How is that Bola Tinubu cannot stem the downwards slide of the Naira against other currencies? One would have expected that Tinubu would deploy his First Class degree to reverse the colossal failure brought on us by Buhari, a Pry 6 certificate holder..

With the way Naira is falling, if nothing is done quickly, $1 will hit N4000 before end of 2024. The painful thing is that whatever goes up in Nigeria does not come down. By then Nigerians will begin to eat from ....

When some of us were warning against the duo of devaluation and petroleum subsidy removal, naysayers called us wailers. Today, some of them have gone mute. One of them even said that CBN would flood the market with $ "to run us streets". Up till now, from N750, the rates have doubled, yet BMC abi TMC stipends remained N50k a month.

When Tinubu finishes with Nigeria, many would carry bags to run to Ghana, by then Ghanians will start "Nigeria must Go" protest.

First Tinubu didn't come to salvage the nation nor her economy, he came to enrich himself with power and fix his stooges and cronies into high places of power before he will depart aso rock.

Secondly, the naira dollar brouhaha isnt an on/off switch button that you just press and everything goes back to normal status quo
Alot of machinations are in play with the naira

Read what kingsley moghalu said in the news today about the naira.

And many companies are leaving our country, like glaxosmithkline, unilever don japa go Ghana, Dunlop and many others too have fled.


All those big guys are not concerned about the sufferings of the people save their own pockets, but unlike what the op said, the naira cannot reach 4k, last last na 2k and they , CBN can do some wuruwuru or magomago to it.

Some suggested decimation like ghanians did in ghana but that will still enshrine poverty the more as the rich will keep getting rich and the poor poorer.

Nigeriand and cbn all know what needs to be done!
But when will it be done?

Make una dey ask ourselves

The dollar or naira doesn't rise and fall. The only thing that rises and falls is the demand for those pieces of paper and the general cost of production.
In the US for instance, the cost of bottled water doesn't suddenly increase. As long as the production cost remain the same, the price will remain the same. That is economics.
But in Nigeria, everything is tied to the dollar as if the dollar has become our national currency. The demand for dollars by japa candidates and politicians that loots our treasury and business owners who are import based businesses makes individuals that earn dollars to sell to the highest bidder. If aboki fx announce that they will buy dollar for N1,500 tomorrow, it doesn't mean that dollar is N1,500. It means that someone has offered to pay Aboki fx maybe N1,550 to a dollar. It doesn't mean that the value of dollar is put to be N1,500. It is just Aboki fx offering rate to make people sell the dollar to them instead of taking it to bank.
The banks capitalized on these and sell the dollar they receive from customers to these black marketers of dollar without letting it pass through approved regulated channels. This is what forced CBN to push up exchange rate to dollar and even offer extra 5naira to any dollar received but these guys at black market always tends to offer more.
Because the demand for dollars is still high, you can only expect upward exchange rate because most of those that pay these huge amount for a dollar gets the naira fraudulently and cheaply.
The only way out is for government to work on cost of production but it seems they are just short sighted like every other government.
The power sector is dealing with Nigerians. Instead of government to improve power and reduce tariffs charge on power to the minimum, they chose to sell it to money mongers who only care about profits and not results. Dangote refinery has taken off and is producing Diesel which should be celebrated, but it is all for profit and not to reduce cost of production. Though it will reduce demand for dollars to import the product he will be producing, but if the price is not brought down to max of N200, it will not change a thing in the prices of goods and services. The worst is, government is planning on selling it own refinery. So it means no checks to dangote refinery. He will determine what price he sells his product just like they have done to cement.
An economy that government doesn't have industries that act as check and balance to private businesses, the masses suffers.

The cost of production is extremely high, the cost of transport is extremely high. The cost of storage and preservation is extremely high. And now, the cost of security has to be factored in again. Everything will continue to be on the upward rise.

Kingsley Moghalu said what Obi was saying during campaign...move the economy from consumption to production

lukui:
First Tinubu didn't come to salvage the nation nor her economy, he came to enrich himself with power and fix his stooges and cronies into high places of power before he will depart aso rock.

Secondly, the naira dollar brouhaha isnt an on/off switch button that you just press and everything goes back to normal status quo
Alot of machinations are in play with the naira

Read what kingsley moghalu said in the news today about the naira.

