Dem don use una reserve subsidize exchange rate in order to shame "Obidients". "Sell your dollar," bla bla bla, as if we don't know our history or how we got here in the first place. More so, a government that fails to react or utter a word on Fisayo's 16-day exposé on corruption within the Nigerian Customs is the same government that people expect to fix Nigeria. LOL. Na to activate "siddon-look" mode, while preparing to campaign aggressively for BAT in the next election.

saddler:


In order to keep the APC zombies happy, deplete the foreign reserves and put more cheap dollars into the FX market.

APC zombies are not the only folks asking for cheap dollars.
I don't think it is proper to pawn off the demand for subsidized $ to any cohort of the population.
Nigerians overwhelmingly favor the current FX intervention and must be willing to accept the cost.

-Lord

SmartyPants:


I don't see any cause for alarm. The major cause is the clearance of the fx backlog. Nigeria has had a trade surplus for a while and this is only going to increase once the refineries operate fully.

U still tink refinery that is not yet complete will change anything...u are really easily deceived sir

Penguin2:
“Tinubu will assemble best brains”.

See best brains in the mud🤓

na best sh*t braindeads dem assemble!

Naira making u-turn & towards #3000/$ mark again!

Sorrow my broda!
😢

That foreign reserve figure is a lie from the time Buhari left. It is not real. About the time Buhari ended his fulanisation regime, all that was left there was about $2 billion. That's one of the reasons it's been difficult for Tinubu to defend the naira. The problem is he is covering Buhari's financial evils for reasons best known to him. Buhari finished Nigeria up pátápátá.

Penguin2:
“Tinubu will assemble best brains”.

See best brains in the mud🤓

.


Someone that said na Statistics we chop 🥩
Is been chopped by Statistics

.

seunayantokun:
That foreign reserve figure is a lie from the time Buhari left. It is not real. About the time Buhari ended his fulanisation regime, all that was left there was about $2 billion. That's one of the reasons it's been difficult for Tinubu to defend the naira. The problem is he is covering Buhari's financial evils for reasons best known to him. Buhari finished Nigeria up pátápátá.

And who were those sai Barbering throughout the time Buhari was finishing Nigeria

Kukutente23:


And who were those sai Barbering throughout the time Buhari was finishing Nigeria

Do sound like a Sai Baba to you? Or you just jumped up to say something?

bdon123:

U still tink refinery that is not yet complete will change anything...u are really easily deceived sir

The one that has already sent out shipments? You don't know that even without refining PMS there are other marketable products being produced? Rest sir.

This current system of secrecy in government dealings won't help the nation at all

The government and her cronies keep siphoning funds meant for development and tell the citizens to fast and off their refrigerator

So after the float of Naira, foreign reserves no grow

The cosmetic approach to issues is not and won't work

Let the president come out and tell the citizens the reality and let's see how to work together

You cant tell people to drop their dollars when all you do is embezzle the ones in your possession

God help the country

On a normal, dollar suppose to be 2k naira

Where's emkz helinus frestuffng and the other government propaganda agents on nl?

Come and defend your useless government.

After chasing Binance round the market and kidnapping their workers Tinubu and Cardoso are now using almost $1 monthly to defend the naira after proclaiming that subsidy is gone and no more management of exchange rate on inauguration day.


I'll keep reminding the government zombies that propaganda does not fix an economy when you have thieves and looters and clueless people in power

Please explain this to me:
Subsidy removed from fuel but the same government now paying subside on dollar.
I laugh in china!!!

Ozommadu:

Same people that supported floating of naira are same people supporting CBN defending the same floated naira.

So what's the aim, what's the purpose


I know that tinupoo and buhari supporters are the same people and they're directionless

Don't blame them, it is all about personal selfish interest. People will only support what benefits them.and not what is against them

benuejosh:
the dullest in this administration, that's if at all there is anyone, is the brightest when you combine 10 Peter Obi put together.

Why are u always trying to make sense

donbrowser:
Food don done for Peter Obi and his Obidients

at least u people can do better than this of course

Many things could be accountable for this.

I suspect its because the Naira is overvalued or that monetary policy is still loose. There is the huge strain of paying for petrol subsidy which is now enormous.

In addition, the second to rhe last paragraph of the article is also very instructive. Rebuilfing the economt after a brutal 8 years under Buhari would be challenging. The previous government ran it aground.

Government needs to do more to win investor confidence.

I feel cutting corporate taxes to 15% or less would lead to a spike in investor confidence. It should also announce an ambitious privatization and commercialization plan that would cover the 4 international airports, the seaports and NNPC.

iwaeda:


https://punchng.com/external-reserves-drop-by-950m-in-17-days-cbn-report/

what is even our business with dollars sef . Must we work with dollars ni. Even uk wey no dey produce anything have strong currency

At least for once we a Govt that are a little bit transparent unlike the last administration who lacks virtually everything.
I still believe in this Govt.
Please don't come to my mention o.
It's my own personal opinion if you don't want Ogun to slaughter you for road.
So face your front and say your own opinion rather than useless abusive words.

rinzaugustine:
Lol now you know why they were wailing loudly with microphones in the past few days to drop the dollar in your possession…maybe they thought everybody is brain dead like their supporters who believe in those useless APC propaganda abracadabra that’s full of lies. Borrowing money to strength the dollars is not and will never be an economy policy to any sane mind

Shut up.

