DomPerignon:
FG should begin recalling most of the currency in circulation printed from thin air by Emefile through this Forex window.

This how the FG can utilize the Forex to remove excess liquidity from circulation and drive down inflation.

The only people betting against the naira are Buhari looters who , without Emefile's protection, are now moving their loot through the Forex window .

No genuine business will bid so high for Forex in such a challenging economy. What do they want to import that they are desperate to bid so high for Forex?

In a few months, if the FG compels the CBN to withdraw all excess liquidity from funds raised through the FX open window bidding, the naira will regain to about 350-400 to a dollar.

Ikaeniyan0:
It's over #820/$ in the black market.

Ikaeniyan0:
It's over #820/$ in the black market.

2mch:
Banks are selling their dollar to BDC and the black market rate is much different. Why is Tinubu government not paying close attention to these banks? Buhari really brought in another type of corruption into this country by having two rates.

Rayban25:
propaganda will not help nigeria.

party of failures wey never tire for image laundering.

baralatie:

You guys are very funny!🤣🤣😂
What you produce to earn dollars or
What do you produce to negate imports
You don't even have solution on your billion dollar oil imports?

XtraFortunes:
Bulaba and propaganda na 5 and 6

Dollar N742?

Aboki dey say something different

blackjack21:


How much is Aboki rate, please?

Revolva:
Abeg all dese na lies

I bought 860 per dollar today from.abonki

Ikaeniyan0:
It's over #820/$ in the black market.

FuckSilly:

Shut up!
Nigeria produce and exports crude oil which is an essential commodity all over the world.
Every country in the world can not be producing technology and agriculture. E.g, what is Saudi Arabia, Kuwait and UAE producing?
DON'T LET OYINBO DECEIVE YOU WITH NONSENSE AND BULLSHÎT

DomPerignon:
FG should begin recalling most of the currency in circulation printed from thin air by Emefile through this Forex window.

This how the FG can utilize the Forex to remove excess liquidity from circulation and drive down inflation.

The only people betting against the naira are Buhari looters who , without Emefile's protection, are now moving their loot through the Forex window .

No genuine business will bid so high for Forex in such a challenging economy. What do they want to import that they are desperate to bid so high for Forex?

In a few months, if the FG compels the CBN to withdraw all excess liquidity from funds raised through the FX open window bidding, the naira will regain to about 350-400 to a dollar.

2mch:
Banks are selling their dollar to BDC and the black market rate is much different. Why is Tinubu government not paying close attention to these banks? Buhari really brought in another type of corruption into this country by having two rates.

blackjack21:


How much is Aboki rate, please?

azpekuliar:


Lol….

You are extracting crude oil from the ground (that you did not put there) and adding ZERO value to it before exporting and you say you are producing. What are you producing? Do you not see how lazy that sounds? You are not better than DR Congo sitting on almost half of all the world’s most precious minerals yet cannot develop. When one mineral becomes irrelevant due to evolving technology you will scout the deep earth again looking for the next one to sell to those who can add value to them and sell back to you in the form of high value products. That is why you are the poverty capital of the world.

We will see how essential that crude oil is to the world in another 20 years. On Adeola Odeku street in V.I there is an Electric Vehicle charging station now.

By the way your country does not have more crude oil reserves than Venezuela…

FuckSilly:

Ignoramus.
So why has Saudi Arabia, Kuwait and UAE developed with the same crude oil.
Kuwait dinar is the strongest in the world, but naira is trading at 800 naira to a dollar.
You also think everything about crude oil is petrol, kerosene and diesel, which is why you mentioned electric vehicle. I won't engage in an argument with an ignoramus. You know little or nothing about crude oil.

baralatie:

You guys are very funny!🤣🤣😂
What you produce to earn dollars or
What do you produce to negate imports
You don't even have solution on your billion dollar oil imports?

FuckSilly:

Shut up!
Nigeria produce and exports crude oil which is an essential commodity all over the world.
Every country in the world can not be producing technology and agriculture. E.g, what is Saudi Arabia, Kuwait and UAE producing?
DON'T LET OYINBO DECEIVE YOU WITH NONSENSE AND BULLSHÎT

DomPerignon:


Normally I won't reply to ignorant posts like this but for sake that others will be infected with your brand of stupidity I must clarify certain issues you raised.

Firstly , this is the second time the naira has been allowed to float freely .

The first time was under IBB after the disaster known as Buhari had wrecked the economy .

