IT SHOULD BE N200:$1.

yoruboid:


We have a trade surplus and as long as the CBN has the dollars coming in, the Naira will continue to appreciate

Imagine what will happen when the refineries start to export and we don’t import a drop of petroleum products in Nigeria

This is what both sides of the argument needed to note.. yes CBN is selling from reserves but as long as it keeps getting replenished at same volume, no issues.
My addition is that the major reason why there has a been a higher supply is because the IOCs have been mandated to keep 50% of their sales for 3 months b4 repatriation. After 3 months, let's see what will happen. Long term solution is higher crude production, more exports and local production !

DaniellaDokubo:
Government is selling off its FX reserves. This is not a sustainable solution. Way to go. EXPORT goods and service!

How do you suggest that the dollars earned by the CBN be converted to Naira?

Biodun556:
Steadily

what is the black market price ? Na that one be the koko

oyatz:


How do you suggest that the dollars earned by the CBN be converted to Naira?

Help me ask them bitter l*nat*cs o

CBN is only hesitant to sell dollars when the it's selling more than it's earning.

Otherwise, will CBN 'eat' its dollars

senatordave1:


Why so hateful and negative? The dollars will still keep falling sir and obi will never rule

God bless you for stating the fact that Obi will never rule Nigeria

mrvitalis:

The only issue is you don't have the reserve to back this up long term... Can't even last 1 month

it's bn more than a month since the upward trend of naira.do u still want to give it another month boss

drlateef:




FR is going up. It went up by $1 billion recently. Every country borrows. Even US and UK borrow money.

Oga good morning. Hope you read the latest CBN report on our FR?

saysoo:
Oga good morning. Hope you read the latest CBN report on our FR?

Show it to me.

https://www.google.com/amp/s/nairametrics.com/2024/04/07/nigerias-fx-reserve-dips-by-1-02-billion-in-18-days-on-cbns-naira-defence/%3famp=1
So it shows that the reserves are not being replenished at the same volume they are selling and there lies the problem.. infact depleting $1bn in half a month is excessive especially when a high crude oil price should increase it .... This is very unsustainable!!!

being:

This is what both sides of the argument needed to note.. yes CBN is selling from reserves but as long as it keeps getting replenished at same volume, no issues.
My addition is that the major reason why there has a been a higher supply is because the IOCs have been mandated to keep 50% of their sales for 3 months b4 repatriation. After 3 months, let's see what will happen. Long term solution is higher crude production, more exports and local production !

drlateef:


Show it to me.

NL Front page

N

mrvitalis:

The only issue is you don't have the reserve to back this up long term... Can't even last 1 month

How much has been spent on reserve that you lot make unfounded claims of depleting reserve and inability to sustain whatever?

Do you guys live in the cave to know that the responsibility of every nation central bank or treasury department is to strengthen the nation currency with robust monetary policies and management of inflation.

Do you think nation make money to put in the reserve to cool off for nothing.

If you have any reliable and verifiable documentsor statistics that has the rundown of what this New CBN has spent from external reserve to defend naira, please publish it.

I challenge you on this discussion.

If you've got nothing to say except the propaganda of pumping dollar or defending naira, keep silent.

By your understanding, if we believe that reserve is being sacrificed for Naira stability and that $1b dollar was spent to make Naira rally to what it is today gaining staggering N800 in less thank 2 months and still beaming with full thrust as we speak.

Then it'll be justified spending $1b more to
bring Naira at par with the dollar but it doesn't work as you posited lamely.

This full throttle of Naira that is yet to subside is as a result of New CBN ingenious policies, not "pumping dollar", an unsophisticated vodonomics vocabulary.

As I'm responding to you, Naira is steaming up. You never see nothing.

You no wanna bet on Jagaban and his ACE team
(Adedeji Cadoso Edun).

routed:


How much has been spent on reserve that you lot make unfounded claimed of depleting reserve and inability to sustain whatever?

Do you guys live in the cave to know that the responsibility of every nation central bank or treasury department is to strengthen the nation currency with robust monetary policies and management of inflation.

Do you think nation make money to put in the reserve to cool off for nothing.

If you have any reliable and verifiable documentsor statistics that has the rundown of what this New CBN has spent from external reserve to defend naira, please publish it.

I challenge you on this discussion.

If you've got nothing to say except the propaganda of pumping dollar or defending naira, keep silent.

By your understanding, if we believe that reserve is being sacrificed for Naira stability and that $1b dollar was spent to make Naira rally to what it is today gaining staggering N800 in less thank 2 months and still beaming with full thrust as we speak.

Then it'll be justified spending $1b more to
bring Naira at par with the dollar but it doesn't work as you posited lamely.

This full throttle of Naira that is yet to subside is as a result of New CBN ingenious policies, not "pumping dollar", an unsophisticated vodonomics vocabulary.

As I'm responding to you, Naira is steaming up. You never see nothing.

You no wanna bet on Jagaban and his ACE team
(Adedeji Cadoso Edun).

This one thinks reserve is money saved lmao

mrvitalis:

This one thinks reserve is money saved lmao

Who is this? How old are you?

You are ask to lay bare your position for intellectual discussing on our Nation economy, all what you can come up with is "imao".

You may not know that Nation reserve asset includes currencies that can be readily transferable for balance of international transactions and payments.

Seriously, this discussion is for adult.

routed:


Who is this? How old are you?

You are ask to lay bare your position for intellectual discussing on our Nation economy, all what you can come up with is "imao".

Seriously, this discussion is for adult.

