Englishisamust:



Do you know better than the president, do you think it is easy to manage a country... Okay if you know he is doing rubbish go do president and come back and explain!!!.. when najra is depreciating you will say he is doing rubbish and when it appreciating is also doing rubbish. So tell me what positive mind or positive hope are you giving the president...

mind you the president in question is a power hungry murderer who dealt drugs and can't make a cohorent sentence without spilling what he's full of, which is garbage, I know university students who carry leadership role better than that old cargo

If you rob Peter to pay Paul.. oneday Peter go change am for u

Bigtime

donmaxman:
You know nothing about exchange rate. This will not stand the test of time. Imagine borrowing 10 billion dollars to salvage the naira. What happens after the money finishes? The debt would have to be paid back with interest in dollars. The only sustainable way to grow the naira value is by production and not by voodo economics or by foreign direct inflow. FDI is almost zero for now. No investor takes Nigeria serious anymore. The currency is unpredictable. The diaspora remittances that use to come through western union and money gram and prop up the naira has dried up because the Nigerian banks were taking our dollars and giving our family naira at CBN fixed route. Now no one routes money through that means instead foreign apps collect the forex and credit your naira account from their Nigerian account at the black rates shutting out CBN and making Nigeria lose completely. Emfiele realized this and tried to attract the diaspora earnings but the damage and trust has been broken forever and this heavily impacted on the naira value. Nigeria will have to fork out more dollars in the future to pay the 51 billion dollars foreign debt. Don't be fooled by this gimmick, the foreign reserves have been depleted. Crude oil earnings have depleted. Nigeria is competing in the same market with the USA and Canada to sell crude. Most of us in the diaspora are thinking of selling off our investment in Nigeria and repatriating the funds to safer clime because we know your naira is useless. Imagine a former president printing 72 trillion naira without national assembly approval and without consequences . Can you invest in that kind of country? Bro forget naira is almost toilet paper or monopoly money. No body that is wise stores his wealth in naira. Pressure for forex is far more than the income. My only regret was even having some of pension and assets in naira. Forget Naira!!!

This has been discussed by lots of diasporians in the know,
While naira will continue to lose its value, Nigeria is still far better in investment especially for diasporians looking to build wealth
The essence of moving overseas is to leave a better live, nothing more than that,
Anyone on planet Earth who understands wealth building will always find a way to invest this shit hole
Although I understand the security risk and lots of other factors
But fortunately enough, the cost of investment and return on investment in this shit hole is better for several people than you may see

People are still doing their shit here,

sotall:

The way some of yoj rush and open threads to asslick those that are oppressing you is really baffling.

With the damage the bad economic policies of the government has done to the finances of Nigerians, one would think every Nigerian now knows where the problem is coming from.

This patch patch solution of dumping dollars into the Nigerian fx market is only a one-week solution to a decade-long problem.

How long can the f
Government keep dumping dollars? Instead of them to improve power generation and distribution, create a good environment for export of Nigerian goods, and ensure local refineries work, they are dumping dollars.

I hope you aren't disappointed when dollar starts to rise again

They don't need to dump dollars and in fact they are not dumping dollars. They are simply paying off debts - fx forward debts ( Stanbic, standard chartered, Citibank - 100%. Rest of comm banks 70-80%. They are also providing funds to international airlines to repatriate their USD) This is creating liquidity. The more liquidity there is in the fx market the more hoarding and speculation diminish.

This is phase one.

Phase two is for long term capital importation from sovereign wealth funds and investors.

And who says FG is not working on power and infrastructure? Is Siemens here for a party? In the last week alone several IPS projects have launched. Disco contracts are up for renewal. Possibly 70% of them will be recapitalized and transferred.

Phase three is the automation of the fx market to capture diaspora remittances ( this might even be Phase 2 or run concurrently)

Let's stop election talk and support every effort being made. Even if the government does well, there can still be vibrant opposition on the basis of better policy. Every party now have states they can use to show case themselves.