And many companies are leaving our country, like glaxosmithkline, unilever don japa go Ghana, Dunlop and many others too have fled.


All those big guys are not concerned about the sufferings of the people save their own pockets, but unlike what the op said, the naira cannot reach 4k, last last na 2k and they , CBN can do some wuruwuru or magomago to it.

Some suggested decimation like ghanians did in ghana but that will still enshrine poverty the more as the rich will keep getting rich and the poor poorer.

Nigeriand and cbn all know what needs to be done!
But when will it be done?

The naira will continue to take a beating until we genuinely head to what all experts have agreed as the panacea to our economic emancipation; DIVERSIFICATION.

Our economy can not continue to be tied to the volatility of oil market which is beyond our control.

Also, the cost of doing business in the country is so high and demoralizing. Most SMEs are being stifled with duplicity of taxes and having to provide almost all the basics needed for growth thereby cutting into their ROI and making locally manufacturered goods more expensive than imported ones. Little wonder multinationals are divesting from our economy.

The government agencies charge with the responsibility of policy formulation must roll up their sleeves and get to work. Enough of baseless statistics and growth projections while the naira continues to plummet.

thesolutions:
The dollar or naira doesn't rise and fall. The only thing that rises and falls is the demand for those pieces of paper and the general cost of production.

Stop confusing yourself.
The value of dollar like any other commodity does rise and fall. This is an incontrovertible fact.

But in Nigeria, everything is tied to the dollar as if the dollar has become our national currency. The demand for dollars by japa candidates and politicians that loots our treasury and business owners who are import based businesses makes individuals that earn dollars to sell to the highest bidder.

Aboki fx is not a broker.
Even if it is, it would have to be managed by the most unintelligent folks we have in the country
for it to price dollar at arbitrary rate as you claimed.
No one just announce to buy any item at an arbitrary price unless they are insane or jokers.

The banks capitalized on these and sell the dollar they receive from customers to these black marketers of dollar without letting it pass through approved regulated channels. This is what forced CBN to push up exchange rate to dollar and even offer extra 5naira to any dollar received but these guys at black market always tends to offer more.

Any money that comes into the bank is essentially in the right channel.
CBN do not push up exchange rate. In fact, it lacks the power to do so.

Because the demand for dollars is still high, you can only expect upward demand because most of those that pay these huge amount for a dollar gets the naira fraudulently and cheaply.

Again nobody pays huge amount for dollars. Dollar is not some heavenly ID card.

Dollar is mostly useless to those who gets their Naira fraudulently.
You can't get Naira cheaply, you either work for it or steal it from someone else.
That has nothing to do with ease or difficulty.

The brake pad to halt am don chop finish.

You are waiting for a people whose loots are denominated and stored up in Dollars. Dey play.

You want them to reduce their net worth because of you abi?

Nigerians have just no clue.

ivolt:

Stop confusion yourself.
That value of dollar like any other commodity does rise and fall. This is an incontrovertible fact.

Dollar is not a commodity. It is a currency. The rise and fall of dollar rate is as a result of shortfall in availability. It is not a commodity that will require intervention in production for stable rate so the rise and fall is artificial.

Aboki fx is not a broker.
Even if it is, it would have to be managed by the most unintelligent folks we have in the country.
You don't announce to buy an item at an arbitrary price

Dollar is not a stock to be brokered. Aboki FX is a trader used by anti development institution working against the government. Their rates are arbitrary. CBN has to push up it rate because people that have access were taking dollar from CBN and exchanging at black market rate. CBN will allocate dollar to arbitrary firms for import only for them to trade it in the black market.

Any money that comes into the bank is essentially in the right channel.
CBN do not push up exchange rate. In fact, it lacks the power to do so.

You speak based on your understanding. Most bank tellers are doing their own Hussle. They smile each time someone comes with dollar for exchange. They make more money from black market sales of dollar than their take home salaries. This is private businesses inside the bank. They contact their black market plug every morning for rates. This I have seen. No falseprophet

Again nobody pays huge amount for dollars. Dollar is not some heavenly ID card.

