Nigeria’s forex hit $844 million on February 3, the highest inflows since June 2, 2022, according to data compiled by the FMDQ Exchange.


The amount is three times more than the $266 million traded on February 1.

The rise can be attributed to the latest reforms by CBN governor, Olayemi Cardoso, who unveiled a series of measures that enabled the naira to trade more freely against the dollar.



There is better transparency in the official market and banks were mandated to offload excess dollars. The CBN also removed the cap on transactions by the International Money Transfer Operators (IMTOs).


The improved supply is rubbing off on the embattled naira which suffered wild swings last week.


The naira strengthened to N1419/$ on Monday, up from N1435/$ Friday.

Source: Business Day


https://brandspurng.com/2024/02/06/cbn-forex-reform-hits-highest-single-day-flow-in-19-months/

Let me give you a quick summary of how government is run in poor corrupt countries:

1. The political leaders and their cronies are stealing money from all loopholes including forex, oil, resources, taxes etc, whatever generates revenue for the county

2. While the stealing is going on, the economy goes on a free fall, so the heads of government agencies and ministers are tasked to do something about it by the same people causing the free fall

3. Knowing there’s nothing reasonable they can do to solve the problem if their bosses are the ones sabotaging their efforts, the heads of agencies and ministers start stealing their own too knowing their time is limited, after all why do the right thing in a system where everyone is stealing and you can't do anything about it. Eventually, their bosses blame the failures on their incompetence and corruption and fire them, they take the fall. Anticorruption agencies give them a hard time for a while and the cases eventually fizzle out

4. While all these things are going on, the public is wondering why their leaders are clueless. For example, why will a broke government sponsor hundreds of people abroad to a climate or religious summit. They’re not clueless, they’re corrupt. These are avenues to steal money.

That thing you think the government should be doing, they know it better than you do, they have all the resources and professionals to do it but they can’t because certain political interests need money that can’t be accounted for in the treasury so white elephant projects have to be started and loopholes have to be left open so that the money can be stolen instead.

socialmediaman:
Let me give you a quick summary of how government is run in poor corrupt countries:

1. The political leaders and their cronies are stealing money from all loopholes including forex, oil, resources, taxes etc, whatever generates revenue for the county

2. While the stealing is going on, the economy goes on a free fall, so the heads of government agencies and ministers are tasked to do something about it by the same people causing the free fall

3. Knowing there’s nothing reasonable they can do to solve the problem if their bosses are the ones sabotaging their efforts, the heads of agencies and ministers start stealing their own too knowing their time is limited, after all why do the right thing in a system where everyone is stealing and you can't do anything about it. Eventually, their bosses blame the failures on their incompetence and corruption and fire them, they take the fall. Anticorruption agencies give them a hard time for a while and the cases eventually fizzle out

4. While all these things are going on, the public is wondering why their leaders are clueless. For example, why will a broke government sponsor hundreds of people abroad to a climate or religious summit. They’re not clueless, they’re corrupt. These are avenues to steal money.

That thing you think the government should be doing, they know it better than you do, they have all the resources and professionals to do it but they can’t because certain political interests need money that can’t be accounted for in the treasury so white elephant projects have to be started and loopholes have to be left open so that the money can be stolen instead.

End of thread . You can imagine a commoner calling a president, minister, governor, senator clueless. A clueless person can’t get to that height with stupidity.

That's why Jesus was prophesying about the love of money that will be alternative to faith.
So much emphasis on making as much money as possible. When inflation comes and the buying power that money represents begin to dwindle, you see a lot frustrated rich folks committing the unthinkable. Why? They put their trust in mammon - a creation of man.

The wailers will tell us the CBN governor is not doing anything to stop the naira from weakening against the dollar

Paraman:
The wailers will tell us the CBN governor is not doing anything to stop the naira from weakening against the dollar

The ignorant one will not ask how much a dollar was sold during the inflow.

