By a stroke of genius, the President had ordered the CBN be in charge of receipts of oil revenues, a departure from decade-long misappropriation of crude oil sales. It therefore enhances CBN's ability to stabilize the currency. The insinuation that CBN borrows to sell to banks and BDCs should be disregarded.

2. Clearing of $7billion backlog has done the economy so much good. Investors no longer have the fear of their funds being trapped.

3. Oil production is on a steady increase. Although, a component volume of it had been sold in the future, however, the significant increase in production is offsetting the shortfalls. Moreover, oil price is up.

4. The market is gaining back investors' confidence. Following MPC meeting in January, investors reacted positively, total foreign portforlio recorded $2.3billion in febuary, purchases of naira assets stood at $1billion, oversea remitances went up greatly, FG bonds was oversubscribed, all these helped create more liquidity and increases market supply.

It is also noteworthy to appreciate CBN's new guildelines, these bold moves have helped sanitize the financial system. CBN henceforth is closely monitoring operations of financial institutions and BDCs. CBN and the security agencies are following every transactions, the eagle eyes are following the money. Hopefully, it gets even better.

PS; foreign reserves has grown to $34billion as at feburary.

The manipulators have been sent out. Naira would gain more strength soon, the exchanged rate even outside the country is reducing.

Good news for sane and patriotic Nigerians, bad news for the enemies of progress and development of Nigeria

Hopefully

But Prices of good is still high!
Government should look into this.

Naira is only surviving on borrowed dollar... In 3 month we should be back to 1800+.

Who wan bet


ABEG MAKE MUMU ADULTS NO MENTION ME AGAIN.

helinues:
The manipulators have been sent out. Naira would gain more strength too, the exchanged rate even outside the country is reducing.

Good news for sane and patriotic Nigerians, bad news for the enemies of progress and development of Nigeria

Manipulators like Binance have been shut out, anyone thinking there will be a massive slump is making a big mistake of his life. This crop of CBN executives led by Cardoso are the real MVP. Hoarders beware!

.

jetwonder:

But Prices of good is still high!
Government should look into this.

CBN as at yesterday had also reduced custom duty, so we expect a corresponding reduction in prices of imported goods, unless of course Nigerians do what they do best- which is continued exploitation and greed. Also, all level of government should roll up their sleeves and invest in critical sectors in their respective states.

helinues:


Wait, are you saying you are not happy about naira gaining strength, make I just ask that straight question

Read my comments again, i agreed with you.

Propaganda drove the exchange up, propaganda is been used to bring it down. Cosmetic surgery government

MrProlific95:
Propaganda drove the exchange up, propaganda is been used to bring it down. Cosmetic surgery government

"it is better to remain silent and be thought a fool than to talk and remove all doubts".

I like to take you up on this bet. How do we proceed.

tophempire:
Naira is only surviving on borrowed dollar... In 3 month we should be back to 1800+.

Who wan bet

femisplash:

CBN as at yesterday had also reduced custom duty, so we expect a corresponding reduction in prices of imported goods, unless of course Nigerians do what they do best- which is continued exploitation and greed. Also, all level of government should roll up their sleeves and invest in critical sectors in their respective states.

You got link proof??

tyup:


You got link proof??

I don't have a link, but have got first hand information, Customs have been sent the memo.

In need of $15000 to buy, if you have I will buy from you because I foresee great gains by June 2024.

jetwonder:

But Prices of good is still high!
Government should look into this.

most of these people bought at N1800 to a dollar, they will have to sell off their products.

Btw, I expect the real value of the naira to be around 800

Validated:
In need of $15000 to buy, if you have I will buy from you because I foresee great gains by June 2024.

You dey fear to enter bank or bdc?, you think say na like before when you dey pack dollar anyhow.

I watched the press conference, but Yemi Cardoso didn't mention where he got the $7 billion to pay off the outstanding obligations. If we had this money readily available, why were they owing those organisations?

Earlier in the year, news broke that the NNPC would help the FG (CBN) borrow $3.3bn from Afrexim Bank. If that money is what they are using to clear the outstanding fees, it's understandable. However, they should have clearcut repayment plans.

Before you quote me to start your name-calling, make sure you have answers to my question. By the way, I like that Yemi Cardoso had to engage Deloitte to vet the companies that were asking for settlements. It shows he's taking his job seriously.

Wainey:
most of these people bought at N1800 to a dollar, they will have to sell off their products.

Btw, I expect the real value of the naira to be around 800

True, i was at a pharma store and was told they would have to sell off the ones on shelf before they reduce price and that dollars have to be stable.

tophempire:
Naira is only surviving on borrowed dollar... In 3 month we should be back to 1800+.

Who wan bet

You fit bet with your wife or gf ?, i go enter the bet.

jetwonder:
But Prices of good is still high! Government should look into this.

Do not derail the topic.

Putindbutt:

True, i was at a pharma store and was told they would have to sell off the ones on shelf before they reduce price and that dollars have to be stable.

