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Nairaland Forum / Nairaland / General / Business / It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves (28024 Views)
Disquiet In CBN As Cardoso Retires ‘Emefiele’s Directors’ / Black Market Welcomes Cardoso With ₦960/$1, P2P Now ₦970/$1 / Naira Weakens At Forex Market As Foreign Reserves Drop To $43b (2) (3) (4)
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Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Everlastingson: 8:37am On Apr 18 |
iamtoofan: Stop lying. You can't deceive us. In all, you're still putting the cart before the horse. You left the real issues to address as a govt and are beating about the bush. You'll soon look for another diabolical lie to tell. Defending the Naira is now good but you're hounding Emefiele for doing same. |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by NOwazobia: 8:45am On Apr 18 |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by iamtoofan: 8:49am On Apr 18 |
BabbanBura: Your worries are valid but these is quite different from any status quo you/we know At no time in Nigeria as local currency make a rebound at such rate, pace, and time At no time in Nigeria do we have parallel market selling below Cbn official rate At no time in Nigeria do we have a regulated and monitored BDC operators All these development were not seen under Emiefele neither did he make it a priority to clear backlogs as much as we have seen cardoso done. If Foreign reserve is low and revenue is low then how is FG able to share bigger allocations to states, don"t tell me its loan I agree junk of nigeria crude as being swap in advance but currently crude is selling high above benchmark My major worries is the captivity of market forces in Nig, until we have a true market where forces of demand & supply fully operate we might keep going forth and back |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Snowx: 9:34am On Apr 18 |
LAXconfidential: Even apology is not enough..he should proceed it with reversing fuel to its original price. Is only the tribal bigots will see your opinion as been biased |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by NothingDoMe: 9:42am On Apr 18 |
iichidodo:The problem is that they should not have stopped defending the naira in the first place by claiming it was better to float it. This has caused untold hardship. The day crude oil, on which we all depend, runs out, there will be a crisis in this country. |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by favor914: 9:47am On Apr 18 |
NothingDoMe:The irony is that crude oil will not run out in your life time, and mind you, you are yapping nonsense. |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by favor914: 9:54am On Apr 18 |
Snowx:Joker Man, please go back to sleep, then the next time, wake up on the other side of your mat. |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by ebenholer2(m): 10:07am On Apr 18 |
AqualinaXYZ:👆Here out the wailers and their myopic perspectives out of bigoted mindset. |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by IfnobeGod20: 10:38am On Apr 18 |
iamtoofan:This is the problem of many of you that are supporters and hailers of government. Since you don't even know the value of foreign reserve, how would you thinking normal. At least if you don't even know it, why can't you just Google it and ask the importance of having foreign reserve as a country. Remember the same people are the one moving from one country to another seeking for investors to come and invest in the country, the same them depleting what will give the wooed investors confidence to come to the country and invest. I am cog sure you don't love the country the way I love it. The only difference between us is that I see wrong and say and when I see good about the country I appreciate it. No reasonable government deplete her reserve and still be looking for investors at the same time. Defend the naira with all your reserve, when the reserve is gone, you go to square one and the naira depreciate again. What we suppose to do first, we will not do it but looking for what is not lost. Every sound country with sound economy go into heavy production and export to strengthen their currency but Nigeria economists use our reserve to strengthen naira. This is what has been causing naira somersault for long. Emefiele did it and failed, now Cardoso is doing same. What do you expect? Failure because it cannot last. Reason don't be a blind support without sense. The good and prosperity of this country is my joy and every reasonable persons in this country and not the hailers that doesn't think beyond politics and my people in government. Reason! |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by NothingDoMe: 10:39am On Apr 18 |
favor914:Lol. This is coming from someone who has never even seen crude before. Typical. Do you know how many wells have their reservoir pressure depleted and are being supported to flow normally? Kindly stick to your normal meaningless group political banters and don't venture into things you don't understand. |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by iamtoofan: 10:41am On Apr 18 |
Everlastingson: I can't make sense of anything you say, why not point out the lies You want us to have an untouched foreign reserve even if naira fall to 5000k Emiefele defend naira by printing more local currency & borrowing .. Emiefele never cared about clearing backslog and rebuilding investors confidence Emiefele did not regulate or monitor BDC operators Emiefele never achieved a parrellel market lower than official rate Those saying Cardoso is back to statuo quo needs there head examined |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by dfrost: 11:07am On Apr 18 |
Like I said, until we are transparent, we can't move forward. We need full disclosure on these things. Don't feed us half truths. Go all out.
