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Nairaland Forum / Nairaland / General / Business / It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves (29043 Views)
Cardoso Fired 25 Of 29 Directors He Met At CBN – Daily Trust / Naira Weakens At Forex Market As Foreign Reserves Drop To $43b / $46.7b Foreign Reserves Keep Naira Stable (2) (3) (4)
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Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Profcso(m): 11:20pm On Apr 17 |
This shouldn't be, but we'll all see the outcome |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Emmabyte: 11:22pm On Apr 17 |
I don d suspect say this man forge his certificate |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by patrickcollins: 11:25pm On Apr 17 |
Hi iichidodo:Then why float the naira and raise it to 1900, things become very expensive, then they started defending the naira again secretly 2 Likes |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by MemphitzDgreat1(m): 11:25pm On Apr 17 |
AqualinaXYZ:So na just 2k Tinubu add as increase to their monthly stipend?? No wonder Helinues dey use im alternate moniker dey beg anyhow |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Anonimoux: 11:26pm On Apr 17 |
iichidodo:And what is preventing Nigeria from using the reserves to become a more productive nation? |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by tollyboy5(m): 11:27pm On Apr 17 |
Yampotatocarrot:One lady on Twitter us selling it. I will share her handle later. |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Omalicious1: 11:27pm On Apr 17 |
nlfpmod: If we don't go into full time production and reduce our importation level, it's only a matter of time, the naira would fall again... |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by patrickcollins: 11:34pm On Apr 17 |
LARRYOBRAIN:For doing nothing, just destroyed the economy by floating the naira after wrecking the economy he returned back defending Naira again, so what's the thanks for 2 Likes |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by NewDea4: 11:38pm On Apr 17 |
favor914: How I wish I could puncture that your flat yellow zombie breast and make your nonentity of a father weep Smello |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by soccerlite: 11:54pm On Apr 17 |
Why is the cost of food still high? Then open the border Gari can't be n120 per cup, ko normal now |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by InvertedHammer: 12:11am On Apr 18 |
/ Switzerland, Japan and many countries tried it multiple times and failed woefully long-term. Let's see how it plays out. / 2 Likes |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Splashme: 12:11am On Apr 18 |
Toluabigr8: Your not getting it. The question is, who sent them to float the Naira in the first place throwing Nigerians into misery? Now, it backfired, causing hyperinflation ... and they are going back into doing the very things Emefiele was doing. . 1 Like |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by iamdapsyj(m): 12:18am On Apr 18 |
LAXconfidential: With the way you wrote this plenty grammar, one would have thought that to listen to very simple English spoken by Cardoso will not be a challenge to you.....well maybe you didn't watch the video 🤣😂 2 Likes 1 Share |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by iamdapsyj(m): 12:21am On Apr 18 |
charleymed: You actually don't because he spoke in clear terms 😆 |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Luckysbab: 12:23am On Apr 18 |
AqualinaXYZ: So what exactly is your own pain? Perpetually pained Obidident. 1 Like |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by ElSudani: 12:47am On Apr 18 |
Alexlalax1: Naira is gaining strength, money is coming into the reserve, obligations are being met and they are running the country down? Why don't you guys ever make any sense? 3 Likes 1 Share |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by ambale(m): 12:57am On Apr 18 |
Everyone knew the government intervened in the foreign exchange crisis But the extent is what we are not sure of Those who were praising the government for floating the naira, na Dem gangan be the problem This government needs to start acting seriously if they actually want to have a good footprint ooo 2 Likes |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by MichaelSokoto(m): 1:10am On Apr 18 |
NOETHNICITY:so wat are the APC thieves actually doing with our money? 1 Like |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by cmikel: 1:49am On Apr 18 |
iichidodo: By the time the reserves is depleted and there is no more to defend naira, the consequences on the naira value will be very severe. We pray it never gets there bc if it does naira will crash yakata There is no need for all the defence if you have an export driven economy which many has been saying. Instead concentrating on improving manufacturing and export we are using the hard earned reserve to defend naira. Therefore doing you have not created any value in your economy,no job , no industry no notin but you are just spending money to defend money . . |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by NinjaMetahuman: 2:25am On Apr 18 |
