KnowAll:
All the countries around us in west Africa their currency are not running away. So why is the Naira fallen every single day despite all CBN has done to stop it.

There is a deliberate attack on d Naira to bring down d government.

The Fuel Subsidy and Foreign Exchange Cabals are not happy they lost their Cash Cows

FarmPlanetNG:



Arithmetic i choose to keep to myself and ask people to verify to see if we cant afford it easily

Really
So you chose to say what you are not sure about

baralatie:

Really
So you chose to say what you are not sure about

I cant be guilt tripped. I aint educating you for feee. If you cant research, no problem, but I am not educating you freely. Nigeria can afford its currency oegging extremely cheaply

KnowAll:
All the countries around us in west Africa their currency are not running away. So why is the Naira fallen every single day despite all CBN has done to stop it.

There is a deliberate attack on d Naira to bring down d government.

it started long before now, your government spends in dollar, even in the country, goto Abuja all the politicians I know spend in dollar, goto clubs they all spend in dollars, what do you think they exchanged the dollar for? Naira, real estate agents list properties in dollars and all EFCC can do is chase unimportant school boys instead of cracking down on economy sabotagers

Those in authority keep borrowing and embezzling the borrowed funds and you are all here asking some stuoop!d lame questions..

The triple affect of the squander of past governments is what we are witnessing.. that of this government if they don't curb corruption in their government is yet to come...

I know some of us will NOT like this truth... cos as Nigerians, we usually don't like being told the truth. The more reason we like turning a blind eye to the truth because of our friends and family that are at the place of authority.

FarmPlanetNG:




I cant be guilt tripped. I aint educating you for feee. If you cant research, no problem, but I am not educating you freely. Nigeria can afford its currency oegging extremely cheaply

No one is guilt tripping you but yourself because you do not know how much Nigeria is earning in dollars and how much Nigeria spends or consumes in dollars .for it to have ended in this state.
Well let us leave it at that

Keep borrowing and keep squandering your borrowed funds on jamboree... it will strengthen your 💱 currency

Do not say that. A few years ago when
the Ghana cedi was losing its value no one said it was under attack. They managed to remove 2 zeros from it...1000 cedis became 10 cedis! It some how brought a little stability up rill ladt year that the economy was mismanaged by Nana Kuffour.....

KnowAll:
All the countries around us in west Africa their currency are not running away. So why is the Naira fallen every single day despite all CBN has done to stop it.

There is a deliberate attack on d Naira to bring down d government.

KnowAll:
All the countries around us in west Africa their currency are not running away. So why is the Naira fallen every single day despite all CBN has done to stop it.

There is a deliberate attack on d Naira to bring down d government.

why don't you have a legitimate government in the first place? Else he will get people support. But like this, illegitimate president gan come dey lie give people everywhere everytime.

baralatie:

No one is guilt tripping you but yourself because you do not know how much Nigeria is earning in dollars and how much Nigeria spends or consumes in dollars .for it to have ended in this state.
Well let us leave it at that

Stop looking for baked goods. Learn to source information for yourself.

FarmPlanetNG:



Its the citizenry's desire to always have fat exchange value that is killing it. The president didnt know the implications of removing the currency exchange peg. I am sure he is learning the hard way now. We warned against total removal of the peg but we were shunned.

the exchange peg buhari kept had us on steady borrowing to stabilize it while some capitalist exploited the situation. not just the naira, theres a delibrate sabotage on the economy hence the reason why they are starting these protest across the nation. I know for sure Tinubu cant be happpy neither is his subbordinates, but they are going too hard on him and in the end i pray we all are not loosers..

KnowAll:



Is Ghana, Togo , Benin Republic not importing how come their currencies are not falling like the Naira. I am tired of hearing that it is because we are import dependent. Kenya imports too.

God bless you ooo as if we can build the nation without importing from other countries

We are not even heavy importers like that

We wey be say na second hand goods we dey even import 😃

FarmPlanetNG:



Would the president listen. We have been crying that the moneues gained from subsidy removal can retain the peg very well and at far cheaper cost than previous years, yet the president discredits the opinions of others, assuming the stature of a demigod. The countrys collapse is imminent as the currency collapse equates the countrys collapse.


I earn in pounds on a weekly basis, but seeing the rates our currency is devalued on a weekly makes it look sickening to me.