May your cream not become sour. Smile. Good news is for everyone.

What crime did they commit if the dollars weren't given to them by the government?

In the first place, why should citizen's access to another country's currency determine the direct of the economy of a serious nation?

South Korean Won is very weak when compared to the USD, yet USD doesn't doesn't dictate the direction of their local economy.


Your country is a confused country due to the mediocre leaders you have.


To burst your bubble, once the forex backlogs owed to banks and international counterparts are paid by the government which is what's causing the artificial drop, the rate is going back to the moon.

Deogratiasfx:


Do u understand the implication of what they are doing? Same thing Emiefele did and I shouted, but how much do I have, which influence do I command? Who will listen to me? I shouted then, with what he was doing dollar would reach 1k. How can u use Panadol to treat cancer and expect success? They continue, though naira appreciated then, but when the real forces of supply and demand came, dollar eventually hit over 1k. They have started again. Pls Nigerians buy dollar and keep and expect it to hit 2k soon. Pls.save this post because you might want to say thank u

what's the best medium to buy dollar now,

Nice2023:




I can see u are angry.

I am pro good govt and a devoted Labour Party supporter.

Let us support good things for now despite the fact it is a stolen mandate.

People are suffering and if this can assuage the suffering I would be happy honestly.

So you actually know why naira is appreciating or you actually think government has solved the real reason our currency is this weak?

You are even happy the government is pumping in dollars. How long will that hold?
The only thing that can stable the Naira is Export. There are little or no industries and you solely rely on government pumping to stabilize Naira, its going to skyroket in the next 3 months and you will still hope on your balablu to pump more.

Nice2023:
Those who are experts in hoarding dollars,Nigeria is gradually happening to u guys and this has led many stranded as to what to do.

The reverse consequence is hard to believe and this could further help in reducing the value of the dollar to naira to a shocking level beyond comprehension.

More money is being pumped in to further reduce the dollar to naira exchange.

You are not being sane with your analysis, he met USD at 700/730. sky rocketed to 1300, and you want people to Celebrate a good thing? Thesame good thing PDP maintained and left at 216/$

Nice2023:




I can see u are angry.

I am pro good govt and a devoted Labour Party supporter.

Let us support good things for now despite the fact it is a stolen mandate.

People are suffering and if this can assuage the suffering I would be happy honestly.

mrvitalis:

Lmaooo funny thing is the real experts sold are 1200 and are seriously buying now

Dollar is going to #1500 in 6 months time max except we start pumping 4mbpd or oil gets to $300 pb

It's not emotions it's not propaganda

Don't tell anyone.

Some people even borrowed money just to buy more USD.

If USD likes, let it sell for ₦700

Keep buying

When the facade fades, it's going back to its natural habitat = The moon.


In the last 30 years, naira has never appreciated on a steady against the USD because it has no comparative advantage.

Forget sentiments

If you use sentiments to follow forex or emotions, you go cry.

Error401:
You are not being sane with your analysis, he met USD at 700/730. sky rocketed to 1300, and you want people to Celebrate a good thing? Thesame good thing PDP maintained and left at 216/$

PDP didn't maintain anything (even though they were patching it for 16 years).

What was the rate of USD to naira in 1999?

What was it in May 2015?

Pmedia7787:



This has been discussed by lots of diasporians in the know,
While naira will continue to lose its value, Nigeria is still far better in investment especially for diasporians looking to build wealth
The essence of moving overseas is to leave a better live, nothing more than that,
Anyone on planet Earth who understands wealth building will always find a way to invest this shit hole
Although I understand the security risk and lots of other factors
But fortunately enough, the cost of investment and return on investment in this shit hole is better for several people than you may see

People are still doing their shit here,

Until Nigerians here steal you dry.

Lost money to Nigerians before while investing in Nigeria?

From experience, the gain is not worth the risk.

Too much desperation right now, even lawyers are scamming their clients.