So why is it exchanged as such an amount. Why not boycott the dollar if it is unimportant.

Dollar is mostly useless to those who gets their Naira fraudulently.
You can't get Naira cheaply, you either work for it or steal it from someone else.
That has nothing to do with ease or difficulty.

The word cheap and easy are not synonyms. When someone abuse his office for personal gain, it is cheaply gotten wealth. At least, you agree with me that the high rate of fx is as a result of people who got their wealth fraudulently exchanging their naira to dollar at any amount.

Validated:
How is that Bola Tinubu cannot stem the downwards slide of the Naira against other currencies? One would have expected that Tinubu would deploy his First Class degree to reverse the colossal failure brought on us by Buhari, a Pry 6 certificate holder..

With the way Naira is falling, if nothing is done quickly, $1 will hit N4000 before end of 2024. The painful thing is that whatever goes up in Nigeria does not come down. By then Nigerians will begin to eat from ....

When some of us were warning against the duo of devaluation and petroleum subsidy removal, naysayers called us wailers. Today, some of them have gone mute. One of them even said that CBN would flood the market with $ "to run us streets". Up till now, from N750, the rates have doubled, yet BMC abi TMC stipends remained N50k a month.

When Tinubu finishes with Nigeria, many would carry bags to run to Ghana, by then Ghanians will start "Nigeria must Go" protest.

You have money to pay for subsidy?

DMerciful:
Kingsley Moghalu said what Obi was saying during campaign...move the economy from consumption to production

So, na overnight you go move am?

He caused it by floating the Naira. Many wealthy Nigerians as well as looters rather keep their money in dollars hence the unecessary pressure and consequent slide. The issue is floating Naira policy is a disaster because a currency should be regulated and controlled by the Gov and not by market forces of demand and supply. I don't know when the policy will be reversed probably when there is a bloody military coup or a popular public revolt due to unimaginable hardship.

Because various ex presidents have played the populist card and artificially held the naira up when they should have allowed it to find its level and started programsocally that will ensure it starts moving in the right direction.

If any of the PDP presidents and Bubu had decided to not throw money senselessly to hold the Naira up, we would have had a turnaround by now and come out of the pain required for that to happen.

If you must respect President Tinubu for one thing, and I didn't and doubt I'll ever vote for him, in his first term he is taking the hard decisions. Other presidents have their eyes focused on winning re-election and once they do, don't care anymore because they are not going for re-election after that.

aswani:
Because various ex presidents have played the populist card and artificially held the naira up when they should have allowed it to find its level and started programsocally that will ensure it starts moving in the right direction.

If any of the PDP presidents and Bubu had decided to not throw money senselessly to hold the Naira up, we would have had a turnaround by now and come out of the pain required for that to happen.

If you must respect President Tinubu for one thing, and I didn't and doubt I'll ever vote for him, in his first term he is taking the hard decisions. Other presidents have their eyes focused on winning re-election and once they do, don't care anymore because they are not going for re-election after that.

Your first paragraph is a big lie. Under Jonathan especially with Sanusi, the naira was floated. Same with under OBJ with Soludo.
Tinubu is not taking any hard decisions. This two decisions were basically taken to pander to the West not because he was so sure of himself. His handlers then claimed by Q4 2023, naira will firm up to the dollar at around N700.
This is Q1 2024. Naira has actually lost double that value and tinubu has rushed to Afreximbank to obtain a loan to defend the naira with NNPCL outputs as collateral while the dollar official/parallel bridge is widening. Talk about right back to where it all started.

Surprised?


Who the fvck float thier currency? Its just like throwing a lamb into a den of lions

Buhari was even better than this microphone licker and his over rated brothers


Dem think say economics na to speak grammar, do owambe or propaganda

Evenn CFA is by far bigger than naira now

CFA o

Shame!

If you're reading this and you voted apc after 8 years of buhari disaster


E no go better for you


No be curse o na fact

If you know the amount of money being printed by CBN in Tinubu's administration, you wouldn't ask this question.

