupid abi, Tibubu is not resourceful, he is all politics |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by kpakpakpa(m): 3:53pm On Feb 28 |
aribisala0:I talked about some solutions already sir, i said the government should use that energy that is been use to crash the dollar and channel it to food production and security(i guess they will not because their concern is money anyway) If for example bags of fertilizers are given freely to local farmers and other logistics are made available, half of our problem will be gone for good. 4 Likes |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by aribisala0(m): 4:00pm On Feb 28 |
kpakpakpa:Those things are happening it is not just energy and that is not a short term thing We have a knowledge,technology and infrastructure deficit in agriculture Without electricity we cannot refrigerate at industrial scale,we cannot process and store and we cannot store so a lot of products are lost to spoilage So agricultural investment is right but will not bring immediate relief to our hungry population We have to admit that Nigerians are difficult people. Even if government issues free fertiliser somehow it will be diverted. That culture cannot end overnight but we should persevere Look at What happened with palliative food 1 Like |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by OfficialAPCNig: 4:00pm On Feb 28 |
aribisala0:Nigeria reserve cannot support a floated FX regime. Ngozi Okonjo pegged the FX rate and she was able to achieve a single digit inflation rate and near stable FX rate. A year after they left office, Buhari floated the FX and Naira started tumbling. People started roundtripping to make money from that misguided move. Later, he got sense and pegged the dollar, which stabilized it a bit. First class accountant entered and float it, in the name of FX unification, destroying the economy in the process. So far we still have meagre reserve, FX will NEVER settle. 1 Like |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by kpakpakpa(m): 4:05pm On Feb 28 |
aribisala0:Ok, i have heard you. Lets pray for the best then because the heat is becoming unbearable. May God or whatever BAT believes in give him the wisdom to end this hunger madness. It has never gotten to this level before. |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by aribisala0(m): 4:09pm On Feb 28 |
OfficialAPCNig: Reserves do not support floated currencies That is not how it works Only production does Floated currencies force you to live within your means is what You produce You learn to stop importing what You cannot afford and consume what you produce So all this noise about bag of rice price will stop. You learn to eat cocoyam or yam and forget about rice bread and noodles . Right now Nigerians have a sense of entitlement to imports. Eventually whether it is 7000 it will settle and we will all start keeping chickens that lay eggs and growing plantain in our backyards with a fishpond. It is only that that will bring us to our senses Government is not to blame. We as A people must accept we are not productive 1 Like |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by predictor1: 4:13pm On Feb 28 |
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Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by predictor1: 4:16pm On Feb 28 |
SoNature:The really painful thing is when I read comments such as this from educated people like you. What were we producing to make dollar #400 naira when buhari was there and #200 when Jonathan was there? They were using our foreign currency reserve to prop up the naira so that their Hausa friends could roundtrip it on the black market!!! How come many of you don't understand this? This government has removed that support for the naira. That's why it went up so sharply. They're trying to stabilize it now. That's why it's coming down. Without a stable currency no investor would come to your country. 1 Like |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by OfficialAPCNig: 4:21pm On Feb 28 |
aribisala0:You need a enough FX reserve to run a floated FX regime or you'll experience FX instability like we are doing. FX instability is dangerous for an import dependent economy. Again, there is nothing wrong with importation. In fact, importation even helps countries maintain competitive general price level and relatively stable inflation rate. USA import volume in 2022 was $3.2 trillion. Chinese import 2023 Q4 was over $228 billion. Countries that want to progress fully liberalise their economy. Can you compare Nigeria under GEJ with his open-economy policy to APC's protectionist regimes. NEVER. Economics is simple. APC is just making it difficult with propaganda and dangerous beliefs like the one you shared here. Our economy will start growing when Tinubu understands comparative advantage. You don't necessarily have to eat what you produced. The last time we followed this dangerous advice ( banning foreign rice to force Nigerians to eat local rice), the price of both commodities went out of range 1 Like |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by epondudu: 4:23pm On Feb 28 |
abc115:Dey play. What goes up in Nigeria never comes down. |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by SoNature(m): 4:24pm On Feb 28 |