If PH starts production this month as promised, it'd futher endanger their speculations as dollars would futher crash. They'd rather sell off the old stock as fast, rather than the waiting game.

Putindbutt:

True, i was at a pharma store and was told they would have to sell off the ones on shelf before they reduce price and that dollars have to be stable.

But when naira deprecate, they quickly increase the price of their product..

SoNature:
I watched the press conference, but Yemi Cardoso didn't mention where he got the $7 billion to pay off the outstanding obligations. If we had this money readily available, why were they owing those organisations?

Earlier in the year, news broke that the NNPC would help the FG (CBN) borrow $3.3bn from Afrexim Bank. If that money is what they are using to clear the outstanding fees, it's understandable. However, they should have clearcut repayment plans.

Before you quote me to start your name-calling, make sure you have answers to my question. By the way, I like that Yemi Cardoso had to engage Deloitte to vet the companies that were asking for refunds. It shows he's taking his job seriously.

Cardoso need not say much if you diligently followed up on his measures and the steps taken so far. The OP gave insights how reserves was boosted that helped clear those backlog. Then again, NNPCL never borrowed $3billion for CBN, never did.

femisplash:
By a stroke of genius, the President had ordered the CBN be in charge of receipts of oil revenues, a departure from decade-long misappropriation of crude oil sales. It therefore enhances CBN's ability to stabilize the currency. The insinuation that CBN borrows to sell to banks and BDCs should be disregarded.

2. Clearing of $7billion backlog has done the economy so much good. Investors no longer have the fear of their funds being trapped.

3. Oil production is on a steady increase. Although, a component volume of it had been sold in the future, however, the significant increase in production is offsetting the shortfalls. Moreover, oil price is up.

4. The market is gaining back investors' confidence. Following MPC meeting in January, investors reacted positively, total foreign portforlio recorded $2.3billion in febuary, purchases of naira assets stood at $1billion, oversea remitances went up greatly, FG bonds was oversubscribed, all these helped create more liquidity and increases market supply.

why are prices of things in the market not coming down. See eh, the problem is not in the Naira, but Nigeria. We don't have any body that supervises and regulates pricing. Anybody go just wake up put price. Dollar is selling for ,1280, now but prices are still high when it was 1500-1600.

tophempire:
Naira is only surviving on borrowed dollar... In 3 month we should be back to 1800+.

Who wan bet

Shey is was you that borrowed FG the dollars.

seunowa:

Clueless idiot, when naira was exchanging for 1850 to a dollar, someone like you was rejoicing and calling the government all manner of unprintable names.
But now that the government set out policies framework are paying off. You are bringing out another negative narratives that naira will collapse in less three months.
If naira doesn't collapse In three month then that doom will fall on your head...
Negativity about our country should be erased. Everyone should support this government to achieve greatness and prosperity. If these are sustained,in no time, fuel prices will go down, so also prices of commodities and food.

I have never been bothered about some bunch of naysayers, i got wager with them. I won some bucks against a few of them who were bent on naira tipping at 2000. Naira was sliding 1600/1700 at the time but I projected naira rebounding based off of key indices. If anyone of them can dare, let them come in and take me on. Make money off them.

femisplash:
By a stroke of genius, the President had ordered the CBN be in charge of receipts of oil revenues, a departure from decade-long misappropriation of crude oil sales. It therefore enhances CBN's ability to stabilize the currency. The insinuation that CBN borrows to sell to banks and BDCs should be disregarded.

2. Clearing of $7billion backlog has done the economy so much good. Investors no longer have the fear of their funds being trapped.

3. Oil production is on a steady increase. Although, a component volume of it had been sold in the future, however, the significant increase in production is offsetting the shortfalls. Moreover, oil price is up.

4. The market is gaining back investors' confidence. Following MPC meeting in January, investors reacted positively, total foreign portforlio recorded $2.3billion in febuary, purchases of naira assets stood at $1billion, oversea remitances went up greatly, FG bonds was oversubscribed, all these helped create more liquidity and increases market supply.

Where is the evidence that oil production has increased. Oil price has been up since before this fumbling govt took office. So oil price isn't the reason the naira tumbled

I really don't see what it is to rejoice about. 1300 to a dollar is an abysmal rate

Besides, there is nothing like increase in dollar supply. The BDCs are getting dollars from the CBN at a pegged rate with maximum purchase being $20,000 weekly. This implies that the forex market is being deliberately stifled and micromanaged which is directly opposite the free market policies that started this naira slump.
What is the naira true value now? Is it the pegged rate by CBN or the marginal profit rate BDCs are selling?
There's nothing to rejoice about. The govt simply went back to the Buhari era policies that was so maligned previously. The whole suffering has been for nothing at the end of the day

femisplash:

CBN as at yesterday had also reduced custom duty, so we expect a corresponding reduction in prices of imported goods, unless of course Nigerians do what they do best- which is continued exploitation and greed. Also, all level of government should roll up their sleeves and invest in critical sectors in their respective states.

But the CBN just increased MPR.
To curb the inflation I suppose.