Print money, and your currency devalues.

https://www.thecable.ng/analysing-tinubus-economics-tinubunomics-101/amp

They day he made the mistake of removing fuel subsidy and floating the Naira in the same year was were he lost the plot and unfortunately he will never recover from that

Agboriotejoye:

Your first paragraph is a big lie. Under Jonathan especially with Sanusi, the naira was floated. Same with under OBJ with Soludo.
Tinubu is not taking any hard decisions. This two decisions were basically taken to pander to the West not because he was so sure of himself. His handlers then claimed by Q4 2023, naira will firm up to the dollar at around N700.
This is Q1 2024. Naira has actually lost double that value and tinubu has rushed to Afreximbank to obtain a loan to defend the naira with NNPCL outputs as collateral while the dollar official/parallel bridge is widening. Talk about right back to where it all started.

Per the 700-1 thing, you are obviously talking about Wale Edun who has his own opinion and expressed it optimistically and not as official policy.

And that is the basis on which you have responded, twisting things to suit your narrative.

If you want the Naira to fight back, we need to be a production economy, or we can do what PDP presidents and Bubu did and start subsidising the Naira again.

aswani:


Per the 700-1 thing, you are obviously talking about Wale Edun who has his own opinion and expressed it optimistically and not as official policy.

And that is the basis on which you have responded, twisting things to suit your narrative.

If you want the Naira to fight back, we need to be a production economy, or we can do what PDP presidents and Bubu did and start subsidising the Naira again.

how can the country become a production economy?

And do you think Tinubu is not subsidizing the dollar, what did he take the Afrexim bank loan for?

I said it here on one thread, the Lagos scam will be exposed....

aswani:


Per the 700-1 thing, you are obviously talking about Wale Edun who has his own opinion and expressed it optimistically and not as official policy.

And that is the basis on which you have responded, twisting things to suit your narrative.

If you want the Naira to fight back, we need to be a production economy, or we can do what PDP presidents and Bubu did and start subsidising the Naira again.

Wale Edun is an official of this govt. He was Special adviser and now minister so whatever he says is not just an opinion but govt official position. To claim it's not official policy is laughable at best.

I'm surprised at all this talk of we need to be a production economy. Can you guys really explain what you mean by that? Cause it just sounds like a jingle that you guys repeat even if it makes no sense.
I already gave you two examples of PDP presidents who did not subsidise the naira. Are you having learning difficulties or being selectively blind to facts?
Tinubu just obtained a $3.3bn loan to subsidise same naira so your point is totally moot

Go sidon. Una go dey defend incompetence

badoh:

So, na overnight you go move am?

Agboriotejoye:

Wale Edun is an official of this govt. He was Special adviser and now minister so whatever he says is not just an opinion but govt official position. To claim it's not official policy is laughable at best.

I'm surprised at all this talk of we need to be a production economy. Can you guys really explain what you mean by that? Cause it just sounds like a jingle that you guys repeat even if it makes no sense.
I already gave you two examples of PDP presidents who did not subsidise the naira. Are you having learning difficulties or being selectively blind to facts?
Tinubu just obtained a $3.3bn loan to subsidise same naira so your point is totally moot

You just named two PDP presidents and said they did not subsidise the Naira, that is your example àbi, no proof, nothing.

Brendaniel:


how can the country become a production economy?

And do you think Tinubu is not subsidizing the dollar, what did he take the Afrexim bank loan for?

I said it here on one thread, the Lagos scam will be exposed....

The Naira went in freefall because the effective subsidy was removed, it found its true value then. I believe it'll recover eventually and it would have by now of other populists presidents had made the tough decision.

Lagos scam exposed indeed, a scam who laid the template for a vibrant and working state where everyone runs to daily. You will wait and wait because I believe President Tinubu wil not fail regardless of naysayers like you.

Happy to see your proof of what the Afremix loan is for as you stated.

aswani:


You just named two PDP presidents and said they did not subsidise the Naira, that is your example àbi, no proof, nothing.

I actually thought I was chatting with someone who knew what he was talking about. You claimed all PDP presidents including Bubu subsidised the naira without proof but you want me to provide proof they did not. It shows you don't have an understanding of the naira and CBN policy from ab historical view.
Anyways, this is a link below of Sanusi introducing the Dutch Auction System in 2009
https://www.vanguardngr.com/2009/07/cbn-re-introduces-dutch-auction-system/amp/

This is also a link below of then CBN gov Joseph Sanusi who first introduced the system to Nigeria under OBJ in 2002
https://www.centralbanking.com/central-banking/news/1408398/dutch-auction-won-depreciate-naira-cbn

aswani:


The Naira went in freefall because the effective subsidy was removed, it found its true value then. I believe it'll recover eventually and it would have by now of other populists presidents had made the tough decision.