What is the arbitrage on the NGN/USD - take 2014 vs 2024 today's date?

KnowAll:


Their currency is not a free fall 11 to the dollar in d past one year. I deliberately monitor that one.

What is the percentage fall and compare it to Nigeria's percentage fall to get the picture and not just looking at figures.

FarmPlanetNG:




I cant be guilt tripped. I aint educating you for feee. If you cant research, no problem, but I am not educating you freely. Nigeria can afford its currency oegging extremely cheaply

Where will Nigeria get the dollars that will be use to defend the naira from?

KnowAll:



Is Ghana, Togo , Benin Republic not importing how come their currencies are not falling like the Naira. I am tired of hearing that it is because we are import dependent. Kenya imports too.

You made a valid point here,but I think Nigeria is the largest importer of goods and machineries in west Africa and olso has the largest economy in west Africa

That aside, those countries you mentioned are very small compared to Nigeria

ambale:


God bless you ooo as if we can build the nation without importing from other countries

We are not even heavy importers like that

We wey be say na second hand goods we dey even import 😃

Nigeria import cars, machineries and electronics in millions.

If there is a deliberate attack on the naira, then the attacker is president Bola Ahmed Tinubu.
If Tinubu is not the one attacking the naira, then he should save the naira from the attackers.

It is very simple.
Naira is fantastically falling down because of the policy of this government headed by Bola Ahmed Tinubu.
So, to save naira and restore a little dignity into naira values is also going to be a policy of Bola Ahmed Tinubu administration.
Except something else is going to happen.

mrvitalis:

Let me educate you hopefully APC guys can learn

Like Peter obi always say... Exchange rate is not an issue stability of an exchange is the issue...

What do I mean.... If naira exchange for 2500 to a dollar and just moves between 2495 and 25005 for 5 years... It's better for the economy than naira exchanging 150 to a dollar today, 170 tomorrow, 130 next tomorrow 200 next week

When a currency is unstable, people would look for the next stable Fiat which is dollar which would cause dollar to increase in value which would cause more Unstableness of the local currency

The truth is 60% of dollars demand now is for savings people just want to save their money in dollar because naira is unstable

APC caused this by floating an unstable currency causing panic and didn't have the reserve to balance out the panic which made the naira more unstable and the circle continues

How do u make exchange rate stable?

jumper524:
the exchange peg buhari kept had us on steady borrowing to stabilize it while some capitalist exploited the situation. not just the naira, theres a delibrate sabotage on the economy hence the reason why they are starting these protest across the nation. I know for sure Tinubu cant be happpy neither is his subbordinates, but they are going too hard on him and in the end i pray we all are not loosers..

Why do you people always follow this escape line? The same statement we we kept hearing all through Buhari's tenor.

KnowAll:
All the countries around us in west Africa their currency are not running away. So why is the Naira fallen every single day despite all CBN has done to stop it.

There is a deliberate attack on d Naira to bring down d government.

A clueless president can never move a country forward. Buhari was a failure and sadly we have a colossal failure as president at the moment. There's no gang up bro, you cant give what you don't have

KnowAll:
All the countries around us in west Africa their currency are not running away. So why is the Naira fallen every single day despite all CBN has done to stop it.

There is a deliberate attack on d Naira to bring down d government.

We an incompetent government, that is all

sorepco:
Do not say that. A few years ago when
the Ghana cedi was losing its value no one said it was under attack. They managed to remove 2 zeros from it...1000 cedis became 10 cedis! It some how brought a little stability up rill ladt year that the economy was mismanaged by Nana Kuffour.....

Point of correction.

Whenever you see Ghanian Cedis add 4 zeros to it for you to get its real value. That 11 cedis add 0000 to it. It's called Revaluation.
In 2007/8, it was about 10,000 Cedis to a dollar. They removed 4 zeros to make it 1 Cedis to one dollar. Now, according to you it's 11dollars right? Now put back the 4 zeros.

FarmPlanetNG:



Its the citizenry's desire to always have fat exchange value that is killing it. The president didnt know the implications of removing the currency exchange peg. I am sure he is learning the hard way now. We warned against total removal of the peg but we were shunned.

From what I understand, if correct... Pegging and Floating.

Naira is being subsidized with certain amounts of money, pegged with a certain amount of billions of dollars from the FG to stabilize and enable citizens to buy goods and pay for schools overseas, etc., at a cheaper rate.