predictor1: I understand your argument perfectly, but I have maintained that this isn't the right time to float the naira. Peg the naira and only support those who genuinely need it through the official rate... businessmen, airlines, etc. Why is the government giving USD to those going to pray in Mecca? What value do they add to the economy? Devise means of generating USD for the country before floating the naira. Fix the NNPC to be more productive. For instance, why wasn't Nigeria meeting her OPEC crude oil export of 1.7 m bpd before it was slashed? The NNPC can make Nigeria a lot of money but politicians turned it to their cash cow. Fix it! Harness our gas reserves and sell Nigérian gas to those countries that need it. That way, you bring home more FX. Afterwards, you float your naira and nobody will notice what happened because excess USD will increase its liquidity in Nigeria and crash the currency. Believe it or not, what the CBN is doing now is quick fix. If they don't sustain it, naira will tank again. |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by Zxcvbnmghtr: 4:26pm On Feb 28 |
kpakpakpa: It's and has been so and like I said in my comment, it doesn't happen overnight. That's the reality. Don't expect magic. Managing the Naira is of great concern too. Zxcvbnmghtr: |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by aribisala0(m): 4:28pm On Feb 28 |
OfficialAPCNig: Actually in a genuine floated currency scenario you don't need that It is just a market between buyers and sellers . In practice that is rare but that is what floats mean The only currency able to do that is the US because of its status as a reserve currency It is not reserves that support the dollar it is not even in the top ten countries when it comes to reserves Nothing wrong with importation but you must pay for it somehow |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by Calylove: 5:20pm On Feb 28 |
We are happy about this and we do hope it is sustained. |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by BabbanBura(m): 6:09pm On Feb 28 |
abc115: Mek una no celebrate too soon sha, though it is the best for the country |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by wingmanIII: 6:45pm On Feb 28 |
Rubbish! Make naira rise to N160 to a dollar. That is what GEJ/PDP handed over to the jokers Until then.. |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by OfficialAPCNig: 9:30pm On Feb 28 |
aribisala0:Dollar is now #1652 from #1520 yesterday. As far as you don't have enough supply (reserve) FX rate fluctuations and volatility will be insane. China floats its exchange rate, yet their currency is strong because they have a strong export volume, which earns them enough foreign reserve. Once you don't have a strong reserve, floating your FX rate is a huge mistake. Demand and supply will determine it and this will cause huge volatility since supply won't be stable or at least predictable. Euro, USD, and Japanese Yen all float their exchange rate. In the Middle East, many countries including Jordan, Oman, Qatar, Saudi Arabia, and the United Arab Emirates peg to the U.S. dollar for stability. NIGERIA has no business floating its currency. |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by denko(m): 9:31pm On Feb 28 |
What is the rate now abc115: |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by Obrigardo: 9:37pm On Feb 28 |
abc115: Nigeria and Mediocrity are blood sisters. |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by Obrigardo: 9:41pm On Feb 28 |
OfficialAPCNig: You all will argue with economic indices and financial jargons from today till the rapture, but ignore the simple obvious fact - Nigerian leaders are rabidly stealing your oil and everything associated with it, and all the money. In all of all the travails, you would never hear anything from the NNPC. This is a behemoth of corruption for decades upon decades that even Obasanjo is still enjoying from till today. Una go talk tire, tueh! |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by Floky215: 10:06pm On Feb 28 |
abc115: Don't worry update would commence once the dollar hit 2000 Naira as soon as all these CBN cosmetic tolo tolo policies crashes...!!! |
Re: Dollar Is Falling, Naira Is Rising, And The People That Update Us Are In Coma by aribisala0(m): 10:19pm On Feb 28 |
OfficialAPCNig: I am sorry you are repeating the same nonsense Floating has nothing To do with reserves It is more complex than that. First there is nothing like strong reserve . If you don't replenish. It will run out Which goes to How are reserves built up in the first place. International trade is a zero sum game . If one country is growing reserves another is growing a trade deficit . A deficit is not necessarily a bad thing for example the US has had deficits every year for decades. Why then is the dollar strong? Confidence. If people have confidence in your country they will steal reserves of their own countries with So called strong reserves and take them to countries where they have confidence as Nigerian politicians have done As long as you plug your system into the international financial system dominated by the dollar Billions can leave your economy in a single day as Britain found out from the activities of one man George Soros on the historic Black Friday some 30 years ago It is not reserves that matter So much as confidence. If there is no confidence reserves will empty in one day.You What matters is equilibrium that something is coming in As something leaves. If we are producing significantly we will be fine We have built reserve s many times and ended up emptying them The issue is not reserves but that we import TOO MUCH and those who have access to capital in Nigeria do not have confidence in our economy and so have a high demand for dollar Now a significant part of that confidence crisis is down to the CBN behaviour e.g printing trillions of Naira and dispersing that in a corrupt way to people who use It to buy cheap dollars and then repeat the process |
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