Last week we saw one of the greatest drop in the value of the dollar with a sharp gain of the naira in the black market. How was this achieved. Who made this happen. Who is the smart ass.
Anyway this move made a lot of people poorer i.e currency speculators who kept buying the dollar putting a demand on the dollar while the naira suffered from low demand till it hit the high of 2016 and just then the CBN intervention came in with a mad flood of much more dollars and the mopping up of naira so that there was a scarcity of naira.
And wholla the dollar came crashing down while the more the naira was mopped out of the system.

This brilliant intervention means the CBN is using our reserves to fight the dollar war
How sustainable is this ....will the CBN be willing to continue this.

As a forex trader with 10years experience I watched with my mouth open as it happened and shook my head as the internet was glowing with news how osinbanjo is the man
How he tamed the dollar in one swing of the magic wand.I saw panic selling going on as many turned in thier dollar. While smart investors bought all these dollars for keeps.
Now the dollar fall has stopped
Why did it stop
I thought it will fall for ever as we are made to believe.
Just yesterday while watching ARISE TV the news came out of the economy contracting by -1.4% for the first time in 20years.
Meaning for the first time in 20years the economy stopped growing
Now the real bad news was from the PMI ( producers manufacturing index) saying it fell
What does this mean
It mean the real people who needs the dollars are not getting it
But osinbanjo gave dollars for school fees payment
While the manufacturers who need dollars are not getting it

Even the economy according to the news saw major improvement from the oil sector because militants have stopped bombing
So the non oil sector fell even the most holy agriculture.

Osinbanjo has stated in the last FED meeting he favours a devaluation of the naira.
Right now the naira is 405naira to 1 dollar
Let's assume he goes ahead to devalue to let's say 20 basic points
That would be 425naira to 1 dollar
Now imagine what the black market will do
We will be looking at 550-600naira to 1 dollar
Already JP Morgan is worried that Nigeria is not attracting FDIs ( foreign direct investments)
What does that leave us
It leaves us with an economy that will keep shrinking and a dollar war we can't win as fear will make more people demand for dollars as naira will keep falling.
My advice to you
Keep buying the dollar for keeps
Keep your bulk money in dollars
The trip to hell is about to get nasty
God save our soul

Op check your spelling before they come for you. And be ready to defend your post.

This should be in the front-page don't you think so Lalasticlala?

No, But wait till Baba comes back with fresh ideas

unclezuma:
Op check your spelling before they come for you. And be ready to defend your post.

This should be in the front-page don't you think so Lalasticlala?

I am ready for them

Osibanjo is doing his own campaign because Buhari who once said and I quote

I almost absconded after election

has finally and officially absconded.

I don't think so too!

Kondomatic:
Osibanjo is doing his own campaign

We agree
The issue is at whose loss
The country or his

deflover:

We agree The issue is at whose loss The country or his

The country ofcourse.

Jonathan did the same thing, who suffered it?

Also Read...

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Kondomatic:
The country ofcourse.


Jonathan did the same thing, who suffered it?

Yes he did it
But it was sustainable because he had more sales from oil and the economy was growing by an average of 2.5% yearly
So we didn't notice it
The question here
Is the economy growing that osinbanjo can take this path

Only time will tell.

We don't need to trust anybody, but praise them when they secretly do good.

littlewonders:
We don't need to trust anybody, but praise them when they secretly do good.

This is not about doing good sir
Please take time to read
These are economic facts
This is not hating nor loosing faith
Its more about the fraud called CBN intervention funds
What it will do to us in the long run.

deflover:


I am ready for them

I understand you're just a pessimist. Even worse anti-progress, an epitome of a consummate saboteur, a true Wailer's role model. But to advice people to keep buying and hoarding the dollar (obviously for forex trading) at the expense of the naira, further depreciating it's value makes absolutely no sense.

How will Nigeria ever grow with such mentality? With anti-progress negative business ideas like this?
You're no better than a common political brute frustrating the nation's Electricity just to keep his Generator and Oil businesses thriving.

We need help and reorientation in this country. Our sense of patriotism has gone extinct.

pressplay411:


I understand you're just a pessimist. Even worse anti-progress, an epitome of a consummate saboteur, a true Wailer's role model. But to advice people to keep buying and hoarding the dollar (obviously for forex trading) at the expense of the naira, further depreciating it's value makes absolutely no sense.

How will Nigeria ever grow with such mentality? With anti-progress negative business ideas like this?
You're no better than a common political brute frustrating the nation's Electricity just to keep his Generator and Oil businesses thriving.

We need help and reorientation in this country. Our sense of patriotism has gone extinct.

I concur with this.... His write up makes me to wonder if he actually sought for d growth of our economy or d other way round... Why asking People to hoard d dollar when he knows that is detrimental to our naira currency?
Am sure he was one of d wailing wailers when filling station where hoarding fuel due to selfish interest.
Well am not a forex trader with 10 years experience but what I see from where I sit hoarding d dollar is simply not the best for our economy

@OP, God bless you for this summary of my thoughts. I'm in agreement with you 100% except where you suggested that speculators should buy dollar for keeps.

Nigerians are known for early celebrations and in this Era where you can easily be labeled a wailer, fewer people are saying it exactly the way it is.

I don't think the policy is sustainable in the long run and the biggest question as was echoed by you is why is this dollar going to pta/bta and school fees? Medical is a bit understandable.