Alright, we are watching. We are interested in the results, not in your efforts

socialmediaman:
Let me give you a quick summary of how government is run in poor corrupt countries:

1. The political leaders and their cronies are stealing money from all loopholes including forex, oil, resources, taxes etc, whatever generates revenue for the county

2. While the stealing is going on, the economy goes on a free fall, so the heads of government agencies and ministers are tasked to do something about it by the same people causing the free fall

3. Knowing there’s nothing reasonable they can do to solve the problem if their bosses are the ones sabotaging their efforts, the heads of agencies and ministers start stealing their own too knowing their time is limited, after all why do the right thing in a system where everyone is stealing and you can't do anything about it. Eventually, their bosses blame the failures on their incompetence and corruption and fire them, they take the fall. Anticorruption agencies give them a hard time for a while and the cases eventually fizzle out

4. While all these things are going on, the public is wondering why their leaders are clueless. For example, why will a broke government sponsor hundreds of people abroad to a climate or religious summit. They’re not clueless, they’re corrupt. These are avenues to steal money.

That thing you think the government should be doing, they know it better than you do, they have all the resources and professionals to do it but they can’t because certain political interests need money that can’t be accounted for in the treasury so white elephant projects have to be started and loopholes have to be left open so that the money can be stolen instead.

If you concentrate on your life, maybe you would not beg for food like those before you

CodeTemplar:
That's why Jesus was prophesying about the love of money that will be alternative to faith.
So much emphasis on making as much money as possible. When inflation comes and the buying power that money represents begin to dwindle, you see a lot frustrated rich folks committing the unthinkable. Why? They put their trust in mammon - a creation of man.

I thought Jesus was supposed to be God almighty herself
So why is God prophesying

That's some real good news. Hope it continues.

Jesus heals, Jesus delivers, He helps Come to Him today and you will be brought out of darkness into His wonderful light, out of the dungeon into His glorious liberty. DM

I still sold Dollars at above N1400 today.

While the mumu are buying dollars, some are selling it off.

Those mumu will soon by handed N500 for the Dollars they are stockpiling at a conversion rate of over N1000, inside their Nigerian bank accounts.

Throwback:
I still sold Dollars at above N1400 today.

While the mumu are buying dollars, some are selling it off.

Those mumu will soon by handed N500 for the Dollars they are stockpiling at a conversion rate of over N1000, inside their Nigerian bank accounts.

story stoorie stooorieeee

Throwback:
I still sold Dollars at above N1400 today.

While the mumu are buying dollars, some are selling it off.

Those mumu will soon by handed N500 for the Dollars they are stockpiling at a conversion rate of over N1000, inside their Nigerian bank accounts.

U don see dollar for your life b4, no be you dey below dey scream ebi

Artscollection:


U don see dollar for your life b4, no be you dey below dey scream ebi

seee him head line opioro nango

Hi

Paraman:
The wailers will tell us the CBN governor is not doing anything to stop the naira from weakening against the dollar

naira at 1419 to dollar is an achievement I'm really sorry for Ronu people, as long as naira is above 1k to a dollar Nigerian will live in pains

Throwback:
I still sold Dollars at above N1400 today.

While the mumu are buying dollars, some are selling it off.

Those mumu will soon by handed N500 for the Dollars they are stockpiling at a conversion rate of over N1000, inside their Nigerian bank accounts.

Maybe there was a time you could deceive some people with this nonsense postulations. Well, not anymore. This government has proven to be useless, and nothing good can come from this government.

Before you call me ipob and sort of names, check my posts before and after the 2023 elections, I supported Tinubu because I thought he knew how to turn this country around. It's now obvious that he is very clueless.

BadMaster:

Maybe there was a time you could deceive some people with this nonsense postulations. Well, not anymore. This government has proven to be useless, and nothing good can come from this government.

Before you call me ipob and sort of names, check my posts before and after the 2023 elections, I supported Tinubu because I thought he knew how to turn this country around. It's now obvious that he is very clueless.

Then it means you believe in miracles.

Bola Tinubu is a patient man. Even his presidential ambition is a testament to his patience.

If Tinubu believed in miracles, he would have been President immediately after Obasanjo.

Give the Tinubu government 2 years to steer the country in the right direction.

To run a country and turn around an economy is no miracle.

These idiots are truly clueless not to have known that the high fx inflow was as a result of (FOMO) fear of missing out on the ridiculous ex change rate of $1 to #1,500+.

Ola9ja23:



Omo Igbo you shall be disappointed as Naira will regain its value and all IPOB shall suffer another humiliation worldwide.


Ndi hate pikin 🤣😋😋😂🤣

Ur papa wey be firewood dey France dey dry while you dey here dey wait for dollar wey u neva see b4