femisplash:

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.

What of Dangote? Oga just be silent abeg with this propaganda games.

femisplash:

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.

Where did he get the $7billion answer the question

femisplash:

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.

You are a shameless liar. NnPC took a crude oil collaterised loan from Afrexim on behalf of FG with UBA as the deal broker for this loan. Last year it was $3.3billion

https://www.afreximbank.com/afreximbank-announces-an-initial-disbursement-of-us2-25-billion-under-a-syndicated-us3-3-billion-crude-oil-prepayment-facility-sponsored-by-the-nigerian-national-petroleum-company-limited/

https://www.arise.tv/nnpc-explains-intervention-in-nigerias-fx-crisis-with-3-3bn-crude-repayment-loan-from-afreximbank/#:~:text=Earlier%20in%20August%2C%20NNPCL%20had,country's%20volatile%20foreign%20exchange%20market.

femisplash:

I can't wait for fuel tankers to queue up at PH refinery loading fuel. It will ease off pressure a bit. Hopefully, Kyari will not make a mess of himself.

Where is the diesel and aviation fuel from Dangote refinery? Oga stop the lies abeg.

Putindbutt:

You think everyone is dumb like you. Production has increased from 1.1 million to about 1.6million. Put the link of that screenshot, everybody no be fool.

What is Nigeria's OPEC quote can you tell us?

Johnjustice:
It will hit N400 before end of this year. Offload your dollars now, you unpatriotic hoarders and speculators...for your own good.

You don't use propaganda to get people to offload dollars.

Believeintruth:


You don't use propaganda to get people to offload dollars.

You call it propaganda but it is analysis, based on trends and occurrences.

NothingDoMe:
They got the money from asking the IOCs not to remit 100% of their income to their home country for two months.

But after two months they will still remit. The IOCs money is not for CBN to touch, so this is just cosmetic treatment.

Johnjustice:

You call it propaganda but it is analysis, based on trends and occurrences.

Oga it is propaganda. These speculators know that the government is low on FX reserves whatever is happening is temporary. You don't use bait to force people to offload dollars, the government should show seriousness in doing it.

99thEnemy:

If you mean that by the cleared backlogs, Yes, Major currencies like $, €, £ were pumped to clear it which is necessarily.

But this is not temporary. it has been cleared, it has been cleared. except we still decide to accumulate another significant forex backlog.

It won’t be a factor that will affect the stability of the Naira anymore. you can look into other factors but as for that one, it is solved.

Lol. So whatever caused the backlog in the first place will not happen again? Abi the activity don end?

Believeintruth:


Oga it is propaganda. These speculators know that the government is low on FX reserves whatever is happening is temporary. You don't use bait to force people to offload dollars, the government should show seriousness in doing it.

Okay keep hiding your dollar under mattress, you go come here and cry.

Dangote will see in naira internationally, we won't import diesel or PMS anymore...won't the dollar come down?

Most of you are just greedy people sabotaging your country economy, just greedy and dumb, you don't know the dynamics of foreign exchange, balance of payments, etc...

PepeXKermit:


Lol. So whatever caused the backlog in the first place will not happen again? Abi the activity don end?

If you have basic knowledge of economy you would know if the current economic policies tallied with the present situation would.

Then you will understand why analysts are hailing Cardoso (not Tinubu)

femisplash:

Read my comments again, i agreed with you.

Reading and understanding is not the forte of Tinubu supporters.

SenatePresdo:


In a nutshell, dollar will drop until it reaches 500 naira at least?

Dollar is still selling above 1k, which is a very bad omen.

Antecedents taken into account, Dollar is more likely to hit 2k, than to fall to 500 naira.

It was at ₦1900+ few weeks ago. Isn't that high enough?

Believeintruth:


But after two months they will still remit. The IOCs money is not for CBN to touch, so this is just cosmetic treatment.

Exactly. But they tuush it codedly. They are owing IOCs one full month of profit.

femisplash:

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

Chai!
This is total knock out par excellence.
You are too brutal sir

Procashtips:


It was at ₦1900+ few weeks ago. Isn't that high enough?

Did it reach?

I thought maximum was around 1,650

SenatePresdo:

Did it reach?

I thought maximum was around 1,650

Got to ₦1900+

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.

This aged terribly. 1 dollar is now 1581 NGN

Procashtips:


It was at ₦1900+ few weeks ago. Isn't that high enough?

Naira will never appreciate meaningfully again, it will depreciate far more than appreciate.

Johnjustice:

If we sell in naira, naira will appreciate faster, in this case we are being active, rather than being passive. When naira appreciate the value of our loan servicing payments will not be as high as it is now, we can pay up faster. It's all about demand and supply, it applies in all cases. If Nigeria sells it's oil in naira, nations will buy naira from us to buy the oil, the demand for naira will push up its value. It's all about demand and supply...this is why when the market is flooded with dollars the price crashes, and when unpatriotic Nigerians hoard it, there is scarcity and the price goes up.

This dollar appreciation is a big problem to Nigeria, if we can combat this, then we will achieve prosperity faster.

Buy Nigeria goods and patronize Nigerian services, government should continue to use monetary and fiscal policy measures to protect the naira, like flooding the forex market and regulating tightly. Regulating is important that is why we have CBN etc.

Nigeria stops selling its oil in dollars.

Didn’t you see what happened to Libya, Iraq, Venezuela and so on?

Sladem05:

This aged terribly. 1 dollar is now 1581 NGN

Even touched 1640 few days back

You cannot use propaganda to run an economy

We are still not serious as a country, not with what is going on at the helm of government.

Na 2000 we dey go... Every one just make sure your seatbelt and airbag dey alright

Inception:


Even touched 1640 few days back

You cannot use propaganda to run an economy

We are still not serious as a country, not with what is going on at the helm of government.

Na 2000 we dey go... Every one just make sure your seatbelt and airbag dey alright

Our currency will end up like the Iranian, Venezuelan
I agree, that’s why the country’s GDP is in free fall. IMF predictions for this year at $252 billion from almost $400 billion last year. Everyone is losing money even the rich.

With the dollar, Naira fluctuates a lot. But it depreciates much more than appreciates.

With the pound, the naira isn’t fluctuating as much but it depreciates way more than appreciates. Last year pound was like 800. Now it is 2,021 NGN to a pound.

After Jagaban is done, Naira will be 5000-6000 to a dollar and 8000-10000 for a pound.

Naira will never appreciate meaningfully ever again.