There is nothing to lay bare when you obviously don't even understand the fundamentals

It's like explaining quantum entanglement to a kid

mrvitalis:

There is nothing to lay bare when you obviously don't even understand the fundamentals

It's like explaining quantum entanglement to a kid

You're so funny hidding behind your finger in order to hide your ignorance. If you are so unschooled to know that national external reserve includes foreign currencies that can be readily use to settle international transactions and payment, you really lost it.

So you don't know that foreign reserved includes international currencies your nation saved.
E gbami!

You wanna sound intellectual and classy by your new found vocabulary, Quantum Entanglement, see baby.

If the discussion is on "Quantum Physics", you'll run from this tread. I promise you.

routed:


You're so funny hidding behind your finger in order to hide your ignorance. If you are so unschooled to know that national external reserve includes foreign currencies that can be readily use to settle international transactions and payment, you really lost it.

So you don't know that foreign reserved includes international currencies your nation saved.
E gbami!

You wanna sound intellectual and classy by your new found vocabulary, Quantum Entanglement, see baby.

If the discussion is on "Quantum Physics", you'll run from this tread. I promise you.

Lol 😂😂😂 funny...

Biodun556:
Steadily

.

.

For how long will the CBN keep draining the reserves at the rate of $2bn/month? This is despite also preventing the IOCs' 50% remittances...when we all know the long lasting solution is increasing crude production, FDI for local production. We are now importing maize cos local production is no more there... tha'ts more fx demand. Anyways, let's all watch the game the CBN is playing as it unfolds..

being:
For how long will the CBN keep draining the reserves at the rate of $2bn/month? This is despite also preventing the IOCs' 50% remittances...when we all know the long lasting solution is increasing crude production, FDI for local production. We are now importing maize cos local production is no more there... tha'ts more fx demand. Anyways, let's all watch the game the CBN is playing as it unfolds..

Who reserve help?

N

Biodun556:
N

Omo, it's almost back to 1200/$ o

mrvitalis:

This one thinks reserve is money saved lmao

Actually foreign reserve is money saved in foreign currency is which the govt can use in terms of crisis, and buying of foreign assets. But since nigeria biggest imports will not be there again, the reserve is most likely to go up in the coming months.

Also the reserve was depleted cos the country has to service it's debts, you don't expect us to pay debt in our local currency

Biodun556:
N

OP, do u update the thread daily?

being:
For how long will the CBN keep draining the reserves at the rate of $2bn/month? This is despite also preventing the IOCs' 50% remittances...when we all know the long lasting solution is increasing crude production, FDI for local production. We are now importing maize cos local production is no more there... tha'ts more fx demand. Anyways, let's all watch the game the CBN is playing as it unfolds..

CBN said they are not using the reserve. This is determined by the market.

Wainey:
Actually foreign reserve is money saved in foreign currency is which the govt can use in terms of crisis, and buying of foreign assets. But since nigeria biggest imports will not be there again, the reserve is most likely to go up in the coming months.

Also the reserve was depleted cos the country has to service it's debts, you don't expect us to pay debt in our local currency

😂😂😂 who taught u economics

Part of the reserve that are saved money is less than 2% in Nigerians case

Reserves are just dollar earnings sold to CBN for naira

From which CBN can pay for foreign goods u buy in naira

It's not money, you can't use it, it's not saved cash, you have already spent it

To activate the foreign reserve you need to pay CBN naira

mrvitalis:

😂😂😂 who taught u economics

Part of the reserve that are saved money is less than 2% in Nigerians case

Reserves are just dollar earnings sold to CBN for naira

From which CBN can pay for foreign goods u buy in naira

It's not money, you can't use it, it's not saved cash, you have already spent it

To activate the foreign reserve you need to pay CBN naira

u are asking me who taught me economics, let me overlook that for now.
Firstly, foreign reserves are not just dollars, they are "assets and money" in foreign currency is like the Chinese Yuan, American dollar, south Africa rand's etc.
Secondly, when I say money, I didn't say liquid cash, you need to understand basic economics to know that money and cash are different things.

So now, let's come back to the topic on who taught me economics... I don't think I can explain it to ur level of understanding, u need to have at least SS2 knowledge of economics before I can explain to u.

Wainey:
u are asking me who taught me economics, let me overlook that for now.
Firstly, foreign reserves are not just dollars, they are "assets and money" in foreign currency is like the Chinese Yuan, American dollar, south Africa rand's etc.
Secondly, when I say money, I didn't say liquid cash, you need to understand basic economics to know that money and cash are different things.

So now, let's come back to the topic on who taught me economics... I don't think I can explain it to ur level of understanding, u need to have at least SS2 knowledge of economics before I can explain to u.

We are talking about Nigeria... That's first and our reserve is 99% dollars

Second government can't spent reserve, they don't they spend naira which they can convert to dollars



Again who taught u economics

mrvitalis:

We are talking about Nigeria... That's first and our reserve is 99% dollars

Second government can't spent reserve, they don't they spend naira which they can convert to dollars



Again who taught u economics

our reserve is not 99% dollars, u brought that statistics from nowhere, and I am not ready to school you on that. u should be grateful I have schooled you that our reserve is not in USD secondly govt spend dollar in times of crisis like when local currency is devalued and paying/servicing of debt. They don't change it to naira.

Now I thought I have already explained to u that u can't understand who taught me economics? Stop asking

Wainey:
our reserve is not 99% dollars, u brought that statistics from nowhere, and I am not ready to school you on that. u should be grateful I have schooled you that our reserve is not in USD secondly govt spend dollar in times of crisis like when local currency is devalued and paying/servicing of debt. They don't change it to naira.

Now I thought I have already explained to u that u can't understand who taught me economics? Stop asking

You schooled who? Lmao abeg don't have time for agbado people abeg