Great move, but why re they just doing that now, why wait until things became this worse

What the federal government is doing is just like avoiding the real deal. Pumping money into forex will never stabilize our current situation rather it will make it worst when we run out of any other alternatives

Na wa oo. So so injection and pumping but this dollar nor wan gree go down further. CBN abeg inject more till it gets to 200# to a dollar

100million. I been dey believe before, now I just conclude say these people just dey call figures as them like. Where them get 100million from again, dollars kwa.

donolatunji:
All Of That Intervention, Injection Pumping Of Funds And All Of That To Make Naira Gain Grounds Is An Artificial Intervention.
They Know The Natural Way So They Should Stop Giving Us Shits Stories Jere.

Please what is the natural way?

idbami2:
I kuku no understand wetin dem dey talk..

Make prsn summarize am fr me, abeg. In simple English

cbn is creating alternative cheap dollar sources for those that need it @375/$. bdcs had to drop to 465/$.

Nigerians have indeed suffered under this regime.
But these few weeks, Prof. Osinbajo has been in charge, we can observe a remarkable turn in the tide of economic fortunes.
Shows the difference between a professor/ PhD vs a Fulani cattle herdsman who submitted a NePA bill as certificate.

teemy:
cbn is creating alternative cheap dollar sources for those that need it @375/$. bdcs had to drop to 465/$.

Toor.. Ohda..

You do well, my brother..

BruzMoney:
they are just injecting the sick forex market, nothing is changing on the street

the street is the major problem now , even dollara go down to one naira to one dollar the street wont bring down the price of goods and services...the same street will blame the givt for hardship

This is artificial solution as the experts would say. For how long and how often will CBN continue to intervene and inject hundreds of millions of dollars into the forex market. We need a better CBN governor that can proffer solution to this financial quagmire.

I think government is confusing itself here. Obviously our oil earning situation won't change in another one year atleast. Instead of this artificial solution, can't government just invest that $1.2b into atleast one productive sector of the economy? I believe that makes better sense.

This is not funny yet it makes me laugh!
How can they engage in such an unsustainable measure that is not even impacting product prices?

Where are they getting the dollar they are pumping in from or is it the small appreciation we saw in the foreign reserve that they are spending?
WHERE WILL THEY GET THE DOLLARS TO REPLENISH THE ONE THEY ARE INJECTING

Maybe they forgot why MILLENIUM DEVELOPMENT GOALS WAS CHANGED TO SUSTAINABLE DEVELOPMENT GOALS

Wetin concern me, how I wish the banks will just lift their dollar spending limits!

After all this injjections upandan . . . . . . The economy is still sick. . . Who is running this diagnosis na? . . I hope you are a trained doctor oh?

Yes...the dollar must obey!


Mtschwww...
Economists know better, that this is unsustainable. We must ask ourselves what makes a country's mony stronger (like why pounds is stronger than dollar, for instance). It depends on many things, production and export:import (balance of trade). What do we export & what are we producing? Next, is our consumption attitude! Are we checking all these? That's the thing, not cosmetic approaches! While the "cosmetics" can ameliorate it a little, it cant solve (treat) it permanently

fryoobest:
Interesting,,, But With all these INJECTIONS, when is the price of Garri coming down From 1000 to 250 naira/painter??

Hmmmm, I think naija economy needs more diagnosis to avoid wrong Injections, making it more sick.....

the law of gravity is proven useless in Nigeria


what does up in Nigerian market doesnt come down


note the dollar still hasn't come down(199)

Mtcheeew.... breeding more hoarders

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LordBaelish:
This is tantamount to what football lovers have seen with Clubs spending big just to maintain growth e.g Man City.

The fact is as long as the demand still outweighs the supply, the price would still return back and with a fervor. It's better such monies are used to facilitate structural development.

A leaking bucket is a leaking bucket no matter the amount of water poured in..

you think the dollars was just given free. Nigeria needs naira to run the economy and it earns dollars so for the nation to be runned the dollars must be changed to naira.

This is as simple as ABC but some people are painting as if the dollar was just given free of charge, what do we do with the dollars earned via crude sales? Keep it in the bank to fallow? It must be exchanged to get naira to run the nation

The biggest enemy of Nigeria economy is those saying we should float the naira, if we dare do that dollar may be 2k, it is the duty of government to defend it's economy, floating the naira is like opening your borders for everything and anybody to enter and leave at anytime

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HAH:
you think the dollars was just given free. Nigeria needs naira to run the economy and it earns dollars so for the nation to be runned the dollars must be changed to naira.

