DissTroy:
I'm an F.C. Barcelona fan who also supports Arsenal F.C.

Football is a cruel thing to get invested in sometimes.

Ibime:


I actually see sense in User09 arguments. The truth is somewhere in-between his argument and LordAdams

The volume of dollars that would be needed to increase Naira value by 40% is way more than $2 bln

I have seen CBN spend ten billion in short time frame just for Naira to stand still.

Without full disclosure of CBN accounts, I believe the Binance move as well as the NAFEM move took out some speculative noise and allowed Cardi to move the market with much less dollars than was needed before. Cardi really studied the situation and his prescription hit the mark. I also cannot discount State Governors profit taking which might be a phenomenon outside of the ambit of CBNs powers. Governors had been converting their allocations to dollars and would now be converting it back, giving them more Naira to prosecute their budgets.

Still, there is no loss for those holding dollars. Never in the history of niggadom has Naira appreciated over a reasonable timeframe and it will still meet that N2k within a medium term timeframe.

All said, much kudos to Cardi B.

DissTroy:


Perhaps you'd point me to what made you ask this? I had to filter-search Facebook from April 1 to now immediately I saw this, but no results returned for clashes.

I only know they were isolated skirmishes with farmers around 2021 in parts of 3 LGAs: Ibesikpo Asutan, Ibiono Ibom and Itu LGAs. I've not heard or read of such since the anti-grazing law was passed.

Maybe there are skirmishes I don't know about so maybe point me to the piece of news which prompted the question?

Sportsweb:
Be Honest Please. You are an Arsenal fans that jumped to Barcelona when the going was tough at Arsenal

YoshihideSuga:


Thanks for answering the question.

I intend to invest into the cultivation of a certain cash crop in the state, so I needed to know where to avoid. The last thing I want is having issues with Fulani herdsmen.

User09:


Here you go. Same thing that was trashed out earlier.

BTW, you know what's funny and I think I mentioned it in one of my responses earlier,

Using the external reserves to defend the Naira is one of the major functions of the CBN and it is explicitly stated on their website. All I have said is there's no evidence of this so far.

Sovereign wealth fund is different from reserves which I imagine most people should be more concerned about.

User09:


Hi Itsrm,

I made a mental note to come back to provide more clarity on the bolded and you can see it in the link below.

Take a look at number 3 and you'll see why I'm bringing it up. CBN has no reason to deny the obvious given that it is a major part of its core mandate. Until that claim is made and any evidence is provided, then we can make the association.

So far so good, market participants are yet to see them interfere in the fx rate dynamics

https://www.cbn.gov.ng/aboutcbn/

OasisX:



.....Yes PBAT administration met $34 billion in our foreign reserve [June 2023], but do we really care whether its being properly managed or not?!

The Administration has made many settlements in Dollars, yet foreign reserve just depleted by $1.2 billion. By the way, Bloomberg is finally a credible source to all parties?! Halleluyah. LOL!

In case una need to know wetin don sup so far;

- This administration paid $500 million Eurobond in July 2023.

- Paid external debt in Q4 - $900 million.

- Paid CBN legacy debt of $7 billion.

- Paid ways and means debt of $4 billion.

- Paid $1 billion to the USA government for weapons in November 2023.

You can google search any of the above for confirmations. Una suppose dey hail PBAT walahi. LOL!

Itsrm:
Is the government paying subsidy?

Minister: https://twitter.com/nifemioguntoye/status/1780384964883673192

Itsrm:


Thing is, there's nothing else that explains the foreign reserve depleting by 2.1bn in one month. The backlog they paid was 1.5bn. Remember they also claim to have received 1.5bn from FPIs. If 1.5bn from FPIs nets off 1.5bn used to clear backlog, where did 2.1bn go?

Yes, it's their core mandate to use the reserves to defend the currency so the question is why they are hiding it.

My guess, they know the implication of coming out clean which is, people will know the exchange rate is only headed in one direction-downwards.

BlueRayDick:


LMAO

Minister for peteroleum for state was asked if FG is paying subsidy and his response is " If Anybody is saying subsidy is being paid , it is left for the person to bring out the facts " even in the face of overwhelming and damning evidence . Almost immediately after that statement he had to admit the pump price is not determined by market forces but he's not willing to discuss what then dictates the price if not market forces .

This just tells u all u need to know about APC government , propaganda and gaslighting . They are inseparable triplets.

Itsrm:


This is from Opebee and it makes no sense. Foreign reserve has gone down 2.1bn IN ONE MONTH.

What has all the payment in 2023 gotten to do with it?

OasisX:




......alright. let's leave out 2023 part. Which Year and Month CBN cleared $7 billlion forex backlogs?!

Itsrm:


They cleared the final 1.5bn in March and also received 1.5bn from FPIs. Where did 2.1bn go?

Itsrm:


The funny thing is, even if you bring Mele Kyari, that's the best you're going to get

Why is it so difficult in admitting something that's so obvious? Okay, lets say it makes Tinubu look like a clown after famously declaring subsidy gone. Is that the first time he has gone back on things he said or did?

Maybe they are scared of IMF and the likes not granting them loans if they admit it.

Ibime:


You just remind me to go watch am after I done plan sweet sleep wey my body need

OasisX:


.........this Nigga on drip still dey make noise?! Una believe wetin una want believe, so you expect me wasting my time?! User09 argued with valid points yesterday, una got convinced?! LOL!

..................buy the dip geng. LMFAO!

nihilistjnr:
Mariko-sama will go down as one of the most legendary characters in TV.

9 gun salute for you.

GrammarNazi1:

Perhaps, he bought the dip too.

Oasis, easy on dip buyers na.

liveLongNprospa:
Lmaooo.. This is what happens when you trade your brain to opeebee.
Atleast do research on your own to defend what you have copied.

Only one observation from itsrm and you don shutdown.
Same old same old.

monerozi5590:



What's opeebee?