GOD ALMIGHTY BE PRAISED.IS TIME TO STOP SABOTAGING NIGERIA ECONOMY,
STOP THE SCAMS IN BLACKMARKET FOREX STOP IMPORTING NONSENSE,STOP THE OIL THEFT,STOP BANKING SCAMS,STOP KILLING HUMANS FOR MONEY.
WAKE UP TO NEW DAWN OF RENEWD HOPE.
GOD BLESS NIGERIA, MAY GOD DAWNATION FLUSHOUT HATERS OF NIGERIA TO OBLIVION IFSHA.

NothingDoMe:
Wow! So much anger over a statement of fact. He's right. It's only a temporary fix. Seasoned speculators will sell now as the price crashes and start hoarding again when the govt can't defend the Naira.

You got it wrong, mate.

The so-called seasoned speculators are the corrupt government officials including the ones at the CBN and Nigeria Minting and Printing Company who have excess of the worthless Naira in their custody and can also print whatever amount they wish to mop up the available "pumped" Dollars for safe-keeping and to preserve their stolen wealth from depreciation thereby leaving the poor citizens to grapple with an excess of Naira chasing too few goods.

This is just a rigmarolic economic policy.

Nice2023:
Those who are experts in hoarding dollars,Nigeria is gradually happening to u guys and this has led many stranded as to what to do.

The reverse consequence is hard to believe and this could further help in reducing the value of the dollar to naira to a shocking level beyond comprehension.

More money is being pumped in to further reduce the dollar to naira exchange.

I give you only 10 days dollar will go up, you can't be import dependent nation & expect a good economy

Nigerians who are enemies of our country are always happy whenever there's is any slight fall in the value of the Naira to Dollar. They will give all sorts of instances about the forex just to justify their selfishness. But let me tell you that they will loose and cry ocean as Naira will continue to appreciate geometrically from now till December. No matter all you think you know about the forex, its a demand and supply thing and the government has taken a step by Dollar injected into the system.

Artiiclebeast:


You got it wrong, mate.

The so-called seasoned speculators are the corrupt government officials including the ones at the CBN and Nigeria Minting and Printing Company who have excess of the worthless Naira in their custody and can also print whatever amount they wish to mop up the available "pumped" Dollars for safe-keeping and to preserve their stolen wealth from depreciation thereby leaving the poor citizens to grapple with an excess of Naira chasing too few goods.

This is just a rigmarolic economic policy.

Yes the government officials are at the top of the speculation chain.

Lol, I actually thought you peopleare sensible but nothing reasonable comes from the agbado people. 16 years of PDP's rule is about 13.5Naira increase per year on average assuming the country started at 1NGN/1USD in 1999.
Today, Naira is 900 compared to 216 of 2014. Thats an average of 76NGN increase per year. PDP shouldnt be compared to your APC colossal failure. In terms of all socio economic indices, IGR, Employment, everything was better in that 16 years .

somehow:


PDP didn't maintain anything (even though they're patching it for 16 years).

What was the rate of USD to naira in 1999?

What was it in May 2015?

Error401:
Lol, I actually thought you peopleare sensible but nothing reasonable comes from the agbado people. 16 years of PDP's rule is about 13.5Naira increase per year on average assuming the country started at 1NGN/1USD in 1999.
Today, Naira is 900 compared to 216 of 2014. Thats an average of 76NGN increase per year. PDP shouldnt be compared to your APC colossal failure. In terms of all socio economic indices, IGR, Employment, everything was better in that 16 years .

You're obviously not exposed.

So because I refused to seperate PDP from APC, I'm automatically an APC supporter?

I now see why your politicians play you lot like football.

Now why are you assuming when you could have just used the real figures available in public domain to support your opinion?

What are you assuming?

You're not exposed at all and not worth my time.

Tip : 1999 = ₦21.87
2015 = ₦197.87

(Official rates)

Black market rates were higher on both ends.