datola:exactly 1 Like |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Honlucas: 3:20am On Apr 18 |
AqualinaXYZ: |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by stepaside1: 4:05am On Apr 18 |
Cardoso was clear. $10k to about 1500 BDCs that has been done twice or thrice comes to about $50million or thereabouts. That is a very small amount in the context of what is alleged to be 'Naira defence'. When the Naira was floated, lack of liquidity was the main reason why Naira depreciated. With a rash of CBN policies that returned confidence to the market, liquidity started to improve dramatically and on a willing buyer willing seller principle, the Naira started finding its true level which is what the 'price discovery' term means. What i like most about the forex market today is the collapse of the huge arbitrage between the black market and CBN rates which in the past fueled a lot of the shenanigans that ruined the Naira. As Cardoso said, most of the reduction in reserves in present times was due to paying our obligations such as settling forward transactions, paying maturing foreign debt obligations etc. We must do that as it will be disastrous to default in paying our debts as countries like Ghana, Ethiopia and Egypt amongst others have done with grave consequences that attracted the dreaded IMF interventions. In the coming weeks and months, i expect the foreign reserves to keep rising. Already as Cardoso said, $600mln has accrued into it in the past few days. Let us see where we are in the coming weeks and months. We are surely on the right path in my own opinion. 1 Like |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Kobojunkie: 4:08am On Apr 18 |
iichidodo:$6 Billion flushed down the toilet all to prop up the Naira when that same amount, invested directly into boosting production, industry and infrastructure could do so much more wonders? 1 Like |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Image123(m): 4:22am On Apr 18 |
Omalicious1: It won't fall like the so called speculators made it fall like the walls of Jericho. The naira is currently undervalued and needs to discover its real value. The CBN is doing a good job with the catalyst method. Genius. 1 Like |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Image123(m): 4:24am On Apr 18 |
Kobojunkie: Where did you get this value from? You don bring your wuruwuru with Bible to Economics again abi. |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Image123(m): 4:25am On Apr 18 |
InvertedHammer: Tried what. Anyway, Tinubu is different. |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by treatise: 4:32am On Apr 18 |
Alexlalax1:On petroleum subsidy nko? Person wey dey watch football for TV go say the coach nor dey tactical enough but when he becomes a coach he go realize say nor be as him think. Tinubu criticised previous governments blindly but right now he's facing realities and outdoing previous leaders in SPENDING. 1 Like |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by essentialone(m): 4:57am On Apr 18 |
This is the Summary: If naira is going to be N1,500, then let it be like that for at least 6 months. Do not let it be N1,500 today, N1,200 tomorrow, and so on. You can’t plan, and that’s why even as we speak today, we see that the naira is appreciating, it’s appreciating too fast. When you sit down and look at the analysis, people are concerned saying, "should I reduce my costing rate, to what the market is? But I’m scared, that if I reduce my costing rate, what is my replacement cost? Will it go back up?" That’s the reason why prices of things have not come down. Yes, the naira is appreciating, but people are not in a place of comfort to say, "Yes, it is sustainable". The only answer to that is Time. We have to wait it out for a few weeks or months. Is this sustainable over a long period? if it is, then you’ll see prices of goods and commodities coming down. 2 Likes 1 Share |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by robinicule(m): 5:07am On Apr 18 |
LAXconfidential:ode. Yall just have a way of making it look like the world hates igbo and the truth is no one really gives a Bleep about you guys, there are over 500 additional tribes in nigeria. |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by erniok(m): 5:11am On Apr 18 |
dfrost:Africa Bloomberg mentioned then and I guess that's probably why he didn't explain further. |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by cadetsunday(m): 5:11am On Apr 18 |
Cardoso ride on your message is for the wise men not illitrate |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by erniok(m): 5:12am On Apr 18 |
essentialone:Your are on point. 1 Like |
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