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Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Everlastingson: 11:34am On Apr 18 |
iamtoofan: Akuko n'egwu Mike Ejeagha. |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by BabbanBura(m): 12:24pm On Apr 18 |
iamtoofan: Again, excellent exposition within the bounds of the information available to you. Do not put your mind on crude revenues to turn things around in this country because of the 40% government owned crude what comes to the purse is nothing to write home about. All this magic you see the CBN doing is from depletion of the reserves and borrowing with some infact of panic sales from lily livered criminals who stocked the fx to preserve the value of their wealth. Another thing helping the rebound, credit to CBN, is righting up the nose on leakages from CBN through the banks, the BDCs and the thieving politicians. All these are not a permanent solution but temporary one. The permanent solutions is aiding productions / manufacturing (to earn fx and reduce fx spend) and reducing or eliminate imports - tell me what the current government is doing on this permanent longtwrm solutions? Once we deplete the reserves fully and take all the available loans and spend them on fx rate stabilisation, with no one to loan us more money, then the naira will return to its free fall and nothing can hold it back. What will give me comfort is to see this government declaring a state of emergency (action not the formality) on production and manufacturing starting with the biggest commodities that consume our fx or that dab yield us alot of fx. Things like feeding ourselves and exporting excess, curbing crude oil bunkering, arresting illegal mining and enforcing a value creation framework, arresting brain drain by creating enabling ground for talents to develop and be a solution to our domestic issues, enforce rule of law to drive accountable and transparency etc - is there any indication of these currently by this government? Does their body language tilt towards this at all? I am worried my brother, I am concerned about my naija, my country! |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by frog12: 12:47pm On Apr 18 |
this man's management is far better than emefiele wey dey make noise left and right. this is what a central bank should do |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by frog12: 12:48pm On Apr 18 |
they even call the man patch-patch CV. this man is correcting many of the wrongs. iamtoofan: |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by commoditiesnig: 2:07pm On Apr 18 |
nlfpmod:Good clarification |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by commoditiesnig: 2:09pm On Apr 18 |
iichidodo:Gbam! Well said |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by iamtoofan: 3:31pm On Apr 18 |
BabbanBura: With the nature of Nigeria/govt and its people i rather place my mind on nothing, however i want to be open minded as events unfold. with the refineries on sight, a big expenditure relief is coming on the budget and most especially the Naira cos junk of our revenue goes into subsidy. Lets be reasonable, check how much the CBN as dispense to BDC operators and compare with how much CBN as expended on settling backlogs ... even an illiterate will know what depleted the reserve mainly is settling debts For a country trying to lure investors, cardoso move to settle backlog is a viable solution ... whats the essence of a cumulative reserve and naira is as valueless as zimbabwe dollar Those elite arguing against using reserve to save the economic are just being unreasonable ... if you are about to die and your asset can save you, will you rather die because you don't want people to see you carless or homeless Cardoso understands whatever he is doing as to be a temporary measure, he knows refineries are coming up shortly .. but before that happens cbn must mitigate any economic crisis, imagine life at $1/2000 Declaring state of emergency won't command "magic" .. gearing up local production and export can't happen asap, we don't have suvh time the economic needs first aid when stabilize a bit we can visit long term measures. We ask govt to bring dollar down, they are ! don't get why some elites are raising dust |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by princedukee(m): 3:48pm On Apr 18 |
kinda believe and have confidence in TINUBU administration now... Whatever Tinubu, wale and Cardoso are doing, they shouldn't stop...press that dollar neck no let ham breath |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by Onyedikachi231: 5:38pm On Apr 18 |
iichidodo: You know add Nigeria to the AI wey help you type this and see if you fit copy and paste am like this. 1 Like |
Re: It's Not Our Intention To Defend The Naira - Cardoso Speaks On Foreign Reserves by merits(m): 7:42pm On Apr 18 |
AqualinaXYZ: |
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