Lagos scam exposed indeed, a scam who laid the template for a vibrant and working state where everyone runs to daily. You will wait and wait because I believe President Tinubu wil not fail regardless of naysayers like you.

Happy to see your proof of what the Afremix loan is for as you stated.

Again, you expose your lack of enlightenment. No subsidy was removed from the naira. Naira was simply devalued. Go to CBN website and see what happened in June 2023. What existed before was forex controls and restrictions not subsidy.
You simply don't know what you're talking about.
You only want to defend Tinubu.

Agboriotejoye:

Again, you expose your lack of enlightenment. No subsidy was removed from the naira. Naira was simply devalued. Go to CBN website and see what happened in June 2023. What existed before was forex controls and restrictions not subsidy.
You simply don't know what you're talking about.
You only want to defend Tinubu.

You knew what I meant by "subsidy" , you just wanted to act clever by using different words.

The Naira had been artificially held up and hasn't been allowed to find its true level, President Tinubu is doing the right thing that populist PDP governments and Bubu should have done.

Those people, and their dependants, that were benefitting from the previous lax regimes that caused monies to be funneled into their pockets can bitch all they want, that easy come easy go monies will no longer exist. Same as with Petrol subsidy.

Validated:
How is that Bola Tinubu cannot stem the downwards slide of the Naira against other currencies? One would have expected that Tinubu would deploy his First Class degree to reverse the colossal failure brought on us by Buhari, a Pry 6 certificate holder..

With the way Naira is falling, if nothing is done quickly, $1 will hit N4000 before end of 2024. The painful thing is that whatever goes up in Nigeria does not come down. By then Nigerians will begin to eat from ....

When some of us were warning against the duo of devaluation and petroleum subsidy removal, naysayers called us wailers. Today, some of them have gone mute. One of them even said that CBN would flood the market with $ "to run us streets". Up till now, from N750, the rates have doubled, yet BMC abi TMC stipends remained N50k a month.

When Tinubu finishes with Nigeria, many would carry bags to run to Ghana, by then Ghanians will start "Nigeria must Go" protest.

I don already reached Ghana bro

Agboriotejoye:

I actually thought I was chatting with someone who knew what he was talking about. You claimed all PDP presidents including Bubu subsidised the naira without proof but you want me to provide proof they did not. It shows you don't have an understanding of the naira and CBN policy from ab historical view.
Anyways, this is a link below of Sanusi introducing the Dutch Auction System in 2009
https://www.vanguardngr.com/2009/07/cbn-re-introduces-dutch-auction-system/amp/

This is also a link below of then CBN gov Joseph Sanusi who first introduced the system to Nigeria under OBJ in 2002
https://www.centralbanking.com/central-banking/news/1408398/dutch-auction-won-depreciate-naira-cbn

A needless deflection. The Naira has tumbled to this level not because President Tinubu mismanaged the economy, but because his predecessors did and for an extended period of time partly by effectively "subsidising" the Naira to give it a false exchange rate.

Elections have consequences for the common man, that's why!

aswani:


The Naira went in freefall because the effective subsidy was removed, it found its true value then. I believe it'll recover eventually and it would have by now of other populists presidents had made the tough decision.

Lagos scam exposed indeed, a scam who laid the template for a vibrant and working state where everyone runs to daily. You will wait and wait because I believe President Tinubu wil not fail regardless of naysayers like you.

Happy to see your proof of what the Afremix loan is for as you stated.

I am going to answer you paragraph by paragraph...

The Naira went in freefall because the effective subsidy was removed, it found its true value then. I believe it'll recover eventually and it would have by now of other populists presidents had made the tough decision.

If you say the naira went on a free fall because the subsidy was removed and then say that it has found its real value?

What exactly is the naira's real value? 750, 1000, 1400, tomorrow it may hit 2000 , is that also the real value?