After floating the naira, there's no more subsidy to peg the naira, and it goes up, reflecting the truth about our naira's actual worth, just like fuel. So, the price is being determined by market demands and availability, e.g., import and export, japa, etc.

But since we import the majority of what we consume, the naira would continue to get weaker and inflation using NASA rocket heading into Orbit..

According to Tinubu, the reasons for floating are simply to stop wasting money because Nigeria is broke and to eradicate two exchange windows, i.e., the official rate and the parallel market. Why? Nigerians are so greedy. Mr. A has the privilege to get dollars from CBN at the rate of #400, but Mr. B doesn't, so he would be redirected to meet with Mr. A, who uses it as a business and sells the dollar at the rate of #600 (black market).

As it is, without major improvements in our productivity to export and with the rate of importation made daily, only God can save the naira. The FG, according to the CBN boss, is trying to pay off some blockages in FX debts, and I think some people (cabals) are trying to frustrate the FG too.

KnowAll:
All the countries around us in west Africa their currency are not running away. So why is the Naira fallen every single day despite all CBN has done to stop it.

There is a deliberate attack on d Naira to bring down d government.

You made sense on this, I was telling someone this morning that the government of Tinubu is under serious attack.

mrvitalis:

Let me educate you hopefully APC guys can learn

Like Peter obi always say... Exchange rate is not an issue stability of an exchange is the issue...

What do I mean.... If naira exchange for 2500 to a dollar and just moves between 2495 and 25005 for 5 years... It's better for the economy than naira exchanging 150 to a dollar today, 170 tomorrow, 130 next tomorrow 200 next week

When a currency is unstable, people would look for the next stable Fiat which is dollar which would cause dollar to increase in value which would cause more Unstableness of the local currency

The truth is 60% of dollars demand now is for savings people just want to save their money in dollar because naira is unstable

APC caused this by floating an unstable currency causing panic and didn't have the reserve to balance out the panic which made the naira more unstable and the circle continues

Truth be told
Obi himself knows he doesn't have any answer to Nigeria economic dilemma.
He has simple turned to catching cruise with all issue that will give the undiscerning an impression that he is relevant.
Tinubu policies has sent him to coma economically.

Now the issue and solution
1- The EFCC must come harder on the banks. They need to work like forensic investigators. Each of the banks should provide the top 150 customers that they they sell the foreign currency to. EFCC should profile this individual or organisation and from there draw inference. If the top are individual EFCC should dig deeper to know their source of money

pharmagba:

Truth be told
Obi himself knows he doesn't have any answer to Nigeria economic dilemma.
He has simple turned to catching cruise with all issue that will give the undiscerning an impression that he is relevant.
Tinubu policies has sent him to coma economically.

Now the issue and solution
1- The EFCC must come harder on the banks. They need to work like forensic investigators. Each of the banks should provide the top 150 customers that they they sell the foreign currency to. EFCC should profile this individual or organisation and from there draw inference. If the top are individual EFCC should dig deeper to know their source of money

Because of d way Buhari destroyed d economy, if Obi , Atiku or even Tinubu d run on d Naira as we witnessing would have prevailed.

FarmPlanetNG:



Its the citizenry's desire to always have fat exchange value that is killing it. The president didnt know the implications of removing the currency exchange peg. I am sure he is learning the hard way now. We warned against total removal of the peg but we were shunned.

You and who warned? You are talking in what you know nothing about. Frog feeling like an antelope

Britishpea:


You and who warned? You are talking in what you know nothing about. Frog feeling like an antelope

Cry me a river.

George Soro’s was d man who bet against d pound and made 1 billion dollars in one day. I would not be surprised that big international rogue traders have place huge bets that it would get to 2000 to 1 dollar and make a killing.

Lmao, is this all you can come up with to defend your failed government?

KnowAll:
All the countries around us in west Africa their currency are not running away. So why is the Naira fallen every single day despite all CBN has done to stop it.

There is a deliberate attack on d Naira to bring down d government.

When dollar was 216, you mean the citizen didnt desire to have a fat exchange value then>.
Rather than call a spade a spade, you are blaming rational humans who are insatiable.

FarmPlanetNG:



Its the citizenry's desire to always have fat exchange value that is killing it. The president didnt know the implications of removing the currency exchange peg. I am sure he is learning the hard way now. We warned against total removal of the peg but we were shunned.