Do you know more than the IMF?


The International Monetary Fund recently projected that Nigeria’s foreign reserve would experience a significant reduction, plummeting to $24bn by 2024. The IMF foresaw a challenging period for Nigeria’s financial account through 2024–25, driven by the absence of new Eurobond issuances, substantial repayments of existing funds and Eurobonds totalling $3.5bn, and continued portfolio outflows.

Let us extend the logic of the argument thus:
1. In 18 days, we used $1Billion to defend the Naira ( that is if that is true).
2. Since we now have $32billion left, in 18 days multiplied by 32( about one and a half years time), we will have zero in our foreign reserves. Again, that is if anyone actually knows how much we have left in our reserves.
3. However, one and a half years is too far. By the time that reserve diminishes by $5billion, the naira will be exchanging for at least $3K to the dollar.
4. By the time we get to one and a half year's time, Zimbabwe will be pitying us.

Since the government determined this path, we should have stuck to the floating of the Naira and suffer once, to the extent that we focus on how we can be productive as a society. But you cannot be productive when corruption accounts for more than 90% of the Nigerian economic model and those who ought to fight it are the criminals themselves.

Which ever way this goes, Nigeria and Nigerians are in for the roughest of times. Maybe then, we will wake up and take back control and bring to book every one who got us here, regardless of tribe or any other consideration. Maybe. But that is hoping for too much.

LandMann:
Where's emkz helinus frestuffng and the other government propaganda agents on nl?

Come and defend your useless government.

After chasing Binance round the market and kidnapping their workers Tinubu and Cardoso are now using almost $1 monthly to defend the naira after proclaiming that subsidy is gone and no more management of exchange rate on inauguration day.


I'll keep reminding the government zombies that propaganda does not fix an economy when you have thieves and looters and clueless people in power

They keep issuing bonds on a regular. Okay.

I really don't get why some people are complaining. Is it your Dollar? If you feel dollar will bounce back up then buy more now and keep. If not, enjoy your lower dollar rates and be happy. At least foregin products will be cheaper. What's the fuss?

benuejosh:
the dullest in this administration, that's if at all there is anyone, is the brightest when you combine 10 Peter Obi put together.

Use common sense small. This is not about Pitobi. This is about a man who claimed he was prepared but Nigerians are yet to see any meaningful gains.

SmartyPants:


The one that has already sent out shipments? You don't know that even without refining PMS there are other marketable products being produced? Rest sir.

M not aware any shipments hav been sent out yet.who care Abt other marketable product as long as it's not petrol,dpk and AGO

bdon123:

M not aware any shipments hav been sent out yet.who care Abt other marketable product as long as it's not petrol,dpk and AGO

Good! You're not informed! That can be cured right away:

https://www.nairaland.com/8049770/dangote-successfully-sent-cargo-refined

Secondly, why should you care what particular product it is as long as it is bringing in fx income? Are you sure you understand what we are talking about at all??

CodeTemplar:
Demand is probably greater than supply and being artificially met to keep the Naira looking strong. The MPR stunt was all textbook stuff and of infinitesimal impact in reality.

Cc: nairalanda1, omohayék, grandstar.

Manufactured goods and services

We are defending naira, without any production based economy.

SmartyPants:


Good! You're not informed! That can be cured right away:

https://www.nairaland.com/8049770/dangote-successfully-sent-cargo-refined

Secondly, why should you care what particular product it is as long as it is bringing in fx income? Are you sure you understand what we are talking about at all??

Fuel oil is used by ships for power generation.who cares abt naptha.He promised petroleum products n mind u, naija cbn provided fx to fund that project to d detriment of naija.ask urself why there is no product till date.

bdon123:

Fuel oil is used by ships for power generation.who cares abt naptha.He promised petroleum products n mind u, naija cbn provided fx to fund that project to d detriment of naija.ask urself why there is no product till date.

If you have a personal problem with Dangote that's for another thread. We are talking about FX here and every single item exported from Nigeria earns FX for us. This then has an impact on the naira. That's all there is to it.

Why is Cardoso defending Naira and don't allow market forces. Now they are depleting national reserves. Until we start producing, this is a futile exercise on the long run.

SmartyPants:


If you have a personal problem with Dangote that's for another thread. We are talking about FX here and every single item exported from Nigeria earns FX for us. This then has an impact on the naira. That's all there is to it.

I don't hav problem wit dangote.it sad that our number 1 problem such as cost of fuel is irrelevant to u.Its ok lets suffer together in peace