It is clear you do not really understand what is going on, The CBN pegged the exchange rate at a value, that was what kept the value at the rate it was before, immediately Tinubu removed it, the naira started losing value very fast.

https://leadership.ng/tinubu-begins-monetary-policy-reforms-floats-naira

https://gazettengr.com/naira-crashes-to-n1000-per-dollar-despite-tinubus-float-experiment

You can read the news up there when Tinubu floated the naira and read the consequences that followed, like I do tell all Tinubu supporters, one of Tinubu's major problem in governance has been putting the cart before the horse.

The floating of the naira was ill timed, he needed to do his homework before floating it.

And back to the naira value, like you said naira's real value, Oga naira does not have a real value, it can go as much as 100,000 naira to a dollar, the problem with folks like you is that you don't just know how bad a currency can get with the type of nonsense governance Tinubu and his cronies are doing,...

Lagos scam exposed indeed, a scam who laid the template for a vibrant and working state where everyone runs to daily. You will wait and wait because I believe President Tinubu wil not fail regardless of naysayers like you.

The Lagos scam is not Tinubu if you think that is what I meant, The Lagos scam is what I call a state scam, I was in secondary school when Tinubu became governor, and I experienced his governance, he is the worst governor of Lagos since democracy came, Lagos was a dust bin, when Fashola came it was like a breath of fresh air.

Fast forward to 2015, I was among those who were clamoring for Fashola to become president because of his performance in Lagos and the media hype that followed his governance, then he was made minister and he failed badly....

What happened to Fashola? The Lagos scam was exposed, when that happened to Fashola I knew there might be a bigger problem if Tinubu ever becomes president because he was worse than Fashola as governor, part of the reason why I campaigned seriously against Tinubu.

I would have loved to shed more light on the Lagos scam but it might be later, I might still write an article on that....

Happy to see your proof of what the Afremix loan is for as you stated.

https://www.thecable.ng/newspaper-headlines-fg-receives-2-25bn-afreximbank-loan-to-boost-fx-liquidity/

It is clear you don't even know exactly what is going on....

Brendaniel:


I would have loved to shed more light on the Lagos scam but it might be later, I might still write an article on that....

https://www.thecable.ng/newspaper-headlines-fg-receives-2-25bn-afreximbank-loan-to-boost-fx-liquidity/

It is clear you don't even know exactly what is going on....

I will respond then hold fire until your article appears as we are now going round in circles.

Clearly you know your stuff but you are fixated on it to understand what others are saying. Others that you dismiss as not as knowledgeable.

Naira toppled to its true value THEN when President Tinubu started his "economic reforms" which was partly to stop those attached to the Government the day using ingenious tricks to get the government to knowingly or unknowingly pay for their high value lifestyles at the expense of the rest of us.

PDP presidents and Bubu had no interest in such reforms which if implemented in their time, wouldn't have needed as much effort and time to recover from.

Your link doesn't show the full text of the Afremix article, in case you are depending on it in your next post, please do the needful.

OK. Over to you.

aswani:


I will respond then hold fire until your article appears as we are now going round in circles.

Clearly you know your stuff but you are fixated on it to understand what others are saying. Others that you dismiss as not as knowledgeable.

[b]Naira toppled to its true value [/b]THEN when President Tinubu started his "economic reforms" which was partly to stop those attached to the Government the day using ingenious tricks to get the government to knowingly or unknowingly pay for their high value lifestyles at the expense of the rest of us.

PDP presidents and Bubu had no interest in such reforms which if implemented in their time, wouldn't have needed as much effort and time to recover from.

Your link doesn't show the full text of the Afremix article, in case you are depending on it in your next post, please do the needful.

OK. Over to you.

Naira toppled to its true value

What exactly is the value of the naira?

Your link doesn't show the full text of the Afremix article, in case you are depending on it in your next post, please do the needful.

https://www.premiumtimesng.com/business/616391-nnpcl-secures-3-billion-afrexim-bank-loan-to-support-fg-stabilise-fx-rates.html

https://dailypost.ng/2023/09/29/cbn-fec-gives-update-on-3bn-afrexim-bank-loan-to-stabilize-crumbling-naira/