The poltical class is still subsidizing the rich at the expense of the poor. If we have dollar supply from renewed crude oil sales...we should be giving same to manufacturers to buy raw materials and machinery. The government needs to stimulate the economy as soon as possible...before it becomes a little too late...

pressplay411:


I understand you're just a pessimist. Even worse anti-progress, an epitome of a consummate saboteur, a true Wailer's role model. But to advice people to keep buying and hoarding the dollar (obviously for forex trading) at the expense of the naira, further depreciating it's value makes absolutely no sense.

How will Nigeria ever grow with such mentality? With anti-progress negative business ideas like this?
You're no better than a common political brute frustrating the nation's Electricity just to keep his Generator and Oil businesses thriving.

We need help and reorientation in this country. Our sense of patriotism has gone extinct.

You see the problem
I am a wailier
A this a that
No difference to politician
Anti progress

You see my friend
Just because it hurts doesn't stop the doctor from going in
I gave you facts but I am a wailier making you a zombie I guess

Dispute the message
Tell me I am lying that these facts are not there

I tell people to protect themselves by buying dollars
So it makes me evil right
My friend be wise
Buying the naira won't save you nor us
The road is nasty and survival is the one right of all humans

He didnt tame shiii,No be dem let am go up before? They should return it to where it wqs during Jonathan's time.

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yuppy101 the name you can trust.

yuppy101:
welcome my business minded people .
Contact me if you have gift cards...i need iTunes and Amazon.. i also buy e codes and also from $25- $500 denomination for iTunes.
we sell & buy bitcoin.
contact me for deal right away..no time waster
Call& Whatsapp: 08051671260


yuppy101 the name you can trust.

Please what are gift cards ?

akp202:
I concur with this.... His write up makes me to wonder if he actually sought for d growth of our economy or d other way round... Why asking People to hoard d dollar when he knows that is detrimental to our naira currency?
Am sure he was one of d wailing wailers when filling station where hoarding fuel due to selfish interest.
Well am not a forex trader with 10 years experience but what I see from where I sit hoarding d dollar is simply not the best for our economy

pressplay411:


I understand you're just a pessimist. Even worse anti-progress, an epitome of a consummate saboteur, a true Wailer's role model. But to advice people to keep buying and hoarding the dollar (obviously for forex trading) at the expense of the naira, further depreciating it's value makes absolutely no sense.

How will Nigeria ever grow with such mentality? With anti-progress negative business ideas like this?
You're no better than a common political brute frustrating the nation's Electricity just to keep his Generator and Oil businesses thriving.

We need help and reorientation in this country. Our sense of patriotism has gone extinct.

What is the legal implication of keeping your bulk money in dollars?

You go ahead and buy and hoard all the dollars you can...you won't think you are so smart when the value of that dollar drops again...the CBN has the ability to hit people like you where it hurts...you just watch and see..anytime speculators and hoarders try to depreciate the Naira the CBN will do an intervention as we just saw last week..do this a couple of times and nobody can buy low and sell high and nobody would be interested in hoarding their dollars because it is no longer profitable and highly risky to keep...every skeptic was saying that the CBN is simply using our foreign reserves...are you aware that our foreign reserves have actually gone up to 29.6 billion dollars from 29.2 billion dollars a week ago? So go ahead and hoard...later you can realize how not so smart you are

no he hasn't


once buhari comes back it'll go back up



this government is doing the

make a necessity scarce
and the people will consider you(who took it away to begin with) a hero when you decide to provide it







Nigerians have and are being scammed by this government

When the Naira was sliding, we complained; the Naira is appreciating, yet some people are complaining, even though they call it constructive criticism. People are complex; Nigerians are the most complex lots!

He is just a person who utilizes his IQ very well.A sensible personality

deflover:
Last week we saw one of the greatest drop in the value of the dollar with a sharp gain of the naira in the black market. How was this achieved. Who made this happen. as naira will keep falling.

My advice to you
Keep buying the dollar for keeps
Keep your bulk money in dollars
The trip to hell is about to get nasty
God save our soul

So much words but little sense. Even Dalung has better understanding of issues than you.

Sometimes, the exchange rate is supressed artificially but the deal thing is to let it flow with the dynamics of the economy. What Osinbajo has done is to take the game out of the hands of the speculators and back into the control of the CBN.

Now, speculators are unsure of the next move as they have dollars on their hands but are considering their options.

You are offloading your own USD but advising others to keep theirs, wehdone.

op is the problem of Nigeria. greed is what you are encouraging at the detriment of other people.
so, those that have money now to mop up the excess dollar in circulation and thus create an artificial scarcity so, we would be back to square 1?
that's a wicked advice.

if people trade freely with this dollars without hoarding, and oil sales increase as it is now, the dollar will stabilize at least at 350 by the quarter of this year.
then if we can increase our reserves n boost other sectors of the economy increasing our GDP thru local production and increase IGR from non oil sector as well as reducing our recurrent expenditure, oga, dollars will drop to 100naira.

pressplay411:


I understand you're just a pessimist. Even worse anti-progress, an epitome of a consummate saboteur, a true Wailer's role model. But to advice people to keep buying and hoarding the dollar (obviously for forex trading) at the expense of the naira, further depreciating it's value makes absolutely no sense.

How will Nigeria ever grow with such mentality? With anti-progress negative business ideas like this?
You're no better than a common political brute frustrating the nation's Electricity just to keep his Generator and Oil businesses thriving.

We need help and reorientation in this country. Our sense of patriotism has gone extinct.

It is during times like these you know people who actually have the best interest of the country at heart or NOT.
Why should a small group of people profit at the expense of the entire nation, why?

Few weeks back, some guy created a thread proudly explaining how he had been round tripping forex but yet will be the first to abuse government when inflation goes up.

Well..

Buhari is working. Buhari is taking Nigeria to the right direction from London Hospital..