This is as simple as ABC but some people are painting as if the dollar was just given free of charge, what do we do with the dollars earned via crude sales? Keep it in the bank to fallow? It must be exchanged to get naira to run the nation

My analogy still applies. It's not free dollars but still something goes for something. Depleting reserves might be a decent option especially during Dollar peak periods(Which we aren't in) but it's a stop-gap at best, it's not a long or medium term solution.

Enemy of Nigeria keep praying for this not to work but CBN keep putting them to shame, We are making enough dollars to keep pumping in the forex..

I hope CBN is being sincere with these forex injections by monitoring the activities of these banks cos most of them are CORPRATE THIEVES. also, the activities of illegal Bureau de changers should clamped-down.

LordBaelish:


My analogy still applies. It's not free dollars but still something goes for something. Depleting reserves might be a decent option especially during Dollar peak periods(Which we aren't in) but it's a stop-gap at best, it's not a long or medium term solution.

Not everything earned goes into the reserves, some of the dollars earning needs to changed to naira to run the country, this exchanges is what is term pumping of dollars, it has increased because our dollar earning has increased due crude price increase

idbami2:
I kuku no understand wetin dem dey talk..

Make prsn summarize am fr me, abeg. In simple English

Dem carry penixxx put inside toto. . .as simple as that. .

no1madman:
Dem carry penixxx put inside toto. . .as simple as that. .

Ah. This one na madman truetrue..
Oya, come, make I pray fr yyou

HAH:


Not everything earned goes into the reserves, some of the dollars earning needs to changed to naira to run the country, this exchanges is what is term pumping of dollars, it has increased because our dollar earning has increased due crude price increase

And when the crude price reverses? Hand-upon-head and book of lamentations opens?

Bros, this method is just to make people feel good and score political points. Fair play to him though..

LordBaelish:


And when the crude price reverses? Hand-upon-head and book of lamentations opens?

Bros, this method is just to make people feel good and score political points. Fair play to him though..

If you sell garri and you earn dollars do you just leave everything in your dorm account waiting, you will leave some in the account and change some into naira to use for your family, this is what the government is doing, they are not using anything earned some are saved in the reserves that is why the reserve is now over $30B.

HAH:


If you sell garri and you earn dollars do you just leave everything in your dorm account waiting, you will leave some in the account and change some into naira to use for your family, this is what the government is doing, they are not using anything earned some are saved in the reserves that is why the reserve is now over $30B.

You have a point. As for me, now's the time to pay for all foreign expenditures i've kept on hold since.

LordBaelish:


You have a point. As for me, now's the time to pay for all foreign expenditures i've kept on hold since.

that's the spirit , the government as you pointed out earlier want to prove a point and as long as oil sells above $50 they can sustain the momentum, and projection say oil can be up to $60 per barrel before the end of the year especially if the opec cuts are sustained.

Wise speculators should sell their holdings because as it is they will only lose, according to some analyst the real value of the naira is around 380-400, the current 450-460 is even high, there is a currency war going on and many hoarders are out there, like of the former gmd nnpc Andrew Yakubu that was caught with $9.7M.

So my brother I like this discourse because we learn from each other, cheers

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HAH:
that's the spirit , the government as you pointed out earlier want to prove a point and as long as oil sells above $50 they can sustain the momentum, and projection say oil can be up to $60 per barrel before the end of the year especially if the opec cuts are sustained.

Wise speculators should sell their holdings because as it is they will only lose, according to some analyst the real value of the naira is around 380-400, the current 450-460 is even high, there is a currency war going on and many hoarders are out there, like of the former gmd nnpc Andrew Yakubu that was caught with $9.7M.

So my brother I like this discourse because we learn from each other, cheers

I think speculators should actually buy up the excess dollars depending on their capital base. It's similar to the stock market, when people are in panic selling, a wise investor would caefully buy. Fact is it all works in a similar manner: Ponzi's, Stocks, Investments and Forex. Emotions carry a lot of weight especially one like Nigeria.

To be honest, i really don't expect the cuts suggested by opec to be maintained for the long haul as it'll affect the larger OPEC producing countries more than the latter.