chopnaira:

This is what Reno posted.

The Naira is a reflection of the Nigerian. Look, the Central Bank of Nigeria just paid a billion dollars to foreign airlines. Those are airlines flying the same route as Air Peace. Do you know that if you and I, as Nigerians, had flown Air Peace instead of foreign airlines, that $1 billion would have stayed and circulated in Nigeria? And when dollars and pounds stay in Nigeria, the Naira rises in power. If they leave Nigeria, our Naira goes lower and lower.

The Central Bank had to cough up $200 million to pay for human hair, as if God did not give our women hair. This is hair that Indian, Bangladeshi, and Southeast Asian women cut and dedicate to their temples. They then barely process the hair and label them Brazilian, European and Peruvian hair, and our women rush to buy them, wear them, and shake the hair angrily to accuse Tinubu of ruining the economy. If I were Tinubu, I would ban the importation of human hair. Fact-check this, as a nation, Nigeria spends more on human hair than on books.

The Naira is now our collective responsibility. When you go to Quilox to spend ₦5 million on Moët, Louis XIII Cognac, and Glenfiddich, then post your receipt on social media, you are putting downward pressure on the Naira.

Containers on the high seas coming to Nigeria with things we can produce in Nigeria are killing the Naira. There is no magic wand. If we don't band together to stand together and buy made in Nigeria, the Naira will continue to go asunder!

#TableShaker

matify83:
Interesting time ahead .

Our economy is overheating like the Fukushima nuclear reactor following the 2011 Japan earthquake.

The Financial regulator - CBN in several botched attempts at cooling down the economy has continued to blame every market player in the FX market but itself.

Firstly, they said Aboki FX was the major culprit for the abysmal performance of the naira, then they went heavy handed on BDCs. When those didn't save the plummeting naira, they blamed us for hedging against the naira by buying dollars to save under our beds.
They have banned and unbanned some 43 items they are confused if they are actually draining our dollar reserves.
Today, they have descended on our deposit money banks warning them to reduce their FX liquidity to only 5 Billion and sell off the rest to them.

The other day, they were paying off huge FX backlogs up to the tune of 2.5 billion dollars so far, yet the nation thirsts for "Benjamins" to carry on its basic functions. Show me a MAN who spends all his remuneration paying "Gbese" and leaving the house to suffer want, and I will show you a FOOL.

I see an institution (CBN) clutching on straws as it drowns in the river of gross incompetence.

We labeled some NLanders pessimists when they predicted that the naira will hit 1500 to the dollars. It didn't take 3 months for it to come true.

I humble suggests that Ms. Hadiza Bala (Asiwaju's class monitor) pencils the finance minister and Cardoso as the first to be shown the door for not meeting the nation's expectations.

Let's remind ourselves of the definition of INSANITY once more:

Doing the same thing over again and expecting a different result.

chopnaira:

This is what Reno posted.

The Naira is a reflection of the Nigerian. Look, the Central Bank of Nigeria just paid a billion dollars to foreign airlines. Those are airlines flying the same route as Air Peace. Do you know that if you and I, as Nigerians, had flown Air Peace instead of foreign airlines, that $1 billion would have stayed and circulated in Nigeria? And when dollars and pounds stay in Nigeria, the Naira rises in power. If they leave Nigeria, our Naira goes lower and lower.

The Central Bank had to cough up $200 million to pay for human hair, as if God did not give our women hair. This is hair that Indian, Bangladeshi, and Southeast Asian women cut and dedicate to their temples. They then barely process the hair and label them Brazilian, European and Peruvian hair, and our women rush to buy them, wear them, and shake the hair angrily to accuse Tinubu of ruining the economy. If I were Tinubu, I would ban the importation of human hair. Fact-check this, as a nation, Nigeria spends more on human hair than on books.

The Naira is now our collective responsibility. When you go to Quilox to spend ₦5 million on Moët, Louis XIII Cognac, and Glenfiddich, then post your receipt on social media, you are putting downward pressure on the Naira.

Containers on the high seas coming to Nigeria with things we can produce in Nigeria are killing the Naira. There is no magic wand. If we don't band together to stand together and buy made in Nigeria, the Naira will continue to go asunder!

#TableShaker

Kenochi:
Nigeria is a very funny country,we know the solutions but we are looking for a short cut or like the Americans say a quick fix
The truth is all this wouldn't work unless we address the reason why we are in this dilemma
We are not an Exporting country,simple

I watched on a television show this morning where South Korea released their January figures,this country exported products worth 52 billion dollars and Switzerland also exported products worth more than 10+ billion dollars in January
Ask Nigeria to released the figures for Exported products and you will be ashamed for this country,Tufia!!!!

Let this government know that the only way forward is to start looking closely at items we can start exporting in large quantities or better still they should start a massive import substitution campaign
The naira is simply responding to the Economy,very little exportation of goods and services is going on

I strongly believe it is doable and I am sure there are folks in this government who are thinking in that direction

sorepco:
It helps China. Can'tyou see the way America is forcing China to revalue her devalued currency??
A devalued currency helps a country that produces and manufacture things, not one that only imports because if you only import as we do in Nigeria then the more we need the dollars. Were we a massive producing country then the dollar will not be this high as more dollars will be coming in than going out!

Kenochi:
Nigeria is a very funny country,we know the solutions but we are looking for a short cut or like the Americans say a quick fix
The truth is all this wouldn't work unless we address the reason why we are in this dilemma
We are not an Exporting country,simple

I watched on a television show this morning where South Korea released their January figures,this country exported products worth 52 billion dollars and Switzerland also exported products worth more than 10+ billion dollars in January
Ask Nigeria to released the figures for Exported products and you will be ashamed for this country,Tufia!!!!

Let this government know that the only way forward is to start looking closely at items we can start exporting in large quantities or better still they should start a massive import substitution campaign
The naira is simply responding to the Economy,very little exportation of goods and services is going on

I strongly believe it is doable and I am sure there are folks in this government who are thinking in that direction

sorepco:
It helps China. Can'tyou see the way America is forcing China to revalue her devalued currency??
A devalued currency helps a country that produces and manufacture things, not one that only imports because if you only import as we do in Nigeria then the more we need the dollars. Were we a massive producing country then the dollar will not be this high as more dollars will be coming in than going out!