Buhari hid under protectionism to hide the dwindling FX reserves which greeted his treason on our polity.

A simple check on FX reserves from CBN archives will show you a significant dip in FX holdings between December 1983 to January 1984.

As Buhari carried out his coup on our polity on behest of the then struggling Thatcher govt that was battling a recession, huge amounts of money was moved by Buhari to pay our creditors in London . This was a debt that was hanging from the senseless civil war which you guys instigated.

Shagari had insisted on debt rescheduling due to a slump in oil price and huge theft by the Obasanjo govt - notably, the missing oil money scandal by the Buhari headed NNPC.

Britain at this time was dead broke and was facing waves of coal and rail workers strike. This was when Baron Victor Rothschild as adviser to the Thatcher govt and head of MI6 instigated another coup in Nigeria. The first being your senseless coup of Jan 15, 1966 that turned Nigeria from zero debt to owing Jewish Banksters in London which Rothschild was a major creditor.


IBB was forced to float the naira in other to reopen the economy. The naira was fixed at #4 to a $1 and after its first trade closed at about #12. That's a whooping 300% devaluation and nothing compared to the current drop we are witnessing

By the time Abacha took over it was at above #20 to a dollar. Abacha will borrow some buharimonics for political reasons only and despite this, the naira was forced to crash to about #40 to a dollar on Obasanjo being sworn in. So between 1983 to 1999, the naira devalued by over 1000% despite all artificial attempts to prop it up through fixed pricing.

You must also understand that the naira is one of very few currencies that has never been traded internationally, thereby making it a non convertible currency outside it's soverign borders. You can only convert naira at Nigeria's land borders. Outside this, you will not see anyone willing to touch it.


You argument is based on continuing the failed system that only promotes a parallel market which insider traders are the only beneficiaries.


You know nothing.

iammolise:
Yahoo,Forex and crypto guys are like

blamingthedevil:

https://nairametrics.com/2023/07/19/exchange-rate-post-biggest-ever-gain-closing-at-n742-1-on-ie-window/

DomPerignon:


Normally I won't reply to ignorant posts like this but for sake that others will be infected with your brand of stupidity I must clarify certain issues you raised.

Firstly , this is the second time the naira has been allowed to float freely .

The first time was under IBB after the disaster known as Buhari had wrecked the economy .

Buhari hid under protectionism to hide the dwindling FX reserves which greeted his treason on our polity.

A simple check on FX reserves from CBN archives will show you a significant dip in FX holdings between December 1983 to January 1984.

As Buhari carried out his coup on our polity on behest of the then struggling Thatcher govt that was battling a recession, huge amounts of money was moved by Buhari to pay our creditors in London . This was a debt that was hanging from the senseless civil war which you guys instigated.

Shagari had insisted on debt rescheduling due to a slump in oil price and huge theft by the Obasanjo govt - notably, the missing oil money scandal by the Buhari headed NNPC.

Britain at this time was dead broke and was facing waves of coal and rail workers strike. This was when Baron Victor Rothschild as adviser to the Thatcher govt and head of MI6 instigated another coup in Nigeria. The first being your senseless coup of Jan 15, 1966 that turned Nigeria from zero debt to owing Jewish Banksters in London which Rothschild was a major creditor.


IBB was forced to float the naira in other to reopen the economy. The naira was fixed at #4 to a $1 and after its first trade closed at about #12. That's a whooping 300% devaluation and nothing compared to the current drop we are witnessing

By the time Abacha took over it was at above #20 to a dollar. Abacha will borrow some buharimonics for political reasons only and despite this, the naira was forced to crash to about #40 to a dollar on Obasanjo being sworn in. So between 1983 to 1999, the naira devalued by over 1000% despite all artificial attempts to prop it up through fixed pricing.

You must also understand that the naira is one of very few currencies that has never been traded internationally, thereby making it a non convertible currency outside it's soverign borders. You can only convert naira at Nigeria's land borders. Outside this, you will not see anyone willing to touch it.


You argument is based on continuing the failed system that only promotes a parallel market which insider traders are the only beneficiaries.


You know nothing.

wealthyvic1:

Is moving to N1000.
Smart businessmen are Investing &
saving in dollars (USDT)

Roger3D:
Yes I observed that the Naira gained about N18 Naira on the Euro today. It was N920.18 this morning but now it's N902.52 at closing. Let's hope for the best