In 16 years, pdp have about 88% increase and APC on the other hand already have 75% increase in just 9 years
I used the official rates and didnt include the times this rates skyroketted to 855 (december 2022) and 1350 (october 2023)
Both are clueless parties but you dont need Einstein to tell you APC is a failure

Make it make sense to me.

somehow:


You're obviously not exposed.

So because I refused to separate PDP from APC, I'm automatically an APC supporter?

I now see why your politicians play you lot like football.

Now why are you assuming when you could have just used the real figures available in public domain to support your opinion?

What are you assuming?

You're not exposed at all and not worth my time.

Tip : 1999 = ₦21.87
2015 = ₦197.87

(Official rates)

Black market rates were higher on both ends.

Error401:
In 16 years, pdp have about 88% increase and APC on the other hand already have 75% increase in just 9 years
I used the official rates and didnt include the times this rates skyroketted to 855 (december 2022) and 1350 (october 2023)
Both are clueless parties but you dont need Einstein to tell you APC is a failure

Make it make sense to me.

Now you still failed even though I tried to help you.

What a lost cause.

Labouring in vain to make sense. If the dollar went to 1500 will you be writing this rubbish ?

sotall:

The way some of yoj rush and open threads to asslick those that are oppressing you is really baffling.

With the damage the bad economic policies of the government has done to the finances of Nigerians, one would think every Nigerian now knows where the problem is coming from.

This patch patch solution of dumping dollars into the Nigerian fx market is only a one-week solution to a decade-long problem.

How long can the f
Government keep dumping dollars? Instead of them to improve power generation and distribution, create a good environment for export of Nigerian goods, and ensure local refineries work, they are dumping dollars.

I hope you aren't disappointed when dollar starts to rise again

Nice2023:




I can see u are angry.

I am pro good govt and a devoted Labour Party supporter.

Let us support good things for now despite the fact it is a stolen mandate.

People are suffering and if this can assuage the suffering I would be happy honestly.

You are the first Obi supporter to wish Nigeria well

The rest just want Nigeria to burn so that they can blame Tinubu even though they also suffer it

Ola9ja23:

You are the first Obi supporter to wish Nigeria well

The rest just want Nigeria to burn so that they can blame Tinubu even though they also suffer it

I wish everyone the best. The way my heart is the way I treat people and I don't wish evil on anyone but progress.

My only concern is that,people are suffering and the solution is not the old man there.
Whether it's TInubu or Obi...let us have a better future for our children.

Top dollar means just that - Top Dollar. Oil is sold in dollars. The highest bidder for oil will always be the international market (countries that don’t have oil).

You must have missed that Dangote is focused on the international market , if he wasn’t he could have cited his refinery inland and not near the coast.

CodeTemplar:
the phrase "top dollar" doest connote dollar being the currency to be paid. It translates roughly to "higher/highest bidder".
If he insists on dollar, then that means he must put his products up for sale on Intl market. I wonder why he didn't do that when he needed dollar to build his refinery. He should have taken his cement, spaghetti, sugar, flour, trucks, and noodles to Intl market to sell and earn dollar instead of running to the govt.

I dont blame the guy who said that Nigeria economy needs a political will not an economic will. You cant solve politicall problem using Economic terms.
I see some people saying people hate their country, and i do ask, Why should anyone hate their country, unless they felt they dont belong.
This is same with our Economy, you cant run Nigeria economy along tribal lines, you need a political balance state to mean anything to players in the economy.
As it stand, am not sure Tinubu economic team have access to numerous economic giant spread over the north less the one from the east.

Depending on Banks alone to create a balance economy is a disaster waiting to happen. As bank will obey their customers before they obey the government.
As it stand, the only viable option Tinubu government has done is the Banning of Open fx operations. But like everything Nigeria; Who is going to implement it ?

Can they go after the giants in the economy without risking their political will?
Reason why i agree that Nigeria economic issues is that of politics than economic activities.