Error401:
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.

Of course you know what I mean. Stop playing the ostrich

Bet against d Naira at 5 to 1, that Naira would hit 2000 to 1, putting 1 million Naira would give you 25 million Naira. I hope this is not what is happening to the Naira🤔

SATAN SWAGGERS TO KEEP NAIRA IN ORDER.

SATAN SWAGGERS TO KEEP NAIRA IN ORDER.

Orisa37

Lol, they dont have enough resources but a senators car is over 160 million. Una never ready for this country

CilicMarin:


You mean, we should go back to round tripping? Feeding our scarce resources to few businesses and political oligarchies, why other critical areas of governance continue to suffer?

The truth remains that Nigeria doesn't have the resources to continue to defend the naira.

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 current Exchange rate crisis is NOT caused by any economic issues but purely due to speculative activities. There is no exchange rate rate that move permanently in one direction almost on weekly basis.

NOTHING. JUST BUNGLING.

The Ghanaian Cedi is more valuable than the used toilet paper called Naira

CilicMarin:


Please remove Ghana, their own currency is also on a free fall.

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

The CBN under the last administration had reached the lower limit and they started borrowing $1.5Billion monthly to defend the exchange rate until no foreign bank was ready to borrow them. There is no enough dollar earnings to use for the defence of the exchange rate, hence the only option was to float the exchange rate. All the present unwanted inflations and increases are unwanted side-effects. Because this policy hasn't been implemented in Nigeria before, it will cause destabilization but Nigeria will eventually emerged stronger from it.

Last Administration was a disaster. BUHARI wanted N1:$1 but ended with N1000:$1

FarmPlanetNG:


.calm yourself down. The markets is in thrmoil across all sectors. Production doesnt overnight. There has to be a national policy to drive production over a ten years period and dyring that duration, out currency would and should be pegged. And as we begin to massively boos production and earn foreign earnings, we take away the peg. Please all the trillions saced from feul subsidy removal, cant some of it be used for pegging as was done before now?


Nigeria earns well enough to ensure currency stability

In 2021 alone, Nigeria earned about $47.2 Billion in export and spent $52 Billion on imports.

The chunk of the imports are the following few items $11 Billion (Petroleum products), $3Billion (Wheat), $2.8 Billion (Automobile), $950 million (Package medications), $940 million (Machineries ).

Typical stupid APC reasoning. The countries all around you are using the CFA Franc and the West African Franc.

Both the CFA Franc and the West African CFA franc (XOF), are tied to the Euro.

This means that their exchange rate is fixed to the Euro at a specific rate.

The pegging of CFA to the Euro has been in place since 1999, providing monetary stability but limiting independent monetary policy for member countries.

The French treasury which controls the French Ministry of Finance guarantees the convertibility of CFA francs to Euros at the fixed rate.

There is no conspiracy by anyone against the Naira. You are simply paying the price for electing morons into public office since 2015.

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.

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

Some of them talk like school children quarrelling with their father for not put on generator over night.

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.

What's makes you think cbn has done all to stop it
I think CBN n your politicians are doing it on purpose, bc they all have a domiciliary acc and using ur naira to buy dollar they don't need at the moment, making the dollar to increase in value against the naira.

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.

I agree too