Dottore:
Make I go sell my dollar. I'm already at 11naira loss

Make I go buy before dollar rise again. Lol

linearity:


All your points are valid and that is how government works, why I am of the opinion that it is not sustainable is that, the government is allocating almost 100% of future foreign reserve increases that are converted to Naira to forex sector of the economy.

Whereas foreign investors, debtors, real Naira value, etc is determined partly by the size of the Country's reserve. Bigger reserves attracts better credit ratings, trusts and reduces loan servicing fees and gives foreign investors more confidence,etc.

There are better areas to put this money in the Nigeria economy that benefit the massses.

Good reasons you have there but I believe is sustainable by may be doing 50/50 between reserve and expenditure, for instance at $50 per barrel barrel 2 million daily output Nigeria make about $100m daily let's assume 40% goes to the JVs,Nigeria will be left with $60m daily, if this $60m will be shared between reserve and expenditure on 50-50 basis that mean we get $30m daily for each that mean we can afford to inject atleast $200m weekly

As long as there is peace in the Niger Delta and price is at least above $50 per barrel this CBN policy is sustainable unless there is no political will.

Cheers

let dollar continue to go down! down!! down.!!!

One day we will go to the promise land i believe in you president buhari

martineverest:
it will never be possoble....CBN wont even do it.

300 will be ok,so as to protect/encourage local manufacturers/producers..

This upshoot of dollar is a blessing in disguise

How?

I am so happy,
God bless PMB for this act

14:


So businesses still cant repatriate their money out of Nigeria, this is funny indeed.

Nawa for ur moniker oh!

Not until it get back to 150

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This is a good move
Meanwhile
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AUSVINS:
OK,small small we go reach there.

Whether exactly sir? Where BUHARI met it or lower than he met it?

XendersPride:
I am so happy,
God bless PMB for this act

His bless pmb for #415/$1? And u rebuked the man whose tenure saw to fixing rate at #250/$1?

straneur:


http://investorsking.com/naira-sell-n415-cbn-sustains-intervention-abcon/

it amaze me how it looks so easy to fix naija when these guys want to play political games. Hmmmm... There is godu ooo

Dottore:
Make I go sell my dollar. I'm already at 11naira loss

Abeg keep am oooo no sell am ooooo hahah, Una dey hoard dollars and they blame Buhari..

LordBaelish:
I'm neither for or against.

If it goes down I'll focus on imports, if otherwise, I'll just focus on earning more dollars.


Buh, wait oo.. this money they're pumping hope say e no go finish?

Make we know oo before hoarders FC come finish us for second leg.

Now at all, We are making over $120million daily from crude oil sale..

God Bless PMB.PYO we are getting there soon..

989900:
N405 @ Ikeja right now.
N400 @ Ibadan.

Time for speculators and hoarders to count their gains and losses and move on, or remain adamant and lose all.

Once black market merges with close to Western union, trust me, we are headed for N320 to a dollar in few weeks at the minimum!

I wrote the below some weeks back.

1. Oil is no longer our largest source of Forex inflow since 2015, rather remittances from diaspora @ $35b in 2016, which was between 3-4 times more than Forex from oil in 2016 (and that is not even taking into account the ones brought in physically and unaccounted for)!!
Nigeria is the 3rd largest recipient of Forex remittances from overseas in the world!
Diaspora remittances practically supports the Philippines Forex market.

2. Inflows from FDIs are no longer what they used to be . . . those have fallen by over 50% at around $4b in 2016 . . . not basically a situation peculiar to Nigeria thing, nor PDP vs APC thing, though we could have done better.

VERDICT:

Our issues largely complicated by a chronically ill Naira was largely fueled by either complicity or incompetence or both, by our policy makers.

You don't have to be a genius to realize that the large discrepancies between exchange rates created by whack policies got us here.
It ensured people no longer send money anymore via Western union and e.t.c (which would have come in through the CBN and filtered into the system), rather, they do directly to their dorm accounts and other means where they hoard and speculate on the Naira creating artificial scarcity.

Going forward, after the 'technical devaluation' to N375 to a dollar for hospital, school and other bills, the best policy would be to continue to support the Naira until western union and other remittance platforms rates merges with parallel market or within N5-N10 of the parallel market say in the next few weeks, thereby encouraging inflows coming in thru the CBN and speculators dumping their 'stash', which would further help the Naira appreciate considerably to around N350 or less, even with less inputs from 'petro-dollars'.

On the longer term, we pray our 'wild wild south-south' brothers would relax small about this bombing things, so that we can have more power supply which would help reduce our Forex consumption for refined fuel imports, while the CBN and FG intensifies efforts on reducing our over $4b per annum demand on rice imports and other food imports, hoping we can do something in the steel sector to reduce the billions of dollars we waste in importing those every year too. As we pray for Dangote and other new refineries coming up to deliver.

Bersmack Rewane on d making.nice one

If you are in the US or have relatives in the US trying to send money to naija, I will exchange the funds at 320/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. Don't bother with western Union and co, they exchange at 300/$ , with fees and the exchange rate drops even lower.

See contact in signature

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